• The NNPC says that prior to the reported award of oil infrastructure surveillance contract to an indigenous firm, Ocean Marine Solutions for the protection of the strategic 87-kilometre Trans Forcados Pipeline, it lost $800 million (₦244.8 billion) to breaches in the pipeline. As part of the deal between Ocean Marine Solutions and NNPC, the surveillance firm will police the 87-kilometre pipeline and bear the cost of repairs if there’s a breach. NNPC stated that faced with massive losses in projected revenue, stakeholders in the TFP, which accounts for daily production of over 250,000 barrels of crude oil, unanimously decided to seek better ways of ensuring reliability and availability of the line.
  • The Nigerian Communications Commission has announced the suspension of allocating frequency spectra to operators, which are likely to be approved by the International Telecommunications Union for 5G network services. The decision, according to NCC’s Executive Vice Chairman, Umar Danbatta, was taken so as to avoid any encumbrance when the ITU eventually assigned the frequencies for 5G services. The frequencies affected include 26GHz, 38Ghz and 42Ghz bands.
  • MTN and the CBN have agreed to resolve out of court in the former’s suit to challenge a directive to return the $8.1 billion allegedly illegally repatriated. The telecommunication company had filed a suit to challenge a directive by the CBN directing it to return the fund, which the apex bank said was illegally repatriated with the help of four banks, including CitiBank, Diamond Bank, Standard Chartered Bank and Stanbic IBTC Bank. Recall that on Tuesday, December 05, the case between MTN and the Attorney General of the Federation over a $2 billion tax demand was adjourned to February 07, 2019 as the presiding judge, Justice Saliu Saidu, was away on administrative leave.
  • Oil marketers, under the aegis of Depot and Petroleum Products Marketers Association and the Independent Petroleum Products Importers have rejected the FG’s ₦340 billion offer in promissory notes for the ₦800 billion outstanding subsidy debt under the Petroleum Support Fund. The marketers insisted that the outstanding debts must be paid in cash to avert grounding the fuel supply system. The offer from the FG came days after the oil marketers issued a seven-day ultimatum to demand payment of the ₦800 billion.