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Newsletter: Nigerian Business News Roundup (31/1/2017)



The Economy

FRSC Seeks Nationwide Ban of Commercial Motorcycle

The recommendation forms part of the October Road Traffic Crash (RTC) Report 2016, submitted by the Corps Marshal, Mr Boboye Oyeyemi, to the Secretary to the Government of the Federation (SGF).


The report made available to the News of Nigeria (NAN) quotes Oyeyemi as saying that commercial motorcyclist, remained a major cause of fatal road traffic accidents across the country, hence the need for state governments to consider banning them from operating.


Five Oil Firms Implicated In Diezani’s $153million Scandal

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Five oil companies have been linked with the $153million seized from former Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, The Nation learnt yesterday.
The chief executives of the oil firms are believed to have gone underground to evade arrest, prompting investigators to believe that they may have opted to forfeit the cash.
But the source of the cash sparked a row last night following claims by a suspect that the $153million was sourced by the former minister from the five oil firms and not the accounts of the Nigerian National Petroleum Corporation (NNPC).
The suspect said the $153million was another tranche of funds mobilised under the table by Mrs Alison-Madueke from oil companies for the re-election of ex-President Goodluck Jonathan.

 The Nation

Bankole, Obanikoro, Okupe, Others Meet Over S’West Economy

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A former Speaker of the House of Representatives, DimejiBankole; a former Minister of State for Defence, MusiliuObanikoro; and a former Senior Special Assistant on Public Affairs to ex-President Goodluck Jonathan, DoyinOkupe; were among members of the Yoruba Patriots Movement that met behind closed door on Monday in Ibadan.

Also at the meeting were the National Coordinator of YPM, Oladosu Ladapo, a former Defence Minister, Kayode Olatokunbo, a former deputy governor of Osun State, Fatai Akinbade, Senator Ayo Adeseun, Prof. Soji Adejumo, Wole Oyelese, Saka Balogun and Dotun Oyelade.

Although Bankole and Obanikoro refused to grant interview to pressmen that approached them at the end of the meeting, Ladapo said they met to discuss a common economic agenda for the South-West.

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Customs Seizes Truckload Of Pump Action Rifles In Lagos

Operatives of the Nigeria Customs Service (NCS) intercepted a truckload of smuggled arms at Apapa Port in Lagos yesterday. The Comptroller-General of Customs, Ahmed Ali, who displayed the suspected exhibits at the Federal Operations Unit (FOU) Zone ‘A’ in Ikeja said the consignment of 49 boxes contained a total of 661 pieces of pump action rifles concealed with steel doors and other goods.


This interception has further raised anxiety about the security of lives and property in the wake of lingering terrorism, kidnappings, armed robbery and other criminal activities across the country. It has also exposed the security lapses at the nation’s ports which make prohibited goods to pass through them undetected.



Lawyers Seek Review Of Judges Appointment, Remuneration

Some lawyers in Abuja have urged the Federal Government to review appointment of judges and remuneration of state prosecutors in order to expedite lingering court cases. The legal practitioners called on government to appoint judges based on merit, saying that wrong choice of judges and poor remuneration affected the country’s judicial system.

The legal practitioners made the call in Abuja on Tuesday while speaking in separate interviews. A Principal Partner, Royal Chambers, Mr Michael Oguntayo, said that most times, mediocre judges were appointed in place of competent ones who had many years of experience.


Power ‘ll Improve This Year, Says Eko Disco Chief

The Managing Director/CEO, Eko Electricity Distribution Company (EKEDC), Mr. Oladele Amoda, yesterday assured that power supply will improve this year. He said stakeholders in the electricity sector know the source of the power problems in the country.

Amoda, in an interview with the News Agency of Nigeria (NAN) in Lagos, said the Federal Government is finding ways to solve the problem of gas supply to the power generating plants by engaging the militants in the Niger Delta in peaceful discussions.

The Nation

Jos Communities Reject Polio Vaccine, Want Food Instead

Some communities in Jos North Local Government of Plateau have refused to participate in the ongoing immunisation exercise against polio, citing hunger as their reason.

“The communities have shunned entreaties by the immunisation officers; they say the vaccine should be replaced with food,” Mrs. Hannatu Davat, a local immunisation officer, told the News Agency of Nigeria, in Jos on Monday.

The immunisation exercise, which began on January 28, is co-sponsored by the local government and the World Health Organisation, UNICEF and the Nigerian Rotary Club.


