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Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MTN NIGERIA COMMUNICATIONS LIMITED |
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Registered Office : |
35, Moloney Street, Lagos Island, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
08.11.2000 |
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Com. Reg. No.: |
RC: 395010 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Services Provider of Cellular Telecommunication |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
nigeria - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.
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Source : CIA |
MTN NIGERIA
COMMUNICATIONS LIMITED
The company is one of the leading operator of Cellular Telecommunication
Services Provider in Nigeria.
The company is located in a commercial area at Golden Plaza Building, Awolowo Road, Falomo, Ikoyi, Lagos,
Nigeria
COMPANY NAME: MTN NIGERIA COMMUNICATIONS LTD.
REGISTERED
ADDRESS: 35, Moloney Street, Lagos Island, Lagos,
Nigeria.
CORP. HEAD OFFICE
ADDRESS: Golden Plaza Building, Awolowo Road, Falomo, Ikoyi, Lagos,
Nigeria
TRADING NAME: MTN Nigeria
TEL: 234-1-3200533, 0803 902
0001, 08039005043
FAX:
08039029611 4-1-2619009, 2625815
E-MAIL:
customercare@mtnnigeria.net, info@mtnonline.com
WEBSITE: www.mtnonline.com
Currency: All
monetary quoted in this report are in Nigerian Naira, the local urrency or
unless otherwise stated. The exchange rate is N150 to 1 US $.
NATURE OF PREMISES: Owned
office space as head office occupying approximately 2,500 square metres
DATE INCORPORATED: 8th
November, 2000
YEAR BEGAN
OPERATION: 8th August, 2001
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
395010
SHARE CAPITAL:
2.509,999,999,999,999
ISSUED CAPITAL: 10,000,000
FINANCIAL YEAR
END: 31st December
Gbenga Oyebode NIGERIAN
6, Turnbull Road, Ikoyi, Lagos.
Dosekun Kofo NIGERIAN
4, Mosley Street, Ikoyi, Lagos.
Robert Duncan Nisbet SOUTH
AFRICAN
20 Tennysen Avenue, Senderwood, 2145 , South Africa.
Campbell Utton SOUTH
AFRICAN
Coral Tree Crescent, Fourway Gardens, 2055. South Africa.
Feleng Molusi SOUTH
AFRICAN
3, Alice Lane Sandown Ext. 38, Sandton, South Africa.
Karrel Willem Pienaar SOUTH
AFRICAN
3, Alice Lane Sandown Ext. 38, Sandton, South Africa.
Robert Gordon Chaphe, SOUTH
AFRICAN
3, Alice Lane Sandown Ext. 38, Sandton, South Africa.
Mohammed Sani Bello Co. (Rtd) NIGERIAN
Plot 27, Imani Estate, Maitama, Abuja. FCT Nigeria
Pascal G. Dozie NIGERIAN
Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos
Victor Odili
27B, Bishop Oluwole Street, Victoria Island, Lagos NIGERIAN
Ahmed Dasuki
57, Kofo Abayomi Street, Victoria Island, Lagos. NIGERIAN
Abubakar S. Bello NIGERIAN
Plot 27, Imani Estate, Maitama, Abuja, FCT.
Faria De Christian SOUTH
AFRICAN
216 – 4th Avenue, Fairland 2195
Ahmad Farroukh CANADIAN
4, Aromire Street, Ikoyi, Lagos.
Andrew Bling – Chief Executive Officer SOUTH
AFRICAN
4, Aromire Street, Ikoyi, Lagos.
Joseph Solan BRITAIN
9412, tobin Cicle Potomac, MD 20854
Gbenga Oyebode
6M, Turnbull Road, Ikoyi, Lagos. NIGERIAN
Robert Duncan Nisbet SOUTH
AFRICAN
Tennysen Avenue, Sandwood 2145, Sanderwood
Babatunde Folawiyo NIGERIAN
38, Warehouse Road, Apapa, Lagos.
Sifiso Dabengwa SOUTH
AFRICAN
3, Alice Lane, Sandown Ext 38, SA
Nhleko Phuthuma SOUTH
AFRICAN
3, Alice Lane, Sandown Ext 38, SA
Fatima Jakoet SOUTH
AFRICAN
36, Winter Crescent, Green Haven, Athlone 7764, Capetown. SA
MTN International (Mauritius) Ltd.
Suite 525, Barkhu Whart, Le Caudon Waterfront, Port Louis
Celtelecom Investment Ltd.
C/O Mutual Trust Management, Mauritius Ltd,
608 St. James court, St, Denis Street, Port Louis
SASPV Ltd.
608 St. James court, St, Denis Street, Port Louis
N-Cell Limited
Geneva Place, Waterfront Drive road, Town, Tortola, British Virgin
Island
Mobile Communications Holding Ltd.
340-345 Barkly Warf, Le Caudan Waterfront, Port Louis
Hermitage Overseas Corporation
Quijano & Associates (BVI) Ltd, Road Town, Tortola
Universal Communications Ltd.
4th Floor, Caribbean House, George Town, Grand Cayman
Celted Funded Shares Ltd.
C/O Standard Bank Trust Company (Mauritius) Ltd.
