News Update 10th May 2021

NERC approves tariff review applications, Capex for DisCos: The Nigeria Electricity Regulatory Commission (NERC) has approved new Extraordinary Tariff Review applications, Performance Improvement Plan (PIP) and Capital Expenditure (CAPEX) for electricity Distribution Companies (DisCos) effective from 1st July 2021
$1.3 Zungeru Power Plant Reaches 88% Completion: The $1.3 billion Zungeru hydroelectric power plant located in Kaduna State, has now reached 88 per cent completion, with December 2021, set as the date for its inauguration
Lekki Port reaches 50% of breakwater’s construction: Construction of the Lekki Deep Sea Port has reached 50 percent with the completion of the 1,909 meters long core of the main breakwater while work on the quay wall and landside infrastructure has reached advanced stages
Transcorp pushes investment in power sector, others: Diversified conglomerate, Transnational Corporation of Nigeria Plc, Transcorp, has stepped up its presence in the nation’s power and petroleum sectors.
Experts lament N226 billion real estate, construction bad loans: Some experts have lamented the increasing non-performing loans in the real estate and construction industry. The Nigerian Bureau of Statistics in its latest report on selected banking sectors disclosed that non-performing loans from banks to the real estate and construction sectors were in excess of N226 billion.
FG to make gas cheaper, move petroleum products by railway: Federal Government is perfecting a plan to extend equalisation scheme to Liquefied Petroleum Gas (LPG) as part of measures to reduce deforestation, greenhouse pollution and death from the use of solid fuels.
GCR affirms Global Accelerex Limited’s national scale long term Issuer rating of BBB+(NG), Outlook Stable: GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of BBB+(NG) and A2(NG) respectively accorded to Global Accelerex Limited, with the Outlook accorded as Stable.
GCR places First Bank of Nigeria Limited’s Long and short-term A-(NG)/ A2(NG) national scale ratings on Negative Rating Watch following the removal of the board by the regulator: GCR Ratings (“GCR”) has placed First Bank of Nigeria Limited’s (“the bank”) long and short-term national scale ratings of A-(NG) and A2(NG) respectively on “Negative Rating Watch” after reconstitution of the bank’s (and Holding Company) board of directors by the Central bank of Nigeria (“CBN”)
GCR downgrades the long term Issuer rating of BBB+(NG) assigned to the G.O.S Management Company Limited N8.4bn Medium Term Notes, Stable Outlook: GCR Ratings (“GCR”) has downgraded G.O.S Management Company Limited N8.4 billion medium term notes long term issue rating to BBB+(NG).
GCR affirms Gombe State Government’s long term Issuer rating of BB+(NG) with a Stable Outlook and assigns a short-term Issuer rating of B(NG).: GCR Ratings (“GCR”) affirms the national scale long-term Issuer rating of BB+(NG) with a Stable Outlook and assigns a national scale short-term Issuer rating of B(NG) to Gombe State Government.
GCR affirms Niger State Government’s long term Issuer rating of BBB-(NG) with a Stable Outlook and assigns a short term Issuer rating of A3(NG).: GCR Ratings (“GCR”) affirms the national scale long-term Issuer rating of BBB-(NG) with a Stable Outlook and assigns a national scale short-term Issuer rating of A3(NG) to Niger State Government.
External reserves lost $350m in two weeks, says CBN: The country’s external reserves lost $350m in two weeks, falling to $34.9bn on April 29 from a high of $35.25bn as of April 16. Figures obtained from the Central Bank of Nigeria on Monday revealed that the reserves, which had been fluctuating, rose from $34.85bn as of April 1 before returning to a downward path in the middle of the month
Foreign investment in Nigerian stocks falls to N60.11 bn: Foreign portfolio investment in the Nigerian stock market dropped by 8% in Q1 of 2021 to N60.11 bn from N65.27 bn in the same period of 2020.
Stock investors gained N420bn in April – Reports: Investors in the Nigerian stock market gained N420bn in April as listed companies began releasing their earnings reports for Q1 of the year. The market capitalisation of equities rose to N20.85tn as of April 30 from N20.43tn at the end of March, data from the Nigerian Exchange Limited showed.
NNPC Sells N267bn Crude Oil, Maintains 1.42m bpd Output: The Nigerian National Petroleum Corporation (NNPC) sold crude oil worth N267.59 billion in February, while its total daily production stood at 1.42 million barrels per day in Q1 of 2021, a document presented to the Federation Account Allocation Committee (FAAC).
Nigeria’s revenue threatened as India slashes crude imports by $39.5bn: Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India. India, Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5bn in April, compared to the same time the previous year, data from India’s Petroleum Planning & Analysis Cell showed.
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