Economy
Over $16b Injected into Nigerian Economy—MTN Group
By Modupe Gbadeyanka
One of the leading telecoms firms in Nigeria, MTN Group, says it has spent over $16 billion into its operations in the country.
Group Chairman/Chief Executive, Mr Phuthuma Freedom Nhleko, made this known when he recently led a high level delegation to the Headquarters of the Nigerian Communications Commission (NCC) in Abuja.
The MTN Group boss, who was received by the Executive Vice Chairman (EVC) of the NCC, Prof Umar Danbatta and top management of the agency, said his company will be willing to invest more in the sector in the years to come.
“We had challenges in the past, during the period of the fine, and we are grateful for the role, the commission played towards an amicable resolution,” he said.
During the visit, Mr Nhleko specifically solicited for more spectrum allocation and a release of the one that belonged to Visafone, whose equity shares MTN acquired in 2015.
“We have a very long way to go and so ask for spectrum which is the oxygen and life blood to navigate this long and tedious investment journey, without spectrum, the sector will suffocate,” he said.
Mr Nhleko also said despite the grim challenges arising from the N330 billion fine imposed on it by telecommunication regulator, the NCC in 2016, it still has implicit confidence in its Nigerian operations.
He also canvassed for a more level playing field “despite being dominant player”.
He said MTN has made its mark in voice and data services and that more services like mobile financial services are underway.
In his response, Prof. Danbatta welcomed the delegation and assured them that the Commission will always play by the rules and support every operator within the ambits of the law.
“I like to state that our word is our covenant. When we take decisions, we are concerned about the stability of the industry and there is no way we can guarantee it without considering the dominant status of MTN and its obligations and if the dominant status is becoming stringent, we are open to engagement, we will be guided by what is happening in the market, to ensure the growth and development of the sector,” he said.
He further said “the sector has contributed very well to the National Gross Domestic Product (GDP) and has shown remarkable resilience in this recession.”
Mr Danbatta said the NCC made a case for relaxing fiscal policies towards the sector to the Central Bank of Nigeria (CBN) “and the CBN Governor is favourably disposed to our request and further engagement especially towards major players who desire to import equipment to aid deployment of broadband infrastructure services and others”.
The commission, he explained, will always carry out interventions to cushion the operators request to provide necessary services.
On spectrum assignment, Mr Danbatta, said MTN got six slots in the 2.6 GHz auction and full utilization of that spectrum is envisaged.
“We are open to further discussion on the areas of spectrum assignment.” He advised MTN to put across request for spectrum of interest and “we will check its availability”.
The agency “is here to protect the interests of the operators as well as consumers, consistent with our mandate, the trust reposed on us by the government and people of Nigeria; protecting their interests and ensuring a level playing field and respect for our laws.”
The EVC said the commission only resorts to sanctions as a regulatory action of last resort after allowing time for checking compliance.
The EVC received the delegation in company of Executive Commissioner (Technical Services), Mr Ubale Maska, his counterpart for Stakeholders Management, Mr Sunday Dare, Directors: Mr Tony Ojobo (Public Affairs), Ms Funlola Akiode (Licensing & Authorisation), Ms Josephine Amuwa (Policy, Competition & Economic Analysis), Mr Austin Nwaulune (Spectrum Administration), Mrs Yetunde Akinloye (Legal & Regulatory Services), Mr Ayuba Shuaibu (Universal Service Provision Fund – USPF) and Mr Usman Malah (Chief of Staff to EVC)
The MTN delegation included Mr. Pascal Dozie Chairman, MTN (Nigeria), Col. Sani Bello (Vice Chairman), Board members: Chief Victor Odili, Chief Gbenga Oyebode, Mr Ferdi Moolman (CEO) and others.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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