The Islamic Movement in Nigeria has announced a temporary suspension of its street protests following the proscription of the group’s activities by the FG. A federal high court had declared the Shiite group as a terrorist organisation. Ibrahim Musa, president of the media forum of the IMN, said that the decision to suspend its protests was as a result of “some new openings into the resolution of the problems” involving the proscription of its activities. He said the group took the decision out of respect for some eminent people and groups “whose input in the resolution appears genuine”. The members of the IMN have repeatedly led protests in Abuja, Nigeria’s capital, for the release of their leader, Ibrahim El Zakzaky with his wife Zeenah Ibrahim and several others, who remained imprisoned since 2015 despite court orders for their release.
Dangote Sugar Refinery saw a generally unimpressive financial performance in the first half of 2019 as its revenue declined by 4.4% from ₦84 billion in Q2 2018 to ₦80.4 billion in Q2 2019. According to the firm’s consolidated Q2 financial statements, the company’s PBT decreased by 14.4% to ₦19.9 billion, down from ₦17 billion in Q2 2018. Similarly, PAT stood at ₦10.9 billion in Q2 2019 as against ₦12.7 billion recorded in the same period last year, indicating a 13.7% decrease. The firm’s basic earning per share in Q2 2019 was ₦0.92 as against ₦1.07 in Q2 2018.
Data from the Office of Nigeria’s Vice President, Yemi Osinbajo, has shown that an end to the erratic power supply in the country is some distance away. The loss of hope was boosted by the rise of losses in the sector to ₦332.4 billion due to insufficient gas supply, distribution and transmission infrastructure between January and July 2019. The loss is an increase of 18% when compared to the loss of ₦282.3 billion in the corresponding period of 2018, due mainly to similar factors. A breakdown of the data showed that the highest loss, ₦53 billion, occurred in July 2019, while the lowest, ₦41.4 billion, occurred in January 2019, leading to several systems collapses across the country. On 28 July 2019, the average energy sent out was 3,588 MWH/Hour, down by 237.73 MWH/Hour from the previous day and an estimated ₦1.7 billion was lost, due to constraints. 1,405 MW was not generated due to unavailability of gas, while 2,153.6 MW was not generated due to high frequency resulting from the unavailability of distribution infrastructure. 0 MW was recorded as losses due to water management. The dominant constraint on the day, was due to high frequency resulting from the unavailability of distribution infrastructure, constraining a total of 2,153.60 MW from being available on the grid, the report showed.
The conflict between two mobile telecommunications companies in Nigeria, Globacom and MTN, resulting in the breakdown of mobile communication between 46.6 million network users of both firms may persist as both operators are not making moves to reconcile their differences. The Punch reported that there have been complaints by Globacom subscribers of difficulty in reaching contacts on the MTN network in the past week. Sources in the industry said that nTel subscribers were also disconnected by MTN. The NCC has put the total interconnect indebtedness of Globacom to MTN at ₦4.4 billion. This, according to the regulator, the debt burden and the accrued interest over the years, had led to the decision to partially disconnect Globacom subscribers from making calls to MTN lines. Globacom had paid only ₦500 million out of its total indebtedness to MTN amid series of pleas, meetings and payment deadlines issued to the network operator, according to Punch. The interconnect debt in the industry as of December last year, stood at ₦165 billion. The interconnect rate, fixed at ₦3.90 per minute as rates for 2G/3G/4G operators; ₦4.70 for the LTE operators; while the International Termination Rate of ₦24.40 is the price that telecommunications operators pay each other for calls terminating on their networks. An NCC spokesman, Henry Nkemadu, said that MTN applied to the commission before embarking on the partial disconnection, adding that other network operators were handling their debt professionally. The disconnection, he said, is in line with an agreement reached by the companies. In December 2018, the telecom regulator granted approval to mobile network operators to disconnect other operators for failing to pay their interconnect debt.