News
35m Shares of Etisalat Goes on Sale by Private Placement
Premium Telecommunications Holdings Limited (PTHL), a special purpose vehicle which holds the interests of Nigerian investors in Etisalat Nigeria has offered for sale by private placement 35 million shares held by Karington Telecommunications Limited of Etisalat Nigeria.
The 35 million shares is about 17.5 percent of the Nigerian company and is being priced at $10 per share with a market capitalization of $350 million or N56 billion at a conversion rate of N160 to the dollar.
Private placement is raising of capital via private rather than public placement. The result is the sale of securities to a relatively small number of investors. Investors involved in private placements are usually large banks, mutual funds, insurance companies, and pension funds as well as high networth individuals.
The placement is being done to enable a greater number of Nigerian nationals and companies to participate in the opportunity. By acquiring shares in PTHL, potential investors will acquire indirect interests in Emerging Markets Telecommunications Services (EMTS).
EMTS, is Nigeria’s new GSM-based telecommunications network and operates under the “Etisalat” brand as “Etisalat Nigeria”. By acquiring shares in PTHL, potential investors will acquire indirect interests in EMTS.
The offer which opened on March 23, 2009 is scheduled to close on April 24, 2009.
The issuing house to the offer is FSDH Asset Management Limited (FAML) while each share is being offered at a unit price of $10.
Investors are required to subscribe to a minimum of 100,000 units, which brings the minimum value of investment to $1million.
According to the prospectus, investors could also apply for additional multiple shares of 50, 000 units which cost $500,000.
Etisalat, is a Nigerian company incorporated under the laws of Nigeria in partnership with Mubadala Development Company and Etisalat of the United Arab Emirates.
Incorporated in Nigeria as a private company, it acquired the Unified Access License from the Federal Government in January 2007. The license includes a mobile license and spectrum in the GSM 1800 and 900 MHz bands at a price of $400million (Four Hundred Million U.S. Dollars). Etisalat acquired a 40% stake in EMTS and is now the operator of the Unified Access License.
Etisalat has been the telecommunications service provider in the United Arab Emirates since 1976. In its 32 years of operations, it has built up state-of-the-art telecom infrastructure and taken a leadership position of innovation and reliability among regional and international operators.
Etisalat has footprints in 16 countries traversing the Middle East, Asia and Africa. In Africa, Etisalat’s operations span 10 African nations including Sudan and Zanzibar. It therefore begins operations in Nigeria with considerable experience in successfully rolling out networks in challenging terrains.
In Nigeria, Etisalat made the first official call on its network on the 13th of March 2008 in the presence of dignitaries from the Nigerian Communications Commission (NCC) and the Senate of the Federal Republic of Nigeria.
News
LIRS to Invoke NTAA to Recover Unpaid Taxes from Bank Accounts, Others

Lagos Internal Revenue Service (LIRS) pursuant to Section 60 of the Nigeria Tax Administration Act (NTAA), plans to ask Nigerian banks to debit bank accounts of employers who failed to remit tax liability.

This was disclosed in a recent notice on Sunday.
LIRS stressed that the move was in line with the implementation of the country’s NTAA and other new tax laws, which took effect on January 1, 2026.
“Where a taxpayer fails, neglects, or refuses to settle any established outstanding tax liability when due, LIRS may exercise its power under Section 60 to direct any of the following persons to pay the amount owed by the taxpayer:
“Banks and other financial institutions; Employers; tenants, debtors, or customers of the taxpayer; Agents, business partners, and any person holding money on behalf of the taxpayer; Any person owing money to the taxpayer, whether presently due or accruing. Once a substitution notice is issued, the person served is statutorily required to remit to LIRS the amount. Specified in the notice from funds belonging to, or payable to, the defaulting taxpayer,” the LIRS notice partly read.
Meanwhile, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, weeks ago ruled out claims that the government would debit personal accounts over tax remittances.
News
Anambra Cuts Monday Pay to Kill Sit-at-Home

Anambra State will implement pro-rata salary payments for civil servants starting February 2026, targeting chronic Monday absenteeism from the long-running sit-at-home order, Information Commissioner Dr. Law Mefor announced Saturday.

Soludo
Speaking at an Awka briefing after the Executive Council’s end-of-tenure retreat, Mefor said improved security and transport have eliminated excuses for the four-year disruption, which cost the state trillions in lost revenue. “Workers enjoyed full pay despite staying away; now, no work means no pay for that day, calculated over 24 working days,” he stated.
Compliance measures include mandatory Monday clock-in forms, with markets urged to reopen fully amid bolstered security. This builds on a January 22 executive order docking 20% pay from teachers absent on Mondays.
Mefor warned that lost Mondays cripple revenue collection and productivity, rejecting alternatives like Saturday shifts as capitulation to agitators.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
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