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A look at projects in Lagos State that may suffer after Ambode’s exit


By Fikayo Owoeye -October 16, 2018

It is no longer news that Governor Akinwumi Ambode failed in securing his party’s ticket for the next gubernatorial election and by implication, the current administration in Lagos State comes to an end on May 29 2019 when a new administration will be sworn in.

As party campaigns for the next year’s elections gather momentum, there are growing concerns among the business community over the fate of some current government policies in areas of infrastructural projects, and job creation initiatives.

In this article, Nairametrics takes a look at some ongoing projects vis-a-vis policies under threat with the exit of the present administration in Lagos State next year.

 The City Light Rail Project 

The mass transit rail project, called the Blue Line, awarded to China Civil Engineering Construction Corporation (CCECC), which is to run between Mile 2 and Marina has suffered several delays.

When the Ambode-led government came on board, he stated that the project would be delivered to Lagos residents in 12 months. That deadline fell on July 2016; in fact, five months after he promised to deliver the project, he shifted the goalpost and said it would be completed in December 2016. But by November 2016, the governor made another volte-face, extending the date of completion to sometime before the end of 2019.

Ongoing Road Projects 

A visit to some major road project sites such as the Murtala Muhammed Airport road, Pen Cinema Bridge in Agege, and Iyana Ipaja road shows that the pace of work has slowed down significantly.

The Lagos State Government had promised to deliver the Oshodi-Airport Road in 15 months. It was to be expanded from four to 10 lanes and work commenced in September 2017. The Agege Pen Cinema Bridge has a December 2018 completion date.

Sadly, with the current pace of work on these projects, there are doubts over the ability of the present government to deliver before the expiration of this administration, while residents of these areas continue face untold hardships daily.

Light Up Lagos Power Project 

The Ambode-led government launched the “Light-Up Lagos Project” which was conceived to light up major highways and streets in the Lagos metropolis with the aim of boosting commercial activities, enhancing security, and improving the aesthetics of the state and living standards for residents.

The project which has three segments (Light up Lagos Advisory Committee, Community Electrification, and the Street Lighting Initiative) was greeted with high hopes among residents, but most highways in Lagos are still in total darkness.

Early this year, the Lagos State government signed a N2.52 billion partnership agreement with a UK firm to construct 10,000 LED street lights covering 300km across the state. Lagosians still await the execution of this project.

The Cleaner Lagos Initiative 

Waste management has been a major challenge in the state. The Ambode administration, through the Ministry of Environment, introduced the Cleaner Lagos Initiative and subsequently appointed Visionscape Sanitation Solution Limited, as its strategic partner for the deployment of waste management infrastructure in the state.

Subsequently, the State Executive Council passed a resolution to secure the financing structure adopted by Visionscape and its partners to raise up to N50 billion in bonds for the implementation of the CLI through the issuance of an Irrevocable Standing Payment Order (ISPO) as a charge on the State Internally Generated Revenue Account/ Environmental Trust Fund. The company thereafter raised an initial first tranche of its bond issuance, a N27 billion at 17.5% fixed rate with a five-year maturity due 2022.

Visionscape Van

Currently, there is an ominous future for Visionscape. Last week, the company vowed to suspend its operation following attacks by residents on its staff and equipment as a result of political outcomes in the state.

Lagos State Employment Trust Fund

One of the high points of the Ambode administration is the establishment of the Code Lagos Initiative and the Lagos State Employment Trust Fund. The fund was established to provide financial support to residents of the state, for job, wealth creation, and to tackle unemployment. The fund is expected to create 300,000 direct and 600,000 indirect jobs within a period of three years by supporting at least 100,000 MSMEs in the state. It is, however, not certain if a new administration will continue with these laudable initiatives.

Way forward

Ideally, Government should be a continuum, where an incoming administration continues with the projects and policies of the preceding administration, but this is not the case in the Nigerian political landscape as several projects are starved of funds immediately a new government comes into power. The Ambode administration also scrapped several policies and projects of the Fashola administration.

