TheNewsGuru

Tag: MTN

  • Equity market losses N93bn as MTN, Transcorp stocks decline

    Equity market losses N93bn as MTN, Transcorp stocks decline

    The Nigerian equity market started the week on a negative note, losing N93 billion due to sell-offs in MTN Nigeria, Transnational Corporation (Transcorp), and other declining stocks.

    Specifically, the market capitalisation, which opened at N55.497 trillion, shed N93 billion or 0.17 per cent to close at N55.404 trillion.

    Also, the All-Share Index dropped by 0.17 per cent or 163 points to settle at 97,582.41, compared to 97,745.73 posted on Friday.

    As a result, the Year-To-Date (YTD) return decreased to 30.50 per cent.

    Market breadth closed negative with 25 laggards compared to 23 gainers on the floor of the Exchange.

    On the losers’ table, Chams led by 22k to close at N1.98, UPL trailed by 24k to close at N2.18, while The Initiative Plc lost 18k to close at two Naira per share.

    Omatek also decreased by 5k to close at 56k and Champion went down by 25k to close at N3.01 per share.

    On the other side, International Breweries led the gainers’ table by 42k to close at N4.62, Presco Plc followed by N44.10 to close at N485.10 per share.

    Sovereign Trust Insurance rose by 5k to close at 55k, United Capital gained N1.20 to close at N13.35 and Oando advanced by N2.50 to close at N27.80 per share.

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 57.36 per cent.

    A total of 324.02 million shares valued at N6.22 billion were exchanged in 9,738 deals, against 210.91 million shares valued at N3.95 billion that exchanged hands in 6,603 deals recorded in the previous session.

    Meanwhile, Zenith Bank led the volume and value charts, with 36.99 million shares worth N1.33 billion.

    Ahead of the week, analysts at Cowry Asset Management Ltd., forecast a mixed trend with a possibility of profit-taking at the Nigerian stock market.

    The analysts said that investors were likely to engage in sectoral rotation, capitalising on stocks that experienced pullbacks to position themselves strategically.

    They said that this rotation strategy was expected to create buying opportunities, especially in anticipation of upcoming releases and dividend announcements from major banking institutions in the corporate reporting season.

    “As the market structure and fundamentals evolve, investors are advised to position themselves in stocks with sound fundamentals to navigate the prevailing conditions effectively,” the analysts advised.

  • MTN closes down offices nationwide over vandalisation of properties

    MTN closes down offices nationwide over vandalisation of properties

    MTN Nigeria on Tuesday shut down all its outlets and service centres across the country.

    The development followed the crises that rocked the telecom operator which led to the destrution of the company’s properties.

    The viral clips that surfaced on social media on Monday, captured long lines of angry costumers at the company’s offices nationwide, voicing their frustration and disappointment over the recent blocking of their phone numbers by the telecom giant.

    Another video showed angry subscribers vandalising the iron bars of the company’s office in the FESTAC Town area of Lagos.

    Reacting, the Lagos State Police Public Relations Officer, Benjamin Hundeyin, via the microblogging platform, X formerly Twitter confirmed that they had restored normalcy in the state.

    Speaking on Tuesday morning, MTN via its official handle said it would be shutting its shops nationwide as a result of the incidents.

    “Yello customer, please be informed that our shops nationwide will be closed today, 30th July 2024,” the statement sighted on X read.

  • Watch brave NYSC member put her life on the line as angry costumers attempt to vandalize Mtn office in Ibadan

    Watch brave NYSC member put her life on the line as angry costumers attempt to vandalize Mtn office in Ibadan

    A video showing the moment a yet to be identified National Youth Service Corps (NYSC) member put her life on the line in attempt to pacify disgruntled MTN costumers who stormed their outlet in Ibadan over the recent blocking of their phone numbers by the telecom giant has surfaced on social media.

    TheNewsGuru.com (TNG) reports that  the telecom giant on Sunday barred the mobile lines of numerous users who failed to link their National Identification Numbers (NIN) with their phone numbers.

    This development followed the directive of the Nigerian Communications Commission (NCC)  to disconnect Subscriber Identity Module (SIM) numbers not linked to NINs.

