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.
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.”
Hospitality & Travel
Passengers can now arrive 90 minutes before departure for domestic flights – FG
The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.
This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.
The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.
In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’
My colleagues & I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travelers are to arrive one hour and a half before their departure time for domestic flights. Travelers are advised to check in online, please 🙏🏽🇳🇬🇳🇬🇳🇬🙏🏽
— Hadi Sirika (@hadisirika) July 13, 2020
It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.
Economy & Politics
Seyi Makinde Proposes N3 billion investment plan for water supply
The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG.
The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.
Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.
All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.
The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.
Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.
Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.
Economy & Politics
FG asks UK court for more time to appeal $9.6 billion arbitration judgement
Malami stated that the Evidence of P&ID’s highly orchestrated scam had only recently come to light.
The Federal Government has approached a UK court to appeal for more time to appeal the $9.6 billion arbitration award against it over the breach of contract with Process & Industrial Development (P&ID) Ltd.
Nigeria has said that it needs more time to pursue its argument that the 2010 gas supply contract with Process & Industrial Development Ltd was a sham.
The legal dispute with P&ID is coming against the backdrop of the huge drop in the country’s revenue due to the collapse in oil prices globally. Nigeria had applied to US courts in March seeking for documents from 10 banks which includes Citigroup Inc. and JPMorgan Chase & Co, in a bid to prove its corruption allegations.
P&ID, however, has denied any wrongdoing in the whole transaction, arguing that Nigeria missed its opportunity to appeal.
The Nigerian Lawyer, Mark Howard, on Monday, the first morning of a 2-day hearing, said ‘’It is very unusual in a fraud case to discover a single smoking gun. By its very nature, fraud is conducted in secret, which makes it hard to detect and justifies an extension.’’
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The legal representatives for Nigeria are seeking another hearing for the judge to decide whether any misconduct has taken place and whether it justifies overturning the contract
The Attorney General and Minister for Justice, Abubakar Malami in a statement said, ‘’Evidence of P&ID’s highly orchestrated scam had only recently come to light.’’
It can be recalled that last year, a UK judge upheld an earlier arbitration award to P&ID, which had accumulated to about $9.6 billion. The arbitration decision was over a failed contract to build a gas processing plant in the Southern city of Calabar.
The Nigerian lawyers disclosed that they have uncovered alleged bribes to government officials and their family members dating back to 2009.
Malami in his court filing on March 24, submitted that ‘’There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria.’’
Passengers can now arrive 90 minutes before departure for domestic flights – FG
Nigerian stock investors lose N55.17 billion, as Zenith, GTBank and MTN finish lower
Seyi Makinde Proposes N3 billion investment plan for water supply
Coronation Research releases report on the Nigerian Investment terrain
FG asks UK court for more time to appeal $9.6 billion arbitration judgement
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