News Update 31st May 2021

EKEDC inks MoU with Lagos, NDPHC for power supply upgrade: Eko Electricity Distribution Company Plc (EKEDC) has partnered with Niger Delta Power Holding Company Limited (NDPHC) on an initiative to improve electricity supply in Lagos, Nigeria’s commercial capital.
OML 118: NNPC, SNEPCo, others sign 20 years deep water agreement: The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.
FG opens bid for concession of 12 roads: The Federal Ministry of Works and Housing will officially open the bid for Value Added Concession for federal roads under the Highway Development and Management Initiative on Tuesday, June 1, 2021.
N250 billion intervention will deepen domestic gas consumption – Experts: Industry players in the oil and gas sector have been urged to take advantage of the N250 billion gas intervention fund set aside by the Central Bank of Nigeria to deepen gas consumption across the country.
N200 billion social housing facility at 5% per annum ready for disbursement – FG: The Presidency has announced that the N200 billion facility set aside for the Federal Government Social Housing Scheme is ready for disbursement to start the project.
President Buhari to inaugurate Lagos-Ibadan Standard gauge on June 10: President Muhammadu Buhari will inaugurate the Lagos-Ibadan Standard Gauge project on June 10, Information and Culture Minister Lai Mohammed has said. The minister announced this yesterday during a joint inspection of the project with Transportation Minister Rotimi Amaechi.
GCR assigns Shelter Afrique an international scale long and short-term issuer credit rating of B-/ B: GCR Ratings (“GCR”) has assigned The Company for Habitat and Housing in Africa (‘Shelter Afrique’) international scale long and short-term issuer ratings of B- and B respectively, with the outlook accorded as Stable.
NNPC Plans N126 billion Deduction from June Remittance to FAAC: The Nigerian National Petroleum Corporation (NNPC) has served notice to the Federation Account and Allocation Committee (FAAC) that it will deduct about N126 billion from its remittance to the Federation Account at the next meeting scheduled for June.
NGX rebounds by N111 billion after persistent lull: Transactions rebounded on the Nigerian Exchange (NGX) for the first time after about nine days of persistent downward trend. Specifically, the market capitalisation rebounded by N111 billion or 0.56% on Friday to close at N19.940 trillion against N19.829 trillion posted on Thursday.
Pension assets rise 0.8% to N12.4 trillion: Total Pension Fund assets of the Contributory Pension Scheme, CPS, increased by 0.8% Month-on-Month, MoM, to N12.4 trillion in April 2021 from N12.3 trillion recorded in March 2021.
States bank on PPP projects as cash crunch bites harder: Many state governments have started reducing their overhead costs as part of measures aimed at addressing the dwindling funds from the federation account.
Foreign portfolio investment in Nigeria’s equities slumps 50.7%: Foreign investors’ confidence in the Nigerian equities market has continued to wane as their participation in the market fell by a huge 50.74% to N20.02 billion at the end of April 2021 from N40.64 billion in the previous month.
DMO to focus on funding revenue generating projects: The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, has said the agency is looking at supporting projects that are revenue generating to service funds raised via Sukuk.