Heirs Holdings acquires 45% of OML 17 for $1.1bn

Heirs Holdings acquires 45% of OML 17 at $1.1bn

Heirs Holdings acquires 45% of OML 17 for $1.1bn   Heirs Holdings (HH), in partnership with affiliated company, Transnational Corporation of Nigeria Plc (Transcorp), has announced its acquisition of acquisition of a 45 per cent participating interest Nigerian oil licence OML 17 and related assets costing $1.1 billion The acquisition was done through TNOG Oil and Gas Limited, a subsidiary of Heirs Holdings and Transcorp, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole…

Read more

Global air freight market remains depressed, says AITA

Global air freight market

Global air freight market remains depressed, says AITA Expects full recovery by March 2021   The International Air Transport Association (IATA) has released data for global air freight markets for the last two months, showing that freight volumes improved compared to three months but remain depressed compared to 2019. According to the global airlines’ regulator, capacity remained  constrained from the loss of available belly cargo space as passenger aircraft remain parked on account of the Covid -19 pandemic . Global demand, according to IATA, which is measured in cargo tonne-kilometers…

Read more

The Corporate Governance and Crisis Communication Web at FCMB

The Corporate Governance and Crisis Communication Web at FCMB   By Chido Nwakanma Two matters stand out in the FCMB saga. One is the issue of ethics and corporate governance. The other is the collateral damage to the bank’s corporate reputation and image. Memes and videos are mocking the institution. Others have spoofs of their pay-off, turning it from “FCMB, My Bank and I”, to “FCMB, Your Wife and I.” There is also the matter of the integrity of the trending narrative. What happened really? Persons claiming affinity to the…

Read more

Analyst Insight: A Small Rise in the FGN’s Domestic Debt in Q3 2020

FGN's Domestic Debt

Analyst Insight: A Small Rise in the FGN’s Domestic Debt in Q3 2020 FBNQuest Research   The FGN’s domestic debt stock amounted to NGN15.85trn (USD37.7bn at the recently adjusted NAFEX rate) at end-September, equivalent to 10.0% of 2019 GDP. It increased by NGN390bn over the quarter, and the stock of FGN bonds by NGN410bn. The DMO had a challenging remit to raise NGN1.6trn from domestic issuance as FGN deficit financing in 2020, and the bonds are by far the largest element in its programme. Its timely data update also shows…

Read more

SEC, FSD Africa begin review of Nigerian Capital Market Master Plan

Nigerian Capital Market Master Plan

SEC, FSD Africa begin review of Nigerian Capital Market Master Plan   The Securities and Exchange Commission, Nigeria (SEC Nigeria) and Financial Sector Deepening (FSD) Africa have announced the commencement of a joint review of Nigeria’s 10-year Capital Markets Master Plan (CMMP) in line with current realities. This is aimed at supporting the country’s economic growth amid the devastating effect of the COVID-19 crisis and fallen oil prices. The synergy would enable SEC Nigeria to work with FSD Africa’s regulator support programme to develop a revised 10-year CMMP to strengthen…

Read more

ALLEGATION: NDDC procured rotten food items with N6.2bn – PDC

NDDC procured rotten food

ALLEGATION: NDDC procured rotten food items with N6.2bn – PDC   The Chairman of the Niger Delta Development Commission COVID-19 Palliatives Distribution Committee, Chief Sobomabo Jackrich, has alleged that some underprivileged people in the Niger Delta region rejected the rotten food items distributed to them by the sacked Interim Management Committee of the NDDC because they could be poisonous. He also alleged that the sacked IMC team, led by Prof Kemebradikumo Pondei, stage-managed the distribution of the food and medical items it claimed to have purchased with the N6.2bn approved…

Read more

Senate passes Finance Bill 2020

Senate passes Finance Bill 2020

As Bill exempts aircraft engines, spare parts, others from Custom charges Chairman of the Joint Committee, Senator Solomon Adeola (Lagos West), in his presentation, said the Finance Bill 2020 specifically seeks to amend 17 key aspects of extant laws. According to the him, they are: Capital Gains Act; Companies Income Tax Act; Industrial Development (Income Tax Relief) Act; Personal Income Tax Act; Tertiary Trust Fund Act; Customs and Excise Duties Tariff; Value Added Tax Act; Stamp Duties Act; and Electronic Transaction Levy. Other areas amended are: Federal Inland Revenue Service…

Read more

Nigeria pushes youth-led agendas as GITEX 2020 begins

Nigeria will join more than 80 other countries in participating at the 40th edition of the GITEX Technology Week holding from the 6th–10th December 2020. Nigeria’s participation in GITEX 2020 is anchored on promoting youth-led enterprises to showcase innovations coming from its tech startups community, and the country’s strong policy-thrust on digital economy. The National Information Technology Development Agency (NITDA) is the agency that leads this move and had offered full sponsorship to a number of startups across the country to participate in the Global Future Stars (GFS), a major…

Read more

NSE retains ISO 27001:2013 Certification for 5th consecutive year

The Nigerian Stock Exchange (NSE) has announced that it has retained its ISO 27001:2013 certification for its Information Security Management System (ISMS). his marks the 5th consecutive year that the Nigerian bourse will retain this certification since it was first issued in 2015. In this year’s surveillance audit carried out by the British Standards Institution (BSI), the exchange has been certified to be in full compliance with the applicable controls developed to meet the Control Objectives of the Information Security Management System (ISMS) Standard. The BSI Auditor in his remarks…

Read more