Thread by @ugodre

Good Evening and Welcome to @Nairametrics Corporate News Roundup for the week ended July 28, 2019. BTU by @BluechipTechNG

@Nairametrics @BluechipTechNG As usual, kindly retweet the first tweet on this thread so that others on your timeline can see.

As usual, kindly retweet the first tweet on this thread so that others on your timeline can see.

We begin...

@Nairametrics @BluechipTechNG 1. Immediate past Minister of State for Aviation in President Muhammadu Buhari’s last cabinet, Senator Hadi Sirika, is poised to forge ahead with plans for a new national carrier.

@Nairametrics @BluechipTechNG He made this known during his ministerial screening, where he highlighted the benefits of the proposed carrier.

@Nairametrics @BluechipTechNG According to him:

“I believe that having a very vibrant private sector-led national carrier is good for the economy of Nigeria. It is good for the population of Nigeria; it is also good for the centrality of Nigeria; it is good for the wealth and fortune of Nigeria.”

@Nairametrics @BluechipTechNG Sirika during the event, also stated that one aircraft provides 300 jobs per person.

While it's not known if Sirika will return to that post, past attempts by the government ended up badly.

@Nairametrics @BluechipTechNG 2. The European Union in partnership with the Department for International Development (DFID) has earmarked N4 billion for the provision of solar power to some health facilities in Adamawa, Nigeria.

@Nairametrics @BluechipTechNG The first and second phase of the projects implemented in Lagos State and Kaduna State were fully funded by the DFID.

@Nairametrics @BluechipTechNG 3. Moving on to the petroleum space, the NNPC has sought collaboration with Chevron on the setting up of a condensate splitter refinery in Nigeria.

@Nairametrics @BluechipTechNG Mallam Mele Kyari disclosed this when the Management of Chevron Nigeria Limited (CNL) led by its Managing Director, Jeff Ewing, paid a business visit to the NNPC Towers, Abuja.

@Nairametrics @BluechipTechNG A condensate splitter is a simple refinery, designed to handle the light crude. It is less sophisticated and less expensive than a full refinery, which costs billions of dollars.

@Nairametrics @BluechipTechNG 4. Still, on the NNPC, the GMD also disclosed why cash call payments to Italian oil giant, Agip were withheld.

According to Kyari, there were issues that needed to be resolved, and that would be done shortly.

@Nairametrics @BluechipTechNG 5. The Nigerian Petroleum Development Company (NPDC) has secured a $3.15 billion Financial and Technical Services deal from Sterling Oil Exploration and Energy Production Company Limited (SEEPCO).

@Nairametrics @BluechipTechNG The funding will be used for the development of Oil Mining License (OML) 13, which is fully owned by the NPDC and is located in the eastern axis of the Niger Delta.

@Nairametrics @BluechipTechNG 6. Moving on to the finance space.

The Asset Management Corporation of Nigeria (AMCON) in partnership with the ICPC, EFCC and other agencies is set to produce a full-length television documentary on 350 recalcitrant debtors that account for 80% of its N5 trillion debt.

@Nairametrics @BluechipTechNG The Corporation’s Managing Director Ahmed Kuru disclosed this during the July 2019 edition of the Nigerian–American Chamber of Commerce monthly breakfast meeting.

@Nairametrics @BluechipTechNG I don't see how much of an effect that would have on them in a country with short memories.

@Nairametrics @BluechipTechNG 7. Air Peace was once more in the news, as one of its planes suffered a mishap in Lagos. No casualty was involved.

@Nairametrics @BluechipTechNG Again, no life was lost, but passengers were shaken up.

In June, an Air Peace jet skidded off the runway and ended up in the bush while trying to land at the Port Harcourt airport.

@Nairametrics @BluechipTechNG 8. The Federal Inland Revenue Service (FIRS), has begun work on a harmonized tax bill which will be sent to the National Assembly.

Executive Chairman of the (FIRS), Tunde Fowler, disclosed this at the inauguration of the National Tax Policy Implementation Committee (NTPIC)

@Nairametrics @BluechipTechNG The bill will, however, be submitted to the Economic Management Team, Federal Executive Council, and then NASS.

@Nairametrics @BluechipTechNG 9. Virtus, a decentralised energy consortium, has secured a N446 million credit facility from Sterling Bank Plc.

@Nairametrics @BluechipTechNG The facility which has a tenor of 5 years will be used for the deployment of distributed energy solutions across selected economic clusters like market places, shopping centres, and industrial facilities.

@Nairametrics @BluechipTechNG 10. The Central Bank of Nigeria (CBN) has reportedly given a directive to commercial banks for the immediate suspension of interests on the N777 billion non-performing loans to oil marketers.

@Nairametrics @BluechipTechNG Managing Director of SunTrust Bank Limited, Ayo Babatunde made this known while speaking at a seminar organised by the Money Market Workgroup of Financial Market Dealers Association (FMDA) in Lagos.

@Nairametrics @BluechipTechNG Nigeria’s oil and gas sector accounted for over 60% of the N1.6 trillion in Non Performing Loans in the country, as of April 2019.

@Nairametrics @BluechipTechNG 11. The CBN also clarified rumours that it had banned milk importation into the country.

@Nairametrics @BluechipTechNG In a press release posted on its site, the apex bank stated that:

“Milk importation is not banned. Indeed, the CBN has no such power.

All we will do is to restrict the sale of forex for the importation of milk from the Nigerian foreign exchange market.”

@Nairametrics @BluechipTechNG While this seems like a matter of semantics, we will be watching the price of milk in the following months.

@Nairametrics @BluechipTechNG 12. Moving on to the power space,

The Kano Electricity Distribution Company (KEDCO) has been suspended by the Transmission Company of Nigeria from the Market Operator-administered market for failing to renew its security cover.

@Nairametrics @BluechipTechNG TCN had informed Kano DisCo of the default in the first week of July 2019, but the company failed to take action.

The suspension could lead to a power outage in Kano and environs.

@Nairametrics @BluechipTechNG 13. Ikeja Electric spent N500 million on a 15MVA transformer Injection Substation servicing residents of Obawole, Fagba, and Iju in Ifako-Ijaiye Local Government Area of Lagos State.

@Nairametrics @BluechipTechNG Anthony Youdeowei, the Managing Director and Chief Executive Officer of the firm, disclosed this during the commissioning of the station

@Nairametrics @BluechipTechNG The Managing Director also stated that the DisCo was embarking on a related project, which would further improve power supply to New Oko-Oba, Unity Estate, Fagba, Babatunde Hassan, Awobona and Iju Road.

@Nairametrics @BluechipTechNG 14. The Transmission Company of Nigeria (TCN) is willing to waive the N270 billion debt owed by Power Distribution Companies (DisCos), on the condition that the firms are recapitalised.

@Nairametrics @BluechipTechNG Managing Director of TCN, Usman Mohammed said wiping the slate clean for DisCos had become crucial as they seemed not to have a solution to their debt problem.

@Nairametrics @BluechipTechNG “For TCN, the DisCos are owing us about N270 billion right now. ”

We are ready to forgo that N270bn in as much as we have a market that can work. So we are saying reset the books, remove their debt and make their books clean.”

@Nairametrics @BluechipTechNG 15. In our last story for the day, President Muhammadu Buhari has signed the Nigerian Electrification Roadmap which was presented to him by Siemens in November last year.

@Nairametrics @BluechipTechNG Joe Kaeser, Global Chief Executive Officer of Siemens, signed on behalf of the company.

As part of the deal, Siemens will supply equipment across the entire electricity value chain.

@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*