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Just In : MTN To Exit Two African Countries Soon
This is as MTN Group revealed that it has accepted an undisclosed offer from Africa-focused telecommunication service, Telecel, for the sale of its equity interests in MTN Guinea-Bissau and Guinea-Conakry.
MTN made the revelations in its 2023 financials, as its spokesperson confirmed the sale of the business segments but declined to speak on how much the sale would cost.
MTN in the report said its Guinea-Bissau and Guinea-Conakry businesses have been classified as held for sale as of December 31, 2023.
A note in its financials reportedly said that “Telecel, an established telecoms operator with a significant presence in Africa, is well positioned to drive the growth and further development of these operations and contribute to technological and economic progress in these markets.”
It was reported that this move will allow MTN to focus on Ghana, Cameroon and Cote d’Ivoire, which are stronger markets in the West and Central African region that collectively contribute 18.6% to its revenue, over other West and Central African countries that contribute 7.3% to the revenue of the group.
Whereas the value of the sale remains undisclosed, MTN has said further updates regarding the transaction will be provided as at when due.
But it has been noted that the new development will enable MTN to prioritise its operations in stronger markets such as Ghana, Cameroon, and Cote d’Ivoire in the West and Central Africa region.
MTN noted that the agreement was reached in December 2023 and is subject to several conditions precedent, adding that Telecel, an established telecoms operator with a significant presence in Africa, is well-positioned to drive the growth and further development of these operations and contribute to technological and economic progress in these markets.
The Telecom group further stressed its potential exit from Guinea-Bissau, as the Chief Executive Officer (CEO), Ralph Mupita, cited signs of inflation and currency devaluation across several markets as part of the group’s reasons.
MTN across these countries, controls a secondary chunk of the market share up to about 30 percent in Guinea-Bissau and Guinea-Conakry.
MTN in Guinea-Bissau, experienced financial difficulties following a breach of loan covenant due to negative EBITDA performance, reporting a loss of R1.69 billion ($89,392,809) in its annual report.
These markets collectively contribute 18.6 percent to MTN’s revenue, compared to other West and Central African countries, which contribute 7.3 percent to the firm’s overall revenue.
The company’s audited financial results for the year ended December 31, 2023 in Nigeria, reportedly showed that it witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages.
The National Examinations Council (NECO) has given accreditation to more foreign schools to write the Senior School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE).
The Acting Director, Information and Public Relations, Mr. Azeez Sani, disclosed this in a statement.
The newly accredited schools are in Niger Republic and Equatorial Guinea.
“NECO Accreditation Team visited the Schools to assess their readiness to write the SSCE and BECE.
“The Accreditation Team inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sport facilities to determine their adequacy and suitability for NECO Examinations.
“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status,” the statement said.
The statement added that the accreditation of additional foreign schools is a testament to NECO’s commitment to providing quality education and assessment beyond the shores of Nigeria.
“With its expanding global presence, NECO is poised to become a leading examination body in Africa, offering opportunities for students worldwide to benefits from its expertise, thus contributing to the advancement of education in Africa and beyond.”
In another development, the statement disclosed that candidates are participating in the on-going NECO SSCE External in Diffa, Niger Republic.
“The UNHCR School, Diffa, Niger Republic is the first NECO SSCE External Centre outside Nigeria.”
NECO examinations are now written by candidates in Benin Republic, Togo, Cote’ d’Ivoire, Niger Republic, Equatorial Guinea and Saudi Arabia.
Manchester City manager, Pep Guardiola, suffered the worst defeat of his managerial career as they lost 4-0 to Tottenham Hotspur on Saturday night.
The Premier League champions were already on a run of four consecutive defeats ahead of the visit of the North London side.
James Maddison scored twice in the first half to set Spurs on their way to a sensational win.
Pedro Porro drilled in a third, before Brennan Johnson got on the scoresheet late in the game.
The result leaves City in second place with 23 points. They could go eight points behind Liverpool by the end of this Game Week.
Guardiola takes his men to Anfield next weekend.
News
FUOYE Re-Marks Exam Papers of Student Failed By Lecturer Over Sex-for-Grade Scandal, Secures Justice
The Federal University, Oye Ekiti, Ekiti State, has cleared a female student, Ramota Olahanloye, to graduate following the re-marking of her final-year examination scripts.
Olahanloye had alleged that a lecturer, Dr. Anthony Agbegbedia, demanded sexual favours from her, and when she declined, he deliberately failed her in two final-year courses.
In a statement issued on Friday by the Special Adviser on Media to the Vice-Chancellor, Dr. Wole Balogun, the university confirmed that Olahanloye’s allegations were investigated, and her scripts were re-marked.
“The young lady’s scripts were re-marked, and she performed fairly better than the scores initially awarded by Dr. Anthony Agbegbedia,” the statement read.
According to Balogun, the university management approved Olahanloye’s revised results, which qualified her for graduation.
“The university management has given executive approval for her results to be processed. She has since commenced her final clearance from relevant units of the university,” the statement added.
Balogun also disclosed that Agbegbedia had been sanctioned by the institution for his misconduct.
Olahanloye expressed her joy over the resolution of the case, saying, “I am happy that I have gotten justice, and I really appreciate the university Vice-Chancellor for setting up the committee that investigated the matter.
“I was shown my entire results, including the graduation list with my name on it. I have started my clearance as a graduating student of the university, and I am truly happy.”
Her father, Rasaki Olahanloye, also lauded the university for its commitment to justice.
“I can confirm to the world that FUOYE has served justice to my daughter. I was shown her upgraded results after her scripts were re-marked, and it is clear that she passed.
“The university fulfilled its promise to ensure fairness, and I appreciate the VC, Prof. Sunday Fasina, and the committee members for ensuring my daughter gets justice,” he said.
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