On The Money - In Brief

Mergers, Acquisitions and Financial Results

- A sweetheart deal between cellular network operator Econet Wireless Holdings Limited (Econet) and its key authorised dealer, Celsys Limited, has crumbled, leaving Celsys in a delicate financial position. Celsys' derives 70 percent of its income from its mobile retail business, which includes selling of cellular phone handsets and accessories.

- First Bank of Nigeria Plc has instituted a $118.8 million (about N1.6 billion) suit against Investors International (London) Ltd (IILL), before a Lagos High Court, claiming that the money was a loan facility advanced by it (First Bank) to Investor Group Ltd, for the acquisition of 51 percent equity of Nigerian Telecommunication Ltd (NITEL), which sum was later forfeited to the Bureau for Public Enterprise (BPE), after IILL failed to meet-up the full payment deadline.