Business

Non-Listing Of MTN Shares’ll Affect NSE -Experts

Published

9 years ago

January 30, 2017

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

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

Published

3 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

3 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

5 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.