Connect with us

Markets

9mobile Denies Speculations of Barclays Withdrawal as Financial Adviser

Published

on

9mobile
  • 9mobile Denies Speculations of Barclays Withdrawal as Financial Adviser

Contrary to the rumour making the rounds that Barclays Africa has pulled out as the financial adviser to 9mobile investment process that will lead to the sale of the telecoms company to a willing and credible investor, the Board of Directors of Emerging Markets Telecommunication Services, trading as 9Mobile, has allayed the rumour, describing it as false information.

Although neither the banks nor the Barclays Africa was ready to speak on the issue when it broke out penultimate week, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, however told journalists in Abuja after the Monetary Policy Committee (MPC) meeting that he was yet to receive any official letter to the purported pullout.

When asked to comment on the situation, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, only referred journalists to the CBN for such comments, a situation that made it difficult to ascertain the true position of things as at that time.

But in a bold move to clarify the issue, the 9mobile, through its Board of Directors, released a statement on its website, informing the public that Barclays Africa is still in charge as the financial adviser to the 9mobile investment process.

Part of the statement read: “Following recent press reports relating to Barclays Africa’s role as financial advisor on the sale of 9mobile, the Board of Directors of Emerging Markets Telecommunication Services, trading as 9mobile wishes to clearly state that these reports are inaccurate. This is not surprising, having come from so-called “sources” without authoritative knowledge of the process.

The board has full faith and confidence in the fairness and transparency of the process. Contrary to media speculation, Barclays Africa has also not resigned its mandate in the transaction and remains committed to a speedy and satisfactory conclusion of the process, for the avoidance of doubt.”

During the rumour period, an industry source said the withdrawal was not unconnected with the joint letter written against Barclays Africa, by the CBN and the NCC, over its alleged involvement in circumventing the due process laid down for the sale of 9mobile.

In a joint letter to Guaranty Trust Bank (GTBank), which is the facility agent for the 9mobile syndicated loan, Danbatta and Emefiele expressed displeasure with the “unwillingness of Barclays Africa” to follow due process in the bid.

According to the source the letter was a dent to the integrity of Barclays, being a multinational financial institution, hence their decision to withdraw quietly.

But the recent statement from 9mobile has finally put the matter to rest, as Barclays still remain the financial adviser in the investment process of 9mobile, that will lead to the sale of the telecoms company and the eventual handing over of the telecoms company to its new owners before December 31.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

Published

on

Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

Continue Reading

Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

Published

on

Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

Continue Reading

Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

Published

on

Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending