Connect with us
nairametrics

Business News

Biggest IPO by an African company in America is underway

IHS: It is the largest mobile telecommunications infrastructure provider in Africa, Europe, and the Middle East by tower count.

Published

on

IHS sets for the biggest African IPO in U.S

Wireless towers operator, IHS Holding Ltd., is considering a potential initial public offering in America. Wendel SE, a shareholder in the company, disclosed this today, whilst noting that the deal could become the biggest listing ever by an African company in the United States.

IHS Holding Ltd had earlier paused the listing, explaining that the timing, the number of equities to be offered, and the price range of the shares has not yet been concluded.

IHS Holding Ltd major shareholders;

Besides Wendel SE, a French private equity firm which is the majority shareholder in IHS, other owners include  America’s Investment powerhouse Goldman Sachs Group Inc. and Africa’s largest carrier MTN Group Ltd.

Recall Nairametrics broke the news some months ago that the tower operator was in preference of a U.S. listing to London because some of the largest tower companies such as American Tower Corp. and Crown Holdings Inc. are all based in U.S. and trade at higher valuation multiples.

GTBank 728 x 90

With a $7 billion valuation, it is going to be the biggest listing by an African company in the U.S, according to data compiled by Bloomberg.

IHS Holding Ltd started reviving work on a stock sale late last year after dropping the plan in 2018 due to political uncertainty surrounding the presidential election in Nigeria, its major market.

The IPO is one of at least two big tower offerings that are in the works. Vodafone Group Plc had disclosed in July that it will list its mobile masts business in Frankfurt next year.

Coronation ads

About IHS: It is the largest mobile telecommunications infrastructure provider in Africa, Europe, and the Middle East by tower count and the third-largest independent multinational tower company globally. Founded by Sam Darwish in Lagos, in 2001, the company specializes in building towers and managing sites for mobile network operators. It has operations in Nigeria, Cameroon, Ivory Coast, Zambia, and Rwanda.

Following the recent acquisitions of tower portfolios of MTN and Etisalat in Nigeria, IHS owns and manages over 23,000 towers in Africa.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ENDSARS

#EndSARS: States affected by violence should get 1% VAT – Senate

Published

on

The Nigerian Senate has urged the Federal Government to give states that were affected by lootings and destruction by hoodlums after the anti-police brutality protests,  1% of all Value Added Tax (VAT).

This motion was moved by Senators Abiodun Olujimi and Gershom Bassey on Tuesday and disclosed in a report by Channels TV.

What you should know 

After the lootings and destruction by hoodlums who hijacked the #EndSARS protests, Nairametrics reported that the Speaker of the House of Representatives, Femi Gbajabiamila, said Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized in the process.

The Senators moving the motion declared that destruction caused in Lagos by hoodlums was valued at a range of over N1 trillion by the State Governor, Babajide Sanwo-Olu.

GTBank 728 x 90

(READ MORE: #EndSARS: Insurance firms can seek refund after indemnifying victims – MD, NICON Insurance)

Senator Gershom Bassey also revealed that hoodlums attacked federal properties in Calabar like the WAEC office and looted food warehouses in the state.

“Cross River State being a predominantly Civil Service State may not overcome the effects of the invasion since the destroyed state infrastructure were built from lean state resources over the years,” Bassey disclosed.

Coronation ads

Senator Sani Musa said the lootings which started in Lagos spread to other states, leading to the destruction of properties and urged for the FG’s assistance.

“#EndSARS came as a peaceful protest, but turned violent. It started in Lagos and later spread to other states which led to the destruction of homes, businesses, and government offices. It is very unfortunate. The government needs to rebuild what was destroyed and pay compensation as well. It is their responsibility,” Musa said.

Continue Reading

Economy & Politics

Budget proposal review of MDAs is a legislative right – Femi Gbajabiamila

Gbajabiamila has stated that the budget review on MDAs conducted by the House of Assembly is a right of the National Assembly.

Published

on

House of Reps determined to resolve ASUU issues and empower youths - Gbajabiamila , #EndSars: House of Reps to draft new Police legislation in 30 days, Speaker Gbajabiamila asks NLC to suspend strike, offers palliatives, #EndSARS: House of Representatives will do everything to deliver a policing system that works - Gbajabiamila

The Speaker of the House of Representatives, Femi Gbajabiamila, stated that the budget review on MDAs conducted by the House of Assembly is a right of the National Assembly. He added that the House of Assembly has the constitutional right to ask questions on MDA budgets.

