News
Shareholders Allege N5.2Bn Fraud @ MTI, Telecom Infrastructure Builder
Shareholders of MTI Plc, a diversified infrastructure offering company, have petitioned the Securities and Exchange Commission, (SEC) over the alleged involvement of some of its former directors in the fraudulent appropriation, distribution and utilisation of the company’s funds raised from the capital market.
According to the written petition from the shareholders, “between March and April 2008, after obtaining the consent of the SEC, MTI had a private placement to raise funds for the purpose of implementing its business development and expansion programme, improvement in information technology infrastructure, staff development and working capital as stated in the offer document.
“The sum of N5,200,000,000 was raised by way of private placement and the company was converted to a public limited liability company and its shares were listed on the floor of the Nigerian Stock Exchange, NSE, after a successful private placement.”
The shareholders said as soon as the funds were released to the board and management, the first event was the payment of what the directors called “severance pay.”
Each of the five directors, the shareholders said took the sum of N55 million amounting to N275 million adding that all the directors, including the non-executive directors remained on the board after collecting the severance pay.
The foundation of MTI Plc was laid with its incorporation in December 2001.
It commenced operations in the year 2002 as an Information Communication and Technology (ICT) company to provide a broad spectrum of world-class telecommunication products and services.
It became a publicly quoted company in March 2008 with four distinct subsidiaries.
Headquartered in Lagos, MTI has offices in Ghana and Nigeria, and employs approximately 192 employees.
The prime objective of this uniquely positioned company is to implement infrastructure projects on a commercial format.
MTI’s business is to build quality, independently owned and operated infrastructure to service Sub-Saharan African needs in telecommunication, energy, transport and sanitation on an open-access, open-book and common-user basis.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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