MTN Nigeria Communications Plc is about crossing the line to begin trading on the Nigerian Stock Exchange. The first has finalized the registration of the tradable ordinary shares: “I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process,’’ MTN Chief Executive Officer, Ferdie Moolman said.

MTN Nigeria Communications Plc (MTN) on Tuesday announced that it had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).

The MTN Chief Executive Officer, Ferdie Moolman, made this known in a statement in Lagos.

According to him, the completion of this process sets in motion the next steps in MTN’s intended listing by introduction on the Nigerian Stock Exchange (NSE).

“I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process.

“We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process,’’ he said.

Mr Moolman said that MTN was guided by a vision to lead the delivery of a bold new digital world, saying that MTN Nigeria’s leadership position in coverage, capacity and innovation had remained constant, since its launch in 2001. (NAN)

Finally, MTN Nigeria Communications Plc

MTN Group has announced significant changes to the Group Board and the establishment of an International Advisory Board (IAB). The MTN Group Board is of the view that MTN has entered a more stable and settled period which enables it to now effect an evolution of the Board following recent challenging regulatory environments and competitive trading conditions. The Board has Emir of Kano, His Royal Highness Sanusi Lamido Sanusi among others. And the IAB has two former African presidents – John Kufuor (Ghana) and Thabo Mbeki of South Africa. Yet, this is set for just 12 months! That makes everything intriguing.

MTN Group wishes to announce the following changes to the Board over the next 12 months:

• The Chairman of MTN Group, Phuthuma Nhleko, who was anticipated to step down from his position at the AGM to be held on 23 May 2019, will step down from the Board on 15 December 2019 after overseeing an orderly transition of the Board including the establishment of the International Advisory Board.
• Mcebisi Jonas has been appointed Chairman-designate and will assume the position of Chairman of MTN Group effective 15 December 2019.
• Dr. Khotso Mokhele will assume the responsibilities of Lead Independent Director with effect from 15 December 2019.
• Further, Alan Harper, Jeff Van Rooyen and Koosum Kaylan will step down from the Board on 15 Dec 2019 after an orderly transition and handover to incoming directors.
• Peter Mageza and Dawn Marole will step down from the Board effective 30 April 2020.

Further to the above, we are pleased to welcome onto the Board His Royal Highness Sanusi Lamido Sanusi and Vincent Rague with effect from 1 July 2019.

His Royal Highness Sanusi Lamido Sanusi is a Nigerian national, the Emir of Kano and a former Governor of the Central Bank of Nigeria. Vincent Rague is a Kenyan national who worked for the International Finance Corporation for 24 years in a number of senior positions.

We are confident that the incoming directors will bring a wealth of experience, diversity of skills and regional experience to the Board.

Establishment of an International Advisory Board

The Board has resolved to establish an international advisory board (IAB) of prominent persons of considerable and wide-ranging experience. The primary purpose of the IAB will be to counsel, guide and support the MTN Group from time to time in fulfilling its vision and objective of being one of the premier African corporations with a global footprint in telecommunications, contributing to increased digital inclusion in Africa and the Middle East, a pivotal aspect of the fourth industrial revolution.

Whilst the IAB will be non-statutory in nature and not have any fiduciary responsibility, it will make an important contribution and play a highly valued role in ensuring that the Board is guided and assisted in achieving the company’s vision in a technically complex world with uncertain and shifting geopolitical interests. The IAB will commence on 1 July 2019.

The IAB will be chaired by His Excellency former President of the Republic of South Africa, Mr. Thabo Mbeki and will be constituted of the following persons:

?        His Excellency President John Kufuor, former President of Ghana

?        Dr. Aisha Abdullahi, former African Union Commissioner for Political Affairs

?        Dr. Mohammed el Baradei, former Director General of the International Atomic Energy Agency

?        Dr. Momar Nguer, President of Marketing & Services Total S.A. (France)

?        Phuthuma Nhleko, Chairman of MTN Group

MTN Group Chairman, Phuthuma Nhleko commented, “MTN Group highly appreciates and thanks the MTN Group directors who will be stepping down after many years of valued service to the Group. We are confident that the incoming directors of the Board will bring a depth of skills and regional insights that will continue to enrich the experience of the board.

We are most privileged and honoured to have His Excellency former President of the Republic of South Africa, Mr. Thabo Mbeki, agree to Chair the IAB and are grateful to all the distinguished persons of the IAB who have agreed to give of their valuable time to contribute to the development of telecommunications and connectivity in Africa and the Middle East.”

*the press release is copyright-free so I have used generously.

This is how they bet in China – you win a bet if your revenue beats mine; otherwise, I take the poker. That is a superior motivation than Nairabet or betway. Gree (air conditioner maker) and Xiaomi (mobile device maker) business leaders wagered who will have higher revenues after five years with $148 million on the line.  Gree just won but no money may exchange hands because Xiaomi changed strategy along the way, voiding the bet. Sure – you can never say ‘void’ in this world of legal innovation!

A five-year bet. In 2013 Lei Jun, CEO and founder of smartphone maker Xiaomi, bet Rmb1 billion ($148 million) that Xiaomi’s revenues would surpass aircon manufacturer Gree’s within five years. That seems like a mismatched race, but Lei Jun chose his target because he and Gree chairwoman Dong Mingzhu were both being honored at the same award ceremony. The bet was also a proxy for the battle between new and old retail. Xiaomi, a young tech innovator, made all its sales online while Gree, an old school appliance manufacturer, primarily sold offline. This week Gree released its earnings for 2018, racking up Rmb200 billion in revenue, beating Xiaomi’s Rmb175 billion and winning the bet. Lei Jun likely won’t pay up though – Dong already called the wager void when Xiaomi abandoned its web-only model and opened real world stores. (Fortune)

LinkedIn Summary

China. China. China. That’s three times. Founders are now betting who will generate higher revenue over a period of time. One is about to lose $148 million. Our nairabet and betway will be very jealous of this style emanating from China. If my revenue tops yours, you send me $148 million; otherwise, here is a post-dated cheque. China – a nation in motion.

Do not make the path to Success to become the Success. When you raise capital for your business, it must never be the “exit” or your destination. The qualification to the next level depends on your performance at the current level. As entrepreneurs and founders, we must show respect to investors’ capital, across Africa.