Connect with us

brand

MTN Group perfects plans for Nigeria public offer

Published

7 years ago

on

MTN Group on Monday said it was perfecting the details of its proposed Nigeria Initial Public Offering (IPO), the News Agency of Nigeria.

MTN Group’s spokesperson, who pleaded anonymity, confirmed this in response to enquiries by NAN on why the company was yet to file applications for the proposed offer.

Both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) are yet to receive applications from the company for the offer.

The MTN representative said detailed process and work stream on the IPO were currently underway and would be announced at the appropriate time.

NAN reports that IPO is process through which a private company or corporation raises investment capital by offering its stock to the public for the first time.

Speaking on the IPO process, the spokesperson said MTN had not made known the offer value contrary to the 500 million dollars being speculated in the media.

“To clarify some matters on the IPO process, no amount/value has been given by MTN Group or MTN Nigeria regarding the IPO and there was never a statement on a ‘proposed $500m IPO.’

“In the communication we have issued to the market, we have noted that we expected this IPO process to be concluded during 2018 and there was not a specific date given,” the representative said.

NAN reports that there were reports earlier that MTN Group Ltd. was perfecting plans to raise about 500 million dollars from the sale of shares in its Nigerian business in the first half of 2018.

Standard Bank Group Ltd. and Citigroup Inc. had been advising the company on the disposal of as much as 30 per cent of the Lagos-based unit on the Nigerian Stock Exchange (NSE).

MTN had agreed to list the Nigerian unit as part of June 2016 agreement to pay one billion dollars fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

NAN reports that MTN recently appointed a Nigerian investment firm, Chapel Hill Denham, as lead manager for the planned sale of 500 million dollars shares in its Nigerian business.

It also appointed South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital as joint issuers to the offer.
The telecoms firm also appointed seven placement agents that would help market the shares.

Post Views: 1,710
Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

brand

FIRSTBANK MARKS SIGNIFICANT MILESTONE: ₦1 TRILLION IN INSTANT DIGITAL LOAN DISBURSEMENTS

Published

1 hour ago

on

July 18, 2025

By

 FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.

Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment. The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.

Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’

He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.

Post Views: 12
Continue Reading

brand

FIRSTBANK PARTNERS UNGC TO DRIVE SUSTAINABLE FINANCE AND UNLOCK CAPITAL FOR DEVELOPMENT

Published

2 days ago

on

July 16, 2025

By

FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened its partnership with the United Nations Global Compact (UNGC) to reaffirm its commitment to driving sustainable finance and unlocking capital for development. This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.

 The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.

FirstBank’s Chief Risk Officer, Patrick Akhidenor, represented the bank at the conference and highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund. The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions. The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.

‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”

Sanda Ojambo, CEO of UNGC, emphasized the need for innovative, inclusive financial models for underserved regions. “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said. “De-risking tools and blended finance can help unlock capital and drive meaningful impact.

FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail

 

Post Views: 32
Continue Reading

brand

Access Holdings Reaffirms Strategic Growth Plan from Expansion to Optimisation

Published

2 days ago

on

July 16, 2025

By


Access Holdings PLC, the parent company of Access
Bank, has reaffirmed its long-term strategic blueprint anchored on a deliberate and
structured progression: scale, optimise, and sustain.
This roadmap, which has driven the Group’s aggressive expansion across Africa and
into key global markets, is now entering a crucial optimisation phase, expected to unlock
significant value for stakeholders as the organisation heads toward 2027.
Speaking on the strategy, Bolaji Agbede, Acting Group Chief Executive Officer, noted:
“Our approach has always been clear: scale first through strategic expansion, then
optimise through consolidation, synergy realisation, and operational efficiency. During
the scale-up phase, a considerable amount of funding is required to drive investments in
people, systems, infrastructure, and acquisitions.
“But as we move deeper into the optimisation phase, we will begin to see the full benefits
manifest, especially in terms of profitability, capital efficiency, and shareholder returns.”
Access Holdings’ five-year strategic plan, which runs through to 2027, also places
financial inclusion and impact at the core of its growth agenda. By expanding digital
access and scaling low-cost delivery platforms, the Group aims to onboard millions of
previously unbanked and underserved individuals and MSMEs across Africa into the
formal financial system. This is part of a broader strategy to enhance intra-Africa trade,
empower smallholder businesses, and strengthen the value chain across key sectors
including agriculture, commerce, and manufacturing.
The Full Year 2024 financial results demonstrate that the Group’s investments are
already yielding meaningful outcomes. Gross earnings rose to N4.878 trillion from
₦2.594 trillion in 2023, while profit before tax increased by 19% to N867.0 billion. Total
assets surged by 55.5% to N41.498 trillion, reinforcing Access Holdings’ position as one
of Africa’s most formidable financial services institutions.
Post Views: 29
Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved