Company news in brief
TotalEnergies invests in Nigerian oil
French group TotalEnergies is ready to invest US$6 billion over several years in Nigeria's oil and energy industry, especially in gas and offshore projects, the presidency said.
Nigeria, Africa's top economy and major oil producer, is looking to bring in more foreign investment since President Bola Ahmed Tinubu came to office in May with a set of economic reforms.
The OPEC member's crude output has declined in recent years as widespread theft from pipelines and attacks, along with high operating costs and bureaucracy, have deterred onshore investors.
TotalEnergies's announcement follows a similar pledge from Shell earlier this month, with that company looking at US$6 billion in offshore, gas and liquefied gas projects. – Fin24/AFP
MTN to bar subscribers
Africa's largest mobile operator MTN said it has received a directive from Nigeria's communication authority to bar subscribers who had not yet linked their SIM cards to their identity numbers.
Subscribers who have not submitted their identity numbers are to be barred by 28 February, and those who have submitted but not verified are to be barred by 29 March.
Nigeria is MTN's biggest market, accounting for more than 40% of its revenue. The announcement in 2022 from the Nigeria Communications Commission that all operators are required to restrict outgoing calls of unregistered subscribers had prompted a share price decline for the group.
Nigeria's national identity number (NIN) is similar to South Africa's ID system. The group, however, had set up about 10 000 points across the country to help ensure enrollment and still reported strong profit growth in 2022. – Fin24
ABInBev disinvests in Turkey
Anheuser-Busch InBev announced it had reached a deal to sell its interest in a joint venture with Turkish brewer Anadolu Efes that operates in Russia and Ukraine.
No amount is to be paid upon closing, with any proceeds expected not to be material, the brewing giant said.
In April 2022, the company announced its plans to end the venture and recorded a US$1.1 billion writedown as a result. – Fin24
Google settles in antitrust matter
Alphabet's Google has agreed to pay US$700 million and to allow for greater competition in its Play app store, according to the terms of an antitrust settlement with US states and consumers disclosed in a San Francisco federal court.
Google will pay US$630 million into a settlement fund for consumers and US$70 million into a fund that will be used by states, according to the settlement, which still requires a judge's final approval.
The settlement said eligible consumers will receive at least US$2 and may get additional payments based on their spending on Google Play between 16 August 2016 and 30 September 2023. – Fin24/Reuters
French group TotalEnergies is ready to invest US$6 billion over several years in Nigeria's oil and energy industry, especially in gas and offshore projects, the presidency said.
Nigeria, Africa's top economy and major oil producer, is looking to bring in more foreign investment since President Bola Ahmed Tinubu came to office in May with a set of economic reforms.
The OPEC member's crude output has declined in recent years as widespread theft from pipelines and attacks, along with high operating costs and bureaucracy, have deterred onshore investors.
TotalEnergies's announcement follows a similar pledge from Shell earlier this month, with that company looking at US$6 billion in offshore, gas and liquefied gas projects. – Fin24/AFP
MTN to bar subscribers
Africa's largest mobile operator MTN said it has received a directive from Nigeria's communication authority to bar subscribers who had not yet linked their SIM cards to their identity numbers.
Subscribers who have not submitted their identity numbers are to be barred by 28 February, and those who have submitted but not verified are to be barred by 29 March.
Nigeria is MTN's biggest market, accounting for more than 40% of its revenue. The announcement in 2022 from the Nigeria Communications Commission that all operators are required to restrict outgoing calls of unregistered subscribers had prompted a share price decline for the group.
Nigeria's national identity number (NIN) is similar to South Africa's ID system. The group, however, had set up about 10 000 points across the country to help ensure enrollment and still reported strong profit growth in 2022. – Fin24
ABInBev disinvests in Turkey
Anheuser-Busch InBev announced it had reached a deal to sell its interest in a joint venture with Turkish brewer Anadolu Efes that operates in Russia and Ukraine.
No amount is to be paid upon closing, with any proceeds expected not to be material, the brewing giant said.
In April 2022, the company announced its plans to end the venture and recorded a US$1.1 billion writedown as a result. – Fin24
Google settles in antitrust matter
Alphabet's Google has agreed to pay US$700 million and to allow for greater competition in its Play app store, according to the terms of an antitrust settlement with US states and consumers disclosed in a San Francisco federal court.
Google will pay US$630 million into a settlement fund for consumers and US$70 million into a fund that will be used by states, according to the settlement, which still requires a judge's final approval.
The settlement said eligible consumers will receive at least US$2 and may get additional payments based on their spending on Google Play between 16 August 2016 and 30 September 2023. – Fin24/Reuters
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