Business

MTN Nigeria Rewards Shareholders with N174.53bn Dividend

Published

3 years ago

May 13, 2022

Bona Naija

The MTN Nigeria has set aside N174.53 billion as dividend to its shareholders whose names appeared in the Company’s Register of Members at the close of business on Wednesday, April 6, 2022, which translates to N8.57 Kobo per every two kobo ordinary share.

This would bring the total dividend for the year that ended on December 31, 2021 to N13.12 per share, subject to withholding tax.

The MTN Nigeria also announced that its initial 575 million share unit’s offer was exceeded with an oversubscription rate of 139.47 per cent, and in order to manage the over subscription, it added 86.25 million share units to the initial share units.

It said: “In all, 661.25 million units of MTN Nigeria shares were allotted and a total of 126,720 retail investors submitted valid applications and received full allotment. Other institutional investors such as pension funds, insurance companies, asset managers, corporates, and foreign portfolio investors who participated in the book build were allotted 72.09 per cent of their applications.

2023: Dr Echem picks YPP House of Assembly Nomination form for Orumba South Constituency

“This includes Nigerian pension funds representing approximately 6.5 million Nigerian contributors. Nigerian investors across the country supported the offer through multiple channels such as Receiving Agents, Issuing Houses and Primary Offer, that is the digital application platform.

“More than 89 per cent of retail offer subscribers applied through the Primary Offer platform (via mobile and web).

“In addition, 114,938 new Central Securities Clearing System (CSCS) accounts were opened by first-time investors. It was estimated that 76 per cent of the successful subscribers to the public share offer via the digital platform are women, while 85 per cent of these are below the age of 40.”

Speaking on the opportunity that the public share offers to Nigerians, The Chairman of MTN Nigeria, Mr. Ernest Ndukwe, said: “There was no better way for us to commemorate our 20th anniversary than by giving more Nigerians the opportunity to participate in our future success, in line with our Ambition 2025 commitment to shared value.

“To do this, we launched an offer for the sale of 575 million shares held by the MTN Group in MTN Nigeria Communications Plc in November 2021. It also leveraged an innovative digital platform to maximise participation, while many of Nigeria’s institutional investors also participated in the bookbuild phase of the offer.”

The incentives for all investors include one free share for every 20 purchased, subject to a maximum of 250 free shares per investor. Also, an additional 4.28 million MTN Nigeria shares would be allotted to qualifying investors who hold the shares allotted to them for 12 months till January 31, 2023.

Commenting on the offer, the CEO of MTN Nigeria, Mr. Karl Toriola, said: “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer. It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time, and use a digital platform to do so.’’

[ThisDay]

CLICK TO GET A WhoGoHost Hosting PLAN

Business

Nigerians React as Shoprite Shuts Down Stores in Ibadan, Ilorin, and Shelves Empty in Lagos, Abuja

Published

3 hours ago

September 18, 2025

BONA NAIJA

Nigerians React as Shoprite Shuts Down Stores in Ibadan, Ilorin, and Shelves Empty in Lagos, Abuja

Shoprite shuts down outlets in Ibadan and Ilorin as shelves go empty in Lagos and Abuja. Nigerians react to the retail giant’s struggles amid inflation and rising competition.

Shoprite’s Struggles in Nigeria Deepen

Shoprite’s operations in Nigeria appear to be in crisis, four years after the South African retail giant exited the supermarket business.

Reports by Daily Trust confirm that outlets in Ibadan and Ilorin have closed, while stores still operating in Lagos, Abuja, and other major cities now have largely empty shelves.

From Expansion to Decline

Since opening its first Nigerian outlet in Lagos in 2005, Shoprite became a household name, growing into more than 25 stores across eight states and the Federal Capital Territory. At its peak, the chain directly employed over 2,000 workers and supported hundreds of local suppliers, particularly farmers.

But rising inflation, supply chain disruptions, and growing competition from local supermarkets have steadily weakened its dominance, pushing the brand into financial distress.

In 2021, Shoprite Holdings Limited sold its Nigerian business to local investors after retreating from several African markets including Ghana, Kenya, and Uganda—citing harsh operating conditions.

Nigerians React on Social Media

The closures have sparked a wave of reactions across social media, where Nigerians expressed a mix of nostalgia, disappointment, and calls for stronger homegrown supermarket chains.

