BUSINESS

Muhammadu Buhari has finally commented on the N780bn fine imposed on MTN by the Nigerian goverment. According to him, South African telecoms company, MTN, is negotiating with the Nigerian government for a possible reduction of a N780 billion fine imposed on the firm. At a joint news conference with South Africa’s President Jacob Zuma, who...

BUSINESS

According to the NNPC’s Monthly Operations and Financial Report for January, released on Sunday in Abuja, Nigeria’s four refineries lost a total of N5.7 billion in January, the state oil firm. “The Kaduna, Port Harcourt and Warri Refineries posted losses of N2.87 billion, N1.95 billion and N900 million respectively,” the report...

BUSINESS

The Federal Government will next week announce a major overhaul of the Nigerian National Petroleum Corporation as well as the firm’s unbundling into 30 different companies, the Minister of State for Petroleum Resources and Group Managing Director of the NNPC, Dr. Ibe Kachikwu, has said. According to him, the government has started resolving...

BUSINESS

TechCabal is reliably informed that Uber is considering an expansion beyond Lagos, to Abuja and Port Harcourt in the near future. Since they launched in Nigeria in mid-2014with Ice Prince as their “Rider Zero”, the transportation network company has restricted its services to Lagos state. But all that’s about to change. Talking about...

BUSINESS

South African-based telecommunications giant, MTN, has reportedly set aside about $600 million in a bid to settle the N780 billion fine imposed on the company by the National Communications Commission (NCC), after posting a 51 percent drop in its annual profits. This comes after the telecoms company made a “good faith payment” of N50...

BUSINESS

I’m so proud of my people. Nigerians rock!!! The latest Forbes World Rich list released yesterday profiled  over 1,ooo billionaires across the globe. The volatile stock markets, cratering oil prices and a stronger dollar led to a dynamic reshuffling of wealth around the globe and a drop in ten-figure fortunes for the first time since 2009,...

BUSINESS

The President of the Dangote Group, Aliko Dangote, retained his position as Africa’s richest person and was listed as the 51st richest person in the world in the Forbes 2016 World’s Billionaires list released on Tuesday. Dangote’s net worth, according to the magazine, has risen to $15.4bn from $14.7bn in 2015. He was ranked 67th in...

BUSINESS

Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, on Monday clarified his role in the controversial payment of N50 billion by MTN Nigeria to the Federal Government towards the settlement of the N780 billion fine imposed on the telecoms firm by the Nigerian Communications Commission, NCC. The minister, who spoke in an...

BUSINESS

The Ministry of Communications on Friday confirmed it collected N50 billion from MTN Nigeria on behalf of the Federal Government as part payment for the N780 billion fine imposed by the Nigerian Communications Commission (NCC). The NCC had in October 2015 sanctioned MTN, one of Nigeria’s largest mobile operator, for failing to disconnect...

BUSINESS

The minister of communications Adebayo Shittu yesterday confirmed that MTN Nigeria’s down payment of N50billion out of the N780bn fine slammed on it by the Nigerian Communications Commission (NCC) for regulatory infractions. MTN on Wednesday said it had paid N50billion out of the amount and had also withdrawn the suit it brought against...