News Update 26th July 2021

Quest Electricity acquires Yola Electricity Distribution Company for N19 billion – BPE: The Bureau of Public Enterprises announced that Quest Electricity Nigeria Ltd has paid the sum of N19 billion to acquire Yola Electricity Distribution Company (YEDC)
Nigeria Lost 33.04 bn SCF of Natural Gas in Two Months: A total of 33.04 billion standard cubic feet of natural gas was flared in January and February this year by players in the upstream sector of the oil and gas industry in Nigeria. This, according to the Nigerian National Petroleum Corporation (NNPC), amounted to about N53.26 billion.
158 projects incorporated into PPP pipeline in 2020 – ICRC: 158 Public-Private Partnership (PPP) projects were incorporated in Nigeria from multiple sectors across the economy. This was disclosed by the Infrastructure Concession Regulatory Commission (ICRC) in its 2020 Annual Report and Accounts
Gencos Seek NNPC’s Intervention as Gas Supply Challenge Persists: With gas supply to thermal power plants barely increasing by 13% more than seven years after the power sector privatisation, power generation companies (Gencos) have called on the Nigerian National Petroleum Corporation (NNPC) to intervene and save the sector.
Lagos State to Raise $2bn for Agriculture, Food Security: The Lagos State Government is set to raise $2 billion by floating Agricultural Commodities Notes in partnership with the Lagos Commodities and Futures Exchange (LCFE), in a strategic move to revolutionize agriculture, especially food production and to guarantee food security
GCR affirms WAICA Re’s international scale financial strength rating of B+ and revises Nigerian national scale financial strength rating to AAA(NG) on criteria change; Outlooks Stable: GCR Ratings (“GCR”) has affirmed WAICA Reinsurance Corporation Plc’s (“WAICA Re”) international scale financial strength rating of ‘B+’, with a Stable Outlook
GCR places the ratings of GEL Utility Limited and Aarti Steel Nigeria Limited on “Review Extension: GCR Ratings (“GCR”) has placed the long and short-term national scale ratings of BBB(NG)/ A3(NG) assigned to GEL Utility Limited on ‘Review Extension’
Coronation Merchant Bank Limited’s National Scale Long and Short-term Issuer Ratings of A-(NG)/A2(NG); Outlook Stable: GCR Ratings (“GCR”) has affirmed Coronation Merchant Bank Limited’s national scale long-term and short-term ratings of A-(NG) and A2(NG) respectively, with a Stable Outlook
FG to service debt with N14.6 trillion in three years: The Federal Government plans to spend a total sum of N14.6 trillion on debt servicing between 2022 and 2024, an analysis of official data has shown
Nigeria’s active labour force lost 20 million in two years – World Bank: The number of Nigerians active in the labour force plunged by 20 million between 2018 and 2020, the World Bank has said. The bank said this in a report titled ‘Of roads less travelled: Assessing the potential for migration to provide overseas jobs for Nigeria’s youth.
W’Bank Raises Climate Action Support: The World Bank Group recently announced its new Climate Change Action Plan that aims to deliver record levels of climate finance to developing countries, reduce emissions, strengthen adaptation, and align financial flows with the goals of the Paris Agreement
Cooking gas price soars to N500/kg: The World Bank Group recently announced its new Climate Change Action Plan that aims to deliver record levels of climate finance to developing countries, reduce emissions, strengthen adaptation, and align financial flows with the goals of the Paris Agreement
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