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SEC Awaits MTN’s Application to List on NSE

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  • SEC Awaits MTN’s Application to List on NSE

The Securities and Exchange Commission (SEC) last Friday said it was still awaiting the formal application of telecommunication giant, MTN to list its shares on the Nigerian Stock Exchange (NSE).

The telco recently said its shares would be listed before the end of first half of the year.

However, the Acting Director General of SEC, Ms. Mary Uduk, said even though the regulator has had some discussions on the planned listing of the telco, MTN was yet to present a formal application.

“I know that MTN has decided to come to the market through listing by introduction and I know they working hard towards it and have visited the commission. But there has not been any formal application from the company,” Uduk said.

The Chief Executive Officer, MTN Nigeria, Mr. Ferdi Moolman, recently disclosed that save for the disagreement the company had with the Central Bank of Nigeria (CBN) last year, it would have gone ahead with its listing plan.

According to him, they had done a lot of work on the listing and their target was to list in 2018.

He had said: “We are a private company at the moment and we need to change to a public company before we can list. We need to send our directors for training to comply with the Securities and Exchange Commission and the Nigerian Stock Exchange requirements to be able to list and a lot of work went on at the backend on the listing.

“Then, the CBN issue happened. The truth be told, if we had listed while the CBN issue was on, we would have been negligent. That is because we would have gone to offer our shares to the public when we had an issue at hand with the CBN that was substantial. If I remind you, they (CBN) were talking about $8 billion.

“So, I can’t go and list and offer my shares to the public if I have this thing hanging over my neck. We thank God we were able to resolve this on 24th of December. “So, we are working towards the listing and we plan to do the listing before the end of first half 2019 or probably before the end of quarter three.

The MTN boss disclosed that 20 per cent of MTN Nigeria shares are currently owned by Nigerians already, noting that it just that those shares are not traded publicly.

“ We trade over the counter, which is a process that Stanbic IBTC manages for us, where about 10 per cent of our shares are traded. So, it is our target to do the listing,” Moolman had said.

He said the company had made significant investment amounting to N2.5 trillion since it came into the country. According to him, the company invested N184 billion on network expansion in 2018 alone.

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.

Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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Finance

African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers

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The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.

The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.

Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.

During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.

“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.

Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.

Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.

For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.

“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.

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Finance

Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses

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The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.

The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.

Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.

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