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EFCC Raids MTN Headquarters, Grill Top Executives, Seize Documents

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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

 

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2027: Peter Obi Raises Doubt About Clinching ADC Presidential Ticket

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A former Labour Party presidential candidate, Peter Obi, has expressed reservations over his ability to clinch the African Democratic Congress’ (ADC) presidential ticket for the 2027 elections.

In a video address to his followers, Obi stated that receiving the ADC’s presidential ticket is not guaranteed.

He said: “Someone asked me how I know for sure that the ADC will give me the presidential ticket. I cannot be certain. What matters is that we are committed to a cause.

I keep wondering how we ended up in this situation and what might happen if we decide to stop working on this project.”

“Obi also said he is still committed to his goals, and he hasn’t let any reported threats stop him.

The former Labour Party presidential candidate praised his supporters for their resilience, recognizing the difficulties of working within opposition politics in Nigeria.

Obi thanked everyone who stayed loyal even though they didn’t get much benefit right away.

“I thank you for your sacrifice. It’s not easy to be in the opposition in Nigeria, and I’m thankful to those who keep supporting even when there’s no clear reward,” he said.

He, however, expressed uncertainty about the future, especially concerning political alliances and commitments.

“How can we be certain that the people we’re working with right now won’t leave us behind tomorrow? I wish we could be sure, but we can’t,” he said.

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Terrorism: Tinubu Seeks UK’s Assistance Amid Challenges

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President Bola Tinubu, on Wednesday, solicited partnership with the United Kingdom to crush terrorism in the Sahel before it engulfs the region.

“Our West African region faces complex terrorism challenges with roots in the Sahel,” Tinubu told King Charles III, Queen Camilla, Prince William, and elite guests, at a state banquet.

Speaking as the first Nigerian leader at the historic venue, Tinubu said: “As one of the largest nations within the Commonwealth, Nigeria looks forward to contributing constructively to the continued growth and vitality of this global community.

“Our West African region faces complex terrorism challenges with roots in the Sahel.  Nigeria carries an enormous responsibility to help safeguard regional stability. In confronting these threats, partnership with the United Kingdom remains essential and I look forward to my meeting with Prime Minister Kier Starmer tomorrow.

“Despite these challenges, Nigeria approaches the future with hope and confidence. We are a nation of diverse and vibrant people, of young people dreaming big, of entrepreneurs with a global outlook, and of a hopeful people determined to realise their full potential.”

The Nigeria’s President said it was an honour to stand before the royal family, representing the people of Nigeria to reaffirm the enduring bonds of friendship, history, and shared purpose that have united Nigeria and the United Kingdom for several centuries.

“Allow me first to express my sincere appreciation to Your Majesty and to Her Majesty, The Queen for the warmth and generosity extended to me, my wife, Oluremi, and the Nigerian delegation.

“As the first Nigerian leader to speak here at Windsor Castle, which has served the British Crown for nearly a millennium, is particularly historic. Windsor has stood as a symbol of continuity, witnessing the steady evolution of institutions that have shaped governance, culture, and public life not only in Britain but far beyond these shores.

“Nigeria and the United Kingdom have shared more than just history; our two nations share a vision of progress and resilience. Today, we continue that journey, committed to building a future rooted in partnership, mutual respect, and common values.

“Standing here in Windsor Castle, one cannot help but reflect on Britain’s impact on modern democratic governance worldwide.”

He explained further: “The Magna Carta of 1215 laid the early foundations for the rule of law and the development of parliamentary democracy, establishing enduring ideals around liberty, accountable government, and civic responsibility.

“Great British thinkers and writers such as Thomas Hobbes, John Locke, and Edmund Burke helped to propagate those democratic ideals. Their influence continues to resonate to this day.

“The literary genius of William Shakespeare and other writers such as Charles Dickens, has enriched and shaped the English language, spoken by over 1.5 billion people worldwide.

“In Nigeria, elements of these traditions continue to inform the institutional foundations of our own republic. Our courts draw upon legal traditions rooted in English common law. Our parliamentary institutions reflect constitutional practices that evolved here over centuries. Our civil service structures have also drawn upon administrative models developed in Britain and adapted to Nigeria’s own national context.

“While institutions matter greatly, our people remain the strongest bridge between our two countries.”

He said the Nigerian community in the United Kingdom has become one of the most dynamic diaspora communities worldwide, adding: “Nigerians contribute enormously to the vitality of this nation.  Within the National Health Service, Nigerian doctors and nurses play an indispensable role in delivering healthcare. Nigerian-trained doctors are among the largest groups of international medical professionals serving the NHS.”

He noted the exploits of Nigerians in the country especially in sports, saying: “in sport, rugby players such as Maro Itoje, footballers including Bukayo Saka and Eberechi Eze, and champion boxer Anthony Joshua, illustrate the remarkable human connection that links Nigeria and the United Kingdom.

“Our partnership is further strengthened through the Commonwealth of Nations, which connects 56 countries under Your Majesty’s leadership.”

He expressed confidence that the friendship between Nigeria and the United Kingdom will continue to grow.

“Finally, Your Majesty, I wish to express Nigeria’s deep gratitude to this great nation for the refuge and support it extended during the dark years of military dictatorship. Like many Nigerians involved in the pro-democracy struggle, I found safety here, and I recall that my residence was placed under Metropolitan Police surveillance for protection following threats from agents of the junta.

“That solidarity remains etched in our collective memory, and it is deeply humbling for me to stand before Your Majesty today as the President of a democratic Nigeria.

“On behalf of the Government and people of Nigeria, I thank Your Majesty, Her Majesty The Queen, Prince William and Catherine, the Princess of Wales, other members of the Royal Family, and the people of the United Kingdom for their longstanding friendship.

“In the spirit of friendship and our shared destiny, I invite you all to raise a glass with me:

“To the special bond between Nigeria and the United Kingdom,  and to the bright future that we shall build together.”

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Bala Mohammed Debunks Defection Rumours, Affirms Loyalty to PDP

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Bauchi State governor, Bala Mohammed, has dismissed speculation linking him with a possible defection to the ruling All Progressives Congress (APC), reiterating his commitment to the Peoples’ Democratic Party (PDP).

The governor, who also serves as Chairman of the PDP Governors’ Forum, had recently been the subject of reports suggesting he might be considering leaving the opposition party, with claims that such a move could occur within the week.

However, while dismissing the rumour shortly after presiding over the swearing-in of 17 newly appointed Permanent Secretaries at the Government House in Bauchi on Wednesday, Mohammed downplayed the claims, stressing that he had made no official statement indicating any intention to quit the PDP.

He maintained that the reports are unfounded, reaffirming his continued membership of the party.

“I find it amusing that even when I have not said anything officially, people are already discussing me as if I have moved,” he said.

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