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MTN Group Meets, to Raise $500m from IPO in Nigeria

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MTN Group plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the Nigeria to settle a record fine, according to people familiar with the matter.

 

The group was reportedly discussing its planned listing in Lagos and its business plan at a board meeting on Wednesday.

 

Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of an agreement with the Nigerian government, but it delayed it due to market conditions.

 

Last week, Securities and Exchange Commission (SEC) said it has not received any document from MTN indicating an interest to list on the Nigerian Stock Exchange (NSE)

 

MTN Group in South Africa had late last year however reiterated its commitment to list its Nigerian subsidiary on the Nigerian Stock Exchange in the next six months.

 

This was as part of the settlement of the $1 billion fine imposed on it in 2015 by the Nigerian Communications Commission (NCC) over the failure by the telecoms


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NCC Dismisses Rumours of Telecom Tariff Hike in January

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Nigerian Communications Commission (NCC) has dismissed claims of a telecommunications tariff hike allegedly set to take effect in January 2025.

NCC Dismisses Rumours of Telecom Tariff Hike in January

The Commission described the reports as false and unfounded, urging subscribers to disregard the misinformation.

A senior NCC official, emphasised that the regulatory body operates under a transparent framework guided by the Nigerian Communications Act, according to Punch Newspaper.

According to the official, this framework requires stakeholder consultations and strict adherence to due process before any tariff adjustments are approved.

“These rumours are baseless and misleading. The NCC is committed to protecting consumers and ensuring that any potential tariff changes are communicated clearly and transparently,” the official stated.

“Subscribers can rest assured that no tariff increase has been approved,” he added.

The NCC also appealed to journalists and industry stakeholders to verify information before publication, stressing the importance of accurate reporting to avoid unnecessary public panic.

Reiterating its commitment to consumer interests and the stability of the telecommunications industry, the Commission assured Nigerians that updates on tariffs or related matters would always be communicated through official channels.

The Association of Telephone, Cable TV, and Internet Subscribers of Nigeria (ATCIS) also addressed the rumours.

Speaking in Lagos, Mr Sina Bilesanmi, national president, ATCIS, stated that the association sought clarification directly from the NCC on December 24, 2024.

“The NCC confirmed there is no truth to claims of call charges increasing to N15.40 per minute from N11, SMS charges rising to N5.60, or 1GB of data costing N1,400 instead of N1,000.

“Any changes in tariffs, if necessary, will follow due process and involve input from all stakeholders, including ATCIS. There is no cause for alarm,” Bilesanmi said.

Both the NCC and ATCIS emphasised their commitment to consumer protection and urged subscribers to rely on verified information from credible sources.

 


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Starlink to Hike Internet Tariff in Nigeria from January

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Since Friday, December 27, 2024, when Starlink, Elon Musk’s satellite internet service, announced an increase in its monthly subscription prices across Nigeria, effective immediately for new customers and starting January 27, 2025, for existing users, the industry regulator, Nigerian Communications Commission (NCC), is yet to react officially.

In an email to its subscribers on Friday, the company stated that the price adjustments are necessary to enhance its network infrastructure and maintain the delivery of high-quality internet service across the country.

The new pricing structure is as follows: Standard (Residential) ₦75,000, Mobile – Regional (Roam Unlimited) ₦167,000, and Mobile – Global (Global Roam) ₦717,000.

“These changes reflect our commitment to investing in the infrastructure needed to support and improve your experience with Starlink,” the company said.

 


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Falana, Media Trial is Old School; Please Try Something New from 2025 – Leo Stan Ekeh

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Mr. Leo Stan Ekeh, Chairman of Zinox Group, while reacting to phone inquiries from some journalists to confirm if he was aware of a new lawsuit against his companies, staff, wife, and himself as published in Sahara Reporters, dismissed the suit as empty forum shopping.

Ekeh said he was shocked that Femi Falana (SAN), counsel to Benjamin Joseph of Citadel Oracle Concepts Ltd, an Enugu indigene based in Ibadan, has continued in the old school of media trial in the same case he withdrew last year after he “misled” the former Attorney General of the Federation, Mr. Abubakar Malami to issue him a Fiat.

