Thread by @ugodre

Good Evening and welcome to @Nairametrics Corporate News Roundup for the week ended November 10, 2019.
This thread is brought to you by
@BluechipTechNG

@Nairametrics @BluechipTechNG Please 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.

Thread starts here.

@Nairametrics @BluechipTechNG 1. The Dangote group will spend about $2 billion setting up cement and fertilizer plants in the Republic of Togo. Construction of the cement plant is expected to kick off early next year.
The fertilizer deal will make the Dangote Group the largest ammonia producer in Africa.

@Nairametrics @BluechipTechNG 2. Bata, a famous shoe brand in the late 1980s/1990s, has staged a comeback in Nigeria as it launched a new factory worth N350 million in the Federal Capital Territory, Abuja.

@Nairametrics @BluechipTechNG The firm, according to Tobe Eze, one of its executives, has plans for another factory, which will be in Idu.

@Nairametrics @BluechipTechNG 3. Twitter co-founder, Jack Dorsey, spent a few days in Nigeria, where he met with members of the tech communities in Lagos and Abuja.

@Nairametrics @BluechipTechNG In October, Jack had disclosed that he would be in Africa for the whole of November, visiting four African countries: Nigeria and Ghana in West Africa, Ethiopia in East Africa, and South Africa.

@Nairametrics @BluechipTechNG 4. Dr Isa Pantami, Minister of Communications and Digital Economy has instructed the Nigerian Postal Service (NIPOST) to stop cash collection in all its offices located across the country.

@Nairametrics @BluechipTechNG According to a statement issued by Pantami’s spokesperson, Uwa Suleiman, it was discovered that using cash payment was aiding corrupt practices.

@Nairametrics @BluechipTechNG The Postmaster-General (PMG), Adebisi Adegbuyi, has been directed to ensure that all NIPOST offices migrate immediately to Point of Sales (POS) and bank teller transactions.

@Nairametrics @BluechipTechNG 5. The Lagos State Internal Revenue Service has sealed 6 firms for failing to remit N42.68 million as Personal Income Tax of their staff to the Lagos state government.

@Nairametrics @BluechipTechNG Seyi Alade, the Director, Legal Services stated that the affected companies had defaulted in the area of tax liabilities since 2014 to 2016 and refused to pay even after an audit was conducted on them and a period of grace was extended to them.

@Nairametrics @BluechipTechNG Some of the sealed companies include BrainBox-Media Ltd., Orchard Creations Enterprises Ltd., and Addeva Electrical Nigeria Ltd.

@Nairametrics @BluechipTechNG 6. Hameed Ali, Comptroller General, of the Nigerian Customs Service has ordered that fuel stations located 20 km to the borders should not be supplied petroleum products. The filling stations located close to the borders have been accused of illegal export of petroleum products.

@Nairametrics @BluechipTechNG 7. The Nigerian government has given conditions to be met before the country’s land borders be reopened. The conditions are:
Imports coming from outside the ECOWAS region must maintain their original packaging and be escorted from the port to the border.

@Nairametrics @BluechipTechNG Goods produced in ECOWAS states must satisfy the ECOWAS rules of origin.
All warehouses across the border must be dismantled.
Goods being transported must be in proper packaging.

@Nairametrics @BluechipTechNG 8. Independent oil trader, Vitol, has pulled out of a consortium that was interested in buying the Nigerian oil fields from Brazil’s Petrobras.

@Nairametrics @BluechipTechNG While Vitol has not issued a statement, some reports attributed the move to a delay in getting clearance from the Brazilian and Nigerian governments.

@Nairametrics @BluechipTechNG 9. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari has assured Nigerians that there will be no fuel scarcity during the festive season. Kyari made this known while inspecting the Ijegun-Egba access road

@Nairametrics @BluechipTechNG According to him:
“We have over 2.6 billion litres of product in tank and in marine in the country, PMS (petrol) in particular. We have a robust supply plan that stretches well across the Christmas period and into the New Year .”

@Nairametrics @BluechipTechNG 10. A bill revising the Value Added Tax (VAT) rate to 7.5% scaled the second reading in the National Assembly this week.
In September, the Federal Executive Council (FEC) approved a 50.0% increase in the VAT rate to 7.5% with effect from January 2020.

@Nairametrics @BluechipTechNG 11. Last Friday night, Nigeria suffered a nationwide power outage, following the collapse of the transmission network. Power was restored the following day in phases.

@Nairametrics @BluechipTechNG 12. The Nigeria Deposit Insurance Corporation (NDIC) has extended its insurance coverage to mobile money operators in the country. Managing Director of the NDIC, Umaru Ibrahim, disclosed this during the 33rd Lagos International Trade Fair.

@Nairametrics @BluechipTechNG The insurance cover for mobile money subscribers has a maximum limit of N500,000.

@Nairametrics @BluechipTechNG 13. The Central Bank of Nigeria (CBN) has set up a taskforce to recover N36 billion in loans advanced to farmers through the Northeast Commodity Association (NECAS).

@Nairametrics @BluechipTechNG 14. Interswitch Group has acquired a 60% stake in eClat Healthcare through the purchase of shares from current shareholders and subscription to new shares issued by the company. eClat delivers hospital management solutions across the country.

@Nairametrics @BluechipTechNG 15. MTN Nigeria, in partnership with Simfy Africa, has launched a music-streaming platform, MusicTime. MusicTime is available on the Google Play Store with free 60 minutes’ worth of streaming.

@Nairametrics @BluechipTechNG That's it for this week.
Thanks to @BluechipTechNG for sponsoring this thread every week. Without them, this thread won't be possible

@Nairametrics @BluechipTechNG Special thanks to you our followers for all the retweets and contributions. We love feedback so please keep them coming. We want to make this thread even better.

@Nairametrics @BluechipTechNG If you have not subscribed to
@Nairametrics newsletters please do so by sending an email to [e-mail]
Until we do this again next week, do have a profitable week ahead.

*End*
You can follow @ugodre