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MTN Nigeria Begins IPO in August

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MTN Nigeria’s Initial Public Offering (IPO) has been set for August as part of MTN’s plans to restructure debts and fund local investments in Nigeria with its local currency, according to Ventureafrica.com reports.

 

Also, MTN Nigeria’s bid to be listed on the Nigerian stock exchange has been approved to go ahead after weeks of delay by Nigeria’s Securities and Exchange Commission (SEC).

 

BusinessDay, MTN Nigeria reported that will be worth between 3.2 trillion Naira and 3.9 trillion Naira on the Nigerian Stock Exchange.

MTN hopes to raise $400 million from the IPO to pay preference shareholders.

 

The telecoms company will issue about 402 million shares, with one share split into 50 units to create 20 billion shares.

 

MTN had originally planned to list its Nigerian office on the country’s stock exchange last year but delayed the decision due to unfavourable market conditions.

 

MTN also plans to pay off some of its debts through the IPO. MTN Nigeria is Nigeria’s biggest telecommunications provider with more than 50 million subscribers.

 

In 2015, it was slapped with a $1 billion fine by Nigeria’s communications regulation body for failing to disconnect unregistered subscribers on its network before a general deadline. The fine was later reduced to 330 billion Naira by Nigeria’s Minister for Communication Adebayo Shittu.

 

The fine contributed to MTN’s debt burden, which had risen from 52 billion rand ($4.2 billion) in 2016 to 57 billion rand ($4.6 billion) in 2017.

 

In response, MTN, whose headquarters is situated in South Africa, has decided to replace its dollar-dominated debts with the local currency of the countries where its different units are situated.

 

The stock exchange listing of its Nigerian office is MTN’s second major listing in its West African offices this year after the Ghana IPO in May. The listing of the IPO, which was worth $754 million, was bigger than Ghana’s previous greatest share sale. The IPO was offered at 4.64 billion shares in the unit, and at 75 pesewas per unit.

 

It has also announced the same deal in Ivory Coast. However, in its offices in Iran, which represents its second largest market, it has been impossible for MTN to repatriate about 200 million euros ($237 million) after US President Donald Trump pulled out of a nuclear deal with the country and re-instated sanctions on it.

 

Investment firms for the issuance include Chapel Hill Denham, the lead issuing house, Rand Merchant Bank, Renaissance Capital and Vetiva Capital.

 

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Experts Finger Insiders in Telcos for Rising SIM Swap Fraud

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Cyber security experts have berated telecommunications operators over the prevalence of SIM swap fraud in the country, arguing that such fraud could be possible with an insider in the network operator of the subscriber that is targeted.

 

SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible.

 

How it works

Your phone network will momentarily go blind without signal or Zero Bars and after a while a call will come through.

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The person on the other side will tell you that he is calling from Airtel, MTN, 9mobile or Glo depending on your network and that there is a problem in your mobile network.

 

He will instruct you to Please press 1 on your phone to get the network back.

 

If you press 1, the network will appear suddenly and almost immediately go blind again (Zero Bars) and by that action, your phone is #HACKED.

 

It will appear as though your line is without network; meanwhile your SIM has been SWAPPED.

 

It is increasing by the day.  Within a second they will empty your bank account and cause you enough damage. The danger here is that; you will not get any alert of any transaction.

 

Responding to this Oluseyi Akindeinde, chief technical officer, Digital Encode, said that SIM swap is not new.

 

“A lot of the perpetrators have insiders in the telecommunications operator that allow them to do this. Nothing really can be done to check it unless they checkmate the guys inside the telcos,” he said.

 

William Makatiani, managing director, Serianu, said that SIM swap has become a lucrative enterprise in Africa particularly because of the increased adoption of mobile money services and mobile based authentication.

 

“Attackers gather enough information on a target such as ID details; Phone numbers etc through social engineering and create a false identity. Using this information, the attackers can contact the service provider and request for SIM card replacement and thereafter start transacting using your phone.

Tony Ojobo, director, Public affairs, Nigerian Communications Commission (NCC), acknowledged the existence of SIM Swap fraud and explained that it is a criminal act which is the responsibility of law enforcement agencies.

 

“SIM swap fraud is a criminal matter. What NCC investigate and sanction are issues around regulatory breaches and issues that contravenes terms of operators’ license. Just as if banks identify any of their staff that collude with fraudsters to perpetrate fund such persons are arrested and handed over to the police to prosecute and punish,” he said.

 

Apart from law enforcement agencies; Makatiani offered a number of ways to combat SIM fraud which includes; introducing additional checks for SIM reissuing such as security questions, avoid responding to unsolicited calls and text messages asking about your bank details.

 

Others are introducing user behavioral analysis (UBA) especially for financial institutions to monitor for key indicators of compromise and alert the customers as well as Adopting the IMSI (International Mobile Subscriber Identity) a unique number associated with a specific GSM phone to ensure one-time use codes are sent only to legitimate subscribers.

 

 

 

 

 

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First Set of Winners Emerge in Spectranet World Cup Promo

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L-R: Susie Onwuka, Head, Consumer Protection Council (Lagos Office); Ajay Awasthi, Chief Executive Officer, Spectranet 4GLTE; Joy Okuna Assistant Director, National Lottery Regulatory Commission (Lagos Office); Mike Ogor, Head of Marketing, Spectranet 4GLTE; and Adenike Oyebamiji, Legal Officer, Lagos State Lotteries Board, during Spectranet World Cup Promo Draw in Lago recently.

