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news you can trust I ** wednesDAY 01 april 2020 I vol. 19, no 532
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FG opens test centres in Kaduna, Maiduguri, Kano, Sokoto
P
resident Muhammadu Buhari on Sunday ordered a total lockdown of Lagos, Ogun and the Federal Capital Territory (FCT) from 11pm on Monday to curb the spread of
the deadly coronavirus. He, however, later extended the take-off date for Ogun to Friday. While the lockdown is bound to have huge impact on people’s lives and livelihoods in all the affected states, it is specifically putting to test the dynamism of Lagos, Nigeria’s commercial nerve-centre
which is home to over 20 million restless inhabitants. On Monday, the announcement caused panic withdrawals at banks’ automated teller machines in Lagos, with scores of residents making frantic efforts to get enough money to stockpile food and other daily needs. “I have to withdraw as much
Lagos, Abuja economy grounded as presidential directive takes effect See page 30
3M 0.00 2.21
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as I can so I do not get stranded within this period,” young Emeka Umanu, who spent one hour and 15 minutes at a Zenith Bank ATM at Okota, Lagos, said. “When you visit ATMs at a period like this, the response you get most times is ‘out of service’ or ‘unable to dispense cash’,” Umanu said. The number of Nigerians with Continues on page 34
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NGUS mar 29 2023 395.04
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Coronavirus: Buhari’s lockdown order tests Lagos’ dynamism ODINAKA ANUDU, MICHAEL ANI (Lagos) & Tony Ailemen (Abuja)
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MTN to push ahead with Nigeria IPO amid market rout
SEGUN ADAMS
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TN Group Ltd will push on with a plan to reduce its majority stake in its Nigerian operations through an initial public offering (IPO), though turmoil caused by the coronavirus may require the sale to be done in smaller chunks than anticipated. The impact of the pandemic on international financial markets doesn’t change the importance of selling part of the 79 percent shareholding to local investors, Chief Financial Officer Ralph Mupita said in an interview. However, the rest of a threeto-five-year plan to dispose of 25-billion rand ($1.4 billion) of assets will probably take a back seat for now, he said. “In Nigeria, we still want to do part of our retail offer, even if it’s a smaller part of the total planned sale,” Mupita said. “We are applying our minds to doing this at the moment.” Continues on page 34
Inside
Dated Brent falls to $17 as physical, futures markets diverge P. 2 L-R: Etsu Ndagi, commander, 9 brigade, Ikeja Army Cantonment; Hakeem Odumosu, commissioner of police, Lagos Command; Babajide SanwoOlu, Lagos State governor; Ibrahim Aliyu, commander, Nigeria Navy Ship (NNS) Beecroft, Apapa, and Abdulfatai Sanusi, director, Department of State Services (DSS), during a media briefing after the State Security Council meeting at Lagos House, Marina.
COVID-19: Corporate governance and business sustainability P. 32