The Lagos state government has said that 39 companies have expressed an interest in the construction of the proposed Fourth Mainland Bridge. The state government advertised for expression of interest on the Fourth Mainland Bridge on 28 November. The special adviser to the governor on works and infrastructure, Aramide Adeyoye, said the contract will be a public-private partnership arrangement since the government does not have the funds required for the huge project. The next step of evaluation where qualified companies would be contacted will soon begin for the project which has been in the pipeline for more than 30 years. If completed, the road will further ease gridlock in the state. Olujimi Hutonu, the permanent secretary of the ministry of works and infrastructure, listed some of the companies that expressed interest in the project as Julius Berger, China Civil Engineering Construction Corporation, Kyeryong Construction Company, Pythagoras Holdings and CRCCCI Nigeria. Others are China State Construction and Engineering Corporation Nigeria Ltd, Bua International, China Jiangxi International Economic and Technical Cooperation Company.
Greif Nigeria, a manufacturer of steel drums and plastic containers, has indicated plans to delist from the Nigerian Stock Exchange pending approval at its Extraordinary General Meeting slated for 23 January 2020. In February the firm had taken a decision to suspend its operations due to the low performance of the company and challenging market conditions. The Chairman of the company, Adedayo Olowoniyi, had said the company was working to prevail through the challenging business environment but still had issues in cost-recovery through several price increases in the market, despite adopting cost reduction measures and driving efficient methods. The firm was performing below operating and material costs, Olowoniyi said, worried about the increased competition and a stagnant market for steel drums. Unfortunately, there has been no visible improvement. The company has now announced that subsequent to the board meeting held 12 December, it is also planning a sale of its assets, which means liquidation is in view. Its nominees recommended that the register of members and transfer book be closed from 23 to 24 December 2019 with both dates inclusive.
The Federation Account Allocation Committee has allocated the sum of ₦635.82 billion to the three tiers of government as revenue for November, a decrease of ₦66.23 billion when compared to the ₦702.05 billion shared in October. The Permanent Secretary, Ministry of Finance, Mahmoud Isa-Dutse, said during the period, the statutory revenue generated was ₦491.87 billion while Value Added Tax and foreign exchange equalisation revenue was put at ₦53 billion. The revenue that accrued from exchange gain was estimated at ₦785 million. Considering the breakdown, Isa-Dutse said after deducting the cost of collection of ₦16.27 billion to the FIRS, the FG received ₦267.88 billion, state governments got ₦172.56 billion, while local governments received ₦129.97 billion. The sum of ₦49.12 billion was allocated to the oil-producing states based on the 13 percent derivation principle as the balance in the Excess Crude Account was put at $324.96 million.
The CBN has licensed 15 mobile operators in an effort to increase the provision of financial services to unbanked Nigerians. This, the CBN Governor, Godwin Emefiele, said, was to tackle the absence of agent network in rural areas and concentration of agents in the urban areas. He added that the monetary regulator had also released guidelines for mobile money services in Nigeria and would leverage the network spread of the mobile operators to boost financial inclusion. The mobile operators are expected to deliver services such as cash-in, cash-out, funds transfer, bill payments, airtime purchase, government disbursements and remote enrollment of the BVN to an estimated 60 million Nigerians that are unbanked. They deploy financial service agent outlets in under-served urban, semi-urban and rural areas in Nigeria, with higher priority in the northern geopolitical zones, where financial exclusion rates were higher. Other efforts to boost financial inclusion include the collaboration between the Bankers Committee and the Nigerian Postal Service, which enabled the creation of NIRSAL Micro-Finance Bank in 2019.