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MTN Shares Rebound on Possible Reconciliation Over $10.1 BN Claims

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  • MTN Shares Rebound on Possible Reconciliation Over $10.1 BN Claims

The shares of MTN Group Ltd rebounded on Thursday, following a report that the Central Bank of Nigeria has softened its position regarding the illegally transferred $8.1 billion.

MTN shares climbed 7.5 percent to 78.87 rand at 9:32 a.m in Johannesburg on Thursday, its biggest one-day gain in almost six months.

Isaac Okorafor, spokesman for the CBN said on Wednesday that “MTN has provided additional information that may lead to an equitable resolution.” The statement boosted MTN shares on Thursday.

Despite the surge in value, the stock is still down 27 percent when compared to its value before the $8.1 billion claims that wiped out $5 billion from its market value on August 29.

In late August, the Central Bank of Nigeria accused MTN Nigeria of illegally repatriating $8.1 billion through four banks. While in September, the office of attorney general accused the same company of owing $2 billion in back taxes. Bringing total claims to $10.1 billion.

MTN market capital dropped below Safaricom’s market value for the first this month to be the second largest wireless carrier in Africa.

Olusola Teniola, president of the Association of Telecommunications Companies of Nigeria, said: “While this is a step in the right direction, continued dialogue to reach an amicable resolution is a minimum standard expected by the investment community. We look forward to the central bank disclosing the exact reasons for their actions.”

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.

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African Bar Association Urges AU, ECOWAS to Effect Release of Venezuela Envoy

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African Bar Association Urges AU, ECOWAS to Effect Release of Venezuela Envoy

The African Bar Association (AfBA) has called on the African Heads of States and governments to rise as a body, and persuade the authorities of the Cape Verde Island to rescue itself from the diplomatic mud of holding on to Ambassador Alex Saab, accredited Venezuela Special Envoy and Alternate permanent representative to the African Union.

AfBA’s President, Mr. Hannibal Uwaifo, who made the call in a World Press Conference in Lagos, said the continued detention of Saab since June 2020 for possible extradition to the United States, violated settled global diplomatic virtues and statutes, as contained in the Vienna Convention.

He argued that Cape Verde’s action, according to the investigation by the Human Rights Committee and review by the AFBA Executive Committee, was found to be clearly below the accepted international rules of engagements.

He described the detention of the envoy as not only unsanitary but totally unsalutary to Africa’s collective diplomatic decency and stature.

“We demand that Alex Saab should be released immediately and his persecution and chastisement in custody illegally in Cape Verde merely to satisfy the whims of a superpower be brought to an end immediately as ordered by the binding unanimous ECOWAS Court ruling on December 2, 2020”.

He added: “We acted on the petition of Ambassador Saab’s wife, which revealed that aside her husband being a known cancer patient, denied his drugs, denied access to family and defense attorneys, stripped of his diplomatic privileges against ECOWAS Court injunction to the contrary, he is viciously and frantically being packaged for delivery to the US by Cape Verde government, facilitated by enormous pressure through a contrived extradition procurement, with unimaginable damage to our civility and civilization, if ever allowed to stand in any African soil.

“For us in AfBA, as a continental body of lawyers dedicated to the primacy of the rule of law, as the most disruptive evolution for human governance, our moral and professional duty is relentless and persistent to see it respected, preserved, improved on, not liberally pissed upon as the case under reference by President Jorge Carlos Fonseca and Prime Minister Ulisses Correia Silva of Cape Verde”.

Hannibal said it was more pathetic that the choice for this scheme of intransigence is in Africa by a sovereign African nation, a participatory signatory to AU Charter on Human and Peoples Rights, and ECOWAS protocols, on a documented diplomatic citizen with no known crime and offence in the land of his capture, is detained and incarcerated.

“That is not only a flagrant abuse of the elementary principles of the rule of law but also an aggravating circumstance for the intentional culpability by Cape Verde,” the statement said.

AfBA noted that Saab, as a Special Envoy of Venezuela duly accredited to the AU, was traveling from Caracas to Teheran on June 12, 2020.

According to the group, his plane made a technical refuelling stop on the Cape Verdean Island of Sal, when he was detained unlawfully.

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Mahamadou Issoufou, Niger’s President, Wins World’s Biggest Cash Prize for Leadership

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Niger’s President Mahamadou Issoufou, who’s due to step down next month after serving two terms, was named the 2020 winner of the world’s largest leadership prize — a $5 million award made by Sudanese billionaire Mo Ibrahim’s foundation.

Issoufou is the sixth winner of the Ibrahim Prize for Achievement in African Leadership since it was introduced in 2006 to promote good governance in the world’s poorest continent. Previous recipients include former presidents Joaquim Chissano of Mozambique, Festus Mogae of Botswana and Ellen Johnson Sirleaf of Liberia.

“In the face of the most severe political and economic issues, including violent extremism and increasing desertification,” President Mahamadou Issoufou has led his people on a path of progress,” Mogae, who chairs the Mo Ibrahim Foundation’s prize committee, said in a statement on Monday. “Today, the number of Nigeriens living below the poverty line has fallen to 40%, from 48% a decade ago.”

Issoufou, 69, first took office in 2011 after years of political instability in the West African nation, including four coups since independence from France in 1960, and won re-election in 2016.

He’s set to be succeeded by his close ally Mohamed Bazoum, 61, a former interior and foreign minister, who won a run-off vote against ex-president Mahamane Ousmane on Feb. 21. The election paved the way for Niger’s first transfer of power by the ballot box.

The vote was followed by widespread protests and Internet shutdowns. Opposition leader Hama Amadou, who was barred from running and backed Ousmane in the run-off, was arrested and charged with trying to overthrow the government.

Niger, the world’s fifth-biggest uranium exporter, ranks as the world’s least-developed country among 189 in the United Nations’ Human Development Index.

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World Bank To Spend N27bn On Road Infrastructure In Aba

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World Bank To Rebuild Aba Roads With N27B

The World Bank has released N27 billion for rebuilding road infrastructure in Aba, the economic hub of Abia State

Abia State Governor, Okezie Ikpeazu disclosed this new development on Sunday while speaking at the 2021 Convention & 20 Million Naira Visual Studio Fund Launch of The Presbyterian Church Of Nigeria, Aba Presbytery held at the St. Andrew’s Presbyterian Church, First Aba Parish, No 1 Azikiwe Road Aba.

The governor said identified the road where the received fund will be deployed to. They include; Port Harcourt Road, Ngwa Road, Ohanku and roads around Ndiegoro.

He said Work has already commenced on the affected road projects, and Aba will soon change for the better as his administration is committed to the total rebuilding of infrastructure in the town.

Ikpeazu revealed that “there is a plan to construct a 5 .5 kilometer tunnel to take stormwater from Ndiegoro to the Aba River to permanently tackle the problem of flooding” which has been a major challenge confronting those areas.

The Governor promised that the state would witness rapid infrastructural development in the days ahead while soliciting more support and understanding of Abians.

He thanked all churches in the State for their sustained prayers and support for administration and urged them not to relent.

Governor Ikpeazu congratulated his Deputy Chief of Staff, Chief Ukpai Agwu Ukpai, on his meritorious award as the Father of the Year of the church, describing him as his close personal friend.

Earlier in his address, the Moderator, Aba Presbytery of the Presbyterian Church of Nigeria, The Rt. Rev. Bassey Umoh appreciated the efforts of Governor Okezie Ikpeazu in providing vital infrastructure and amenities for the sustainable development of the state.

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