Business

MTN: Experts Fear $8.1bn Refund Order

Published

8 years ago

September 7, 2018

Experts said the request by the Central Bank of Nigeria (CBN) that the MTN Group should refund 8.1 billion dollars illegally repatriated from Nigeria would jeopardise the listing of its shares on the Nigerian Stock Exchange (NSE).
The financial experts said this in separate interviews with our source on Wednesday in Lagos.
Our source reports that the CBN had ordered MTN and four banks to refund $8.1 billion illegal capital repatriation from its Nigerian operations to offshore investors. Allegations which MTN Group swiftly denied.
The Securities and Exchange Commission (SEC) said it had not received any application from the MTN Group regarding its proposed initial public offering (IPO).
MTN has the largest share of the Nigerian market with 36.39 per cent, while Airtel has 26.10 per cent as at February. Globacom and 9mobile have 26.03 per cent and 11.49 per cent respectively.
The President, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, advised CBN and MTN Group to dialogue and resolve the issue of repatriation of 8.1 billion dollars.
He said he expected a resolution on the matter to avoid a systemic banking crisis given that the repayment of 8.1 billion dollars, which is about half of MTN’s market capitalisation, could threaten its Nigerian bankers.
“Talking about the CBN allegation that MTN repatriated 8.1 billion dollars out of the country.
“It is an issue that can be resolved by the two parties because there is no way such huge amount of money could have been transferred by the commercial banks without the knowledge and approval of CBN in the first place.
“Let MTN and the affected banks engage with the relevant authorities and face CBN to vigorously defend their position on this matter,” Okezie said.
Okezie blamed the delay in the listing of MTN shares and those of other foreign companies on NSE on lack of a regulating law in the Nigerian financial market.
He said the growth of the Nigerian capital market was tied to the effectiveness of its regulatory framework.
“Normally, if there is a functional law in place, after operating for a minimum of three years, the foreign company if not yet listed is supposed to be compelled to do so.
“But MTN has been in operation in Nigeria since 2001, yet it is not listed on NSE. So, it is obvious that MTN Group does not want Nigerians to benefit from its shares.
“All the Group is interested is how to do business, make profit and repatriate the proceeds to their home country to the detriment of the Nigerian economy.
“Therefore, it behoves on SEC to formulate and implement the appropriate regulatory framework to guide the operations of the NSE,” Okezie said.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, urged the MTN Group to be more proactive with its proposed listing plans.
Nwosu said the more MTN delays the offer, the more the market players and the public believe there was crisis.
According to him, postponing the offer is not the best option because it damages investors’ confidence and jeopardises the telecom company’s proposed public offer in Africa’s largest economy.
“The denial of an IPO application by MTN to SEC signifies doubt over the extent of preparation on the part of MTN to be listed on the NSE this year.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

9 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

9 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.