All the major economic news from Nigeria in 5 minutes - 6/7/2017

Summary of the top business, economic and political news in Nigeria today.

Electricity supply, yesterday, dropped to 3,628 megawatts, mw from 3,808mw on Tuesday, thus forcing many consumers to live in darkness. According to the Nigeria System Operator, average daily supply before yesterday was over 4,000 mw, with the daily maximum generation for the month of June averaging at 4,171 megawatts. Link
The Ministry of Power, Works and Housing has received lots of proposals from investors who are interested in providing funds for the expansion of power distribution networks across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Link
The United Nations Industrial Development Organisation is set to empower over 500,000 Small and Medium Enterprises, especially operators in the non-oil sector, with adequate skills to enhance their operations and contribute significantly to the nation’s Gross Domestic Product in the next two years. Link
The Bank of Industry (BoI) has agreed a N2 billion deal with the Ebonyi State Government, for which each of the parties will provide N1 billion each as matching funds geared towards empowering small and medium enterprises (SMEs) in the state. Managing Director of BoI, Olukayode Pitan, said at the signing of a Memorandum of Understanding (MoU) that the bank would work with the state to ensure that it provides training for owners and operators of SMEs in the state. Link
RusselSmith, an integrated oilfield services firm, has announced the expansion of its subsea asset integrity management service offerings. The services, according to a statement, include subsea pipeline inspection, underwater inspection in lieu of dry-docking inspection, jack-up rig inspection, flooded member inspection and mooring inspection. Link
Mobil Producing Nigeria Unlimited and Shell Petroleum Development Company of Nigeria Limited recorded the biggest decline in production from joint venture assets in the first quarter of this year. According to the latest data obtained from the Nigerian National Petroleum Corporation, production from Mobil Producing Nigeria hit a record low of 1.5 million barrels in August from 5.083 million barrels the previous month. The SPDC saw its JV production plunge from 5.256 million barrels in January last year to 2.815 million barrels in March this year. Link
A global energy provider, Eni, has said it is committed to achieving zero gas flaring in Nigeria and other African countries where it operates by 2025. Link
Total inherited liabilities by the Nigeria Electricity Liability Management Company (NELMCO) from the privatisation of the Nigeria electricity industry stood at N527.261 billion as February 2017. The liabilities cover about 23,154 invoices with about 9,694 verified and settled, leaving outstanding liabilities of 13,460 invoices for verification. Link
The Nigeria Liquefied Natural Gas (NLNG) has said that it has invested fresh N150 million into the upgrading of three jetties in Lagos to boost Liquefied Petroleum Gas (LPG) otherwise known as cooking gas supply in the nation’s domestic market. Link
Total Nigeria Plc said it has sold 2 million solar lamps worldwide with target to sell five million by year 2020. According to the oil marketing firm, of the 2 million lamps, 90 per cent of the lamps sold in Africa and are expect to have brought relieve to the lives of 10 million people in the continent. Link
The Securities and Exchange Commission has granted the extension of the proposed mandatory takeover bid offer period by Nipco Investment Limited of 3.23 per cent equity stake representing 11,644,544 ordinary shares of 50 kobo each in Mobil Oil Nigeria Plc (held by qualifying shareholders), from June 29, 2017 to July 27, 2017. Link
The board of directors of Diamond Bank Plc has announced the appointment of Ms. Uzoma Uja, had the Secretary/Legal Adviser of the company effective from July 3^rd Link
FSDH Merchant Bank Limited, yesterday, said that it has successfully raised N14.4 billion from its Series 3 and Series 4 Commercial Paper (“CP”). Collectively, Series 3 and 4 represents FSDH’s second issuance under its N30 billion CP Programme established in 2016. Stanbic IBTC Capital Limited acted as Lead Arranger/Dealer while United Capital Plc and FSDH MB acted in the capacity of Co-Arrangers/Dealers, and FSDH MB as Issuing, Calculation and Paying Agent. Link
A limited liability company, Citygate Global Investment Limited, has dragged the United Bank for Africa Plc before Justice Oluremi Oguntoyinbo of a Lagos Division of the Federal High Court over allegations of illegal charges and deductions by the bank. Link
BUA Group has announced that it has received over 38,000 applications to fill vacant positions in its premier sugar estate, Lafiagi Sugar Company, LASUCO in Kwara State. This is coming on the hills of its preparation to execute its $300billion investment plan in LASUCO in line with the federal government’s Backward Integration Policy (BIP) for the sugar industry. Link
The Association of Master Bakers and Caterers of Nigeria on Thursday decried refusal of millers to reduce the price of flour in spite of the fall in the price of raw materials. The South-West Vice-Chairman of the association, Prince Jacob Adejorin, said that his members met with the flour millers severally to reduce the price, but to no avail. He threatened that bakers may be forced to embark on a nationwide strike if the millers fail to reduce flour prices. Link

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