Thread by @ugodre

Good Evening. Welcome to @Nairametrics Corporate News Roundup for the week ended October 13 2019. This thread is BTU by @BluechipTechNG

@Nairametrics @BluechipTechNG As usual, kindly retweet the first tweet of this thread so others on your timeline don't miss out. Feel free to be a part of this thread by commenting, asking questions or being a part of the conversation.

We begin..

@Nairametrics @BluechipTechNG 1. The Federal Government is leaving no stone unturned in its bid to recover the debt owed the Asset Management Company of Nigeria (AMCON)

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@Nairametrics @BluechipTechNG Prof. Bolaji Owasanoye, the Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC) who also chairs an Inter-Agency Presidential Committee, has hinted at an expansion of the dragnet.

@Nairametrics @BluechipTechNG According to him, the Inter-Agency Presidential Committee will beam its searchlight on those who facilitated the loans on the side of the banks and the beneficiaries.

@Nairametrics @BluechipTechNG The Inter-Agency Presidential Committee comprises of the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), Ministry of Justice and ICPC

@Nairametrics @BluechipTechNG 2. Ethiopian airlines have sought the assistance of the Rivers State government in obtaining a Bilateral Air Agreement from the Ministry of Aviation to fly from the Port Harcourt International Airport.

@Nairametrics @BluechipTechNG Chief Commercial Officer of the airline, Esayas Mariam, made this known during the signing of a partnership with the state government that will allow the carrier to operate international flights from Port Harcourt permanently.
Governor Nyesom Wike expressed willingness to assist

@Nairametrics @BluechipTechNG Following the shutdown of the Enugu airport, Ethiopia air relocated its flights to the Port Harcourt airport.
This dovetails into our next story.

@Nairametrics @BluechipTechNG 3.. Minister of Aviation, Hadi Sirika, recently disclosed that it would cost N10 billion to get the Akanu Ibiam International Airport operational again. The airport was shut down in August.

@Nairametrics @BluechipTechNG In addition to the runway which needs rehabilitation, Sirika also highlighted other concerns, including the market close to the airport which needs to be relocated, as well as individuals who had encroached on the land close to the airport, and built houses.

@Nairametrics @BluechipTechNG 4. Ikeja Electric (IE) has signed a Power Purchase Agreement with residents of Ikeja GRA to deliver “up to 24 hours of supply daily.”
They will enjoy much steadier power but have to pay rates higher than the Multi-Year Tariff Order.

@Nairametrics @BluechipTechNG Residents of Magodo GRA, who signed a similar arrangement are thought to be paying about N47 per kilowatt-hour of power, compared to the MYTO tariff which is N23.10 for residential customers.

@Nairametrics @BluechipTechNG 5. Tech solutions company, Softcom has launched Eyowo, a payment service platform. Using Eyowo, people can send and receive money, buy airtime, pay bills, make cardless ATM withdrawals, and request and accept payments from customers using only their phone numbers.

@Nairametrics @BluechipTechNG 6. After months of anticipation, Uber has finally expanded its operations in Nigeria by launching a boat service called UberBoats.
The service, which was launched in partnership with Texas Connection Ferries, will operate on weekdays between 8am and 5pm.

@Nairametrics @BluechipTechNG The company will also charge a fixed price of N500 per trip, a different pricing system from its cab-hailing platform where prices per trip are calculated by the distance covered.

@Nairametrics @BluechipTechNG 7. The Federal Government has signed a partnership with the China Railway Construction Corporation to facilitate the construction of a railway line from Itakpe to Abuja and the seaport in Warri.

@Nairametrics @BluechipTechNG The project, which is expected to cost $3.9 billion, will be funded via a Public-Private Partnership (PPP). Nigeria will contribute 15%, the China Railway Construction Corporation (CRCC) will contribute 10%, while 75% will be borrowed through a Special Purpose Vehicle (SPV).

@Nairametrics @BluechipTechNG The CRCC would manage the rail line for 30 years, then hand over to the federal government.

@Nairametrics @BluechipTechNG 8. The Corporate Affairs Commission has delisted over 40,000 registered companies from its records in the last two years due to non-performance and dormancy.
Acting Registrar-General of CAC, Lady Azuka Azinge, disclosed this during a press briefing

@Nairametrics @BluechipTechNG . According to her:
The exercise is aimed at ensuring that only names of performing companies remain in our database. Companies involved could as well re-apply subsequently if they so desire.

@Nairametrics @BluechipTechNG 9. The Nigerian Electricity Regulatory Commission (NERC) may withdraw the licences of eight power distribution companies (DisCos) over breaches of some provisions of the Electric Power Sector Reform Act.

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@Nairametrics @BluechipTechNG The eight power firms include Abuja, Benin, Enugu, Ikeja, Kaduna, Kano, Port Harcourt and Yola discos.
NERC stated that the remittances of the 8 DisCos to Nigerian Bulk Electricity Trading (NBET) in the July 2019 billing cycle failed to meet the minimum remittance thresholds.

@Nairametrics @BluechipTechNG The commission also stated that the failure of DisCos to comply with expected minimum remittance thresholds threatened the sustainability of other parts of the value chain, and the ability to improve service delivery to consumers.

@Nairametrics @BluechipTechNG 10. The Nigeria Customs Service has shut down 272 car marts for harbouring smuggled vehicles, following a raid. 162 outlets were raided in Lagos and the rest in the Federal Capital Territory, Kaduna, Kano, Sokoto and Kebbi.

@Nairametrics @BluechipTechNG Spokesman for the NCS, Joseph Attah, said that the exercise was based on credible information that there were smuggled cars in the car sales outlets.
Comptroller General, NCS, Hameed Ali (retd), advised the car dealers to pay the proper duty and get back their cars.

@Nairametrics @BluechipTechNG 11. Access Bank Plc and Nigerian Breweries, brewers of Star Lager Beer, have launched a new talent hunt show tagged Access the Star. The talent show will kick off in October and winners, will be awarded prizes to the tune of N150 million.

@Nairametrics @BluechipTechNG That's our roundup for the week. We hope you found this thread useful as you get into a new business week.
Thanks again to @BluechipTechNG for making this possible every week

@Nairametrics @BluechipTechNG If you would like to receive this thread as a newsletter, please send an email to [e-mail]
Thanks and until we do this again next week, have a profitable week ahead.

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