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EFCC Raids MTN Headquarters, Grill Top Executives, Seize Documents

Published

5 years ago

May 25, 2019

Eric

The Economic and Financial Crimes Commission (EFCC) on Friday stormed the Falomo office of telecommunications firm, MTN.

Sources say the raid was connected to the recent share listing of MTN on the Nigerian Stock Exchange (NSE).

Claims of manipulations, irregularities and scarcity have been linked to the share listing since it debuted on the NSE on May 16.

The South African telecommunications firm had listed by introduction, 20.4 billion ordinary shares at N90 on the NSE, a par value N0.02.The listing of MTN Nigeria was the most anticipated and biggest on the floor of the exchange, as the Nigerian stock market rebounded.

Though, there no official confirmation from MTN as at press time about the EFCC visit, but an insider said the EFCC came around 4pm, met with the management and went away with some documents after some deliberations.

The source said: the visit “may have had to do with our recent share listing. They asked MTN to list, we have listed, now they are disturbing us. I don’t know how we are going to attract investments in the face of intimidation and unrest.

“The EFCC came today, met with the management and I think they went with some documents.”

The Chairman of Association of Licensed Telecomunication Companies of Nigeria (ALTON), Gbenga Adebayo confirmed EFCC’s visit to MTN.
Top management personnel of the company were said to have been interrogated by the operatives, who stormed the telco’s corporate headquarters at about 4pm.

It was gathered that the EFCC team had demanded for documents in connection with the share listing which were promptly provided to them.

A stockbroker, who spoke on the matter last night said the astronomical rise in the MTN shares few days after the listing, was a clear indication that some underhand deals must be in the offing.

There are also growing concern among the top players in the Nigerian bourse that if MTN shares continue to climb at such astronomic rate, they stand the risk of being displaced from their vantage positions as market leaders.

When contacted, the Senior Manager, External Relations at MTN Nigeria, Mr. Funso Aina said the company would issue an official statement on the issue.

“We will issue a statement very soon”, Aina said last night.

But as at the time of filing this report, the company was yet to release any official statement on the issue.

Also, acting spokesman of the EFCC, Tony Oriade, said last night he would get in touch with the Lagos office to be able to give accurate account of what transpired. As at press time, he was yet to get back.

MTN had on May 16, listed its shares on the NSE by way of an introductory listing. The listing by introduction meant that the shares of existing MTN Nigeria shareholders were listed without an additional public sale of shares. By this development, all MTN Nigeria shareholders are free to trade their shares on the NSE.

But investors and stakeholders have been expressing worries about the free float accommodation MTN Nigeria Communications Plc was granted by the capital market regulators to pave the way for its listing. Their concerns stemmed from the fact that the price of MTN shares would be sold at high premium and those waiting to buy the shares through an Initial Public Offering (IPO), would be forced to buy them at very high cost, whenever the telecoms company decides to float the IPO.

The investors feared that the shares of MTN Nigeria have been manipulated to drive the price of the stock very high before any share offering through an IPO.

However despite the alleged manipulation of the MTN shares, the telecoms industry regulator, the Nigerian Communications Commission (NCC), has declared confidence in the shares listing.

The Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, while speaking at the valedictory service organised for the Minister of Communications, Adebayo Shittu in Abuja recently, said through the MTN’s listing on the NSE, the Commission had translated into action, an important function of the Commission, which is to promote local investment and ownership in the telecom sector.

“With MTN shares available in the capital market, Nigerians will buy shares and by purchasing the shares of MTN, they will be financially empowered and be socially transformed. We consider this a very important milestone in translating the function of the NCC into reality, as enshrined in the Nigerian Communications Act 2003,” Danbatta

Headline

Breaking: Wike Plans to Attend Thursday’s PDP NEC Meeting

Published

2 days ago

April 17, 2024

Eric

By Eric Elezuo

The immediate past Governor of Rivers State, and Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, may have concluded plans to attend the much advertised National Executive Council (NEC) meeting of the main opposition party, the Peoples Democratic Party (PDP), billed to hold on Thursday, in Abuja.

Impeccable source, who is in the know, told The Boss that the minister, whose membership of the PDP is yet to be revoked even as he frolicks with the ruling All Progressives Congress (APC), and serving in the President Bola Tinubu government as a minister.

The Source told The Boss that Wike’s impending presence at the NECeeting on Thursday is not unconnected with plans, already hatched with some governors, to weaken the opposition PDP.

