MTN processes paperwork for construction of Enugu-Onitsha Expressway – Official

December 9, 2021
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“It is the responsibility of the government to fix roads but MTN-Nigeria is going to construct and complete the Enugu-Onitsha Expressway on behalf of the government.”

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Telecommunication company, MTN-Nigeria, has said it is perfecting paper works to commence the construction work on the Enugu-Onitsha Expressway project.

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

Saint-Nwafor said: “The Federal Government is having a public-private partnership with companies to carry out intervention on projects in the country.

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

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

Saint-Nwafor said that sale of the 575 million shares was to offer South-east investors the opportunity to own a share of MTN.

She urged people from the region to embrace the opportunity, describing it as democratised participation in share sales.

“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 the opportunity to become a part of the progress of MTN,” she said.

Also speaking, Ademola Olaniyan, senior manager, Financial Reporting Finance, 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.

Chidozie Nnewuihe of Chapel Hill Denham Ltd explained that the opportunity is 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 a dividend at the end of the year.

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

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

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