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Business News

NSE CEO, Oscar Onyema is optimistic about MTN Nigeria listing

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has expressed his expectation from the possible listing of MTN Nigeria on the stock exchange. He assured the listing will have a positive impact on the market.

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Oscar Onyema, CEO Nigerian Stock Exchange, MTN Nigeria, Listing

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has expressed his expectation from the possible listing of MTN Nigeria on the stock exchange. He assured the listing will have a positive impact on the market.

Onyema made this assertion at the sideline of the World Economic Forum in Davos, Switzerland. He told CNBC that the listing of MTN Nigeria will also give MTN subscribers a sense of belonging through an ownership stake in the telecommunications company.

MTN Nigeria had announced their intention to list on the Nigerian Stock Exchange in 2017, but extended the date to May 2018. Two years after the former timeframe, the listing is still pending. The telecoms operator had blamed the inconducive conditions of 2017 on the delay.

Despite the delay of the initial listing timeframe, Onyema stated the stock exchange will continue to hold discussions with the telecoms company in relations to their listing plans, stating that MTN Nigeria has every intention to be among listed companies on the exchange. Though, he didn’t give a timeframe for the listing.

“MTN listing will have a significant positive impact on the market. It will give investors something new and exciting to participate in. It will give their subscribers an opportunity to take an ownership stake in the company, and, therefore, continue to do business with them. We (NSE) continue to engage with them (MTN) and to have conversations around the listing potentials. It is something that they believe they want to do, they’ve publicly stated that they want to do it”.

Adding that part of NSE’s responsibility is to help facilitate and make sure that companies that want to come to the market are actually able to do so in a very seamless fashion.

Mission in Davos

Meanwhile, World leaders in government and various sectors are gathered at Davos, Norway, for the World Economic Forum, and Onyema ensured the Nigerian Stock Exchange is dully represented to partake in a global discussion about a new geopolitical system that thrives.

He said the pursuit of new financial structures and business plugins made it necessary for business leaders like him to be present among quarters discussing how to move global economy further from its current position with the help of the fourth industrial revolution.

“We are here to participate in the global discussion, globalisation 4.0, on what needs to be done to create a new geopolitical system that works for everybody, including business.

“So those of us that are from the business aspect of things, are looking at new financing structures, new ways to participate in this whole new world of globalisation 4.0, which is obviously driven by the context of the 4th industrial revolution, something we at the exchange in Nigeria have decided to take a leadership position in.

“We believe we can actually catalyse significant activities with regards to big data analytics, cloud computing, block-chain technology, and every other technology that are very symptomatic of the fourth industrial revolution, driving the agenda to make ourselves a more attractive destination for raising capital and financing all kinds of structures that would make significant impact on the economy.”

Sigma Pensions

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

Sigma Pensions

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

Stanbic 728 x 90

The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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Coronavirus

Covid-19: Nigeria records over 1 million vaccinations

The NPHCDA has stated that it has vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The National Primary Health Care Development Agency has disclosed that Nigeria, as of April 14th, 2021, had vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.

The NPHCDA revealed this in a statement on Wednesday evening.

Kwara State leads in the vaccination percentage of target reached, at 110% with 30,708 vaccinations.

Meanwhile, Lagos State has conducted the most vaccinations so far at 192,061 representing 75.7% of its percentage target reached so far.

The Federal Capital has vaccinated 40.1% of its target so far at 44,098 and Kogi State has conducted the least number of vaccinations at 5,568.

In case you missed it

Nairametrics reported earlier that the Nigerian government aimed to get 70 million Johnson and Johnson single-shot COVID-19 vaccines after the African Union recently announced a deal with the drugmaker for 400 million vaccine doses.

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