10 Jul

Daily Watch – NLC pickets MTN, NAHCO Aviance gets a billion naira bet

  • The NNPC says it will deliver about 3.4 billion standard cubic feet per day of domestic gas daily by 2020 to bridge the current shortfall in the market. Dr Maikanti Baru, NNPC’s Group Managing Director made the announcement at a workshop on the ‘Seven Critical Gas Development Projects (7CGDP)’ on Monday in Lagos. According to Baru, the projects will be implemented on an accelerated basis. NAN reported that the NNPC has signed Utilisation and Units Operating Agreements with seven oil and gas companies to achieve the tenets of the domestic gas plan.
  • The Eko Electricity Distribution Company has attributed the current power outage on its network to a system collapse of the national grid. According to spokesman Godwin Idemudia, the cause of the outage, which occurred around 2:27 pm on Sunday affected the Ajah, Akangba and Agbara transmission stations remain unknown. Idemudia assured customers that they would be updated as soon as the company received supply from the Transmission Company of Nigeria and that the gradual restoration of power supply had started.
  • NLC members protested at MTN offices in Abuja, Kano, Lagos, Abia and Bayelsa on Monday over the alleged exploitation of the company’s employees. NAN reports that NLC members carried placards with inscriptions such as ‘respect rule of law’, ‘we say no to casualisation’ and ‘workers rights must be protected’. Dele Kolade, the deputy president of the National Union of Postal and Telecommunications Employees, told journalists in Abuja that the union would continue to picket MTN until its demands are met. “MTN has been engaged in giving workers contract appointment as almost all its workers are on three to six months contract appointments and they are not permitted to participate in union activities,” he said. In response to the protests, MTN said: “We do not prevent our employees from associating amongst themselves as they deem fit and owe our employees the obligation to ensure they are not compelled to join associations.”
  • NAHCO Aviance may have a new investor due to the large volume of shares that were traded in Over The Counter transactions last week. Nairametrics says that 271.848 million shares valued at ₦1.787 billion exchanged hands in four deals. The transaction is a significant one as it represents 16.6 per cent of the company’s issued shares. NAHCO currently has 1.6 billion in outstanding shares. Listed companies are required to issue a notice when an investor takes up 5 per cent or more of its issued shares. NAHCO has not yet complied with this requirement. The off-market deals saw the shares traded at a significant premium to current share prices. The shares were traded at an average price of ₦6.52, a 73.4 per cent premium over the company’s closing price of ₦3.76 per share.