Nigerian Contracts Worth $2 Million to STM Wireless

STM Wireless Inc., an Irvine provider of satellite communications systems, said Tuesday that it received two contracts valued at a total of $2 million to provide network equipment to BT Ltd. of Nigeria. STM said the Nigerian information-technology systems company plans to build computer networks at two banks in Nigeria, Standard Trust Bank and Inland Bank.

The two banks serve as BT Ltd.’s first projects. STM shares surged 38%, or $1.63 on the news, to $5.88 in Nasdaq trading.