Telecom
MTN seeks Relief from Federal High Court against CBN & AGF
MTN Nigeria on Monday filed for an injunction against the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF), Abubakar Malami, following the government’s recent allegations of $8.1bn illegal fund repatriation and $2bn in unpaid taxes as well as a fine of N5.8bn levied against the four commercial banks involved in the transaction.
The barrage of issues which started surfacing on Thursday, August 30th, 2018 has since riddled the media space with allegations, speculations and opinions being thrown around by stakeholders, investors and industry experts around the world.
Tobe Okigbo, Corporate Relations Executive, MTN Nigeria, Commenting on the new development and MTN’s decision to seek legal action, said, “With situations like this, it is vital for both the government, regulators and the company to have absolute clarity on the nature of both the allegations being made and the processes that are being followed.
“In the absence of this clarity, our only option is to seek judicial intervention and to ask the courts to act as adjudicator. This has been done today.”
It would be recalled that on Tuesday, 4th September 2018, MTN released an official statement on the issue, denying all allegations levelled against it and restating its commitment to Nigeria.
Since the release of this statement, the CBN has gone ahead to deduct directly from the banks concerned – Stanbic IBTC, Diamond Bank, CitiBank and Standard Chartered – the fines levied against them.
Also, the AGF wrote to the banks, instructing them to pay these same fines, which had already been directly deducted, into an “asset recovery account;”
CBN officials have also been quoted as saying that on any repatriation of the $8.1 billion, the naira equivalent would be returned to MTN Nigeria, while the AGF has also written to MTN Nigeria describing the $8.1 billion as a “penalty” and instructing that the said penalty be paid into an offshore “asset recovery USD account.”
Considering these steps by the authorities, and the conflicting messages and instructions emanating from them, the company has resorted to filing papers at the Federal High Court Lagos, to seek declaratory and injunctive relief against any further steps by the CBN and the AGF until the matter is resolved.
Speaking further on these developments, Tobe Okigbo expressed concerns about how easily misinterpreted the issues were.
In his words; “The allegations being made involve issues that appear to be complex and so are easily misunderstood and misinterpreted.
“They are made even more confusing when the relevant authorities send conflicting messages and instructions and act in a way that appears un-coordinated and at cross purposes.
“The simple reality is that MTN Nigeria has never repatriated dividends on the CCIs referenced by the CBN and that MTN is fully compliant with Nigerian tax law.”
He concluded by restating the company’s position on all allegations and its determination to continue engaging relevant authorities until the issues are cleared.
“MTN remains fully committed to Nigeria and remains resolute that the company has not committed any offences and will continue to defend its position vigorously.”
Telecom
9PSB Empowering Women Entrepreneurs, SMEs Owners With Agent Banking Opportunities
9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion has reiterated its support to Nigerian women entrepreneurs and Small and Medium Scale Enterprises through its agent banking business opportunities that will scale up their revenue base and improve their standard of living at the 2024 South-West Women Chamber of Commerce and Industry, Emerging Market Emerging Market Summit and Expo.
The event themed: Women Entrepreneur as Catalyst for Sustainable Development and Economic Growth held at Lagos State Co-operative Federation (LASCOFED) aimed at training and empowering over 500 women participants on entrepreneurship skills and fostering market link and economic growth, had in attendance women entrepreneurs and SMEs owners across South-West region who have been using their skills and resources to make purpose driven contributions to the society.
Speaking at the event, the Chief Executive Officer, and Managing Director, 9 Payment Service Bank, Branka Mracajac, represented by the Head of Sales Distribution and Strategic Partners, 9 Payment Service Bank (9PSB), Kunle Isiaka commended the women for their resilience and viable contributions to their communities through the various initiatives and businesses.
‘’I am indeed very thrilled to see these amazons who have been breaking all barriers without limitation in all strata of the society, women are truly the bedrock of the society, when a woman is trained, a nation is of course trained, we cannot over emphasize the need for the women the be financially included, empowered, and given the required support to thrive.
It is understood that a reasonable number of the women folks lack the basic financial knowledge, and many are financially excluded from the formal financial system, this has impacted to an extend their means of doing business.
A report by EFInA states that at least thirty-eight million (that is, 36%) Nigerian adults still do not have a bank account but majority of them have phones, it also shows that four out of every 10 Nigerians are financially excluded, and they are mostly females.
In Lagos State, there are at least eight million adults between the 18 years and above who live in Lagos and more influents daily. Out of this number, 54% of adults are business owners or traders and 28% of them receive payment digitally. With this statistics, 9 Payment Service Bank is working and consolidating on these areas.
“In addition, 91% of Lagos adult females are currently financially served, 6% of women in Lagos have access to credit facility, while we focus on the 8% excluded Lagosian, although our license does not permit us yet to give out loans, but we are doing everything possible to ensure we support the women through our agent banking training geared towards women empowerment,” Kunle added.