Spectranet 4GLTE, leading internet service provider, has rolled out the first set of winners in her World Cup Promo, in keeping to the promise of engaging and rewarding customers.

 

Out of thousands of subscribers that participated in the promotion, 216 subscribers emerged as winners from a transparent draw observed by representatives of lottery regulatory bodies- National Lottery Regulatory Commission, Consumer Protection Council and the Lagos State Lotteries Board.

 

Olanrewaju Olapade emerged as winner of the star prize, Trip to Dubai. 5 customers comprising Bakare Abiola and Nzete Promise got Unlimited Data for 1 year.

 

Nzei Uche, Akinsipe Olaoluwa and Victoria Obenoh were among 10 subscribers rewarded with 42” LED TVjust as 200 subscribers were handed the privilege to choose either 7GB Data or Bluetooth speakers for purchasing Spectranet devices and subscribing to data plans in June when the promotion commenced.

 

Dubbed ‘Connect &Win Big’, the promotion drummed support for Nigeria’s male national team as they jostled for honours at the 2018 FIFA World Cup.

Prior to the commencement of the draw, Ajay Awasthi, chief executive officer, Spectranet said, “The innovative nature of Spectranet led to the initiative of rewarding customers for supporting the Super Eagles team in the World Cup”.

 

Ajay further revealed that Spectranet is committed to excellent service offering with renewed and upgraded facilities that will continue to improve the subscribers’ experience of the brand even after the World Cup.

 

Commenting on the essence of the promotion, Mike Ogor, head of Marketing, said, “In the spirit of the World Cup, we took a decision to make subscribers enjoy the moments that the competition brings. Our fast and reliable internet services have made this possible.

 

“This is the first draw of the promotion. Both existing and new subscribers are eligible to participate. More winners will emerge in the second and final draw scheduled to hold after the promotion”.

 

The promo which commenced on June 1st ends on July 31st, 2018.

 

One of the many winners who responded to phone calls that he won a 42″ TV set could not hold his excitement as he kept asking when and where he should come for his prize while thanking Spectranet for keeping the promise to reward subscribers who purchased modems within the period of the promotion.

 

It will be recalled that Spectranet gave out 7GB data to every subscriber that renewed prior to the Nigeria vs Iceland fixture as result of the two goals scored as well as the victory over the Iceland team while 1GB was also given to subscribers for the goal scored against Argentina.

 

Customers can log on to www.spectranet.com.ng or visit Spectranet Shops, Express service Outlets and Dealer shops to participate in the promotion.

 

Spectranet Limited was the first Internet Service Provider (ISP) to launch 4G LTE internet service in Nigeria.

 

The brand is known for providing an affordable, faster and more reliable internet broadband to Nigerian homes and offices. Its internet service is currently available across Lagos, Abuja, Ibadan and Port Harcourt. Its state of the art network ensures high speed internet connectivity for the customers.

 

Spectranet 4G LTE is a recipient of multiple awards for Best Internet Service and 4G LTE Provider in Nigeria in 2016, 2017 and 2018.

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MTN Seeks Amicable Resolution of Industrial Dispute

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MTN Nigeria, telecommunication giant, the has reiterated its desire to pursuing amicable resolution of the industrial disputes with some members of staff.

 

Mr Funso Aina, Public Relations manager, Corporate Affairs/Corporate Relations, MTN, made the disclosure in a statement on Friday in Lagos.

 

According to him, the events of this week have been difficult and disruptive. However, this has in no way impacted our continued commitment to our people, our customers and this great nation.

 

“All of us at MTN want to express our sincere gratitude to you for standing by us during this challenging time.

 

“Over the years, we have engaged productively with representatives of labour unions who reached out, holding numerous extensive meetings.

 

“We will continue to do so, pursuing amicable resolutions in our negotiations with organised labour and the safety and welfare of our employees will remain our primary concern during these discussions,” Aina said.

 

The MTN spokesperson said the organisation understood its responsibilities to customers, workers and the society.

 

He said that the rights of all MTN employees were paramount adding that the organisation would consistently ensure that these rights were protected.

 

“This includes the fundamental human right to freedom of association as enshrined in the Nigerian constitution.

 

“Our ethos is not to coerce our employees to do anything against their will. We have no objections to our employees forming a collective, through a union, or choosing not to do so.

 

“In fact, MTN has an Employee Council made up of officers below Management cadre. Council members are democratically-elected representatives who ensure that labour-related issues are addressed.

 

“We do not engage in casualness. All our employees have full-time employment contracts.

 

“To enable our organisation to focus on delivering our core services and in alignment with global best practice, we engage licensed, specialised service providers to support our operations.

 

“We provide working conditions in line with international best practice. All employees earn well above minimum wage.

 

They have access to a minimum of 20 paid leave days annually, flexible working hours, four months paid maternity leave and fully funded pensions.

 

“They have mortgage subsidies and group medical cover with international emergency evacuation for employees and their immediate dependents.

 

“These are just some of the benefits that contribute to making MTN a great place to work,” he said.

 

Various stakeholders, including Association of Licensed Telecommunications Operators of Nigeria, Association of Telecommunications Company of Nigeria and Nigeria Communications Commission are presently involved in talk.

 

Aina however, called for cessation of attacks on MTN’s employees or damage to the network and property.

 

He said the firm expects its employees’ rights to associate freely and without coercion would be respected.

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