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Niger Delta

MTN Engages Stakeholders On Public Offer In Bayelsa, Benin City

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3 years ago

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MTN Nigeria Communications Plc (MTN) has offered to sell 575 million units of its shares to retail investors, saying shares will be available to the public at N169 per unit from 1st December to 14th December 2021.
MTN Nigeria made this disclosure during a stakeholders engagement event, aimed at enlightening and engaging interested retail investors in Yenagoa, Bayelsa State and Edo state capital of Benin City, respectively.
Giving further details of the benefits of the public offer in Yenagoa, the General Manager, Business Development MTN Nigeria, Mr Valentine Izuchukwu, said that sales of the share did not in any way mean that MTN intends to leave Nigeria or is financially bankrupt.
He explained that the MTN Group, which holds 79 percent of the shares of the company, is making this public offer because it has decided to sell parts of its shares to Nigerians, so that they can also be part of the ownership of the company.
He reiterated MTN’s Nigerianisation agenda and commitment to doing business in Nigeria.
“We have done some things to guarantee the future of MTN in Nigeria. We have built the longest kilometers of fibre which guarantees the provision of quality internet service. The company has also decided to build its corporate headquarters in Lagos.
“This means, we have decided to stop renting an office space and build our roots in Nigeria. We have also made a commitment to contribute to road infrastructure in Nigeria. We are partnering with the government to construct road infrastructure and the first road the government has assigned for MTN to construct is the Enugu-Onitsha road. This goes a long way to prove that we are committed to remain in Nigeria and contribute to the success stories of every Nigerian.”
Giving a breakdown of the shares offer, the Senior Manager, Treasury Operations and Support, MTN Nigeria, Tolani Akanbi, said, “The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”
She explained that the retail offer will be delivered via a digital platform, using the power of technology to facilitate the maximum possible participation by Nigerian investors.
Also speaking at the ceremony in Edo, Benin City, the Chief Customer Relations Officer, MTN Nigeria, Ugonwa Nwoye, made a passionate appeal to Edo people to take advantage of the opportunity and buy shares in the telecommunication service provider.
She said that initially the shares sold for over N200 per share but was reduced to N169 to allow more Nigerians to buy shares in the largest mobile network operator.
According to Nwoye, MTN Nigeria, as the second biggest company at the Nigerian Stock Exchange (NSE) after Dangote Cement, has never defaulted in paying its shareholders since 2019 when it was listed at the NSE.
In the same vein, the Senior Manager Investor Relations, MTN Nigeria, Chima Nwaokoma, noted that the company in the last 20 years had grown to become the biggest company at the Nigerian Stock Exchange in terms of capitalisation.
Nwaokoma highlighted some benefits of holding shares in MTN, saying, “We pay dividends twice in a year. We pay interim and final dividends. We have consistently paid to our shareholders and have never defaulted. There’s no limit to what you can buy. Edo people should take advantage of the offer and buy our shares.”

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Niger Delta

Police Arrest 95 Cultists, Recover Firearms In Benin Raids

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1 week ago

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May 12, 2025

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The Police Command in Edo State has arrested 95 suspected cultists and recovered multiple firearms and ammunition during a week-long operation targeting cult-related violence in the Benin metropolis.
The command’s Public Relations Officer, CSP Moses Yamu, disclosed this in a statement made available to The Tide’s source.
Yamu said operatives of the command also seized two locally made pistols, a single-barrel shotgun, and 24 live cartridges during intelligence-led raids.
According to him, the suspects are alleged members of the Maphites, Eiye, and Aye confraternities, which authorities say are responsible for recent cult supremacy killings in the state.
He said the Commissioner of Police in the state, Mr Monday Agbonika, warned youths against joining unlawful societies.
He noted that the commissioner urged parents to monitor their children’s activities.
“These groups destroy futures and end lives, both of members and innocent citizens”, he said.
Of the 95 suspects, he said that 64 had been charged to court, and remanded in custodian center, while investigations continued on the remaining cases.
The command’s spokesperson assured residents of Edo of continued efforts to dismantle cult networks and restore public safety.
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Niger Delta

