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EFCC Raids MTN Headquarters, Grill Top Executives, Seize Documents
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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Tinubu in Abu Dhabi, Pledges Support to Build Sustainable World for All
President Bola Tinubu has said Nigeria is ready to work with other nations to build a resilient, equitable, and sustainable world for all.
Tinubu spoke in Abu Dhabi, United Arab Emirates, on the second day of the 2025 Abu Dhabi Sustainability Week.
The president spoke on the topic, “From Climate Imperatives into Economic Prosperity: Bridging Africa with the Global Energy Future.”
He declared that no single nation could walk the road to sustainability alone, stressing that global interconnectedness demand collective action, knowledge sharing, and mutual support.
According to Tinubu, “The fight against climate change is not merely an environmental necessity but a global economic opportunity to reshape the trajectory of our continent and the global energy landscape.
“As leaders, stakeholders and citizens of our planet, we stand at a critical juncture in human history. To succeed, we must innovate, collaborate and act decisively as one global community.”
Reiterating his administration’s commitment to reducing carbon emissions, Tinubu assured the audience that the Nigerian government had developed actionable programmes in line with global expectations, bearing in mind Nigeria’s economic and political expectations.
He said, “We have embraced a vision of sustainability that aligns with global aspirations while addressing local realities. Our efforts are anchored on three pillars: Energy Transition, Climate Resilience, and Sustainable Development.
“My administration recognises the importance of reducing carbon emissions and a just transition to clean and renewable energy, promoting environmental sustainability and economic growth.
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FG Claps Back at Sanusi, Urges Emir to Rise Above Personal Interest
The Federal Government has responded to recent remarks by Emir Muhammadu Sanusi II regarding the economic reforms implemented under President Bola Ahmed Tinubu’s administration. The Emir, speaking at a public event in Lagos, acknowledged the initiatives but stated he had chosen “not to help the government” by offering his endorsement.
In a statement released on Thursday by the Minister of Information and National Orientation, Mohammed Idris, the government acknowledged Sanusi’s right to express his views, defended its policies, emphasizing that Nigeria is at a critical juncture requiring bold and transformative actions to address entrenched economic challenges. The statement highlighted key achievements, including exchange rate unification, the removal of fuel subsidies, and a reduction in the debt service-to-revenue ratio.
“These reforms are not being implemented because they are easy but because they are essential for Nigeria’s long-term stability and growth,” the statement read. It further noted that global institutions like the World Bank have projected positive growth for Nigeria’s economy, affirming that the country is on a path to recovery.
The government expressed disappointment over Emir Sanusi’s perceived reluctance to constructively support these reforms despite his economic expertise. “It is deeply disappointing that reforms widely recognized as essential by global experts—including Emir Sanusi II himself—are now being subtly condemned because of a shift in loyalty,” the statement added.
The government called on leaders, including Emir Sanusi, to prioritize the nation’s collective good over personal interests or partisan sentiments. “Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders,” the statement emphasized. “This administration urges esteemed leaders to refrain from rhetoric that undermines public trust.”
President Tinubu’s administration reaffirmed its commitment to fostering economic inclusivity and sustainability. The government pledged to remain open to dialogue with stakeholders while focusing on policies aimed at improving the lives of Nigerians.
“Let history record this moment as a turning point—when leaders and citizens alike choose to prioritize the nation’s destiny over personal gain,” the statement concluded.
Eonsintelligence
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Economic Challenges: I Won’t Offer Any Advice, Emir Sanusi Tells Tinubu
Emir of Kano, Muhammadu Sanusi II, has declared that he will not offer any advice to President Bola Tinubu’s government on how to tackle the economic challenges facing the country.
The emir stated this on Wednesday during the 21st Memorial Lecture of Chief Gani Fawehimi held in Lagos.
Speaking as chairman of the event, Sanusi stated that he started by helping the government, but he has now resolved not to help the government anymore.
He said: “I can give a few points here about what we are going through and how it was predictable and avoidable. But I am not going to do that. I have chosen not to speak on the economy, or reforms, or to explain anything because if I do, it will help this government. But I don’t want to help this government. They are my friends, but if they don’t behave like friends, I won’t behave like a friend.”
Emir Sanusi added: “They don’t even have people with pedigree that can come and explain to the people what they are doing. I am not going to help. I started by helping, but I am not going to help. Let them come and explain to Nigerians why they are pursuing the policies that they are pursuing.
“But I will say this one thing though. What we are going through today is at least in part, a necessary consequence of decades of irresponsible management. People were warning that if we continued the way that we were going, this is how we will end up but they refused to listen.
“Now, is everything being done correctly? No! When I am ready to talk about the economy, I will.”
Sanusi also charged lawyers to emulate the virtues of the late Gani Fawehinmi whom he described as an embodiment of good character now lacking in the legal profession.
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