On X (formerly Twitter), hashtags such as #ShopriteNigeria, #ShopriteClosure, and #NigerianRetail began trending:

“Shoprite shutting down is an end of an era. That place was our mini mall culture in the 2000s.” – @lagos_girl

“This should be a wake-up call. We need to support Nigerian-owned supermarkets like Justrite, Hubmart, and Ebeano.” – @naija_economist

“No more weekend hangouts at Shoprite. Sad, but not surprising with the way inflation is going.” – @femiwrites

“Shoprite was not just a supermarket, it was a social spot. I met my wife there in 2012. This hits different.” – @deji_lagos

“If Shoprite can’t survive here, it tells you everything about Nigeria’s business environment.” – @uchechukwu_onyi

What’s Next for Retail in Nigeria?

While many lament the decline of Shoprite, others see opportunity for local supermarkets to step into the gap. Brands like Justrite, Hubmart, Ebeano, and Spar could potentially take advantage of the vacuum.

With Shoprite’s uncertain future, the question remains: will Nigeria’s supermarket culture fade with its departure—or will indigenous brands reinvent it?

CLICK TO GET A WhoGoHost Hosting PLAN

Business

Dangote Refinery Rejects DAPPMAN’s ₦1.5trn Subsidy Demand

Published

11 hours ago

September 18, 2025

BONA NAIJA

Dangote Refinery rejects DAPPMAN ₦1.505 trillion subsidy demand

Refinery insists it will not absorb logistics costs as marketers push for annual discount; warns subsidy practices defrauded Nigeria for years.

Dangote Refinery has dismissed claims by the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), insisting that it will not bow to pressure to fund a subsidy of more than ₦1.5 trillion annually.

In a statement issued yesterday, the refinery said the controversy with DAPPMAN stems from marketers’ demand for an annual subsidy of ₦1.505 trillion to cover coastal freight, Nigerian Maritime Administration and Safety Agency (NIMASA) charges, Nigerian Ports Authority (NPA) fees, and pumping costs. This, according to Dangote, would translate to an additional ₦75 per litre on petrol and diesel, which the marketers expect the refinery to absorb.

“We will not increase our gantry price to accommodate such demands, nor are we willing to pay a subsidy of over ₦1.5 trillion — a practice that historically defrauded the Federal Government,” the company said. “Marketers are free to lift products directly at our gantry and benefit from our logistics-free initiative.”

The refinery disclosed that it maintains a monthly closing stock of 500 million litres, adding that between June and September it exported 3.2 million metric tonnes of refined products. Over the same period, it alleged, marketers imported 3.6 million metric tonnes, describing the imports as “dumping” that undermines the economy and welfare of Nigerians.

Dangote Petroleum Refinery reaffirmed its support for President Bola Ahmed Tinubu’s reforms, noting that its operations are helping to stabilise the naira, cushion the effect of subsidy removal, strengthen Nigeria’s refining capacity, boost foreign exchange earnings, and create jobs.

The company stressed that it enjoys a strong working relationship with government agencies but will not hesitate to hold institutions accountable where necessary.

Follow BONA NAIJA for more.

Business

Fidelity Bank Extends GAIM 6 Promo, Raises Cash Rewards to ₦189m

Published

1 day ago

September 17, 2025

BONA NAIJA

Fidelity Bank extends GAIM 6 promo, increases rewards to ₦189 million

Fidelity Bank extends GAIM 6 promo to Nov 30, 2025, raising rewards to ₦189m. Over ₦30m and a ₦10m grand prize still up for grabs.

Fidelity Bank Plc has announced a three-month extension of its flagship savings promotion, the Get Alert in Millions (GAIM) Season 6, with the campaign now set to run until November 30, 2025.

In addition to extending the deadline, the bank has increased the total cash rewards from ₦159 million to a record ₦189 million, citing overwhelming customer feedback and demand for more participation time.

Launched in November 2024 with an initial nine-month run ending in August 2025, the GAIM 6 promo has received full regulatory approval for its extension.

Speaking at a press briefing, Osita Ede, Divisional Head, Product Development at Fidelity Bank, said:

“Our decision to extend the GAIM 6 campaign is borne out of the feedback we received from our customers and prospects. They asked for more opportunities to benefit from the promo, and we listened. With management and regulatory consent, we’re thrilled to keep the excitement going for another three months.”

