BUSINESS ROUNDUP: Dispute over N28bn un-remitted revenue; Nigeria’s drying oil wells; See other stories that made our pick

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market, mainstream business activities while not forgetting the tech/economy build up.

Here are the Headlines:

• Nigerian govt set to launch Africa’s second-largest hydropower project
• Accountant General, Customs’ boss trade words over N28bn un-remitted revenue
• Nigerian Govt dismisses reports on handover of DisCos to Siemens
• Nigeria’s oil to dry up in 49 yrs

Summary:

The Nigeria Customs Service Thursday debunked a claim that it failed to remit revenue in excess of N28 billion to the Treasury Single Account (TSA) in 2015.

Hameed Ali, the Customs Comptroller General and Ahmed Idris, the nation’s Accountant General simultaneously appeared before the Senate Public Accounts Committee to respond to the audit query to the Accountant General from Anthony Ayine, the Auditor General. Read more

After overcoming an arbitration battle, standing in the way of Africa’s second largest hydropower plant, the Federal Government will commence the project any moment from now.

Mr Sale disclosed that Abubakar Malami, the Attorney General of the Federation was firming up the terms of the legal settlement that will set the $4.8 billion dollar-worth Mambillahydro project in motion. Read more

The Minister of Power, Engr. Sale Mamman, said on Thursday the Federal Government has no plan to hand over the electricity distribution companies (DisCos) to a German firm, Siemens.

Mamman, who was reacting to the publications that emanated from his press briefing on the outcomes of the Wednesday’s Federal Executive Council (FEC) meeting in Abuja, described the reports as false and unfounded. Read more

The future does not belong to oil despite the fact that 90 per cent of Nigeria’s foreign exchange and 86 per cent of its total export earnings derive from oil.

In its latest Nigerian Oil and Gas Industry Annual Report, the Department of Petroleum Resources (DPR) confirms that Nigeria’s crude oil deposit will be exhausted in roughly five decades from now. Read more

On NSE ROUNDUP: Negative sentiments persist amidst heavy sell pressure

Read also: BUSINESS ROUNDUP: Discovery of oil in N’East; Nigeria’s tax-revenue loss; See other stories that made our pick

It may take a longer time for the market to find resilience if the current momentum of loss increases. The market was nearly absolutely bearish driven essentially by blue-chip losses in equities like Nestle, itself the highest priced stock on the Exchange.

All the key market performance indicators closed lower. A negative market breadth was recorded this week as 28 losers emerged against 24 gainers. The All Share Index (ASI) depleted by 1.32% to 27,388.62 basis points. Equally, Market Capitalisation fell by 1.30% to N14.268 trillion. Read more

Meanwhile, on our editorial Business Review segment;

On Wednessday, February 19, we enter into discussions around money lender Carbon’s new move as it puts its foot forward to becoming a venture capital portfolio company.

While this is coming on the heels of a recent success from the company, investing in the development of its iOS, we asked to know if it is prepared for the volatile and explosive nature of VCs. Read more

On the same day, we further looked at the implications of running a Bitcoin dedicated ATM as recently launched in Nigeria by BlockStale, going to become the first Bitcoin ATM vendor in Nigeria.

Considering the state of security and CBN’s existing hostility to the commodity, we cautioned the CEO of the venture to ensure adequate measures are put in place to curtail many of our concerns as raised in the review. Read more

Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

 

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