Oyetola Distributes Life Jackets To Water Transportation Users In Bayelsa

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1 week ago

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May 12, 2025

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The Minister of Marine and Blue Economy, Adegboyega Oyetola, has distribution of 3,500 life jackets to water transportation users in Yenagoa, Bayelsa State Capital.
The Minister said the gesture was part of Federal Government’s efforts to tackle recurring boat mishaps in the country.
Oyetola explained the critical role water transportation had played in the daily lives of Nigerians, particularly in coastal and riverine communities.
He described the life jackets, which were long overdue, as reflecting the government’s unwavering commitment to preserving lives and promoting a safe marine environment.
“What we are doing here today is saving lives. It is that simple. With these life jackets, we are empowering our waterways users, fishermen, traders, students, and transport operators with the basic tools to survive and be safe”, Oyetola said.
The Tide’s source reports that similar life jackets were distributed in Minna, Niger State on April 29.
The programme is part of the Ministry of Marine and Blue Economy’s first phase of intervention.
The minister said Bayelsa was a priority in the campaign and commended Governor Douye Diri for aligning with the Federal Government’s Marine and Blue Economy agenda.
Oyetola applauded Bayelsa’s creation of a state Ministry of Marine and Blue Economy, and commitment to the development of the Agge Deep Seaport.
He described the seaport as “transformative and visionary,” capable of reshaping the economic landscape of not just Bayelsa, but the entire South-South region.
“The Agge Deep Seaport will serve as a major maritime gateway, facilitating international trade, reducing congestion at existing ports, create jobs, boost investments, and accelerate development in the Niger Delta.
Oyetola urged all boat operators and passengers to wear life jackets at all times, stressing that safety could not be compromised.
“They are not for decoration, they are for your protection. Safety is everyone’s responsibility”, Oyetola said.
Speaking earlier, Diri commended President Bola Ahmed Tinubu for creating the Federal Ministry of Marine and Blue Economy to harness Nigeria’s maritime potential.
Diri also praised Oyetola for fostering cooperation with Bayelsa and stressed the need for continuous public education on water safety.
“Education about safety on the waterways must be sustained if we are to reduce the tragic loss of lives from boat mishaps”, Diri said.
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Niger Delta

C’ River Repeals Essential Drug Programme Law 2002

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1 week ago

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May 12, 2025

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The Cross River State House of Assembly has repealed the essential drugs programme law 2002 and passed the state’s Drugs and Health Commodities Management Agency bill, 2025 into law.
The bill, which was sponsored by the member representing Boki 2 State Constituency, Mr. Hillary Bisong, was first read at plenary on September 12, 2024.
It was later referred to the House Committee on Health, Nutrition and Food Security after the second reading.
Speaking on the bill, Bisong, who doubles as the Chairman of the Health Committee, recalled that the World Health Organisation (WHO) introduced  the Essential Drug Programme globally in 198, noting that in 2002, the programme was passaged in Cross River State.
He, however, said while  several provisions of the Essential Drug Programme Law were retained, the new law offered a more comprehensive framework.
“The law was transited from a programme-based structure to a full-fledged agency model, thereby expanding its scope of operation to meet the present day healthcare delivery realities.
‘’The proposed agency will take charge of enforcement of standards for proper management and distribution and overseeing circulation of drugs and health commodities across the state,’’ he explained.
In separate contributions, the lawmakers unanimously supported the bill, maintaining that the proposed agency would enhance the performance of the existing health insurance scheme as well as create employment opportunities.
Expressing happiness over the passage of the bill, the Speaker of the House, Mr. Elvert Ayambem, said the 10th Assembly would continue to enhance good governance through people-oriented legislation.
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