BUSINESS ROUNDUP: Nigeria to supply electricity to Togo; NCC to sanction telcos over forced subscriptions; Other stories

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

Here are the Headlines:

• Dangote refinery to sell refined crude to Nigeria in naira – Emefiele
• NCC vows to sanction telcos over forced subscriptions
• Naira records gain against the dollar
• Nigerian govt to supply electricity to Togo from Calabar Power Plant

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said on Saturday arrangement is being made to enable the Dangote Refinery to sell refined crude to Nigeria in naira when it becomes operational.

Emefiele, who disclosed this during an inspection tour of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects in the Ibeju-Lekki area of Lagos, said the first shipment of Urea from the fertiliser plant would begin in March to help boost agriculture in the country. Read more

The Nigerian Communications Commission (NCC) has revealed that it will sanction telecom providers forcefully subscribing consumers to value-added services (VAS).

This warning was contained in a statement issued by Efosa Idehen, director of consumer affairs bureau at NCC, via a video published on the commission’s Twitter account on Friday, February 26. Read more

Nigeria’s currency on Tuesday gained 0.34 percent to close at N408.60k per dollar compared to N410.00k closed since two days at the Investors and Exporters (I&E) forex window, data from FMDQ on Tuesday showed.

The gain recorded by Naira in the I&E window, Ripples Nigeria gathered was due to improved liquidity in the market as foreign exchange market turnover rose significantly by 134.63 percent to $123.37 million on Tuesday from $52.58 million recorded on Monday, February 22, 2021. Read more

Read also: BUSINESS ROUNDUP: Nigerian companies borrowed N1.11tn in 2020; IMF backs CBN ban on cryptocurrency; other stories

The Nigerian government has concluded plans to begin supplying electricity to the Republic of Togo from the Calabar Power Plant, located in Odukpani local government area of Cross River State.

The Executive Director, Generation, Niger Delta Power Holding Company (NDPHC), Engr. Kassim Abdullahi, who made this known during an inspection tour of the Plant at the weekend, said the company has a power purchase agreement deal to supply 70MW of power to the West African country. Read more

On NSE ROUNDUP: Massive sell-off among investors of Wema Bank, Zenith Bank as stock trade plunges

The Nigerian stock market ended the last day of trading week on a bearish note, as the equity capitalisation plunged to N20.82 trillion on Friday, having closed Thursday’s market with N20.97 trillion as equity capitalisation.

Traded volume of shares by investors, however, rose to N507.25 million on Friday, surpassing the N326.03 million investors traded on Thursday. Read more

MEANWHILE, on the tech scene, the week saw to the development of a number of things, from Twitter’s Super Follows’ ambition to Lagos State’s adoption of electronic call-up for trucks.

During the week, Lagos-headquartered innovation centre Co-Creation Hub (CcHub) announced the first round of its syndicate investments.

Another major feature is the opportunity window from Union Bank as the Nigerian commercial bank unveiled the 2021 UnionX Innovation Challenge. Read full review

Remarks

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

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