Nigeria Gains $22million From Bonny Light Crude In December

The price of Nigeria’s Bonny Light crude oil was the second highest in December among members of the Organisation of the Petroleum Exporting Counties (OPEC), rising from $42.20 in November to $53.91 per barrel.

This means the country gained about $11.71 per barrel in December. Nigeria therefore may have added $22 million to its foreign exchange earnings when multiplied by current production of 1.9 million barrels per day in December.

The gain also boosts Nigeria’s capacity to fund its N7.3 trillion 2017 budget, and if the gains continue, may reduce the dependence on external borrowings to fund the budget and other development projects.


AXA Mansard, Uber Collaborate On Insurance Cover

AXA Mansard Insurance has partnered Uber to announce an innovative insurance policy to cover riders while on the road.

With this partnership, AXA Mansard will provide insurance cover against death, permanent, total or partial disabilities, medical and funeral expenses to riders during any trip with Uber in Nigeria.

According to a statement by the insurance firm, the insurance cover also protects Uber driver-partners and riders against damage to third-party property that may occur while they carry out their Uber App-initiated activities.


Heritage Bank Stresses Importance Of Reward Schemes

Heritage Bank Limited says its customer reward schemes are meant to encourage and express gratitude to its teeming customers for their loyalty to the bank.

The lender recalled that two reward schemes, ‘MyHeritageReward’ and ‘HB Concourse, were launched last year in line with its commitment to deliver superior customer service.

In a statement on Sunday, the lender said the schemes had been delivering value to its customers since their launch last year.


Seplat Suspends Trading On Shares For Two Months

Seplat Petroleum Development Company Plc says dealings on its shares will be in a closed period between January 29, 2017 and expiring on March 30, 2017.

Within this period, dealing on the company’s shares would be suspended. The oil firm said the development was in pursuant to Clause 17.2 of the amendments to the listings rules of the Nigerian Stock Exchange.

The company was said to have filed this development to the NSE on Monday.


Emerald Energy Faults $45.7m Debt Allegedly Owed Chinese Firm

Emerald Energy Resources Limited, operator of Oil Mining Lease (OML) 141, has faulted the alleged $45,730,697.57 it was claimed to have owed Chinese Export and Credit Insurance (SINOSURE), describing the publications on April 7 and 14, 2016 editions of THISDAY as injurious and defamatory to its reputation.

In a protest letter by the law firm of TEMPLARS, which was addressed to THISDAY, the law firm said the offensive materials were published against its clients with the active connivance of a firm of legal practitioners, Kusamotu & Kusamotu, which acted for China Export and Credit Insurance.


FirstBank Provides Secure Cash Transfer Services

First Bank of Nigeria Limited in effort to providing bespoke and accessible banking offerings to its teeming customers is making money transfer services available nationwide to provide customers with alternative transaction channel that is safe, convenient and a flexible means of funds transfer all year round.

These services are also available at weekends as well as on public holidays from some dedicated branches. With Western Union, customers can conveniently receive money from abroad and send money from Nigeria to over 200 countries and territories Worldwide and recipients can receive funds straight to their accounts.


Yinka Folawiyo Petroluem Taps Century Energy on Aje Field

Yinka Folawiyo Petroleum (YFP) have engaged indigenous oil services group, Century Energy Services Limited-CESL, raising the bar on Nigerian Content development in the streaming of Aje field, an offshore oil concession which brings Lagos State into the league of oil producing states in the country.

Industry analysts see this as “a remarkable milestone capable of rekindling the hope of the Agencies such as DPR , NAPIMS and NCDMB who have the responsibility of growing Nigerian Content to an ambitious level of about 50per cent by 2020 and re-invigorating the Nigerian -Can- Do -It spirit in the nation’s oil and gas industry.”


Brains and Hammers Partners Kano Government on Landmark Economic City

The Kano State Government has entered a joint venture development agreement with Brains and Hammers Ltd, a foremost real estate and infrastructure development company in Nigeria, for the development of Kano Economic City (KEC), a centre of trade and commerce on 117.2 hectares of land of global standards.

A statement by Brains and Hammers monday said the KEC will be strategically located along the Zaria-Maiduguri Road, a gateway to the historic city.

“This is going to be the newest market in Kano, a city boasting of 1,000 years of continuous existence as a centre of commerce,” the company added.


