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Why We Withdrew Suit Against FG – MTN

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MTN Nigeria Communications Plc on Friday said its case with the Federal Government over alleged revenue indebtedness of N242.24 billion and $1.28 billion had been withdrawn.

MTN Nigeria stated this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by its Company Secretary, Uto Ukpanah.

The company said its legal counsel received a letter from the Attorney General of the Federation, which formally withdrew the government’s demand for the funds.

“MTN Nigeria is pleased to report that its legal counsel has received a letter dated Jan. 8 2020 from the Attorney General of the Federation and Minister of Justice (the AGF) formally withdrawing the demand for N242,244,452,215.97 and $1.283,610,357.86 alleged revenue indebtedness,” the company said in a statement.

It said the letter confirmed that the AGF had referred the matter to the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) with a view to resolving the contentious issues.

“MTN Nigeria will consequently follow due court process to withdraw its legal action against the AGF and engage with the FIRS and NCS on the issues.

“MTN Nigeria remains committed to conducting its business in accordance with applicable laws in Nigeria,” it said.

The statement quoted Mr Ferdi Moolman, the company’s Chief Executive Officer, as saying that the company was pleased with the decision of the AGF.

“We are very pleased with the decision of the AGF and we commend him for his wisdom.

“We maintain our dedication to building and maintaining cordial relationships with all regulatory authorities in Nigeria.

“And we remain fully committed to meeting our fiscal responsibilities and contributions to the social and economic development of Nigeria,” Mr Moolman stated.

The News Agency of Nigeria (NAN) reports that Lagos division of the Federal High Court adjourned the suit filed against Nigeria by MTN over the disputed claims of tax evasion to January 30 and 31.

The telecoms firm had filed the suit against the government, following the demand by the AGF that MTN should pay the tax bill relating to the import of equipment and payments to foreign suppliers from 2007 to 2017.

The plaintiff was seeking among other declaratory reliefs, a declaration that the AGF’s demand of the sums of N242.24 billion and 1.28 billion dollars from MTN was premised on a process which was malicious, unreasonable and made on an incorrect legal basis.

(NAN)

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Business

FirstBank Appoints New MD/CEO, Alebiosu

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First Bank of Nigeria has appointed Olusegun Alebiosu as its new Managing Director with effect from April 2024.

The Bank stated this in a release signed by its acting company secretary Adewale Arogundade.

Alebiosu takes from Adesola Adeduntan, who resigned abruptly on Saturday with eight months left to complete his tenure in December 2024.

The release stated that “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He is an alumnus of Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a Master’s degree in International Law and Diplomacy from the University of Lagos and holds a Master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.”

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Again, Naira Slumps Against Dollar, Trades at N1,169/$1 in Official Window

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The Naira, on Friday, slumped for the second consecutive day against the American dollar at the official window trading at N1,169/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Friday, the Naira lost N15 against the dollar when compared to the previous exchange rate of N1,154/$1 on Thursday, April 18, 2024.

The intra-day high and low recorded during the day were N1,236/$1 and N1,021/$1 respectively, representing a lean spread of N215/$1.

Similarly, the Naira slumped against the dollar at the parallel market for the second consecutive day to trade at N1,150/$1 representing a loss of N50 when compared to the N1,100/$1 it traded the previous day.

The British Pound also slumped against the Naira by N50 to trade at N1,500/£1 as against the previous trading price of N1,450/£1 representing a loss of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate of N1,000/ CA$1.

The Euro also slumped against the Naira to trade at N1, 280/€1 as against the rate of N1,200/€1 the previous trading rate indicating a gain of N80 in the European currency.

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Glo Launches New Internet Solution Products for Homes, Businesses

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Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

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