Business
MTN Nigeria Urges Telecom Sector to Regain Profitability
MTN Nigeria, the country’s largest telecom operator, has highlighted the urgent need for the telecommunications industry to regain profitability. CEO Karl Toriola shared this message during a visit to MTN’s facilities in Ibeju-Lekki, Lagos, with a group of media fellows. He pointed out that the sector is facing significant losses, requiring immediate action to turn things around.
Toriola oversees about 78 million subscribers and noted that MTN currently relies on profits earned over the past two decades, which is unsustainable. Earlier this year, telecom operators, including MTN, called for a tariff increase—the first in 11 years—to address rising operational costs and improve service quality.
He warned that without this increase, the company might struggle to operate. In the first half of 2024, MTN reported a staggering N519.1 billion loss, primarily due to foreign exchange losses and high inflation. Despite these challenges, Toriola remains optimistic that key financial regulators can step in to help resolve the industry’s financial issues.
Business
Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries
Dangote Petroleum Refinery begins exportation of products to neighbouring West African countries. A report was made that the Dangote refinery just shipped gasoline to the coast of Togo, West Africa. Although the shipment of the gasoline is going to the coast of Togo it can also be taken somewhere else in West Africa.
Chairman of NPA, Ghana speaks at the OTL Africa Downstream Oil Conference in Lagos states that importing from Nigeria reduces prices and freight costs for them rather than importing from Europe.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,”
FBN Holdings shareholders approve the plan of raising #350billion in additional capital and also changing its brand name. These discussions happened in the Annual General Meeting (AGM) and were submitted to the Nigerian Exchange Limited.
The Shareholders also approved of a dividend payment of 40 kobo per 50 kobo ordinary share, which will result to #14.36 billion for 2023 financial year.
This capital raise will include issuing shares, private placements or right issues concluded and approved by the board of directors. It will align with the initiate to raise #150 billion issues by the Central Bank of Nigeria.
Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.
The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.
The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.
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Abba Kyari, Suspended Deputy Commissioner of Police, Denied Bail and Returned to Prison
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