 CBN, AGF Trade Blame Over Oil Bloc Account

At the public hearing on the investigation of $22billion OPLs and Oil Mining Leases (OMLs) conducted yesterday by the Gideon Gwani-led ad hoc Committee, the Central Bank of Nigeria ( CBN ) and the Office of the Accountant General of the Federation ( OAGF) refused to take responsibility for the records.

The CBN was given a seven-day ultimatum to provide documents to ascertain whether the payment of application fees, royalties, signature bonuses and other fees were actually made by oil frms.

Also, the committee resolved that the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Funsho Kupolokun, should appear before it over the ceding of marginal fields to oil and gas operators.

The committee began investigation into the award of all OPLs and OMLs by the Federal Government to ascertain whether due process and guidelines for the acquisition of oil and gas  assets were complied with.

The Nation

SEC Extends Recapitalisation Deadline For Operators To March This Year

Again, the Securities and Exchange Commission (SEC) has announced the extension of the deadline for market operators to comply with the minimum capital requirement by three months, from the initial December 31, 2016. This means that operators have till March 31st to increase their capital base.

The extension followed a plea by stockbrokers, who had requested additional six months to enable them comply successfully. The fact that the market regulator keeps pushing forward the deadline is indicative of the extent of illiquidity in the market, which is characterised by economic meltdown and dwindling purchasing power of the masses, thereby making investment in stocks unattractive.


Acquisition Of Mobil ‘ll Raise Investors’ Confidence’

The Chief Executive Officer, Nigerian Stock Exchange (NSE) Mr. Oscar Onyema, has expressed confidence in NIPCO’s ability to ensure continuous investors interest in the capital market following its 60 per cent stake acquisition in Mobil Oil Nigeria (MON) ,

Onyema who gave the assurance during a courtesy visit with its management team to NIPCO’s office in Apapa, Lagos described the deal as one of the largest acquisitions in the downstream sector.

He said the strategic acquisition will enhance the company’s continuous growth and expansion as well as add increased value to investor and other stakeholders in the country.

The Nation


Breaking! Former APGA Guber Candidate Tata Rejoins PDP

The 2015 All Progressive Grand Alliance APGA gubernatorial candidate in Katsina Abdullahi Umar Tsauri ‘TATA’ has rejoined Peoples Democratic Party (PDP).

At a grand reception to usher him into the party, Tata was received by the party’s leadership under Salisu Majigiri.


Ambode Appoints Three PS

The Lagos State Governor, Mr. Akinwunmi Ambode, has approved the appointment of three new Permanent Secretaries in the state public service.

According to a statement on Monday by the acting Head of Service, Mrs. Folasade Adesoye, the newly appointed Permanent Secretaries are Temidayo Erinle, who will oversee the Ministry of Works and Infrastructure; Mrs. Adetutu Liadi, for the Ministry of Women Affairs and Poverty Alleviation; and Dr Atinuke Onayiga, for Primary Health Care Board.


Rerun: Army, SARS chief, Others Shun Wike’s Panel

The Nigerian Army and the Commander of Special Anti-Robbery Squad in Rivers State, Mr. Akin Fakorede, on Monday, failed to honour the invitation of the commission of inquiry set up by Governor Nyesom Wike.

The panel was established to investigate the killings and other violent acts that occurred during the December 10, 2016, election rerun.


Crisis: Police Seal Off Ondo Assembly

The Ondo State Police Command sealed off the state’s House of Assembly Complex on Monday following the lingering leadership crisis.

The crisis began on Friday after the Speaker, Mrs. Jumoke Akindele, was purportedly suspended together with two other principal officers of the assembly by 14 members of the lawmakers.

The other two suspended officers are the deputy speaker, Mr. FataiOlotu, and the majority leader, Mr. IfedayoAkinsoyinu


Gov Aspirants To Pay N9m Each For Posters

The Anambra State Signage and Advertisement Agency, on Monday, said governorship aspirants in the state would pay N9m each before they could be allowed to display their posters in any part of the state.

The agency threatened to sue any aspirant, who contravenes the regulation.

The Managing Director of ANSAA, Mr. Jude Emecheta, stated this while speaking with journalists in Awka, the state capital.

Emecheta, who said the law did not permit indiscriminate pasting of posters, added that aspirants must pay before displaying their posters.




Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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Company Results

Conoil Plc declares dividend payment for FY 2019, announces AGM soon

The current share price of the oil marketing firm as of July 9, 2020, is N18.90 per share.



