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MTN Raises $140m in Divestment Plan

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Communication giant, MTN Group Ltd, said it has raised 2.1 billion rand an equivalent of $140.24 million dollars from asset sales in the first half of this year as part of a divestment plan to simplify its portfolio.

The Group Chief Executive, Rob Shuter, told newsmen in a post-earnings conference Thursday, in Johannesburg that the firm’s three-year plan to reposition the firm was on track.

MTN is in the middle of reviewing its presence in some markets alongside investments in e-commerce platforms as part of a plan to streamline the company into a focused operator in high-growth markets in the Middle East and Africa.

In March, it announced a 15 billion rand divestment programme over the next three years that will also reduce risk and improve returns.

The firm had said in a statement that in the first half of the year, it sold its shareholder loan in ATC Ghana to American Tower Corporation for 900 million rand.

It said it also sold its interests in investment fund Amadeus and its associated holding in Travelstart for 1.2 billion rand.
Travelstart Celebrates 7 years of great deals with a Sale-A-Bration – Pr…Travelstart, Africa’s largest online travel agency, is celebrating seven years of providing cheap flight deals i…

But Africa’s largest mobile network by subscribers, however, reported a 9.3 per cent fall in earnings yesterday.

Shutter said in spite of the drop in earnings, the firm was well on track for its 15 billion rand target over the next three years.

Headline earnings per share (HEPS), the main profit measure in South Africa stood at 195 cents in the six-months through June, compared to 215 cents in June 2018.

MTN said the earnings were impacted by the new IFRS 16 accounting standard, Nigeria fine interest, foreign exchange gains and losses, hyperinflation and the depreciation of the Iranian real, which resulted in lower earnings from MTN Iran cell.(NAN)

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Ooni partners Chinese company to create over 50000 jobs

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The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has signed a Memorandum of Understanding (MoU) with a Chinese company to create employment opportunities for over 50,000 indigenes of the state.

Ooni signed the MoU with China Overseas Energy Development Technology Ltd on Tuesday in Ile-Ife under Community and Private Partnership arrangement.

He said that the company would invest in agriculture, green energy, gold, lithium and other mineral resources in Ile-Ife and the state at large.

According to him, the Chinese company will also focus on the development of agriculture; mechanised farming and the production of cocoa in large quantity.

The traditional ruler stated that the MoU would help the indigenes of the state to enjoy unprecedented investment flow, while assuring that the company would not disappoint in the area of funds.

“The partnership we are signing today with China Overseas Technology Development Company Ltd is going to create over 50,000 employment opportunities to Osun indigenes.

“The company would first invest in agriculture and would set up a cocoa processing plant in Ife-ife, which will serve as its agricultural hub.

“The company will farm on over 20,000 hectares of land, generate green energy using solar which is starting from this palace.

“This palace will be powered by solar 100 per cent within the next 30 to 60 days when it is completed,” Ooni stated.

Continuing, Oba Ogunwusi said the future of Nigeria oil and gas lies in lithium, noting that soonest lithium would be the only means to power battery, electric cars among others.

He added that partnership with the Chinese company would be Community and Private Partnership driven which would help to grow the economy at the community level.

Ooni, who emphasised that the investment would be on a large scale both for Osun and the Federal Government, called for the support of all and sundry.

“In Dubai alone, the Chinese company has investment more than 10 billion U.S. dollars. In South Sudan right now, they are investing over 4 billion dollars. They are now ready to invest double of such investment in Nigeria,” he stated.

Speaking at the occasion, Gov. Ademola Adeleke lauded Ooni for the initiative and the management of the Chinese company for agreeing to invest in the state.

Adeleke restated his commitment to promote culture, tourism and entertainment in the state to improve the wellbeing of residents.

In his remarks, Mr Zhang Xiaolin, the Managing Director/Chief Executive Officer, China Oversea Energy Development Ltd, congratulated Ooni on the celebration of Olojo 2023.

Xiaolin also applauded the traditional ruler for partnering with the company and pledged that the company would adhere to the agreement terms. 

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KDSG reiterates commitment to enhance capabilities of KADBUSA’s operations 

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The Director-General (DG), Kaduna Bureau of Substance Abuse Prevention and Treatment (KADBUSA), Joseph Ike, said, Kaduna State Government has reiterated its commitment to enhance the capability of KADBUSA.

The DG stated this on Tuesday at the Capacity-Building Training for operatives of KADBUSA in Kaduna.

He said the training which is in alignment with Gov.

Uba Sani’s administration’s agenda, emphasizes Human Capital Development and Citizens’ Engagement.

“It is also important in diligently carrying out the important mandate of the Bureau.

“This collaborative initiative between KADBUSA, the Kaduna State Ministry of Health, and the  United Nation Office on Drugs and Crime ( UNODC), underscores the commitment to address the pressing issue of substance abuse within the state.

He said by enhancing the capabilities of KADBUSA’s operations staff, the programme aims to make a tangible difference in the lives of those affected by drug abuse and addiction.

“This two-day, Capacity-Building Training is a significant step towards a healthier, more secured, and prosperous Kaduna State,” he said.

On his part, Project Officer, UNODC, Dr. Akanidomo Ibanga, called for development of policies that will address the prevalence of drugs abuse in the country.

He said people with drug disorder who come in contact with the criminal justice system, should be treated rather than sent to prison.

According to Dr. Ibanga, 14.3 per cent of Nigerians have used drugs within the past years, “that is 14.4 million people. Now, that is three times more than the global average. We have a serious drugs problem on our hands.

“The Nigerian situation is peculiar because it has the drugs problem but doesn’t have enough treatment facilities to handle the issues of people that have drugs disorder.

“This is even a 2018 data. From that time till date, the number of people using drugs have probably increased.

“From projections from WHO and UNODC, there would be 40 per cent increase in drug use by 2030 in Africa, and Nigeria, being the most populous country in Africa, will have most of the number.

“So, we are saying that, we are sitting on s time bomb, because come 2030, we are talking about 20 per cent prevalence, that is, one in every five people you meet on the street.

“There are certain things we can do to avert this. UNODC has evolved certain responses and developed certain models, which can be run by both National and state governments,” Dr. Ibanga added. 

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Naira gains at investors, exporters window

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The naira on Tuesday appreciated against the dollar as it exchanged at N745.19 at the Investors and Exporters window.

The local currency gained by 1.38 per cent compared to the N755.27 it exchanged for the dollar on Sept. 29.

The open indicative rate closed at N767.24 to the dollar on Tuesday.

A spot exchange rate of N819.

90 to the dollar was the highest rate recorded within the day’s trading before it settled at N745.
19

The naira sold for as low as N700 to the dollar within the day’s trading.

A total of 81.12 million dollars was traded at the investors and exporters window on Tuesday.

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