Nigeria continues to experience a very difficult economic environment as the financial year gradually draw to a close. The IMF in its latest report on economic outlook of Africa, warned that countries like Nigeria may suffer as a result of fall in commodities prices. This came as the Vice President, Osibanjo insisted that Nigeria will not devalue the naira. Meanwhile, President Buhari travelled to New Delhi, India, for the INDIA-AFRICA Summit. It is worth noting that
- PDP senators walked out of the upper chamber to protest against the approval of ex-Rivers State Governor, Rotimi Amaechi, as a minister. The Senate in plenary on Thursday considered the report of its Committee on Ethics, Privileges and Public Petitions and confirmed all in the last batch of 18 ministerial nominees, including Amaechi. The PDP senators had been opposed to the screening of Amaechi on the grounds that the ex-governor’s fraud suit in the court needed
- A scarcity of petrol appears to have hit Lagos with motorists beginning to queue at petrol stations. While some of the independent marketers claimed that petrol was not available for sale, others, who were selling, preferred to sell at
N120 per litre rather than the official N87 per litre.
- The revenue available to the federation
A lot has already been said about Oando PLC’s (Oando) shocking 2014 results which were released a few days ago.
Our story starts from Oando’s 2013 financials. The company’s annual report very boldly proclaimed that “Oando has boldly transitioned from a dominant downstream player to an integrated energy group.” This is clearly the company’s goal: diversification and integration. Oando started out as a largely oil marketing business but within a few years
- Electricity generation from Nigeria’s biggest power plant, the Egbin Thermal Plant, dropped by 18.8 per cent to 660 megawatts. Supply to the national grid as a result, dropped to 3,990.36MW as of October 26 from 4,029.39MW the previous day. The Egbin plant has an installed capacity of 1GW, but has been running at an average of 800MW in the last few weeks.
- About 42 million Oando shares were on full offer on Tuesday as investors
- The Nigerian Communications Commission has fined MTN a record
N1.04 trillion after Nigeria’s largest telecoms firm failed to comply with a directive to deactivate unregistered phone lines before a deadline. The NCC said that all other telecom firms operating in Nigeria had complied with the directive. The regulator said MTN has not denied the infraction and that its enforcement team deactivated 5.2 million
- The Central Bank of Nigeria (CBN) last Friday fined First Bank of Nigeria Limited (First Bank) and United Bank for Africa (UBA) Plc the sum of
N4.819 billion for failing to remit government revenue from NNPC to the treasury single account (TSA). First Bank was fined N1.8 billion for holding back N37.5 billion of NNPC
Nigeria’s security, economic and political environments continue to face all manner of uncertainty. The Senate has so far cleared about eighteen ministerial nominees but the President Buhari seems not to be in a hurry to assign portfolios, leaving citizens and investors worried about the future strategic direction of the country. Five months into the administration’s tenure, little has been communicated about economic policy.
The Senate on their part, suspended
- Vice President Osinbajo says the Federal Government is not currently planning to sell the nation’s four refineries or part of its stakes in joint venture assets in the oil and gas sector. The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, was however recently reported to have said that any of the refineries that failed to work optimally at the expiration of a 90-day ultimatum would be sold. “At the moment, we are not considering
- The Code of Conduct Tribunal has again, adjourned the trial of Senate President, Bukola Saraki to November 5 and 6. Saraki’s lawyers pleaded for adjournment to wait for the outcome of the trial at the Court of Appeal. Saraki had asked the Court of Appeal for an order halting his trial by the tribunal pending the hearing and determination of his motion on notice before the appellate court. But the appellate court, against expectations on Monday, postponed