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Tag: MTN

  • Active mobile lines dip to 160.5m

    The Nigerian Communications Commission (NCC) on Tuesday said active mobile telephone lines in the country dipped marginally to 160.5 million in August from 161.42 million in July. This was contained in its monthly subscribers’ operator data posted on its website.

    The regulator said lines decreased by 904,767 in August.

    NCC said Code Division Multiple Access (CDMA) for active mobile lines in August was 119,008 as against 125,444 recorded in July, a decrease of 6,436.

    The data said the number of fixed wired/wireless for active mobile lines in August was 140,806 compared with its July figure of 140,582 lines, recording an increase of 224. According to NCC, the number of Voice-Over Internet Protocol (VoIP) was 105,678 in August compared with 101,131 recorded in July, representing an increase of 4,547 while Teledensity reduced by 0.65 in August to 114.92 as against 115.57 in July. Teledensity is the number of telephone connections for every 100 individuals living within an area and it varies widely across the country.

    The data also showed that the number of connected lines in August stood at 240,432,680 million as against 238,219,577 million in July, showing an increase of 2,213,103 million.

    Connected lines for CDMA during the period was 247,983 as against 246,126 recorded in July, indicating an increase of 1,857.

    Read Also: NCC: 9mobile’s $100m debt news false

    According to the report, the number of fixed wired/wireless for connected lines in August was 351,103 compared with its July data that had 350,998, indicating an increase of 105 lines. It also showed that the number of VoIP for connected lines in August was 690,042 as against 667,763 in July rising by 22,279 lines.

    Meanwhile, the number of mobile internet users increased marginally to 104.6 million from the 103,671,778 in July showing an increase of 956,564.

    According to the NCC data, Airtel, MTN and Globacom gained more internet subscribers during the month under review, while 9mobile was the only loser.

    Further analysis of the data showed that Airtel gained the more with 421, 467 new internet users in August increasing its subscription to 27,508,240 as against 27,086,773 in July. It further showed that MTN was second, gaining 387,972 new users in the month under review, increasing its subscription to 39,459,642 in August as against 39,071,670 in July.

    Globacom was the third gainer with 272,692 new internet users, increasing its subscription in August to 27,418,767 from 27,146,075 recorded in July. Again, 9mobile was on the losing side as it lost 125, 567 internet users in August decreasing its subscription to 10, 241,693 as against 10,367,260 recorded in July.

     

  • Banks, MTN sanctions and matters arising

    There is something unseemly about the sanctions and the circumstances around the sanctions issued by the Central Bank of Nigeria on the unfortunate five: MTN Nigeria and four financial institutions. Indeed, there are too many loose ends to the issue and expectedly, it has thrown up many questions and lent itself to deductions and misrepresentations. And I think the CBN must start to tie up the loose ends fast if it must be seen to have acted in good faith and in the interest of the nation.

    On Wednesday, 28 August 2018, the CBN directed four banks, namely Citibank, Diamond Bank, Stanbic IBTC and Standard Chartered Bank, to repay the sum of N5.87 billion for allegedly issuing irregular CCIs on behalf of some offshore investors of MTN Nigeria Communications Limited. Standard Chartered Bank was fined N2.4 billion, Stanbic IBTC N1.8 billion, Citibank Nigeria N1.2 billion and Diamond Bank N250 million. MTN was also directed by the apex bank to refund $8.134 billion to its coffers.

    The apex bank said its investigation was triggered by “allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs)” between 2007 and 2015, in “flagrant violation of extant laws and regulations of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.”

    The CBN letter to MTN on its investigations and findings dated 28/8/2018 and routed through Standard Chartered Bank, with number GVD/GOV/CON/DGF/118/121 signed by the CBN Governor, Godwin Emefiele, had stated thus: i. The shareholders of your company invested the sum of $402,590,261.03 in the company from 2001 to 2006; ii. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Citi Bank and Diamond Bank; iii. The CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity; iv. However, a review of your organisation’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholders’ agreement but contrary to the CCIs issued by the banks in (iii above….”

