Telecommunication giant, MTN Nigeria, has successfully completed the registration of 20.345 billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).
The company disclosed the completion of the registration, yesterday, after it was listed by introduction on the Nigerian Stock Exchange (NSE). Commenting on the development, the telecoms giant’s CEO, Ferdi Moolman, described the it as a milestone in the company’s listing process.
“I am excited we have achieved another milestone in our listing process, and we want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the NSE to complete the listing process.”– Moolman
Earlier developments: Back in April, MTN Nigeria announced its conversion from a private company to a public company. The conversion to a public company is a legal requirement and a preparatory process for its listing in the NSE.
While still in the preparatory stage, Moolman stated that the listing on NSE would enable new class of investors (particularly Nigerians) to explore investment opportunities in the company.
“MTN’s intended listing on NSE would create a new telecom asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
“It was a re-affirmation of the company’s long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.”
The company’s growth: Having added nearly six million new subscribers last, MTN‘s earnings for the FY 2018 financial year grew by 17.2 percent. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was a total of N453.1bn, which indicates 43.6 percent margins expansion in EBITDA margins without CBN’s resolution amount.
In terms of data subscribers, MTN Nigeria has been maintaining a distant top position among other telecoms operators. In 2018, MTN Nigeria added 4.5 million active data customers during the year, delivering data revenue growth of 39.3 percent and expanding to 18.7 million. So far in 2019, the company has maintained by controlling 41% of the total market share.
Growth prospect as MTN target increasing market dominance: Nigeria is one of MTN Group’s largest markets in the world. Therefore, the listing on the NSE is part of the company’s strategy to spur growth and further improve its market dominance. The CEO stated further:
“Nigeria is one of the largest markets within MTN’s portfolio and central to the company’s growth strategy. The upcoming listing is a key milestone for the MTN group and is part of its commitment to localisation in the markets in which it operates.”
COVID-19: Evidence suggests that new variants could pose challenge for vaccines
The research findings show that the new COVID variants may likely not respond well to the vaccines.
Recent research findings suggest that the new coronavirus variants would likely pose a big challenge for the vaccines, as revealed by studies by several medical researchers.
The new variant was first discovered in South Africa in October but has now been spread to more than a dozen countries all over the world.
According to the most recent findings, as reported by CNN, researchers took antibodies from six people who were hospitalized with Covid-19 before the new variant was discovered. They found to varying degrees, that the antibodies for all six of the survivors were unable to fully fight off the virus.
According to Alex Sigal, a virologist at the Africa Health Research Institute and the Max Planck Institute for Infection Biology, “I think the evidence is building that these mutations — and I think other mutations — will emerge across the globe — and are emerging already — that are escaping antibodies from previous infection. It’s concerning.”
According to Jesse Bloom, a virologist at the Fred Hutchinson Cancer Research Center, “When you see two groups independently arriving at same basic answer, that good — there’s more consonance that they are correct”
What you should know
- Sigal’s findings were very similar to those of a recent study by the National Institute for Communicable Diseases in South Africa.
- A research study has revealed that mutations in the new variant allowed them to evade some of the immunity induced by vaccination, but it was far from a complete escape.
- One thing that is critically safe for everyone is to get vaccinated, while the researchers are working to confirm whether these variants are dangerous or not to contain with the vaccines.
- According to Alex Sigal, “I would for sure get it if I could. My father-in-law had the opportunity to fly to Israel and get it, and I was shooing him out of the house because you can’t get it here in South Africa.”
- In a research study done at Rockefeller University, from a sample of 20 people who had received either the Moderna or the Pfizer vaccine, it was found that different mutations in the viruses did allow some escape from some types of antibodies, but the volunteers’ immune systems threw an army of different types of antibodies at the viruses.
- According to the research conducted in South Africa, blood was drawn from 44 people who had Covid-19 but the antibodies of about half of the 44 people were powerless against the new variant, while the other half, their antibody responses were weakened, but not totally knocked out.
Facebook Oversight Board to review decision to suspend Trump’s account
The decision to suspend Donald Trump’s Facebook and Instagram accounts will be examined by an oversight board.
Facebook’s Oversight Board has received a proposal to revisit the decision to indefinitely suspend former US President, Donald Trump’s access to Facebook and Instagram.
On January 7, Facebook suspended Trump’s account indefinitely, a decision reached when he incited a violent mob that stormed the U.S. Capitol, leaving the country shaken.
Nick Clegg, Facebook VP of Global Affairs and Communications said that the circumstances around Trump’s suspension was an unprecedented set of events that called for unprecedented action and also explained why the Oversight Board would review the case.
“Our decision to suspend then-President Trump’s access was taken in extraordinary circumstances: A U.S. president actively fomenting a violent insurrection designed to thwart the peaceful transition of power; five people killed; legislators fleeing the seat of democracy,” Clegg said. “This has never happened before — and we hope it will never happen again.”
The oversight board was established last year to make the final call on some of the most difficult content decisions Facebook makes. It is an independent body and its decisions are binding — they can’t be overruled by CEO Mark Zuckerberg or anyone else at Facebook. The board itself is made up of experts and civic leaders from around the world with a wide range of backgrounds and perspectives.
According to the Oversight Board, a five-member panel will evaluate the case soon with a decision planned within 90 days. Members will decide whether the content involved in this case violated Facebook’s Community Standards and values. They will also consider whether Facebook’s removal of the content respected international human rights standards, including freedom of expression.
Trump’s case is a big moment for how impactful the board’s decisions will really wind up being. If the board overturns Facebook’s decision, that decision would likely kick up a new firestorm of interest around Trump’s Facebook account, even as the former president recedes from the public eye.
What you should know
- Following the violent attack of the US Capitol building by Trump supporters, Facebook announced the suspension of Trump’s account indefinitely, on allegations of inciting his supporters.
- YouTube also suspended Trump’s channel and removed new content uploaded by Trump’s campaign, citing potential threats of violence.
- Twitter announced it has permanently suspended Trump, citing the risk of further incitement of violence.
- Jack Dorsey, the CEO and founder of Twitter, in his statement, said that the decision to ban Trump from the social network was the right decision, but one that sets a dangerous precedent.
Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants
President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.
President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.
The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.
“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.
“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.
The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.
What you should know
- Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
- He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.