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All the major economic news from Nigeria in 5 minutes-19/7/2017

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

  1. Corporate Affairs Commission (CAC), in Abuja on Tuesday shut down business activities at the commission’s headquarters as the members began warning strike over alleged non-payment of salary arrears. Link
  2. The Federal Inland Revenue Service,(FIRS), said on Tuesday that it had collected N1.782 trillion as tax between January and July 2017. Link
  3. In a renewed effort to raise the country’s oil reserves and production, the Nigerian National Petroleum Corporation (NNPC) has entered into partnership with Halliburton , a global service providing company in the oil and gas sector, to realise its search for oil in the Chad Basin.Link
  4. The Central Bank of Nigeria (CBN) hinted yesterday that it has disbursed more than N473 billion under its commercial agricultural credit scheme.Link
  5. Apparently desired to improve ease of doing business in Nigeria the acting President had signed Executive Order compelling a 24-hours port operations in the nation’s seaports. The Executive order was also to enhance ease of doing business in land borders and also to facilitate trade. But, the managing director of the Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman has been at the forefront front of implementation may hit as the rock over absence of some infrastructure at the seaport.Link
  6. In order to increase tax collection and reduce over-dependency on oil revenue, the Federal Inland Revenue Service (FIRS) has disclosed that it was targetting a N1.8 trillion Value Added Tax (VAT) collection for the 2017 fiscal year.Link
  7. The Federal Government has released a state-by-state breakdown of another tranche of refund amounting to N243.8 billion being over-deductions on Paris Club, London Club Loans.Link
  8. The House of Representatives’ Public Accounts Committee has set up a six man panel to further investigate an alleged disbursement of N1.47 billion loan to unspecified beneficiaries by the Nigeria Directorate of Employment (NDE).Link
  9. Nigeria’s Federal Government on Tuesday announced the award of a licence to Ondo State Government to mine its rich deposit of bitumen, said to be one of the largest in the world.Link
  10. The Speaker of House of Representatives, Mr Yakubu Dogara, said it was unacceptable that Nigerians spent five billion dollars on generators annually. He said the house would support the Executive to find a permanent solution to the power problem in the country. Link
  11. The Central Bank of Nigeria has extended guarantees to Skye Bank Plc for another year, while it considers the bank’s recapitalisation proposal, the mid-tier lender has said.The CBN had last year shored up Skye Bank with N100 billion capital injection, after sacking its top management for failing to meet minimum capital requirements.Link
  12. The Nigeria Extractive Industries Transparency Initiative (NEITI), on Tuesday, warned that Nigeria might continue to experience deep economic challenges unless urgent steps are taken to halt her propensity to generate and spend almost all her revenue from oil and gas with very little left for savings.Link
  13. The Department of Petroleum Resources (DPR) has denied the claims by the Nigerian exploration and production (E & P) operators that the federal government lost an estimated $6 billion as a result of its poor administration of the licenses of the oil blocks sold by the international oil companies (IOCs) between 2010 and 2015.Link
  14. In a bid to fast-track jobs and wealth creation through entrepreneurship, the Bank of Industry (BoI) and the Ebonyi State Government have signed a N4billion memorandum of understanding (MoU) to promote agriculture and the setting up of industries in the state.Link
  15. The Nigeria Communications Commission (NCC), yesterday gave regualory approval to to Emerging Markets Telecommunication Services Limited (EMTS), to officially rebrand from Etislat Nigeria to 9mobile.Link
  16. The Standards Organisation of Nigeria (SON) has sealed Samsung Lagos office for non-compliance with regulatory and standard procedures in product quality and standardisation.Link
  17. An international organisation, German International Cooperation (GIZ), is giving agro entrepreneurs the tools they need to turn cocoa production into a viable business.Link
  18. The Bank of Industry (BoI) has empowered the National Council for Women Societies (NCWS) Abuja chapter with N1 billion as a starter pack for different types of business under the watch of the Presidency.Link
  19. Four of Nigeria’s five largest banks have indicated they might pay interim cash dividends to shareholders as investors await the half-year corporate earnings of major quoted companies on the Nigerian Stock Exchange (NSE).Link
  20. The Nigerian Stock Exchange (NSE) has launched a new market surveillance platform being operated by SMARTS, Nasdaq’s flagship surveillance solution.Link
  21. The future  seems uncertain for two insurers–  Guinea Insurance Plc and African Alliance Insurance–who are operating below the minimum regulatory capital requirements.Link

 

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Companies

GCR affirms Dangote Cement issuer ratings of AA+(NG) and A1+(NG)

Global Credit Ratings has affirmed Dangote Cement issuer ratings of AA+(NG) and A1+(NG).

