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MTN to Offer Nigerians Shares, Lists on NSE May 2018

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Nigerians willing to put their money in MTN Nigeria, may have to wait till May 2018 because Mr Rob Shuter, chief executive officer (CEO) of MTN Group, has said that the firm was making underground plans for an initial public offering of its Nigerian business

 

This is expected to be completed in the next six months.

 

According to him, “We have a lot of advisers running around getting everything ready, it is a complicated process and there’s a lot of regulation that needs to be arranged. We are moving forward well with the project and anticipate concluding that in the next six months or so.”

 

Mr Shuter told Bloomberg that he was pleased with MTN’s operations in Nigeria and would definitely fancy listing its stocks on the NSE.

 

As at the last figure released by the National Bureau of Statistics (NBS), MTN Nigeria controls 39.73 percent of Nigeria’s 152.46 million subscriber base.

 

In June this year,  Nikiwe Tsaagane, general manager of MTN, assured the Federal Government that the leading telecommunications firm in the country will list its shares on the Nigerian Stock Exchange (NSE).

 

He had told Mr Ogbonnaya Onu, minister of Science and Technology, that plans were underway to make shareholders apply for the listing digitally.

 

“To achieve this, we are working with the Nigeria Stock Exchange to develop an application platform to enable our customers apply online. It would be the first time such is happening in the country,” Mr Tsaagane informed the Minister.

 

In August 2017, Mr Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC),  told journalists after the second Capital Market Committee (CMC) meeting in Lagos that discussions were ongoing with leading GSM service provider on its planned listing on the NSE.

 

He had promised that outcome of the talks would be known to the public when finalised.

 

“Concerning listing of MTN (Nigeria) on the Nigerian Stock Exchange, we have started discussions with them and also given them ideas on how to make it possible.

 

“We hope very soon, when the discussions are over, the company will announce its listing to investing public.

 

“I believe it (the listing) will boost our economy and showcase Nigeria as a good place to invest,” the SEC chief told newsmen.

 

The Nigerian government had said telecommunication firms operating in the country should list on the local bourse, though nothing concrete was yet to be realised.

 

The South African company, which boasts of over 60 million subscribers in Nigeria, is presently paying a fine to the Nigerian government and agreed to the Lagos IPO as part of the settlement of a $1 billion fine.

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So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Federal High Court Sacks Etisalat Board

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Justice Ibrahim Buba sitting at the Federal High Court, Lagos has nullified the appointment of an interim board for Emerging Markets Telecommunications Service (EMTS), the fourth largest telecommunications service operator in Nigeria and owners of Etisalat.

 

The Court made the order following an application by Spectrum Wireless Communication Ltd, which invested $35million in 2009 in EMTS/Etisalat.

 

The order nullifies the appointment of Dr Joseph Nnana of the Central Bank of Nigeria (CBN) as chairman, Mr Boye Olusanya as Managing Director, Mrs Funke Ighodaro as Chief Financial Officer, Mr Seyi Bickersthet and Mr Ken Igbokwe as on the board of EMTS.

 

The nullification follows dismissal by Justice Buba of the preliminary objection filed by United Capital Trustees Ltd in response to the application by Spectrum Wireless, a shareholder of EMTS.

 

He ruled: “An order is hereby granted discharging the ex-parte order made by this court in this suit in favour of the respondent on the 3rd day of July 2017.

 

“The order made pursuant to motion ex-parte dated 3rd day of July 2017 was a nullity, made without jurisdiction and obtained by misrepresentation of facts. Same be and is hereby discharged and vacated as prayed.

 

“The motion for stay is struck out having set aside the order. The respondent shall reverse all steps taken by it since the order was a nullity.”

 

Spectrum Wireless claimed that the order was obtained by misrepresentation of facts that alienated its interests in the company.

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Truecaller Launches Contacts Backup, Others

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Truecaller has launched Truecaller Backup for Android, a new feature which allows users to backup and restore their contacts, call history, block list and settings to Google Drive.

Every day hundreds of thousands of Truecaller users are switching to a new phone, getting new SIM card, resetting their device or in general having to start their Truecaller journey anew. This inevitably leads to lost contacts, blank call logs and data gone missing.

Truecaller Backup has been one of the most highly requested features by its users, and will simplify a user’s transition to a new phone or SIM card by securely backing-up their contacts and settings, and stored on your Google Drive.

Users also have the power to customize the frequency of backup between daily, weekly, monthly and on demand. The upgrade enables the recovery of any lost data from Google Drive which Truecaller can restore to its last saved state.

Truecaller Contacts now lets a user even search for contacts whose details they haven’t saved but have previously communicated with. The Truecaller Contacts view contains all the contacts a user has sent or liaised with on call or text. This makes it easier for Truecaller users to recall and communicate with temporary contacts without saving them in their phonebook, keeping it clean and efficient.

Initially, the backup file will only be available for Google Drive users, but the plan is to expand the options to other backup storage in a near future. If you don’t already have a Google Drive account you’ll be prompted to create one.

 

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Telcos Pledge to Implement NCC Policy on Data Roll-over

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The Association of Licensed Telecommunications Operators of Nigeria (ALTON) says its members are likely to implement the 14 days grace for data roll-over planned by the Nigerian Communications Commission (NCC).

Mr Gbenga Adebayo, the Chairman of ALTON, disclosed this on Monday in Lagos.

NCC is working to issue a directive to telecommunications operators to give 14 days’ window to subscribers to enable them to roll over their unused data.

Adebayo said that the period for data roll over was a commercial issue, which each telecommunications operator would determine how it suited its business plan.

“The decision is left to the individual players. As an industry player; I think it is good for the subscribers.

“If the data roll over grace makes the subscribers happy, I am certain that our members will align with the directive provided it does not impact on the existing cost,” he said.

Prof. Umar Danbatta, Executive Vice-Chairman, NCC, said that subscribers would be given the 14 days grace even if they do not renew on the date of expiration of their data.

Danbatta said that this would stop the present practice where subscribers would lose the entire unused data, if they failed to renew on the date of the expiration of the present subscription.

According to him, NCC recognizes that telecommunications services are very important to the nation’s development.

“NCC also recognizes more importantly that the consumers of telecommunications services deserve to get value for their money.

“NCC also recognizes that consumer should be treated as a very important stakeholder in the scheme of things as far as service delivery is concerned.

“Let me recall that in the Eight-Point Agenda of my administration, the issue of empowerment and protection of the consumer occupied the sixth position.

“The vision in this agenda is to protect consumers from unfair practices through availability of information and education to make informed choices in the use of ICT services,” he said.

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