MTN Targets $1 billion from Nigeria, Ghana listing

MTN could raise a total of US$1bn when it lists on both the Nigeria and Ghana stock exchanges later this year.According to Kofi Yamoah, CEO, Ghana Stock Exchange (GSE) MTN Ghana will officially introduce 35% of its capital into the GSE by the end of Q1 2018.

Yamoah said MTN Ghana has already submitted the necessary documents for review. “We believe that at the end of the first quarter, we will see the public offering of this entity take off.”

MTN was supposed to list in 2017, but the process was delayed. The decision to list on the GSE was reached as a condition for the acquisition of a 15-year US$67m 4G license in 2015.

Ebenezer Asante, CEO of MTN Ghana, said, “It’s very clear from the license that 35% of MTN should be moved into Ghanaian hands and since we required the license we have engaged the regulators both in the NCA as well as the Central Bank and also with the Securities and Exchange Commission.”

EFCC recovers N102m for Bank of Agriculture

The Economic and Financial Crimes Commission (EFCC), Kaduna zonal office, has recovered N102 million diverted from the Bank of Agriculture (BOA) in Kebbi.

A statement by the spokesman of the commission, Mr Wilson Uwujaren, said the funds were diverted by beneficiaries of the Central Bank of Nigeria (CBN) Anchor Borrowers Programme, disbursed by BOA.

Uwujaren said so far a total of N297 million had been recovered by the commission in favour of BOA in Kaduna and Kebbi states.

The Head of Operations of the Kaduna office, Ibrahim Bappa, formally presented a bank draft for the N102 million to one Mohammed Babangida, who represented the BOA Managing Director.

Rise in Crude Oil Prices Boosts FAAC Disbursement to N6.418 trillion

The Federation Account Allocation Committee (FAAC), disbursed a total sum of N6.418trillion in 2017, representing an increase of 25.8 per cent, and 6.8 per cent when compared to the N5.1trillion and N6.011trillion disbursed in 2016, and 2015 respectively.

NEITI attributed this slight increase in FAAC disbursement to the recent rise in crude oil prices, which peaked as high as $70 per barrels in January.A breakdown of the amount disbursed in 2017 showed that the Federal Government received N2.564trillion; the 36 States got N1.859trillion, while the 774 local governments shared N1.502 trillion.

The information is contained in the latest edition of the Quarterly Review of the Nigeria Extractive Industries Transparency Initiative (NEITI), entitled: “Analysis of FAAC Disbursements in 2017 and Projections for 2018.”However, the review noted that despite the increases in FAAC disbursements in 2017, they were still 34.1 per cent and 25.3 per cent lower than the N9.742trillion and N8.595 trillion in 2013, and 2014, respectively due to the uncertainty in oil prices.

Senate Uncovers ‘Unapproved’ $100m Loan

The Senate committee on Public Account yesterday announced the uncovering of $100 million allegedly spent on four airport terminals.The former Minister of Finance and Coordinator of the economy, Ngozi Okonjo- Iweala, was claimed to have obtained the loan.

According to the committee, the credit was expended without the approval of former President Goodluck Jonathan.The airport terminals are those in Port Harcourt, Lagos, Kano and Abuja.This revelation followed an investigative hearing organised by the committee to ascertain the $650 million balance of Eurobond with the Transmission Company of Nigeria (TCN).

Also included is that of the Nigeria National Petroleum Corporation (NNPC), with Debt Management Office (DMO) and the Aviation Ministry in Abuja.The Chairman of the committee, Senator Matthew Urhoghide, representing Edo South, affirmed that the then minster and the DMO boss, acted without due process.He alleged that they: “made payments to chains of company and the letter on page 12 signed by one Haruna Mohammed only indicated that, the ministry had written to the president informing him on how the money would be spent.

Council of State Okays $1bn to Boost Agriculture, Economic Diversification

The Council of State on Thursday approved a fresh one billion dollars to further boost the nation’s agricultural sector, Gov. Ibikumle Amosun of Ogun, has disclosed.

Amosun, briefing the State House Correspondents after the council’s meeting at the Presidential Villa, Abuja, expressed hope that the amount would enhance the Federal Government’s diversification programmes.

However, the governor kept mum on how the funds will be sourced.

The meeting which was presided over by President Muhammadu Buhari had in attendance, three former Heads of State, Gen. Yakubu Gowon, Gen. Abdulsalami Abubakar and former President Olusegun Obasanjo.

Investors Condemn CBN Directive on Dividend Payment by Banks

•Say pronouncement may trigger massive sell-off
•Threaten court action to stop decision

Shareholders in the nation’s capital market have condemned recent directive by the Central bank of Nigeria (CBN), to Deposit Money Banks (DMB), not to pay dividend on its shares until all its expenses have been completely written off, saying the decision is a disincentive to investors; promising to challenge this in court if necessary.

The shareholders, who argued that the market is information-driven, said with the little signs of recovery and capital appreciation witnessed recently, government at all levels must be cautious, and avoid any actions and decisions that could send wrong signals, and erode investors’ confidence in the market.

Sales Representative Job at Etihad Aviation Group (EAG) – Apply Now

Etihad Aviation Group (EAG) is a diversified global aviation and travel group comprising five business divisions – Etihad Airways, the national airline of the United Arab Emirates, Etihad Airways Engineering, Etihad Airport Services, Hala Group and Airline Equity Partners. The group has minority investments in six airlines: airberlin, Air Serbia, Air Seychelles, Alitalia, Jet Airways and Virgin Australia.

We are recruiting to fill the position below:
• Job title: Sales Representative- Cargo
• Location: Miami, United States
• Vacancy Details
Perform, coordinate and execute sales activities for assigned accounts, Overview and monitor the market and the competitors to ensure established Company sales targets are reached contributing to Company revenue objectives achievement.

Sales Support Administrator Vacancy at Etihad Aviation Group (EAG) – Apply Now

Etihad Aviation Group (EAG) is a diversified global aviation and travel group comprising five business divisions – Etihad Airways, the national airline of the United Arab Emirates, Etihad Airways Engineering, Etihad Airport Services, Hala Group and Airline Equity Partners. The group has minority investments in six airlines: airberlin, Air Serbia, Air Seychelles, Alitalia, Jet Airways and Virgin Australia.

We are recruiting to fill this vacant position below:
• Job title: Sales Support Administrator – Mumbai
• Location:  Mumbai, India.
• Vacancy Details
To effectively manage all sales administrative support to the global sales force. To ensure timely and appropriate communication with all stakeholders and speedy performance of all deliverable actions that enable revenue generation in a cost effective manner.