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Shareholders warn CBN, NCC, amongst others against 9mobile sale

9mobile sale.

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9mobile court case. Investors sue 9mobile, Owners of 9mobile, Teleology, 9mobile, KPI, NCC, CBN

In view of a pending case before a Federal High Court in Abuja, shareholders of embattled 9mobile, have warned those involved in an ongoing negotiation to sell the telecommunication firm not to proceed in the transaction.

Those involved in the 9mobile trade negotiation include – the Central Bank of Nigeria, Nigerian Communications Commission, Etisalat International Nigeria Limited, Karlington Telecommunications Limited, Premium Telecommunications Holdings NV and the First Bank of Nigeria Plc.

The shareholders who cautioned those involved in the trade negotiation are Afdin Ventures Limited and Dirbia Nigeria Limited. And they warned of the legal implications should the parties involved not take cognizance of a subsisting order of the court.

It would be recalled that in April 17, 2018, Justice Binta Nyako of the Federal High Court, Abuja, halted the planned sale of 9mobile following the opposition to the transaction raised by some aggrieved shareholders of the company.

The high court ordered all the parties involved in the transaction to maintain status quo, pending hearing and determination of the suit marked FHC/ABJ/CR/288/2018.

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The plaintiffs- Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors in Etisalat, told the court that they were left out in the firm’s decision making process, even as they demanded for a refund of their invested funds estimated at $43,330,950.

The problem with 9mobile formally Etisalat started last year 2017, after the telco default on a $1.2 billion loan it obtained from a consortium of 13 Nigerian banks led by GTBank. This caused the parent company (Etisalat of the United Arab Emirates) to pull out and relinquish its 45% stake in the company.

Following this development, the CBN restrained the Nigerian banks from taking over the telco. The CBN instead, constituted an interim board to oversee the operations of the company.

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9mobile currently commands an estimated market share of 11.72% in the GSM sector.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business

FG to facilitate removal of tax on minimum wage, as NLC suspends strike

The FG has stated that it will work to facilitate the removal of tax on minimum wage.

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The Nigerian Government says it is working to facilitate the removal of tax on minimum wage and also agreed to work with labour unions in the housing and gas schemes as the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC)  suspended the planned nationwide strike after a consultative meeting with the FG.

This was announced in a statement by the Nigerian government on Monday morning, following meetings held between FG and Labour unions on the 15th, 24th and 27th of September.

Nairametrics reported earlier the NLC and the Trade Union Congress (TUC) have suspended the planned nationwide strike and protest that was to commence on Monday, September 28, 2020, over the recent hike in electricity tariff and petrol pump price.

In the agreement between the Federal Government and organized labour, the hike in electricity tariff is to be suspended for a period of 2 weeks, while the new pump price of petrol is to remain unchanged.

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FG and Labour agreed to set up a technical committee on Electricity Tariff reforms. The terms of reference for the technical committee include;

  • To examine the justification for the new policy on cost-reflective electricity tariff adjustments.
  • To look at the different Electricity Distribution Companies (DISCOs) and their different electricity vis-à-vis NERC order and mandate.
  • Examine and advice government on the issues that have hindered the deployment of the 6 million meters.
  • To look into the NERC act under review with a view to expanding its representation to include organized labour.

In the recent statement, the FG said, “We will ensure delivery of 1 million CNG/LPG Autogas Conversion Kits, Storage Skids and Dispensing Units under the Nigeria Gas Expansion Programme, by December 2021. A Governance Structure for this project will be established, and will include Labour Representatives. FG will work to facilitate removal of tax on minimum wage… Ongoing FG Housing Initiatives will have 10 percent allocated to Nigerian workers.”

The FG also announced that it will provide Labour with 133 LPG-driven Mass Transit Buses immediately, which would be used in cities across the nation and would be extended to all LGAs before December 2021.

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Corporate Press Releases

Baba Bajaj: Runs faster, lasts longer, covers 5500 kms on tough Nigerian roads

The rally took up the challenge of proving how credible the product and also engaged the stories of the riders.

