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Category: Business News

  • World Trade Organization Appoints Ngozi Okonjo-Iweala As New Director-General

    World Trade Organization Appoints Ngozi Okonjo-Iweala As New Director-General

    Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala has been appointed the new chief of the World Trade Organization, becoming the first woman to ever lead the Switzerland-based institution and the first African citizen to take on the role.

     

    However, this is not the first time that Okonjo-Iweala makes history.

     

    Born in Nigeria, Okonjo-Iweala graduated from Harvard University in 1976 and then earned a PhD from MIT.

     

    She then became the first woman to take on the Nigerian finance ministry and the foreign ministry too. She was also the first female to run for the World Bank presidency, where she spent 25 years.

     

    In October, her WTO candidacy was supported by all geographic regions at the trade body apart from the United States, where the then-Trump administration said it would continue backing the Korean candidate.

     

    However, Okonjo-Iweala’s appointment was cleared when President Joe Biden announced a few days ago his support for the 66-year old.

     

    Her vision for the WTO

    The WTO is at a crossroads after many countries seemed to take a step back from long-standing norms governing international trade. In addition, its appellate body has been paralyzed for months after the U.S. — again, under the Trump administration — prevented the appointment of new judges therefore rendering it unable to rule on any trade disputes.

     

    “My vision is also of a rejuvenated and strengthened WTO that will be confident to tackle effectively ongoing issues,” Okonjo-Iweala told WTO members during a hearing in July.

     

    “It is clear that a rules-based system without a forum in which a breach of the rules can be effectively arbitrated loses credibility over time,” she said at the same hearing.

     

    Officials in the European Union and the United States have previously said the WTO needs to be reformed and its rules updated, but there is no consensus on how to do it.

     

    “The WTO appears paralyzed at a time when its rule book would greatly benefit from an update to 21st century issues such as ecommerce and the digital economy, the green and circular economies,” Okonjo-Iweala said.

     

    She is also likely to support female participation in global trade, having said that “greater efforts should be made to include women-owned enterprises in the formal sector.”

     

    Sleeping on the floor

    Okonjo-Iweala has said she can take hardship, having experienced Nigeria’s brutal civil war during her teenage years, during which her family reportedly lost all their savings.

     

    “I can take hardship. I can sleep on the cold floor anytime,” she told the BBC in an interview in 2012.

     

    When serving as Nigeria’s finance minister, kidnappers demanded Okonjo-Iweala resign after taking her mother hostage. She refused to comply and they ended up releasing her mother a few days later, the BBC reported.

     

    She has also been involved in the fight against the coronavirus pandemic, being the African Union’s special envoy on the matter. Okonjo-Iweala has been a board member of Gavi, the Vaccine Alliance — a public-private health partnership immunizing people in poorer countries.

  • Gbajabiamila Flags off FG’s Cash Grant Programme in Surulere

    Gbajabiamila Flags off FG’s Cash Grant Programme in Surulere

    The Speaker of the House of Representatives, Hon. Femi Gbajabiamila, has flagged off the federal government’s cash grant to about 1,800 beneficiaries in Surulere 1 Federal Constituency of Lagos State.

     

    The Speaker, who addressed the beneficiaries and other guests virtually at the Teslim Balogun Stadium, on Thursday, assured his constituents of more socio-economic programmes coming to them.

     

    He appealed to those who were not successful on the current batch of the cash grant not to despair, adding that all efforts would be made to ensure that they succeed next time.

     

    He said: “This is another programme for the upliftment of the people of Surulere; it’s a federal government cash grant to be given to about 1,800 of you. Each of you will be given N20,000 to assist in your trading and whatever business you are doing and to cushion the effects of the Covid-19 pandemic.

     

    “The federal government’s cash grant is a programme designed among other things, to reduce poverty across the country and cushion the impact of the Covid-19 pandemic. There will be many more programmes coming up in Surulere.

     

    ”So, we will continue to work hard for you from here in Abuja. If you look around everywhere in Surulere, there is one thing or the other going on in every ward. We will continue to do more. So, I wish you well and I wish this programme continues and you continue to observe the Covid-19 protocols -social distancing, using sanitisers; these are very important.”