He said: “A few friends mentioned it to me a few days back. I was really shocked that Femi Falana (SAN) still continues in this old school of media trial in the same case he shamefully withdrew last year after he misled the former Attorney General of the Federation, Mr. Malami SAN, to issue him a fiat. A few days after Mr. Malami issued the Fiat, he discovered that Mr. Falana misled him by hiding material facts without disclosing to him that there was already a judgment by Hon. Justice Danlami Senchi of the FCT High Court in Charge  No. FCT/HC/CR/244/2018 against his client on the same case with N20m damage imposed on his client, Mr. Benjamin Joseph of Citadel Oracle Concepts Ltd, for false petitioning and to serve as a deterrence against others who waste taxpayers’ money incurred in investigating spurious petitions.

“Falana also did not inform the Attorney General that he is the lawyer acting for Benjamin Joseph who filed a motion to appeal the N20m damages. Mr. Malami was also upset that Femi Falana didn’t actively disclose the fact that Benjamin Joseph was still facing a criminal case instituted against him by the Inspector General of Police in another court in Charge No.CR/216/16 before Honourable Justice Peter Kekemeke of the FCT High Court Abuja, for false information on the same facts, which his client Benjamin Joseph, was unable to defend for over 8 years.  Instead, Mr Joseph was avoiding the court for flimsy reasons. The same Attorney General – Mr. Malami, had instructed that the criminal case against Benjamin Joseph should not be withdrawn but must be prosecuted to a logical conclusion, as contained in 3 separate letters to the Inspector General of Police after Benjamin Joseph had begged Mr. Malami to stop his trial.”

Ekeh expressed his respect for Falana but stressed that “this case should instruct him to unlearn a few things in his practice. Times have moved from analogue to digital. There are new kids on the block. It is difficult for me to agree that Falana, as an experienced lawyer, parent, husband to another distinguished SAN, could not differentiate between corporate and individual personalities. He listed Zinox, myself, and even retired non-Executive Directors of Technology Distributions Ltd as defendants, persons who have never been included in any investigation and report since this case started in 2013 just to make his media trial appear important.”

He wondered “when serious matters of law became a show business. Every mature Nigerian knows the relationship between Falana and Sahara Reporters. It’s instructive to note that as we speak, the new suit filed by Falana has not been served on me or any of the defendants, to the best of my knowledge. However, Falana had rushed to the media, using Sahara Reporters to splash it as ‘Breaking News’ just to achieve the set objective of his client, Benjamin Joseph.”

The Zinox boss said: “It is clear that they do not have confidence in their case but simply want media publicity to harass and embarrass me, my wife, directors, and staff of my companies. It is regrettable that a Senior Advocate of Nigeria would be playing to the gallery instead of venting his case in court. You can see that Falana is doing everything to protect his client at all costs, a man who lied but later confessed in his Witness Statement on Oath in a civil case he filed at the Lagos State High Court, that he knew about the contract and gave Princess Kama (his partner) all personal and corporate documents needed for the FIRS contract.

“This shows that he has been lying all the while that he was not aware of the contract.  It is also to be noted that the FIRS, in a letter on February 11, 2014, to Chief Afe Babalola Chambers, stated that Benjamin Joseph knew about the contract and that he gave them a letter accepting the contract and appointing Princess Kama, his staff, as the authorised representative of Citadel on the contract and also that Citadel instructed the FIRS to pay the proceeds of the contract into the Access Bank account opened for that purpose. I should suppose that it’s part of the reason the respected Afe Babalola SAN technically withdrew from acting for Benjamin Joseph in 2014. But Femi Falana would rather continue in his intransigence to propagate the spurious claims of his client. As a counsel, it behoves him to properly advise his client not to tow a wrong path, especially when there’s a subsisting judgment that imposed N20 million damages against him for false petitioning.

“I am in tech business and will never dine with any alleged blackmailer as Benjamin Joseph appears to be acting out. I am sure Mr. Falana and the learned AGF of the Federation, Lateef Fagbemi SAN, both experienced lawyers, have not created time to read through this case file. If they did, then it is regrettable that the respected AGF would still grant another Fiat to Falana even after a similar Fiat was withdrawn from Falana by the former AGF over misrepresentation of facts. I doubt that the AGF, after withdrawing the criminal case against Benjamin Joseph in June 2024 to save him from possible imprisonment, would now issue a Fiat on behalf of the same Benjamin Joseph to file charges against the people he lied against. We cannot leave this country for people who dance to the gallery.

“We must fix it. Thank you, but please note that I have nothing against Falana and Co., but  if truly he secured a Fiat this year, which I doubt, we shall meet in court,” he said

 


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