Thread by @ugodre

Good Evening. Welcome to @Nairametrics Corporate News Roundup for the week ended December 29, 2019. This thread is brought to you by @BluechipTechNG

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We begin..

@Nairametrics @BluechipTechNG 1. Dr Nnameka Ewelukwa has been appointed Acting Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading Company (NBET). The previous CEO, Dr Marilyn Amobi, was asked to hand over to the most senior staff.

@Nairametrics @BluechipTechNG A 5 member committee has also been set up to investigate complaints made against her.
NBET buys electricity from the Generation Companies (GenCos) through the Power Purchase Agreements (PPAs) and sell to the Distribution Companies (DisCos) through vesting contracts.

@Nairametrics @BluechipTechNG 2. The National Information Technology Development Agency (NITDA) is investigating the Lagos Internal Revenue Service (LIRS), following the exposure of private data on a public portal. This is a breach of the Nigeria Data Protection Regulation Act of 2019.

@Nairametrics @BluechipTechNG The breach was an exposure of private data. All that was needed to get a taxpayer’s ID, email, phone and address was just the individual's or company's name. The portal has since been taken down.

@Nairametrics @BluechipTechNG 3. Still, on matters related to Lagos State, the Lagos State Government has commenced the demolition of illegal structures at the Marwa waterside. The illegal business operators were given a 7-day notice which expired on the 19th of December.

@Nairametrics @BluechipTechNG This is according to the Chairman of the Lagos State Environmental and Special Offences, Olayinka Egbeyemi. The demolition is to make way for a coastal road which will serve as an alternative to the Lagos-Epe expressway.

@Nairametrics @BluechipTechNG Moving on to money matters.
4. The Securities and Exchange Commission (SEC) has shut down five illegal fund managers located in Kano. The five Ponzi scheme operators are MGB Global, Bitcoin Company, Money Rite, No Failure Development and X-World.

@Nairametrics @BluechipTechNG The operators were said to have been nabbed after they made requests from people to spend huge sums of money in the name of investments.
I'm surprised people would give these firms money without confirming their authenticity. Stay safe folks.

@Nairametrics @BluechipTechNG 5. Triton Solar, a US-based manufacturer of solar panels, lighting and batteries will invest over $100 million in Nigeria over the next few years. The firm intends setting up 3 plants to be located in Lagos, Oyo State and the Federal Capital Territory, Abuja.

@Nairametrics @BluechipTechNG The company’s Global Head of Business, Bhagi Sandilya disclosed this on the sideline of his visit with the Chairman/Chief Executive Officer of Silicon Valley Nigeria Economic Development Inc., Chief Temitope Ajayi, to a former Minister of Industry, Alhaji Bamanga Tukur.

@Nairametrics @BluechipTechNG 6. The Nigeria Customs Service raided the Mubi town market with the aid of the Nigeria Police Force. The Comptroller, Kamardeen Olumoh, who led the raid, said smuggling had become a menace in the area with foreign rice being their specialisation.

@Nairametrics @BluechipTechNG According to Olumoh, the Comptroller-General of Customs, Hameed Ali, issued a directive to curb smuggling in the town by raiding shops and stores. Mubi is close to Cameroon's Northern border.

@Nairametrics @BluechipTechNG 7. Nigeria has hinged the opening of its land borders on the recommendations of the patrol team set up to monitor compliance with trade protocols. Mariam Katagum, Minister of State for Industry, Trade and Investment made this known while speaking to newsmen in Abuja.

@Nairametrics @BluechipTechNG The patrol team comprises relevant security agencies of all the countries involved in an exercise codenamed, Operation Exercise Swift Response.

@Nairametrics @BluechipTechNG 8. The House of Representatives is considering a bill to establish a tax crimes commission which would be headed by an Inspector General. The bill was sponsored by Hon. Benjamin Okezie Kalu.

@Nairametrics @BluechipTechNG The commission is to assist the Federal Inland Revenue Service (FIRS) in enforcing tax collection and ensuring remittances of the same to the Federation Account.
Why not simply strengthen the FIRS than push for a new body?

@Nairametrics @BluechipTechNG 9. Air Peace has confirmed media reports pertaining to a security breach on one of its aircraft at the Murtala Muhammed Airport a few days ago. The plane, which was heading to Owerri, was taxing for take-off when a young man emerged from the bush and tried to gain access.

@Nairametrics @BluechipTechNG The pilot of a private jet spotted him and alerted the Air Peace pilot. The man was arrested by the security wing of the Federal Airport Authority of Nigeria (FAAN). This tends to happen every few years, indicating the authorities have a long way to go.

@Nairametrics @BluechipTechNG Still in the aviation space.
10. Chief Operating Officer of Air Peace, Oluwatoyin Olajide has asked the Federal Government to prevent foreign carriers from operating domestic flights in the country. Their doing so in her view affects local airlines negatively.

@Nairametrics @BluechipTechNG 11. The Nigerian Communications Commission (NCC) has requested Mobile Number Operators to consider imposing a 45-day porting restriction period on newly activated SIM cards. The commission made the request after conducting an audit on the Mobile Number Portability (MNP) Platform.

@Nairametrics @BluechipTechNG The audit’s aim was to examine the level of success of the migration of the MNP platform to its new technical partners, Porting Access Limited, and conduct an in-depth review of planned or unplanned technical faults that occurred within the period under review.

@Nairametrics @BluechipTechNG 12. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has shut down the headquarters of Chevron Nigeria Limited (CNL) following its failure to pay its workers’ entitlements.

@Nairametrics @BluechipTechNG A spokesperson for the firm, Sola Adebawo, said it was in discussions with the union to find an amicable solution.The strike could affect Nigeria's oil production, as Chevron pumps about 350,000 barrels per day.

@Nairametrics @BluechipTechNG 13.The Nigerian Railway Corporation is at the final stages of commencing electronic ticketing across the country. Managing Director, Mr Fidel Okhiria, who made this known, also disclosed that the kick-off would depend on the approval of the Federal Executive Council (FEC).

@Nairametrics @BluechipTechNG 14. Fintech firm Cellulant has obtained a N2 billion facility from Wema Bank. The funds will be channelled to commodity aggregators on the Cellulant network to facilitate trade across the value chain.

@Nairametrics @BluechipTechNG 15.The Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni have signed the Final Investment Decision for the NLNG Train 7 project. The project had suffered one delay after another in the last 10 years.

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

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Until we do this again next week, do have a profitable week ahead. Happy New Year in advance.
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