Sadly, the list of abandoned projects and policy somersaults in the state are endless, all of which are not good signals to investors. Recall that the Lagos State Government terminated a PPP arrangement it entered with Lekki Concession Company, LCC, which could have seen it fund the construction of the Lekki-Epe Expressway and recoup its investment through tolling on the road over a period of 30 years. The government had to buy back the concession agreement by way of buying back the company.

Whichever way the pendulum swings at the next governorship election in the state, the new administration should act maturely by improving the existing infrastructure in the state. The race of making Lagos a “smart city” can only be achieved if there is consistent improvement of infrastructure in the state.


Activities on the Nigerian Stock Exchange (NSE) ended in the red as stocks shed a total of N87 billion between Monday, August 6 and Thursday, August 9.

Market capitalisation dropped to N13.22 trillion on Thursday; the last time it was in such corridors was in December 2017.

There were 22 losers at the end of Thursday’s trading day as against 12 gainers.

NAN reports that Ambrose Omordion, the chief operating officer, InvestData Ltd., in Lagos, attributed the persistent decline to political risk ahead of the election and mixed sector quarter earnings announced by some companies.

Omordion said that second-quarter earnings had been mixed with most commercial banks posting a decline in loans growth, while several consumer goods companies recorded lower profits.

Mobil Oil topped the losers’ chart shedding N10 to close at N170 per share.

FBN Holdings trailed with a loss of 45k to close at N9.50, while Vitafoam was down by 36k to close at N3.24 per share.

PZ industries depreciated by 20k to close at N14.05, while Zenith Bank losing 15k to close at N23.60 per share.

On the other hand, International Breweries led the price gainers’ table, gaining 50k to close at N31 per share.

Sterling Bank followed with a gain of 13k to close at N1.49, while Ecobank Transnational gained 10k to close at N22.15 per share.

Eterna Oil also appreciated by 10k to close at N6.10, while Stanbic IBTC grew by 10k to close at N50 per share.

UBA was the most at active stock in volume terms, trading 27.22 million shares worth N260.24 million.

Law Union and Rock Insurance followed with 25 million shares valued at N22.50 million, while Zenith International Bank traded 19.92 million shares worth N71.39 million.

Courteville traded 19.69 million shares worth N4.13 million, while Regency Insurance sold 13.13 million shares valued at N3.05 million.

In all, a total of 188.26 million shares valued at N1.29 billion were transacted by investors in 2,795 deals.

This is in contrast to the 114.04 million shares worth N730.08 million traded in 2,610 deals on Wednesday.

Nestle pays N21.79billion final dividend

Image result for nestle

Nestle Nigeria Plc, one of the largest food companies in Africa, on Wednesday, May 23, 2018 paid final dividend worth N21.79billion, which represents N27.50kobo per ordinary share against final dividend of N10 the company paid in 2016 financial year. Nestle Nigeria Plc had paid interim dividend of N15 last year.

The payment of final dividend on Wednesday followed approval of the shareholders of the company at its 49th annual general meeting held Tuesday in Lagos.

Nestle stock price which closed at N1, 600 on Tuesday had reached a 52-week high of N1, 615, from 52-week low of N835.

The dividend paid was in line with the company’s policy of making its shareholders the ultimate beneficiaries of its business growth, said David Ifezulike, chairman, Nestle Nigeria Plc.

Listed on the consumer goods sector (food products-diversified subsector) of the Nigerian Stock Exchange (NSE) main board has Market Capitalisation in excess of N1.268trillion and shares outstanding of 792,656,252 units.

The economic outlook is a lot more promising than the corresponding period in the previous year with growth projected at 2.1percent.

This outlook is anchored on higher oil production and higher prices –oil prices are projected to average $54 in 2018. There is also high expectation of stronger agricultural performance.

In view of these positives, Nestle Nigeria looks towards 2018 with optimism.

“We remain well aware of the potential challenges in a year preceding major elections as well as risks associated with the current agitations in the Niger-Delta, the herdsmen crisis and Boko Haram activities. As the current recovery trend eases production constraints in manufacturing and agriculture, and key government reforms continue to diversify the economy, an all-round improvement in the economy is expected,” Ifezulike said.

