Wednesday, January 26

Relief for commuters as MTN assures commencement of Enugu-Onitsha road intervention

By: Awesome Ekene

Respite would soon come the way of commuters plying the Enugu-Onitsha Expressway following assurances of soon commencement of work by a telecommunications company, MTN-Nigeria.

Chief Enterprise Officer, MTN-Nigeria, Mrs Lynda Saint-Nwafor disclosed this on Wednesday in Awka at the announcement of the company’s N97 billion public offer to retail investors for the sale of 575 million shares.

She said the Federal Government was having a public-private partnership with companies to carry out intervention and projects in the country, adding that her firm was perfecting paperworks to commence the reconstruction of the project.

She said, “It is the responsibility of government to fix roads but MTN-Nigeria is going to construct and complete the Enugu-Onitsha expressway on behalf of government.

“We are making an investment regarding the project and once we finish the paper work, work will commence on that road.

According to Saint-Nwafor, sale of the 575 million shares was to offer Southeast investors the opportunity to own a share of MTN, urging people from the region to embrace the opportunity.

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“As a leading telecommunications company in the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of a modern connected life.

“With the sale of these shares,we are giving many Nigerians as opportunity to become a part of the progress of MTN,” she added.

Also speaking, Senior Manager, Financial Reporting Finance, Mr Ademola Olaniyan said the company was not selling shares because of scarcity of funds but to give Nigerians the opportunity to be part of the business.

“As at September 2021, MTN-Nigeria has generated N1.2 trillion as revenue. This means that whatever investment you have with MTN is safe and would continue to generate revenue for you,” he said.

Mr Chidozie Nnewuihe of Chapel Hill Denham Ltd, explained that the shares opportunity was open to everyone and its subscription would be technologically processed.

“Everyone can at least buy 20 shares from the 575 million shares which would be sold at the rate of N169 per share and you get dividend at the end of the year

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“This offer started since Dec. 1 and it will close on Dec. 14. We want Nigerians to benefit from the revenue MTN is generating yearly.

“The share purchase can be done online and it is very easy to process,” Nnewuihe said.

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