Tag: MTN Nigeria

  • MTN slashes data prices

    Just two weeks after launching 4G+, which offers customers faster data speeds, MTN Nigeria has announced a price slash across all its data plans and offerings.

    Under the new price structure, customers can now enjoy more value for money with up to 30 per cent more data volume for 30-day plans.They will also enjoy up to 100 per cent incremental volume for weekly data plans and 25 per cent incremental volume for daily plans.

    Read Also: MTN Nigeria Launches 4G+ in cities

    In addition, new customers will enjoy introductory offers, with access to prices as low as N50 for 50MB and N500 for 2GB. They will also receive a 100 per cent bonus on data purchases for four months.

    Commenting on the affordable prices, the Chief Marketing Officer, Rahul De said: “With the faster internet speeds delivered by the launch of 4G+, this data price slash could not have come at a better time for our customers, as we’ve seen that faster data speeds means more data usage.”

     

  • MTN Nigeria, NDLEA, others partner on ASAP

    Following over six months of impactful on-ground activations in cities across the country, Nigeria’s leading ICT company, MTN Nigeria, partnered with the National Drug Law Enforcement Agency (NDLEA) to host the national conference for the Anti-Substance Abuse Programme (ASAP). The conference which held on Wednesday, June 26, 2019, at the Congress Hall of the Transcorp Hilton, Abuja, commemorated the International Day against Drug Abuse and Illicit Trafficking (World Drugs Day).

    The programme is a major highlight of the multi-sectoral initiative, ASAP, designed to stem the first-time abuse of substances among young Nigerians aged 10-25. Partners under the initiative include the National Drug Law Enforcement Agency (NDLEA); the Police; Federation of Muslim Women’s Associations in Nigeria (FOMWAN); Christians Against Drug Abuse Mission (CADAM); Freedom Foundation, etc.

    Mrs. Oludolapo Osinbanjo, the Wife of the Vice President, in her goodwill message stated that, “I call upon us all to join this army, for we are told this multi-headed monster requires a multi-stakeholder intervention and I call upon each one in this hall of all ages, all professions, different gender. I call upon each of us to join the resistance movement, for we must all have a resistant movement.”

    The panel of discussant at the conference included top advocates in the campaign against substance abuse in Nigeria such as the First Lady, Kebbi State, Dr. Zainab Bagudu; Board Member, Freedom Foundation, Dr. Osasuyi Dirisu; Country Representative, UNODC, Mr. Oliver Stolpe and Founder, Pinnacle Medical Services, Dr. Maymunah Kadiri.

    While speaking at the conference, the Executive Secretary of MTN Foundation, Nonny Ugboma, shared the story behind the growing pains of such a hard-hitting initiative.

  • Breaking: N330b fine: MTN makes final payment of N55b to NCC

    Leading Information Communications Technology (ICT) frim, MTN Nigeria Communications Plc (“MTN”), has paid the sixth and final installment 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 company in 2016, a statement signed by its Senior Manager, External Relations, Funso Aina, explained.

    MTN’s Chief Corporate Relations Officer, Tobechukwu Okigbo, said the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.

    “We are very pleased to have completed the payment of the N330 billon negotiated settlement with the NCC. We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed time frames.

    Read Also: MTN Nigeria loses N183b in first price dip

    “I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”

    It will be recalled that MTN and the NCC reached a negotiated settlement in relation to the fine imposed on MTN in 2015 as a result of a dispute over the disconnection of unregistered subscriber identity module (SIM) cards amongst its subscriber base.

  • MTN Nigeria Communications hits N1.12tr gain

    MTN Nigeria Communications Plc continued its rally to the fifth consecutive trading session, gaining N267.6 billion yesterday to increase its total gain since listing to N1.12 trillion. MTN Nigeria again recorded the maximum daily allowable price gain for the fifth consecutive trading session, rising by N13.15 to close at N144.85 per share.

    The closing market price yesterday pushed MTN Nigeria’s market value to N2.948 trillion, N1.12 billion capital gain on the telco’s entry listing value of N1.83 trillion. MTN Nigeria had last Thursday listed, by way of introduction, 20.35 billion ordinary shares at N90 per share to emerge the second most capitalised company at the Nigerian stock market.

    MTN Nigeria also maintained its status as the most active stock for the second consecutive trading session, as shares of the telco became increasingly available. MTN Nigeria led the activities chart with a turnover of 93.72 million shares valued at N13.58 billion in 464 deals. Total turnover at the equities market stood at 294.4 million shares valued at N17.5 billion. Zenith Bank was the second most active stock with 29.47 million shares worth N566.55 million while United Bank for Africa (UBA) placed third with 22.37 million shares valued at N129.56 million.

