Business News in Brief

NERC Begins New Metering Scheme

The Nigerian Electricity Regulatory Commission (NERC) has instructed power distribution companies (DISCOs) in the country to commence the new metering scheme.

The commission, in a statement signed by the Assistant General Manager, Media, Ms. Maryam Abubakar, also mandated the distribution companies to commence the implementation of the credited advance payment for metering implementation (CAPMI).

Stanbic Bank Partners Rwanda on $400m Eurobond

Leading South African lender Stanbic Bank has partnered with the Government of Rwanda in the issue of its debut $400-million, 10-year Eurobond, assisting the country to become the latest sub-Saharan country to obtain funding from international capital markets –a first not only for Rwanda, but also for East Africa.

Stanbic Bank Regional Head of Investment Banking, Anne Aliker, said the lender provided advice on financial, documentation and legal aspects of the transaction to the Government of Rwanda, for which it also acts as a ratings adviser.

NNPC Unfolds $16b Gas Infrastructure Investment

The Nigerian National Petroleum Corporation (NNPC) has outlined a comprehensive gas infrastructure development programme projected to attract investment outlay of over $16 billion in the next four years.

Providing details of the gas infrastructure development drive in a presentation at the recently concluded Offshore Technology Conference in Houston, Texas, Dr. David Ige, Group Executive Director, Gas and Power of the NNPC, said the aspiration for gas development is anchored on the three point strategic focus of the Gas Master Plan (GMP).

'Nigeria Spends $500m on Fish Importation Yearly'

Nigeria spends about $500 million annually on fish importation, the Federal Director of Agriculture in Abia State, Ebere Oziri, has said.

This amount, he said, should have been channelled into other areas of the economy, such as the fish industry.

Speaking in Umuahia, the state capital, during the inauguration of the leadership of Catfish Framers Association of Nigeria (CAFAN), Oziri said there was need to boost fish production.

Samsung Unveils Galaxy S4 with Warranty

Samsung Electronics will be providing its customers in Nigeria and other pan-African countries with a 24-month ‘Accidental Damage from Handling’ warranty to cover screen and liquid damages to its new, flagship Galaxy S4 smartphone, at no extra charge.

A world first from the level of an original equipment manufacturer, the warranty includes two free repairs in the event of accidental damage to the screen of the device, the firm said.

Airtel Introduces Single Recharge Card for Voice, Data

Airtel Nigeria has introduced a dual-purpose single recharge card for both voice and data services on the network that will allow customers to recharge for both services with only one recharge card. The Single Recharge Option is available in both physical and electronic recharge formats.

The physical recharge card comes in ₦100, ₦500 and ₦5,000 denominations, while the electronic pin (paper) option are available in denominations of ₦100, ₦200, ₦500, ₦1,000, ₦2,000 and ₦5,000.

MasterCard Grabs Nigeria’s Identity Card Deal

Nigerian National Identity Management Commission (NIMC) has announced partnership with MasterCard on the roll of 13 million MasterCard-branded National Identity Smart Cards with electronic payment capability as a pilot program.

The National Identity Smart Card is the Card Scheme under the recently deployed National Identity Management System (NIMS).
This program is the largest roll-out of a formal electronic payment solution in the country and the broadest financial inclusion initiative of its kind on the African continent.

NPFL Clubs Sign Branding Contracts

Five Nigeria Professional Football League (NPFL) clubs have signed shirt branding contracts with Harp Premium Lager in Lagos.
The clubs are Dolphins, Lobi Stars, Heartland, Enugu Rangers and Sunshine Stars.

Harp Premium Lager is one of Guinness Nigeria Plc's brands.

The Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Seni Adetu, said that the financial terms of the contracts stay undisclosed.

Trade Volume between Nigeria, Turkey Hits $1.3b

The volume of trade between Nigeria and Turkey has risen to more than one billion dollars annually, an official of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said.

Dahiru Mohammed, Deputy National President of the chamber, disclosed this at the second edition of the Nigeria-Turkey Business Summit in Istanbul, Turkey.

The summit, being attended by more than 100 businessmen and industrialists from Nigeria, would afford the two countries more business opportunities.