WEDNESDAY 29TH MAY 2019

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Airtel Seeks to List on Nigerian Stock Exchange Considers $1bn London listing Emma Okonji with agency report Airtel Africa Ltd, a subsidiary of Indian telecoms group, Bharti Airtel Ltd, is considering

a stock market flotation in London, designed to expand its data and mobile money services across Africa. The telecoms company has also indicated interest to list on

the Nigerian Stock Exchange (NSE), which is one of the 14 countries where it currently operates. When listed on the NSE, Airtel will become the second

telecommunication company in Nigeria to be so listed. Nigeria’s biggest telecommunication by market share, MTN, on May 16, 2019 listed 20.35 billion shares on

the Nigerian bourse at N99 per share. Airtel Africa is aiming to raise about $1 billion in a June equity offering, a source close to the deal said.

Airtel operates in 14 African markets, including Democratic Republic of the Congo, Kenya, Nigeria, Rwanda, Seychelles, Continued on page 10

INEC Begins Consultations on Electoral Reform in July... Page 10 Wednesday 29 May, 2019 Vol 24. No 8815. Price: N250

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Private Sector Operators Set Agenda for Buhari’s Second Term Chris Uba

FORGING STRATEGIC ALLIANCE... L-R: Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan; Non-Executive Director Ecobank Transnational Incorporated, Mr. Bashir Ifo; Group Company Secretary, Cisse Madibinet; Group Chief Executive Officer, Mr. Ade Ayeyemi; Non-Executive Director, Mr. Tei Mante; Chairman, ETI, Mr. Emmanuel Ikazoboh; President Muhammadu Buhari; Chief of Staff to the President, Mallam Abba Kyari; Minister of Information and Culture, Alhaji Lai Mohammed; Central Bank of Nigeria Governor, Mr. Godwin Emefiele; Non Executive Directors of ETI Aasim Qureshi, David O’Sullivan and Mfundo Nkuhlu, during a courtesy call by the Board of ETI on the president at the State House, Abuja… yesterday

As President Muhammadu Buhari begins his second term in office today, members of the Organised Private Sector (OPS) have identified policies his administration must pursue to fast-track economic growth and prosperity in the next four years and beyond. Top on the agenda, according to the business operators who spoke in separate interviews with THISDAY yesterday, is for Continued on page 10

FG Slashes JV Stake to 40% to Boost Revenue Directs finance ministry to liquidate 'unencumbered' recovered assets May borrow more to fund deficit Works, Housing; Transportation and Agric Ministries top distribution list Iyobosa Uwugiaren, Ndubuisi Francis and James Emejo in Abuja The federal government has taken some steps to boost revenue receipts in the face of the state of the nation’s fragile economy.

One of the steps is a directive by President Muhammadu Buhari for the immediate commencement of the restructuring of the Joint Venture (JV) oil assets to reduce the government’s shareholding to 40 per cent within the 2019 fiscal year.

The Nigerian National Petroleum Corporation (NNPC), which manages the nation’s oil sector, owns a 55 per cent interest in its joint venture with Royal Dutch Shell and 60 per cent stakes in others. Other oil majors, including

Chevron and ExxonMobil, also operate joint ventures with the NNPC. Minister of Budget and National Planning, Senator Udo Udoma, unveiled yesterday in Abuja, the details of efforts to boost the nation’s revenue while

giving a breakdown of the 2019 budget. He said the president had also directed the Ministry of Finance to liaise with relevant authorities to liquidate all recovered 'unencumbered' assets. Apart from huge recoveries

in local and foreign currencies, the Buhari administration has made several noncash recoveries, including farmlands, plots of land, completed and uncompleted buildings, vehicles and

UNHCR: Violence Forces 20,000 Nigerians into Niger… Page 8

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