Business
Non-Listing Of MTN Shares’ll Affect NSE -Experts
Some financial experts have warned that the postponement of the listing of MTN shares on the Nigerian Stock Exchange (NSE) will slow down the listing of other multinationals being wooed by the bourse.
They told The Tide source in Lagos that the Federal Government must do everything possible within its powers to ensure the listing of the company’s shares on the NSE in 2017.
The operators spoke against the backdrop of a statement by the MTN Group Ltd that it may put off plans to list its Nigerian operation until 2018, as it strived to resolve a regulatory dispute.
Mr Phuthuma Nhleko, MTN Chairman and Acting Chief Executive Officer, was quoted as saying at the World Economic Forum in Davos, Switzerland that the listing may be within the 12 to 18-month period.
MTN Nigeria in June 2016, said that it would list its shares on the nation’s bourse in 2017, after being fined for breaching the know-your-customer rules set by the National Communications Commission (NCC).
Head, Banking and Finance Department, Nasarawa State University, Keffi Dr. Uche Uwaleke stated that government should provide further fiscal incentives, in addition to the reduced charges for MTN.
Uwaleke said that putting off the planned listing till 2018 would not mean well for the stock market as other companies that may be considering a similar move could also put such plans on hold.
“If MTN did not push ahead with the plan, other telecom firms like Etisalat and Airtel, including firms in the oil and power sectors, currently being wooed by the NSE may develop cold feet.
“They can equally cite the same unfavorable economic conditions as their reason.
“This will not augur well for the stock market. Currently, the market lacks depth and is over-concentrated with just about four companies accounting for over 60 per cent of the equities’ market capitalisation.
So, the presence of MTN and these other companies will help to deepen the market and make it more attractive to local and foreign investors,’’ he added.
Uwaleke said that the company’s plan to list was part of its understanding with the Federal Government over the huge fine imposed on it.
“MTN in 2016 had make known its plan to list on the NSE as part of an understanding it had with the federal government over a huge fine imposed on the company.
“The development led to the fine being slashed considerably by the government.
“The telecom giant had provided a caveat to the effect that whether or not it lists in 2017 would depend on market conditions.
“With the economy still in the woods, illegal charges and legal hurdles to grapple with, the company appears disposed to invoke the caveat as justification for putting off the planned listing till 2018,” Uwaleke said.
He noted that government should spare no effort to get MTN to list on the NSE in 2017, even if it entailed providing further fiscal incentives, in addition to the reduced fine.
Similarly, Malam Garba Kurfi, the Chief Executive Officer, APT Funds and Securities Ltd, said that Nigeria must not scare MTN away from the country with huge fines.
Kurfi said that the listing of MTN shares would attract other big companies to the exchange and at the same time deepen the depth of the market.
He stated that government should work toward listing all its privatised entities on the NSE, to boost activities and increase the number of tradable products.
Business
Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings
The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.
This was contained in an online report obtained by The Tide Source in Port Harcourt recently.
The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.
The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.
The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.
Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.
The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.
The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.
Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.
Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.
Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.
His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.
Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.
The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.
The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.
‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.
King Onunwor
Business
Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation
Ariwera Ibibo-Howells, Yenagoa
Business
Traders Decry Continuous Increase In Prices Of Foodstuffs
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
Wali Chioma, Obasi Chidinma & Amarachi Uche
-
Opinion3 days ago
Ancestorial Worship: My Take (1)
-
News3 days agoFG Must Address Nigerians’ Concerns On Reforms -Shettima …Warns Against Misuse of AI, Social Media
-
Featured3 days agoTinubu Jets To S’Arabia For Lesser Hajj …Unveils Free Healthcare For Pensioners
-
Niger Delta3 days ago
Police Rescue Woman, 24, From Online Dating Kidnappers … Arrest Five Suspects
-
News3 days ago
Lawmaker Sets Sights On Assembly Return …As Mammoth Crowd Grace Flag Handover Rally
-
News3 days ago
FG Approves King Amachree Airport In Rivers, Sets Conditions For Construction
-
Featured2 days ago2027: Be Politically Neutral, Fubara Tasks Traditional Rulers
-
Politics3 days ago
My Administration’ll End Political Acrimony In Rivers – Chinda
