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Business News

SWCL’s suit challenging 9mobile’s sale has been ruled against by Justice Aneke

A Federal High Court in Lagos has dismissed a suit by Spectrum Wireless Communications Limited (SWCL), challenging the sale of 9mobile.

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9mobile court case. Investors sue 9mobile, Owners of 9mobile, Teleology, 9mobile, KPI, NCC, CBN

Justice C.J. Aneke of a Federal High Court in Lagos has dismissed a suit challenging the sale of 9mobile by Emerging Markets Telecommunications Services (EMTS).

The Justice held that the plaintiff, Spectrum Wireless Communications Limited (SWCL), lacked the locus standi to maintain the action against EMTS.

The judge upheld the preliminary objection by EMTS, which denied any direct shareholding relationship between it and SWCL, to give the plaintiff the right to challenge 9mobile’s sale.

Why SWCL is challenging the 9mobile sale

SWCL had sued EMTS and 16 others, including United Capital Trustees Limited, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), challenging 9mobile’s sale.

The plaintiff had claimed that it acquired indirect holding of 30 percent of the shares of EMTS after a private placement and was allotted 4,041,096 Class A shares of PTHNV, which owns 99 per cent of the shares in MyaCynth.

Specta

The plaintiff also claimed that MyaCynth holds 30 per cent of the shares of EMTS BV; that EMTS BV holds 99.9 per cent of the shares of EMTS and that EMTS’ syndicated loan from the second to fourth defendants was granted without the requisite statutory approval of the CBN.

It further claimed that its investments in EMTS will be lost if the 15th to 17th defendants were allowed to effect the sale of EMTS.

About 9mobile

Emerging Markets Telecommunication Services Limited (EMTS) – also known as 9mobile – is a Nigerian private limited liability company.

Deal book 300 x 250

EMTS acquired a Unified Access Service License from the Nigerian Communications Commission (NCC) in 2007. The License enables EMTS to provide Fixed Telephony (wired or wireless), Digital Mobile Services, International Gateway Services and National/Regional Long Distance Services in addition to spectrum assignments in the 900 and 1800 MHz bands.

With a recent name change and rebranding in July 2017, the company launched its new identity – 9mobile, with an unveiling of the new name and logo.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Macro-Economic News

BREAKING: CBN retains MPR at 11.5%, holds other parameters constant

The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.

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CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Highlights of the Committee’s decision

  • MPR retained at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • While Liquid Ratio was also kept at 30%

More details shortly…

Specta

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Coronavirus

FG says N10 billion disbursed funds not only for Covid-19 vaccines

FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.

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Nigeria might fall into recession - Budget Office, FG not enjoying dividend of trillions spent on CBN, NPA, other MDAs - Akabueze

The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.

This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.

Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.

“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.

Ibrahim Oloriegbe,  Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.

Specta

“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements

“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.

The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,

The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.

What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.

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Economy & Politics

Investing in digital economy, infrasture crucial to mitigate impact of COVID-19 pandemic – World Bank

Investing in digital economy will be crucial to mitigate the impact of COVID-19 and foster a sustained recovery in Sub-Saharan Africa.

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World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

The World Bank has asserted that investing in the digital economy and infrastructure will be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery and foster a sustained recovery in Sub-Saharan Africa.

This is according to the World Bank In Africa report – #AFRICAN CAN.

The report noted that in a time of Covid-19, dominated by lockdowns and social distancing, investing in the digital economy and infrastructure will be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery.

It argued that the adoption of digital technologies by governments, households and firms in Sub-Saharan Africa still lags behind that of other regions in the world.

The report, therefore, maintains that government intervenes to reduce the cost of devices and services, avoid disconnections for lack of payment, and increase bandwidth will be key, considering that the road to economic recovery is projected to be long and arduous.

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What they are saying

The report states that:

“The road to recovery will be long and arduous and will require policies and investments that focus on connecting people to job opportunities, which can help end extreme poverty, particularly post-COVID-19.”

What you should know

Even though the World Bank did not suggest the form that the policies and investments would take in the report, the Bank, in a separate report — flagship report – Global Economic Prospects – as reported by Nairametrics on the 19th of January, 2021, has argued that productivity-enhancing structural reforms are required for quick economic recovery.

The Bank suggests these productivity-enhancing reforms encompass promoting education, effective public investment, sectoral reallocation, and improved governance. Investment in green infrastructure projects can provide further support to sustainable long-run growth while also contributing to climate change mitigation.

According to the report:

  • Sub-Saharan Africa is home to more than 1 billion people, half of whom will be under 25 years old by 2050.
  • It is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and wipe out poverty in the region, enabling Africans across the continent to live healthier and more prosperous lives.
  • With the world’s largest free trade area and a 1.2 billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people.
  • Knowledge is essential for governments to make better policies and institutions to make more effective decisions, thus, governments should pay attention to research and analysis.

According to World Bank’s Flagship report – Global Economic Prospects.

  • Investment is projected to shrink again this year in more than a quarter of economies – primarily in Sub-Saharan Africa (SSA), where investment gaps were already large prior to the pandemic.
  • Growth in Sub-Saharan Africa is expected to rebound only moderately to 2.7% in 2021 – 0.4% point weaker than previously projected, before firming to 3.3% in 2022.

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