  • Oyo Risks Losing $200m International Bank Development Fund

    Oyo Risks Losing $200m International Bank Development Fund

    By Adejuwon OSUNNUYI

     

    A non governmental organisation, Ibadan Ko ‘Ya Anti Corruption Coalition has expressed fear over the delay by the government in approving and releasing names of contractors to handle some world bank drainage projects in Ibadan, Oyo State.

     

    The fear came as the Oyo state government is lobbying the World Bank to undermine the procurement strategy and award the contracts to companies linked to the governor and his cronies in excess of #7 billion naira above the substantially responsive lowest bidders in the four lots.

     

    The group, in a statement signed by their coordinator and secretary,  Messrs Oladele Morufu  and  Joel  Adeoye respectively, is calling on well-meaning Nigerians, especially the people of Ibadan and Oyo State in general to prevail on the state government from further delaying the announcement and submission of names of qualified contractors to the World Bank, sponsoring the projects before it is too late.

     

    In the statement, it was said that “the government has refused to name the qualified contractors who participated in the bid advertised on August 6, 2020 and opened publicly on  Friday  October 2, 2020 to handle the project tagged, ” Ibadan Urban Flood Management Project”.

     

    Ibadan Ko ‘Ya in its statement disclosed the contractors who participated in the bid were more than 28 and from their quotations and bid prices alongside their bid security amount, it is clear and without ambiguity the companies who should be awarded the contracts.”

     

    “As stakeholders in Oyo State project and among  those who are interested in the development of the state, we are so concerned about the government of Engr. Seyi Makinde insistence on forcing his chosen contractors on World Bank.

     

    ” We gathered however that the delay from the government was not unconnected to greediness and the fact that the government is out to manipulate the outcome of the bid and the contract process, while imposing their own chosen contractors which is contrary to World Bank procedures and standard.”

     

    “Our fear is that there are already several petitions written to World Bank with respect to the manipulation of the process by the state government. This we can assure Nigerians may lead to the cancelation of the loan facility and make Oyo State and the communities to benefit from the flood management project the losers.”

     

    It was stated that the World bank had queried the Oyo State Government represented by Ibadan Urban Flood Management Project (IUFMP) on the proposed award of contracts for the Construction of 2nd Pool of Long Term Investments for Flood Control in Ibadan City of Oyo State Lot 1- 4 to unqualified contractors companies linked to the state government.

     

    It stated “the government’s role in the “corrupt contract award” poses a significant hidden risks for the release of $200 million dollars financing agreement.” It stated.

     

    The state government and the World bank are at loggerheads over the award and this could potentially lead to the bank cancelling the $200 million dollars development fund granted to Oyo state if the state government does not comply to the World Bank procurement strategies.

     

    The cancellation could ultimately have a negative impact on the lives of the oyo indigenes.

     

    In a telephone interview, the Chief Press Secretary to the governor, Mr Taiwo Adisa said he is not aware of the said project and would have nothing to say about it for now.

     

    Pressed further he said he would reach out to the journalist who called him on phone, but never did till the press time.

  • FG Approves Bankers’ Committee Takeover of National Theatre, N21.89bn Renovation

    FG Approves Bankers’ Committee Takeover of National Theatre, N21.89bn Renovation

    The Federal Executive Council on Wednesday approved a Memorandum of Understanding between the Ministry of Information and Culture and the Central Bank of Nigeria as well as the Bankers’ Committee for the renovation of the National Theatre, Iganmu, Lagos.

     

    The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by President Muhammadu Buhari.

     

    Mohammed said the CBN and Bankers’ Committee were willing to invest N21.89bn to renovate the National Theatre complex.

     

    He said the MoU provided that they would run the facility for 21 years before returning it to the Federal Government.

     

    Describing the development as ‘a landmark approval’, the minister said it would pave the way for investment in the creative industry as part of the resolve of the present regime to create at least one million jobs in the industry in the next three years.

     

    Mohammed said, “The President had in 2020 given approval to the CBN and the Bankers’ Committee to develop, refurbish, renovate the National Theatre and at the same time take over the adjoining lands to create a veritable creative industry where there will be four hubs: one each for films, music, IT and fashion.

     

    “The memo today (Wednesday) was for the Federal Ministry of Information and Culture to enter into a Memorandum of Understanding for the refurbishment of the National Theatre.

     

    “The CBN and Bankers’ Committee are willing to invest N21.89bn to renovate, refurbish and commercialise (run it profitably) the National Theatre complex.

