Tuesday, February 23, 2021
NNRC: Revised PIB Should Allow NNPC Raise Capital Via IPO
The Nigeria National Resource Charter (NNRC) has advised the National Assembly to ensure that the Petroleum Industry Bill (PIB) currently before it for legislation will allow the Nigerian National Petroleum Corporation (NNPC) raise funds for its operations from the capital market through Initial Public Offers (IPOs) when passed into law. Read more
NERC Outlines Sanctions for Discos, TCN over Load Rejection, Wheeling Deficit
The Nigerian Electricity Regulatory Commission (NERC) has signed a new set of guidelines that would see power Distribution Companies (Discos) get sanctioned for load rejection and the Transmission Company of Nigerian (TCN) punished for inability to wheel electricity sent to it by the Generation Companies (Gencos). Read more
2020 capital budget implementation worries National Assembly
The leadership of the National Assembly on Monday expressed concern over the low implementation of the 2020 budget despite the three-month extension granted the executive arm of government to implement the capital component of the fiscal document up till March 2021. The leadership of the parliament stated this during a meeting with the Minister of Finance, Budget and Economic Planning, Mrs Zainab Ahmed, at the Senate wing of the National Assembly Complex. Read more
ICYMI: Nigeria has $5.83bn undisbursed foreign loans – DMO
Nigeria has more than $5.83bn foreign loans that have been approved but not yet disbursed, the Debt Management Office has said. The DMO on its portal on Sunday listed a number of foreign loans that were to be disbursed as of December 31, 2020. The disbursement of the loans will take the country’s total foreign debt commitment to more than $37.8bn. Read more
Nigerian Breweries records N337bn in revenue
Nigerian Breweries Plc said it recorded a turnover of N337.01bn in revenue in its audited financial statement for the year ended 31 December 2020. In a statement on Monday titled ‘Nigerian Breweries Plc posts N337bn revenue in 2020 financial year’, signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the company said it recorded N7.52bn profit after tax. Read more
Labour to go after states yet to implement minimum wage
The organised labour said it would go after state governments that are yet to begin implementation of the N30, 000 new national minimum wages. Labour said if it does not see improvements within the next one month, it would apply labour methodology and other options at its disposal to press home their demand since dialogue was no longer working. Read more
Hope PSBank begins free NIN registration for Nigerians across offices nationwide
Hope PSBank, a subsidiary of Unified Payment Services Limited and Nigeria’s premier digital-first bank, has commenced a free National Identification Number (NIN) for Nigerians including its esteemed customers in all designated enrolment centres located in its regional offices across the country and head office in Lagos. Read more
Presidency promises more action to aid economic recovery
The Presidency has urged Nigerian’s to expect more efforts to support full economic recovery, following an exit from last year’s recession. Excited over moderate positive growth, the Presidency has declared that the development was a result of the success of the country’s Economic Sustainability Plan. Read more
