Author: Ogochukwu Ndubuisi

IBEDC warns customers of imminent disconnection of power supply by TCN The Management of Ibadan Electricity Distribution company (IBEDC) has warned its customers of the Transmission Company of Nigeria’s (TCN) plan to disconnect its feeders from the national grid due to poor remittances. The Chief Executive Officer (CEO) of the company, Mr Kingsley Achife, in a statement in Ibadan on Thursday, noted that the disconnection might result in power outages to customers within the IBEDC franchise area.  “As a revenue collection arm of the electricity value chain, IBEDC sells and distributes electricity generated by the generation companies. “However, the company…

Airtel Africa Appoints Carl Cruz as MD/CEO of Airtel Nigeria Airtel Africa has appointed Mr Carl Cruz as the Managing Director and Chief Executive Officer of Airtel Nigeria. This is contained in a statement by the company’s Group Chief Executive Officer, Mr Segun Ogunsanya, on Thursday in Lagos. Ogunsanya said the appointment would take effect from May 5, 2023. He also said that Cruz would join the Executive Committee as the Regional Operating Director reporting to the Airtel Africa Group Chief Executive Officer and the Board of Airtel Networks Ltd (Nigeria). Ogunsanya said that Cruz had over 31 years of…

Reps Stop Disbursement of $700m Cabotage Vessel’s Fund The House of Representatives has ordered the suspension of planned disbursement of 700 million dollars in cabotage vessel financing fund to Nigerians and companies by the Nigerian Maritime Administration and Safety Agency (NIMASA). This followed the adoption of a motion of urgent public importance by Rep. Henry Nwawuba (PDP-Imo) during plenary in Abuja. in his motion, he noted the Cabotage vessel finance fund was established by the Coastal and Inland Shipping (Cabotage) Act, 2003 to promote the development of indigenous ship acquisition capacity. This he said is by providing financial assistance to…

Banks’ Liquidity Position Improves, Rates Decline Following improved liquidity in the financial system, borrowing activities of the Nigerian deposit banks in the Standing Lending Facility (SLF) of the Central Bank of Nigeria (CBN) have reduced drastically. The absence of liquidity pressures signifies banks will key into more business while meeting liquidity requirements. The apex bank’s standing lending facility window affords local banks and discount houses to borrow money at a pre-specified rate, typically the benchmark policy rate plus a margin. On the other side, banks are also afforded an opportunity to keep idle funds in the standing deposit facility. With…

After the stock market lose N1 trillion in April, the Nigerian Exchange (NGX) opened negative in …

Deloitte has once again emerged as the world’s most valuable Commercial Services brand …

Nigeria Seeks Alternative Funding Model for Oil, Gas Sector Oil & Gas: The Nigerian Upstream and Downstream Regulatory Commission (NUPRC) says the Federal Government has concluded plans to explore alternative funding models for the development of the country’s oil and gas resources. Mr Gbenga Komolafe, the Commission Chief Executive of NUPRC, said this on Monday during the opening ceremony of the Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand at the ongoing Offshore Technology Conference (OTC), in Houston, Texas, United States. The five-day conference has a theme: “Energy Transition and AfCFTA: Key Reforms for Sustainable Development of the…

FG Increases Levy on Imported Vehicles, Alcoholic Beverages The federal government has introduced new set of taxes on imported vehicles, alcoholic beverages and single use plastics. It has also added to the list of items banned from being imported into the country. Under the new tax regime, imported vehicles with 2000cc (2 litres) to 3999cc (3.9 litres) engine will pay an additional charge known as Import Adjustment Tax (IAT) levy of two per cent of the value of the vehicle while vehicles with 4000cc (4 litres) and above engines will attract IAT of four per cent of their value. The…

KPMG Lists Polaris Bank as the Most Improved Retail Bank The 2022 KPMG Nigeria Banking Industry Customer Experience survey result listed Polaris Bank ‘as the most improved Bank under retail segment moving up five places to sixth position and 3rd under SME segment’, with the Bank showing significant improvement in customer ratings. Many customers have praised the Bank for its personalized service, proactive approach to problem-solving, and faster turnaround times. According to the survey, the Bank significantly improved its mobile banking propositions. Customers say that onboarding and the payments experience have also improved. Businesses also rated Polaris Bank highly for…

Interest Rate to Rise Further before Hold Regime – TrustBanc GMD Nigeria’s gross domestic product (GDP) growth has been projected to taper in 2023 as Central Bank (CBN) deploys benchmark interest rate hikes as a tool to fight rising headline inflation. In a very similar pattern, the CBN and United States (US) Federal Reserve interest rate hikes have been following a similar pattern. This, according to analysts, is to make Africa’s largest nation competitive in attracting foreign investors. There have been heavy, strong and sustained flights to safe haven. Analysts told MarketForces Africa that money goes to where it is…