    However, due to the disruption caused by any subscribers who gathered at MTN offices on Monday morning, forming long lines at the entry points across the country, the NCC through its spokesmen, Reuben Muoka ordered telecommunications firms, MTN, GLO, Airtel and 9mobile to immediately reactivate lines blocked ahead of the deadline.

    However, in the 30 sec video that surfaced online, the female corper, who seems to be serving at MTN ibadan,quelled the agitation, by going down on her kneels to plead with the angry constumers attempting to vandalise the iron fence of the building.

    She has also recieved alot of praises from Nigerians on social media for her bravery in the face of choas

    Watch the video here;

     

  • Angry costumers destroy MTN office over blocked sim (video)

    Angry costumers destroy MTN office over blocked sim (video)

    Angry consumers on Monday was captured on camera vandalising  MTN office in the Festac area of Lagos office.

    It would be recalled that disgruntled subscribers had stormed various offices of the telecommunication giant across the country to express their frustration over their deactivated SIM cards.

    In the viral video on social media, the angry customers could be seen trying to pull down one of the building’s iron bars.

    A resident who pleaded anonymously told FIJ that the crowd lost control after they perceived the MTN staff were unwilling to attend to them.

    “People visited the office on Monday to complain about their deactivated lines, but I think the MTN officials were not attending to them and the people got angry and started scattering the premises,” he said.

    “However, normalcy has since been restored to the area even though some customers are still hanging around.”

    Watch video below;

    TheNewsGuru.com (TNG) reports that the Nigerian Communications Commission (NCC) had directed telecom companies to bar unregistered SIM cards and SIMs that were not linked to NIN in 2020.

    Compulsory linkage of NIN with SIM began in December 2020 and since December 2023, the NCC has reviewed the deadline a few times.

    First, April 15, 2024 was set as the deadline for barring subscribers with four or fewer SIMs that had unverified NIN details. This deadline was then reviewed to July 31, 2024, to give consumers more time to ensure their submitted NIN details are properly verified.

     

  • Absence of judge stalls trial of MTN CEO

    Absence of judge stalls trial of MTN CEO

    The trial of Mr Karl Toriola, the Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Ltd; and others was, on Thursday, stalled due to the absence of the trial judge.

    Although the matter was fixed for the arraignment of Toriola and other, Justice Inyang Ekwo of a Federal High Court, Abuja was not in court.

    The matter was, however, adjourned until Sept. 26 for the defendants’ to take their plea.

    Other defendants in the charge are MTN Nigeria Communications Ltd; MTN Senior Executive Officer, Nkeakam Abhulimen; Fun Mobile Ltd, a telecommunications service provider; and Yahaya Maibe, its CEO as 1st, 3rd, 4th and 5th defendants respectively.

    Toriola is named as 2nd defendant in the charge marked: FHC/ABJ/CR/111/2024.

    The prosecution; the Nigerian Copyright Commission (NCC) had, on May 14, accused Toriola of evading service of court documents in the alleged copyright infringement charge.

    Justice Ekwo had adjourned the matter until today to allow the prosecution effect service of the court papers on the MTN CEO.

    But the case, which was listed as number one on the cause list, could not proceed.

    On June 22,  a musician, Maleke Moye, who is the nominal.complainant in the suit, had raised alarm over alleged plan by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, to take over the ongoing trial of the telecommunications company and its CEO.

    The musician said that the minister’s directive for the prosecuting agency, NCC, to hands off the trial and forward the case file to his (AGF) office portends impending dangerous precedence.

    In the three count-count charge dated March 19 and filed March 20 by Emeka Ogbonna on NCC’s behalf, the prosecution alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business, infringed musical works of Maleke Moye, an artiste, without his consent and authorisation.”

    The commission alleged that the defendants used Maleke’s musical works and sound recordings with subsisting copyright, known as “caller ring back tunes” without the authorisation of the artiste.

    The musical works and sound recordings of the musician allegedly infringed upon include “911, Minimini-Wana Wana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.”

    The defendants were also alleged to have illegally distributed the musical works to their subscribers, without authorisation, thereby infringing on the rights of the artiste.

    In the third count, the defendants were alleged of having in their possession, the musical works and sound recordings of the artiste, other than for their personal or domestic use.

