Gas debts settlement, ATM withdrawal limit — business stories to track this week

Here are the seven top business stories you need to track this week — December 8 to December 12.

FG APPROVES N185 BILLION TO SETTLE GAS DEBTS

The federal government has approved the sum of N185 billion for the settlement of long-standing debts owed to natural gas producers for supplies to power generation firms.

In a statement on December 4, Louis Ibah, spokesperson for the minister of state for petroleum resources (gas), said the federal government took the decisive step following President Bola Tinubu’s directive to clear arrears that have hindered investments.

CBN INCREASES ATM WITHDRAWAL LIMIT TO N100k DAILY

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.

Announcing the policy revision in a circular on December 2, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.

CREDICORP LAUNCHES DIGITAL DEVICE CREDIT SCHEME TO BOOST ACCESS TO SMARTPHONES

The Nigerian Consumer Credit Corporation (CrediCorp) has launched a national digital device credit programme to make smartphones, laptops, and other essential digital tools more affordable for working citizens.

The corporation, in a statement on December 2, noted that the initiative would help over 15,000 Nigerians access digital devices.

SENATE BEGINS DEBATE ON BILL TO GIVE CBN OVERSIGHT OF FINTECH OPERATORS

The senate has begun debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to empower the Central Bank of Nigeria (CBN) to designate and supervise non-bank financial institutions.

The bill targets major fintech operators whose activities, lawmakers say, now constitute critical national infrastructure.

Tokunbo Abiru, chairman of the senate committee on banking, insurance and other financial institutions and sponsor of the bill, said the amendment had become urgent due to the rapid evolution of Nigeria’s financial ecosystem.

FEC APPROVES $100 MILLION AFDB LOAN TO SUPPORT YOUNG ENTREPRENEURS

The federal executive council (FEC) has approved a $100 million African Development Bank (AfDB) loan for the Nigeria youth investment fund.

Speaking on December 3, Wale Edun, minister of finance and coordinating minister of the economy, said the loan targets entrepreneurs between the ages of 18 and 35, particularly those operating small and medium-scale businesses.

NETFLIX TO ACQUIRE WARNER BROS

Netflix, Inc. and Warner Bros. Discovery (WBD) announced “a definitive” acquisition agreement between the two parties.

Under the deal, the streaming giant will buy Warner Bros., including its film and TV studios, HBO Max and HBO, for $82.7 billion.

In a joint statement on December 4, the companies said the cash-and-stock offer is priced at $27.75 per WBD share.

The announcement comes as MultiChoice prepares to drop 11 television channels from its DStv platform on December 31, following the end of its distribution agreement with Warner Bros.

FEC OKAYS DEPLOYMENT OF 4,000 TELECOMS TOWERS

The federal executive council (FEC) has approved the deployment of 4,000 telecommunications towers nationwide to expand digital access in underserved communities.

Mohammed Idris, minister of information and national orientation, said the initiative targets communities without basic digital connectivity and economic inclusion.