Thread by @ugodre

Welcome to @Nairametrics Corporate News Roundup for the week ended January 19, 2020.
This thread is brought to you by @BluechipTechNG

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@Nairametrics @BluechipTechNG 1. The Federal Government will begin implementation of the 7.5% Value-Added Tax (VAT) from February 1, 2019. Minister of Finance, Zainab Ahmed, disclosed this while inaugurating the Federal Inland Revenue Service (FIRS) board.

@Nairametrics @BluechipTechNG According to her, the law will take effect after all necessary administrative procedures have been completed.

@Nairametrics @BluechipTechNG 2. The Federal Government (FG) has queried the decision by some states to increase the Right of Way (RoW) charges levied on telcos, demanding reasons for the review. RoW charges are fees which telcos pay to lay fibre cables across the country.

@Nairametrics @BluechipTechNG The development, according to FG, is not in accordance with the rule laid by the National Economic Council, which states that the companies are expected to pay N145 per linear metre to lay the cable.

@Nairametrics @BluechipTechNG 3. Still, in the tech space, MTN Nigeria has apologized to its customers for the poor quality of its services witnessed in the last few weeks. While the company did not explicitly give a reason, it may be due to damage to two fibre cables WACS and SAT3/WASC.

@Nairametrics @BluechipTechNG 4. Seawave Invest Ltd, the company that reportedly brokered a $184 million loan from the Qatar Investment Authority (QIA) for Lekoil, has stated that it is open to investigation. Lekoil was planning to use the money to facilitate the development of its Ogo oilfield.

@Nairametrics @BluechipTechNG Lekoil Ltd’s shares on the London Stock Exchange were suspended after it was discovered that the so-called deal was smokes and mirrors. The QIA denied any form of knowledge pertaining to the transaction. Lekoil had paid $600,000 in fees to Seawave.

@Nairametrics @BluechipTechNG 5. The Nigeria Customs Service (NCS) has denied an allegation laid by the Vice-Chairman, Senate Committee on Customs, Ade Fadahunsi, that it paid a consultant the sum of N1.6 billion to conduct a recruitment exercise for 3,200 people to the service.

@Nairametrics @BluechipTechNG The service insisted that the amount in question was for the recruitment and training for the entire period of the exercise.

@Nairametrics @BluechipTechNG 6. The House of Reps Committee on Information and Communication Technology (ICT) may involve the Economic and Financial Crimes Commission (EFCC) if telcos are found culpable in failing to remit about N200 billion to the National Information Technology Development Agency (NITDA).

@Nairametrics @BluechipTechNG Chairman, House of Representatives Committee on ICT, Lado Abdullahi disclosed this in Abuja. He also stated that the committee will begin its activities on the 20th of January, 2020.

@Nairametrics @BluechipTechNG 7. Executive Secretary, Association of the Power Generation Companies, Joy Ogaji, has alleged that the Nigerian Bulk Electricity Trading Plc (NBET) owes GenCos in the country about N1 trillion. This in her view, was undermining their ability to invest.

@Nairametrics @BluechipTechNG NBET buys electricity in bulk straight from them through Power Purchase Agreements (PPAs). Thereafter, it is sold through vesting contracts to the DisCos, which then supply power to the consumers.

@Nairametrics @BluechipTechNG 8. Still in the power space. The Transmission Company of Nigeria’s (TCN) may recapitalise the discos in 2020. Managing Director of TCN, Usman Mohammed,believes recapitalisation would improve their operations.

@Nairametrics @BluechipTechNG 9. Commercial banks in Nigeria are set to begin the recovery of N6.125 trillion lent to oil companies. The banks have reportedly issued letters to operators in the space.

@Nairametrics @BluechipTechNG 10. The Kaduna State Internal Revenue Service (KIRS) has shut down the branches of some banks in the state for failing to pay N294 million in tax liabilities.

@Nairametrics @BluechipTechNG 11. While some businesses in the country are groaning from the closure of Nigeria's land borders, some companies in the agro space may be witnessing an uptick. To the Managing Director/Chief Executive Officer of Okomu Oil Palm Plc, Graham Hefer, the move is a positive one.

@Nairametrics @BluechipTechNG The firm had new companies requesting for Crude Palm Oil since the land borders were closed.

@Nairametrics @BluechipTechNG 12. German bank KfW will provide credit facilities to 10,000 Small and Medium Scale Enterprises in Nigeria through a $33 million facility given the African Guarantee Fund (AGF).

@Nairametrics @BluechipTechNG The AGF’s shareholders include the Danish International Development Agency (DANIDA), the Spanish Agency for International Cooperation and Development (AECID) and the African Development Bank.

@Nairametrics @BluechipTechNG 13. Our last story for the day came in a few hours ago. An NNPC pipeline in the Oke-Ode area of Abule-Egba, Lagos State this evening exploded. While the cause of the explosion is unclear, some reports have attributed it to vandals that were siphoning petroleum products.

@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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