Thread by @ugodre

Good Evening. Welcome to @Nairametrics Corporate news roundup for the week ended December 15, 2019. This thread is brought to you by @BluechipTechNG

@Nairametrics @BluechipTechNG Kindly retweet the first tweet of this thread so others on your timeline don't miss out. Feel free to take part in this thread by commenting, asking questions or being a part of the conversation. The thread starts here

@Nairametrics @BluechipTechNG 1. Stallion Motors has denied media reports that it is in any form of financial difficulty. Some reports earlier in the week indicated that the firm had been taken over by the Asset Management Company of Nigeria (AMCON) and it was indebted to banks to the tune of N330 billion.

@Nairametrics @BluechipTechNG AMCON has since denied any such action, stating that the company's loans were being serviced. Stallion is the exclusive distributor for several auto brands in Nigeria including Volkswagen, Honda, Hyundai and Nissan.

@Nairametrics @BluechipTechNG 2. Moving to the oil and gas space. The Nigerian National Petroleum Corporation (NNPC) has shifted the deadline for fuel importation from 2019 to 2023.

@Nairametrics @BluechipTechNG Then Minister of State for Petroleum Resources Ibe Kachikwu had, in February 2017, picked 2019 as a deadline for the importation of fuel. Group Managing Director of the NNPC, Mele Kyari within the week, gave reasons why the 2023 target was achievable.

@Nairametrics @BluechipTechNG According to him.
“First, we will deliver on our refineries to make them work and significant work has gone into that and we believe that we can deliver on this.

@Nairametrics @BluechipTechNG “Secondly, we will support our partners to deliver on their projects that will make gasoline (petrol) and other products available, which are essentially the many other refinery project interventions that are going on that we know, and we support all of them.”

@Nairametrics @BluechipTechNG 3. The Senate is set to probe the Petroleum Products Pricing Regulatory Agency (PPPRA) over its failure to remit N800 billion to the Federal Roads Maintenance Agency (FERMA).

@Nairametrics @BluechipTechNG Senate President, Ahmed Lawan, disclosed this after the passage of a bill for an Act to repeal the Federal Roads Maintenance Agency Act, 2002 and to establish the Federal Roads Authority Bill, 2019. Lawan also stated that corruption was behind the poor state of Nigerian roads.

@Nairametrics @BluechipTechNG 4. The Major Oil Marketers Association of Nigeria (MOMAN) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have called for the removal of fuel subsidy.

@Nairametrics @BluechipTechNG While MOMAN supports the move because it will lead to operational efficiency, PENGASSAN wants funds spent on subsidy to be channelled to the rehabilitation of the country’s refineries.

@Nairametrics @BluechipTechNG 5. Credit rating and research firm Agusto & Co has announced the appointment of Yinka Adelekan as its CEO designate, following the retirement of Vivien Shobo. Shobo’s retirement will be effective from 31 December 2019. Vivien has spent over two decades at Agusto.

@Nairametrics @BluechipTechNG 6. President Muhammadu Buhari has appointed Edward Lametek Adamu as the new Chairman of the Asset Management Corporation of Nigeria (AMCON). Adamu replaces former Chairman, Muiz Banire who was appointed in July 2018

@Nairametrics @BluechipTechNG The move is due to the amended AMCON Act which requires the body to be chaired by a deputy Governor of the CBN.

@Nairametrics @BluechipTechNG 7. President Muhammadu Buhari appointed Muhammad M. Nami as Executive Secretary of the Federal Inland Revenue Service. The President thus opted not to grant his predecessor, Babatunde Fowler, a second term.

@Nairametrics @BluechipTechNG 8. The Nigerian Civil Aviation Authority (NCAA)'s threat to ban Turkish airlines from operating in Nigeria over the small size of aircraft used seems to have yielded results. as the airline has switched to a bigger plane.

@Nairametrics @BluechipTechNG Minister of Aviation, Hadi Sirika had stated that the airline had been notorious for the shabby treatment of Nigerian travellers over time. This had often led to protests by passengers, causing security issues.

@Nairametrics @BluechipTechNG Turkish Airlines would often send passenger lugagge much later in a second flight.

@Nairametrics @BluechipTechNG 9. Still somewhat related to the aviation space. The Federal Airport Authority of Nigeria (FAAN) has denied media reports that it had banned ride-hailing apps from operating in Lagos airports. The news had arisen following pictures of a signboard circulating through social media

@Nairametrics @BluechipTechNG Frequent fliers to the Abuja airport would testify to the harassment faced by ride-hailing apps coming from the local drivers union.

@Nairametrics @BluechipTechNG 10. The Asset Management Corporation of Nigeria (AMCON) has taken possession of Cedar Oil & Gas Exploration and Production Limited over a N29 billion bad debt, as it appointed a Receiver/Manager to oversee the operations of the oil firm. The company was promoted by Jide Omokore.

@Nairametrics @BluechipTechNG 11. The Federal Government is currently owing contractors that are working on road projects over N306 billion. Minister of Works and Housing, Babatunde Fashola dropped the figure during a meeting with the Public Transport Owners of Nigeria Association.

@Nairametrics @BluechipTechNG 12. The republics of Benin, Togo and Niger may lose their power supply, as the Transmission Company of Nigeria has threatened to disconnect their electricity if they are not forthcoming with their electricity bills.

@Nairametrics @BluechipTechNG Managing Director of the (TCN), Usman Mohammed, in an interview, stated that the Republic of Benin was owing $14 million, while the Republic of Niger was owing less than $2 million. The debt had been over $100 million when he took over.

@Nairametrics @BluechipTechNG 13. Our last story is from the tech space. 100 companies are to be issued non-compliance notices by the Nigerian Information Technology Development Agency (NITDA) for their failure to comply with certain processes of the Nigeria Data Protection Regulation (NDPR) of the agency.

@Nairametrics @BluechipTechNG The companies, which operate in the financial technology, aviation, and betting sectors, failed to submit their initial data audit as the NDPR stipulated.

@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.

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