    Essentially, the apex bank revealed it had investigated the five companies on three key “infractions”: Issuance of certificates of capital importation for three items (1) foreign currency sourced locally; (2) falsely declared capital importation; and (3) on interest-free loans converted to preference share without authorization. “The CBN examiners had been investigating three charges of infractions against the four banks and MTN, particularly the manner of funding the equity investment into MTN and the subsequent capital repatriation that resulted thereafter,” Emefiele had said in an interview to clarify the issue.

    According to Emefiele, the third infraction “is actually the crux of the matter in dispute,” which is the “unauthorized conversion of a loan of $399 million to preference shares by the MTN and the banks and thereafter the repatriation of the sum of $8.1 billion without CBN’s final approval.”

    The very first puzzle to any informed monitor of the unfolding case will be the time lapse between the infraction and the sanction. The infraction happened 11 years ago, 2007 as shown by item iv in the CBN letter. And the CBN cannot claim ignorance in this case because item v. of the same letter clearly stated that Standard Chartered Bank sought “CBN’s approval to convert the shareholders’ loan to preference shares,” and that “an approval-in-principle was granted,” pending the fulfillment of certain conditions.

    As a regulator, what steps did the CBN take to ascertain that the given conditions had been met? The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria that CBN succinctly quoted in its letter mandated that an authorized forex dealer who issued a CCI to an investor must “within 48 hours thereafter make returns to the Central Bank.”

    In its defence on the conversion, Stanbic IBTC Bank had denied involvement in any loan conversion but stated that the “CCIs issued by and received from Standard Chartered Bank Limited indicated inflows that had been received for preference shares and made no reference to any shareholder loans.” What this means is that there was a CCI already on the converted loans, which Standard Chartered Bank forwarded to Stanbic IBTC Bank. Based on the Act, CBN must have received a report on that CCI 48 hours after the issuance. So, why did it take this long for CBN to act on a falsification? And why did it take “allegations” about three years ago (CBN said it started investigating the issue 30 months ago), obviously by an external stakeholder, for CBN to act on what it already knew over 8 years prior?

    In 2017, CBN had told the Senate committee investigating the matter that it “had pardoned the offences and based on this, the Senate toed the same line with the CBN and cleared MTN and the banks of the issues.” Before the Senate hearing, Emefiele revealed, “CBN wrote a letter dated February 22, 2017 granting MTN the permission to continue paying dividends on the CCIs” in question.

    This is strange considering that at this time, based on CBN’s timelines, it was already clear that the CCIs were issued “illegally”, without proper approvals. Another pointer to CBN’s knowledge of the infraction is contained in its letter to MTN. The CBN had stated in item vii. “The action of your banker in aiding your organization in the illegal conversion of the shareholders’ loan was later described by SCB [Standard Chartered Bank] in a letter to the CBN dated December 10, 2009 as an ‘unintended omission’.” CBN knew of this infraction since 2009, at least.

    So, why were the five “pardoned” and why was MTN granted “permission to continue” in the illegality? A greenhorn banker will tell you that the most important virtue required of a banker and emphasised above all else during training or orientation is integrity. The CBN action here is hard to comprehend and fail to speak to the venerated virtue. And why pardon offences if the investigation was still ongoing and you had yet to have the full picture of infractions committed? Some will call such pardon flippant. It is hard to disagree.

    The alleged infractions are not minor. They are not traffic offences where the offending parties can simply be asked to go and sin no more. These are very weighty allegations involving huge capital, about N2.9 trillion (that’s about a quarter of the 2018 budget) that may have been siphoned illegally out of the economy. So, whose interest was CBN serving to have looked the other way while the nation was being fleeced only to turn round and pretending righteousness now? CBN must know that monitoring is an important tool of regulation. In this case, it is obvious the apex bank failed itself and Nigerians.

