Business News in Brief

Nigerian regulator aims to limit MTN mobile dominance

Nigeria's telecoms regulator has ordered South African mobile operator MTN to charge customers the same rate whether calling rival operators or other MTN users, in order to reduce its market dominance, it said on Friday.

MTN has 44 percent of the mobile phone market in Africa's second biggest economy and charges its customers three times more to call rival operators than for calls between MTN users, the Nigerian Communications Commission said.

Fidelity Bank in $300m 5-year Eurobond, 7% yield

Fidelity Bank has issued a $300 million 5-year Eurobond paying a 6.88% coupon and priced at a discount to give a 7% yield, the bank said on Friday.

A senior official at Fidelity, who declined to be named, said the bond sale was completed on Thursday.

Citibank and Deutsche Bank were joint lead managers on the deal, a prospectus obtained by Reuters shows.

Fidelity CEO Reginald Ihejiahi told Reuters last month that the planned bond was part of a funding drive for projects with dollar financing needs, including in oil, power and infrastructure.

Nestle Nigeria's Q1 pre-tax profit falls to ₦7.05b

Nestle Nigeria said on Friday its first quarter pretax profit fell by 4.08% to ₦7.05 billion ($44.56 million), compared with ₦7.35 billion a year ago.

Total revenue at the local unit of the world's biggest food group, Nestle SA, however rose to ₦30.69 billion from ₦28.67 billion last year, the company said in a filing with the Nigerian Stock Exchange.


Berkshire Hathaway Acquires Balance of Iscar

Warren Buffett’s Berkshire Hathaway Incorporated on Wednesday said it paid $2.05 billion cash to buy the 20% it did not already own of toolmaker Iscar from the Israeli company’s founding Wertheimer family.

Berkshire had in 2006 bought an 80% stake in Iscar, a maker of metal cutting tools whose formal name is IMC International Metalworking Cos, for $4 billion.

CBN Extends Deadline for MFBs, Mortgage Institutions

The Central Bank of Nigeria (CBN) has announced the extension of the deadline for compliance with the revised microfinance policy regulation and supervisory framework for Microfinance Banks (MFBs) from December 31, 2012 to December 31, 2013.

The was just as the apex bank also revealed that the compliance with the revised guidelines for Primary Mortgage Banks (PMBs) has been moved from April 30, 2013 to December 31, 2013.

The CBN stated this in separate circulars signed by its Director, Other Financial Institutions Supervision Department, Olufemi Fabamwo.

MTN Foundation Awards Scholarships to 670 Students

The MTN Foundation has awarded scholarship to 670 brilliant Nigerian students in public tertiary institutions, comprising 590 science and technology students and 80 blind students from the south-west region.

The foundation said the scholarship, worth ₦200,000 would enable the beneficiaries to complete their education and pursue their dreams, despite their financial limitations. MTNF also renewed existing scholarships.

First Bank Emerges Best Retail Bank in Nigeria

For the second year running, Nigeria’s number one bank brand, First Bank of Nigeria Limited has emerged the Best Retail Bank in Nigeria for 2012.

The bank was adjudged the best at an award ceremony, which was organised in conjunction with Asia’s most prestigious retail banking event, the Excellence in Retail Financial Services 2013 Awards at Westin Chosun, Seoul in South Korea.

Etisalat Wins Global Mobile Award for Innovation

Etisalat repeated last year’s success at the most important annual gathering of the telecommunications industry by winning a major award for innovation.

The Middle East’s leading telecommunications operator won in the “Best Near Field Communication/Mobile Money Product” category at the GSMA’s Global Mobile Awards 2013 during the just concluded Mobile World Congress held in Barcelona, Spain, adding to three awards from the industry’s most prestigious competition last year.

Skye Bank Lends $500m to Maritime Operators

In line with its commitment to the development of the Nigerian maritime industry, Skye Bank Plc has granted credit facilities amounting to $500 million to operators in the industry in recent times.

The amount represents money provided to indigenous ship owners and other stakeholders for the acquisition of ships and other critical work tools to enable them play very active roles in the industry.