Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses - Business (2)

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Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses (22977 Views)

Cadbury Nigeria Reports N28.2billion Loss In 2023, Shareholders’ Funds Wiped Out / Dangote Sugar Incurs ₦172 Billion In FOREX Losses, Ends 2023 With ₦108.9 Billion / Nestle Nigeria Posts N104bn Loss In 2023, Shareholders Funds Wiped Out (2) (3) (4)

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Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by baby124: 2:15pm On Mar 01

Binance users aka Obidients did this work. MTN better hold Binance for blockus. Some people on that platform must face death sentence.

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Bankkym: 2:16pm On Mar 01

sweetkev:
Tinubu has nothing to offer Nigeria except suffering and calamity.

This is the best news ever

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Chukwudi4naija(m): 2:16pm On Mar 01

MrSundry:
2023 was a massive bloodbath for companies in Nigeria with forex exposure.

The irony of the Fx issue is; while banks are declaring record profits, those in real sectors are declaring massive losses.

Have you not noticed a massive change in Bank charges?

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Kusu12: 2:17pm On Mar 01

Obirodents have turned Nairaland to Wailingland, losers love wailing

4 Likes 1 Share

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Skillsnigeria: 2:17pm On Mar 01

Hmmm

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Bankkym: 2:17pm On Mar 01

This is a great news for Nigeria.

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Olamicwoto: 2:19pm On Mar 01

😄🙄🤭 everybody go collect

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Pristine664: 2:21pm On Mar 01

EyeCumInPiece:

Only the spiritually blind fail to realise that Tinubu is a Curse and an Abomination to this country.

Brace for more Tinubulation. 👋

You are stucked with him till 2031

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Typing: 2:22pm On Mar 01

Reelmii:
Thank goodness i did not buy that year...this life ehn...sometimes its good to follow yr instincts ooo instead of trying to feel among

Lie lie

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Bfly: 2:24pm On Mar 01

Foreign companies must suffer from FX crisis

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Daniluv1(m): 2:27pm On Mar 01

Judolisco:
Omo... Abeg wetin be d difference between forex and sport betting?

Lol
E reach to ask my bro grin

Bro them be brothers and sisters only be say you go need go training to Sabi one inside the two and you already know the one wey I dey talk about

Make Dem dey deceive themselves no difference my brother

3 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Oghene86: 2:29pm On Mar 01

References1:

https://nairametrics.com/2024/03/01/mtn-nigeria-incurs-n740-billion-in-forex-losses-shareholders-funds-wiped-out/?amp=1

Hope those supporting this administration are affected by this, then they will realize the mistakes they made

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Gbeng30(m): 2:30pm On Mar 01

Tinubu's lack of plan and terrible policy will crumble many company in this country, less than a year in office all this is happening...we should just brace ourselves in this country, only God know what this country will look like in 4year under tinubu administration

5 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Teeklef(m): 2:31pm On Mar 01

Judolisco:
Omo... Abeg wetin be d difference between forex and sport betting?

Forex is advance sport betting. You need to learn how to trade on Forex but sporty bet doesn't need training. A mumu can register today and win 100k by luck.

2 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by sonofsteven: 2:32pm On Mar 01

Hope my money still dey intact

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by yewit37486: 2:32pm On Mar 01

Freestuffsng will soon come and tell us they actually made a massive profit and this is just "paper loss". Acknowledging the truth of a situation is the foundation of finding the solution out of it, instead of telling blatant lies.

5 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by OfficialAPCNig: 2:32pm On Mar 01

Tinubu incompetence don reach MTN

3 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by MichealOlajide: 2:33pm On Mar 01

franchasofficia:

Who did this? Tinubu, oh my gosh

bro🤣🤣😭😭😭

2 Likes 1 Share

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by ArcSEMPECJ(m): 2:34pm On Mar 01

HungerLOKAN people will not like this news....

MTN should have employed the man that developed Lagos to be their overall Manager....

Anyway, even in this hardship, my Clients are always blessed to patronize my work.....

Check my signature for details.....

2 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by maasoap(m): 2:36pm On Mar 01

Chukwudi4naija:
Have you not noticed a massive change in Bank charges?

For those who still use them

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Cmanforall: 2:37pm On Mar 01

Is this the new fraud?

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Svoboda(m): 2:37pm On Mar 01

Mayydayy:
If big corporations like mtn are recording this amount of loss,then you should Imagine what SMEs and other little business are going through in this country. Let's keep playing politics with everything but the truth is that the terrible realities are still staring at us the face face. No reasonable foreign corporation will come to invest in this country at it's current state. It's our loss.

