- Nigeria’s financial and telecoms regulators said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. Reuters quotes a banking source as saying that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. The two sides have not been able to agree on terms. “Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of takeover,” the National Communications Commission said in a statement. The CBN and the affected lenders took part in the meeting in Lagos. CBN governor, Godwin Emefiele, chaired the meeting. “Receivership was completely taken off the table in a meeting that was very productive and constructive,” the NCC added. It gave no details but said a follow-up meeting on Thursday would discuss a restructuring of the loan payment.
- The servicing of Nigeria’s domestic debt gulped ₦1.23 trillion in 2016, new figures from the Debt Management Office show. The data showed that the highest interest payment of ₦839.79 billion was made on funds borrowed using the instrument of FGN Bonds. Similarly, ₦335.58 billion in interest was paid on Nigeria Treasury bills, while debts incurred via Treasury Bonds recorded a debt service payment of ₦29 billion last year. A principal value of ₦25 billion of Treasury Bonds was also repaid within the year. The Federal Government had in 2015 spent ₦1.02 trillion to service its domestic debts. This comprised ₦25 billion spent on the repayment of the principal and ₦993.13 billion spent on interest. The DMO attributed the rising cost of debt servicing to an equally increasing domestic debt profile and rising interest rate.
- The Nigerian Postal Service earned ₦8.84 billion in revenue in 2016, according to the National Bureau of Statistics. According to the “Annual Postal Services Data 2016” report, Stamp Duty generated the highest amount of revenue of ₦4.09 billion, representing about 46.34 percent of the total revenue generated in the year. The report stated further that EMS/Speed Post and Parcel clearance/delivery fee followed closely with ₦1.36 billion and ₦726.85 million revenues generated, representing 15.38 percent and 8.23 percent of the total revenue generated respectively. It added that international mail income also accounted for ₦715.73 million, about 8.10 percent of 2016 revenue. The bureau said the agency handled a total of 33,683,640 mails domestically and internationally in 2016.
- Lagos is set to witness more shortfalls in power supply due to the inability of the Egbin Power Plant to generate enough electricity in the state. According to the Transmission Company of Nigeria, due to insufficient gas at Egbin, only two units are fired and these could not generate enough Volt-Ampere Reactive to meet up with the voltage requirements in the area hence the manifestation of the low voltage. Currently, Egbin daily average generation stood at 350 MW, while the Lagos daily average consumption from the grid in recent times is 1,100 MW. Furthermore, Ikeja Electric said that there will be disruption of power supply to certain areas under its network, due to a planned outage resulting from the maintenance work being carried out by the TCN on its transformers at the Ikeja West Transmission Station. The areas to be affected by the exercise, which commenced on March 6th and will end on Tuesday, April 4, include Ojodu, Magodo, Alausa, Oke-Afa, Bolorunpelu, Egbe, Igando, Shasha, Ipaja, Alimosho, Agege, Egbeda and Abesan. Others are Ayetoro, Abule-Taylor, Ogba, Ifako, Shomolu, Gbagada, Oworonshoki, Ogudu, Isheri-Olowora, Berger, Anthony, Otta and environs.