Business News in Brief

AfDB Approves $100m Loan for Nigeria's Indorama Eleme

The African Development Bank has approved a $100 million loan for Nigeria’s Indorama Eleme Fertilizer & Chemicals aimed at helping it boost fertilizer production, the bank said in a statement on Thursday, according to Reuters.

The company, a unit of Singapore-based petrochemical producer Indorama, is seeking to double annual output of urea fertiliser from 1.4 million tonnes to 2.8 million tonnes, the statement said.

CBN Injects $210m into Forex Market

The Central Bank of Nigeria (CBN) has pumped $210 into the market to boost the inter-bank Foreign Exchange.

The Bank, yesterday, offered the sum of $100 million to authorized dealers in the wholesale segment of the market.

The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

Forte Oil to Sell Some Nigerian Assets, Pull Out of Ghana

Nigerian energy firm Forte Oil said it plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core fuel distribution operation at home.

The move comes as a surprise about-turn for a company whose Chief Executive Akin Akinfemiwa told investors in Lagos in August that he wanted to aggressively pursue M&A opportunities along the energy value chain and acquire marginal oilfields to boost its upstream business, Reuters reports.

Immigration Service Generates ₦35.72b in 2017 –Statistics Bureau

The National Bureau of Statistics (NBS) says the Nigeria Immigration Service (NIS) generated about N35.72 billion from passports applications in 2017.

The NBS said this in a statistics on Immigration for 2017 posted on its website.

According to the report, the figure is less than the N36.17 billion generated from passports application as local revenue in 2016.

The report, however, reflected that a total of 720,958 passports applications were received in 2017 as against 3,684,288 received in 2016.

Initial Public Offering: MTN Yet to Formally File Application

The Securities and Exchange Commission (SEC) yesterday confirmed that MTN Group had finally commenced discussions with the commission on its proposed 500 million dollars Initial Public Offering (IPO), but yet to formally file its application for the IPO.

A senior management staff of SEC who pleaded anonymity told the News Agency of Nigeria in Lagos that MTN had commenced discussion with the commission on the IPO. The source said that although talks were ongoing, the company was yet to formally file its application for the IPO.

Teleology to Pay $450m to Close Nigeria’s 9mobile Takeover

Nigeria’s Teleology Holdings has 90 days to pay $450 million to complete its acquisition of telecoms provider 9mobile or face a rival bid, the country’s telecoms regulator said on Wednesday.

The Nigerian Communications Commission (NCC) said 9mobile would be transferred to Teleology after the payment of $450 million, but added that reserve bidder Smile Communications could be considered if Teleology failed to complete the payment in time, Reuters reports.

MTN, Ecobank to Form Africa Mobile Banking Partnership

South Africa’s MTN has signed an agreement to form a partnership with Ecobank on mobile banking across Africa, the telecoms group and lender said on Tuesday, according to Reuters report.

Rob Shuter, group CEO of MTN, and Ade Ayeyemi, CEO of Ecobank, attended the signing in Lagos, the commercial hub of Nigeria. 

Agency Alerts on Influx of Illegal Genetically Modified Products

The National Biosafety Management Agency (NBMA) has alerted the nation of influx of illegal Genetically Modified (GM) products into the country.

Dr. Rufus Ebegba, the Director General of NBMA, has therefore given importers of GM seeds a 7-day ultimatum to formalise their dealings or risk closure.

He also directed dealers to obtain the necessary biosafety permit from the agency before making such importation.

“This permit allows the Agency to carry out risk assessments on GM Seeds.

UAC Plans ₦20b Bond Sale for Real Estate Unit

Nigerian conglomerate UAC plans to raise 20 billion ($65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate subsidiary, where losses have widened, group CEO Abdul Bello said on Thursday.

Bello said the company would restructure its real estate unit UPDC, which is suffering from a current oversupply in the market coupled with a drop in Nigerians’ purchasing power, new agency Reuters reports.

Kaduna Gets Solar Power, Tractor Assembly Plants

Gov. Nasir El-Rufai of Kaduna State has inaugurated Blue Camel Renewable Solar Power Assembly Plant and Renewable Energy Training Academy in Kaduna.

The governor said at the launch in Kaduna that the plant was important to the Kaduna State Government “because we believe that renewable energy and solar energy were the future of the developing world.

“The world today has become mobile, personal, decentralised and aggregated with the rapid drop in components required to make solar energy.”