Investors’ interest in Nigerian refineries drag on FG’s stringent conditions

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Several global investors who have shown interest in investing in the rehabilitation and even building of refineries in Nigeria have been shut out on the back of the Federal Government’s firm stance on securitisation of the funding options for the would-be investors.

‎The Federal Government is seeking a guarantee and securitisation of funding options of would-be investors to ensure its prized assets are properly secured, a condition which some of the intending investors consider as stringent.

“‎Nigeria has stringent conditions, such as sovereign investment guarantee which ensures investors commit to terms of payments from the bank that is facilitating their investment to provide payment guarantee and assurance to the government, to ensure complexities that come with such investments are properly streamlined,” Rabiu Suleiman, an engineer and senior technical adviser to the minister of state for petroleum resources on refineries and downstream infrastructure, told BusinessDay.

Suleiman noted, however, that the Federal Government is discussing as well as exploring other funding options that could provide some measure of comfort to the investors‎ to invest in the refineries’ upgrade.

“The government is discussing other funding options with relevant government agencies concerned, such as the Federal Ministry of Finance, the Central Bank of Nigeria (CBN), the Debt Management Office, in a bid to explore options that could attract investors and lessen the burden of internal turnaround maintenance option being currently borne by the NNPC,” Suleiman said.

“The president feels ashamed that during his time as federal minister of petroleum, Kaduna and Warri refineries were

built. However, now he is the president, he is putting everybody to task to ensure that the refinery plants are brought back on stream for optimal performance,” he said.

‎Nigeria main refineries consisting of Warri, Port Harcourt and Kaduna are performing sub-optimally, which had seen the … Read More...

Why it is a miracle to live in Nigeria

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Whenever and wherever the word ‘miracle’ is mentioned, the mind readily races to the time and life of Jesus Christ, the Author and Finisher of the Christian faith. Miracle was and still is chiefly associated with Him because He did extraordinary and welcome things that were inexplicable by natural or scientific laws. He healed the sick, cured diseases and even raised the dead in ways that could not be explained.

It may sound strange to say, especially outside the Christian faith, that miracle still happens in today’s world several years after Christ. Many, including some Christians, still doubt this. But nothing could be truer than that. And Nigeria is one country where it is proven that miracle happens on daily basis.

Unarguably, there is an unseen hand controlling the affairs of all Nigerians because theirs is a country where unusual and mysterious things happen, threatening their lives and existence yet they survive and even live long. What keeps them going must have been caused by ‘a god’ because it does not follow the usual laws of nature. That is miracle and it is hugely manifested in the lives of the people.

Situations and events that take place in Nigeria are mind-blowing, some of them are practically unimaginable. This is the only country in the world where people live in want and woe, poverty and penury, yet they survive and carry on with life as though living in lack is a natural course.

The list is endless, but it is amazing that people live in a country with challenges in virtually everything including healthcare, education, housing, security, and even right to basic things of life such as food, movement, speech, association, etc.

Nigeria has no healthcare services where citizens with life-threatening health challenges could get treatment and … Read More...

Updated: EFCC to investigate MTN’s listing 

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MTN Nigeria says it received a letter from the Economic and Financial Crimes Commission (EFCC) on Thursday May 23, requesting information and documentation related to the listing of its shares on the Nigerian Stock Exchange (NSE).
In a statement signed by Uto Ukpanah, MTN’s company secretary, the telecommunications company says it has not been accused of any wrong doing by the EFCC.
“We wish to reiterate that we received all regulatory approvals required to list our shares on the NSE, as publicly declared by the Nigerian Stock Exchange and Securities Exchange Commission (SEC),” Ukpanah said.
BusinessDay learnt that on Friday May 24, operatives of the EFFC visited the MTN head office in Falomo Ikoyi Lagos, disrupting work activities.
Our source confirmed that the visit was pertaining to alleged issues on the genuineness of MTN’s recent listing which the EFCC would need to investigate.
“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s listing,” the source said.
However, MTN denies any fraudulent activity.
“As a law abiding and responsible corporate citizen, we are co-operating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,” MTN said in its statement.

 

Jumoke Akiyode-Lawanson

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EFCC shuts down MTN Nigeria head office for alleged fraud

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Operatives of the Economic and Financial Crimes Commission (EFCC), on Friday raided the MTN Nigeria head office in Falomo Ikoyi Lagos, shutting down all activities in the Complex, BusinessDay has learnt.

Although the reason for the raid could not be ascertained at the time of reporting, BusinessDay, sources say members of the anti-graft agency stormed the telco’s head office, stopping all activities for alleged fraudulent financial activities pertaining to the company’s recent listing on the Nigerian Stock Exchange (NSE).

“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s listing,” the source said.

BusinessDay contacted Funso Aina, MTN’s Public Relations Officer, who neither denied nor admitted that the company was raided, but said: “We will send out a statement to that effect very soon.

 

Jumoke Akiyode-Lawanson

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Stock investors gain over N800bn in one week

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Investors in Nigerian stock market gained approximately N885 billion in the trading week to May 24, 2019 following increased demand in the shares of newly listed MTN Nigeria Communications Plc (MTNN) and that of Dangote Cement Plc.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation appreciated by 6.96percent to close the review week at 30,881.29 points and N13.602trillion respectively from preceding week low of 28,871.93 points and N12.717 trillion.

Thirty (30) equities appreciated in price during the review week, higher than 16 in the preceding week. Forty (40) equities depreciated in price, lower than 42 equities in the preceding week, while 98 equities remained unchanged, lower than 109 equities recorded in the preceding week.

All other indices finished lower with the exception of the -, NSE 30, NSE Premium, NSE Insurance, NSE MERI Growth, NSE Lotus II and NSE Industrial Goods Indices that appreciated by – 0.81percent, 14.09percent, 1.18percent, 1.42percent, 3.45percent and 6.12percent respectively.

The market recorded turnover of 1.698 billion shares worth N57.895 billion in 24,328 deals in contrast to a total of 1.172 billion shares valued at N17.887 billion that exchanged hands in the preceding week in 18,380 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.121 billion shares valued at N8.708 billion traded in 13,380 deals; thus contributing 66.01percent and 15.04percent to the total equity turnover volume and value respectively; followed by the ICT Industry with 324.332 million shares worth N40.717 billion in 3,330 deals; and Consumer Goods Industry with a turnover of 75.831 million shares worth N2.948 billion in 2,957 deals.

Trading in the Top Three Equities namely, MTN Nigeria Communications Plc, Sovereign Trust Insurance Plc (measured by volume) accounted for 726.103 million shares worth N41.622 billion in 4,972 deals, contributing 42.75percent and … Read More...