     

    “The MoU has a life span of 21 years after which it will revert to government. The important thing is that no job will be lost because after the National Theatre is renovated, a special purpose vehicle will be created to run it.

     

    “It cannot be business as usual; it will be a turning point in the creative industry in the sense that we are going to have a brand-new National Theatre, an event centre that will help in creating more jobs.”

     

    The minister added that the council approved N9.43bn for the completion of the Digital Switch Over, which had previously missed the deadline set for implementation.

     

    The Minister of Communication and Digital Economy, Isa Pantami, disclosed that the council approved about N8.9bn for a new National Information and Communication Technology Park in Abuja to coordinate public and private ICT hubs in the country.

     

    He said a 4,200 square-metre land had already been acquired for the establishment of the park.

     

    He said, “The wisdom behind the ICT Park is for it to be a centre where public and private ICT hubs are going to be coordinated by the Federal Government, where young innovators with crazy and disruptive ideas will be mentored and all what they need provided for.

     

    “We will provide enabling environment for them to utilise and come up with disruptive technologies.

     

    “This is the first of its kind in Nigeria. We have so many parks and hubs but they are regional. This one will be central and will be a centre of job creation for our teaming youths.

     

    “It will be a centre where technology will be developed and incubated. It will play a significant role in reducing unemployment.”

     

  • FG Punishing Nigerians For Its Failure To Make Refineries Work – Economist

    FG Punishing Nigerians For Its Failure To Make Refineries Work – Economist

    A professor of Economics at the Olabisi Onabanjo University, Sherrifdeen Tella, said government should not punish citizens.

     

    He said, “It is not fair. Personally, I do not believe in subsidy because the subsidy they say they’re paying, they are just making money out of it. I think what is important is for us to have our refineries working, rather than we talking about adjusting prices because we are importing refined fuel.

     

    “The government is supposed to bear the brunt of not doing what is right by producing refined fuel for us to buy. The government should have a way of punishing itself rather than punishing the citizens.

     

    An economist and Senior Lecturer, Lagos Business School, Dr Bongo Adi, said it was a bad time for a fuel price hike.

     

    According to Adi, Nigerians are facing social and economic challenges imposed on them by the government and an increase in the pump price of fuel will further drive more Nigerians into poverty and misery.

     

    He said, “From all around, the Nigerian citizens are facing enormous risk to their livelihood, to their safety and of course to their health, owing to the coronavirus pandemic. The times have never been worse than it is right now in 2021.”

     

    A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said the government should know the challenges facing Nigerians in the COVID-19 period as prices of goods and services had gone so high.

  • TUC Tackles Petroleum Minister As FG Says Nigerians Should Prepare For Fuel Hike Pains

    TUC Tackles Petroleum Minister As FG Says Nigerians Should Prepare For Fuel Hike Pains

    The Trade Union Congress on Tuesday took a swipe at the Minister of State for Petroleum Resources, Chief Timipre Sylva, who told Nigerians to prepare for the pain associated with the increase in crude oil price.

     

    Also, the Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other stakeholders on Tuesday advised the Federal Government to use rising revenue from crude oil to tackle poverty and drive an all-inclusive growth.

     

    The groups stated this in separate interviews with The PUNCH while reacting to a statement by Sylva, who earlier on Tuesday warned Nigerians to expect benefits and pain from the rising price of crude oil in the world market.

     

    For Nigeria, which relies on crude oil for about 50 per cent of government revenues and over 90 per cent of export earnings, rising oil price means increased revenue.

     

    On the other hand, rising oil price also translates to increased cost of petroleum products as the country depends heavily on imports due to a lack of domestic refining.

     

    Sylva, who spoke at the launch of the Nigerian Upstream Cost Optimisation Programme in Abuja, said, “Since we are optimising everything, NNPC (Nigerian National Petroleum Corporation) needs to also think about the optimisation of product cost because as we all know oil prices are where they are today: $60.

     

    “As desirable as this is, this has serious consequences as well on product prices. So we want to take the pleasure and we should as a country be ready to take the pain.”

     

    He added, “Today, the NNPC is taking a big hit from this. We all know that there is no provision in the budget for subsidy. So, somewhere down the line, I believe that the NNPC cannot continue to take this blow. There is no way because there is no provision for it.