    I believe CBN has been unwieldy in its approach to and management of this issue, particularly its willingness and hastiness to go public at a time when the banking sector is still reeling from unusually high toxic assets and is suffering confidence issues. Unfortunately, this is not the first time the CBN has conducted its affairs in public thus eroding confidence in the financial services industry. The Sanusi Lamido Sanusi era was defined by such media sensationalism. Many have long argued that the CBN is sometimes used as a political tool by the government in power. In my opinion, this may be one of those times CBN is being used in such manner and I stand to be proven wrong.

    It is sad that our institutions are usually ready fodders in the hands of people who have scant regard for economic growth and development. As stakeholders, we must all insist that our institutions are better managed and national interest should supersede personal and sectional considerations. It may sound farfetched, but it is actions like this that tends to harm our desire for growth.

    .Mokelu, a former banker, and founder of an NGO on Corporate Governance, writes in from Ilorin, Kwara State.

  • MTN rebounds on CBN’s soft tone over $8.1b refund

    MTN shares rose the most in more than six months after Nigeria softened its stance over claims that Africa’s biggest wireless carrier illegally transferred $8.1 billion out of the country.

    The Central Bank of Nigeria (CBN ) made the accusation late last month, plunging the South African company into a crisis that’ wiped almost a third off its share price.

    MTN has since provided additional information that may lead to an “equitable resolution,” a spokesman for the authority, Isaac Okorafor, said in an emailed statement late Wednesday.

    Four banks — Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc — have also given further details on the transactions that will be reviewed by the central bank, Okorafor said.

    The quartet were fined about $16 million between them for enabling the allegedly improper transactions.

  • N5.87b fine: CBN reviews new evidence from banks, MTN

    The Central Bank of Nigeria (CBN) is reviewing new evidence from four banks and MTN Nigeria over the sanctions slammed on them by the regulator, it was learnt yesterday.

    The banks – Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank – were last month fined N5.87 billion by the apex bank for breach of capital importation policy.

    The CBN had accused the banks of remitting foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited. The banks and MTN Nigeria have denied any wrongdoing.

    According to the CBN, the lenders were asked to refund $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

    In a statement yesterday, CBN Director, Corporate Communications, Isaac Okorafor, said: “In response to the recent regulatory actions, the banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.

    “We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.”

    The regulator also defended its N5.87 billion fine on the banks over alleged capital importation breaches on $8.1 billion transactions involving MTN Nigeria. The apex bank has insisted that the sanctions will not deter foreign investors from coming to invest in Nigeria.

    Okorafor, said the apex bank acknowledges the public interest over sanctions recently imposed on four deposit money banks (DMBs). The apex bank said it welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria.

    “We wish to restate that the CBN will continue to welcome foreign investments and investors. Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the Nigerian Autonomous Foreign Exchange (NAFEX) window are designed to simplify foreign exchange regulations.

    “Furthermore, the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.

    The sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.

    “In response to the recent regulatory actions, the banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.

    “We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations”.

  • CBN, MTN, 4 Banks working to resolve impasse

    The Central Bank of Nigeria (CBN), the four banks recently sanctioned and alongside MTN are reviewing new information to reach a mutually agreeable resolution of the impasse.
    Director, Corporate Communications of the CBN Mr. Isaac Okorafor made this disclosure last night in Abuja. According to him, “four Banks and MTN Okorafor disclosed “are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.”
    The recent sanctions on the banks he said “arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.”
    Okorafor noted that “the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.”
    According to the CBN spokesman, “some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window, are designed to simplify foreign exchange regulations.”
    The CBN assured all investors that the integrity of the Certificates of Capital Importation (CCIs) regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.
    Okorafor also assured foreign investors that there will not be retroactive application of its foreign exchange rules and regulations
    He said the assurance had become necessary in order to let foreign investors know that “the CBN will continue to welcome foreign investments and investors.”
    This overture to foreign investors Okorafor noted is in reaction to tension generated over the sanction it imposed on four banks and Telecoms company MTN.
    The CBN he said “welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria.”

  • CBN may be shooting self in the foot over witch hunt of MTN

    The debate over the tax compliance of MTN and the alleged illegal transfer of equity through four banks have dominated the tabloids for the last few weeks. The findings were brought to public knowledge when the letters sent by CBN to the four banks in question were released to the public.

    These accusations have caused serious turmoil for MTN and its operations, so much so that Paul Theron – Veteran TV host and CEO of Vestact, a financial asset management company, has called out the Nigerian government in a statement saying “You could expect this kind of behavior from really third-string countries, but Nigeria is supposedly a country that takes itself seriously — it doesn’t seem to be consistent at all.”

    The letters revealed by the CBN detailed a number of transactions which may have violated foreign exchange laws, especially those regarding the repatriation of MTN assets via what has been called “illegal” CCIs (Certificates of capital importation).

    What this means in layman’s terms is that MTN transferred some of its assets from its country of origin to Nigeria, courtesy of a couple of banks and CBN is looking into the situation to validate if this process complied with its foreign exchange policies.

    These accusations have seriously hurt the market share of the telco giants, as recent reports show a plunge in the company’s share price with about $3 billion knocked off from its market capitalisation, after tumbling by 14 percent to a nine-year low of 2,030.76 NGN.

    It is safe to say the last 2 weeks have been less than pleasant for MTN Nigeria, and CEO Rob Shuter has decried the “peculiar and coincidental timing” of what appears to be a regulatory assault on its business in the country, but also reinforced MTN’s stance in proving its innocence of all allegations.

    The first part of this bizarre saga is how such high-level information has been able to become so public. Considering the media coverage that has followed this story, one may have confused this for a gossip feature. The “confidential” letters sent to these banks were rather unusually released to the public and the CBN further corroborated the story by tweeting about the investigations.

    The second interesting aspect of this story is how quickly the story has developed. From rumors and leaks to outright fines and even debiting of bank accounts, the speed with which this story has taken a turn for the worse, particularly for the banks, has been rather uncharacteristic of our usual tepid government.

    To provide a quick retrospective look and to put this into proper context, let’s look back at how the story has evolved since the CBN released those letters. The regulator immediately asked MTN to refund the sum of $8.1 billion dollars which it claims may have been illegally repatriated by the telecommunication company. While the 4 banks (Stanbic IBTC, Diamond Bank, Standard Chartered and CitiBank) were slapped with hefty fines ranging from NGN 250 million to NGN 2.4 million dollars.

    MTN on its part expressed its innocence explaining that the MTN Group and the original shareholders injected a total of $402, 625,419 into MTN Nigeria between 2001 and 2006 in the form of loans and equity. These initial inflows were the basis for the issuance of various legacy CCIs obtained from Authorized Dealers in accordance with regulations. All of these, including the inflow of capital, has long been confirmed by the CBN.

    The subject of “illegally” obtained CCIs has also been addressed. The reality is that the CCI process is essentially in place both for the protection of investors as well as to provide the CBN with documentary evidence for monitoring capital inflows and outflows.

    Although over time the CCIs have been reissued, consolidated and reconstituted to reflect the changing MTN capital and shareholding structure, the amount of NGN 402,625,419, has remained the same.

    One aspect of the changing capital structure was the conversion of shareholder loans to preference shares, meaning the latest transfer of equity is in no way a violation of the law.

    Section 15 (5) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, states that, “The repatriation referred to in subsection (4) –  which deals with foreign exchange imported into Nigeria and its remittance – of this section shall be communicated by an authorized dealer to the Central Bank, within fourteen days of the repatriation and the Central Bank shall furnish same to the Minister on a monthly basis for information and statistical purposes only.”

    According to this law, this means that the dispute should be between the four banks and the CBN, not MTN, but once again, the brand’s name has been dragged through the mud without a proper investigation into the issue.

    Even after all parties expressed their innocence and provided substantial proof, the attorney general, reprimanded MTN again and slapped the company with $2.0 billion fine.

