• The Bureau of Public Enterprises says it will embark on a final performance review of the electricity distribution companies by 2019. The BPE’s DG, Alex Okoh, said that apart from the Kaduna DisCo, 11 DisCos will undergo the review in order to evaluate the achievement of the agreement signed with the FG in August 2013. He added that the agreement, which became effective on the January 1, 2015 will be in its fifth year by December 31, 2019, when the final review will be done. Okoh said the terms of the performance agreements provide for a five-year tenor which the core investors in the DisCos were expected to fully achieve far-reaching efficiency improvement targets.
  • The World Bank Group has said it is looking at the different ways of supporting Africa, including Nigeria, to fill the infrastructure gap. Hafiz Ghananem, vice president, Middle East and North Africa, World Bank Group, said African countries had to invest in digital infrastructure, and that the continent needed digital skills and competencies. Having visited digital incubators in Lagos and other parts of African countries, Ghananem saw young Africans who are digitally very savvy and said there was the need to equip these young people and support them to develop the world. He asked African countries to develop platforms in the area of e-governance, financial services and using technology in schools.
  • Data from the NBS shows that inflation stood at 11.28% in September from 11.23% recorded in August on a year-on-year basis making this the second consecutive month of inflation rise after 18 consecutive months of decline. “On a month-on-month basis, the Headline index increased by 0.84 percent in September 2018, down by 0.21 percent points from the rate recorded in August 2018 (1.05) percent,” the NBS said. “Urban inflation rate increased by 11.70 per cent (year-on-year) in September 2018 from 11.67 per cent recorded in August 2018, while the rural inflation rate increased by 10.92 per cent in September 2018 from 10.84 percent in August 2018. The increase in food inflation was caused by increases in the prices of potatoes, yam, vegetable, fruits, meat, milk, cheese, egg, bread, fish and cereals. The Pastoral Conflict, and most recently, flooding in some parts of the country, have resulted in a drop in food production.
  • Transnational Corporation of Nigeria has announced new appointments into its board and executive management. The company said Valentine Ozigbo has been appointed as its President/CEO with effect from January 1, 2019. He will succeed Adim Jibunoh, who is retiring on December 31. Ozigbo, currently the MD/CEO of Transcorp Hotels, owner of Transcorp Hilton Abuja, will bring over 20 years’ experience in banking, business development, hospitality and corporate transformation. Owen Omogiafo has been appointed as the MD/CEO of Transcorp Hotels effective from January 1, 2019. She is currently the Executive Director, Corporate Services at Transnational Corporation of Nigeria. The Board of Transcorp also approved the appointments of Obi Ibekwe and Toyin Sanni as Non-Executive Directors, following the retirement of Kayode Fasola and Abdulqadir Bello. These appointments are effective October 30, 2018. The company also announced the appointment of Emmanuel Nnorom as the Chairman of its Board, following the retirement of Mr Bello. Transcorp is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, boasting a portfolio that comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors while its businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power and Transcorp Energy.