06 Jul

Daily Watch – FEC makes billion naira mining play, CBN extend Syke directors tenure

  • Nigeria will offer a ₦12.7 billion ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate. “Today the Federal Executive Council approved the contract for exploration and consultancy on some of our targeted minerals – like gold, industrial minerals, earth metals, iron ore – for four companies in exploration and four companies in consultancy,” Abubakar Bawa Bwari, the minister of state for solid minerals, told reporters after the cabinet meeting. Bwari said the exploration and consultancy work would result in data that would encourage potential mining firms to invest in Nigeria. “Our major challenge is the bankable data, most mining companies will not want to come into your country when they are not sure of what they are going to meet,” he said.
  • The Association of Telecommunication Companies of Nigeria (ATCON) says a new NCC directive on data rollover will negatively impact service providers’ revenues. Olusola Teniola, ATCON president, told NAN that the directive, which mandates telcos to roll over unused data for seven days, while ensuring full utilisation of data purchased by consumers, elevates consumer protection to the detriment of network providers. “Currently, the annual operating levy imposed on our members is 2.5 per cent and it is based on our net revenues,” he told the news agency. “This directive may have a significant impact on the revenue because, within those seven days, consumers are not being charged for a data plan, it is a loss of revenue for our members,” he added.
  • The CBN has extended the tenure of Skye Bank directors for an additional two-year term till June 30, 2020. In 2016, the CBN intervened in the bank’s management crisis and appointed new directors, relieving Tunde Ayeni of his chairmanship. At the time, CBN approved the appointment of M.K Ahmad as the board’s chairman and Tokunbo Abiru as CEO. Board members, Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu were allowed to continue as executive directors. The regulator said its decision was “in recognition of the stellar performance of the board.”
  • FirstBank will launch its first digital lab in order to provide “faster and more efficient” banking products to its customers. The launch will take place today at the lab’s location in “Yabacon Valley,” in Lagos’ Yaba district. According to the bank, the digital lab –the first of its kind — is designed to rapidly stimulate innovative solutions to real-life challenges. It is designed to serve as a platform for FirstBank to collaborate and advance with the country’s rapidly evolving fintech industry.
  • Olam Hatcheries, a subsidiary of Olam International, an agri-business multinational announced the signing of a MoU with Ceva Santé Animale S.A, an international veterinary health research company. The signing ceremony took place during the France-Nigeria business forum in Lagos. According to a press statement by Ade Adefeko, vice president, corporate and government relations, Olam Nigeria, the MoU would help boost poultry production in Nigeria. “As part of the agreement, a joint committee made up of experts and managers from both companies will explore four potential areas of collaboration and technical cooperation,” Olam’s said in a statement. This includes an upgrade of Olam’s Veterinary Diagnostic Laboratory (“Lab”) at Kaduna, development of new private labs in other regions of the country, manpower training of Olam’s employees on proper vaccination techniques and “establishing core research projects both locally and internationally to bring solutions to Nigeria’s poultry sector.”