Economy

Investors Jostle for MTN Nigeria Shares After FG Drops $2bn Tax Case

Published

6 years ago

13/01/2020

By Modupe Gbadeyanka

The huge demand for shares of MTN Nigeria Communications Plc at the Nigerian Stock Exchange (NSE) has pushed the price higher, Business Post reports.

As at the time of filing this report on Monday, January 13, 2020 (11am Nigerian Time), the company’s stocks have already gained 10 percent (the maximum movement for the day), trading at N127.60 per unit against N116 per share it traded last Friday, indicating a growth of N11.60.

The jostling for the telecoms’ equities was caused by news last weekend that the Attorney General of the Federation (AGF) had withdrawn the $2 billion tax case against the firm in 2018.

Share price of MTN Nigeria had been going down at the local bourse in recent times, almost reaching the N90 it listed the equities in May 2018 from a 52-week high of N159.30 per share.

But news of last Friday’s withdrawal of the tax case by federal government of Nigeria has helped the share price to rise as a result of increased appetite of investors. The demand for the stock is continuing to grow.

“MTN Nigeria has been informed by means of a letter received by its legal counsel and dated 8 January 2020, that following careful review and due consultation with relevant statutory agencies, the AGF has decided to refer the matter to the relevant authorities, being the FIRS and the NCS, with a view to them resolving the issues. Accordingly, the AGF has withdrawn its letter of demand for the aforementioned $2 billion that was issued in August 2018,” the statement issued by the company last Friday had said.

In the statement, the MTN Group CEO, Mr Rob Shuter, had stated that, “We appreciate this decision of the Attorney General which paves the way to an orderly and amicable resolution of this matter,” noting that, “MTN remains fully committed to meeting our fiscal responsibilities and contributing to the social and economic development of Nigeria and all regions where we operate.”

Business Post reports that before this article was published (at about 11.15am), investors had already traded 8.9 million units of the stock valued at N1.1 billion and more transactions are expected to be carried out before the close of business by 2.30pm.

MTN Nigeria is the second most capitalised company on the local stock exchange, behind Dangote Cement and above BUA Cement, which claimed the third spot last Thursday when it was listed by the NSE, displacing former occupier of the position, Nestle Nigeria.

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

6 hours ago

08/06/2026

Aduragbemi Omiyale

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.

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

6 hours ago

08/06/2026

Aduragbemi Omiyale

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.”

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

14 hours ago

08/06/2026

Modupe Gbadeyanka

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.