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

  1. Shell Petroleum Development Company (SPDC) has remitted $29.8 billion to the Federation Account and another $1.2 billion to the Niger Delta Development Commission (NDDC), between 2002 and 2016, its General Manager, External Relations, Igo Weli, has said. Link
  2. Globacom, has partnered with the Federal Civil Service to supply Free Access telephone lines to the entire Federal workforce to enhance productivity via seamless communication among ministries and the larger Nigerian populace. Link
  3. A Federal High Court sitting in Lagos has been asked by AYM Shafa Limited, to wind up a firm, Omritas Energy Limited over alleged inability to pay a debt of N57.6 million. Link
  4. THE construction of Total Exploration and Production Nigeria Limited’s $3.3 billion Egina floating production, storage and offloading, FPSO, vessel has reached 98 per cent, thus raising hope for the completion of $16 billion Egina project. Link
  5.  Oando Plc. said its debt has halved in the last three years from N473 billion in 2014 to N240 billion as at the end of June this year. Link
  6. ChamsAccess Limited has assured shareholders of improved returns on investment in the 2017 financial year, citing improving macroeconomic stability. Link
  7. Ikeja Electric (IE) has announced plans to commence newspaper publication of energy thieves as part of measures aimed at addressing the rising cases of revenue loss. Link
  8. Creditor banks to Seven energy may have to take provisions on a $445 million to the company, despite a potential sale to Savannah petroleum. Link
  9. The Joint Tax Board (JTB) and the Federal Inland Revenue Service (FIRS) have started sharing data of high net worth individuals to profile income earners and taxpayers and get them to pay appropriate taxes. Link
  10. In order to halt the incessant building collapse and other structures in Lagos State, the State Infrastructure Maintenance and Regulatory Agency (LASIMIRA) has decommissioned over 95 telecommunications’ masts and towers across the state. Link
  11. Minister of Power, Works and Housing Babatunde Fashola yesterday said there was nothing in the Electricity Power Sector Reform Act that gave electricity distribution companies (DisCos) the exclusivity of metering. Link
  12. The Lagos State Government on Monday said the Oworonshoki waterfront would soon be transformed into one of the biggest entertainment hubs in Nigeria. Link
  13. Micro credit disbursement by the Bank of Industry under the Federal Government’s Government Enterprise and Empowerment Programme in Ogun State has hit over N450m. Link
  14. Despite the injection of a N701 billion assurance guarantee for gas supply to the power sector, the electricity grid has continued to fluctuate, ending at less than 3,400 megawatts (mw) since the last one month. Link
  15. Inadequate gas supply has compelled cement manufacturers in Nigeria to produce 36 per cent below their installed capacity. Link
  16. Worried by the increasing threat to the nation’s security and economy following the use of pre-registered Subscriber Information Module (SIM) cards, the Nigerian Communication Commission has asked all the telecom providers in the country to immediately block all such pre-registered SIM cards. Link
  17. The Courier Regulatory Department (CRD) of the Nigerian Postal Service (NIPOST), has revealed plans to disengage illegal courier firms in Nigeria operating without valid licenses or yet to renew their permits. Link
  18. The Nigerian equities market slid by N86bn on Monday, as the Nigerian Stock Exchange market capitalisation fell to N13.080tn from N13.166tn. A total of 316.122 million shares valued at N4.224bn were traded in 4113 deals; of which the NSE All-Share Index closed at 37,950.96 basis points from 38,198.60 basis points. Link
  19. Before the end of the week, Lagos State may adopt the Automatic Number Plate Recognition (ANPR) with a back-up Radio Frequency Identification (RFID)   for vehicle inspection in its land transportation space. Link
  20. Electricity consumers may have cause to rejoice soon as the Federal Government has provided a N37 billion loan to Distribution Companies (DISCOs) for the provision of meters. Link
  21. State governments are free to generate and distribute their own power, subject rules by the Nigerian Electricity Regulatory Commission (NERC). Link

 

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