In the financial year ended December 31, 2017, Nestle Nigeria Plc reported revenue growth of 34percent to N244.15billion, from N181.91billion in 2016. Profit before income tax grew by 117percent in 2017 to N46.82billion, from N21.54billion in 2016.

Profit for the year in review increased by 326percent, to N33.72billion, from N7.92billion in 2016. Basic earnings per 50kobo share of the company increased remarkably from N10 in 2016 to N42.55kobo in 2017.

At the meeting, reports of the directors, the financial statements of the company for the year ended December 31, 2017 and the reports of the auditors and the audit committee were received and adopted by the shareholders of Nestle Nigeria plc.

Dividends announced as of May 16th, 2018

As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved and when it will be paid. Dividend payment also affects share prices.

This page will be updated from time to time.


Date Announced – The date the company announced dividends evidenced by a corporate action published on the website of the NSE.
Qualification date – Shareholders who own shares as at this date will receive dividends. If you buy shares and want to receive dividends make sure it is at least three days before this date. Shares get transferred to you on the basis of the T+3 rule (the date you bought plus 3 working days).
Payment date – This is when the dividend will be paid to you, either via post (dividend warrants) or direct credit to your bank accounts (e-dividend).
Closure of Register – Only shareholders who own shares listed in their register before this date will be paid dividend.

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Y”hello Nigeria – MTNN to list on NSE

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March 26, 2018/Vetiva

After series of discussions, MTN is cementing plans to list its Nigerian Business (“MTNN”), which is estimated to be worth about $6 billion, on the Nigerian Stock Exchange by H2’18. The company has obtained shareholder approval for the listing and is in the process of seeking regulatory approvals. We believe listing of the largest telecommunications company in Nigeria on the domestic bourse is a game changer for the equity market and as such, assess preliminary details surrounding the issue.

Company Profile

Largest Telco in West Africa
MTN Nigeria (MTNN) is a subsidiary of MTN Group South Africa (Africa’s biggest mobile phone operator) and the largest contributor to the group earnings accounting for about 33% of its revenue (5-year average). According to the Nigerian Communications Commission (NCC), the telecommunications giant has a customer base of over 52 million subscribers, accounting for c.36% market share in the country. MTNN began operations in 2001 after securing one of four GSM licenses offered by the Nigerian Government in a deal worth $285 million.

Since then, the Telco giant has so far made significant investment in its mobile infrastructure, with total assets worth over 
1 trillion as at FY’16, and has enjoyed a decent level of return over the years. MTNN offers cellular network access to its subscribers within Nigeria, with airtime and subscription accounting for 64% of revenue as at FY’16 and roaming services (International roaming services, including data roaming, in-flight roaming, and WiFi roaming services) making up the second largest contributor to revenue at 12%.

Proshare Nigeria Pvt. Ltd.

Currently, MTNN is controlled by MTN International (Mauritius) Limited (MTNI) with 75.8% ownership. Also, 18.7% of its ordinary shares outstanding is held by Nigerian shareholders through special purpose vehicles. In addition, 2.8% is owned by Mobile Telephone Networks NIC B.V and 1.8% owned by Public Investment Corporation SOC Limited. Upon completion of the planned IPO, MTNN will be the first subsidiary of the MTN Group to be publicly listed on a stock exchange, though we note that the Group has announced its intentions to also list 35% of its Ghanaian business on the Ghana Stock exchange by the end of 2018.

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Financial Performance

FY’17 Result shows stronger momentum as Data revenue leaps
MTN Group recently released financial results for the year ended 31 December 2017 which showed an 11.6% y/y revenue growth in its Nigerian business to ₦885 billion (excluding the impact of currency volatility) – now contributing 27% of the Group’s Total revenue (FY’16: 32%). Voice revenue continues to account for majority of headline revenue (c.74%), with the segment growing 17% y/y. Performance of the Data segment was however much stronger with revenue up 87% y/y and the segment now contributing 12% to total revenue (FY’16: 7%). We note that the company’s total data user base grew 14% y/y, with its active data users reported at 14.1 million as at FY’17 (27% of MTNN’s total subscriber base).

