Why Nigerians’ data plans are vanishing quickly

8 total views, no views today

Ayomide Oyetola a mother of two starred at the SMS alert on her phone for the third time and could not believe the message she was reading. The 2 Gigabyte (GB) data plan she bought three days ago from her bank’s mobile application for N2000 ($5.53) was now remaining 200 megabyte (MB). She had upgraded her plan after repeatedly seeing her 1.5GB vanish in two days.

“I don’t know what is eating my data?” Oyetola who earns a monthly salary of N80, 000 as an executive secretary complained to her colleague at work the next day.

For two days, 7 to 8 July, 2019, thousands of Nigerians took to twitter to express their anger at the rate their data were vanishing. A hashtag #ReviewYourDataRates that started with a tweet from Henry Shield, head of Mission, Leadership and Accountability Initiative calling Twitter influencers to a “national agitation” gained momentum and became a trending topic.

As it turns out, many more Nigerians are in Oyetola’s shoes.

“I spend no less than N5000 f or data with @MTNNG for less than 2 weeks at times.” said Ijeoma Odimegwu from her handle @ijeoma_odimegwu, “@Gloworld network is absolutely terrible in my area. @AirtelNigeria rates are as high as MTN.”

Another user identified as Omotore tweeting the handle @mamakun said “I am almost spending N2500 per week for data on @AirtelNigeria. I am not a heavy browser. @MTNNG is even worse; IGB in less than 24 hours and my phone was not in use.”

Hundreds of others had similar complaints. Usually, when a subscriber buys a monthly subscription it is in hopes that it would last for the duration of the month. But this is never the case for various reasons that have more to do with the … Read More...

MTN Nigeria gets Aa+ Agusto rating

22 total views, no views today

Agusto & Co, Nigeria’s first credit rating agency, has assigned an Aa+ rating to MTN Nigeria Communications Plc.

According to Agusto, the rating assigned to MTN Nigeria Communications Plc was based on the fact that the teleco is the largest mobile operator in Nigeria, with over 60 million subscribers and 20.3 million active data users, controlling about 42 percent of the Nigerian telecommunications industry’s subscribers.

“The firm’s strong financial condition is characterized by very good profitability, strong cash flow, low leverage, experienced and stable management team,” the report said.

The credit rating represents the creditworthiness of corporate or government bonds. The ratings are used by investment professionals to assess the likelihood the debt will be repaid.

An Aa+ rating for MTN means the telecom has a very strong capacity to meet its financial commitments.

MTN Nigeria is a member of the MTN Group, Africa’s leading telcos with strong presence in 21 countries and over 237 million subscribers. In May 2019, MTN became a public limited liability company following its listing by introduction of 20,354,513,050 ordinary shares of N0.02 each on the Nigerian Stock Exchange (NSE) to comply with regulatory requirements.

Agusto & Co. is also a leading provider of economic and business information, licensed in 2001 by the Securities & Exchange Commission (SEC) as Nigeria’s First Rating Agency. It publishes reports on key industries in Nigeria and other countries in sub-Saharan Africa.

Source link Read More...

Court adjourns hearing on FG’s $2bn tax dispute against MTN to Oct 29

23 total views, no views today

Court adjourns hearing on FG’s $2bn tax dispute against MTN to Oct 29.

ISAAC ANYAOGU

 A Lagos division of the Federal High Court presided over by Justice Chukwujekwe Aneka has postponed hearing on the suit that MTN Nigeria filed challenging the legality of the assessment by the Attorney General of the Federation (AGF) of its import duties, withholding of tax and value-added tax in the sums of N242 billion and $1.3 billion to October 29 and 31 due to the inability of the government lawyer to produce its sole witness.

BusinesDay earlier reported that with the absence of a minister of justice following President Mohammadu Buhari’s inability to speedily assemble a cabinet, the task of going ahead with the case lies with the solicitor general.

However, there are speculations that even the Solicitor General may be unavailable which has led to an inability to file court papers on Tuesday. Now even the sole witness could not be produced hence the lead counsel to MTN, Wole Olanipekun, told the court that the government was unduly delaying the matter.

MTN had instituted the suit by a writ, dated Sept.10, 2018, challenging the legality of the AGF’s assessment of its import duties, withholding tax and value added tax in the sums of N242 billion and 1.3 billion dollars.

The suit which was earlier fixed for trial could not proceed on Wednesday, following the absence of a witness for the AGF.

When the case was called, Olanipekun (SAN) announced appearance for the plaintiff, while Mr T.A Mokolu and T. Adesanya, appeared for the AGF.

Adesanya said the government was unable to make it to court due to some challenges and the lead counsel, Tijani Gazali was also held up in Abuja. Based on this, he appealed to the court … Read More...

FG fails to file response in $2bn tax dispute against MTN as case resumes tomorrow

24 total views, no views today

The Nigerian government is yet to file its response to the suit, MTN Nigeria filed challenging the legality of the Attorney General of the Federation (AGF) assessment of its import duties, withholding of tax and value-added tax in the sums of N242 billion and 1.3 billion dollars at the close of business today, a situation that could well torpedo its suit against the company, BusinessDay has gathered.

With the absence of a minister of justice following President Mohammadu Buhari’s inability to speedily assemble a cabinet, the task of going ahead with the case lies with the solicitor general but there are speculations that even the Solicitor General may be unavailable which has led to an inability to file court papers on Tuesday.

In the suit, MTN contends that the revenue assets investigation allegedly carried out by the Federal Government for the period of 2007 – 2017 violates Section 36 of the Constitution that stipulates fair hearing for the accused. It also claims that the government’s decision conveyed through the office of the AGF, by a letter dated Aug. 20, contravenes the provisions of the section.

However, for the beleaguered telecommunications giant, the suit has wide implications for its business. The South African based telecommunication multinational listed its shares on the Nigeria Stock Exchange trade floor by introduction in May but had been unable to complete an initial Public Offer (IPO).

Investors are holding their breath to see the direction of this suit as it would materially affect the company’s valuation. MTN put 20.33 billion ordinary shares up for purchase on the secondary floor of the NSE at a value of N90 per share which puts the value of its shares at $5 billion. If the Nigerian government succeeds in obtaining a $2billion court judgement against … Read More...

Update 1: MTN completes N330billion fine payment for SIM infraction

103 total views, 1 views today

MTN Nigeria has paid the sixth and final instalment of N55 billion to the Nigerian Communications Commission (NCC). This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and the telecommunications company in 2016. According to Tobechukwu Okigbo, MTN’s Chief Corporate Relations Officer, the successful resolution of the fine was the…

This content is for Standard Bi-Annual, Premium Bi-Annual, Standard Yearly, Premium Yearly, 2 Weeks FREE plan, Standard Bi-Annual USD, Standard Yearly USD, Premium Bi-Annual USD, Premium Yearly USD, BusinessDay/Ready Set Work Premium Yearly (FREE), 2 Weeks FREE plan (Flutterwave), 2 Weeks FREE plan (Paylater), 2 Weeks FREE plan (Union Bank), 2 Weeks FREE plan (NAIJASTARTUP), Premium Yearly (Union Bank), 2 Weeks FREE plan (She Leads Africa), 2 Weeks FREE plan (PiggyVest), 5 Days FREE plan (Flutterwave) Test and Premium members only. Visit the site and log in/register to read.

Source link Read More...