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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MTN Nigeria gains 2.87% to cross N3 trillion market cap

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MTN Nigeria Communications Plc, the largest telecommunication company in Nigeria by subscriber base, sustained its bullish trend Thursday on the Nigerian Stock Exchange (NSE) to join the country’s most capitalised firm, Dangote Cement Plc, as the only two companies trading above N3 trillion market capitalisation. MTN Nigeria rose 2.87 percent to close at N149, the…

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MTNN stocks push NSE market cap to new high of N13.3trn

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Nigerian stock market gained N372billion on Tuesday as investors rushed to buy the shares of MTN Nigeria Communications Plc (MTNN).

The shares of MTN Nigeria Communications Plc (MTNN) reached a new high of N131.7 per share on Tuesday May 21, 2019, having rallied by N11.95 or 9.98percent (permissible limit) as at 10:15 am.

The Nigerian bourse continued to thrive on the back of the MTNN listing, recording its highest session of gains since December 24, 2018 and highest turnover since March 2018.  MTNN accounted for 85percent of turnover for Tuesday.

The All Share Index (ASI) rose by 288 points or 2.88percent and closed at 30,254.89points for the first time since April 23, 2019; against preceding day low of 29,373.40 points. Negative year-to-date (ytd) return has moderated to -3.86percent.

In 4,453 deals, dealers exchanged 335,599,980 units valued at N17.185billion. Dangote Cement Plc stock was also up, from N178 to N185, adding N7 or 3.93percent; while Forte Oil Plc advanced from N25.55 to N27.8, adding N2.25 or 8.81percent. On the losers table, Unilever Nigeria Plc led others after its shares dipped from N32 to N31, losing N1 or 3.13percent.

The value of listed stocks also increased from N12.937trillion to N13.309trillion, representing an increase of about N372billion in one day.

The rally speaks to the significance on this new listing and to the strength of the stock and company.

Taking a cue from the daily permissible limit of 10 percent which MTN Nigeria stock attains on daily basis since its listing, if demand continues to outweigh supply, it is surely off to reaching a high of N200 per share in the next 8 trading days to May 31. MTNN shares have gained N848billion in 4 days.

Analysts’ foresee investors taking profit on MTNN which has rallied 46percent in … Read More...

Like Microsoft, Like MTN?

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MTN Nigeria (MTNN) last week (Thursday) crossed another major milestone on its journey to provide telecoms services to millions of Nigerians since its entry in 2001, with a listing on the Nigerian Stock Exchange (NSE).

Valued at N2.16 trillion ($6 billion) , at the close of trading on Friday, MTNN is now the second largest company listed on the NSE, overtaking the likes of Nestle, Nigerian Breweries and Guaranty Trust Bank (GTB).

Demand for the shares has been robust and the stock has gained some 20 percent in just two trading days.

It is not hard to see why investors are bullish on the stock.

MTN Nigeria reported solid first quarter (Q1), 2019 numbers, with service revenue increasing by 13.4 percent year on year (YoY), led by a 32.4 percent increase in data revenue and a 12.7 percent increase in voice revenue.

Growth in data revenue was supported by an increase in smartphone penetration, improved network quality and a 9.1 percent increase quarter on quarter (QoQ) in active data subscribers to 20.4 million people.

Total subscribers increased by 3.6 percent to 60.3 million, between December 2018 and March 2019, while EBITDA margins hit 53.3 percent.

Later, on the night (of the listing), there was a dinner party where shareholders, investment bankers, the MTNN Chairman Pascal Dozie, the CEO Ferdi Moolman, members of the board, the Chief Operating Officer, MTN Execs, GM’s, dignitaries and many others in attendance, gathered to celebrate a truly historic occasion.

However it is easy to forget that just a few months ago this listing was nearly made impossible by accusations from the Central Bank of Nigeria’s office that MTN Group Ltd., illegally withdrew $8.1 billion from the country and an order was issued to repay the sum.

The Attorney General of … Read More...

All share Index gains 0.08% as MTN Nigeria holds investors’ attention

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The Nigerian stock market advanced by 0.08percent in the trading week to May 17, 2019 as investors continued to show interest in stocks of newly listed MTN Nigeria Communications Plc.

The Nigerian Stock Exchange (NSE) on Thursday May 16, 2019 listed by introduction 20.35billion ordinary shares of MTN Nigeria Communications Plc at N90 per share. It was listed on the Premium Board.

This Board features Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.​

On its second trading day being Friday May 17, 2019, the shares of the telecom giant gained N9.9 or 10 percent (the maximum permissible increase) to occupy the topmost position on the gainers table. The stock closed higher at N108.90kobo. Only on Friday, the stock market gained 1.53percent.

MTN Nigeria listing by introduction brought forth N1.83trillion ($6billion) worth of equities to the Nigerian Bourse.  The value of listed stocks on the NSE increased from N10.842 trillion at the beginning of the review week to N12.716trillion. Likewise, the All Share Index (ASI) moved up from 28,847.81 points to 28,871.93 points.

The stock market’s negative year-to-date (ytd) return moderated to -8.14percent.

“MTN Nigeria Communications Plc remains the sole market catalyst, driving market to its highest gain in the 12th of February, 2019. We expect market to close positive at week open as the index continues to rally on the back of the new listing”, according to equity research analysts at Vetiva Capital.

Barely 24 hours after its shares were listed on the Nigerian Stock Exchange (NSE), telcom giant MTN Nigeria Communications Plc has signed N200billion medium term loan facility with seven Nigerian Banks.

The banks are Access Bank Plc, GTBank Plc, Zenith Bank Plc, Fidelity … Read More...