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MTN Nigeria acquires additional 10MHZ spectrum

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MTN Nigeria has acquired an additional 10MHz spectrum in the 800MHz band from Intercellular Nigeria Limited.

Already, the Nigerian Communications Commission has approved the transaction and assigned the frequency to MTN Nigeria.

MTN said the acquisition was aimed at significantly improving customer experience, in line with its commitment to deliver excellent service quality to its subscribers.

A statement by the firm quoted the Chief Executive Officer at the MTN Nigeria, Karl Toriola, as saying, “Through this acquisition, we will be better positioned to support the deepening of broadband penetration in the country. The added resources will also greatly impact our customers’ experience providing even better internet connectivity. It is our goal to keep finding ways to grant everyone access to modern connected life.”

MTN Nigeria recently released its blow-out, impressive full-year 2020 financial statement. As Business Elites Africa reported, the telco’s operating revenue for the period under review rose by 15.1 per cent to N1.3 trillion, even as profit for the period stood at N205.2 billion. A final dividend of N5.90 for every 2 kobo ordinary share was proposed by the company’s Board, thereby bringing the total dividends the telco would be paying for the year ended December 2020 to N9.40.

MTN Nigeria Communications Plc is a subsidiary of South Africa-based MTN Group Ltd. In Nigeria, the telco leads other telecom services providers. One year after listing on the Nigerian Stock Exchange in 2019, MTN Nigeria saw its market capitalisation jump by 61.8% to N3.4 trillion as at December 2020, as against N2.1 trillion a year earlier. During the year under review, active mobile subscribers on the MTN network increased by 12.2 million new users to 76.5 million. Active data users also increased by 7.4 million to 32.6 million.

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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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