    With 27 decliners to 12 gainers, the positive overall market position was driven by gains recorded by the duo of Dangote Cement and MTN Nigeria. Dangote Cement, Nigeria’s most capitalised stock, rose by N18 to close at N203.

    REad also: MTN Listing: Equities rally N2.68tr in 4 days

    The All Share Index (ASI)- the main index that tracks share prices at the Nigerian Stock Exchange (NSE), increased by 3.07 per cent to close at 31,145.15 points as against its opening index of 30,218.14 points. Aggregate market value of all quoted equities rose from its opening value of N13.310 trillion to close at N13.718 trillion.

    With this, the market moved closer to turning positive with average year-to-date return of -0.9 per cent.

    With more than two losers for every gainer, all sectoral indices closed negative with the exception of the NSE Industrial Goods Index, which appreciated by 1.1 per cent. The NSE Consumer Goods Index declined by 3.6 per cent. The NSE Banking Index dropped by 2.7 per cent. The NSE Insurance Index dipped by 0.5 per cent while the NSE Oil & Gas Index slipped by 0.3 per cent.

    Other top gainers included GlaxoSmithKline Consumer Nigeria, which rose by 45 kobo to close at N8.95; Vitafoam Nigeria rose by 38 kobo to close at N4.25 while Cadbury Nigeria and UAC of Nigeria added 15 kobo each to close at N10.50 and N6.60 respectively.

    On the downside, Nestle Nigeria led the losers with a loss of N110 to close at N1,320. Ecobank Transnational Incorporated declined by 85 kobo to close at N9.15. Guaranty Trust Bank dropped by 80 kobo to close at N30.50. Zenith Bank lost 50 kobo to close at N19 while Nigerian Breweries dropped by 45 kobo to close at N61.70 per share.

    “Despite the weak investor sentiment, we expect the rally in MTN Nigeria and renewed interest in Dangote Cement to continue to buoy market performance in the near term,” Afrinvest Securities stated.

  • MTN Nigeria, Dangote Cement lift equities by N221b

    Nigeria’s two largest quoted companies-Dangote Cement Plc and MTN Nigeria Communications Plc led the equities market to a net capital gain of N221 billion yesterday, sustaining the bullish streak that started with the listing of MTN Nigeria last Thursday.

    For the third consecutive trading session, MTN Nigeria continued atop the gainers’ list at the Nigerian Stock Exchange (NSE), rising by the maximum daily allowable change of 10 per cent. MTN Nigeria recorded the highest gain of N10.85 to close yesterday at N119.75 per share. MTN Nigeria, which was listed by way of introduction at N90 per share last Thursday, has been rising by the maximum allowable price change of 10 per cent since Thursday.

    The momentum of trading on the telco stock also widened considerably as it emerged the most active stock. MTN Nigeria led the activities’ chart with a turnover of 51.40 million shares valued at N6.16 billion in 61 deals. The current market value increased MTN Nigeria’s market value to N2.437 trillion, N607 billion net capital gains on the telco’s entry value of N1.83 trillion on Thursday.  MTN Nigeria had on Thursday listed by way of introduction 20.35 billion ordinary shares at N90 per share to emerge the second most capitalised company at the Nigerian stock market.

    Dangote Cement, NSE’s most capitalised stock recorded the second highest gain of N2 to close at N178 per share. The gains by both MTN Nigeria and Dangote Cement overshadowed the tepid underlying pricing trend at the Exchange. With 20 losers against 17 gainers, most sectoral indices still closed negative despite the positive overall performance.

    Aggregate market value of all quoted equities rose from its opening value of N12.717 trillion to close at N12.938 trillion. The All Share Index (ASI)- the benchmark index that tracks share prices at the Exchange, also increased by 1.74 per cent to close at 29,373.40 points compared with its opening index of 28,871.93 points. With these, average year-to-date return, though still negative, improved to -6.54 per cent.

    Read also: ‘Why MTN took N200b loan’

    Most sectoral indices closed negative, underscoring the influence of the large-cap stocks on the overall market position. The NSE Oil & Gas Index dipped by 1.11 per cent. The NSE Banking Index declined by 1.08 per cent while the NSE Industrial Goods Index dropped by 0.04 per cent. On the upside, the NSE Consumer Goods Index appreciated by 0.04 per cent while the NSE Insurance Index rose by 1.8 per cent.

