06 Jun

Daily Watch – Gwarzo makes bail, Glo and 9mobile lose 470k netizens

  • The NNPC says it cannot honour requests made pursuant to the Freedom of Information Act because it is not a public corporation. A senior lawyer, Femi Falana had written an FOI to the corporation’s supervising ministry seeking fuel importation data and said junior petroleum minister, Ibe Kachikwu had directed the NNPC and DPR to provide him with the information. In a letter written on behalf of the corporation by Omale O.B. Solicitors, the NNPC said it “doesn’t fall under the purview of the Freedom of Information Act, 2011.” “Our client is neither a legislative, executive, judicial, administrative or advisory body of government of Nigeria.” the letter added. The corporation further added that the requested information requested was subject to non-disclosure because it involved trade secrets, non-disclosure agreements and third parties.
  • The Federal High Court in Abuja has granted suspended SEC Director-General, Mounir Gwarzo bail. The ICPC had on Tuesday arraigned Gwarzo and a commissioner, Zakwanu Garuba for acts of corruption involving the alleged mismanagement of over ₦115 million, which the agency said Gwarzo had claimed as severance benefits when he had not “retired, resigned or been disengaged from service and another ₦10,983,488.88 as a car grant between May and June 2015. They both pleaded not guilty to the five counts, three of which related to Gwarzo and two to Garuba. The case was adjourned until 28-29 June.
  • New NCC data show that Globacom and 9mobile lost 471,782 internet subscribers between March and April. According to the monthly subscribers’ operator data posted on the regulator’s website, the number of active mobile telephone lines increased by 11 million to 160 million. Internet users increased to 101.2 million in April from the 100.6 million recorded in March. However, the number of active mobile lines on the CDMA networks stood at 217,566 users in April, unchanged from March. The NCC said Airtel and MTN gained more internet subscribers during the month in review while Glo and 9mobile lost subscribers.
  • A Nairametrics analysis of Nigerian stocks shows that lenders Diamond and Fidelity; oil services firm Japaul Oil and Maritime Services and Dangote Flour incurred such sharp losses in May that the prospects of recovering their losses by the end of the fiscal year are slipping. According to the financial website, Diamond’s prospects are weighed down by a disappointing earnings report, where it made a ₦9 billion loss after tax; the end of Japaul’s deal with Milost led to a 56 percent selloff in May alone; Fidelity suffered a selloff of one-quarter of the value of its shares and Dangote Flour continues to trudge along because of a tough operating environment. The site listed Dangote as the one most likely to return to its year high of its stock picks.
  • IATA says Nigeria has repatriated $600 million belonging to international airlines that were trapped in the country due to foreign exchange shortages. Alexandre de Juniac, IATA director general, on Tuesday on its website made the announcement at the 74th IATA Annual General Meeting and World Air Transport Summit in Sydney. The funds were airline ticket sales and other allied activities which the country could not repatriate due to the sharp fall in crude oil earnings in late 2016 and early 2017. According to him, airlines had a total of $4.9 billion blocked in 16 countries at the end of 2017.