That mtn data is pure exaggeration. Let them exit the country if they cant Continue.

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by MichaelSokoto(m): 2:43pm On Mar 01

STEWpid:
Chai..

Osenoboa!!!

Does it mean my share of 0.0612% of MTN NG is gone?

MTN cannot tell me that bullshitticus!!

dey play!

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Bluntemperor: 2:44pm On Mar 01

MrSundry:
2023 was a massive bloodbath for companies in Nigeria with forex exposure.
The irony of the Fx issue is; while banks are declaring record profits, those in real sectors are declaring massive losses.

Does that tell you something,with these Companies involvement in FOREX racketeering?
Go deep down,you will see how Nigerians, especially the Former CBN-Management,were having field day with all these Foreign Organisations and Businesses,just because of our greed, Unpatriotic y and Recklessness,by aiding and abetting these pseudonym,in pretence of buying and selling $Dollars- just because Mr Emiefiele and his gangs- who perfected all these Fraudulent practices criminally believed that they are above the law of Nigeria and since Politicians have been doing it,then they ( Banks can do it too) !
See how Binance ($,£),etc ,are regretting there Manipulative Actions and now the Naira to Dollars is coming down!
Faithful Nigerians are waiting and watching,for what will happen to all these 'gbajue,' in business but pretending to be Nigerian Friends!
•If is in China,North Korea, Malaysia, Singapore,etc,all these People- shady -Characters are gone forever!
Very Despicable Activities!

4 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by TOPCRUISE(m): 2:45pm On Mar 01

Tinubu that is saying he is bringing in investors. And Ngelele ringing it in every media platform that investors from every globe are coming to Nigeria.
Will those investors read this and be encouraged.

2 Likes

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by bhella10: 2:45pm On Mar 01

MTN too must collet grin

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Judolisco(m): 2:46pm On Mar 01

Teeklef:

Forex is advance sport betting. You need to learn how to trade on Forex but sporty bet doesn't need training. A mumu can register today and win 100k by luck.

so u are saying they are technically the same?

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Judolisco(m): 2:47pm On Mar 01

Daniluv1:

Lol
E reach to ask my bro

Bro them be brothers and sisters only be say you go need go training to Sabi one inside the two and you already the one wey I dey talk about

Make Dem dey deceive themselves no difference my brother

lol

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Thinktwicemybro: 2:51pm On Mar 01

AllTheWayUp:

The banks, Dangote group and BUA were the one getting forex below market rate, thus they are declaring profit while other multinationals ike Nestlé, Nigerian Breweries, Guinness, Cadbury, MTN, were getting forex at market rate and thus lead to their financial loss.
The forex system in Nigeria is rigged
Tony Elumelu is just cashing out every day from unfair forex trading thus he is always throwing ~~parties~~ almost every month like a yahoo boy that just cashed out

All white parties

1 Like

Re: Shareholders Funds Wiped Out As MTN Nigeria Incurs N740bn FOREX Losses by Fgo31: 2:56pm On Mar 01

AllTheWayUp:

The banks, Dangote group and BUA were the one getting forex below market rate, thus they are declaring profit while other multinationals ike Nestlé, Nigerian Breweries, Guinness, Cadbury, MTN, were getting forex at market rate and thus lead to their financial loss.
The forex system in Nigeria is rigged
Tony Elumelu is just cashing out every day from unfair forex trading thus he is always throwing parties almost every month like a yahoo boy that just cashed out

. That is not always so. Most of big coys declaring losses have their parent companies abroad and also most of them have trading partners abroad who they buy materials and sells to and also get trade loan from so by the time they are translating for the year and also remitting back to their trade partners and parent companies, they do so in Dollars and not in naira because reporting will be done in dollars or in the parent companies country currency and not in naira so this will result in forex loss. If at the time P&G got a supply from its trade partner at N460/usd let say in May 2023 and when they are to remit back in November 2023, the rate is now N900/usd the losses incurred because of exchange losses will be massive. Likewise reporting/publishing of account at year end with the exchange rate of N935 at December 2023 compared to when the exchange rate was N460. The exchange rate losses will be massive. Compared with the our banks, Dangote cement, BUA and the likes who are indigenous companies and are also reporting their financials in Naira, the losses won't be felt much on these indigenous companies unlike their foreign companies counterparts. For every of dangote subsidiaries operating abroad by the time they are remitting to them, there will be an exchange gain for them because of rate of dollar to naira that is high. Also these banks trade with the free forex with them so when they make gain, they make mad gain

2 Likes

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