On The Money - In Brief
- Starcomms Plc, the only telecomm company to be listed on the Nigerian Stock Exchange (NSE), has said it is committed to ensure Nigerian Telecommunications Limited (NITEL) comes out of its present predicament no matter what it would cost the company.
- Insurers providing cover for NigComSat-1 now parked in space may pay as much as N17 billion in claims.The satellite, built by the China Great Wall Industry Corporation at a cost of $340 million, became the first African geosynchronous communications satellite when it was launched in China on May 13 last year. A consortium of international insurance firms - including SpaceCo of France, Munich Cray of Germany, and the People's Insurance Company of China - reportedly provided cover for the satellite.Local insurance companies, which banded together as co-insurers, may have retained about 10 per cent of the risks and shared an equivalent percentage of the premium. They are now expected to contribute an equivalent percentage of the total claims.