4th Floor, Les Jamalacs, Vieux Consek Street, Port Louis
International Finance Corporation (IFC)
2121 Pennysylvania Avenue, N.W. Washington DC 20433.
MTN Nigeria was incorporated on 8th November, 2000 with registration
number (RC: 395010) and began operation in August 2001. The corporate office is located at Golden Plaza Building, Awolowo
Road, Falomo, Ikoyi, Lagos, Nigeria. The company occupies ground and first
floor of the plaza. The building is opposite Church of the Assumption, Falomo,
Ikoyi, Lagos.
The company is part of the MTN Group, Africa’s leading cellular
telecommunications company. On May 16, 2001, MTN became the first GSM network
to make a call following the globally lauded Nigerian GSM auction conducted by
the Nigerian Communications Commission earlier in the year. Thereafter the
company launched full commercial operations beginning with Lagos, Abuja and
Port Harcourt. Since it was launched in
August 2001, MTN has steadily deployed its services across Nigeria. It now
provides services in over 300 cities and towns, more than 10,000 villages and
communities and a growing number of highways across the country, spanning the
36 states of Nigeria and the Federal Capital Territory, Abuja. Many of these
villages and communities are being connected to the world of telecommunications
for the first time ever.
The company’s digital microwave transmission backbone, the 3,400
Kilometre Y’elloBahn was commissioned by former President Olusegun Obasanjo in
January 2003 and is reputed to be the most extensive digital microwave
transmission infrastructure in all of Africa. The Y’elloBahn has significantly helped
to enhance call quality on MTN network.
It subsists on the core brand values of leadership, relationship,
integrity, innovation and “can-do”. It prides itself on its ability to make the
impossible possible, connecting people with friends, family and opportunities.
MTN Nigeria later expanded its network capacity to include a new
numbering range with the prefix 0806, making MTN the first GSM network in
Nigeria to have adopted an additional numbering system, having exhausted its
initial subscriber numbering range - 0803.
MTN Nigeria now has a new numbering range with the prefix 0703 and 0706.
In its resolve to enhance quality customer service, MTN Nigeria has also
introduced a self-help toll-free 181 customer-care lines through which
subscribers can resolve their frequently asked questions free of charge. MTN’s overriding mission is to be a catalyst
for Nigeria’s economic growth and development, helping to unleash Nigeria’s
strong developmental potential not only through the provision of world class communications
but also through innovative and sustainable corporate social responsibility
initiatives.
MTN paid $285m for one of the four GSM licenses in Nigeria in January
2001. To date, in excess of US$1.8 billion has been invested in building mobile
telecommunications infrastructure in Nigeria.
During our visit on 23rd January, 2013, we
spoke with the Front Desk Officer who refused to disclose her name but
confirmed and acknowledged our document. When asked for the difference in name,
she stated that MTN Nigeria and MTN COMMUNUCATIONS LIMITED is same company.
According to her, no visitor without prior appointment is allowed to see the
top personnel of the company and that she is not in best position to give any
information about the company. She later promised to submit our document to the
appropriate authority who will get back to us in due course.
Conclusion: Based on our visit, available information
brief discussion with the Front Desk Officer and level of business activities
witnessed in the premises, we are of the opinion that the company is a legal
entity which operates a legitimate business.
As such, any business relationship with the company should be mutually
beneficial.
- DDB Lagos, Corporate & Financial
Limited etc.
Others Are:
MTN has been involved in several social responsibility in education,
sports, rural developments and economic empowerments, Youth Skill Development Project, Health
Portfilio Projects etc.
MTN Group Limited
Subject has both local and international references
Subject has both local and international references
Remarks Payment
References:
MTN Nigeria has excellent payment record.
The company has many branch offices, Regional Offices, Service
Centers, Walk-In Assistance Centers, Connect Stores etc in East, West, South
and Northern parts of Nigeria.
* Quality of Management: VERY
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
Company’s Premises
Corporate Affairs Commission
The company’s
Audited Accounts was not available as at the time of compiling this report.
However, we advise that the maximum credit limit to be accorded to the company
could be put at 5,000,000million US dollars ($5m USD). This opinion is as a
result of the company’s performance in the telecommunication industry in
Nigeria and also, it is among the top major fast growing companies in Africa.
Subject is operating in an industry with very great potentials. The
telecommunication Services sector of the Nigeria economy has a lot to explore
when it comes to the need for expansion, improvement of product quality, work
force development and general technical expertise. Mainly private individuals
dominate this sector. Despite the huge capital required for setting up this
investment, it has grown in its leaps and bounds over the decades in the
nation, although, the efforts of the Federal Government cannot be ruled out.
The Government has put in place different policies that support private
individuals to secure loans/ mortgages from banks and other financial
institutions. However, to record a groundbreaking record in this sector,
foreign investors are inevitable. They facilitate the importation of high-tech
equipment, which will boost quality production.
This sector of the economy has great potentials for intending investors.
Public Notice from various sources including but not limited to: The
Courts, Nigerian Prison Service, Economic & Financial Crimes Commission
(EFCC), National Drug Law Enforcement Agency (NDLEA), National Agency for Food
& Drugs Administration and Control (NAFDAC), Independent Corrupt Practices
and other related offences Commission (ICPC) Etc.
No negative information on subject from the above agencies as at the
time of compiling this report.
Having carried out all necessary verifications on the company , our
investigations revealed that MTN Nigeria Commucations is duly registered in
Nigeria with a registered address at 35, Moloney Street, Lagos Island, Lagos,
Nigeria, while its Corporate Head office is located at Golden Plaza Building, Awolowo
Road, Falomo, Ikoyi, Lagos, Nigeria with several offices and sales outlets
nationwide.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.