Economy
MTN Eyes $3.5bn Investment in Nigeria in Five Years
By Adedapo Adesanya
Nigeria’s largest telecommunication service provider, MTN Nigeria, is planning a $3.5 billion investment in the country in the next five years, following a renewed economic hope promised by the nation’s new President, Mr Bola Tinubu.
This was disclosed at a meeting at the State House, Abuja, where the MTN delegate, led by its Group Chairman, Mr Mcebisi Jonas and including Group President/CEO of MTN, Mr Ralph Mupita, Chairman of MTN Nigeria, Mr Ernest Ndukwe and Chief Executive Officer, Mr Olutokun Karl Toriola met with President Bola Tinubu at the State House.
Speaking on the sidelines, Mr Jonas said that by N2028, it was targeting that investment in its most profitable market, Nigeria, where the telecommunications company gets its highest return on investment.
MTN, which has the lion’s share of customers in Nigeria, in the 2022 financial year alone recorded N2 trillion in revenue spurred by growth in its data services.
Mr Jonas said the company was favouring Nigeria over other markets like the Middle East and focusing inward, with a goal of infusing a pan-African approach in terms of investments.
He noted that this was a result of the moves carried out by the new Nigerian leader in one month in office. President Tinubu had since taken office, removed fuel subsidies, ousted the Governor of the Central Bank of Nigeria (CBN), and floated the Naira.
According to Mr Jonas, these reforms had been styled to favour business and encourage inclusive development.
He added that this showed that he was ready for business and further promised to support the mobilisation of other investors with about $1.5 trillion to look toward Nigeria.
“The message you have given us is that Nigeria is investible, and with your election, we are seeing decisive, prompt, and keen interest in structural reforms,’’ the MTN Group Chairman noted.
The $3.5 billion investment promise by the MTN team is 400 per cent more than the five-year investment of $700 million promised by its rival, Airtel, when it visited Mr Tinubu late in June.
According to Airtel’s global chairman, Mr Sunil Mittal, it would be investing that amount based on the unification of the foreign exchange market, which he said would give foreign and local investors more confidence that an enabling environment had been opened, adding that the economy had also moved into global reckoning.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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