Economy
$13.8b Illicit Transfer: Why We Didn’t Respect The Law—MTN
By Dipo Olowookere
South Africa telecommunications firm, MTN, has explained on Friday why it failed to comply with the law concerning its alleged repatriation of $13.8 billion from Nigeria to its home country.
This comes as investigation by the Senate Committee on Banks, Insurance and Other Financial Institutions begins.
MTN noted that it did not complete the Certificates of Capital Importation (CCIs) requirement within 24 hours of conversion because it thought it was a mere administrative requirement.
The CCI is a requirement under the Central Bank of Nigeria (CBN) financial and miscellaneous provisions Act for the transfer of money.
But according to the telecoms giant, there were circumstances beyond its control, which necessitated its decision to move funds without following the law.
Chief Executive Officer (CEO) of MTN Nigeria, Mr Ferdi Moolman, in a statement on Friday, argued that it was practically impossible for the company to comply with the 24 hours required to issue the CCI before moving funds.
“The requirement to issue a CCI within 24 hours of conversion is an administrative requirement,” Mr Moolman said in the statement issued from South Africa.
“As such, the CBN has the authority, and indeed we believe approved the banks’ applications to issue CCIs outside the recommended time frame,” he said further.
“Often, for various reasons (such as not having all the required documentation for instance), it is not possible to issue a CCI within 24 hours, and the Central Bank of Nigeria’s Forex Manual contemplates such situations by asking that the banks refer to the CBN for approval,” Mr Moolman added.
He noted that no dividends were declared or paid until the CCIs were issued and finalised, adding MTN Nigeria only requested for CCIs for Foreign Capital that was imported into Nigeria, and dividends were externalised on CCIs.
On September 27, 2016, Senator Dino Melaye had accused MTN of illegally transferring money from Nigeria to South Africa without following due process. He said the alleged illegal act was carried out between 2006 and 2016 in connivance with the Minister of Trade and Investment, Mr Okechukwu Enelamah, and four commercial banks, namely Standard Chartered Bank, Stanbic IBTC, Diamond Bank and Citi Bank.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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