Proshare Nigeria Pvt. Ltd.

Costs (operating expenses and cost of sales) over the year however rose at a faster pace than revenue – up 27% y/y – with the strongest rise recorded in network costs – up 65% y/y. Weighed by impact of the weaker naira on foreign currency denominated expenses, MTNN’s EBITDA margin contracted from 46.4% in FY’16 to 38.9% in FY’17. Overall, FY’17 EBITDA declined 7% y/y to 346 billion. Though MTN Group did not report FY’17 bottom line figure for its Nigerian subsidiary, we estimate a single digit y/y PAT decline in the period; noting the weak run rate already recorded as at H1’17 (PAT down 28% y/y as at H1’17). While MTN Nigeria has not paid dividends since 2015, MTN Group declared a total dividend of R7.00/share (c.$0.54/share) for FY’17.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

MTN Nigeria to list on the Nigerian Stock Exchange

A promise fulfilled; MTNN to raise capital via IPO in 2018
In 2015, MTNN was levied an unprecedented fine of N1.04 trillion (an equivalent $5.2 billion as at the date of fine) by the NCC for non-compliance with a deadline to disconnect all non-registered sim cards in the country – 5.2 million unregistered SIM cards billed at N200,000 per subscriber. Following series of negotiations between MTNN and the Federal Government of Nigeria, a final resolution was reached wherein the fine was reduced to N330 billion (to be paid off over seven installments). Part of the settlement included a plan for MTNN to list its shares on the Nigerian Stock Exchange as soon as it became commercially and legally feasible. However, given weak investor sentiment in the equity market since 2015, (NSE broad index down 17% and 6% in 2015 and 2016 respectively), MTNN stalled the listing agreement in hopes of more “suitable market conditions”. Thus, given improving macroeconomic environment which has helped rejuvenate investor confidence in the Nigerian equity market, and spurred a 42% rise in the NSE All-Share Index in 2017, the Telco giant is in the market and ready to list its shares by H2’18.

IPO indicative details
MTNN currently has 402.6 million issued ordinary shares of N1.00 each (nominal value), 402.6 million preference shares at $0.005c each (nominal value), and 4.5 million class “B” ordinary shares. As part of the listing process, we understand that the company plans to reclassify its Class B shares to ordinary shares – to have a single class of shares. Also, in a bid to improve liquidity and achieve a more “market friendly” price, MTNN plans a share split of 1 for 50 (taking its nominal value per ordinary share to N0.02 kobo from N1.00). With this, total outstanding ordinary shares are expected to rise to 20.3 billion shares.

That said, MTNN plans to offer and issue at least 3.5 billion shares through an Initial Public Offer (IPO) on the NSE. We understand that the telecoms giant also plans to pay off its existing preference shareholders (402.6 million in issue) by offering and issuing ordinary shares in exchange. With a nominal value of $0.992 for each preference share (share capital: $0.005c plus share premium: $0.987c), we estimate a value of N144 billion for the total preference shares outstanding. Using MTNN’s over-the-counter (OTC) market price of c.$13 (ytd average) for each linked unit of its ordinary and preference shares, a rough estimate puts the value of the ordinary shares at $12 (excluding the estimated $0.992 value per preference share) – this is equivalent to a post-split price of N86.40/share (using N360/$1 rate).

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We highlight that given the impact of the fine earlier discussed, MTNN’s price in the OTC market has taken a dip – down from an average $26 as at Q4’15 to a year to date average of $13. We highlight that the eventual IPO price for the stock will be determined through book building.

Using our estimated OTC price, we expect an additional 1.7 billion ordinary shares to be issued in exchange for the preference shares. As such, we estimate a total of 5.2 billion new shares to be listed on NSE – taking total shares outstanding to 25.5 billion. Consequently, we estimate a market capitalization of 
2.2 trillion for MTNN, with the company accounting for about 13% of the NSE’s Market Capitalization (post listing).

