Business News in Brief

NIPCO Invests ₦17b In Compressed Natural Gas Projects

Integrated indigenous downstream operator, NIPCO Plc, has injected over ₦17 billion in the provision of Compressed Natural Gas (CNG) infrastructure in a joint venture scheme with the Nigerian Gas Company, a subsidiary of the Nigerian National Petroleum Corporation.

NIPCO said in a statement that the Joint Venture scheme, which resulted in the setting up Green Gas Limited (GGL), had already inaugurated eight CNG stations and three conversion workshops in the city of Benin while more outlets are currently under construction in other parts of the country.

Lafarge Empowers Artisans, Technicians

Lafarge Cement WAPCO Nigeria Plc has empowered block makers and apprentices in Ogun State with the required technical and vocational skills to enable them start up and expand their businesses in the country.

The Managing Director of the company, Joseph Hudson, said that the empowerment was aimed at improving the socio-economic status of its host communities and the Nigerian society at large.

GTB Asset Management now Investment One Financial Services

GTB Asset Management Limited, the former investment and wealth management subsidiary of Guaranty Trust Bank Plc, has changed its name to Investment One Financial Services Limited.

Following a management buyout, Investment One Financial Services Limited is now owned by the staff and management of the company as well as some selected investors.

EFInA unveils 2012 Access To Financial Service Report

Enhancing Financial Innovation & Access (EFInA), a financial sector development firm, has unveiled its report on the Access To Financial Services In Nigeria (survey) for 2012.

According to the survey, only 37.8 million Nigerians, representing 43.0 per cent of the adult population have access to and/or use formal financial services; while 34.9 million Nigerians representing 39.7 per cent of the adult population are financially excluded.

NSE Lists Holding Companies

In line with the Central Bank of Nigeria’s directive that banks operating in the country split up their commercial banking business from other financial service businesses, the Nigerian Stock Exchange (NSE) has commenced the delisting of select banks and the listing of Holding Companies in their stead.

Following the approval of the Quotations Committee of Management at the NSE, the Exchange admitted the shares of Stanbic IBTC Holding Plc into the Daily Official List on Friday November 23, 2012.

NERC To Review Electricity Tariffs Paid by SMEs

The Nigeria Electricity Regulatory Commission (NERC) has said it will soon review the Multi-Year Tariff Order (MYTO) which it introduced on June 1.

The NERC said the proposed review followed complaints by electricity consumers, especially Small and Medium Enterprises (SMEs), about the N500 fixed fee they are compelled to pay every month, irrespective of the quantum of electricity supplied to them monthly.

CMC To Boost Local Participation On The Exchange

The Capital Market Committee (CMC) has reiterated its commitment to further boost domestic investors’ participation in the Nigerian Stock Exchange.

Consequently, the committee said it hosted the second annual Capital Market Committee Retreat in Asaba to showcase the potential of the Nigerian market, as well as deepen activities on the Exchange.