Business News in Brief

ECOWAS single currency to be called ECO

The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single currency to be issued in January 2020.

The leaders at their 55th Ordinary Session in Abuja endorsed the name while congratulating the Ministerial Committee on the Single Currency for the considerable progress recorded in the implementation of the revised roadmap.

Buhari’s second term: NUT seeks implementation of new minimum wage at all levels

The Nigerian Union of Teachers (NUT) has underscored the need for President Muhammadu Buhari to match words with actions on the implementation of the N30,000 new minimum wage by all tiers of government.

Mr Titus Amba, National Publicity Secretary, NUT, expressed this view in an interview with the News Agency of Nigeria on Wednesday in Abuja.

He appealed to the president to ensure total implementation of the N30,000 new minimum wage across all tiers of government, saying that it will improve the standard of living of Nigerians.

Freight Forwarders, University sign pact on manpower training

The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has signed a pact with the University of Lagos, South-West Nigeria, to train practising and potential freight forwarders.

The Memorandum of Understanding (MoU) brings plans by CRFFN and the University to train and certify practitioners to a climax.

The arrangement to facilitate the training to get certification of the International Association of Freight Forwarders (FIATA) has been on since the past two years.

Olam offers ₦130b to acquire Dangote flour mill

Olam International, a Singaporean agro-allied company, has offered N130 billion to acquire Dangote Flour Mill (DFM).

Dangote Flour Mills, in a notice to the Nigerian Stock Exchange (NSE), said that the total consideration offered by Olam to acquire its five billion shares was N130 billion.

Olam, through its subsidiary Crown Flour Mills, currently owns over five million shares of Dangote Flour Mills and is bidding to take over the entire company.

Oil prices rise amid supply cuts

Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club, OPEC, and U.S. sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further.

Brent crude oil futures were at 67.48 dollars per barrel at 0747 GMT, up 27 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) futures were at 59.35 dollars per barrel, up 53 cents, or 0.9 percent, from their last settlement.

Lagos signs 18% new CPS contribution rate into law

The Lagos State Pension Commission (LASPEC) on Sunday said that Governor Akinwunmi Ambode has signed into law the Amended Lagos State Pension Reform Law.

LASPEC’s spokesperson, Mrs Ajoke Lawal, said the amendment increased the contribution rates under the Contributory Pension Scheme (CPS) to 18 percent.

“It will be recalled that the state transited into CPS in April 2007 and has consistently remitted contributions into employees Retirement Savings Account (RSA).

Access Bank gets approval for Diamond Bank takeover

Nigeria’s Access Bank said on Tuesday it had received shareholders’ approval to take over rival Diamond Bank in a $235 million deal that would create Africa’s largest bank by customers.

Access Bank said both banks would operate under the new Access Bank brand from April 1.

In December, Access had agreed to buy mid-tier lender Diamond Bank with cash and shares, creating a bank with 29 million customers, which the two banks have said is more than any other bank in Africa.

Elections: Vendors defy order against trading near polling units

Petty traders at various polling units in Karu Ward, Federal Capital Territory (FCT), on Saturday engaged in buying and selling polling units in defiance to the warning by Independent National Electoral Commission (INEC).

Correspondent who went round the units reports that the traders, who were busy attending to customers without apprehension from law enforcement agents, denied knowledge of the warning.

At Polling Unit 011, one Mrs Asabe Dauda, a food vendor said she was not aware of the instruction.

MTN faces more problems in Uganda as authorities query its sales figures

Uganda accused the country’s biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company.

Uganda deported MTN Uganda’s Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the East African country in less than a month on accusations of compromising national security, Reuters reports.

Forte Oil seeks to sell power unit to top investor

Nigerian energy firm Forte Oil plans to enter into talks to sell its power unit to its major investor, billionaire Femi Otedola, after it failed to secure a deal via a public tender, Reuters reports.

Forte said in a statement it was seeking shareholder approval in a vote on Feb. 7 to start talks with Otedola.

Otedola will not take part in the vote, it added.

Forte plans to use proceeds from the sale to expand its fuel retailing unit, its main focus.