Proshare Nigeria Pvt. Ltd.

Listing portends benefits for NSE, MTN Nigeria
We believe the Group’s strong global brand recognition & reputation and strong financials present MTNN as a Blue Chip on the Nigerian Bourse and as such expect this to further support foreign interest in the Nigerian equity space. In the short to medium term, we expect listing discussions on other telecoms operators to remain on the table amidst persistent pressure from national regulators across Africa; Vodacom in 2017 listed 25% of its Tanzanian business on the Dar es Salaam Stock Exchange (in line with government imposed regulation for telecoms companies to list at least 25% of their shares locally), MTN Ghana agreed to list 35% of its shares in order to obtain a 15-year 4G license.

Meanwhile, on the company side, additional equity capital will help improve the firm’s financial flexibility, capital structure and could potentially also support a better relationship with its regulator (NCC). We believe this could also improve general “national goodwill” for the brand as a larger pool of Nigerians attain ownership of the company. Overall, we are optimistic about MTNN listing before the end of Q3’18. Details on the listing remain sparse, however, media sources have stated that a spokesperson for the company said MTNN will prioritize Nigerian retail & institutional investors to access the issue.

MTN Nigeria remains a growth story in the Nigerian economy, given the room for improvement in mobile penetration (at 72% as at FY’17) and internet usage across the rapidly growing population (internet penetration at 55% as at December 2017).

New era for Telecommunications sector

In our view, the listing of MTNN on the NSE would help deepen the market, improve wider sector diversity, encourage further listings by other telecoms companies, and eventually make the equity market a better representation of the wider economy. Currently, four major sectors (Banking, Consumer Goods, Industrials and Oil & Gas) account for 80% of the market capitalization of the NSE. Given the sheer size of MTNN, we expect the ICT sector to potentially displace the Oil & Gas (c.5% of NSE) as the fourth largest sector on the exchange – accounting for 12% of the NSE’s market cap (post listing) compared to a meagre 0.2% currently.

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‘They are uneducated, not ready to work’ – Buhari berates Nigerian youths (VIDEO)

buharii - 'They are uneducated, not ready to work' - Buhari berates Nigerian youths (VIDEO)
President Muhammadu Buhari has berated Nigerian youths for being ‘uneducated’ and ‘not ready to work’.

President Buhari, while speaking during a panel discussion at the Commonwealth business forum in Westminster, London, expressed displeasure with youths in Nigeria because they were dependent on revenue from oil to survive.

He said the youths, who make up 60 percent of the population, were waiting to get social amenities free without doing anything.

“And then the economy. We have a very young population and our population is estimated conservatively to be 180 million. The 60 percent of the population is below the age of 30. A lot of them have not been to school and they are claiming that Nigeria has been an oil producing country and therefore they should sit and do nothing and get housing, healthcare and education free,”

The moderator had asked Buhari to give his final thoughts on the issues discussed. The President said he had fulfilled his campaign promises by improving on the nation’s security and the economy.

Breaking: Senate’s Stolen Mace Recovered Under Bridge In Abuja – Police

Deputy Force Spokesman, SP Aremu Adeniran, said that the mace was abandoned under the flyover before the city gate in Abuja where a passerby saw it and alerted the police.

According to him, the Inspector-General of Police, Mr Ibrahim Idris had ordered the FCT Police Command to beef-up security at the National Assembly.

He said that investigation into the incident was still ongoing to bring the perpetrators to justice.

The deputy spokesman commended Abuja residents, especially motorists, for their cooperation during the rigorous stop and search operation for the recovery of the mace.

Adeniran said that the commitment of the police to guarantee the protection of lives and property and sustain democracy in the country remained unequivocal and unwavering.

The National Assembly had given the Inspector General of Police, Mr. Ibrahim Idris and Daura Lawal, the Director General of Department of State Services (DSS) 24 hours to recover the mace.

This resolution was made during a joint session of both chambers of National Assembly hurriedly convened at the instance of the Deputy Senate President, Ike Ekweremadu, over the incident.