     

    “As a country, let us take the benefits of the higher crude oil prices and I hope we will also be ready to take a little pain on the side of higher product prices.”

     

    The PUNCH had reported exclusively on Tuesday that the landing cost of Premium Motor Spirit (petrol) imported into the country had risen by 13.34 per cent in one month to about N180 per litre on the back of the increase in global oil prices.

     

    The international oil benchmark, Brent crude, which rose to $59.34 per barrel on Friday from $53.70 per barrel on January 7, crossed the $60 per barrel mark on Tuesday for the first time in over 12 months.

     

    Crude oil price accounts for a large chunk of the final cost of petrol, and the deregulation of petrol price by the Federal Government last year means that the pump price of the product will reflect changes in the international oil market.

     

    Since November 13, 2020 when the pump prices of PMS were last increased in the country, the oil price has increased by over 45 per cent.

     

    Going by the petrol pricing template of the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol rose to N179.67 per litre last Friday from N158.53 per litre on January 7, with the expected open market price (pump price) of the product increasing to N202.67 per litre from N181.53 per litre.

     

    The rising price of crude oil pushed the cost of petrol quoted on Platts to $543.25 per metric tonne (N157.99 per litre, using N390/$1) last Friday from $480.25 per MT (N139.67 per litre) on January 7.

     

    The NNPC, which has been the sole importer of petrol into the country in recent years, is still being relied upon by marketers for the supply of the product despite the deregulation of the downstream petroleum sector.

     

    The Federal Government removed petrol subsidy in March 2020 after reducing the pump price of the product to N125 per litre from N145 on the back of the sharp drop in crude oil prices. The price reduction lasted till June.

     

    Nigerians saw increases in the pump prices of petrol in four months, rising from N121.50–N123.50 per litre in June to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September and N163-N170 in November.

     

    There is no honour in your statement, Congress lambasts minister

     

    Reacting to the minister’s statement, the TUC wondered why the government was always quick to announce increase in fuel pump prices but slow to implement agreements reached with the organized labour.

     

    The TUC President, Quadri Olaleye, who stated this when asked by The PUNCH to react to the minister’s statement, noted that there was nothing honourable about what the minister said.

     

    The union leader stated, “The question is why is government always quick to tell us about the rise in the price of crude oil in the international market and the need to increase the price of PMS (Premium Motor Spirit) here but it always takes them weeks, if not months to implement agreements reached with the organised labour? It all points to one thing: they have no mercy on the poor people of this country.”

     

    Olaleye noted that the carefree attitude of the government to the plight of workers and other Nigerians showed that they do not care.

     

    He further argued that they also seemed unconcerned about the poverty, insecurity, and other social plaques their policies had caused.

     

    The TUC leader added, “ In every move and statement by government officials, you could see and feel their care-free attitude and indifference to our plight.

     

    “It appears they are not disturbed by the poverty-ridden plight of Nigerians and the unemployment/insecurity situation that their obnoxious policies have created in the country. There is nothing honourable about what  the minister has said.”

     

    Commenting on the minister’s statement, The Director-General of MAN, Mr Segun Ajayi-Kadir, said the expected increase in revenue should benefit all through an all-inclusive economic growth, which should include massive job creation.

     

    He noted that  the positive side of increased national revenue from the rising crude oil prices in the international market “is now threatening to bring forth the negative side for us.”

     

    He said, “Even though the economics of it looks straightforward, any possible increase in fuel prices in Nigeria will have to be considered carefully. This is because of its potential negative impact on the fragile economic and security situation of the country at this time.

     

    “Besides, we are just witnessing some measure of industrial stability and merely hanging on to an open economic and social life under the ravaging COVID-19 pandemic. I am not sure that we are ready for a fuel-induced inflation. This is quite apart from the heavy cost implication it portends for companies that are already forced to generate their own electricity for long hours due to poor supply inadequacy.

     

    Increased revenue from crude oil should have multiplier effects, says MAN

     

    “Also, for those who may want to rationalise the possible increase, the question to ask is what is government going to do with the corresponding increased revenue from crude oil sales in the international market? It should normally countermand the rise in pains arising from the rise in the price of fuel. Are we poised to translate this windfall, if I may use the word, to inclusive economic growth and harvest its inherent multiplier effect? Will it fund productivity, job creation and increased investments?”

