Business Times Daily Times Nigeria
Banks in Calabar decry inadequate cash flow Page B3
MTN may exit Nigeria over fines, others Tony Nwakaegho (with Agency report) Indication has emerged that MTN may exit Nigeria over what it terms incessant imposition of fines and penalties on it by the Nigerian Communications Commission (NCC) and endless harassment by the National Assembly through Senate probes. A senior executive of MTN Nigeria told Business Journal during a chance meeting in Lagos recently. Business Journal quoted the official as saying that “Nigeria of today is a very hostile operating environment for MTN. Can you imagine that the NCC imposed a $5.2 billion/N1.04 trillion fine on MTN over unregistered SIM cards, tarnishing the brand reputation of the company across the world? It seems very clear that the NCC EVC, Danbatta, came into office with a negative mindset to kill MTN. And before we could recover from that dark episode, the Senate began harassing the company over an alleged illegal transfer of $13.2 billion. I can tell you that one or two directors of MTN are already discussing the possibility of MTN leaving Nigeria if the endless hostility of NCC and Senate continues unabated this year.” The NCC imposed a fine of $5.2 billion on MTN in 2015 over the sale of unregistered SIM cards. The fine was later reduced to N330 billion over a period of three years. In the same vein, the Senate also commenced investigation against MTN Nigeria over an alleged illegal transfer of $13.2 billion from Nigeria to its headquarters in South Africa through Diamond Bank, Citigroup, Stanbic IBTC and Standard Chartered Bank. MTN Nigeria is the largest telecom operator in Nigeria with 39.91 percent of the market as at November 30, 2016. This translates to 61.2 million subscribers, according to latest figures from the NCC.
BUSINESS TIMES Editor Andrew Odioko Head Business Azubike Nnadozie Capital Market Editor Bonny Amadi
Second coming of Yinka Adepoju as OYSAA boss Page B6
Thursday, January 5, 2017
FG to train, empower 10,000 ex-militants in agriculture
Page B7
39 companies to bid for Nigerian crude for 2017/2018
Opeoluwani Akintayo
The Nigerian National Petroleum Corporation (NNPC) has slated 39 companies to bid for Nigeria’s oil during 2017/2018, even as it released the list of bidders yesterday. Announcing the results on its Website, the Group General Manager, Crude Oil Marketing Division, Mele Kyari, said the contract would be for one year with effect from January 1, and the allocation
of crude oil will be for 12 circles. The 39 winners include 18 Nigerian companies, 11 international traders, five foreign refineries, three National Oil Companies (NOCs), and two NNPC trading arms. The contracts were for 32,000 barrels per day except for Duke Oil Ltd which will lift 90,000 barrels per day. A total of 224 bids were submitted by companies seeking to purchase and lift Nigerian crude oil
grades for the period 2017/2018, according to the list released. Indigenous companies to benefit are Oando, Sahara Energy, MRS Oil and Gas, AA Rano, Bono, Masters Energy, Eterna Oil and Gas, Cassiva Energy, Hyde Energy and Brittania-U. Others are NorthWest Petroleum, Optima Energy, AMG Petroenergy, Arkiren Oil and Gas Limited, Shoreline Limited, Entourage Oil, Setana Energy and Prudent Energy.
Foreign companies to benefit are Trafigura, ENOC Trading, BP Trading, TOTAL Trading, UCL Petroenergy, Mocho, Tevier Petroleum, Heritage Oil, Levene Energy, Glencore and Latasco Supply and Trading. Five foreign refineries to also take part include, Hindustan Refinery, Varo Energy, Sonara Refinery, Bharat Petroleum and Cepsa while the NOCs are India Oil Company, China (Sinopec) and South Africa (Saccoil).
L-R: Managing Director, Nigerite Limited, Mr. Frank Le Bris; Mr. Emmanuel Olushola Egbedi, Long Service Award recipient, displaying his award; and Chief Financial Officer, Nigerite Limited, Mr. Tijani Tajudeen Adio, during the firm’s end of the year party and Long Service award in Lagos… recently.
SON to destroy N400m worth of seized tyres Godwin Anyebe The Director General of the Standards Organization of Nigeria (SON), Mr. Osita Aboloma, has said that fake and substandard tyres worth about N400 million seized from dealers across the country by officials of the agency are set for destruction. Aboloma, who made this known in Abuja recently, said
that the tyres, which had been in the agency’s warehouses, were seized by the agency’s enforcement officers in an operation that lasted for months. “We will continue to take necessary steps towards cleaning up our economy and our country of substandard products so that Nigerians will have the benefit of enjoying quality and safe products. It is also of creating space for Nigerian-made products
to sell, the reason being that, right now, many quality local products are being choked by cheap imported but substandard ones,” Aboloma stated. He advised motorists to take precautions and measures that will safeguard their passengers’ lives on the highways. While he blamed the motorists for causing accidents on Nigerian roads due to their carelessness and their desire
to make maximum profits, he also enjoined them to always check the status of their tyres before embarking on journeys. According to him, the SON would continue to come up with policies that will enlighten Nigerians as well as make moves to reprimand offenders who engage in acts that are not in accordance to laid down procedures to the existence of Nigerians.