Telecommunications giant, MTN Nigeria Communications Limited, has finally succumbed to the pressure from the Consumer Protection Council (CPC) to pay the sum of N1.85 million to a subscriber, Mr. Omeje Chukwuma Fidelis who was allegedly shortchanged by the mobile operator when he won a N2 million prize for participating in the Ultimate Wonder Promo held in 2012, according to Thisday.
It followed a 14-day ultimatum issued to MTN by the council, for the balance of the prize money to be paid the beneficiary after he was initially paid N150,000 – a situation which compelled him to seek redress from CPC which addresses alleged consumer rights violations.
CPC had threatened to sanction the mobile operator for failing to cooperate with investigations needed to get to the root of the matter.
It finally issued final orders for the payment of the balance to the aggrieved subscriber.
However, MTN, in compliance with the CPC’s order, was said to have raised a United Bank of Africa’s (UBA) draft in the said sum in favour of the complainant on Thursday, February 11, 2016, barely 24 hours after its receipt of the agency’s order, according to a statement issued by the council’s spokesman, Abiodun Obimuyiwa, a copy which was made available to THISDAY.
Fidelis, in a telephone conversation, was said to have confirmed to CPC his receipt of the amount, disclosing that he received the cheque for the balance of his N2 million prize on Monday, February 15, 2016.
According to the statement, CPC was also in receipt of a settlement agreement made to that effect between Omeje, MTN and its event manager for the Ultimate Wonder Promo prize presentation, Towncriers Limited, authorising the event manager to “issue a bank draft in the sum of N1,850,000:00 in full and final satisfaction of the CPC’s order and all claims to the complainant.”
According to the agreement, MTN’s decision to pay the complainant was “in consideration of the order of the CPC and MTN’s wariness with the negative reputational implications of the complainant’s claims”.
The council said it gave the order to the telecommunication firm because of lack of due diligence it displayed in the verification of the winners of the N2 million category of the sales promotion.
The complainant had participated in the said promo and was called that he had won N2million and also invited to the presentation ceremony in Abuja.
The complainant had asserted that during the said ceremony, he was presented with a dummy cheque of N2million with his name on it, interviewed and paraded before the media and the world as a winner of the said amount but only to be paid N150,000 thereafter.
Otedola Moves to Sell Part of Geregu Power Plc to FEDA
Afreximbank to acquire part of Geregu Power plant
Billionaire Femi Otedola-owned energy company, Geregu Power Plc is in talks with the Fund for Export Development in Africa (FEDA) for the acquisition of part of the energy company.
The company stated in a statement signed by Akinleye Olagbende, Company Secretary and made available on the Nigerian Exchange Limited (NGX).
Geregu Power hereby notifies “Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares. FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank),” the company stated.
According to the energy firm, talks are presently ongoing and “where these talks progress to a more advanced stage, the company will notify the Exchange and the investing public in line with the rules of the Exchange.”
In October, Geregu Power listed 2.5 billion shares at N100 a unit on the Main Board of the NGX. This puts the company’s market value at N250 billion and also in a better position it to raise capital to bid for Geregu II as it is presently doing.
Speaking on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”
He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”.
Otedola is the largest shareholder in FirstBank and also holds a 99% stake in Amperion Power, the owner of the Geregu Power Plant.
Access Bank Acquires Indirect Stake in Sigma Pensions
Access Holdings on Friday announced it has completed the acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, First Guarantee Pension Limited (FGPL) with Sigma.
According to the bank, following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity, according to Access Holdings.
Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of the Corporation, said “Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.”
Dangote Group Dismisses Rumours of Plan to Rise Cement Price
Dangote Cement says no price increase
Africa’s leading cement producer, Dangote Cement Plc has dismissed the rumor that it plans to increase the price of its products.
The clarification became necessary following a recent publication that Dangote Cement plans a fresh increase.
Recently, there has been some publication (Not Investors King) about a potential increase in the price of cement. The publications noted that the increase will be a result of the high cost of fuel among other prevailing issues.
According to the Senior Manager, branding and communication, Dangote Industries Limited, Mr Sunday Esan, “Dangote Cement is not embarking on a price increase”, stating that the increase is mere speculation.
Meanwhile, Dangote Cement in the third quarter of 2022, recorded an increase in the overall volume of cement sales by 6.2 percent to 20.8 metric tons in the third quarter of 2022.
According to the company’s Chief Executive Officer, Michel Puchercos, this was achieved, despite the elevated inflation caused by a very volatile global environment.
Similarly, while speaking on the increase in the price of fuel, Puchercos said “to mitigate the impact of the significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels”.
“We are on track to commission our Alternative Fuel feed system at Obajana lines I and V, and Ibese line II in November. In addition, we are ramping up our investment in Compressed Natural Gas (CNG), to reduce our AGO usage,” he added.
Investors King understands that Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. Although it has a few competitors which include BUA Cement, the company supplies most parts of Nigeria.
In addition, Dangote Cement has operations in 10 African countries.
Its production plant in Obajana, Kogi state, is the largest in Africa with 16.25Mta of capacity across five lines while the Ibese plant in Ogun state has four cement lines with a combined installed capacity of 12Mta.
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