MTN, Mafab awarded Nigeria 5G licences, Airtel loses – Newstrends
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MTN, Mafab awarded Nigeria 5G licences, Airtel loses

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MTN Nigeria and Mafab Communications Limited have won the slots for the 5G spectrum in the auction by the  Nigerian Communications Commission (NC

MTN is a telco giant in Nigeria, while Mafab Communications was incorporated in 2020 and licensed by the Nigerian Telecommunications commission to provide and operate Local Interconnect and International carrier services

The auction, which took place on Monday, December 13, at the Transcorp Hilton Hotel, Abuja, was done using the ascending clock auction system

Three qualified bidders for the 3.5 GHz spectrum, namely: MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise

The reserve price per lot was initially set at $197,400,00 but was raised repeatedly by the auction manager, reaching $275,904,886.25 at round 11 — with Airtel dropping off. The bidding process then moved to the assignment stage

The assignment stage is an auction mechanism to resolve any such conflicts and where the winning bidder (s) will specify the date for the payment of the upfront fee

At the assignment stage, MTN offered $15,900,00 and was assigned lot one, while Mafab offered $11,120,000 and awarded slot two at no extra cost

It was learnt that the first slot (spectrum) is 3500-3600mhz while the second slot was given as 3700-3800mhz

The two winners are expected to pay by February 24, 2022, at the prevailing exchange rate

……..C).ange rate.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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