Vodafone To Merge With India’s Telecoms Giant
“Vodafone Group PLC and Idea Cellular today announced that they have reached an agreement to combine their operations in India,” the companies said in a statement.“The combined company would become the leading communications provider in India with almost 400 million customers, 35 per cent customer market share and 41 per cent revenue market share,” it added. Vodafone will own 45.1 per cent of the combined entity, after it transfers 4.9 per cent to the Aditya Birla Group, Idea’s parent company, for 579 million dollars.
Cost Of Funds Rises As Investors Stake N451bn In Government Securities
Cost of funds rose sharply in the interbank money market last week in response to outflow of N451 billion to fund in investment in government securities. Vanguard investigations revealed that interest rates on short term funds, which opened the week at 11 per cent rose to 16 per cent at the close of business on Friday. This was due to scarcity of funds triggered by outflow of N451 billion comprising N292 billion investment in treasury bills and N160 billion investment in FGN bonds as well as purchase of foreign exchange via the special dollar sales by the Central Bank of Nigeria (CBN).
85 Companies Delisted From NSE In 14 Years
In protecting investors from investing in non-performing or moribund companies, the Nigerian Stock Exchange (NSE) has so far delisted 85 companies from its daily official list between 2002 to date. Delisting involves removal of listed securities of a company from a stock exchange where it is traded on a permanent basis. As listed on the official website of the NSE, some of the firms were delisted for different reasons ranging from voluntary, regulatory, nationalised, merged or acquired reasons.
CBN Gov. Emefiele Urges Cooperation On Monetary, Fiscal Policy
Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday.
Reactions Trail CBN Policy On Deposit, Withdrawal Charges
The recent decision by the Central Bank of Nigeria, CBN, to reintroduce various charges on large cash transactions in deposit money banks has generated mixed reactions by Nigerians, PREMIUM TIMES investigations have revealed. The regulator in February unveiled a new banking policy requiring Nigerians who make cash deposits or withdrawals of N500,000 and above to pay between 1.5 per cent and 7.5 per cent charges.
CBN, IFAD Reward 60 Microfinance Banks Over Performance
The Central Bank of Nigeria, CBN, and International Finance for Agricultural Development, IFAD, have rewarded 60 microfinance banks for performance in rural financing. The award ceremony that took place in Abuja at the weekend was in recognition of what microfinance banks have done to impact in the rural economy that was largely excluded from access to finance.
FG Moves To Extend Bank Verification To MFBs
The plan to extend the use of Bank Verification Number (BVN) to customers of Microfinance banks appear to be long expected, going by the reactions of operators in the financial services sector to the planned introduction, writes Olaseni Durojaiye The most celebrated benefits of the introduction of the Bank Verification Number (BVN) and its strict enforcement by money deposit banks in the country may have been the blocking of leakages in government revenue as several thousands of ghost workers were discovered through the initiative.
FG To Review Group Life Insurance Policy Cor civil Servants
The federal government has still not payed the N5.4billion premium of its civil servants in the country six months after it was due for renewal. The Head of the Civil Service of the Federation, HOCSF, and the Bureau of Public Procurement, BPP, have selected 20 underwriters and 108 insurance brokers to take on N5.4billion group life of the Federal Government but no premium commitment has been made.
NLNG Eyes Global Shipping Leadership Status
The Nigeria Liquefied Natural Gas Limited (NLNG) said it is relying on the strategic deployment of skills and technology to power its transformation into global maritime industry leader, the firm’s General Manager, Shipping,Capt Temilola Okesanjo has said. He said NLNG Limited has, since the commencement of its operations in 1999, chartered-in 45 vessels including LNG, liquefied petroleum gas (LPG) and condensate carriers, for the shipment of its products to buyers across the globe and chartered- out five of its own vessels to other operators in the market.