“As a bank providing services to the banked and underbanked, we dwell on strategic partnership with other players in the industry because we cannot do it all alone, we have the mandate to drive financial inclusion and ensure that every household is financially included. Also, a robust agent network spreading across the country to facilitate financial transactions have been of tremendous progress.
“We have empowered over 18,000 agents out of which over 45 per cent of them are women. As we make progress in this journey, our Service Location Partners will continue to engage you at your various locations with necessary support to thrive as a merchant in the payment services industry,” he remarked.
Telecom
Google Calls for Applications for Startups AI Accelerator Africa
Google on Monday announced the opening of applications for the 8th cohort of its Google for Startups Accelerator Africa program. This cohort will have a strong focus on startups leveraging artificial intelligence (AI) and machine learning (ML) to address critical challenges and unlock new opportunities across the continent.
Startups are the lifeblood of innovation, driving economic growth, creating jobs, and solving some of society’s most pressing challenges. In Africa, digital transformation is accelerating rapidly and startups play a vital role in shaping the continent’s future from fintech and agritech to healthcare and education.
The Google for Startups Accelerator Africa is a three-month, equity-free virtual program that provides African startups with mentorship, technical resources, and access to a global network of experts and investors. Since its inception in 2018, the program has supported 106 startups from 17 African countries, and have collectively raised over $263 million and created more than 2,800 direct jobs.
“We’re excited to support the next generation of African AI pioneers through the Google for Startups Accelerator, providing them with the resources and mentorship they need to build successful, impactful businesses” said Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google. “Africa’s tech ecosystem is a hotbed of innovation, and AI has the potential to be a transformative force across various sectors.”
The Class 8 program will run from June to September 2024 and will include:
Equity-free support: Up to $350,000 in Google Cloud credits.
Mentorship: Personalised guidance from Google AI experts, seasoned entrepreneurs, and industry leaders.
Technical workshops: In-depth training on AI/ML development, product strategy, and scaling.
Global network: Connections to potential investors, partners, and customers.
Community: A supportive network of fellow founders facing similar challenges and opportunities.
Applications are open from April 29 to May 20, 2024, and can be submitted online at g.co/AcceleratorAfrica. Eligible startups must be based in Africa or building Africa-centric solutions and should be utilising AI/ML in a transformative way.
Telecom
MTN Holds Graduation Ceremony for MIP Cohort 2 Fellows
MTN Nigeria in collaboration with Pan-Atlantic University (PAU) held a graduation ceremony for the graduands of the second edition of its Media Innovation Programme (MIP) at the Lagos Business School, Lekki, Lagos on Friday, 26th April 2024.
Launched in 2022 in partnership with the School of Media and Communication, Pan Atlantic University, MIP is a six-month fully funded certificate fellowship set up to empower media practitioners and content creators to gain deeper insight into the ever-evolving media landscape.
Speaking about the benefits of the programme, Odunayo Sanya, Executive Director, MTN Foundation, said, “As fellows of the MTN MIP, we expect to hear of you, we expect to see you, visibly breaking new grounds, pushing the frontiers, and indeed setting very good standards.
“At MTN, this is our DNA, we do not leave people the way met them and when you look at our story, even as a commercial business, that’s the way it’s been.
“MTN has made a commitment to be a part of the sustainable development of Nigeria. We know we can’t do it alone, and that’s why we look for avenues like this and join hands to deliver transformation.”
The Dean of the School of Media and Communication, Pan-Atlantic University, Dr. Ikechukwu Obiaya, expressed his delight at the completion of the second edition of MIP. Sharing his congratulatory messages, he said, “Knowledge is power, but I’d ask this question, now that you have this knowledge, what are you going to do with it? You have all successfully completed the certificate programme which have consisted in a transmission of knowledge and knowledge as we know is empowering.
“But then knowledge could be useless if we do not apply it. So, I ask again, now that you have this knowledge what are you going to do with? I’d like to make a suggestion and that is to use knowledge to work towards change.
“We all complain a lot about the way things are and we could limit ourselves to those complaints, but the challenge is for us to actually make a difference in striving to improve the space in which we find ourselves. I don’t think any of us here will be able to change the world, but we can change the square-meter within which we find ourselves. Use knowledge to enrich the community.
“So while congratulating you, I also charge you in the goal of wanting to improve self, society and the particular space that you find yourself, I do hope that you will take up this charge to work with us in achieving these goals.”
Among the congratulations, the event’s highlight is inarguably the presentation of the award of excellence to two fellows, Chinenye Anuforo for Innovative Reportage on MTN Foundation and Abdulrasheed Hussain, Chairman’s Prize for innovation, who demonstrated diligence and hard work during their studies. The awards were presented.
Over the last two years, the MIP programme has proven to be one of the pioneers in training fellows in media and innovation in Nigeria. Through its capacity building, the MIP programme is posed to innovate the Nigerian media landscape.
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