BANKING
Fitch Affirms Union Bank’s Long-term Issuer Rating at ‘B-, Stable Outlook
Following a comprehensive rating process, Fitch Ratings has affirmed Union Bank’s Long-Term Issuer Default Rating at ‘B- with a stable outlook. The lender’s Long Term National rating was also upgraded from ‘BBB- (nga)’ to ‘BBB (nga), with its Short-Term National Rating upgraded to ‘F2 (nga)’ from ‘F3 (nga)’. According to the rating agency, the upgrade to Union Bank’s national ratings reflects the lender’s increased creditworthiness relative to other issuers in Nigeria and the relative strength of its funding and liquidity profile. Fitch in the rating report stated: “Union’s Long-Term IDR is driven by its intrinsic creditworthiness, as defined by its ‘b-‘Viability Rating (VR).The VR also reflects Union’s concentration and sensitivity to Nigerian operating environment risks and moderate franchise. This Day
Ecobank appoints new chair, 2 directors
The Board of Directors of Ecobank Nigeria has announced the appointment of three non-executive directors. The new directors include Mrs. Bola Adesola, who becomes the bank’s chairman, while Mrs. Titilayo Olujobi and Mrs. Bimbola Wright are non-executive directors. According to the Board, the new directors have distinguished themselves in their various careers and will be bringing with them a wealth of experience in the financial services industry, professionalism and integrity, that have earned them international respect. The Sun
ECONOMY
We’ve completed incorporation of NNPC as limited liability company – CAC
The Corporate Affairs Commission on Wednesday said it had completed the incorporation of Nigerian National Petroleum Company in line with the provisions of the Petroleum Industry Act. The commission’s Registrar-General, Garba Abubakar, confirmed the development in Abuja while speaking at the quarterly meeting of heads of agencies in the Ministry of Industry, Trade and Investment. According to him, the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited. Punch
Nigerians without NIN won’t get passports, driving licence – NCC
The Nigerian Communications Commission says the October 31 deadline for linking their National Identity Numbers with their Subscriber Identity Modules remains sacrosanct. It also said that Nigerians without NIN would soon be denied the opportunity of acquiring driving licences and passports. The commission said at the NCC Digital Signature radio programme, which transmitted the second episode of Telecoms Consumer Town Hall on Radio (live on a radio station in Lagos to discuss benefits of NIN-SIM integration. This was disclosed in a statement titled ‘NIN-SIM Integration: NCC sensitises telecom consumers on October 31 Deadline’ signed by NCC’s Director of Public Affairs, Dr Ikechukwu Adinde, on Wednesday. Punch
OPEC Insists Withdrawing Investment in Oil Sector May Be Disastrous
The Organisation of Petroleum Exporting Countries (OPEC) has once more warned that reducing investment in the oil and gas industry due to pressure from activists and climate change crusaders might have serious implications for energy supply in the coming years. Speaking during the 55th Meeting of the OPEC Joint Technical Committee (JTC) yesterday, the Secretary General of the organisation, Dr. Sanusi Barkindo, noted that given the projected dynamics in the market, lack of investment could lead to tighter supply which could distort the market. This Day
Nigeria, others losing $82 billion from gas flaring yearly
By flaring, rather than utilising gas for power generation or other domestic needs, Nigeria and other nations involved in such act, could lose up to $82bn a year due to global gas flaring, says Global Data report. The report identified biggest gas flarers, accounting for over 87 per cent of all flared gas in 2020, to include Nigeria, Algeria, Angola, Indonesia, Iran, Iraq, Libya, Malaysia, Mexico, Russia, the US and Venezuela. Though the Federal Government had pledged to end the burning of gas as a by-product of oil production by 2030, under its latest climate plan submitted to the United Nations, independent sources state that Nigeria flared an average of 11.1m3/bbl of gas last year. Guardian
