Thread by @ugodre

Good Evening and Welcome to @Nairametrics Corporate News Roundup for the week ended May 19 2019. BTU by @bluechiptechng

@Nairametrics @BluechipTechNG Please retweet the first tweet on this thread so that others on your timeline can see.

Feel free to comment on any of the stories covered on this thread and ask questions if there are areas requiring further clarification. We begin...

@Nairametrics @BluechipTechNG 1. The first point of call is the oil and gas space.

Dangote Refinery & Petrochemical has given 120 local contractors about $368 million worth of contracts on its site.

@Nairametrics @BluechipTechNG Group Executive Director, Strategy, Portfolio Development and Capital Projects, at Dangote Industries Limited, Mr. Devakumar Edwin, during a tour of Dangote Refinery by members of Nigerian Union of Journalists (NUJ) and Nigerian Institute of Public Relations (NIPR).

@Nairametrics @BluechipTechNG He also disclosed that the company is collaborating with the Lagos State Government and Siemens to promote skills development within the host community, in order to create employment opportunities at the construction site of the refinery.

@Nairametrics @BluechipTechNG 2. Sahara Energy Resources DMCC Dubai and Brooge Petroleum and Gas Investment Co (BPGIC), have signed a partnership agreement to set up an oil refinery with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah, which is part of the UAE.

@Nairametrics @BluechipTechNG The first phase of the project is expected to be completed by Q1 2020.

@Nairametrics @BluechipTechNG 3. Moving on to the banking space,

The Bank of Industry disbursed N259 billion worth of loans between January to December 2018.

The Bank’s Chairman, Aliyu Dikko disclosed this during its 59th Annual General Meeting (AGM).

@Nairametrics @BluechipTechNG Dikko also stated that of the N259.6 billion disbursed last year, about N33.9 billion was lent specifically to Micro, Small and Medium Enterprises (MSMEs).

Do you know anyone who got the loans?
What was the application process like?

@Nairametrics @BluechipTechNG 4. The Federal Inland Revenue Service (FIRS) seems to be leaving no stone unturned in a bid to meet its 2019 revenue target of N8 trillion.

@Nairametrics @BluechipTechNG Chairman of the agency, Babatunde Fowler, disclosed that the agency would soon ask banks to charge Value Added Tax on online transactions.

@Nairametrics @BluechipTechNG Fowler also disclosed that the FIRS was targeting between N750 billion to N1 trillion from VAIDS,

The commission had recently asked banks to freeze bank accounts of businesses with a turnover of N1 billion and more, that had not paid taxes.

@Nairametrics @BluechipTechNG The move was eventually suspended following an influx of representatives of the affected firms to its offices.

@Nairametrics @BluechipTechNG 5. Still on money matters, but in a different space,

The back and forth between the Nigerian Ports Authority (NPA) and Intels may resume, as the NPA has terminated the company’s pilotage contract.

@Nairametrics @BluechipTechNG The NPA, in a letter written to Intels, had disclosed that the move was due to Intels’ inability to remit $145 million in revenue generated from November 1, 2017, to October 31, 2018, to the Treasury Single Account (TSA).

@Nairametrics @BluechipTechNG Intels in its response to the NPA argued that the amount in question included clients under it, as well as other agents.

@Nairametrics @BluechipTechNG The company also stated that its pledge to pay the sum of $55.70 million as revenue for the period from November 1, 2017 to March 31, 2019 is predicated on authority’s payment of $19.67 million.

@Nairametrics @BluechipTechNG 6. On to less controversial news, Gossy table water has returned to the market following a one-year absence under new management.

@Nairametrics @BluechipTechNG The previous bottler, Warm Spring Waters Nigeria Limited (l which was largely owned by UAC Nigeria), wound up in February 2018 after 16 years of operation, due to a challenging operating environment.

@Nairametrics @BluechipTechNG Things may, however, take a positive turn this time as power has been restored to Ikogosi, the community in which the company is located.

UACN had noted that the company's reliance on its generated power had been one of the factors that crippled operations.

@Nairametrics @BluechipTechNG 7. Chief Executive Officer of StarTimes Nigeria, Mr. David Zhang, has disclosed that the media group has invested over $220 million in Nigeria over the last nine years.

@Nairametrics @BluechipTechNG The newly appointed CEO also revealed that the company employs more than 1,000 Nigerians directly and 3,000 staffs indirectly through its dealers.

@Nairametrics @BluechipTechNG 8. Minister of State for Aviation, Hadi Sirika, at the 2019 Stakeholders’ Forum in Lagos, revealed plans to demolish the Murtala Muhammed International Airport, Lagos, in order to reconstruct it.

@Nairametrics @BluechipTechNG The Minister disclosed that the reconstruction of Murtala Muhammed International Airport has become important due to the poor state of the terminal, which has outlived its usefulness.

@Nairametrics @BluechipTechNG The contract would be awarded to construction giant Julius Berger at a cost of N14 billion.

@Nairametrics @BluechipTechNG This would, however, take place after the inauguration of the new terminal.

I've several questions on this and will be glad if anyone can answer.

How did Julius Berger get chosen?
How long will the partial reconstruction last?
Have the unions been carried along?

@Nairametrics @BluechipTechNG 9. Tech giant, Microsoft, has launched a technology development centre in Lagos.

The centre is one of two launched in Africa, with the other being in Kenya.

@Nairametrics @BluechipTechNG Glad to see local talent been developed, even though many of them still find end up leaving the country.

@Nairametrics @BluechipTechNG 10. In perhaps the hottest news in corporate Nigeria last week, MTN Nigeria was listed on the premium board of the Nigerian Stock Exchange (NSE).

@Nairametrics @BluechipTechNG MTN is one of four companies on the NSE with a trillion Naira market cap, the other three being Dangote Cement Plc, Nestle Plc, and Guaranty Trust Bank Plc.

@Nairametrics @BluechipTechNG There has been an overwhelming demand for the shares, especially by first-time investors.

@Nairametrics @BluechipTechNG 11. Still on MTN, last week, the company also announced that it had signed a 7-year N200 billion loan facility from a consortium of Nigerian banks.

I could be wrong, but this could be an indication that the much awaited Initial Public Offer may not be anytime soon.

@Nairametrics @BluechipTechNG 12. The Nigerian Electricity Regulatory Commission has slammed a fine on a power firm, PIPP LVI DisCo Limited, for supplying electricity to customers of Eko Electricity Distribution Company without approval.

@Nairametrics @BluechipTechNG NERC said PIPP, which was issued an electricity distribution licence, engaged in the distribution or trading of electricity outside its approved distribution area.

@Nairametrics @BluechipTechNG NERC conducted a site investigation to verify EKEDC’s claim, which revealed that PIPP had violated condition 7{ 1)(b) of the terms and conditions of its licence by supplying electricity to some customers without its approval.

@Nairametrics @BluechipTechNG The commission, therefore, ordered the immediate suspension of electricity supply to the customers.

@Nairametrics @BluechipTechNG In addition, PIPP shall compensate EKEDC for loss of revenue for each day electricity was supplied to the customers.

The company was subsequently fined N10,000 a day for each day that electricity was supplied to the customers.

@Nairametrics @BluechipTechNG The fine shall continue until the date of full compliance with the order

@Nairametrics @BluechipTechNG That's it for this week.

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@Nairametrics @BluechipTechNG Until we do this again next week, do have a most profitable week ahead. *End*