NIGERIA NEWSPAPERS: TODAY’S THISDAY NEWSPAPER HEADLINES [30 AUGUST, 2018].

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CBN Orders MTN to Refund $8.134bn Illegally Repatriated from Nigeria
Thu, 30 Aug 2018

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Three years after facing a record-breaking $5.2 billion fine in Nigeria, South Africa’s telecommunications giant, MTN, is again in trouble with the Nigerian government over the illegal repatriation of $8,134,312,397.63 from the country, in violation of the extant laws and regulations.

According to banking industry sources, who spoke to THISDAY, the Central Bank of Nigeria (CBN), having carried out its investigation into the illegal remittances to MTN’s Johannesburg-based parent company over a nine-year period, wrote to the Nigeria subsidiary on Tuesday demanding that the $8.134 billion be refunded with immediate effect to the CBN.

The illegal foreign exchange remittances to MTN’s parent company in South Africa, said the sources, was done through four Nigerian banks.

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The banks – Standard Chartered Bank, Citibank Nigeria Limited, Stanbic IBTC Bank Limited and Diamond Bank Plc – were found to have helped MTN illegally repatriate $8.134 billion between 2007 and 2015, despite the fact that the telecoms giant was in violation of the extant Nigerian foreign exchange and anti-money laundering laws.

The four banks have also been directed by the CBN to refund the $8.134 billion with immediate effect and were respectively fined by the central bank for the various violations regarding the remittances undertaken on behalf of MTN Nigeria.

After the issuance of its operating licence by the Nigerian Communications Commission (NCC) in 2001, the shareholders of MTN Nigeria invested the sum of $402,590,261.03 between 2001 and 2006 to fund its investments in the country by way of inter-company loans and equity investments.

The investments were carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced through the Certificates of Capital Importation (CCIs) issued by the four banks.

The CCIs issued at the time of the investment of $402.6 million showed that $59,436,923.44 was invested by way of a shareholder loan and $343,153,339.56 as equity.

However, this position was contrary to MTN’s financial statement for the year ended December 31, 2007, which showed that $399,594,146 was invested in the firm by way of a shareholder loan and $2,996,117 was invested as equity investment, in accordance with the shareholder’s agreement, but contrary to CCIs issued by StanChart, Citibank and Diamond Bank.

