Electron Native

South African telecommunication group MTN is finalising plans to list its Nigerian unit on the Nigerian Stock Exchange (NSE) in the first half of 2019. But this will not be followed by any public offer at this moment from potential investors. MTN Nigeria has said that it will simplify its capital structure prior to the listing. The Nigerian company said its subscriber base now reads 58 million users at the end of 2018, up by 6 million. The Background The company had faced a number of fines from it's Nigerian operation which remains the most profitable on the continent if not globally. And it had been accused of not investing in Nigeria nor allowing Nigerian ownership. Source : Thisdaylive Also, about three years after being  fines $5.2 billion by the Nigerian Communication Commission for not registering subscribers with biometric, it fell short of the la again.  Last year, the Central Bank of Nigeria (CBN) also hammered the telco to the tune of $8.134 billion conce...

Dangote Cement Industries Plc has continued to make Nigeria proud across Africa. On Wednesday, the firm announced  that it sold a total 23.54 metric tonnes (MT) of cement across Africa for the financial year ended Dec. 31, 2018. businesstimesafrica.net The company gave this information as part of its financial performance released on the Nigerian Stock Exchange (NSE) that the figure represented an increase of 7.4 per cent when compared with 21.92 MT sold in 2017 It stated that Nigerian operations accounted for 14.18 MT representing an increase of 11.4 per cent over the volume of 12.72 MT sold during the preceding year. The company said that it maintained dominance in the Nigerian market having accounted for 65 per cent of the total volume sold in the domestic cement sector in 2018. ”The company also exported 800,000 tonnes of cement to West African countries, strengthening Nigeria’s position as a cement exporting country, creating jobs in the economy, and earning f...

 The Nigeria Deposit Insurance Corporation (NDIC) has denied allegation of conducting a hasty liquidation process of the Fortis Micro-Finance Bank (MFB). This claim is part of a report in Daily Trust Newspaper on February 8 2019. The corporation countered the news print in a statement signed by Mohammed Ibrahim, its Head of Communications and Public Affairs Department. It added that the corporation has always been 'faithful and alive' to its responsibilities in protecting Nigerian Depositors at all times.The statement went further that, “the report relied on statements credited to one  Garba Kurfi, Managing Director of APT Securities and Fund to the effect that the CBN and NDIC should have managed the affairs of Fortis MFB rather than embark on its outright liquidation. “He added that managing affairs of the bank, its resale or the appointment of a new management would have been better for its depositors and other banks that had business relationship with Fortis a...