Tata Power is blaming the prevalence of lawlessness, corruption, policy inconsistencies, and insecurity in Nigeria for its decision to hold back on making an investment in Nigeria’s power sector. But the firm welcomes the current fight against corruption by President Muhammadu Buhari’s administration, and says its success could persuade a change of heart at Tata. Anil Sardana, formerly of the World Bank and currently the managing director of Tata Power
The Federal Inland Revenue Service’s (FIRS) collection for the second quarter surged by a massive 57 percent to N1.19 trillion, compared with N757 billion in the first quarter of the year. This surge was aided by massive contribution from the banks. The outperformance, according to reports, stems from the collection of N502
It was announced at the weekend that investors lost about
N1.6 trillion at the Nigerian Stock Exchange within the first one hundred days of President Buhari’s government. It was reported that the NSE market capitalization closed at N10.1 trillion, down by over 14 percent from N11.7 trillion closing value of the last day of the former President Goodluck Jonathan’s government.
As if the 100-day fall was not enough, during the week, global finance institution, JP Morgan
Real estate investors are hoping that the age-old Land Use Act will be reviewed. According to them, the Land Use Act, which vests ownership of land on state governors has worsened land administration in the country, making access to land for home ownership or investment purposes very difficult for citizens.
President Muhammadu Buhari has fired the Chairman of the Federal Capital Territory Internal Revenue Service. He has also approved the sacking of the Chairmen, Secondary
JP Morgan removed Nigeria from its Government Bond Index for Emerging Markets in response to the Central Bank of Nigeria (CBN) taking unorthodox steps to shield Nigeria from the volatility triggered by a 60% drop in oil prices. To quote JP Morgan, “Investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency… As a result, Nigeria will be removed.”
Nigerian stocks fell on Wednesday after JP Morgan said it would Nigeria from its influential emerging markets bond index due to tough controls imposed to prevent a currency collapse. All Nigerian stocks listed in the MSCI frontier market index fell by more than 3 percent, while bond prices sunk and yields spiked across maturities. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, recovered some ground from
Nigeria will be phased out of JP Morgan’s Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday after warning that currency controls were making bond market transactions too complex to meet its rules. The JP Morgan index has around $210 billion in assets under management benchmarked to it, supporting investor demand for the bonds it includes. In its response, the CBN said that while it would continue to ensure liquidity and transparency
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
The Nigerian Bulk Electricity Trading Plc (NBET), has signed its first Power Purchase Agreement (PPA) on coal-to-power with Zuma Power for the construction of a 300 megawatts (MW) coal power plant in Itobe, Kogi State. The 300MW plant is the first phase of an entire 1200MW generation license, which Zuma holds but which NERC broke into four parts of 300MW each, two months ago for ease of execution. Construction is expected to start on the plant in the first quarter
This week, members of Boko Haram arrived the village of Koleri in Damboa Local Government Area of Borno State on horseback, and massacred 24 people. This is coming on the heels of the military onslaught against the terrorist group. Earlier, the Nigerian army had announced the liberation of some villages in the same area. Troops discovered two bomb making factories, and arrested few of the terrorists.
An earlier success was recorded Sunday when the DSS announced the