Nigeria, Siemens Sign 25,000MW Six-Year Electricity Deal
Nigeria and electricity giant, Siemens, have signed a power deal that will lead to the production of 25,000 megawatts of electricity by 2025. President Muhammadu Buhari gave the indication at the Presidential Villa on Monday during a meeting with the Siemens’s Global Chief Executive Officer, Mr Joe Kaeser. Click here for more.
NCC assures on Google station project
The Nigerian Communications Commission (NCC) is working with stakeholders to rest speculations concerning the legitimacy of the Google Station Free WiFi access service in Nigeria. Contrary to misconception in some quarters, the Commission will ensure that the service provided will continue to be in partnership with NCC licensed service providers within its regulatory oversight. Click here for more.
Infracos To Access N65b Broadband Subsidy
Infrastructure Companies (infraCos) expected to drive broadband penetration in Nigeria would have access to the N65 billion subsidies over the next four-years. However, The Guardian gathered that InfraCos that will access the subsidy are required to meet some set milestones, as compiled by the Nigerian Communications Commission (NCC). Click here for more.
Market Resumes Negative Posture as NSEASI Dips By -0.40% To Open The Week Negative
Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.40% to close at 27,808.69 points as against 0.20% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.52%. Click here for more.
CBN Sells $4.47bn Forex To Dealers In Two Months
The Central Bank of Nigeria sold $4.47bn forex to authorised dealers between April and May. The CBN’s May report on foreign exchange market developments stated that, “The bank continued to intervene in the foreign exchange market to further sustain the improved liquidity and relative stability in the market. Click here for more.
Market Players Place Bullish Bets on FGN Bonds Ahead of MPC
The FGN Bond market traded on a significantly bullish note, with yields lower by c.20bps on the day, as coupon payments on the FGN 2026 bond further boosted demand interests, whilst market players maintained a firm bullish bias ahead of the CBN’s interest rate decision tomorrow. Click here for more.
Foreign Commercial Loans Rise By $7.87bn In Two Years
Nigeria’s commercial foreign loans have risen by $7.87bn in the last two years, investigation has shown. Data obtained from the Debt Management Office on Monday showed that the country’s commercial loans as of March 2017 stood at $3bn. Click here for more.
Lafarge Africa Shareholders Approve Sales Subsidiary For $316m
Shareholders of Lafarge Africa Plc on Monday unanimously approved the proposed sale of Lafarge South Africa Holding Limited (LSAH) to LafargeHolcim Group for 316.2 million dollars. Click here for more.
African Unicorn Interswitch to Hire JPMorgan for 2019 IPO
Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, people familiar with the matter said. JPMorgan Chase & Co., Citigroup Inc. and Standard Bank Group Ltd. are among the firms working on an initial public offering. Click here for more.