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$8.1bn Refund: NCC Wants Amicable Resolution With MTN

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  • $8.1bn Refund: NCC Wants Amicable Resolution With MTN

The Nigerian Communications Commission says it will strive to ensure that there is an amicable resolution between the government and the MTN Group as the two parties negotiate the $10bn dispute.

The Executive Vice Chairman and Chief Executive Officer, NCC, Prof Umar Danbatta, made this pledge at the ITU Telecom Conference in Durban, South Africa on Tuesday, according to Bloomberg.

“The Nigerian Communications Commission is doing what it can to facilitate an amicable resolution of MTN’s standoff with the tax and finance regulators,” Danbatta was quoted as saying.

Africa’s largest telecommunication company has been embroiled in allegations of illegal repatriation of $8.1bn and unpaid tax of $2bn by the Central Bank of Nigeria and the Attorney General of the Federation in the past two weeks.

Banks that were also accused of facilitating the repatriation of the funds with irregular Certificates of Capital Importation on behalf of MTN Nigeria between 2007 and 2015 were fined a total of N5.87bn and debited accordingly by the CBN.

However, MTN has continued to deny the allegations and promised to defend its position vigorously.

The dispute comes just over two years after the Johannesburg-based company settled with the NCC to pay $1bn fine for not meeting the deadline to disconnect unregistered subscribers.

To protect its assets and interest of shareholders, MTN filed a suit at the Federal High Court in Abuja on Monday to restrain the CBN and the AGF from taking further actions against it.

It was gathered that MTN was demanding $3bn from the Nigerian government in the suit filed on Monday.

MTN’s share price has plunged by more than a third since the crisis erupted late last month and traded 3.3 per cent lower at 71.66 rand as of 3:50pm in Johannesburg on Tuesday.

The regulator still sees MTN as a valuable partner, the NCC spokesman, Tony Ojobo, said earlier on Tuesday, adding that Africa’s most populous country needed to be cautious when handling investor relations, and acknowledged that the severity of the penalties could cause some concern.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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