Business
Chinese banks considering plans to establish operations in Nigeria – Ambassador
There are indications that some China-based banks will soon establish operations in Nigeria for smooth finance of Nigerian projects being executed by Chinese firms.
Already, the Chinese authorities said they had commenced discussions some banks in China to extend their operations to Nigeria.
The Chinese Ambassador to Nigeria, Cui Jianchin, gave the hint while speaking with journalists in Abuja on Tuesday.
Many of the railway projects in Nigeria are being handled by Chinese companies and the finances are mainly through loans from China. Some of these loans are being delayed due to logistics.
Jianchin said the establishment of China-based banks in Nigeria would boost Nigeria’s economy and expand trade relations between the two nations.
He spoke during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week.
He said the issue would be one of the key areas of discussion during the China-Nigeria Bi-national Committee meeting.
According to him, an efficient financial institution is a key driver to achieving a strong economy, going by the China’s experience.
He said, “Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the World’s 10 big banks, six are in China.
“The banking sector is very important because without money, we cannot build our industries. What I am thinking here is best to talk to the governor of central bank and how we can allow the Chinese banks to run office here; and now, they are doing the feasibility studies on that.
“I am working hard that in the bi-national meeting; I hope we can make a big decision and give a big push to let the banking industry and insurance industry, because financial integration and institutions are key.
“If you go to China, you will find our banking industry is very powerful, not only for business, but change in the way of life. Because of the COVID-19, the Banking Industry is a little hesitant, but I told them Nigeria has a lot of human resources and as long as we work together, we can do big things.”
Jianchin also said the volume of trade between China and Nigeria is nearly $20bn.
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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