So far, 20 customers across Nigeria have received ₦1 million each in the 7th and 8th monthly draws. Winners are selected through electronic draws supervised by the Federal Competition and Consumer Protection Commission (FCCPC) and other regulators to ensure fairness.

Over ₦30 million remains to be won in upcoming draws, including ₦2 million for the second runner-up, ₦5 million for the first runner-up, and a ₦10 million grand prize in the final draw.

Through GAIM 6, Fidelity Bank aims to deepen Nigeria’s savings culture while rewarding loyalty and supporting financial empowerment.

Fidelity Bank serves over 9.1 million customers through 255 business offices and digital platforms in Nigeria, as well as its UK subsidiary, FidBank UK Limited. The bank has received multiple awards, including Best Bank for SMEs in Nigeria (Euromoney Awards for Excellence, 2024) and Excellence in Digital Transformation & MSME Banking (BAFI Awards, 2024).

Follow BONA NAIJA for more.

CLICK TO GET A WhoGoHost Hosting PLAN

Business

Niteon Launches Africa’s First Manufacturers’ Neobank to Unlock $200B Export Market

Published

2 days ago

September 17, 2025

BONA NAIJA

Niteon Launches Africa’s First Manufacturers’ Neobank

Niteon launches Niteon Capital, the first neobank for African manufacturers, powering export growth with tailored finance solutions.

Niteon, one of Nigeria’s largest digital export marketplace, has announced the launch of Niteon Capital, the first neobank built specifically for African manufacturers.

Founded by Nigerian entrepreneurs, Tony Nwose and Daniel Chukwuemelie, the US-based startup has already built a reputation for helping verified African manufacturers, spanning agriculture, fabrics and minerals products connect seamlessly to international buyers. With operational footprints in the US, UK, Canada, and South Asia, and a recent FDA Global Partner License unlocking export access to the United States, Niteon is already a formidable force in African digital trade.

The launch of Niteon Capital (www.niteoncapital.com), comes as the company gears up for its $1.5 million equity and $5 million debt seed round, signalling a bold expansion into fintech infrastructure to complement its fast-growing marketplace, and taking aim at a deeper, more entrenched problem: Manufacturers’ finance.

“African manufacturers are doing the hard work, but they’re being underserved by traditional banks. There’s no financial infrastructure built for them,” says CEO Tony Nwose. “Niteon Capital changes that.”

The Manufacturer’s Bank: Tailored Trade Finance at Last

Unlike conventional digital banks, Niteon Capital isn’t designed for just anyone. It’s engineered specifically for manufacturers and exporters. This includes:
Invoice & Procurement Financing: To help factories fulfill large purchase orders without cash flow delays.
Sharia-Compliant Financing: Opening access to ethical financing models for manufacturers across Northern Nigeria and other Islamic markets.
Export Wallet Accounts: A revolutionary new financial tool that allows manufacturers to operate export-ready accounts with built-in tax advantages, carbon credit earnings, and multi-currency support.
Infrastructure Loans: Medium-term financing to upgrade machinery, facilities, or logistics capabilities—ensuring African manufacturers can meet global standards.

The entire system is embedded directly into Niteon’s growing export ecosystem, reducing friction between buyers, sellers, logistics providers, and now… banking.

Positioned for Global Scale

The launch of Niteon Capital marks a key inflection point in Niteon’s trajectory, from a B2B marketplace into a comprehensive export ecosystem. It’s not just about matching buyers and sellers anymore. It’s about solving the systemic constraints that have stifled Africa’s trade capacity for decades.

Backed by global players like Seedstars, Tomi Davis, TVC Labs, Zenith Bank, and the Development Bank of Nigeria, Niteon is now positioning itself as a TradeTech leader, building infrastructure that rivals anything on the continent.

“We’re not just scaling a platform,” co-founder Daniel Chukwuemelie adds. “We’re building the financial engine behind Africa’s industrial growth story.”

Next Stop: Seed Round

As Niteon rolls out Niteon Capital across its network, the team has opened its $1.5M equity and $5M debt seed round to strategic partners looking to accelerate African trade. The funding will power neobank expansion, licensing, deeper AI integration, and onboarding of over 20,000 manufacturers by Q4 2025.

This is not just another fintech product. It’s a blueprint for how Africa will finance its own industrial future from factory floor to global warehouse.