    The fine is due to alleged lack of tax compliance by the telco and this comes after the company has revealed its books detailing an assessment of the full period in question. The numbers indicate that the total payments made to the tax authorities in regard to these foreign imports and payments in aggregate are $700 million and also detailed the valid reasons for the differences between the actual payments and the Attorney general’s assessment.

    Through it all, the brand has remained calm and consistent with CEO Rob Shuter quoted by Bloomberg as saying that, “We have a proud history of being a major partner to the people of Nigeria and notwithstanding our current difficulties are firmly resolved to continue to do so”.

    One of the key talking points about this story is how MTN has once again become the scapegoat in yet another episode of what many are calling a witch hunt. The banks who were involved in this saga have been relegated to a sub-plot in a story which MTN is front and center, continually being labeled a villain.

    This would have been somewhat justifiable if the facts actually added up, but all indications suggest that the CBN may not have done proper investigations before name-dropping these brands.

    On MTN’s side of the story, the telecommunications giant has been open with their books, revealing their tax payments over the course of their operations in Nigeria, and even detailing their $18 billion-dollar investment in the country since it began operations. This is in addition to the N2 trillion paid in taxes and levies since it began operation since Nigeria.

    This is particularly worrying considering the latest revelations of dwindling foreign investment in Nigeria. In recent years, Nigeria’s FDI has been struggling. It reached a mediocre $981mn in 2017, a far cry from its previous peak of $5bn in 2008.

    The plummeting FDI situation is worsened by a poor investment climate characterized by overly stringent or impromptu government policies, bureaucratic bottlenecks for securing permits, and a weak legal framework.

    MTN is one of our most successful foreign investors and instead of encouraging the multi-national company, it seems like the government is hell-bent on frustrating the company.

    MTN has been slammed with fine after fine for some rather ludicrous reasons. Such punishments cannot be encouraging for would-be investors, many of whom already hold the notion that they are regarded as cash cows for exploitation by African governments.

    It is also noteworthy that Nigeria’s GDP hasn’t been impressive of late, the country has suffered a yearly dip since 2014 when it peaked at $568.5 billion. Even with the 0.82 percent increase 2017, the nation’s gross domestic output is still suffering from the inconsistency of oil prices. The real take away from these numbers is, looking at how much MTN has paid in taxes and levies (in excess of 2 trillion Naira), and realising just how big a contributor they are to Nigeria’s GDP.

    MTN has directly and indirectly, provided 500,000 jobs in Nigeria and has contributed immensely to the economy and it’s somewhat bizarre that such a huge company is being dragged in the mud before an appropriate investigation is even carried out.

    If MTN is guilty of these crimes then, by all means, they should face the penalty, but considering just how much facts have been provided by the telecom giant, they seem pretty convinced of their innocence. Furthermore, neither the CBN nor the attorney general has provided a direct response to the facts provided by MTN, making this whole ordeal even more worrisome.

    The reasoning for this inexplicable witch hunt is up for anyone’s guess. This may be due to a lack of oversight by the government or to protect private interests. However, the fact still remains, if the government and its policies continue to deter foreign investors, it is only a matter of time before we lose these multinationals.

    In a bid to protect its assets and investors against further action from the Attorney General of the Federation and the Central Bank of Nigeria, MTN on Monday, September 10th filed for an injunctive relief with the Federal High Court in Lagos.

    In a statement issued by the company, Tobe Okigbo, MTN Nigeria’s Corporate Relations Executive was quoted as saying;

    “MTN Nigeria Communications Limited (MTN Nigeria) continues to categorically and unequivocally deny all charges related to the Central Bank of Nigeria (CBN) and Attorney General of the Federation (AGF) investigations into the company’s CCIs and unpaid taxes respectively.

    “The simple reality is that MTN Nigeria has never repatriated dividends on the CCIs referenced by the CBN and that MTN is fully compliant with Nigerian tax law.

