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All the major economic news from Nigeria in 5 minutes-27/7/2017

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

  1. The Economic and Financial Crimes Commission(EFCC) says its Kano Office has recovered N328,988,296,990.62 from nine major oil marketers across the country.Link
  2. Union of Bank of Nigeria Plc. has brought the famous Uber concept into banking with the unveiling of an innovative mobile app that allows customers to locate the bank’s closest sales agent and request cash pick up or withdrawals.Link
  3. Aside from its resolve to promote financial inclusion in Nigeria, Fidelity Bank Plc. says it is targeting increased earnings following its partnership with the world largest payment network, Visa, on its mVisa new payment solution.Link
  4. Coca-Cola announced plans Wednesday to launch a revamped “Coke Zero” in the United States as it expands offerings of low-sugar and non-carbonated beverages amid flagging demand for sweet sodas.Link
  5. Cadbury Nigeria Plc. has reported a pre-tax loss of N766.4m for the half-year ended June 2017.Link
  6. The internet users and data subscribers in Nigeria’s telecommunications networks marginally increased to 91.6 million in June.Link
  7. Acting President Yemi Osinbajo will visit Port Harcourt today to inaugurate the world’s biggest fertiliser plant built by Indorama Eleme Fertilizer and Chemicals Limited.Link
  8. The Nigeria Extractive Industries Transparency Initiative (NEITI)has advised the Federal Government to transfer all the country’s oil revenue savings of about $3.95bn to the Sovereign Wealth Fund.Link
  9. The Nigeria Customs Service (NCS) generated a revenue of N486 billion in the first half of the year, Mr Joseph Attah, the Public Relations Officer of NCS, has said.Link
  10. The National Industrial Court, Abuja, has ordered the striking Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE), to unblock the premises of the Corporate Affairs Commission,Abuja.Link
  11. The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said it has uncovered more than N115 billion tax liabilities established against Federal and States’ Ministries, Departments and Agencies (MDAs), and local government councils.Link
  12. Nigeria’s indigenous telecoms company, Globacom, continues its leadership position as second largest telecoms firm in Nigeria, after MTN.Link
  13. The Nigeria government, through the Nigerian Communications Commission (NCC), has taken measure to sanitise the satellites segment of the nation’s telecoms market by releasing the names of duly-licensed automated vehicular tracking service operators in the country.Link
  14. Nigerian stocks sustained its positive outlook for the 15th day, as the overall performance measures, NSE ASI and market capitalisation, rose further by 3.40 per cent each. Market watchers attributed development to renewed confidence following the expectation of good half year results and forex stability.Link
  15. The Bank of Industry (BoI) and Ebonyi State government have packaged a N4 billion counterpart funds to promote agriculture and setting up of new companies in Small and Medium Enterprises (SMEs) sector in the state.Link
  16. The Federal Government has set aside N1.6 billion for women empowerment programme called the National Women Empowerment Fund, NAWEF, under its Social Investment Intervention Programme known as the Government Enterprise and Empowerment Programme (GEEP).Link
  17. The Federal Government has emerged with a new National Petroleum Policy, targeted at bringing about restructuring, new legislation and value addition in the oil and gas industry.Link
  18. Despite being the fourth largest producer of Irish potatoes in Africa, Nigeria spends N76.4 billion ($250) million every year on importation of potato chips.Link
  19. Britain will ban the sale of petrol and diesel-fuelled cars from 2040 when all vehicles must be fully electric, British newspapers reported on Wednesday.Link
  20. The Public Complaints Commission (PCC) Office in Jigawa says it has trained 34 officers in the use Short Message Service (SMS) to report and track complaints from aggrieved members of the public.Link
  21. Samsung Electronics is now the world’ s largest maker of mobile phones, memory chips and most profitable tech firm , going by its record quarterly earnings released today.Link
  22. Shareholders of the Nigerian Aviation Handling Company (Nahco, Aviance) have called for the reinstatement and renegotiation of the management support services agreement with the Rose Hill Group (RHG).Link
  23. The Central Bank of Nigeria (CBN) will offer N229.14 billion in Treasury bills next week in a move to quickly counter the inflation-inducing power of N652.2 billion shared by the three-tier government.Link

 

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Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

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Coronavirus

Covid-19: WHO warns the world faces catastrophic moral failure due to vaccine nationalism

The WHO has said that the prospects of equitable distribution of COVID-19 vaccines were at serious risk.

