31st January, 2022

FEC Okays N64.687bn Contracts for 16 Road Projects in FCT, Works Ministry: The Federal Executive Council (FEC) has approved contracts worth N64.68 billion for 16 road projects to be executed in the Federal Capital Territory (FCT) and the Federal Ministry of Works and Housing.
FG, Egypt Begin Bilateral Talks on Power Supply, Agrees Deal with Sokoto, Bauchi on Renewables: The federal government, represented by the Minister of Power, Abubakar Aliyu, has held a follow-up meeting with Egyptian authorities in an effort to boost electricity supply, including renewable energy in Nigeria.
NERC: 8.1m of Nigeria’s 12.8m Electricity Customers Still Unmetered: After decades-long efforts to provide meters for electricity consumers in Nigeria, the device is yet to reach at least 8.1 million of the country’s current 12.8 million customers, new data from the Nigerian Electricity Regulatory Commission (NERC) has shown.
Ekiti earmarks N28.4 billion for infrastructure, industries: The Ekiti State government disclosed that the state would spend N28.4 billion on infrastructure and industrial development this year with a view to making the state an investment destination
Gas Development: Ardova Plc to conclude construction of West Africa’s largest LPG storage facility: Ardova Plc has completed a groundbreaking ceremony to commemorate the ongoing construction of its new world-class Liquefied Petroleum Gas (LPG) storage facility at the company’s Ijora-Lagos Campus
GCR places LAPO Microfinance Bank Limited’s BBB((NG)/ A3(NG)( Nigerian National Scale Issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed LAPO Microfinance Bank Limited’s national scale long and short-term issuer ratings of BBB(NG) and A3(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 28 February 2022 .
GCR withdraws the long-term issue rating of A-(NG) accorded to Nasarawa State Government’s N5bn Tranche 1 Fixed Rate Bonds following its full redemption: GCR Ratings (“GCR”) has withdrawn the national scale long term rating of A-(NG) accorded to Nasarawa State Government’s N5bn Tranche 1 Fixed Rate Bonds following its full redemption
GCR withdraws Benue State Government of Nigeria’s long term Issuer rating without review: GCR Ratings (“GCR”) has withdrawn the national scale long-term Issuer rating of BB+(NG)assigned to Benue State Government of Nigeria without affirmation, as no additional analysis was performed
Local Content: Senate Flays NCDMB over $10bn Gas Project: The Senate Committee on Local Content yesterday accused the management of the Nigerian Content Development and Monitoring Board (NCDMB)of alleged breach of local content laws
Nigeria’s debt-to-revenue ratio to cross 80% mark in 2022 – Agusto & Co: Agusto & Co, a foremost credit rating agency in Nigeria, has projected that the country’s debt-to-revenue ratio will cross 80 per cent mark in 2022 following the build up to the general election in 2023
Banks, Others Borrowing from CBN Drops by 26.5% in January on Economic Uncertainty: As a result of slow business activities and uncertainty surrounding the nation’s economy, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) dropped by 26.5 per cent Year-on-Year (YoY) to N313.43billion from N426.7billion in January of 2021
NNPC may deduct over N1tn from FAAC in six months: The Nigerian National Petroleum Company Limited may deduct over N1tn in the next six months from the Federation Accounts Allocation Committee, following the decision of the Federal Government to continue subsidising PMS
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