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Dangote Cement Plc has announced that Global Credit Ratings has affirmed the cement manufacturer a long-term and short-term national scale issuer ratings of AA+ (NG) and A1+(NG) respectively.

According to the press release issued by the company, the rating which maintains a stable outlook on Dangote Cement would expire by November 2021.

In line with this, GCR reviewed existing bonds of the company and assigned the N100bn Series 1 Fixed Rate Bond of Dangote Cement a rating of AA+.

Why this matters

  • The ratings reflect Dangote Cement Plc’s status as Africa’s leading integrated cement manufacturer with a group-wide installed capacity of 45.6 million metric tonnes per annum across ten countries.
  • The stable outlook which was maintained by GCR reflects the extensive distribution network, significant scale economies and position as the largest corporations on the Nigerian Stock Exchange, with sound access to capital.
  • It is important to note that a rebound is expected within 18-24 months, on the back of strong base domestic demand.

What they are saying

Michel Puchercos, Chief Executive Officer, said:

  • Dangote Cement has shown great resilience in 2020 despite the COVID-19 pandemic and a challenging environment. The Group continues to report strong cash generation while maintaining strong financial discipline. As Africa’s leading cement producer, we are committed to maximizing shareholder value creation.”

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Coronavirus

Governor Sanwo-Olu says 24,000 students yet to resume in public schools

24,000 students in public schools are yet to return back after the reopening of schools, according to Governor Sanwo-Olu.

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Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Lagos State Governor, Babajide Sanwo-Olu, has revealed that about 24,000 students in public schools are yet to come back after the reopening of schools following last year’s lockdown necessitated by the first wave of Covid-19 across the country.

This is as the governor said that resumption of school activities Monday, January 20, 2021, was a difficult decision to make in light of the second wave of Covid-19.

This disclosure was made by the governor while peaking during a press conference on Covid-19 update at the Lagos House, Ikeja on Tuesday.

Sanwo-Olu assured that it was the best decision for the children’s safety and long-term development, especially the most vulnerable ones.

What the Lagos State Governor is saying

Sanwo-Olu in his statement said, “Last year after the first lockdown and kids have to come back to school, we are still looking for about 24,000 of them that have not come back to school. So, there is a challenge if you keep them out for that long and their parents or guardians now turn them to other things instead of ensuring that they have time to come back for learning even if it is twice or thrice a week.

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“At least they have been registered since the beginning of a session and they can be monitored. If not, they will just be roaming the streets and become endangered. We have seen incidents of child abuse and all unprintable things that are being done to these children. So, we believe to a large extent that schools sometimes happen to be the safe haven for them. We have done the roster in which we ensure they keep social distance and we are monitoring,” he said.

What you should know

  • It can be recalled that public and private schools below the tertiary level in Lagos State, On Monday, January 18, 2021, reopened for academic activities despite opposition from some stakeholders due to the second wave of coronavirus pandemic in the state.
  • Following the surge in the number of infections in the state, which is the epicentre of the disease in the country, there were complaints about the state of preparedness of the schools, especially the public ones, in adhering to the strict Covid-19 protocols and guidelines.

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Around the World

Breaking: Joe Biden sworn-in as the 46th President of the United States

The whole world watched in awe as Joe Biden was sworn in as the new President of the United States.

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Joe Biden has been sworn in as the 46th President of the United States.

The 78-year-old Democrat and former Vice president to Barack Obama is being sworn in after emerging the winner of last year’s Presidential elections.

Biden’s running mate, Kamala Devi Harris was sworn in as vice president by Justice Sonia Sotomayor, becoming the first woman and the first black and Asian-American person elevated to serve in a role a heartbeat from the presidency.

The inauguration took place at the US Capitol, the same building that was stormed on January 6, by Donald Trump’s violent supporters.

Trump who for months refused to conceded to Biden’s victory at the polls left the White House for the final time hours earlier and flew to Florida after making it clear weeks ago that he will not be attending the inauguration.

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Trump’s Vice, Mike Pence attended the ceremony, as he skipped Trump’s farewell military salute event at Andrews base.

The ceremony includes musical performances by Lady Gaga – who sang the national anthem – as well as Jennifer Lopez and Garth Brooks.

Former Presidents; Barack Obama, George W. Bush and Bill Clinton were all present at the inuaguration

What you should know

  • At 78, Biden is the oldest president ever to take the oath of office.
  • In his speech, Biden swore to defend the constitution and the country “against all enemies, foreign and domestic”.
  • History was made as Kamala Harris became America’s first female, first Black and first Asian American vice-president.
  • Donald Trump skipped the ceremony, becoming the first president not to attend his successor’s inauguration since 1869.

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