MTN

The Federal Inland Revenue Service (FIRS) has appointed MTN, Airtel, and commercial banks to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service. This is contained in a public notice the FIRS issued on November 1, signed by its executive chairman, Muhammad Nami, where the FIRS explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of Value Added Tax. “This Notice is given to all persons carrying on trade,…

MTN Nigeria said Tuesday it is in the process of issuing a new note in the form of commercial paper in order to raise N23 billion towards meeting some obligations falling due in the short term. It gives the country’s subsidiary of Johannesburg-based wireless operator MTN Group the enablement “to diversify its financing options” with cash planned for “working capital and general purposes,” according to a regulatory filing seen by PREMIUM TIMES. The final tranche of the two notes simultaneously issued in April…

Nigerian stocks may not be drawing big inflows from investors abroad because most of current investments are already trapped in the system as the dollar reserves hit new lows and the apex bank is seizing at every chance to control the greenback. But, in some way, equities are finding resilience. Local participation has been keeping the market going since the start of the year, with shares having yielded 20.3 per cent or N5 trillion so far this year. With the half-year financials of big lenders like Access…

MTN initiated a trial of its 5G technology in the country on Wednesday with seven Nigerian cities targeted for a start when the services launch proper, the wireless operator said in a statement to the Nigerian Exchange. The pioneering feat comes more than eight months after the telecom firm and Mafab Communications Limited won a bidding for the two slots available for the start of the spectrum services in the country. Both firms had received permits to operate 5G services in the first week of May. Broadband…

Telecommunications company MTN Nigeria’s mobile money wallet, MoMo, recorded 4.2 million wallets in less than two months of its launch, the firm said in its financial result for the half year 2022. With 2.4 million wallets actively in use, the company said active fintech subscribers rose by 87.3 per cent to 11.5 million since launch of PSB on 19 May. MTN reported Monday that in the first six weeks of operation, the 2.4 million active wallets had significantly generated volumes of MoMo transactions. “As of the…

Nigeria’s biggest public company by revenue, MTN Nigeria Communications Plc (MTNN), earned N950.1 billion in revenue for the first half of the year, reflecting a one-fifth increase over what it reported in the corresponding period of last year. Shares in the corporation gained 5.3 per cent on Friday following the news. With voice, the wireless carrier’s predominant income source only improving 1.4 per cent, real help came for revenue growth by way of data income as it advanced by more than a half or N119.7…

Telecommunications company MTN Nigeria will reward its shareholders with an interim dividend of N113. 98 billion translating to N5.60 kobo per 2 kobo ordinary share, the firm said in its report on Wednesday. According to the operator’s unaudited profits, it generated N471 billion in revenue between January and April 2022, which represents an increase of more than a fifth over the amount realised from January through March of last year. While mobile subscribers decreased slightly by 1.8%, active data users…

Workers under the aegis of the Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) on Wednesday picketed MTN Nigeria PLC plaza in Falomo, Lagos to drive home some demands.They held placards with inscriptions such as “Workers Rights are Human Rights”; “Unionism is a Right and not a Privilege” and chanted solidarity songs. Some of the union’s grievances include MTN’s alleged resistance to workers’ right to freedom of association, freedom to organise and collective…

MTN Nigeria (MTNN) will raise N200 billion in fresh debt, having approached the capital market regulator, the Securities and Exchange Commission, to green-light the move, the firm said Tuesday. It marks a follow-on to the wireless operator’s inaugural bond issuance programme of the same sum, launched last year in two tranches of varying maturities and coupon rates, MTNN said in a statement seen by PREMIUM TIMES. Cash from the transaction will help finance capital expenditure, particularly network expansion, as…

Nigeria’s Bank of Industry and telecoms company, MTN, have announced a business initiative that will train female entrepreneurs and provide them with loans and grants. The effort, through MTN’s Y’ellopreneur, will train and provide N2 million credit to 100 female entrepreneurs, MTN said. The entrepreneurs will use the equipment loans to grow and sustain their businesses, and grants would be extended to those who meet expectations of the credit terms, upon full payback of the loan. The loan has a moratorium of…