    Other top gainers include Guinness Nigeria, which rose by N1.45 to close at N50.50. Dangote Flour Mills added 20 kobo to close at N16.35 while NEM Insurance chalked up 16 kobo to close at N2.36 per share.

    On the downside, Forte Oil led the losers’ list with a drop of N2.80 to close at N25.55. Access Bank dropped by 35 kobo to close at N6.10 while Lafarge Africa declined by 30 kobo to close at N10.20.

    Total turnover stood at 214.42 million shares valued at N7.93 billion in 4,644 deals. FBN Holdings was the second most active stock with 17.46 million shares worth N122.25 million while United Bank for Africa (UBA) placed third with 17.20 million shares valued at N103.19 million.

    Analysts at Afrinvest Securities said they expected the bullish run by MTN Nigeria to continue to impact positively on the overall market position.

    “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term,” Cordros Capital stated, underscoring the fragile pricing situation.

  • MTN Nigeria sells at N125 per share in off-market deals

    Investors appeared to be willing to pay more than the 10 per cent daily premium on the share price of MTN Nigeria Communications Plc. While the share price of the telecommunications company rose again by 10 per cent at the weekend to N108.90 at the open market at Nigerian Stock Exchange (NSE), investors went into off-market negotiations to buy the stock at N125 per share.

    A transaction note at the weekend indicated that nine deals were struck for 16.26 million ordinary shares of 2.0 kobo each of MTN Nigeria at N125 per share at the negotiated dealing window of the NSE.

    The negotiated deals were struck at 14.78 per cent premium to the closing price of N108.90. Under the rules at the open market at the NSE, the maximum daily allowable price change is set at 10 per cent.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deals were previously negotiated and only sealed through the transfer portal of the Exchange.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    MTN Nigeria Communications rose by the maximum daily allowable price gain of 10 per cent on Friday, chalking up a whooping N201.47 billion capital gains in second day of trading at the stock market. MTN Nigeria on Thursday listed by way of introduction 20.35 billion ordinary shares at N90 per share.

    MTN Nigeria’s share price, which rose by 10 per cent or N9 on Thursday, also rose  by the same maximum percentage on Friday, adding N9.90 to close now at N108.9 per share.

    With the ongoing rally, MTN Nigeria has gained N384.62 billion in two days, pushing its market value from initial listing value of N1.83 trillion to N2.22 trillion. The off-market deal valued MTN Nigeria at N2.54 trillion, some N400 billion below Dangote Cement, the most capitalised quoted company. Many analysts believed that MTN Nigeria will overtake Dangote Cement as the most capitalised company at the Nigerian stock market this week.

    Speaking at the listing of the company, Chairman, MTN Nigeria Communications Plc, Pascal Dozie said the listing was a milestone in the evolution of the telecommunications company, noting that the listing will help to create a new telecoms and technology asset class for investors and provide opportunity for a wider group of Nigerians to participate in the MTN Nigeria success.

    “Today is a major milestone in the evolution of MTN in Nigeria and it is fitting that it takes place 18 years to the day since I made the first call on the MTN network on May 16, 2001. Since our initial investment in 2001, we have worked in partnership with Nigerians to deliver the largest network in Nigeria, with over 60 million people now able to access mobile communications services,” Dozie said.

    He pointed out that MTN Nigeria employs more than 1,600 people while its operations create employment for more than 500,000 Nigerians.

    According to him, the telco has empowered millions of people and businesses in rural and urban areas, driving innovation, expansion of market access and local economic inclusion.

    “I am delighted that we can expand this impact further today, by enabling investors to trade our shares on the NSE,” Dozie, who beat the ceremonial gong to close the market, said.

    Chief Executive Officer, MTN Nigeria Communications Plc, Ferdi Moolman assured that the company has established a sustainable platform for growth, from which it would be able to meet the growing and dynamic needs of all stakeholders.

    He said MTN Nigeria had been built through a sustained focus on customer-centric delivery, striving to ensure that every subscriber gets as much value for their money as possible.

    “We are grateful to customers for their loyalty, and to our people, our partners and our regulators for the opportunity to continue to contribute to Nigeria’s growth story. We are only beginning to tap into the opportunities that connectivity enables and are fully focused on investing to connect every Nigerian, and to make social innovations like mobile electricity and high impact mobile solutions in education, healthcare and agriculture available in communities everywhere,” Moolman said.

  • MTN Nigeria grows subscriber base by 2.1m in Q1

    MTN Nigeria Communications Plc (MTN Nigeria) yesterday said it grew its subscribers figure by 2.1 million to 60.3 million in the first quarter (Q1) this year.