“Yes, we have on good authority that FCT minister, Wike is planning to attend the NEC meeting tomorrow all in a bid to weaken the fabrics of the PDP, and pave the way for the continuation of the Tinubu administration come 2027, and by extension, relapse Nigeria to a full blown one party state.

“From every indication, Wike and his co-travellers, are bent on unleashing the same crisis ravaging the third force, Labour Party, and Senator Rabiu Kwankwaso’s Nigerian National People’s Party (NNPP) on the PDP for the APC to remain the only political party in the country, and ensure that Tinubu has no challenger, come 2027,” the Source said.

It would be recalled that Wike has boasted over and again that there’s no opposition against Tinubu’s re-emergence in 2027, and that they have made sure of that. He has been compensated with the Ministerial job after he withdrew support for his party, and supported the APC and Tinubu to emerge as national government.

The Source further revealed that in the attempt to actualize the intended one party state, a lot of funding is ongoing to ensure that concerned stakeholders are ‘settled’ handsomely.

Wike, prior, during and after the 2023 general elections, has been floating in between the two major political parties; the APC and the PDP. While he claim to still be a member of the PDP, he is functioning as a minister in an APC government, mocking the inability of his party to discipline him.

Political stakeholders have concluded that the outcome of Thursday’s PDP NEC meeting will determine the path Nigeria’s political trajectory will take, and that it may portend the end of multi-party system and political democracy if Wike succeeds in his plan.

Headline

Bribery, Corruption: APC Suspends National Chairman, Ganduje

Published

4 days ago

April 15, 2024

Eric

The All Progressives Congress ward in Ganduje, Dawakin Tofa Local Government Area, has suspended the party’s National Chairman, Dr. Abdullahi Ganduje.

The party ward legal adviser, Halliru Gwanzo, announced the suspension while addressing newsmen in Kano State on Monday.

Gwanzo cited allegations of bribery against Ganduje levelled by the Kano State Government as the reason for the suspension.

“We decided to suspend Dr. Abdullahi Ganduje from the party due to the seriousness of the allegations against him,” Gwanzo said.

Meanwhile, efforts to contact the Chief Press Secretary to the APC National Chairman, Mr Edwin Olufo, failed as his mobile phone was unreachable.

Headline

Akpabio Commits to Collaboration with Tinubu, Governor Umo Eno

Published

1 week ago

April 12, 2024

Admin

The President of the Senate, Godswill Akpabio, has stated his commitment to working closely with Nigeria’s President, Asiwaju Bola Ahmed Tinubu, and Governor Umo Eno to ensure the delivery of democratic benefits to the people of Akwa Ibom State.

Akpabio stated this in his country home, Ukana, Essien Udim Local Government Area of Akwa Ibom, while briefing his constituents on the journey so far as their representative in the red chamber.

He assured the people of Akwa Ibom North West Senatorial District of his commitment to their welfare in appreciation of their total support for him, President Bola Tinubu and the ruling All Progressives Congress (APC) in last year’s election.

The Highpoint of the constituency briefing was the distribution of over 10,000 bags of rice and other essentials for his constituents from the wards, to the local governments.

A statement by his Special Assistant on Media, Jackson Udom, quoted Akpabio as saying, “I am here once again, to thank you for standing by me, our President and the party, before, during and even after last year’s elections. I have come to say thank you and also bring Renewed Hope to you all.

“As the President is doing his own, the Senate President is also doing his bit and being complemented by the state governor, Akwa Ibom would be the better for it. We have finished elections and politics, we are now into governance. The governor of the state must touch you, because he is the governor of all the people in the state irrespective of political affiliation.

” As I am touching you now from the political angle, I will also touch the state without any political party affiliation. Most of the projects we are putting in place would be used by people resident in the state. Relax, things are getting better.”

The former Governor of the state, assured his constituents that his current position as the Senate President would be used for the development of the state in collaboration with the President and the Akwa Ibom State Governor.

Hear him: This Senate President is not the one that would be fighting the state government. I will collaborate with , I will collaborate with , to make the state better for us all. We cannot be out of government for a long time. You have to go to a government that carries you along”

Akpabio promised to work for his constituents and Nigeria with all his strength, noting that, “as the President of the Senate, I am for the Southern region and the entire country. I may not come here regularly to tell you what I have been doing for you, but you will be feeling the impact on way or the other. Our unemployed youths would be gainfully employed. I will construct a mini stadium in all the local governments in the district, for our youths to develop their sporting potentials. ”