NEITI, PPDC Partner On Open Contracting
The Nigerian Extractive Industries Transparency Initiative, NEITI, wants the Nigerian government to deploy an Open Contracting Data Standard, OCDS, platform in the country to promote transparency in award of contracts. The organization gave the advise after it reached an agreement to adopt the standard in its operations. The deployment of the contracting standard is a part of a partnership agreement by NEITI and Public-Private Development Centre, PPDC, to promote transparency by providing the public access to the agency’s procurement and contracting information.
NSE Partners Debt Management Office To List $1 Billion FGN Eurobonds
The Nigerian Stock Exchange, NSE, has announced the listing of $1 billion Federal Government Eurobond. A statement released, Tuesday, by Joseph Kadiri, the NSE media officer, said the Eurobond is issued under Nigeria’s newly established Global Medium Term Note programme on the floor of the Exchange. The statement noted that the 15-year domestic sovereign Eurobond, priced at par and at a coupon of 7.875 per cent per annum, is the first foreign currency denominated security to be listed and traded in the Nigerian capital market.
Expert Wants CBN To Reduce Interest Rate To Further Strengthen Naira
A financial analyst, Mr Emmanuel Eze, on Thursday advised the Central Bank of Nigeria (CBN) to reduce the current interest rate to further strengthen the naira. Eze, Chief Executive Officer, Perfecter Investment Trust, Lagos told the News Agency of Nigeria (NAN) in Lagos that it would also force down the inflationary rate. NAN reports that the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), had in January voted to hold benchmark interest rate at 14 per cent.
Business Leaders Consider Africa’s Benefits In $12tr Global Development Target
The Lagos Deep Offshore Logistics base (LADOL), has joined notable world business promoters in mapping out strategies to actualize how Africa can effectively reap a whopping $1 trillion from a projected $12 trillion new market value in an emerging global economic system. The projected $12 trillion economic developing plan evolved from the last meeting of the world business leaders in London, United Kingdom (UK), under the aegis of Business and Sustainable Development Commission (BSDC), to impact on the global economic system within the next decade.
MTN Posts First Ever Loss
South African telecoms giant MTN said Thursday that it made a $200 million loss in 2016 — the company’s first — after suffering a huge fine in Nigeria and currency challenges in key markets. “MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement. Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6 billion) before tax for 2015.
Standard Chartered Group Posts $1.1b Profit In 2016
Standard Chartered Plc (Group), the parent company of Standard Chartered Bank of Nigeria, has posted a profit before tax of $1.1 billion, in 2016 financial year. The result represents an increase of $300 million from $800 million in 2015, while the group’s operating expenses at $10 billion, showed a five per cent reduction from 2015 record and lower for the second year running.
Huawei To Replicate Nigeria’s Internet Achievements In Other African Countries
Huawei Technologies Company Limited, buoyed by the Internet solutions successes so far recorded in Nigeria, said it would replicate similar solutions in all of Africa, especially in the area of broadband services. Speaking in response to a question from The Guardian on Internet solution services in Nigeria, at a press briefing on Sunday, the Director, Market Insight Department, Huawei Carrier, Ali Long, said the information technology (IT) company is working with both government and service providers in this respect.
Senate Mandates Committee To Probe NNPC Over Alleged N5.1tr Subsidy Fraud
The Senate yesterday mandated its Committee on Petroleum (Downstream) to investigate the Nigerian National Petroleum Corporation (NNPC) over claims that it mismanaged N5.1 trillion subsidy funds between 2006 and 2015. Adopting a motion sponsored by Dino Melaye (APC, Kogi West) and titled “Discrepancies in subsidy payment and non-remittance of funds by the NNPC to the Federation account”, the upper chamber of the National Assembly directed the panel to exhaustively audit the accounts of the national oil agency as it relates to fuel subsidy and abuse of product marketing and distribution during the period under review.
CSOs, Lawmakers Worried About Budget Provisions In Health Sector
The assessed poor provisions in 2017 budget and usual implementation challenges in the health sector have drawn the ire of civil society group and the House of Representatives Committee on Health. The development, when left uncorrected, may lead to worsened socio-economic outcomes during the 2017 fiscal year, raised more concerns for the organizers and participants at the just concluded Health Budget Legislative Retreat, in Owerri, Imo State.
Transporter Wants FRSC To Extend Speed Limiter To Private Vehicles
Chief Lasbery Okaforanyanwu, the Chairman, Imo Transport Corporation (ITC), has called on Federal Road Safety Corps (FRSC) to review its policy restricting usage of speed limiting device to commercial vehicles. Okaforanyanwu made his position known while briefing journalists on Thursday at ITC corporate headquarters in Owerri. He said though the introduction of speed limiting device was a welcome development, but restricting the policy to only commercial vehicles was not good for the safety of commercial drivers and passengers.