BusinessDay 09 Jan 2019

Page 1

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Foreign Reserve - $43.04bn Biggest Gainer Biggest Loser Cross Rates - GBP-$:1.27 YUANY-N53.19 FO Okomuoil Commodities N83.75 7.93 pc N26.55 -7.97 pc 30,036.15

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NEWS YOU CAN TRUST I **WEDNESDAY 09 JANUARY 2019 I VOL. 15, NO 220 I N300

Focus shifts to pricing of Otedola’s Forte Oil stake sale ... SEC, NSE yet to receive application IHEANYI NWACHUKWU

T

he price at which billionaire businessman and majority shareholder in Forte Oil Plc, Femi Otedola is selling his stake in the oil company is now a source of concern to many equity holders in the company. Investors are further kept in the dark as both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) said they are yet to receive Otedola’s application on the proposed divestment of his majority stake in Forte Oil Plc. Otedola’s application to both the market apex and self-regulator is expected to provide details of the transaction, including the price at which the transaction will clear. Forte Oil Plc had in Decem-

₦1,412,079.58

+0.80 pc

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$-N 357.00 362.00 £-N 455.00 464.00 €-N 404.00 414.00

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FGN BONDS

TREASURY BILLS

365.87 306.90

3M 0.43 13.04

NGUS MAR 27 2019 364.89

g

6M

5Y

-0.06 14.41

0.00

15.03

NGUS JUN 26 2019 365.34

@

10 Y 0.00

20 Y 0.00

15.46

15.20

NGUS DEC 24 2019 366.24

g

With Teleology fiasco, Nigeria fails yet another investor test

Lack of technical partner threatens 9mobile sale

JUMOKE AKIYODE-LAWANSON & LOLADE AKINMURELE

T

he damage done to foreign investor confidence with MTN’s row with Nigerian regulators had barely cooled before another sucker

punch was dealt, as a brewing fiasco involving Teleology Holdings and its Nigerian shareholders threatens to taint Abuja’s investment climate. Teleology Holdings acquired 9mobile, formerly Etisalat, last November, after paying some $500 million for the struggling

telco that was dumped by previous investors, Etisalat Group, over a fall-out with a consortium of 13 local creditor banks. Etisalat was said to have defaulted in servicing a $1.2 billion loan taken from the banks. What began with an outburst of optimism for the 9mobile

project has since turned sour after some infighting in the Teleology consortium between the foreign partner led by former MTN CEO, Adrian Wood, and the Nigerian unit, over the business strategy of 9mobile, with the Continues on page 38

Continues on page 38

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Inside Stocks slide to 19-month low as election jitters bite P. 39

Members of organised Labour, JAF, and Civil Society Organisations at a mass rally from Maryland to the Governor’s Office, Alausa, Ikeja, demanding immediate enactment of N30,000 minimum wage law in Lagos, yesterday. Pic by Olawale Amoo


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