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Meter manufacturers demand price hike over devaluation

A total of 17 manufacturers of electricity meters are demanding an increase in the cost of the commodity following the rise in inflation and foreign exchange rates, among other economic variables.

The meter producers under the aegis of Meter Asset Providers resolved at the end of a meeting that the Nigerian Electricity Regulatory Commission should carry out an upward review of the current price of prepaid meters across the country.

In a communique issued after the meeting and made available to our correspondent in Abuja on Monday, the MAPs listed the upward review in meter price as the first resolution reached by the 17 manufacturers.

They said, “There should be an upward review of the current price of prepaid meter by NERC in view of rising inflation, continued upward movement of foreign exchange rates, associated increases in customs costs, increase in container freight costs, and the disruptions in the international supply chain.

“These factors lead to a global increase in the prices of raw materials and components for the manufacture of prepaid meters.”

Nigeria faces import crisis as reserves hit 13-month low

Nigeria’s economy could be leaning against the wind as the country’s external reserves fell to a 13-month low last week, tumbling quickly to $30 billion, the level it was between 2015 and 2017.

Last Thursday, the figure slid to $33.79 billion, as it dropped by $30 million. This represented a 0.09% decline compared to $33.824 billion recorded on Wednesday, June 16. A total of $1.58 billion has been lost in reserves year-to-date, while month-to-date loss stands at $405.33 million, hardly reflecting the marginal gains in rising oil prices in recent months.

The reserves fell by $222.3 million between May 31 and June 10 to $34.0 billion, according to figures published by the Central Bank of Nigeria. The last time it fell below that mark was between June and July of 2017.

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The country’s forex reserves continues to trend downwards despite the positive rally recorded in the global crude oil market, with Brent crude currently trading at $73.5 per barrel. It has sustained a steady troubling decline in the past two months after a short-lived upswing that took it to $35 billion.

Court orders FG to pay Bayelsa $951m derivative arrears

The Federal High Court, Abuja, yesterday, ordered the Federal Government to pay $951 million to the Bayelsa State Government.

The amount is the 13 per cent derivative sum due as arrears of revenue and payable to Bayelsa State.

Justice Inyang Ekwo, who delivered the judgment, held that the Attorney-General of the Federation (AGF), the sole defendant in the case, failed to enter his defence in the suit.

Justice Ekwo ruled that the development made the court to declare the plaintiff’s case “unchanged.”

Ken Njemanze filed the suit on behalf of the Bayelsa government. The plaintiff, in the suit marked: FHC/ABJ/CS/175/2012 and filed on February 12, urged the court to compel the AGF to pay five per cent of $50 billion recovered as additional revenue that accrued to the Federal Government.

Nigeria’s broadband access to get N640b investment from MTN

Nigeria’s hope of 70 per cent broadband penetration and 90 per cent coverage as enshrined in the New National Broadband Plan (NNBP 2020 to 2025) has received a boost with plans by MTN to invest N640 billion ($1.5 billion) over the next three years.

MTN Group President, Ralph Mupita, disclosed this during his team’s visit from South Africa to Nigeria.

The firm, in a statement, said the investment is consistent with its strategy, Ambition 2025: Leading digital solutions for Africa’s progress.

Mupita said Nigeria remained one of the most important markets, adding that MTN “has a proud history of partnering with the country and Nigerians to drive faster and more inclusive growth through digital transformation.”

The delegation met with President Muhammadu Buhari, Vice President Yemi Osinbajo, Minister of Communications and Digital Economy, Dr Isa Ali Pantami, Nigerian Communications Commission (NCC) Executive Vice Chairman, Prof. Umar Garba Danbatta and Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

WEMA, Zenith BANK escape plunge in NGX Banking Index

At the end of the trading session yesterday, the NGX Banking Index posted a profit of +0.18%, opposing the significant loss posted at the last trading session of (-3.12%), putting the index point at 350.36. The market saw 2 gains, 5 stalemates, and 3 losses.

Wema Bank posted a profit of +5.45%, posting a price at N0.58 from its previous price of N0.55. Technical analysis shows that the bullish momentum was met with selling pressure at midday. Zenith Bank was saved from the bear’s claws with a profit of +0.42% placing the price at N23.90 from its previous close of N23.80.

Union Bank led the losers at the end of the trading session with a loss of -6.03% placing the price at N5.45 from its previous close of N5.80. Technical analysis shows that there was a massive selling pressure at the late hours of trading, settling the price below the entry.

Sterling Bank also felt the weight of the bears with a loss of -1.26%, placing the price at N1.61 from its previous close of N1.59.