    “In order to protect MTN Nigeria’s assets and shareholder rights within the confines of the law, we have applied today in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while we continue to engage with the relevant authorities on these matters,”

    Only time will tell how this story will eventually end, but if history has taught us anything, it is that MTN will persist through this just like they have in previous occasions or maybe, just maybe this may be the straw that breaks the camel’s back.

    Tunji Andrews is Lead Economist at Time, Trade and Commodities (TTAC)

  • NLC urges MTN to pay $10b fine

    The Nigeria Labour Congress (NLC) has urged communication giant MTN Nigeria to comply with the directive of the Federal Government to pay the over $10 billion as tax arrears and illegal repatriation.

    Mr Ayuba Wabba, NLC president,  in a statement yesterday in Abuja, said: “This is as well as the $8.13 billion illegally repatriated to South Africa over which four indigenous banks have been fined.

    ”We similarly urge the Federal Government to spare no effort in recovering this money as anything to the contrary will send wrong signals to other corporate organisations it had punished for lesser tax infractions.

    ”The need to enforce this order is all the more compelling when it is realised that workers pay taxes they can ill-afford, but religiously pay all the same.”

    Wabba noted that government’s tax reforms have been skewed in favour of corporate organisations, there was no reason for a default.

    He added that every taxable person is expected to pay his or her tax as and when due.

    Wabba said: ”If companies default, with what is government expected to run the country or conduct its business?

    ”In our view, this incident does not only directly test the Thabo Mbeki Report on Illicit Financial Flows from Africa, it is also a major crime against the government and people of Nigeria.

    ”On our part, we are, however, not surprised by the unethical conduct of MTN.

    ”They are not only engaged in the exploitation of Nigerian workers and turning them into slaves, but have extended their frontiers to unwholesome economic exploitation and sabotage.

    ”The questions on every lips are: How many times has MTN done this? How many other companies are doing this?”

    He stated that through the Tax Justice Campaign, labour had relentlessly and assiduously drew the attention of the government and Nigerians to the humongous crime against the vulnerable people of Africa, especially Nigeria.

    He noted that over 70 million people in Africa are said to be the poorest in the world.

    ”Government should use this opportunity to send an appropriate message to everyone, especially corporate organisations who often pay taxes in the breach.

    ”Coupled with this, government’s tax reforms will only make meaning if they are judiciously executed.”

     

  • MTN partners Google to train 50 SMEs in Port Harcourt

    MTN Nigeria in collaboration with Google recently held a Digital business training tagged “Using Digital Tools to Maximize your Business” in Port Harcourt, Rivers State.

    Through the partnership, over 40 Small-to-Medium Enterprises (SMEs) have benefited from this initiative, the one-day training which was the second phase of the initiative, held on Friday, 31st August, 2018.

    The training session was hands-on as the entrepreneurs were taught how to effectively promote businesses using various digital tools, with a focus on topics relating to owning business websites, running business ads, leveraging on social media engagement amongst others.

    MTN Nigeria Enterprise Business Manager, Bridget Enuma explained that SMEs are not just a driving force for economic growth in the country.

    “They are also the heartbeat of our community,” Enuma added. MTN Nigeria is committed to encouraging SMEs and big Enterprises adopt digital marketing strategies through Google programs and product solutions.

    The role of SMEs in any economy can never be underestimated as they continually contribute to economic growth with massive potential to generate employment opportunities for teeming population and generally be the backbone of the economy.

    MTN Nigeria has been focusing heavily on assisting Small-Medium Enterprises (SMEs) across Nigeria develop. The initiative is aimed at improving digital skills of the people, which in turn is expected to improve SMEs.

  • NCC intervenes in CBN’s cash refund order to MTN

    There is hope for a truce in the Central Bank of Nigeria (CBN)-MTN Nigeria face-off.

    Telecoms sector regulator Nigerian Communications Commission (NCC) is to broker peace between the two.

    The CBN has ordered the mobile giant to refund $8.1billion allegedly  repatriated from the country.

    Besides, the Attorney General of the Federation has demanded the payment of $2billion alleged to be unpaid taxes over a 10-year period, allegations the telco has consistently rejected.