     

    Nigeria faces a dilemma, says LCCI

     

    The Director-General of the LCCI, Dr Muda Yusuf, said the country must find a balance between social considerations and the commercial and economic considerations

     

    According to him, the deregulation policy of the downstream sector of the petroleum industry posed a dilemma at a time like this.

     

    He stated, “From a purely economic and commercial point of view, it is a policy that we need to sustain irrespective of what the oil price is because the capacity to be able to continue with fuel subsidy and its problems is not there, and it is also not in the interest of the economy for us to continue along that route,” he said.

     

    According to him, the subsidy regime comes with a lot of fiscal pressure on government finances, the problem of corruption, and the problem of diversion of petroleum products to neighbouring countries, among others.

     

    Yusuf said, “But the dilemma is the implications for the welfare and social conditions of the people because we are dealing with a situation of a great deal of extreme poverty among the majority of Nigerians.

     

    “We are dealing with an economic recession, cost of production and transportation that is already high, and a populace that is already on edge because of the challenges of the environment. We are dealing with a population that is characterised by high income inequality.

     

    “So, it is important that we have a balance because not deregulating the sector is not really an option; so we have to find a model that will work – like a balance between the social considerations and the commercial and economic considerations.”

  • FG Planning To Replace BVN With NIN – Minister

    FG Planning To Replace BVN With NIN – Minister

    The Minister of Communications and Digital Economy, Dr Isa Pantami, has said the Federal Government plans to replace Bank Verification Numbers with the National Identity Numbers.

     

    The minister said this while briefing newsmen after a facility tour and inspection of the ongoing NIN enrolment exercise at NIMC and other designated centres in Abuja.

     

    He said he had made a presentation to the National Economic Sustainability Committee and drew the attention of the Central Bank of Nigeria’s Governor on the need to replace BVN with NIN.

     

    According to him, the BVN is a regulator’s policy, while NIN is a law.

     

    He said, “The strength of the law wherever you go is not the same with a policy of one institution.’’

     

    The minister noted that BVN was only applicable to those who had a bank accounts while NIN was for every citizen and legal resident in the country.

     

    “BVN is our secondary database, while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC,” he said.

     

    Pantami boasted that Nigeria was at the forefront in Africa in regard to data protection regulations, claiming that the level of security in the entire database was 99.9 per cent.

     

    He said, “That is why we came up with the Nigeria Data Protection Regulation that we always enforce and this is applicable to the database at our disposal.

     

    “We take care of it and make sure that security is excellent and we don’t allow anybody to compromise the content because it is a trust from our citizens given to us.’’

     

    Giving reasons the government engaged private agents for the NIN enrolment, the minister said the move was in line with the global standard.

     

    He emphasised the need for NIMC to focus on regulatory work and set the standards for biometrics registration, measuring of heights, standard for data to be collected and general verification.

     

    In another development, Pantami has called on the organised private sector to enhance collaboration with government, adding that the economy of Nigeria is dependent on how it faired.

     

    Pantami said this in his address at National Directorate of Employment/Federal Government’s Special Public works programme commissioning where 11,000 unemployed youth in Gombe State were engaged with work tools.

     

    He said an enabling environment was key to harvesting the gains associated with private sector, stressing that the current dispensation had provided friendly atmosphere for businesses to thrive.

     

    The minister said, “The economy of Nigeria relies more on the private sector than the public sector.

     

    “If you look at our GDP collectively, it is approximately around $450bn which is the highest in Africa. If you compute, you will discover that the entire stage of government particularly the federal level is approximately around 8.5 per cent, while that of the private sector is more than 91.5 per cent. Government cannot do without collaborating with the private sector.

     

    “What government must do is to provide enabling environment for the private sector to thrive and this is what we have been doing every day to come up with policies for the private sector to thrive.

     

    “This is what brought about tax holiday, visa on arrival in Nigeria, online registration of companies by CAC.”

     

    While hailing the public works initiative, the minister said it would reignite social service.

  • [Fraud ALERT]: FG Debunks Individual NIN Registration Website, Warns Nigerians Against Online Enrollment

    [Fraud ALERT]: FG Debunks Individual NIN Registration Website, Warns Nigerians Against Online Enrollment

    The Federal Government through the National Identity Management Commission (NIMC) has debunked it has approved an alleged individual National Identification Number (NIN) registration website.