Follow BONA NAIJA for more.

CLICK TO GET A WhoGoHost Hosting PLAN

Business

Elon Musk Reclaims Richest Person Title After Larry Ellison’s $100 Billion Wealth Surge

Published

1 week ago

September 11, 2025

BONA NAIJA

Elon Musk

Elon Musk has reclaimed his position as the world’s richest person, after briefly being overtaken by Oracle co-founder Larry Ellison, whose fortune surged by a record-breaking $100 billion in a single day.

Ellison’s wealth jumped to $392.6 billion on Wednesday, propelled by Oracle’s stunning quarterly results and a wave of new multibillion-dollar AI cloud contracts. The surge momentarily placed him ahead of Musk, valued at around $385 billion at the time, according to the Bloomberg Billionaires Index.

But by the close of trading, Oracle’s share price dipped from its highs, allowing Musk to reclaim the top spot with an estimated net worth of $384 billion.

Oracle’s AI-Fueled Boom

The dramatic swing was driven by Oracle’s transformation into a major player in AI cloud infrastructure. The company reported:

12% revenue growth year-on-year, reaching $14.9 billion.

Cloud revenues up 27%, to $7.2 billion.

Cloud infrastructure revenue up 54%, to $3.3 billion.

Oracle also revealed contracts with OpenAI, Meta, Nvidia, AMD, and Musk’s own AI venture, xAI. Its pipeline of future business is unprecedented: Remaining Performance Obligations (RPO), or contracted revenue yet to be delivered, soared to $455 billion, up 359% from the previous year.

“Demand for Oracle’s AI cloud services is overwhelming,” said CEO Safra Catz, projecting that infrastructure revenues could hit $18 billion this fiscal year.

A Historic Wealth Surge

Ellison, who owns about 41% of Oracle (1.16 billion shares), saw his fortune balloon as the stock peaked at $345.68 per share.

The gain marked the largest single-day wealth increase ever recorded on Bloomberg’s index, surpassing Musk’s previous record of $63 billion in December 2024.

The spike also highlights Oracle’s remarkable pivot from traditional database software to a core provider of computing power for AI, with OpenAI alone contracting 4.5 gigawatts of data center capacity. Oracle’s close partnership with Nvidia, the leading supplier of AI GPUs, has further cemented its position.

Musk’s Grip on the Summit

Despite Ellison’s dramatic rise, Musk’s diversified empire helped him regain the crown quickly.

His wealth, still heavily tied to Tesla stock, has been pressured this year by weaker electric vehicle incentives and ongoing political controversies. Yet Musk also commands significant holdings in SpaceX, X (formerly Twitter), and xAI, giving him a broader cushion against market swings.

Musk has now held the title of world’s richest person for nearly four years, with only brief interruptions.

Market Volatility and Billionaire Rivalries

The back-and-forth underscores the volatility of modern billionaire wealth, where fortunes can rise or fall by tens of billions in a matter of hours. In the AI-driven era, stock valuations are increasingly tied to big cloud contracts, technological breakthroughs, and shifting market sentiment.

Oracle shares are up 45% year-to-date in 2025, far outpacing the broader market and even some of the “Magnificent Seven” tech giants. The company’s momentum signals that traditional software firms can reinvent themselves as critical AI infrastructure providers, challenging incumbents like Microsoft, Google, and Amazon.

Ellison’s Enduring Legacy

At 81 years old, Larry Ellison remains one of Silicon Valley’s most enduring figures. Since founding Oracle in 1977, he has turned the company into one of the world’s largest software and cloud infrastructure firms.

Beyond Oracle, Ellison has expanded into media, politics, and philanthropy — with his family leading the acquisition of Paramount Global and his continued influence in Republican circles.

His brief moment as the world’s richest person underscores not only his company’s resurgence but also the high-stakes race among tech titans to dominate AI infrastructure.

The Bigger Picture

Ellison’s one-day ascent and Musk’s quick recovery highlight the unpredictability of wealth rankings in the tech age, where AI and cloud computing have become the defining drivers of economic power.

As investors pour billions into AI infrastructure, the competition among the world’s wealthiest entrepreneurs is set to remain fast-moving, volatile, and closely tied to the future of artificial intelligence.

For now, Musk is back on top, but the contest is far from over.

Follow BONA NAIJA for more