- Nigeria is pumping less than 1.8 million barrels per day of crude, its oil minister said on Friday, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output. The Organisation of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to support prices by cutting a glut of crude on world markets. Nigeria was at first exempted from the deal because its output was limited by unrest in the oil-producing Delta region. But, with production recovering, OPEC ministers agreed in July Nigeria would cap output at 1.8 million bpd. “The average is about 1.69 million bpd and it is getting better by the day,” Nigerian oil minister Emmanuel Ibe Kachikwu told reporters in Vienna, where he attended a meeting of OPEC and non-OPEC ministers to review the deal. Asked when Nigeria was willing to join the supply limiting deal, the minister said the country already had, in effect.
- Manitoba Hydro International, the Canadian firm that was awarded the management contract for the Transmission Company of Nigeria for four years, failed to meet the targets given to it by the Federal Government, as it could not reinvigorate or pull out the TCN from its inefficiencies. According to the TCN Interim Managing Director, Usman Mohammed, the MHI left the transmission company worse than it met it. Mohammed disclosed this in a presentation he made at one of the technical sessions at the recently concluded National Council on Power, the Punch reports. The TCN is the arm of the power value chain that transmits the quantum of electricity generated by power generation companies to distribution firms across the country. Following the privatisation of the successor generation and distribution companies of the defunct Power Holding Company of Nigeria, the Federal Government contracted Manitoba to manage the TCN for an initial period of three years. The contract, which was first signed between the government and MHI in 2012 for a base period of three years, expired in 2015 and was subsequently renewed for a further one-year term before it eventually expired in 2016.
- The National Insurance Commission has introduced four different forms of operational guidelines in the insurance sector. They are the Web Aggregators Operational guidelines; State Government’s Implementation of Compulsory Insurance (or State Financial Advisers) guidelines; the Independent Agents Operational guidelines; and the Mutual Organisations, Associations, Community-Based Micro guidelines. The Commissioner of Insurance, Alhaji Mohammed Kari said NAICOM decided to expose the draft guidelines to address the issue of low insurance penetration in the market. In his words, “In this regard, we have considered and agreed to create additional distribution channels in the market to include using the services of state governments to enforce compulsory insurance at the state level.”
- The Nigerian Airspace Management Agency says it has commenced a programme aimed at decongesting the Lagos airspace through the zoning of the Lagos Sub-flight Information Region, also known as Sub-FIR airspace, into Lagos-West and Lagos-East Area Control Centres. NAMA Managing Director, Capt. Fola Akinkuotu, who stated this at a stakeholders’ sensitisation forum, said the move was in line with the agency’s commitment to enhancing the quality of air traffic services in the country. According to him, the Lagos Area Control Centre manages 15 subsidiary aerodromes within the southern sector of the Nigerian airspace, including flights overflying the upper airspace, which was created out of the Kano Area Control Centre, essentially controlling the entire national airspace.
- Honeywell Flour Mills reported a 291 percent increase in profit before taxation, to ₦5.47 billion in 2017 from a loss position in 2016. This was contained in its audited financial results for the full year ended March 31, 2017. The company also recorded a significant 191 percent increase in gross profit from ₦4.36 billion to ₦12.71 billion in the financial year under review. It also grew total revenue from ₦50.88 billion in 2016 to ₦53.23 billion in 2017, representing a five percent increase year-on-year. The manufacturer declared a dividend of 6 kobo per ordinary share to its shareholders at its 8th Annual General Meeting held in Lagos. Speaking during the AGM, the company’s chairman, Oba Otudeko said the company’s current performance indicated a leap from the results of the financial year 2016 and attributed the improved earnings and profits to its relentless focus on lower cost sourcing for raw materials and foreign exchange and increased efficiency in manufacturing.