    MTN Nigeria claimed that due process was followed in the transaction concerning Certificate of Capital Importation (CCI),  insisting that it has remained a good corporate citizen by paying its taxes. It has however approached the High Court to seek restraining  injunctions against its two accusers .

    Dismissing insinuation among South Africans that the Federal Government is out to appropriate MTN Nigeria’s assets,  the Executive Vice Chairman, NCC, Prof Garba Umar Dambatta, yesterday in Durban, South Africa,  assured the investment community that there was no such plan, adding that steps have been taken to reach an amicable settlement of the matter.

    South African reporters had  raised fears about the development as being capable of keeping potential investors at bay.

    Prof Dambatta said though the regulatory functions of the NCC have been spelt out by its enabling Act, just as that of the CBN and the Federal Inland Revenue Services (FIRS), he said the Commission has stepped in,  adding that an amicable resolution would soon be reached.

    Dambatta, however,  did not give any details. He said intervention in such disputes  was in the DNA of the Commission because of its commitment not to reverse the gains of the sector, which he said is not only adding 10.5 per cent to the nation’s gross domestic product (GDP), but also enabling other sectors of the economy.

    Also speaking on the occasion,  MTN Group CEO,  Rob Shutter,  said the telco will amicably work around the logjam.

    Shutter, while commending  the leadership of NCC, s aid the group was proud of the success story of its Nigeria operation, adding that MTN Zambia has followed the footsteps of the NCC to launch a campaign dedicating this year as the Year of the Consumers.

    He assured the international investment community that Nigeria remains an investment destination in Africa.

  • MTN Spends N1.6 billion on Students Scholarships

    It is worthy of note that the major reason why there are a lot of kids, teens and youths that are out of school is because many of them cannot afford tuition, feed in school and lack basic resources such as books for seamless learning. It is not their fault neither is it the fault of their parents that they find themselves in this unfortunate condition.

    Seeing the need to assist the Nigerian youths in their quest for quality education without having, the corporate social investment arm of MTN Nigeria, MTN foundation on Tuesday the 4th and 11th of September  2018 awarded scholarships to more than 200 students worth two hundred thousand naira yearly.

    The scholarship is split into two schemes: the first scheme is for students studying science and technology related courses and the second  is for Blind students.

    The New Awardees of the MTNF Scholarship Program receiving their awards

    Since the turn of the year, a total of 1,164 scholarships have been awarded to deserving students in various educational institutions across the country and over 8,000 scholarships worth more than 1.6 billion Naira have also been awarded to students since the launch of the programmes in 2011.

    During the award ceremonies that held in Abuja and Owerri on the 4th and 11th of September 2018 respectively. MTN Foundation also inducted previous beneficiaries of the scholarship program into the Alumni association of MTNF scholarships comprising both the sighted and the visually impaired.

    Speaking during the events, the director MTN Foundation Mr Dennis Okoro said: “Aiding and improving the lives of the Nigerian youth is something that is dear to us and close to our hearts, that is why MTNF has been awarding scholarships to Nigerian students since 2011. We intend to impact positively on the nation. Our impact goes beyond statistics and figures; it is to shape Nigeria’s future through education, to invest in the lives of tomorrow’s leaders, by providing them with an opportunity to pursue their dreams despite financial limitations.”

    Director, MTN Foundation, Mr Denis Okoro speaking during the event

    A total of 7,500 students applied for the MTN Foundation science and technology scholarship scheme. 1,500 students took the test and 500 students won the scholarship. It is a scholarship won by merit; as students maintain their good  grades, they continue to receive an annual grant of N200,000. Whilst the science and technology scholarship scheme is strictly for students studying science and technology related courses, the scholarship for Blind is open to any visually impaired undergraduate students irrespective of their course of study.

    MTN Foundation was launched in 2005 with the aim of improving quality of life in communities across the country. For more than a decade, it has helped impact lives positively through several social investment programmes in the areas of education, health and economic empowerment.