The speaker disclosed this on Tuesday during the plenary session of the House in Abuja. The House spent most of last week grilling Ministers and Heads of MDAs over their budgets for the 2021 fiscal year.
The speaker said during the budget defence week, some MDAs Chief viewed the process as an “undue incursion”.
I have observed during the recent budget defence process that there are still some MDAs that consider the exercise of the legislative authority to review their budget proposals as an undue incursion into the management of their offices,” he said.
When the committees of the House of Representatives and the Senate convene to review the heads of expenditure contained in the Appropriation Bill, we do so in the exercise of clear and concise constitutional authority.”
He also added that budget review is an obligation of the House and that budgets need to be done on time.
It is in the best interest of our country that all parties concerned subject themselves to this process in good faith knowing that this too, is an obligation of service to our country. We will pass the budget, we will do it early and we will do it right,” he added.
The speaker revealed that the House has started process to review the Electoral Act in preparation for the 2023 elections.
“Perfecting the process through which we choose the people that will serve in government is an essential requirement for the continued development of our democracy.”

Continue Reading

Economy & Politics

Reps Committee warns MDAs against failure to render accounts to Auditor-General

House of Reps Committee has warned MDAs against failure to render accounts to Auditor-General of the Federation.

Published

on

SEEPCO, local content laws, CBN Cashless Policy: Reps eye policy reversal, court Emiefele approval , Lawmakers tackle Finance Minister over failed CCTV project worth $460 million , Former Ghanaian President, Mahama begs Buhari to open border Former President of Ghana, John Mahama has appealed to President Muhammadu Buhari to open up its borders saying that Ghana has been heavily affected by Nigeria’s decision to close its borders. Mahama said that for economic activities to resume in West Africa, Nigeria needs to reconsider its decision on the total border closure. He made this plea while delivering the seventh anniversary lecture of investiture into The Realnews Hall of Fame and the unveiling of a book, titled: Pathways to Political and Economic Development of Africa. According to the former president as reported in The Nation, the closure of especially the Benin border, was taking a significant toll on many small and medium businesses, especially in Togo, Ghana and Cote D’Ivoire, which relied on inter-country trade. “I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering. With the signing of the joint border task force agreement between Nigeria and her neighbours, I will like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume,” Mahama said. While reacting to the shut down of shops owned by Nigerians by the Ghana Union of Traders’ Association (GUTA) as retaliation to the border closure, Mahama said; “Back home in Ghana, I also look forward to our government’s intervention that brings an immediate cessation to the forceful and illegal closure of shops of foreigners, especially Nigerians, by members of the local trade associations”. Mahama who is a former Chairman of the Economic Community of West Africa States (ECOWAS) spoke on how he still has an abiding interest in the progress of ECOWAS and its people. In this light, he said that Nigeria being the home of ECOWAS and the largest economy in West Africa should not allow the objective principles for establishment of ECOWAS to be lost. Meanwhile, the Vice Chancellor of Niger Delta University, Bayelsa State, Prof. Samuel Edoumiekumo, advised President Muhammadu Buhari not to yield to pressure to reopen the borders. Edoumiekumo who was also present at the lecture said President Buhari should remain firm in his resolve to ensure economic growth and the country’s development as the border closure will generate more revenue for the nation and tackle smuggling., Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry , FMBN ex-MD ordered to refund his salary, submit FMBN accounts over infractions

The House of Representatives Committee on Public Accounts has urged that the heads of MDAs must render their audited accounts for the fiscal year to the office of the Auditor General of the Federation (AGF) and warned against non-compliance.

This was disclosed by the House Chairman of the Committee, Honourable Wole Oke, on Tuesday in Abuja. He warned MDA chiefs over their noncompliance in appearing before the House Committee during the Budget Defense period.
He added that the House would not tolerate the act anymore, citing the River Basin Development Authorities whose officers failed to appear before the House over audit queries issued by the AGF.
Mr. Oke said the House would not let such acts go on, as the accumulated accounts that had been queried ran into sums valued at billions of Naira.
“Enough of this. As lawmakers, we cannot allow this to continue. If you are put in charge of a department or an organisation, you are expected to render account,” he said.
“What are we telling Nigerians? Queries are raised and those affected have been refusing to appear before the parliament for examination.
“Is the AGF telling lies against them? We will give them just the last chance to appear; failing to do so, the committee will drag them before their employer, President Muhammadu Buhari,” he added.
He said the inquiry was not a form of intimidation as other heads of MDAs had also appeared before the Committee.
“All heads of MDAs that have been appearing before this committee can attest to this. We are giving them and others another chance to retrace their steps and submit themselves for examination before us,” he said.

Continue Reading