    The largest carrier in the country said it adopted the International Financial Reporting Standard (IFRS) 16 accounting standards in line with global best practice in preparing the unaudited results for the quarter ended March 31, 2019.

    Its Chief Executive Officer, Ferdi Moolman, said the performance of the telco was in line with expectations as its service revenue remained resilient with double-digit growth on the back of improvements in voice and data revenues.

    Highlights contained in the statement showed that service revenue increased by 13.4 per cent; voice revenue increased by 12.7 per cent; data revenue increased by 32.4 per cent; digital revenue decreased by 68.0 per cent; while ` Fintech revenue increased by 22.9 per cent.

    Others are earnings before interest, tax, depreciation and amortisation (EBITDA) margin which increased by 11.5per cent to 53.3 per cent (IAS 17: 44.2 per cent).

    Moolman said: “Our first quarter performance was in line with expectations, as service revenue remained resilient with double-digit growth on the back of improvements in voice and data revenues.

    “We connected a further 2.1 million people to our network, providing them access to worldwide communication services, while an additional 1.7 million people are able to access the possibilities that the internet provides.

    “This growth is built on our focus on customer-centric delivery and in particular on improved customer retention, our continuous focus on value for money propositions and further network roll-out and enhancement.

    “Q1 2019 saw a significant increase in our capital expenditure programme, with a focus on LTE services, where we rolled out 1,188 sites across our key focus cities.

    “In addition, the successful transfer of our 800MHz spectrum from Visafone to MTN Nigeria will further enable improvements in network coverage and service quality.

    “We have made significant progress to be listed on the Nigerian Stock Exchange following the conversion of MTN Nigeria to a public company and the successful registration of our ordinary shares with the Securities and Exchange Commission.”

    He said the telco is now engaging with the Nigeria Stock Exchange (NSE) to complete the listing process.

    Moolman said the business was on a sustainable growth path with service revenue increasing by 13.4 per cent Year over Year (YoY) in line with the company’s medium-term guidance of double-digit growth.

    Read more: MTN may list on NSE next week

    He said that this was led by a 32.4 per cent increase in data revenue and a 12.7 per cent increase in voice revenue, saying that a general slowdown in economic activities during the election period, impacted voice revenue growth.

    Moolman said the growth in data revenue was supported by a 10.6 percentage point increase in smart phone penetration, improved network quality and a 9.1 per cent increase in active data subscribers to 20.4 million, adding that the total subscribers increased by 3.6 per cent Quarter on Quarter to 60.3 million.

    He said that MTN recorded an EBITDA margin of 53.3 per cent.

    On an IAS 17 basis, the margin increased to 44.2 per cent, up 2.4 percentage points YoY, driven by the growth in revenue and effective cost management.

  • SEC confirms MTN application for listing on stock market

    MTN Nigeria has formally applied for listing by introduction on the Nigerian Stock Exchange (NSE).

    This was made known by the Head of Corporate Communications of the Securities and Exchange Commission (SEC), Mrs. Efe Ebelo, on Monday in Abuja.

    According to her:  “The Securities and Exchange Commission, SEC, can confirm that we are in receipt of an application from MTN requesting for registration of their existing securities.

    “They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange.

    Read Also: MTN unveils FibreNet in Abuja

    “Their application is presently receiving attention.”

    It would be recalled the telecoms giant recently changed its status from a private company to a public liability company ahead of its listing on the exchange.

    Also, as a way to resolve the N330 billion fine placed on MTN by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards, listing on the NSE was one of the conditions reached.

    The listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in MTN investment opportunity.

    The Chief Executive Officer of MTN Nigeria, Mr. Fredi Moolman, who made the announcement, said that the listing was part of its commitment to localisation in the markets in which it operates.

    “Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.

    “It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.

    “We look forward to continuing our engagement with the SEC and NSE to take forward the listing process,” he said.

  • MTN unveils FibreNet in Abuja

    MTN Nigeria has launched its FibreNet product and services in Abuja.

    The network was launched for residents of CITEC estate, Mbora district, Abuja as pilot.

    Its Senior Manager Enterprise Business in the North, Auwal Abdullahi, said the telco decided to pick CITEC because of its size.

    The decision to launch the network was borne out of the fact that CITEC is one of the biggest estate in Abuja with close to about 3,000 residents.

    He said: “Once we are successful, we can actually replicate this in virtually all the estates in Abuja.

