₦airaland Forum

MTN Group Ltd. boosted sales ahead of targets in the third quarter, showing its ability to grow the business even with a major regulatory spat that’s rocked shares of Africa’s largest wireless carrier.

The Johannesburg-based company increased sales by 10 percent from a year earlier — above a medium-term target of upper-single-digit growth — and added 2.5 million subscribers, to reach 225.4 million. MTN shares rose 2.5 percent to 86.1 rand as of 10:41 a.m. in Johannesburg.

“These results were delivered in challenging operating and currency conditions,” Chief Executive Officer Rob Shuter said in a statement on Monday.

MTN has lost more than 60 percent of its market value from a record high in 2015 with regulatory issues weighing on prospects, including a dispute beginning that year in Nigeria over unregistered sim cards. The latest accusation that MTN illegally transferred $8.1 billion of cash from Nigeria, its largest market, comes as the administration of President Muhammadu Buhari faces criticism of its economic management in the run-up to elections scheduled for February. MTN denies any wrongdoing.

The company is going ahead with plans to list in the West African nation, in spite of the issue, Shuter said. The decision to sell shares was part of negotiations relating to a $5.2 billion fine for the unregistered sim cards; the settlement included a reduction of the fine to $1 billion.

“The Nigeria dispute remains an overhang on the shares, and can hopefully be resolved in coming weeks,” Peter Takaendesa, a fund manager at Cape Town-based Mergence Investment Managers, said by phone.

During the quarter MTN also listed its Ghanaian business to get access to spectrum, and could potentially sell some of its Ugandan business to local people to ensure the renewal of its license in that country. The company has also suffered a blow in Iran, its second-largest market, after the U.S. reintroduced sanctions on the country.

The Minister of State for Petroleum Resources , Dr . Ibe Kachikwu , at the weekend said two modular refineries would be commissioned in Delta and Rivers states in December .
Speaking at the 2018 graduation of the Petroleum Training Institute ( PTI) Effurun, he added that government had issued licences for 38 of the facilities currently at different stages of completion .
Represented by a director in the ministry, Mr . Idang Alibi , the minister stated : “ As I mentioned during my last visit , the Federal Government is very much interested in constructing modular refineries.
Their development would help to address the perennial shortage of domestic supply of petroleum products , create jobs and stop illegal refining of crude oil and the attendant deleterious impact on the environment . He also disclosed that government was poised to end flaring by utilising and monetising the abundant gas resources in the country .
Kachikwu added that the current administration had redoubled efforts to drive utilisation and commercialisation hence its investment in the nation ’s seven critical gas development projects to deliver about 3 .4 billion standard cubic feet of the product yearly to bridge the medium -term supply gap by 2020.
He noted that the approval of the Nigeria National Gas Policy last year by the President Muhammadu Buhari government was to ensure the product play its full role to the growth of the national economy .
The policy , according to the minister , is key to the realisation of a full- blown domestic gas market in the country in the future .
He , however , regretted that the nation lacked the critical manpower in the upstream , midstream and downstream sectors of the industry .
Meanwhile, stakeholders have deplored the continued burning of illegal refineries by the military in the oil -rich Niger Delta region.
At the yearly tripartite meeting involving oil companies , Rig / HWU firms and the Department of Petroleum Resources ( DPR) in Warri , the players observed that the incineration of confiscated crude and contrivances was not only destroying the delicate ecosystem in the zone but also posing severe health risks to inhabitants .
The Warri Zonal Operations Controller of DPR, Mr . Asuquo Antai Eyo, said the presidency had recently set up a panel to look into the issue and was agreed that the military joint task force should henceforth put an end to the exercise owing to observed health hazards .
He added that it was equally resolved that the stolen content be taken back to the oil firms whose pipelines were vandalised for the scooping.



© 2018 Guardian Newspapers . All Rights Reserved.

Prayers are spiritual cover for our physical protection. The Bible says pray always

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Good for him

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Yes it's very possible. I am a case study

APC playing out their script against 2019 election. Nicely crafted

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But he still claim he is 25 yrs now

I was robbed with the first method in asaba last year

Boko Haram is technically killing. Just Laughing in Chinese

These are not the weapons. These are fake

Those collecting the seeds are not the real farmers

The bishop was right in his action. See what the Bible said. 1 Timothy 5:20 Them that sin rebuke before all, that others also may fear.

Will take A. With his money he can make him fine

Mekky2010:
The British PM who resigned after the Brexit vote is seen here packing his things from his official residence .

He officially seizes to be British PM from today, Theresa May is billed to take over his job as the British PM.

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greenhulk:
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