Items filtered by date: Thursday, 21 March 2019
The Nigerian Stock Exchange has ordered the full suspension of trading in Diamond Bank Plc shares.
 
This follows a receipt of final approval of the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) of the merger between Access Bank and Diamond Bank.
 
The move is premise on a Court-Ordered Meetings held on March 5, 2019 to review the proposed merger between Access Bank Plc and Diamond Bank Plc.
 
The announcement was contained in a letter by the company secretary, Uzoma Uja and published on the website of the NSE on Wednesday.
 
Read also: Nigeria to build 5,660km gas pipeline across North Africa
 
The letter stated that ‘‘The Full Suspension will enable the Bank determine the shareholders that will be entitled to receive the Scheme Consideration.
 
“Shareholders and other investors are requested to please note that following the Full Suspension of March 20, 2019 – the last trade day was Tuesday, March 19, 2019 following which there will be no further trades in the shares of Diamond Bank Plc.
 
”The Court Sanction of the Merger was obtained on March 19, 2019,’’ it added
 
Published in Bank & Finance
The Nigerian Communications Commission, NCC, Wednesday, said the country has achieved 33 percent broadband penetration in the telecommunications industry as at February, 2019.
 
This was announced by the Executive Vice Chairman, Prof Umar Garba Danbatta in Abuja during a courtesy visit by the management of Airtel, adding that the feat was far above the projections of the regulatory body.
 
Prof Danbatta, who explained that the feat was achieved courtesy of the National Broadband Plan, said the details of the development would soon be given by the Minister of Communications, Mr Adebayo Shittu.
 
The Airtel team was led by its Managing Director and Chief Executive Officer for Africa, Mr Raqhunath Mandura.
 
Danbatta said: “It is good to see Airtel providing services, especially 4G services.
 
“It is good to hear the level of expansion because we are seeing a remarkable improvement in broadband penetration.
 
“The figures are increasingly going up. We are at about 33% now.  This we can attribute to a very ambitious expansion of network operators like Airtel in places like Lagos, Kano, Rivers, Ibadan, Abuja. This lends credence to figures we are seeing from broadband penetration.
 
“We are seeing an increase in broadband subscription, especially to services provided by Airtel.
 
“It is good for Nigerians to hear this that Airtel is helping us to hit the broadband penetration target.
 
“We were supposed to achieve 30% as at December 2018 but we have exceeded that target courtesy of National Broadband Plan.
 
“We are steadily seeing an increase in broadband penetration. As of February, there is a new target of 70% in the next five years.  We will come up with new.
 
“So far, no official announcement has been made on that by the minister.
 
“I am sure government will come up with an official announcement on the new National Broadband Plan, Phase 2.
 
”In the area of data usage, there is also steady increase in data usage. We are again seeing that from 4G  network services.
 
“It is important to talk about other statistics. As at February 2019, we had 174million Nigerians had access to telecom voice services. And the number is steadily rising.
 
Internet penetration too in real terms is 100milion.”
 
Published in Telecoms
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