FG takeovers 4 Discos, inaugurates new company to resolve tariff shortfalls: The Federal Government has completed the takeover of Kaduna, Kano, Ibadan and Port Harcourt electricity distribution companies and constituted the board of the Nigeria Electricity Liability Management Company. This is in the bid to resolve the liabilities relating to tariff shortfalls and manage liquidity challenges of the power sector in Nigeria.
Electricity generation crashes following industrial action: The recent one-day strike by workers of the Transmission Company of Nigeria crashed Nigeria’s power generation from a peak of 4,829.5 megawatts to as low as 43MW, data obtained from the Federal Ministry of Power on Sunday showed.
Nigerian govt plans ‘special intervention’ in road transportation:The Nigerian government says it has set in motion plans for a special intervention that will make land transportation more seamless for Nigerians. The Minister of State for Transportation, Ademola Adegoroye, said President Muhammadu Buhari has already approved the proposed special scheme for mass transit to be driven by transport operators for ease of transportation across the country.
GCR upgrades First City Monument Bank Limited’s National Scale Long-term Issuer Rating to A-(NG) and affirms the Short-term Issuer Rating of A2(NG);GCR upgrades First City Monument Bank Limited’s National Scale Long-term Issuer Rating to A-(NG) and affirms the Short-term Issuer Rating of A2(NG); GCR Ratings (“GCR”) has upgraded First City Monument Bank Limited’s National Scale Long-term Issuer Rating to A-(NG) from BBB+(NG) and affirmed the Short-term Issuer Rating of A2(NG) with outlook accorded as Stable. transport operators for ease of transportation across the country.
Agusto & Co. upgrades the rating assigned to African Foundries Limited to “Bbb+“ and attaches a stable outlook:Agusto & Co. hereby upgrades the rating assigned to African Foundries Limited (“African Foundries”, “AFL” or “the Company”) to “Bbb+” to reflect the improvement in the Company’s financial condition evidenced by its good and sustainable profitability (upheld by the continued expansion in production capacities and AFL’s strong ability to pass on cost increases to customers).
GCR affirms Mecure Industries Limited’s Issuer and Issue ratings:GCR Ratings (“GCR”) has affirmed Mecure Industries Limited’s national scale long term and short term Issuer ratings of BBB+(NG) and A2(NG) respectively. Concurrently, GCR has affirmed the long term Issue rating of BBB+(NG)(EL) to Mecure Industries Funding SPV Plc’s N3bn Series 1 Senior Secured Bond (“Mecure SPV”).
GCR places Ardova Plc’s long-term:A-(NG), and short-term: A2(NG) national scale ratings on Rating Watch Negative: GCR Ratings (“GCR”) has placed the national scale long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively.
GCR assigns Geregu Power Plc’s national long and short term Issuer ratings:GCR Ratings (“GCR”) has assigned Geregu Power Plc’s N40bn series 1 Senior Unsecured Bonds an issue rating of A(NG) with the outlook accorded as Evolving.
FG to end fuel subsidy by June 2023 :The Minister of Finance has revealed that the government intends to exit Petroleum Products Subsidy Regime by half year 2023. This is supported by 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper.
FG to generate 21 million jobs through $750 million World Bank-SABER programme: The Federal Government has stated that the $750 million World Bank-backed State Action on Business Enabling Reforms (SABER) programme is aimed at generating 21 million full-time jobs by 2025. The programme is designed to deliver concrete results across 4 reform areas with 8 disbursement link indicators..
E-Naira transactions hit N4bn: According to the Central Bank of Nigeria, the total volume and value of transactions on the Central Bank of Nigeria (CBN) digital currency, e-Naira, platform has hit 200,000 N4billion since its launch in October 2021. The CBN has also begun the second phase of the project intended to drive financial inclusion for unbanked and underserved users