    The copyright commission said the alleged offence is punishable under Section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

  • MTN, Airtel, others in fresh trouble with Reps

    MTN, Airtel, others in fresh trouble with Reps

    The House of Representatives Committee on Corporate Social Responsibility (SCR) has resolved to sanction MTN, Airtel, and other companies for failing to perform their Corporate Social Responsibilities.

    The committee said that it would enact laws to sanction any offenders in that regard.

    Rep. Oby Orogbu, the Chairman of the Committee on Corporate Social Responsibility, said this during a public hearing in Abuja on Tuesday on “a Bill to regulate corporate social responsibility in Nigeria.

    She, however, gave MTN and Airtel the last warning to honour the committee’s invitation or face the arrest warrant.

    According to Orogbu, some companies operating in the country have overtime violated the law, hence the need for punishment to be imposed on them.

    She also frowned at the conduct of the National Communications Commission, MTN and Airtel, adding that they had several times ignored the invitation of the Committee.

    She said that the committee had no choice but to invoke its powers by issuing a warrant of arrest.

    “Section 89, 8 of the Constitution mandates individual companies as invited to make themselves available to parliament, but they break the law.

    “I want to tell MTN and Airtel that they take so much from our nation and they feel too big to appear before the parliament; we will not tolerate that.

    “We gave them the powers to operate in Nigeria, so to refuse to honor the invitation of the parliament is a no-no; we take exception to it.

    “I have taken all friendly measures to make them understand the need to appear before the parliament, but they have refused.”

    “If you feel you are responsible, then you should appear before the parliament. We want you to be responsible and accountable,” she said.

    She said that in spite of operating from across the country, they had disrespected the same nation by not honoring the House invitation.

    Mr. Wondi Ndanusa, who spoke on behalf of the Governor of the Central Bank of Nigeria, said that the CBN is in support of the bill.

    He expressed concern about the proposed penalty of imprisonment for defaulting companies, stating that the penalty should rather be persuasive.

    He also said that many companies were faced with a lot of financial burdens and responsibilities, adding that the proposed SCR should be domiciled with the Corporate Affairs Commission.

    Mr Bala Wuoir, the representative of the Oil Producers Trade Section, expressed concern that the PIA already mandates oil companies operating in Nigeria to make a financial contribution of three per cent of their profits to NDDC.

    He said that mandating them do so again would be burdensome, adding that oil companies should be exempted from the bill.

  • Copyright Infringement: Musician kicks as AGF takes over MTN criminal trial

    Copyright Infringement: Musician kicks as AGF takes over MTN criminal trial

    A musician, Maleke Moye has alleged injustice in the directive by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, for a take over of the ongoing trial of MTN Nigeria and its CEO, over alleged copyright Infringement.

    The musician said that the minister’s directive for the prosecuting agency, Nigeria Copyright Commission (NCC), to hands off the trial and forward the case file to his (AGF) office portends impending dangerous precedence.

    Moye’s position is contained in a press release issued by his lawyer, Rockson Igelige, which was made available to newsmen on Saturday in Abuja.

    It will be recalled that NCC filed criminal charges against MTN Nigeria Communications Ltd, Karl Toriola, its Chief Executive Officer (CEO), Nkeakam Abhulimen, Fun Mobile Ltd. and Yahaya Maibe alleging copyright infringement.

    In the three-count charge, before a Federal High Court, Abuja, NCC alleged that the defendants, between 2010 and 2017 “offered for sale, sold and traded for business’’, infringed musical works of Moye without his consent and authorisation.

    The commission alleged that the defendants used musical works and sound recordings of Moye with subsisting copyright, as Caller Ring Back Tunes, without the authorisation of the artiste.

    According to NCC, the alleged offences are contrary to and punishable under Section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

    At the last hearing in the trial before Justice Inyang Ekwo on June 15, NCC prosecution lawyer, Gladys Ojo had accused MTN Nigeria’s CEO, Toriola, of evading service of court documents

    However, in a letter dated June 19, referenced DPPA/JACK/271/24, the AGF, through the office of the Director of Public Prosecution, directed the NCC to “promptly” hands off the trial, forward the case file and court processes to his office.