    “The speed of internet either on 3G or 4G is always in the neighbour of seven  to 70mbps but with the fibre-to-home you are likely to enjoy up to 700mbps.”

  • The making of in-house counsel, by MTN legal manager

    It may sound like fiction. But it was real. A prayer warrior threatened to sue telecoms giant MTN Nigeria for compensation over her role in the companies’ successes.

    She asked MTN to share some of its profits with her or face legal action.

    According to the woman, she prayed and fasted for MTN’s growth since inception.

    Having witnessed the company’s achievements, and the fact that her prayers were answered in her lifetime, she is entitled to part of the profits made by the company, she said.

    The lady demanded N20 million from MTN, contending that she had been praying for it since it started operations in 2001.

    This real-life story is an instance of demand letters and lawsuits that MTN’s in-house counsel have to deal with, the telco’s General Manager, Commercial Legal, Mrs Ifeoma Utah, said.

    She spoke during a mentorship forum: “An evening with the MTN Legal Team”,  held in collaboration with the Nigerian Bar Association (NBA) Lagos Branch Continuing Legal Education (CLE) and Mentorship Committee.

    The event, which held at MTN Nigeria’s Lagos headquarters, had the theme: Renovating the house: The swelling influence of the general counsel.

    Utah said MTN, as much as possible, avoids lawsuits.

    “The bottom-line is that we don’t want to be in court,” she said.

    According to her, in-house legal teams have never been more important. MTN Nigeria, she said, has a 22-man legal team.

    The department, she said, is further divided into four: Operations and Business Partnering, Contracts and Business Transactions, Claims and Dispute Resolutions and Litigation.

    She said litigation is usually the last resort after other settlement options had failed.

    “In such cases, we try to match the right firm with the right case,” she said.

    Utah urged her lawyers to go the extra mile to broaden their knowledge.

    “There is more to being a lawyer than just drafting documents and going to court. You have to be a coach, a financial expert, a business analyst and a star negotiator, among others.

    “An in-house counsel is a bit of a generalist – you must know a bit of everything because the company that you serve will require you to give advice on a diverse range of issues.

    “You must be knowledgeable about the industry, about your company’s products and services, about the culture and the customs of geographic regions where your company operates,” she said.

    According to Utah, a good in-house counsel must build her capacity for risk management.

    “Our belief in MTN is that we do not wait for the shoe to drop before we move in. We make sure the shoe does not drop,” she said.

    On how the corporate counsel ensures the shoe does not drop, she said: “Plan, plan, plan for every contingency. Have a Plan A, B, C and D, just in case. Envisage every possibility. It is hard work, but the watchword of a smart lawyer is to plan.

    “Crisis management is indispensable to big business. Research shows that 59 per cent of businesses have experienced a crisis, but only 54 per cent of businesses have a plan in place to deal with them.

    “Responsible companies do not relegate their lawyers to the background. They bring them to the table. We are not an after-thought,” she added.

    On how MTN selects external counsel, Utah said: “There are big cases that don’t require a SAN to handle it while there might be a N1 million case that we retain a SAN. It’s all about the long- term implications.”

    Utah noted that not every dispute has to end in litigation. Like the woman, who demanded N20million compensation for her prayers, each “dispute” requires a different approach to resolve.

    She said after conferring with other departments within the company, they brought the woman and her lawyer in, had a chat and gave her some branded gifts. She withdrew the demand.

    Utah spent some time speaking on how the corporate counsel should have the right balance of intelligence quotient and emotional intelligence.

    “Emotional intelligence is critical to success as a lawyer. You need to understand the vicissitudes of the people you’re negotiating with. It will help with knowing how to press people’s ‘mumu’ button,” she said.

    She added that in her experience, emotional intelligence is the key differentiator between two highly qualified people.

    “When you have the technical competence, it will be your soft skills that will distinguish you. Always strive to know how to connect with people,” she advised.

    As the country’s biggest telco and a key lynchpin of Africa’s largest telecommunications group – serving almost 66 million customers – MTN Nigeria is a very large operation.

    Utah said the 22-man in-house counsel team reviewed over 1,000 contracts last year alone, with the average of 60-70 pages long.

    “You have to automate, innovate and have a keen eye of detail in order to deliver superior work,” she said.

    MTN’s Corporate Relations Executive, Mr Tobechukwu Okigbo, gave a motivational speech on the need not to give up in the face of life’s challenges. “Success covers a multitude of blunders,” he said.

    NBA Lagos Branch chairman Mr Chukwuka Ikwuazom, said the event was organised to help lawyers understand what companies expect from external counsel.