Five big companies enjoying Nigeria’s low-interest rate

Nigeria’s low-interest rate environment has created an opportunity for corporates in the telecommunication, agric, oil and gas, manufacturing, financial services, among other industries to tap the debt capital market for cheap funds through commercial paper (CP) issuance

Extension of petrol subsidy will dent fresh investment – marketers

The Federal Government’s decision to extend the implementation of the removal of petrol subsidy by 18 months will adversely affect investments in Nigeria’s downstream sector, the Major Oil Marketers Association of Nigeria (MOMAN) says.

MTN Nigeria Releases Results of the Series 1 Public Offer via Digital Platform

• Offer was 139.47% oversubscribed, activating the allocation of an additional 86.25 million shares
• Retail shareholders receive Full allotment despite over-subscription
• Institutional shareholders under the Bookbuild were pro-rated as a result of the over-subscription
• 114,938 new CSCS accounts were created representing new market participants
• Approximately 76% of successful applicants via digital platform are women, and 85% are under age 40

Completion of Lekki Port is final solution to Apapa gridlock- Sanwo-Olu

Upon the completion of the Lekki Port, the intractable Apapa gridlock, the congestion along Oshodi-Apapa Expressway, port access roads and Apapa environs, will become a thing of the past, Governor of Lagos State, Babajide Sanwo-Olu said at the ongoing BusinessDay Africa Business Convention 2022 on Tuesday.

Ease for travellers as US lifts suspension on ‘drop box’ visa applications

Respite is here for passengers travelling to the United States as the United States embassy in Nigeria has lifted the restriction on drop box service or interview waiver for those renewing visas in the country. The U.S. Mission on Tuesday announced that it will expand Visa services to assist nonimmigrant Visa

Siemens power deal to deliver reliable electricity to 40m Nigerians

The federal government targets to provide up to 40 million Nigerians with stable electricity on the back of its power deal with the German’s Siemens power company. This was disclosed Monday by Zainab Ahmed, Minister of Finance, Budget and National Planning, who assured that the first phase of the much

World Bank, IMF move 2022 Annual Meetings from Morocco to Washington

The Annual Meetings of the World Bank Group and International Monetary Fund (IMF) Annual earlier scheduled to take place in Marrakesh, Morocco, in October 2022 will now take place in Washington D.C. due to continuing uncertainty over the COVID-19 pandemic.

Investors Gain N262.18bn as NGXASI Inches up Further by 1.04%; Closes Above 47,000 Basis Points

Equities market closed on a positive note, as NGXASI appreciated by +1.04% to close at 47,111.21 basis points as against  +0.91% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.29%.         

Market breadth closed positive as SEPLAT led 36 Gainers as against 20 Losers topped by CAVERTON at the end of today’s session an improved performance when compared with previous outlook.         

Market turnover closed negative as volume moved down by -21.63% as against +39.03% uptick recorded in the previous session. TRANSCORP, FIDELITYBK and ACCESS were the most active to boost market turnover.  GUARANTY and NGXGROUP topped market value list.

IKEJAHOTEL leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

100 for 100 PPP: CBN Disburses N23.2bn to 28 Maiden Beneficiaries

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has formally launched the 100 for 100 policy on Production and Productivity (PPP), with the presentation of commemorative cheques worth N23.2 Billion to 28 beneficiaries, through seven Participating Financial Institutions (PFIs).

Presenting the cheques to the beneficiaries, which comprised 14 companies in the manufacturing sector, 12 in the agricultural sector, and two in the healthcare sector, at the Bank’s head office, Mr. Emefiele disclosed that the 100 for 100 PPP was designed by the CBN to stimulate investments in Nigeria’s priority sectors with the core objective of boosting production and productivity. He added that these will aid Nigeria’s efforts to stimulate greater growth of the economy and create employment opportunities.

NAICOM Issues Operational Guidelines for National Insurance Web Aggregators

This Operational Guidelines shall serve as a working document to register, supervise and monitor web aggregators as Insurance Intermediary who maintain a website for providing information on products of different Insurers.

 In exercise of the powers conferred by the National Insurance Commission Act 1997, the Commission hereby issues: ‘Insurance Web Aggregators Operational Guidelines – 2022’.

The following introductory notes to the guidelines indicate that:

1.      This Guidelines comes into effect on the date of release to the insurance industry and the public;

2.     This Guidelines shall apply to all Web Aggregators and Insurers respectively carrying on insurance business in Nigeria;

3.     This Guidelines shall be read in conjunction with other relevant Legislation, Guidelines and Circulars as determined to be applicable to the newly inclusive distribution channels approved by the Commission; and

4.     It is the responsibility of Web Aggregators to obtain any clarification required on the applicability of these Guidelines, and any other Regulations from the Commission.

Federal Ministry of Interior Commences Implementation of Additional Guidelines

The Federal Ministry of Interior (FMI or “the Ministry”) recently issued a Public Notice implementing additional guidelines to regulate Expatriate Quota (EQ) related matters and Business Residency in Nigeria (“the Guidelines”).  The Guidelines, which became effective on 24 January 2022, is intended to ensure the effective monitoring and utilization of the facilities granted to organisations with business operations in Nigeria.

 We have outlined below, key provisions of the Guidelines:

 i.   In line with the approval of the Honourable Minister of Interior, the Ministry shall conduct an appraisal of all EQ positions granted on Permanent until Reviewed (PUR) status by the Ministry from the inception of the facility to date. The exercise will enable the Ministry to evaluate the continued eligibility of the relevant organisations to hold these approvals.  Consideration will be given to the length of time the instrument has been held and the extent of utilisation of each facility.  The deadline for compliance with the above directive is 28 February 2022.  EQ positions on PUR status that are not submitted by the deadline will be deemed to have lapsed and the Ministry will accordingly withdraw its relevant approvals.

ii.  Organisations that have been granted EQ facilities are now required to submit their Expatriate Monthly Returns on the utilization of such facilities online via www.ecitibiz.interior.gov.ng.  The returns must contain the National Identity Number (NIN) of the expatriates and their Nigerian understudies.  For further details, please read our publication of 3 August 2017 on NIMC-NIS Database Harmonization.

iii. Organisations are required to formally write to introduce their representative/ consultant to the Ministry through the Office of the Director, Citizenship and Business Department.  The letter must contain the details of the representative /consultant including two (2) copies of recent passport photograph and photocopy of the official identification card.

iv. Organisations are required to pay a Company Inspection fee as part of application fees to obtain additional EQ positions and to renew existing positions in their EQ portfolio.  The fee ranges from N45,000.00 to N150,000.00, depending on whether the inspectors will require flights and overnight stay for the purpose of the inspection.

The Ministry expects that these guidelines will enable it to achieve its objective ofsuccessfully regulating expatriate employment and related business operations in Nigeria.