Business
MTN To Sell N101bn Stakes In Nigerian Unit
MTN plans to sell shares in the carrier’s Nigerian unit worth about 101 billion naira, continuing a plan to dispose of assets and pay down debts.
Africa’s largest mobile-phone operator will offer 575 million shares in MTN Nigeria, which is listed in Lagos in 2019, according to a statement yesterday.
The move is part of a broader plan to sell about 14 percent of the parent company’s holding in its largest and most profitable unit, the group said.
MTN shares yesterday morning rose as much as 3.6 percent in Johannesburg, the most in almost a month. The stock has surged138% this year, the best performer on the FTSE/JSE Africa Top40 Index, as investors cheer various cash-raising exercises.
The Nigeria sale comes as MTN looks to finalise a sale-and-leaseback of its South African telecom-mast portfolio and list shares in the Uganda operation in Kampala.
The company also netted some proceeds from the initial public offering of towers firm IHS in New York last month.
MTN said third-quarter service revenue gained by 19%, driven by data and fintech sales.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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