Business
W’Bank set to disburse $1.5bn loan to Nigeria
The World Bank has approved Nigeria’s request for a $1.5 billion loan and will soon disburse the funds.
The global financial institution in a statement on Tuesday said the facility is a five-year country partnership framework (CPF) that would last from 2021 to 2024.
It said the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
“This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri, said.
He added, “To realise its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”
According to the World Bank, the loan will focus on four areas of engagement namely: investing in human capital; promoting jobs and economic transformation and diversification; enhancing resilience and strengthening the foundations of the public sector.
The bank’s board of directors also approved $1.5 billion for two projects in Nigeria.
The projects are Nigeria COVID-19 Action Recovery and Economic Stimulus – Programme for Results (Nigeria CARES) and The State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS) Additional Financing.
Both projects will get a $750 million facility through the International Development Association (IDA).
The $1.5 billion loan had initially been delayed with Chaudhuri saying Nigeria needs to carry out more currency reform to access the loan.
Business
P’Harcourt refinery begins fuel evacuation again after scaling down operations
P’Harcourt refinery begins fuel evacuation again after scaling down operations
The management of the rehabilitated Port Harcourt Refinery says it has resumed supply of refined petroleum products after an initial hiccup in its operation.
The Nigerian National Petroleum Company Limited (NNPCL) last week Tuesday announced that the refinery was fully back in operation trucking out 70 per cent of its installed capacity.
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Two days later, Newstrends and other newspapers reported how the report was punctured and no loading was found taking place at the refinery.
But Managing Director of the refinery, Mr Ibrahim Onoja, addressing newsmen after a facility tour of the refinery on Sunday night, said it had resumed distribution of products, including Premium Motor Spirit, kerosene, and diesel.
He said, ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity.
”We replaced most of the equipment including pumps installation and cables.
“The plant is running and we are trucking out our products.”
P’Harcourt refinery begins fuel evacuation again after scaling down operations
Business
FG begins N50 e-levy deduction from Opay, Moniepoint users
FG begins N50 e-levy deduction from Opay, Moniepoint users
The Nigerian government has commenced deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies.
A notification from Opay and Moniepoint during the weekend to customers confirmed the development.
According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.
Opay explained that the electronic levy deduction begins on December 1.
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“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
Similarly, Moniepoint, in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying, however, that the levy will be remitted to the FIRS.
“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of and to FIRS,” Moniepoint explained.
FG begins N50 e-levy deduction from Opay, Moniepoint users
Auto
Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island
Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island
Skymit Motors Limited recently took the launch of the all-new Mercedes-Benz E-Class to Banana Island Estate, Lagos, creating excitement among the residents.
The unveiling, in conjunction with Weststar Associates Limited, the authorised distributor of Mercedes-Benz vehicles in Nigeria, was done at the estate’s annual Starlight Night held on Saturday, November 23rd, which added glamour to the night.
Skymit, one of the renowned companies in the Nigerian automotive industry, an authorized Mercedes-Benz dealership, has close to 40 years of operations in Nigeria.
The auto firm shares the mission of promoting the “brand with the star” as well as providing Nigerians with exceptional service.
The residents of Banana Island Estate enjoyed a special showcase of the all-new Mercedes-Benz E-Class, along with other vehicles from the Mercedes-Benz Top-End Vehicle (TEV) portfolio, the statement added.
Indeed, the all new E-Class was easily the highlight of the night as the Skymit & Weststar team had put together an exclusive setting at the entrance of the estate.
Residents received even more luxurious experience with a Mercedes-Benz Lounge that was located at the Starlight Night performance.
The Mercedes-Benz E-Class is the epitome of meticulous craftsmanship and technological prowess, a harmonious blend of cutting-edge technology, exquisite design, and unparalleled performance.
Just like its predecessor, the new E-Class promises to redefine the automotive landscape in Nigeria and provide an unrivaled driving experience. The new E-Class marks the advent of a new generation, introducing more technology and luxury.
Its powertrains are complemented by a fresh exterior design, creating a captivating presence on the road. Inside the vehicle, a plethora of new technology features permeate the cabin, providing a digital atmosphere that’s both immersive and intelligent.
Top executives from Skymit Motors were available to engage all guests, such as Mr. Martin Ayeni, Executive Director, Mr. Segun Naiye, General Manager, Mr. Bola Olaoshun, PA/Head of Admin, Mr. Oladimeji Ajayi, Finance Manager, Mr. Shakiru Babatunde, Sales Manager, Ms. Motunrayo Buraimoh, HR Manager, and Mr. Akin Abimbade, Protocol Manager.
There were also Directors and Executives from Weststar; including its Directors, Mr. Francis Ogboro and Mr. Osayande Asemota, its Managing Director, Mrs. Ebere Anenih; General Manager, Sales, Mr. Christopher Irumudomon; General Manager After-Sales, Mr. Ifeanyi Igbokwe; Head of Finance, Mr. Chima Otuechere, Head of Marketing, Mr. Oluwatobi Abimbola, and Head of IT, Mr. Chigozie Oranugo.
According to the statement, said the all-new E-Class along with other Mercedes-Benz Top-End Vehicles (TEVs) are now available at the Skymit Motors showrooms on Mobolaji Bank Anthony way in Ikeja and on Adeola Odeku Street in Victoria Island.
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