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Dr Tedros Adhanom, Head of the World health organization (WHO), COVID-19

The World Health Organization (WHO) said the world is on the brink of a catastrophic moral failure due to the fear of Covid-19 vaccine nationalism by the wealthy countries, while the poor countries are left behind.

This is as the UN health agency revealed that the prospects of equitable distribution of the vaccines were at serious risk just as its COVAX vaccine-sharing scheme plans to start distributing inoculations in February.

According to a report from Reuters, this disclosure was made by the Director-General of the WHO, Tedros Adhanom Ghebreyrsus, at the opening of the body’s Annual Executive Board virtual meeting.

He pointed out that 44 bilateral deals were signed last year and at least 12 have already been signed this year.

What the WHO Director-General is saying

Tedros warned against vaccine nationalism to avoid making the same mistake during the HIN1 and HIV pandemic.

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The WHO boss in his statement said,

  • This could delay COVAX deliveries and create exactly the scenario COVAX was designed to avoid with hoarding, a chaotic market, an uncoordinated response and continued social and economic disruption. Such a ‘me-first approach’ left the world’s poorest and most vulnerable at risk.
  • “Ultimately, these actions will only prolong the pandemic, countries should avoid making the same mistakes made during the H1N1 and HIV pandemics.’

He expressed his reservations over the ‘me-first’ attitude of the rich countries and the vaccine manufacturers who prioritize going for regulatory approval in wealthy countries rather than submitting their data to WHO for approval of the vaccines for use globally.

The global scramble for shots has intensified, as more infectious virus variants circulate.

Tedros said more than 39 million vaccine doses had been administered in 49 higher-income countries, whereas just 25 doses had been given in one poor country.

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Observers say this board meeting, which lasts until next Tuesday, is one of the most important in the U.N. health agency’s more than 70-year history, and could shape its role in global health long after the pandemic ends.

What you should know

  • The WHO and health experts had severally warned against nationalism as a serious threat to the fight against the coronavirus pandemic.
  • They had called for an equitable distribution of the Covid-19 vaccine amongst all countries globally, as the wealthy nations will still be at risk of the pandemic if the poor countries are still battling with the disease.

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Energy

LPG: Nigerians paid more to refill 12.5kg gas cylinders in December

Nigerians paid more money to refill their 12.5Kg gas cylinder in December than they did in November 2020.

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Prices of Kerosene, Cooking Gas and Diesel

The average price for refilling 12.5kg cylinder of liquefied petroleum gas (LPG) increased by 1.75% in December compared to the month of November, according to the NBS report for December 2020.

The average cost of refilling the 12.5kg gas cylinder moved from N4,082.97 in November to N4,154.28 in December 2020.

According to the NBS report, the average price for refilling a 5kg cylinder of cooking gas increased by 0.12% month-on-month to N1,949.75 in December 2020 from N1,947.47 in November 2020.

Key highlights

  • Bauchi (N2,489.12), Borno (N2,396.69) and Adamawa (N2,392.88) recorded the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas in the month of December 2020.
  • Enugu (N1,563.75), Imo (N1,678.89) and Oyo (N1,691.67) recorded the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas.
  • Delta (N4,838.46), Cross River/Sokoto (N4,800.00) and Akwa Ibom (N4,614.49) recorded the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.
  • While, Kaduna (N3,191.67), Zamfara (N3,462.50) and Niger (N3,500.00) recorded the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.

LPG is fast becoming an alternative to firewood and kerosene as a means of cooking for most homes especially in urban areas in Nigeria. LPG is cleaner and more efficient than kerosene in cooking.

Specta
LPG should be made much more available and affordable to reduce the cost of living for most Nigerians.

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