    According to the AGF, the decision was taken, following a petition by MTN Nigeria and its CEO, and in line with Section 174 (1) (b) of the1999 Constitution, relating to entry of “Nolle Prosecui” in a criminal matter.

    The section provides: “The Attorney-General of the Federation shall have power – (b) to take over and continue any such criminal proceedings that may have been instituted by any other authority or person.”

    Section 174 (3) further provides that, “In exercising his powers, the Attorney-General of the Federation shall have regard to the public interest, the interest of justice and the need to prevent abuse of legal process”.

    In a copy of the petition by the MTN Nigeria to the AGF, dated May 14, obtained by the News Agency of Nigeria (NAN), the company alleged that the charge was constituted to smear and embarrass MTN and its CEO.

    MTN through its lawyer, Ogden Alade contended that the criminal charge was calculated to “harass embarrass and force the hands of its clients to do the bidding of the musician by paying hundreds of million of Naira for alleged act of infringement”

    MTN said it complied with the provision of applicable laws in the musician songs and did not connive with any person to defraud or violate the right of the musician

    The company added that it had indicated its goodwill and readiness to settle the case amicably under just and fair circumstances without undue pressure and influence, as well as prejudice to its rights and defence.

    MTN said there is an ongoing civil suit on the alleged copyright infringement where the musician is seeking damages of N500 million, before another Federal High Court.

    “The prosecution of the case and trial of MTN and its CEO will erode the corporate image of MTN and depletes its profitability, thereby affecting its share price in the Nigeria’s stock market and taxes payable to the Federal Government by the company.

    “It will also discourage foreign investment for fear of harassment

    “It is in the light of this, that we wish to crave the kind indulgence of your good office in critically examining this matter and exercising your powers under Section 174 of the 1999 Constitution in the overall interest of justice and to prevent abuse of legal process,” the letter read in part.

    Reacting to the decision of the AGF to the MTN petition, the musician alleged that the minister used his office ‘as a tool for oppression against an ordinary Nigerian”.

    “While we concede that the AGF is empowered under the law as the Chief Law Officer, to discontinue any criminal trial, we also know that the sacred trust vested in the AGF must not be abused.

    “The responsibility of entering a ‘nolle prosequi’ must actually be exercised justifiably.

    “Sadly in this instance, there is no justification, whatsoever, for the AGF to thwart the prosecution of MTN.

    “The case, indeed, serves the crucial purpose of giving justice to Mr Moye who has expended time resources and energy to create a work of art which MTN and its cronies have willfully stolen and appropriated the income to themselves,” Moye’s lawyer said.

    He called on the AGF to allow justice to take its course and direct MTN to present its case in court.

    According to him, doing otherwise would suggest that the AGF did not trust the Federal High Court, where the matter is pending, to do justice in the case.

    NAN

  • NCC accuses MTN Nigeria MD of evading service

    NCC accuses MTN Nigeria MD of evading service

    The Nigerian Copyright Commission (NCC), on Tuesday, accused Mr Karl Toriola, the Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Ltd; of evading service of court documents in the alleged copyright infringement suit

    The NCC’s lawyer, Gladys Ojo, made the allegation before Justice Inyang Ekwo of a Federal High Court, Abuja.

    Justice Ekwo had, on April 29, fixed today for Toriola and other co-defendants’ to take their plea following his failure to appear in court in the last adjourned date for their arraignment.

    The NCC had, in a charge marked: FHC/ABJ/CR/111/2024, sued MTN Nigeria Communications Ltd; Toriola; MTN Senior Executive Officer, Nkeakam Abhulimen; Fun Mobile Ltd, a telecommunications service provider; and Yahaya Maibe, its CEO as 1st to 5th defendants respectively.

    In the three count-count charge dated March 19 and filed March 20 by Emeka Ogbonna on NCC’s behalf, the prosecution alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business, infringed musical works of Maleke Moye, an artiste, without his consent and authorisation.”

    The commission alleged that the defendants used Maleke’s musical works and sound recordings with subsisting copyright, known as “caller ring back tunes” without the authorisation of the artiste.

    The musical works and sound recordings of the musician allegedly infringed upon include “911, Minimini-Wana Wana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.”

    The defendants were also alleged to have illegally distributed the musical works to their subscribers, without authorisation, thereby infringing on the rights of the artiste.

