Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel
Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating
Notore chemicals shuts down 500,000 MTPA fertiliser plant for turn around maintenance
Daily Parallel Market Exchange Rate – ₦470/$1
CBN issues framework for QR payments
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦470/$1
Prices of local rice, onions, tomatoes, others crash as foreign rice continues to ease off
Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined
MTN, SEPLAT, ARDOVA, rally Nigerian stocks up
Business News
CJN directs Chief Judges to decongest prisons due to covid-19
Justice Tanko Muhammad directed all the Chief judges to take urgent steps towards the decongestion of the correctional facilities.
As part of the measure to contain the spread of the coronavirus pandemic, the Chief Justice of Nigeria (CJN), Justice Tanko Muhammad, has directed all the Chief judges (at federal and state high courts) and to take urgent steps towards the decongestion of the correctional facilities (prisons).
This directive is contained in a circular which was issued by Justice Muhammad, on Friday, May 15, 2020, in his capacity as the Chairman of the National Judicial Council (NJC) to all the Chief Judges and Heads of courts in the country.
This directive seems to be a reaction to the recent request by President Muhammadu Buhari, that the Chief Justice of Nigeria, should release some categories of prison inmate, who have been awaiting trial, in order to reduce overcrowding at these correctional facilities.
This also conforms with the call by the United Nations that countries should consciously reduce the population of prison inmates since physical distancing and self-isolation in such conditions are practically impossible.
(READ MORE: COVID-19: WHO lists what needs to be done before restrictions are relaxed)
According to the CJN, ‘’From available records, the inmates’ population at various custodial centres across the country presently stands at about 76,127 out of which 52,226 are awaiting trial persons (ATPs). Most of these custodial centres are presently housing inmates beyond their capacities and the overcrowded facilities pose a potent threat to the health of the inmates and the public in general in view of the present circumstances, hence the need for urgent steps to bring the situation under control’’.
He said, ‘’Considering the above, it has become imperative for your Lordships to embark on an immediate visit to all custodial/correctional centres within your respective states to identify and release deserving inmates, where that has not been done already.’’
During the requested visits, the Chief Judges are expected to consider the conditional or unconditional release of Awaiting Trial Persons (ATPs) who have spent 6 years or more in custody, ATPs who have no confirmed criminal cases against them, aged inmates and terminally ill, who may be discharged.
Also to be considered for release are those with health issues, low-risk offenders, those with no sufficient legal basis to remain in custody, those convicted for minor offences with or without option of fines and those who have less than 3-year term left to serve having served a substantial term of their service for offences that attract 5 years and above, and so on.
The CJN, noted that a report on the proposed visits is required to be sent to him for compilation and onward transmission to Presidential Committee on correctional service reform and decongestion secretariat, federal ministry of justice, Abuja.
Appointments
Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel
Nigerian-American, Funmi Olorunnipa Badejo has been appointed as a member of the office of the White House Counsel.
Corporate Press Releases
Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating
Global Credit Rating Limited has reaffirmed an A-rating for Sovereign Trust Insurance Plc.
Global Credit Rating Limited, an international rating agency, has reaffirmed an A-rating for Sovereign Trust Insurance Plc.
According to a press release signed by the firm’s Deputy General Manager, Olusegun Bankole, and seen by Nairametrics, the insurance firm has consistently maintained its rating for over a decade now.
The key drivers that helped in the reaffirmation of the A-rating by the firm are;
- Consistency in paying her claims obligations over the years, as captured in an earlier solvency and operational report for financial institutions in Nigeria and other allied businesses, released by the rating agency in December 2020.
- Listing of rights issue in 2019 which helped to increase the shareholders’ funds of the company to N8.2 billion as at Q3 2020, up by 31% Year-on-Year. This played a catalyst role in maintaining the A-rating status of the firm.
- The capital adequacy of the firm was also pivotal.
According to the information available on the website of the rating agency, the A-rating reflects high claims-paying ability, strong protection factors, modest risk which may vary over time due to economic and/or underwriting conditions.
This fact was buttressed by a section in the press release which reads:
- “Sovereign Trust Insurance Plc has great potentials for growth in the years ahead, considering some of the strategies that have been put in place to propel its operations. Global Credit Rating noted that the company has shown a great deal of consistency in her claims obligations to her numerous customers spread all over the country.”
About Global Credit Rating Limited
- Global Credit Rating Co (Pty) Ltd (GCR) operates as a credit rating services provider. The Company ratings for banks, financial institutions, insurance, corporate and public sector debt, and structured finance serves customers worldwide.
Manufacturing
Notore chemicals shuts down 500,000 MTPA fertiliser plant for turn around maintenance
Notore Chemicals has shut down its fertiliser plant for turn around maintenance, in expectation of significant improvement in the Plant’s reliability index.
Notore Chemicals has shut down its fertiliser plant with a 500,000MTPA nameplate capacity for maintenance, in order to restore the plant’s productivity and facilitate a sustainable bounce back in operations.
This information became general knowledge after a notification issued by the Company Secretary, Mrs. Otivbo Saleh, was published on the website of the Nigerian Stock Exchange.
According to her, Notore Chemical Industries Plc had to shut down its fertiliser plant to pave way for the commencement of the Turn Around Maintenance, expected to return the Plant to its 500,000 MTPA nameplate capacity and improve the reliability index to 95%.
The TAM exercise was initially impacted by the COVID-19 pandemic, as the disruption to global businesses occasioned by the COVID-19 pandemic and its attendant restrictions by Governments all over the world affected the timely delivery of procured spares and the arrival to the site of Vendor Service Men (VSM).
Barring any unforeseen circumstance, the Turn Around Maintenance which has started should be completed on 8 March 2021.
- The company’s 2020 audited financial report tells a tale of effete operation, as the company made a Gross loss of N2.9 billion, due to the cost coming from the company’s operation completely eroding all the revenue generated from its operating segment.
- The company managed to post a positive operating profit of N9.5billion at the back of N18.8billion revenue from contracts with customers. However, this was not enough to set the company on the path of profitability, as the heavy loan book of the company impacted its profitability in 2020.
- Upon the completion of the TAM programme, the company expects a significant improvement in the Plant’s reliability index and sustained daily production output of 1,500MT.
