Here are the seven top business stories you need to track this week — July 7 to July 11.
ENUGU AIR TO LAUNCH DOMESTIC FLIGHT OPERATIONS
Festus Keyamo, minister of aviation and aerospace development, will inaugurate Enugu Air on July 7 (today).
In an advertorial on Sunday, the Enugu state government said the airline will begin its maiden domestic flight operations.
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In the advertorial, signed by Obi Ozor, commissioner for transport of Enugu state, the government expressed delight at the launch of the state-owned commercial airline.
According to the statement, the airline is part of the integrated blueprint of the administration of Peter Mbah, governor of Enugu, for a modern, multifaceted transport ecosystem, and its vision to make the state a major aviation hub.
NIGERIAN BANKS RESUME INTERNATIONAL TRANSACTIONS ON NAIRA CARDS
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Three commercial banks in Nigeria have announced the resumption of international transactions on their naira cards.
In separate announcements to customers, the United Bank of Africa (UBA), Wema Bank, and the Guaranty Trust Bank (GTB) said the service has recommenced on their naira cards.
The development comes about three years after many banks suspended international transactions on naira debit cards.
NDPC FINES MULTICHOICE FOR ‘VIOLATING PRIVACY OF SUBSCRIBERS’
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The Nigeria Data Protection Commission (NDPC) says it has fined MultiChoice Nigeria the sum of N766.24 million for “violating the privacy of subscribers and their friends”.
MultiChoice is the parent company of DStv and GOtv.
In a statement on July 6, signed by Babatunde Bamigboye, NDPC’s head of legal, enforcement, and regulations, the commission said the penalty was a result of an investigation which commenced in the second quarter of 2024.
The NDPC said it found that MultiChoice violated the Nigeria Data Protection (NDP) Act after investigating suspected breaches of privacy rights of the company’s subscribers and illegal cross-border transfer of personal data of Nigerians.
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AMCON SELLS 60% STAKE IN IBADAN DISCO FOR N100BN
The Asset Management Corporation of Nigeria (AMCON) has announced that its 60 percent stake in the Ibadan Electricity Distribution Company (IBEDC) has been sold.
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Gbenga Alake, the managing director (MD) and chief executive officer (CEO) of AMCON, disclosed details of the sale during a media parley with media executives on July 3.
In April 2024, the federal government said it would sell five power distribution companies under the management of banks and AMCON.
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The DisCo, managed by AMCON, is one of five listed firms.
The rest are the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
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Speaking at the conference, Alake said the corporation sold its stake for N100 billion.
9MOBILE CONFIRMS MTN PARTNERSHIP DEAL
9mobile has confirmed its roaming partnership deal with MTN Nigeria, announcing that the service will be fully rolled out nationwide this July.
On July 2, MTN announced a three-year national roaming agreement with Emerging Markets Telecommunications (EMT) Services Limited.
MTN had said the connectivity arrangement would enable 9mobile subscribers to access its extensive network infrastructure across the country, promoting industry collaboration and improving operational efficiency.
Speaking at a press briefing on July 3, Obafemi Banigbe, the chief executive officer (CEO) of 9mobile, said the company is currently testing the service to ensure seamless connectivity for subscribers.
TINUBU EMPOWERS MDAs TO OKAY PPP PROJECTS BELOW N20BN
President Bola Tinubu has approved the decentralisation of Nigeria’s public-private partnership (PPP) project approval process.
The move empowers the Infrastructure Concession Regulatory Commission (ICRC) to implement new approval thresholds for ministries, departments and agencies (MDAs).
Under the new framework, PPP projects valued below N10 billion for parastatals and N20 billion for ministries can now be approved internally by project approval boards (PABs), subject to the ICRC guidelines and certification.
OPEC+ COUNTRIES AGREE TO INCREASE OIL OUTPUT BY 548,000 BPD
The Organization of Petroleum Exporting Countries and its allies (OPEC+) have decided to increase production by 548,000 barrels per day in August.
In a statement on Saturday, the oil cartel said the move follows eight member countries’ decision, after a virtual meeting, to review global market conditions and outlook.
The countries are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The decision to raise production may reduce crude oil price, which is currently trading at $68.3 per barrel, and affect Nigeria’s ability to finance the implementation of the 2025 budget, which has an oil price benchmark of $75 per barrel.