    In the third count, the defendants were alleged of having in their possession, the musical works and sound recordings of the artiste, other than for their personal or domestic use.

    The copyright commission said the alleged offence is punishable under Section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

    NAN reports that in the last adjourned date, Toriola and Abhulimen were neither in court nor represented by any counsel.

    When the case was called on Tuesday, Toriola and Abhulimen were again not in court.

    Speaking, Ojo said although the matter was fixed for arraignment today, only Maibe (5th defendant) was in court.

    She said all efforts made to personally serve Toriola were unsuccessful.

    The lawyer said the MTN MD allegedly refused to be served.

    “The last time, we told my lord that we were having issues serving the MTN CEO.

    “We sent our officers to the MTN office in Lagos to serve them but we were denied access. We also sent the charge via DHL,” she said.

    But Obafemi Agaba, who appeared for 1st, 2nd and 3rd defendants (MTN Ltd, Toriola and Abhulimen), told the judge that the MD and Abhulimen were yet to be served with the charges in the suit.

    He argued that the rules of the court is that the defendants be served personally in criminal matter, adding that the prosecution “has not applied for substituted service.”

    Agaba also drew the attention of the court to his preliminary objection challenging the jurisdiction of the court and the competence of the suit.

    But Justice Ekwo advised the MTN lawyer to do everything to ensure that his clients are served with the processes.

    The judge also told the NCC lawyer that she ought to know the necessary legal steps to take regarding service.

    “Nobody can evade service except you don’t know what to do,” the judge told Ojo.

    Justice Ekwo, who adjourned the matter until June 27 for arraignment, said: “However, if the court becomes aware of any application that has been filed before that date, parties will receive hearing notices before that date.”

    NAN

  • Why network providers are planning tariff hike

    Why network providers are planning tariff hike

    Network providers in the country have all agreed to a cost-reflective tariff in view of present extant economic realities.

    Their resolve to increase tarrif soon was contained in a statement jointly released by the Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON) on Thursday. The statement was co-signed by ALTON’s Chairman, Gbenga Adebayo; and ATCON’s President Tony Emoekpere.

    The telcos called upon the government to take decisive action in addressing the numerous challenges confronting the telecommunications industry.

    According to them, telecommunications infrastructure development requires substantial investments in network expansion, maintenance, and technology upgrades.

    The statement reads: “Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last (11) years, primarily due to regulatory constraints.

    “For a fully liberalized and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.

    “ATCON and ALTON call upon the government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability,” the statement partly read.

    Regarding the Nigerian Communications Commission (NCC), the telcos also said regulatory neutrality and independence are crucial to ensuring a thriving telecommunications sector.

    “Statutory provisions lend credence to this notion, as a lack of an impartial regulator will lead to a failure to maintain public confidence in the objectivity and independence of its decisions,” the statement added.

  • BREAKING: NCC files criminal charges against MTN CEO

    BREAKING: NCC files criminal charges against MTN CEO

    The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

    The charge with Number FHC/ABJ/CR/111/2024 filed in the Federal High Court, Abuja Division was obtained on Monday.

    The four other defendants in the case are; Karl Toriola, the Chief Executive Officer (CEO) of MTN Nigeria,  Nkeakam Abhulimen, Fun Mobile Ltd. and Yahaya Maibe.

    In the three-count charge, NCC alleged that the defendants, between 2010 and 2017 “offered for sale, sold and traded for business’’, infringed musical works of an artist, Maleke Idowu Moye without his consent and authorisation.

    The Commission alleged that the defendants used musical works and sound recordings of Maleke with subsisting copyright, as Caller Ring Back Tunes, without the authorisation of the artiste.

    The musical works and sound recordings of the musician allegedly infringed upon included; 911, Minimini-wanawana, Stop racism, Ewole, 911 instrumental, Radio, Low waist, and No bother.

    The defendants were also alleged to have distributed the musical works to their subscribers, without authorisation, thereby, infringing on the rights of the artiste.

    In the third count, the defendant were alleged to have in their possession, other than for their private or domestic use, the musical works and sound recordings of the artiste.

    According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

    The case is yet to be assigned to any judge and no date has been fixed for mention.