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Angola’s debts to Western oil companies reach $1B: Report

Angola’s debts to Western oil companies reach $1B: Report

Corporate Stories, Economy
The bill is a sign of financial trouble at state oil giant Sonangol due to underinvestment in declining offshore fields that worsened during the coronavirus pandemic. Angola has accumulated around $1bn in debt to Western oil companies operating its oilfields, with the bill prompting the African country’s recently launched sale of stakes in its flagship offshore blocs, three industry sources told Reuters news agency. The magnitude of the debt, built up over several years, is a sign of deepening financial woes at state oil giant Sonangol, one of Africa’s largest companies, due to underinvestment in declining offshore fields that worsened during the COVID-19 pandemic. It comes as global companies rethink their presence in high-cost ventures worldwide in order to meet their clima...
F.G considers tax holiday for maritime to cushion COVID-19 effect

F.G considers tax holiday for maritime to cushion COVID-19 effect

Maritime
Poised to stimulate investment and boost activities amid the downturn induced by COVID-19, the Federal Ministry of Transportation is seeking a package of tax incentives for the in the maritime sector. The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, told the Minister of Finance, Zainab Ahmed, in Abuja, that the move will further support the growth of the sector. He said many governments around the globe have introduced massive tax reduction or elimination to spur activities in key sectors, and rev up their economies during the coronavirus pandemic. “The maritime sector is critical in the growth and development of transportation and, by extension, international trade in the country. Thus, the need for Federal Government-oriented p...

Minister seeks support, claims digital transformation critical to Nigeria

Economy
• LCCI canvasses automation of businesses, govts’ activities The Minister of Communications and Digital Economy, Dr. Isa Pantami, has solicited the support of the private sector in actualizing Nigeria’s digital agenda. Pantami said it has become highly imperative to change the direction of the economy with a focus on digitization. Speaking in Lagos, at the virtual 2020 ICTEL EXPO, themed, “Exploring Opportunity in the Digital Economy,” he explained that in the National Digital Economy Policy and Strategy (NDEPS), the digital economy is referred to any aspect of the economy that is based on or driven by digital technologies. Pantami noted that globally, the digital revolution is changing lives and societies with unprecedented speed and scale, delivering immense opp...
Renewed profit taking drags stock market indices by N4 billion

Renewed profit taking drags stock market indices by N4 billion

Capital Market
Following renewed profit taking activity, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, causing market capitalisation to plunge by N4 billion. Precisely, at the close of trading yesterday, the All-Share Index (ASI) decreased by 7.63 absolute points, representing a dip of 0.03 per cent to close at 25,597.96 points. Similarly, market capitalisation fell to N13.354 trillion as investors lost N4 billion. The downturn was impacted by losses recorded in large and medium capitalised stocks, among which are: SEPLAT Petroleum Development Company (SEPLAT), Red Star Express, Dangote Sugar Refinery, Oando and NPF Microfinance Bank. Analysts at Afrinvest Limited said: “As investors trade the equities market cautiously, we expect to s...
Facebook cushions COVID-19 impact, grants N500m to Nigeria’s SMBs

Facebook cushions COVID-19 impact, grants N500m to Nigeria’s SMBs

Growth & Insight
Social media platform, Facebook, has announced a ₦500-million grant to support 781 small and micro businesses in Nigeria, as part of its $100 million Global Grants Programme, announced earlier this year, which aims to support 30,000 SMBs in over 30 countries. Facebook said the move is aimed at stimulating economic recovery following the effects of COVID-19, to help empower and extend a lifeline to local small business owners who have been most affected. The US-based technology firm said the grants will be administered and managed by Deloitte in partnership with the FATE Foundation and Afrigrants. According to Facebook, it will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer, and recover operations during this challenging ye...
Dangote Cement’s ‘Bag of Goodies’ to produce nine millionaires daily

Dangote Cement’s ‘Bag of Goodies’ to produce nine millionaires daily

Business
To reward and improve the livelihoods of its consumers around Nigeria, Dangote Cement Plc, yesterday, unveiled plans to produce additional nine millionaires daily in its new Spell and Win “Bag of Goodies 2” Consumer Promo. The promotion, scheduled to run from Wednesday, July 15, to November 15, is expected to produce 1,000 millionaires within 16 weeks. Besides, consumers also stand a chance to win tricycles, motorcycle, television sets, refrigerators, Dangote Food Goodies packs, recharge cards and many other exciting gifts. To be a part of the promotion, “all the consumer needs to do is to buy any promo bag of Dangote Cement during promo period, pick out the scratch card inserted in the bag, scratch open the inserted card to see what you have won, go to the nearest redemption ...
‘Continued disregard for COVID-19 protocols prolonging economic recovery’

‘Continued disregard for COVID-19 protocols prolonging economic recovery’

Economy
With many sectors yet to re-open, while commercial activities remain subdued, the Lagos Chamber of Commerce and Industry (LCCI), has expressed fears that continued disregard for the COVID-19 protocols may prolong economic recovery, as government mulls actions to contain the pandemic. According to the LCCI, disregard for protocols may accelerate the spike in the spread of the pandemic, which may prompt corresponding containment measures that would adversely affect the business environment and the economy at large. Already, many businesses are presently in dire financial straits as they battle with escalating costs, high receivables, loss of credit lines and other contractual obligations amid revenue shocks. With new containment efforts that may include the imposition of another loc...
Oil production threatened by non-compliance to COVID-19 protocols

Oil production threatened by non-compliance to COVID-19 protocols

Oil & Gas
Nigeria’s ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. With the country suffering huge revenue losses from decline in oil prices since March, and inability to sell its crude during the lockdown, there are fears that production may be disrupted with the spread of the virus in oil fields locations. Offshore production accounts for more than 60 per cent of Nigeria’s 2.10 million-2.20 million barrels per day (b/d) crude and condensate output. Yesterday, Nigeria’s Bonny light rose by 2.36 per cent to close at $42.93 per barrel at 4:17pm local time. Nigeria’s oil receipts have continued to drop with the country’s revenue from the sector falling by N425.52billion in th...
COVID-19: AFDB tasks Nigeria, others on digital options in food systems

COVID-19: AFDB tasks Nigeria, others on digital options in food systems

Agriculture
African Development Bank (AFDB), has urged Nigeria and other African countries to explore digital options that can be easily deployed to tackle disruptions to food systems, caused by the COVID-19 pandemic. Speakers during a Webinar hosted by the Food and Agriculture Organization (FAO) iInvestment Centre, and the AFDB stressed that Africa must seize the opportunity of the COVID-19 pandemic to deepen the digitalization of agricultural value chains and transform the sector. The online meeting hosted to discuss transforming agriculture in Africa through digitalisation, had in attendance about 500 people, representing agri-tech, telecom, government agency implementers, policymakers, farmers and development partners The panellists included Business Development Manager, Vodacom Busin...
‘NIRCO will increase transparency, accountability in corporate reporting’

‘NIRCO will increase transparency, accountability in corporate reporting’

Corporate Stories
The Nigerian Integrated Reporting Committee (NIRCO), has said the establishment of the committee will help Nigeria to develop an acceptable framework, increase transparency and accountability in corporate reporting, and make the country more attractive to foreign investors. The committee has therefore implored regulatory authorities, firms, and institutes to support integrated reporting (IR) in the country, to provide disclosures on the connectivity of non-financial and financial value creation aspects of doing businesses. Speaking with newsmen in Lagos, the Chairman of the Committee, Dr. Innocent Okwuosa, explained that NIRCO has been involved in awareness creation and advocacy campaigns for companies to inculcate the practice of integrated reporting, which will provide holistic inf...