Ekweremadu was presiding over the Senate session when the symbol of authority was taken away by yet to be identified thugs.

At the joint session, he briefed lawmakers how the armed thugs stormed the Senate chamber in a commando style, beat up the Sargent At Arms who tried to stop them and even tried to kidnap two senators before they made away with the mace.

He asked the police boss, Ibrahim Idris and Director General of DSS, Lawal Daura to go after the invaders and ensure that the mace is recovered.

He described the incident as an affront to the parliament and democracy, just as he vowed to get to the root of the matter.

Ekweremadu and other senators tactically escaped through the emergency doors in order not to be caught up in the melee.

The Senate, in a statement by its spokesperson, Sabi Aliyu, said the thugs who seized the maze were led by a suspended Senate, Mr. Ovie Omo-Agege.

The Senate asserted that the seizure of the mace is an attempt to overthrow the legislative arm of government.

Senator Omo Agege was later arrested at the premises of the National Assembly by a team of police officers led by FCT Commissioner of Police, Sadiq Abubakar Bello.

But a lawyer working with Senator Ovie Omo-Agege denied reports that he was the one behind the theft of the mace at the Senate on Wednesday.

The lawyer also said the senator did not encourage anyone to remove the mace.

The lawyer who identified himself as Barrister Lucky Ajos said in a statement issued on Wednesday evening that contrary to insinuations, the suspended senator went to the National Assembly to work as required of him by the constitution.

Ajos said when Omo-Agege arrived at the National Assembly, some senators tried to send him away from the Senate while some welcomed him warmly.

He said, “A few champions of the unconstitutional, invalid and tyrannical suspension tried to stop him, but those who opposed it welcomed and protected him throughout the sitting.”

Denying reports that Omo-Agege incited some people to steal the mace, Ajos stated that the allegation was wrong and not true at all.

The lawyer also condemned the statement issued by the Senate Spokesperson, Senator Abdullahi Sabi, while promising to study the statement and take proper actions.

“Without any investigation, Senator Sabi willfully, deliberately and unfairly made very serious allegations against Senator Omo-Agege on the Mace incident. We are carefully studying Senator Sabi’s allegations to ascertain their full ramifications.”

Stressing the innocence of Omo-Agege on the mace affair, Ajos said the police only took the Senator away to hear his side of the story and he has since been released.

The Senate had resorted to the use of a ‘replacement mace’ to conclude the plenary on Wednesday after thugs took away the original mace.


Senate President Bukola Saraki says some senators are angry they were not consulted over the $1 billion approved for the procurement of security equipment in the country.

On Wednesday, Mansur Dan-Ali, minister of defence, said President Muhammadu Buhari approved the sum of $1 billion for the purchase of equipment for the military.

Speaking in Jos, Plateau state, on Saturday, Saraki said it was wrong for the executive to take the step without broaching the matter with the national assembly.

“Just few days ago, there was the issue of providing funding for the purchase of security equipments. In a good environment, such an issue needed to have been discussed with lawmakers,” he said.

“Already, some senators are angry. They said they were not consulted by the executive before such a decision was taken. These are the issues we are talking about.

“I needed to be here to speak on these issues. It is not just about today. Posterity will be here to judge us that what I am saying is true. If we do not change the way we behave, we will remain like this for many years to come.”

Saraki, who was speaking at a retreat on ‘strengthening executive -legislature relations’, said both arms of government need each other for a smooth running of government.

“There is no the security architecture of this country that can work without a strong synergy between the executive and the legislature,” he said.

“When you see certain agencies, who by their actions and utterances frustrate the relationship between the two arms, you begin to wonder.

“What do we need to do? Do the police need more funding or more powers? Do they need new legislations to strengthen them. These are the issues where the executive and the legislature must work together.”

Garba Shehu, presidential spokesman, had said a draft bill will be sent to the national assembly for consideration and approval.

“The process has begun, it’s not concluded, therefore, everyone will be involved. Mr President will not breach the constitution of this country. Approval at that level is granted, there is nothing controversial,” Shehu had said when he featured on a Channels TV programme.