     

    In a statement on the official twitter handle of NIMC on Monday, the commission said the website is not associated with NIMC.

     

    While warning Nigerians not to become victims and to protect their personal information, the NIMC disclosed that the website (http://bit.ly/NIN-ONLINE-REGISTRATION) is run by fraudsters.

    “Disclaimer. The website is not associated with NIMC. It is run by fraudsters. Protect your personal information, do not become a victim,” it stated.

  • Buhari Leads Mo Ibrahim, Adesina, Okonjo-Iweala, Others to Lagos Economic Summit Ehingbeti Feb. 16

    Buhari Leads Mo Ibrahim, Adesina, Okonjo-Iweala, Others to Lagos Economic Summit Ehingbeti Feb. 16

    President Muhammadu Buhari will next week lead other eminent Nigerian, African and global leaders to the Lagos Economic Summit, Ehingbeti, scheduled to hold from Tuesday, February 16 to Thursday, February 18, 2021.

     

    The summit is living up to its repute as Africa’s most practical and result-oriented private sector-led forum for socio-economic and infrastructural development with the quality of speakers confirmed to discuss at the virtual summit.

     

    This year’s edition, with the theme: For a Greater Lagos: Setting The Tone For The Next Decade, has drawn about 150 speakers from across the world to discuss and deliberate on pragmatic optimisation of the inherent opportunities in Africa’s fifth largest economy and offer perspectives on how to manage the peculiar socio-economic landscape of Lagos State in the coming decade.

     

    Leading the array of speakers at the summit are the Founder and Chair of Mo Ibrahim Foundation, Mr. Mo Ibrahim; Works and Housing Minister Babatunde Fashola (SAN), Director General of the Budget Office of the Federation, Mr. Ben Akabueze; former Minister of Finance, Dr. Ngozi Okonjo-Iweala; President of African Development Bank (AfDB), Dr. Akinwunmi Adesina; United Nations (UN) Deputy Secretary General, Amina Mohammed and UNDP Resident Representative, Mohammed Yahaya.

     

    President Buhari; former Lagos State governor, Asiwaju Bola Ahmed Tinubu and British Higher Commissioner to Nigeria, Catriona Laing, will give goodwill messages.

     

    The Summit opening address will be delivered by the Lagos State Governor Babajide Sanwo-Olu will deliver the opening address, while his deputy, Dr. Obafemi Hamzat and House of Assembly Speaker Mudashiru Obasa will lead the session on Strengthening Governance, Institution and Legislation.

     

    Other speakers at summit include Managing Director, Nigerian Breweries, Jordi Borrut Bel; Chief Executive of Centre for Values in Leadership, Prof. Pat Utomi; Academic Director, Lagos Business School, Prof. Yinka David-West; Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines And Agriculture (NACCIMA), Ambassador Ayoola Olukanni; Director General of Lagos Chamber of Commerce & Industry (LCCI), Muda Yusuf; Founder of Ebony Life TV, Mo Abudu; Founder of Terra Culture, Bolanle Austen-Peters; Director of Creative Arts (West Africa), British Africa, Miss Ojoma Ochai, among others.

  • Minister Lauds MTN For Appointing Nigerian CEO

    Minister Lauds MTN For Appointing Nigerian CEO

    The Minister of Communications and Digital Economy, Dr Isa Pantami, has commended MTN Nigeria for appointing a Nigerian to lead the telecommunications and ICT services provider.

     

    According to a statement issued on Sunday, Pantami gave the commendation during a courtesy visit by MTN’s Chairman, Ernest Ndukwe, Chief Executive Officer-designate, Karl Toriola, and Chief Corporate Services Officer, Tobechukwu Okigbo.

     

    The statement said the aim of the visit was to officially introduce the CEO-designate to the minister and to demonstrate commitment to the MTN Nigerianization Agenda – an initiative geared at increasing local participation in the telco’s top management and promoting local content.

     

    Ndukwe gave the assurance that plans were underway to give Nigerians more access to the MTN opportunity.

     

    “In spite of the current limitations, we are working with stakeholders to increase local ownership of MTN Nigeria and at the same time increase equity in Nigeria’s capital markets,” he added.

     

    Pantami also praised MTN Nigeria for its corporate social investment activities through the MTN Foundation.