- President Buhari has approved the dissolution of the executive management team of the Asset Management Corporation of Nigeria (AMCON). The President also approved the appointment of Ahmed Lawan Kuru as Managing Director of the Corporation. Kuru takes over from Mustafa Chike-Obi who was appointed by the Goodluck Jonathan administration. Kuru was the Group Managing Director of Enterprise Bank Limited.
- The number of Small and
- Shallow waters are stifling crude lifting to Warri Refinery. The shallowness of the water channel leading into the Warri Port in Delta State could slow down efforts to put paid to Nigeria’s insufficient supply of fuel, as the channel has filled with silt and will need to be dredged before laden barges can navigate through. Warri port’s advantages include its proximity to Anambra, Imo, Enugu, Delta, Edo, Kogi, Ondo, Benue and others, for haulage of cargo,
- A new round of lay-offs could axe at least 700 NNPC staff. Those to be relieved of their duties will include salary grade M5 staff, who are mostly senior managers, but the bulk of those to be affected would be in subsidiaries of the oil company, and the exercise will be conducted by the new group general managers.
- World oil demand is expanding at its fastest pace in five years thanks to rebounding economic growth and low
The economic outlook for Nigeria shows mixed signals that are disturbing. Lawmakers at the National Assembly complained on the floor of the House on the need to summon the CBN Governor to explain the reasons behind the ban on foreign currency deposits. The lawmakers pointed out that entrepreneurs and traders, who are mostly affected by the decision, cannot afford to transfer foreign currency funds sourced from the parallel market to their off shore suppliers. This
- The Nigerian National Petroleum Corporation is set to carry out another round of forensic audits that will run into 2015 accounts, to ascertain its true financial state. The audit is part of a three pronged approach, which includes pruning the workforce and reworking the business strategy in the ongoing repositioning of the nation’s oil corporation. Emmanuel Ibe Kachikwu, General Managing Director of the corporation also said that more NNPC staff might be laid-off
- Investors are getting cold feet in their acquisition of seven out of ten National Integrated Power plants (NIPPs), having failed to make full payment of the value of the assets thus far. The implication of this is that up to 5,000MW of electricity, which is expected from the NIPPs, will not take off yet. The reasons being advanced for stalling are varied. According to industry sources, some of the investors got multiple assets under different names and feared
- According to analysts, the directive of President Buhari to compel government Ministries, Departments and Agencies to maintain the Single Treasury Account (TSA), could whittle down the appetite for the issuance of FGN bonds. If all government agencies pool their revenue into a single account, not only will there be more transparency, but the amount that needs to be borrowed will be reduced, because of the balances available to government agencies. Estimates put
- Etisalat Nigeria has completed the transfer of 555 telecom towers to IHS, the second tranche of a sale and leaseback deal announced last year. Following the deal, IHS, the biggest tower company in Africa, will own and manage more than 15,500 of the installations in Nigeria and more than 23,100 in Africa as a whole. Mobile phone operators have been selling or leasing towers to specialist companies like IHS, to reduce building and maintenance, associated with security
- All Federal Government Ministries, Department and Agencies have been mandated to run a single account, the Treasury Single Account (TSA) for all revenues, incomes and other receipts. The directive was issued by President Buhari in an attempt to promote transparency and clamp down on corruption. Under the new system, all receipts due to the government or any of its agencies must be paid into accounts maintained by the central bank unless specific permission has
The economic uncertainty continues with banks and the CBN agreeing on a policy to restrict the deposit of foreign currency into domiciliary accounts of both corporate and individual customers. This action saw the naira make some gains at the parallel market but also has constricted businesses especially the SMEs and individuals who rely on domiciliary accounts to conduct business offshore.
However, an even more pressing issue has arisen as last night Shell declared