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For the first time ever, Nigeria experienced its own keke rally that kicked off on 7th August from the Stallion Auto Keke – Ijesha Showroom for Bajaj Kekes. The Stallion Bajaj Keke Rally has now completed a tough terrain of 5594 kms through 27 cities and 18 states in the West, East and North Central in less than 41 days. It consisted of a team of 5 experienced riders and the Stallion Bajaj officials and security agents. Collectively the convoy covered more than 26000 Kms without any product issues.

Managing Director for the business, Mr. Manish Rohtagi stated that “The Keke Rally really boasts on how the New Baba Bajaj is tough, strong, reliable, and well equipped for the Nigerian roads. Having covered almost more than 5000 kms the Kekes did not face any performance or maintenance challenges. It kept its brand promise of “Runs Faster, Lasts Longer” through every rider who was a part of this rally.”

 

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The rally was flagged off from Lagos and covered states like Ogun, Oyo, Kwara, Kogi, Benue, Enugu, Ebonyi, Cross River, Akwa Ibom, Abia, Rivers, Anambra, Delta, Edo, Ondo, Ekiti, Osun, to prove the durability of  Bajaj Keke. It even spread the message of urging people of Nigeria to be responsible in maintaining hygiene to curb the spread of Corona Virus. The Stallion Bajaj Keke Rally visited celebrated cultural and historic sites in each state highlighting and sharing the Nigerian culture of host communities. The journey to these sites brought forth the stories around it to encourage connecting the youth to their rich heritage.

The vision from this rally was not only to take up the challenge of proving how credible the product is but also engaging in the stories of these riders that will go on to make the brand what it is. The alliance of Stallion and Bajaj will continue to improve lives by going an extra mile providing rider-training facilities, scholarship programmes, mechanic empowerment programmes, ease in financing, ease of spare part availability and differentiated customer service through its existing footprints within the auto industry.

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Bajaj Auto Ltd. is a world leader in the intra city vehicle space. Loved in 70 countries the brand stands for integrity, dedication, resourcefulness, and determination to succeed and empower. It is a well-known brand for its durability, speed and manuverability and is the pioneer brand of tricycles in Nigeria loved by millions. It’s a keke for the people engineered for a smooth journey and better livelihood.

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Business

After 22 years, NBS is set to commence National Business Sample Census

The National Business Sample Census is expected to commence on October 12 2020, and end on December 12 2020.

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Dr Yemi Kale, National Bureau of Statistics, NBS, Federation Account Allocation Committee, FAAC

The National Bureau of Statistics, with the support of the World Bank, has commenced the process of implementing the 2020 National Business Sample Census (NBSC) in Nigeria. This is exactly two decades and two years after the last business census of establishments in the country.

This disclosure was stated in a circular signed by Ichedi, Sunday Joel, Head, Public Affairs & International Relations Unit, which was released by the Statistician-General of the Federation this morning.

The Survey which is coming after a similar one conducted twenty-two years ago (1997/98) is necessary, especially now that the current government is re-structuring the economy for faster growth through support to Small, Medium and large-scale enterprises, in order to increase their productivity.

The National Business Sample Census is expected to last two months from October 12 to December 12.

The main objectives of NBSC includes:

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• To compile, frame, and develop instruments and concepts, establish standards and methodology for industrial and business surveys in Nigeria.
• To serve as a benchmark for updates of subsequent commercial and industrial sector statistics.
• To develop a national directory of commercial and industrial business establishments, with all their associated social and economic characteristics
• To provide the country with comprehensive and detailed information about the structure of the Nigerian economy.

The Census will cover all the thirty-six (36) states of the Federation and FCT, with establishments in all economic sectors involved in the exercise.

For the avoidance of doubt, the establishments to be covered should have a fixed structure and location, a separate shop with a different entrance, and enclosed from dwelling place (in the case of residential areas), shops should have locks and keys for a market setting. While kiosks and shops under the umbrella are not to be listed during the census.

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All commercial and industrial businesses in each LGA will be identified and listed by the state. Name, location address, postal address, phone number, email address, year of commencement, number of activities engaged in, main type of activity, and others are questions that will be asked.

NBS enumerators with customized T-Shirts and Face Caps will visit your establishment, at any date within the stipulated period, to collect necessary information for the census. Please oblige them with the information, as your cooperation is germane towards the successful execution of the census exercise.

However, the Bureau wishes to assure you that any information given will be kept in absolute confidentiality, and will not be divulged to a third party.

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