Thread by @ugodre

Good Evening. Welcome to @Nairametrics corporate news roundup for the week ended January 12, 2020. This thread is brought to you by @BluechipTechNG

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@Nairametrics @BluechipTechNG 1. Kicking off things from the insurance space. 6 insurance companies are considering mergers in a bid to meet the new regulatory requirement set by the National Insurance Commission (NAICOM).

@Nairametrics @BluechipTechNG NAICOM's Director of Policy and Regulation, Pius Agboola, who made this known also disclosed that some other insurance companies were also looking for partners to merge with.
I hope they maintain the same energy now the deadline has been shifted to December 2020.

@Nairametrics @BluechipTechNG 2. The Federal Government has started disbursing funds as compensation to the owners of the land and other property affected by the construction of the Mambilla Hydropower Power plant.

@Nairametrics @BluechipTechNG 3. We move to the aviation space. The Federal Airport Authority of Nigeria (FAAN) has faulted claims by British Airways that it diverted a flight to Ghana due to the temporary closure of the Muritala Mohammed International Airport (MMIA).

@Nairametrics @BluechipTechNG FAAN's GM Corporate Affairs, Henrietta Yakubu stated that airlines were usually issued a notice before such an action. No such notice was issued.

@Nairametrics @BluechipTechNG 4. A proposed regulation by the Ministry of Information could leave pay-TV operators in the country in a bind. The regulation has advocated for the removal of exclusivity of content in Nigeria and mandated sharing upon the payment of commercially viable fees.

@Nairametrics @BluechipTechNG 5. On to the tech space, co-founder of Andela and Flutterwave has launched an early-stage investment fund for African entrepreneurs called the Future Africa fund.
The Future Africa Fund is an angel fund created to back 20 founders with up to $50,000 each year.

@Nairametrics @BluechipTechNG In addition, it will also provide them with early customers as well as avail them access to a “vast network of talent”. Only startups solving real and socially relevant problems will qualify to benefit from the fund.

@Nairametrics @BluechipTechNG 6. The management of Leadway Assurance Company Limited has announced the exit of the Chief Executive Officer and Managing Director of the company, Oye Hassan-Odukale.

@Nairametrics @BluechipTechNG Oye led the management of the company for three decades after taking over from his late father, Olusola Hassan Odukale. Tunde Hassan-Odukale, has been appointed Managing Director, effective January 1, 2020.

@Nairametrics @BluechipTechNG 7. Paga, a Mobile Money Operator and payments services provider, has announced the appointment of Ian Cleverly as its new Group Chief Financial Officer. He will be responsible for Finance, Risk, Compliance, and Internal Audit functions across the various countries it operates

@Nairametrics @BluechipTechNG 8. Moving to the energy space. The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) hascalled off a planned industrial action following Chevron Nigeria Limited's deision to recall the workers reportedly sacked in December 2019.

@Nairametrics @BluechipTechNG According to the General Secretary of NUPENG, Afolabi Olawale, the Nigerian National Petroleum Corporation (NNPC) had intervened by convening a meeting of the stakeholders involved in the matter.

@Nairametrics @BluechipTechNG Chevron was given three weeks to reinstate the workers, while NUPENG was asked to call off its actions against the company.

@Nairametrics @BluechipTechNG 9. Nigerians may have to pay more for electricity by April when tariffs approved by the Nigerian Electricity Regulatory Commission (NERC) will kick-off. The increase would address revenue shortfalls in the sector.

@Nairametrics @BluechipTechNG 10. Over 60,000 litres of petrol have been seized from smugglers by its officials. The disclosure was made by the Public Relations Officer, Nigeria Customs Service Ogun 1 Command, Abdullahi Maiwada. Maiwada also stated that at least 1,000 litres of petrol were seized daily.

@Nairametrics @BluechipTechNG 11. President Muhammadu Buhari has reversed the suspension of Managing Director, Rural Electrification Agency (REA), Damilola Ogunbiyi. The federal government stated this in a tweet from its Twitter handle.

@Nairametrics @BluechipTechNG Her resignation effective 31 December 2019 has been accepted to enable her to assume her new @UN appointment. Ogunbiyi was accused of committing some unnamed infractions by the Minister of Power, which led to her suspension.

@Nairametrics @BluechipTechNG @UN 12. Bolt has appointed Femi Akin-Laguda as the Country Manager for its operations in Nigeria. Prior to this, he had worked as a City Manager for Bolt Lagos.

@Nairametrics @BluechipTechNG @UN 13. Airtel Nigeria, a GSM telco has launched Airtel TV. Airtel TV, according to a statement issued by the company, is a one-stop platform for everything entertainment – live TV, music videos, news, sports.

@Nairametrics @BluechipTechNG @UN 14. The Office of the Attorney General of the Federation has withdrawn its demand for the sum of N242 billion and $1.2 billion from telecommunications company, MTN Nigeria. The AGF has referred the matter to the Federal Inland Revenue Service and Nigeria Customs Service.

@Nairametrics @BluechipTechNG @UN 15. The Dangote Group is set to purchase 10,000 Indonesian-made light pickup trucks. The trucks, which are described as the rural multipurpose mechanical tool, are expected to be marketed in Nigeria.

@Nairametrics @BluechipTechNG @UN Putu Juli Ardika, the Indonesian Director of Maritime Industry, Transportation Equipment and Defense Equipment disclosed this. The trucks will be exported over 5 years, kicking off with 1,000 units this year.

@Nairametrics @BluechipTechNG @UN 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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