Category: Business

MTN Group Ltd in South Africa is making moves to get the $5.2 billion fine imposed by the Nigerian Communications Commission (NCC) reduced by as much as 80 per cent and it is considering borrowing money from banks to help settle the penalty, should its request for fine reduction be accepted. MTN’s Group spokesman, Chris Maroleng, was quoted saying: “We don’t comment on banking matters, and banking regulators in Nigeria are best placed to provide context on these matters.” MTN has until November 16, 2015, to pay the penalty, which…

Days after the expiration of the deadline set for bank customers to register and obtain their Bank Verification Number (BVN), the Nigeria Interbank Settlement System Plc has disclosed that Deposit Money Banks in the country are yet to link 6.6 million BVNs to bank accounts. It could be recalled that on Tuesday, at least five million bank accounts had been blocked by the banks. The NIBSS, owned by the CBN and commercial banks in the country, is the technical organisation appointed by the central bank and the Bankers’ Committee to…

MTN Group CEO Sifiso Dabengwa  has arrived in Nigeria to negotiate with the Federal Government over the N1.04trn fine imposed on the telecom firm by the Nigerian Communications Commission (NCC) for violating its directive on the deactivation of unregistered SIMs. Dabengwa, who served as CEO of MTN Nigeria between 2004 and 2006, is expected to meet with the NCC Executive Vice Chairman, Umaru Garba Danbatta, National Security Adviser, Major-General Babagana Monguno (rtd.), and Chief of Staff to the President, Alhaji Abba Kyari, to negotiate a soft landing for the company. MTN…

The South African Stock Exchange has suspended trading in the shares of telecom giants, MTN. A senior official at the South African exchange’s department, said the suspension took effect from this morning. “Yes, trading in MTN shares has been suspended and the information was broadcast across the trading platform” The giant telecoms company is currently facing a N1.04 trillion fine in Nigeria over failure to obey NCC’s directive on the deactivation of unregistered sim cards. Share on: WhatsApp

this indeed is not the best of times for the management of Stanbic IBTC as the Financial Reporting Council of Nigeria (FRC) has suspended the Chairman of the bank, Mr. Peterside Atedo and the Managing Director, Mrs. Sola David-Borha from the board of the bank for alleged fraudulent activities. Specifically, FRC said the two were involved in accounting irregularities, and improper disclosures in the bank’s 2013 and 2014 financial statements. Also suspended were KPMG’s Arthur Oginga, Dr. Daru Owei and Ayodele H. Othihiwa for their alleged roles in the breach.…

Foremost African financial institution; Guaranty Trust Bank (GTBank) Plc has once again reaffirmed its position as a leading global brand with the recent recognition of its Managing Director/CEO; Segun Agbaje as CEO of the Year during the 2015 Finance Monthly Global Awards. Now in its seventh year, The Finance Monthly Awards is one of the most sought after industry awards and compiled by a dedicated team of researchers who draw on the views of thousands of stakeholders including investors, analysts, executives, employees, and media professionals worldwide. The research results are…

Sani Dangote, the junior brother of one of the Nigeria’s richest Industrialist, Alhaji Aliko Dangote may have run into trouble waters as a commercial bank in Nigeria Union bank plc has appointed a Lagos Lawyer,Barrister Chukwudi Enebeli of Pinheiro and company as Receiver/Manager over his company Dansa foods limited The take over of Dansa foods limited was as a result of inability of Alhaji Sani Dangote to pay bank a loan of N4billion he obtained from the bank. Mr Chukwudi Enebeli was appointed under the deed of Denture to take…