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Gains of MTN listing on the Capital Market – NCC

NCC says that MTN listing on the NSE has enabled Nigerians to partly own, manage and control the company.

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NCC, MTN’s parent company faults regulator’s recommendation for data price reduction, MTN Nigeria reacts to poor internet as network issues go beyond Nigeria 

The regulatory action taken by the Nigerian Communications Commission (NCC) to facilitate the listing of MTN Nigeria on the country’s stock exchange market is paying off.

As it has continued to bring economic gains to Nigeria and Nigerians in terms of boosting market capitalization and yielding dividends to shareholders.

READ: MTN appoints Ralph Mupita as new Group CEO

The MTN investors have raked in approximately N1 trillion in price appreciation and dividends since April 2020. The listing of MTN was as a result of NCC’s effective regulatory action taken during the mobile network operator’s fine settlement agreement in 2016, which compelled the telco to, among other things, list on the Nigerian Stock Exchange (NSE).

NCC as the country’s independent telecoms regulatory authority concertedly worked with the Central Bank of Nigeria (CBN) to facilitate the landmark listing of the country’s largest telecommunications operator on the bourse.

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READ: Delay in passing PIB creating uncertainties in Petroleum Industry – WEIN 

According to the NCC boss, Prof. Danbatta, the listing was one of the outcomes of the NCC’s stringent regulatory posture, which served as tonic for other telcos, such as Airtel to follow the same direction.

According to Prof. Danbatta, “This is in line with its mandate to promote investment, create a level-playing field for all licensees, ensure compliance to existing telecoms laws and facilitate the delivery of top-notch quality of service (QoS) to consumers. That important regulatory action enabled Nigerians, consistent with the Nigerian Communications Act (NCA) 2003, to partly, own, manage and control MTN. This bold and courageous regulatory action is now transforming lives and boosting the economy.” 

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READ: Africa’s largest telecoms firm, MTN, to divest from its Middle East operations

The EVC stated, “With MTN shares available in the capital market, it is expected that Nigerians will buy shares and by purchasing the shares of MTN, they will be financially empowered and be socially transformed. Also, one of the benefits of listing on the NSE is that telcos have enormous opportunity for raising more capital for network expansion, which will, in turn, bring about improvement in the quality of service delivery and quality of experience for telecom consumers,”

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He further stated that through this proactive regulation and timely intervention by the NCC, which led to the listing of MTN on the NSE, a new vista of opportunity has been created in the history of telecommunications industry in Nigeria and also that the listing has helped to translate into action, an important objective of the Commission, which is to promote local investment and ownership in the telecom sector.

READ: Nigerian stocks on steroids, investors gain N300 billion

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The NCC boss assured all the stakeholders that the Commission remains committed, through its regulatory policies and actions, to creating the right environment to attract both Foreign Direct Investment (FDIs) and local investment into the telecom industry, for increased economic prosperity for Nigerians.

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BREAKING: Channels TV, LTV allegedly attacked, shut down

Channels Television and Lagos State Television (LTV) have been reportedly shut down.

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Channels Television and Lagos State Television (LTV) have been reportedly shut down by unknown persons.

According to a staff of Channels TV, who prefered to remain unnamed, the Management moved them to a safe location within the premises, when hoodlums kept banging the gate in a frantic attempt to gain access to the premises.

As of the time of this report, the attempt has been unsuccessful.

In the case of LTV, operations were shut down after hoodlums attacked the station on Wednesday.

Members of staff of LTV said they have been asked to vacate the premises of the station, located at Alausa Lagos.

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At present, the station has gone off the air.

An Editor in the station, who pleaded to be kept anonymous, disclosed that the station was attacked by hoodlums around 9 am today.

Details later …

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ENDSARS

#EndSARS: Access Bank debunks aiding military onslaught against Lekki protesters

Access Bank has dismissed rumours on social media suggesting it aided military onslaught against protesters.

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Access Bank , #EndSARS: Access Bank Debunks aiding military onslaught against Lekki protesters

Access Bank Nigeria Plc has vehemently debunked rumour making the rounds that it aided the military onslaught against peaceful #EndSARS protesters at Lekki, by allowing military snippers access its head office tower for operations. 

Backstory: Recall that Nairametrics had earlier reported on how soldiers allegedly fired gunshots to disperse #EndSARS protesters in Lekki yesterday.

In view of this development, there have been public outcries and ensuing allegations, one of which is that Access Bank Nigeria Plc aided the military onslaught.

What they are saying

In response to the allegations, the bank first reacted to the development by expressing condolence. A verified tweet by the bank read thus: “We are deeply saddened to hear about the unfortunate loss of innocent lives yesterday at the Lekki Toll. We pray that the souls of the innocent rest in peace”.

(READ MORE: Soldiers fire gunshots to disperse #EndSARS protesters.)

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In addition, the bank stated: “We wish to address the statement by Arise TV alleging that Military Snipers were allowed access to our Head Office Tower for operations at the Lekki Toll Gate area. This is absolutely untrue. The video shared on Arise TV featured an employee of the bank conducting routine maintenance at the Tower location. It is unfortunate that this was reported as a sniper without any proof. As a corporate citizen with the purpose of impacting lives positively, we will never endanger the lives of Nigerians.” 

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ENDSARS

Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

The UK High Commission in Nigeria has announced the shutdown of its VISA application centers in Nigeria.

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Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

The United Kingdom High Commission in Nigeria on Wednesday, October 21, 2020, announced the shutdown of its VISA application centers in Nigeria for the next 48 hours, with effect from today (Wednesday), due to the ongoing #EndSARS protests in the country.

This comes barely a day after the US shut down its Lagos consulate, following the outbreak of violence from the #EndSARS protests in major parts of the country including Lagos State and the FCT.

The disclosure was contained in a statement issued by the UK High Commission in Nigeria on Wednesday, October 21, 2020.

The High Commission in a brief statement, also asked applicants with appointments for Wednesday and Thursday, to reschedule their appointments from Monday, October 26th.

Due to the ongoing protest in Nigeria and for the safety of both staff and applicants, our Nigeria centres will be closed for 48 hours at a minimum. For applicants with booked appointments within this period, please you will need to reschedule your appointment for next week, from 26th October 2020.

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“We will continue to post regular updates on this page, so please keep checking back for the latest information on reopening. We sincerely apologize for the inconvenience and thank you for your understanding.”

(READ MORE:#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI)

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