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Oil marketing giant, Conoil Plc, has announced a final dividend payment of N2.00 per ordinary share of 50 kobo each for the period ended December 31, 2019.

The final dividend payment which will be paid to shareholders whose names appear in the Register of Members as at close of business on Monday, July 13, 2020, is, however, subject to the appropriate withholding tax deduction and the approval of the shareholders.


This information was contained in a notification that was sent by Conoil Plc to the Nigerian Stock Exchange (NSE) on Thursday, July 9, 2020, and signed by its Company Secretary/Legal Adviser, Conrad Eberemu after the release of the full-year audited financial statement for the year ended 2019.

The statement from Conoil says, ‘’A final dividend of 200 kobo per 50 kobo ordinary share, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the Monday, 13th day of July 2020.’’

‘’The Register of Shareholders will be closed from Tuesday, 14th to Friday, 17th July 2020.’’

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(READ MORE: Conoil Plc releases FY financial result for 2019, profit up by 11% )

The corporate actions announcement by the oil firm also states that while the payment date will be on a date to be announced shortly, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Monday, July 13, 2020, and who have completed the e-dividend registration with a mandate to the Registrar to pay their dividends directly into their bank accounts.

The oil marketing company also noted that shareholders with dividend warrants and share certificates that have remained unclaimed, or yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar (Meristem Registrars and Probate Services Limited).

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The company’s Annual General Meeting (AGM) will be held at a venue and date to be announced shortly.

Conoil PLC, in its recently released audited financial statement for full-year 2019 announced a Profit after tax of N1.99 billion as of December 31, 2019. This represented an increase of 11% when compared to the N1.8 billion that was recorded for the corresponding period in 2018.

The profit after tax was recorded on a Revenue of N139.76 billion as of December 31, 2019. This also represents an increase of 14% when compared to the N122.21 billion that was achieved for December 31, 2018.

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The Profit before tax as of December 31, 2019, was N2.78 billion as against the N2.57 billion achieved for the corresponding period in 2018.

The current share price of the oil marketing firm as of July 9, 2020, is N18.90 per share and the earnings per share is N2.77.



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Tether mints 80,000,000 USDT to unknown wallets within 24 hours

Tether Treasury minted a whopping 80 million USDT in less than 24 hours.



Tether expected to surpass Ethereum, based on strength of the U.S dollar, ther mints 80,000,000 USDT to unknown wallets within 24 hours

Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether treasury minted a whopping 80 million USDT to unknown wallets in less than 24 hours, as seen on Whale Alert, an advanced blockchain tracker and analytics system.

Tether is ranked the 3rd largest cryptocurrency by market cap of $9.2 billion, with a daily volume of $22.8 billion as at the time this report was drafted.


READ MORE: U.S regulator invites Banking and Crypto industry leaders for partnership

Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

Barely weeks ago, Bloomberg reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.

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READ MORE: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.

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FG announces schedule for 4th evacuation flight from the USA 

The evacuees will be expected to present an original COVID-19 negative test result not older than 14.



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The Federal government has approved the fourth evacuation flight for Nigerians stranded in the United States of America for July 28.  

According to a statement that was signed by the Consulate General of Nigeria, the Ethiopian Airline with flight number ET509 will depart Newark Liberty International Airport, New Jersey on Tuesday 28 July 2020 by 21:15hrs and arrive Nnamdi Azikiwe International Airport, Abuja on Wednesday 29 July 2020 by 13:25hrs. 


“All prospective evacuees duly registered with any of the three Nigerian missions in the USA should purchase their one-way tickets at a cost of $1250 for economy class and $2800 for business class for adult/child fare including all taxes with the usual percentage reduction for infants under 2 years,” the statement read. 

READ ALSO: FG acquires profiling robots for airport

In line with the earlier announced protocols from the Nigerian Presidential Task Force on COVID-19, the evacuees will be expected to present an original COVID-19 negative test result not older than 14 days on the day of departure at the airport. 

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There will also be a temperature check at the airport, and any intending evacuee with a body temperature above 38°c or any symptoms suggestive of COVID-19 will not be allowed to check-in. 

Evacuees are also required to wear a face mask as a matter of necessity and be in possession of hand sanitizer for intermittent use during the flight, while also adhering to the instructions of the  

Furthermore, all returnees are enjoined to adhere strictly to all instructions of Port Health Services (PHS) officials and observe other entry screening protocols on arrival. 

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