The Nigerian Electricity Regulatory Commission (NERC) says poor remittances by electricity distribution companies (DisCos) to the Nigerian Bulk Electricity Trader (NBET) has deepened liquidity challenge in the sector.In the 2017 third quarter report of the power sector, NERC said during the three months under review, DisCos paid N44bn from N147bn invoice issued by NBET, leaving a shortfall of N103bn.The report [...]
Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]
MTN Nigeria says all dividends it paid to its shareholders between 2007 and 2015 were approved by the Central Bank of Nigeria (CBN).The telco was reacting to the claim by the central bank that it illegally converted shareholder loans to preference share and repatriated $8.1 billion as dividends during the period under scrutiny."MTN Nigeria strongly refutes these allegations and claims. [...]
Stuart Symington, US ambassador to Nigeria, has advised young entrepreneurs in Africa to patronise each other.He made the call in Ibadan, Oyo state capital, on Tuesday, during a programme organised by the International Institute of Tropical Agriculture (IITA).The youth, from Nigeria, Cote d’Ivoire and Congo, graduated from diverse fields of agricultural discipline.“You should buy products from each other,” Symington said.“You [...]
Lagos has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at $1.45 billion as at June 30.This is according to a report by the Debt Management Office (DMO), on Wednesday in Abuja, titled: States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018.According [...]
The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]
Sanusi Lamido Sanusi, emir of Kano, says no president influenced his decisions unduly while he was governor of Central Bank of Nigeria (CBN).He disclosed this in an interview with CNBC Africa at the annual conference of the Nigerian Bar Association (NBA).Sanusi said the lack of political interference in the operations of the CBN under his watch enabled his administration to [...]
President Muhammadu Buhari says the country is 'nervously monitoring' the proceedings of Brexit.The president made this statement on Wednesday when Theresa May, British prime minister, paid him a visit in the Presidential Villa in Aso Rock, Abuja.Both countries also signed two agreements on defence and security partnership as well as Economic Development Forum.In his remarks, Buhari said Nigeria and [...]
The Nigerian Electricity Regulatory Commission says electricity distribution companies (DisCos) received 109,048 complaints from consumers in the third quarter of 2017.This was disclosed on Tuesday in the quarterly report of the commission.The report showed a decline in the number of complaints, a slight improvement from the 116,761 complaints received in the second quarter of 2017.According to the report, an average [...]
Confidence over the health of the largest economy in Africa was dealt a blow after economic growth decelerated in the second quarter of 2018.Nigeria’s GDP disappointed in Q2 by slowing to 1.5% from the 1.95% achieved in the first quarter of 2018. Although growth during the second quarter was mainly driven by the services sector and higher than when compared [...]
