- The President’s eight day ultimatum to Ministries, Departments and Agencies (MDAs) to comply with the Treasury Single Account policy appears infeasible, as the office of the Accountant General of the Federation is yet to issue the new operational guidelines that would guide implementation. According to analysts, the process may not be easy, even with a fiat presidential directive. Some challenges, which have surfaced, include the need to review some laws, as some government agencies already have fiscal independence on account of the Constitution.
- The Enugu Electricity Distribution Company (EEDC) said it is suffering from high rates of vandalism of electricity installations in South East. The firm said it has recorded no fewer than 50 cases of vandalism in 2015 leading to loss valuable equipment and customer satisfaction due to the resultant outages. “The Management of the company is alarmed at the rate at which vandals destroy the company’s assets and condemn homes, businesses, institutions and communities into total electricity blackout,” the company’s spokesperson, Eugene Aniowo, said.
- Sahara Group plans to raise as much as $1.4 billion through a dual listing of its oil and gas unit in London and Lagos, along with a début dollar bond sale. It will seek $600 million in the IPO for about 20 to 25 percent of the company, and $800 million through a seven-year bond that should be issued by the end of October. The company which trades crude oil and owns Nigeria’s biggest power plant, wants the money to buy oil blocs, as it seeks to ramp up production five-fold to 60,000 barrels a day. “A lot is dependent on the IPO. We started down that road before oil prices collapsed, but we’re still focused on it,” CEO Tonye Cole said.