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Buhari Assures May of Free, Fair, Credible Elections in 2019
Thu, 30 Aug 2018
Meets Ambode, seeks sustainable UK, Lagos relations Omololu Ogunmade in Abuja President Muhammadu Buhari Wednesday in Abuja assured the United Kingdom Prime Minister Theresa May of his commitment to conducting free, fair and credible elections in 2019. A statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said Buhari []
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UBA Grows Gross Earnings By 16% to N258bn
Thu, 30 Aug 2018
Nume Ekeghe The United Bank for Africa (UBA) Plc has announced its audited 2018 half year financial results, showing strong growth across key performance metrics as well as a significant contribution from its African subsidiaries. Despite declining yield environment in two core markets Nigeria and Ghana the pan Africa financial institution delivered double []
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Farmers Draw N150bn from CBN’s Anchor Borrowers’ Programme
Thu, 30 Aug 2018
Ogbeh: No excuse for loan default ‘ Nigeria saves $800m from local rice production James Emejo in Abuja and Chinedu Eze in Lagos The federal government has disbursed N150 billion to local farmers under the Central Bank of Nigeria (CBN)’s Anchor Borrowers Programme (ABP) in two years to assist farmers of key agricultural commodities. []
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Can MTN Nigeria Survive Multiple Fines
Thu, 30 Aug 2018
Emma Okonji As the news broke Wednesday that MTN Nigeria has once more been penalised by another regulator in Nigeria, industry watchers have been wondering if the telecom giant will be able to overcome the challenges it has been faced with in the country. Precisely, the Central Bank of Nigeria (CBN) has asked MTN Nigeria []
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APC Settles for Indirect Primary to Elect Candidates
Thu, 30 Aug 2018
Onyebuchi Ezigbo in Abuja Ahead of today’s National Executive Committee (NWC) meeting of the All Progressives Congress (APC), they were indications last night that the party would go for the delegate system to elect candidates for the 2019 general election. Following the meeting of APC national caucus at the Presidential Villa last Tuesday night, the []
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Presidency: PIGB Contains Constitutional, Legal Breaches
Thu, 30 Aug 2018
Atiku, Adebanjo, environmentalists reject veto Deji Elumoye, Omololu Ogunmade, Adedayo Akinwale in Abuja and Segun James, Shola Oyeyipo in Lagos The presidency wednesday in Abuja cited constitutional and legal breaches as the reasons President Muhammadu Buhari withheld his assent to the Petroleum Industry Governance Bill (PIGB). Senior Special Assistant to the President on National []
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Suspected Herdsmen Kill Family of Five, Three Others in Plateau
Thu, 30 Aug 2018
Seriki Adinoyi in Jos At least eight persons were killed last Tuesday in Barkin Ladi Local Government Area (LGA) of Plateau State in separate attacks by gunmen suspected to be herdsmen. In one of the attacks, a pastor of Church of Christ in Nations (COCIN), Rev. Adamu Gyang Wurim, his wife and three children were []
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Emergency Relief Agency Assesses Impact of Flood in 8 Kano LGAs
Thu, 30 Aug 2018
Kano State Emergency Relief and Rehabilitation Agency (SERERA) says it has dispatched personnel to eight local government areas of the state recently affected by flood to assess the level of damage in the areas. The Executive Secretary of the agency, Alhaji Ali Bashir, disclosed this in an interview with the News Agency of Nigeria (NAN) []
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NLNG Embarks on $120m Road Project
Thu, 30 Aug 2018
The Nigerian Liquefied Natural Gas (NLNG) has embarked on the construction of the $120 million Bonny-Bono road. The road which will connect Bonny to Port Harcourt is slated for completion within 40 months. The company also plans to embark on $6 billion capacity development project for the Train 7, which had potential of creating 12,000 []
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Onyema: UK a Great Ally for Nigerian Capital Market Devt
Thu, 30 Aug 2018
Goddy Egene The Chief Executive Officer of The Nigerian Stock Exchange (NSE) Mr. Oscar Onyema has stressed that the United Kingdom(UK) remains a key partner to Nigeria, particularly for its capital market development. Onyema spoke to journalists on the sidelines of the business networking event hosted by the British High Commission as part of the []
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Kwankwaso Declares for Presidency
Thu, 30 Aug 2018
Atiku, Saraki berates FG for denying senator use of Eagle Square Bafarawa kicks against consensus candidate Deji Elumoye and Adedayo Akinwale in Abuja The race to clinch the Peoples Democratic Party (PDP) ticket was heated up wednesday as former Governor of Kano State, Rabiu Musa Kwankwaso, formally declared his intention to run for the []
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Jonathan Lauds Saraki’s Leadership Qualities
Thu, 30 Aug 2018
Senate president opens campaign office in Abuja Deji Elumoye in Abuja Former President Goodluck Jonathan has lauded the leadership qualities of the Senate President, Dr. Bukola Saraki. This is coming as the Senate President has opened a campaign office along Adetokunbo Ademola street in Wuse Zone 2, Abuja. According to the former president, Saraki’s []
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Regulators Urged to Wade into Sea Trucks Group’s Imbroglio
Thu, 30 Aug 2018
Peter Uzoho A civil society organisation, Campaign Against Impunity (CAI), has called on the federal government and relevant authorities in the oil and gas industry to urgently intervene in the alleged liquidation and takeover of West African Ventures Limited, by expatriates brought into the company by its Dutch-Nigerian founder, Jacques Roomans. Speaking at a press []
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TWPC Trains Corporate Organisations, Others on Customer Service
Thu, 30 Aug 2018
Ugo Aliogo The Work Place Centre (TWPC) Limited has trained corporate organisations and business owners on the use of technology in driving customer service experience. Speaking Wednesday in Lagos at the CARM 2018 Masterclass with the theme: ‘Evolving Customer Experience in a Digitalised World,’ the Managing Partner, TWPC, Bola Adeniyi-Taiwo, said the focus of the []
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Ecobank Launches ‘Emerald Business’ Club
Thu, 30 Aug 2018
Nosa Alekhuogie EcoBank Nigeria Limited has launched its ‘Emerald Business Club,’ an electronic platform aimed at offering convenience, accessible banking services especially to small and medium size enterprises, local corporates and various clients in the commercial sector. The initiative was launched in Lagos on Tuesday. The Managing Director, Ecobank Nigeria, Charles Kie, explained that the []
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Danbatta: Over 40 Million Nigerians Lack Access to Internet
Thu, 30 Aug 2018
Emma Okonji The Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta has revealed that over 40 million Nigerians are still deprived of internet access, despite the fast pace of internet adoption in the country. Danbatta, who made the disclosure this week while addressing delegates at this years International Telecoms Union (ITU) annual regional capacity []
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NIPOST Moves to Boost Revenue with ATM, PoS Services
Thu, 30 Aug 2018
Emma Okonji In line with its drive towards adopting technology to reform the Nigerian Postal Service (NIPOST) and reposition the institution for competition, NIPOST Lagos zone has installed automatic teller machines (ATM) and point of sales (PoS) machines across most of its post offices in the Lagos zone. NIPOST said it would use the ATM []
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Dimieari Von Kemedi: Why Our Banks Are Failing Farmers: An Irish Lesson in Finance
Thu, 30 Aug 2018
FROM THE FARM Amidst a breakdown in relations between clerks and their employers, the Irish Banks Standing Committee took the drastic step of closing banks for six long months in 1970. At the end of the period, the Central Bank of Ireland carried out a review. Not only did the Irish economy continue to function, []
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Achieving 30% Broadband Target
Thu, 30 Aug 2018
With barely four months to the December 2018 target of achieving 30 per cent broadband penetration, government is optimistic of meeting the target, writes Emma Okonji Having acknowledged the importance of internet and broadband as the foundation for transformation to a knowledge-based economy, coupled with the declaration of the International Telecoms Union (ITU) to make []
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Glo, Industry Stakeholders Support Digital Summit
Thu, 30 Aug 2018
Leading telecommunications company, Glo and other key stakeholders in Nigeria’s ICT ecosystem have indicated their desire to support the Nigerian Women Digital Agenda Summit organised by the Centre for Cyber Awareness and Development (CECAD). The summit holds today in Lagos. Others that would be part of the summit themed, ‘Harnessing the Opportunities in the 21st []
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Vodacom Becomes Africa First to Launch 5G in Lesotho
Thu, 30 Aug 2018
Vodacom Group has launched Africa’s first commercial 5G fixed wireless access (FWA) network, in Lesotho, while announcing the technology will be ready for deployment in South Africa when spectrum is assigned. Its Lesotho 5G network uses 3.5GHz spectrum previously assigned by regulators to deliver ‘fibre-like speeds.’ Two enterprise customers are already signed-up to use Vodacom’s []
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German Regulator Threatens Facebook Data Crackdown
Thu, 30 Aug 2018
The Federal Cartel Office in Germany may order Facebook to take action to address concerns regarding its use of data gathered without consumers’ consent if the company fails to do so voluntarily, according to Reuters report. ‘We are conscious that this should, and must, go quickly,’ the president of the watchdog, Andreas Mundt, said, adding []
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