Thread by @ugodre

Good Evening. Welcome to @Nairametrics corporate news roundup for the week ended July 14, 2019.

This thread is BTU by @bluechiptechng

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The thread starts here.

@Nairametrics @BluechipTechNG 1. Our first story comes from the oil and gas space.

Newly appointed Group Managing Director (GMD) of the NNPC, Mele Kyari has vowed to fix the country’s four refineries by 2023.

@Nairametrics @BluechipTechNG Kyari made this known during the formal handover by the immediate past GMD Maikanti Baru.

In addition, he promised to extend support to the Dangote refinery to ensure timely completion.

@Nairametrics @BluechipTechNG Promises pertaining to fixing the refineries are not new. Let's hope this will be different.

@Nairametrics @BluechipTechNG 2. Still in the oil and gas space,

Green Energy International Limited (GEIL), has signed a $350 million MOU with several unnamed international firms.

@Nairametrics @BluechipTechNG The company which operates the Otakikpo Marginal Field in Rivers State will use the funds to drill additional wells and expand its processing facilities from 12,000 barrels per day to 50,000 barrels per day.

@Nairametrics @BluechipTechNG 3. In somewhat related news, Lekoil which is the technical partner to Green Energy may consider listing on the Nigerian Stock Exchange by 2022.

@Nairametrics @BluechipTechNG Chief Executive Officer Lekan Akinyanmi disclosed this in an interview with Bloomberg.

In addition to listing, the firm was also considering acquiring marginal fields should the opportunity arise.

@Nairametrics @BluechipTechNG 4. Moving next door to the power sector,
The Transmission Company of Nigeria (TCN), has confirmed that it received about $1.661 billion worth of investments from international donors to boost power supply in Nigeria.

@Nairametrics @BluechipTechNG The company’s Managing Director, Mr. Usman Mohammed, disclosed this on Thursday in Abuja, during the firm’s quarterly news conference.

@Nairametrics @BluechipTechNG The funds will be used to execute several projects including the Abuja Wheeling Scheme that will bring five sub-stations and a new supply route to the FCT.

@Nairametrics @BluechipTechNG 5. To the tech space,

OPay, a mobile payments startup founded by the Norwegian tech firm, Opera, has secured $50 million funding from three Chinese companies – Sequoia China, IDG Capital, and Source Code Capital.

@Nairametrics @BluechipTechNG The capital raised will be used to grow its digital finance business, and other services in Nigeria, such as motorcycle ride-hail app, ORide, and a food delivery service portal, OFood.

@Nairametrics @BluechipTechNG 6. Max, a bike-hailing app, has expanded its services to Ondo State.

The company, in partnership with the Ondo State government, has launched Sunshine Safe Bikes.

@Nairametrics @BluechipTechNG 7. Moving to the banking space,

Ecobank Trans International has commenced discussions with the Nigerian Labour Congress pertaining to 1200 workers that were disengaged.

@Nairametrics @BluechipTechNG The NLC officials, in collaboration with its affiliate Nigeria Union of Banks, Insurance and Financial Institution Employees (NUBIFIE), had picketed the head office of Ecobank on Victoria Island.

@Nairametrics @BluechipTechNG ETI had denied disengaging any workers; it had simply decided against renewing contracts with some third party recruitment agencies.

@Nairametrics @BluechipTechNG In a statement issued to clarify its position, the bank stated that it had also taken several palliative measures such as “the payment of contract cessation packages of over half a billion Naira paid through their employers.

@Nairametrics @BluechipTechNG It had also provided an opportunity given to those with the requisite qualifications to apply to the bank for permanent employment.”

@Nairametrics @BluechipTechNG 8. The Central Bank of Nigeria (CBN) unveiled the guidelines for a N30 billion facility for poultry farmers in the country, last week.

@Nairametrics @BluechipTechNG The programme will be run using poultry farms located in Universities.

CBN Deputy Governor , Economic Policy, Dr Okwu Nnanna who represented Governor Godwin Emefiele, stated that the ivory towers were choosen for the schme because they had the necessary structures.

@Nairametrics @BluechipTechNG 9. Still on the CBN, governor of the apex bank Godwin Emefiele has estimated the number of jobs that can be generated in the textile space at 2 million.

He made this known at a stakeholders’ meeting with cotton, textile, garment producers and farmers in Abuja.

@Nairametrics @BluechipTechNG In addition to the jobs that would be created, reviving the industry would also help save about $4 billion in foreign exchange.

@Nairametrics @BluechipTechNG 10. The Lagos State Internal Revenue Service (LIRS) is reportedly planning to start using Biometric Verification Numbers (BVN) in a bid to expand the tax net.

@Nairametrics @BluechipTechNG Every self-employed person would be required to provide their BVN to the LIRS for creation of their unique Tax Identification Digit.

Corporate institutions are to ensure that their employees provide their BVNs for processing of their Tax Clearance Certificates (TCCs).

@Nairametrics @BluechipTechNG 11. Ethiopian Airlines has once again revived its plans to own a national carrier in Nigeria.

Chief Executive of the Airline, Tewolde Gebremariam, disclosed that there had been talks with the federal government and other parties.

@Nairametrics @BluechipTechNG A previous attempt to take over Arik had failed, as the Asset Management Company of Nigeria (AMCON) denied any knowledge of the transaction.

@Nairametrics @BluechipTechNG 12. Moving to the auto space, Volkswagen Automobile Group has reopened its auto assembly factory on the Badagry Expressway, Lagos, after 20 years of suspending operations in the country.

@Nairametrics @BluechipTechNG The plant, which is being run in partnership with the Stallion Group has rolled out the first set of vehicles, which include the Passat, Jetta, CC and Amarok models.

@Nairametrics @BluechipTechNG 13. Our last story is from the telecoms space.

Last week, Airtel Africa, the parent company of Airtel Nigeria, was listed on the Nigerian Stock Exchange.

3.7 billion shares were listed at N363 per share.

@Nairametrics @BluechipTechNG The listing was earlier scheduled for Friday the 5th of June 2019, then postponed.

@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*