Tuesday, April 27, 2021
Elumelu Explains $120m Investment in Transcorp Hotels, Assures Shareholders of Better Days
The Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, yesterday explained the company’s decision to commit over $120 million to the rehabilitation of Transcorp Hotels, saying it was meant to lay an investment, “foundation for a better tomorrow.” He said shareholders had invested wisely in the project, adding that, “your investment will yield huge dividends.” Read more
CardinalStone Lists N5bn Bond on FMDQ
CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV Plc N5 billion Series I Bond on FMDQ Securities Exchange Limited. The company, explained in a statement that it successfully closed its Series 1 Bond, which was the lowest priced bond by any non-bank financial institution in Nigeria for a similar tenor in the last ten years. Read more
Lagos Targets Conversion of One Million Vehicles to Autogas
Lagos State Government has outlined plans for the conversion of one million vehicles, representing 25 per cent of the four million vehicles in the state, to Autogas over a four-year period. The state said the move was in line with the federal government’s commitment to emission reductions through the national Gas Expansion Plan. Read more
Oil drops to $65 as India’s COVID-19 cases surge
The global oil benchmark, Brent crude, declined on Monday as the Organisation of the Petroleum Exporting Countries and its allies indicated that it was watching surging COVID-19 cases in India, the world’s third-biggest oil importer. Brent crude, against which Nigeria’s crude oil priced, went down by $0.49 to $65.62 per barrel as at 8:31pm Nigerian time on Monday, according to EnergyIntel. The US West Texas Intermediate crude also lost $0.26, falling to $61.88 per barrel. Read more
Reps to raise FMBN’s capital to N100bn, allow private investors
The House of Representatives is considering raising the capital base of the Federal Mortgage Bank of Nigeria from the current N5bn to N100bn. Also, the mortgage bank may also be opened to private investors and shareholders. These are proposed in the Federal Mortgage Bank of Nigeria Act (Amendment) Bill, 2021, sponsored by Chairman of the House Committee on Public Accounts, Mr Wole Oke. Read more
Electricity tariffs may rise in July, NERC plans review
The Nigerian Electricity Regulatory Commission on Monday announced that another tariff review for Nigeria’s 11 power distribution companies would hold in July. It disclosed this in its notice of Minor and Extraordinary Review of Tariffs for Electricity Transmission and Distribution Companies, a development that might lead to a rise in the tariffs payable by electricity users. Read more
FG spends N568.5bn annually on power tariff shortfalls – World Bank
The Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount could further increase if the country fails to take the right action. The bank disclosed this in its enlarged report on Nigeria Power Sector Recovery Programme obtained by our correspondent in Abuja on Sunday. Read more
Commercial banks’ loan exposure to government hits N1.8 trillion
The total commercial loans to the government, at all levels, rose to N1.77 trillion at the close of last year, about 18 per cent increase from the N1.5 trillion reported in December 2019. This comes as the total outstanding commercial loans written by the banks rose to N20.4 trillion in December, putting the exposure to government alone at 8.7 per cent. Read more
FG, World Bank at loggerhead as Nigeria spends $1.5b on electricity subsidy
The Special Adviser to the President on Infrastructure, Ahmad Rufai Zakari, yesterday, faulted a report by the World Bank saying the Federal Government spends, at least, $1.5 billion to meet the shortfall in the country’s electricity sector. The presidential aide said the survey conducted by the World Bank, which also claimed that 78 per cent of power consumers in Nigeria get less than 12 hours of daily supply of electricity was baseless. Read more
