News Update 17th May 2021

12 power plants idle, generation falls to 3,928MW: The number of idle power plants on the national grid increased by 2 to 12 on Thursday following the total system collapse that occurred on Wednesday. The total power generation in the country declined to 3,927.9 megawatts as of 6am on Thursday from 4,272MW at the same time the previous day.
NDDC’s Ondo Transmission Station Project Reaches 85% Completion: Work has reached 85 per cent completion for the 132/33kv transmission sub-station being constructed by the Niger Delta Development Commission (NDDC) in Okitipupa area of Ondo State.
NDPHC to Boost Power Supply to Delta Community with Injection Substation: The Niger Delta Power Holding Company (NDPHC) has begun the construction of a 1×7.5MVA, 33/11kV injection distribution substation in Orogun, Delta State, to boost power supply to the community.
Only 22% poorest Nigerian households have electricity access –World Bank: Most poor households in Nigeria are not connected to the country’s electricity supply network as only 22% of the poorest of them have access to grid power, the World Bank has said
Grid Collapse: Bulk power restored to all 330 KVA transmission stations – TCN:The Transmission Company of Nigeria (TCN) disclosed that bulk power has been restored to every 330 KVA Transmission Station under Nigeria’s grid after the earlier grid collapse on Wednesday
GCR Assigns National Scale Issuer Ratings of AAA(NG)/A1+(NG) and Long-term international scale rating of B to Development Bank of Nigeria Plc, Outlooks Stable: GCR Ratings (“GCR”) has assigned Development Bank of Nigeria Plc’s (“DBN”) national scale long-term and short-term issuer ratings of AAA(NG) and A1+(NG) respectively, with a Stable Outlook. At the same time, GCR assigned DBN a long-term international scale rating of B, with a stable outlook
GCR upgrades Nova Merchant Bank Limited’s National Scale Long-term Issuer Rating to BBB(NG); Outlook Stable: GCR Ratings (“GCR”) has upgraded the national scale long term rating assigned to Nova Merchant Bank Limited to BBB(NG) from BBB-(NG) and affirmed the national scale short term rating at A3(NG), with a Stable Outlook.
GCR accords an Indicative Rating to Family Homes Sukuk Issuance Programme Plc’s proposed N10bn Series 1 Sukuk Issue: GCR Ratings (“GCR”) has assigned a national scale long term indicative rating of BBB+(NG)(IR) to Family Homes Sukuk Issuance Programme Plc’s proposed N10bn Series 1 Sukuk Issue
GCR accords initial national scale long-term and short-term Issuer ratings of BBB(NG) / A3(NG) to CapitalSage Limited, Outlook Stable: GCR Ratings (“GCR”) has accorded initial national scale long-term and short-term Issuer ratings of BBB(NG) and A3(NG) respectively to CapitalSage Limited, with the Outlook accorded as Stable
GCR assigns a first-time national scale long and short term Issuer rating of BBB-(NG) / A3(NG) to Coleman Technical Industries Limited; Stable Outlook: GCR Ratings (“GCR”) has assigned national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively, to Coleman Technical Industries Limited, with a Stable Outlook.
GCR accords an Indicative BBB+(NG) Rating to Accelerex SPV Plc’s proposed N6bn Series 1 Senior Unsecured Bond Issue: GCR Ratings (“GCR”) has assigned a national scale long term indicative Issue rating of BBB+(NG)(IR) to Accelerex SPV Plc’s proposed N6bn Series 1 Senior Unsecured Bonds. The Outlook on the rating is Stable.
Money supply rises 22.5% to N38 trn: The increasing demand for cash by members of the public to meet the rising prices of goods and services has caused money supply in the economy to jump by 22.5% Year-on-Year (YoY) to N38 trillion in the first quarter of the year (Q1’21)
Remittance inflows to Nigeria declines by 28% in 2020 ― World Bank: The World Bank says remittance inflows to Nigeria declined by 28% in 2020 because of COVID-19 pandemic. The Bank also said remittance flows fell for Sub-Saharan Africa by 12.5%, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday.
Aggrieved pension contributors rise 353% in Q1’21: There are indications that more pension account holders are getting disenchanted with the management of their accounts by their Pension Fund Administrators, PFAs, leading to a 353.1% rise in the number of Retirement Savings Account, RSA, switching under the Contributory Pension Scheme, CPS, in Q1’21, alone.
AfDB supporting banks to achieve climate, SDG goals – Akinwumi: The African Development Bank has pledged to support public development banks in achieving climate and sustainable development goals.
Nigeria’s oil output drops by 30% in four years — Investigation: In an apparent reflection of the measures taken to achieve stability in the global market by the Organisation of Petroleum Exporting Countries, OPEC, pipeline vandalism and oil theft in the Niger-Delta, Nigeria’s oil production has fallen by 30% in the last four years to 1.423 mb/d in 2020 from 2.041 mb/d in 2017
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