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Nigeria says working hard to resolve gasoline crisis

In a chat with Nigerians from all walks of life on Sunday evening during the stopover, the Vice President noted that the Federal Government was moving as quickly as it could to solve the fuel crisis and reduce the difficulties Nigerians were facing as a result.

How Jonathan’s officials, cousin shared 27bln proceeds of PHCN sale -EFCC

The Economic and Financial Crimes Commission (EFCC) has narrated how top government officials under the administration of former president Goodluck Jonathan shared 27 billion, part of the proceeds of the sale of Power Holding Company of Nigeria (PHCN) in 2014.

- Nigeria unemployment rate climbs up

Four out of every ten people in Nigeria's workforce were unemployed or underemployed by the end of September, National Bureau of Statistics (NBS) said on Friday.

Why is Jerusalem important, what makes Donald Trump's intervention so toxic

What is the status of Jerusalem? Israel set up its parliament in West Jerusalem when the state of Israel was proclaimed in 1948. The move followed the United Nations’ vote to partition Palestine on the basis of the British pledge known as the Balfour Declaration that paved the way for a homeland for the Jewish people.

- Nigeria's dollar reserves at $34.53 bln as of Nov. 24

Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday. The bank did not provide a reason for the increase in reserves, which stood at $33.58 billion at the same date last month.

Thursday 30 September 2021

President Buhari in a phone call with German Chancellor, Merkel, praises her initiatives

President Buhari in a phone call with German Chancellor, Merkel, praises her initiatives: President Muhammadu Buhari was in a telephone call on Thursday with outgoing German Chancellor, Angela Merkel, who initiated the chat to pay compliments and say thank you to the Nigerian President. It will be recalled that President Buhari had concluded his address at the 76th edition of the Uni ...

About 394 bandits, 85 Boko Haram, 2,783 terrorists surrender ~DHQ

About 394 bandits, 85 Boko Haram, 2,783 terrorists surrender ~DHQ: Over 394 armed bandits and 85 Boko Haram and Islamic terrorists were killed by troops in their various theatres of operations in the last three weeks, according to the Nigerian Defence Headquarters on Thursday. The DHQ said while the terrorists were neutralised in Borno communities, the bandits ...

British Museum receives plague from Benin artist but declines commitment on looted bronze

British Museum receives plague from Benin artist but declines commitment on looted bronze: The British Museum has accepted a bronze plaque made by an artist from Benin City in Nigeria, who said he felt this was a possible first step towards the museum's return of the priceless Benin Bronzes that were looted by British troops in 1897. The museum told him, however, an exchange of n ...

Terrorists abduct 27 people in Sokoto village, many policemen missing

Terrorists abduct 27 people in Sokoto village, many policemen missing: Despite the ongoing battle by the military to eliminate banditry and terrorism from the part of the north, suspected bandits again on Wednesday attacked  Sabon Birni Local Government Area of Sokoto State. A source from the local government confirmed that in the latest attack, no fewer than 27 pe ...

PDP zones National Chairman position to south

PDP zones National Chairman position to south

Appeal Court grants Lagos request to join FIRS, Rivers VAT dispute case

Appeal Court grants Lagos request to join FIRS, Rivers VAT dispute case: The Court of Appeal in Abuja has granted the application by Lagos State, through its Attorney General, to be made a respondent in the appeal filed by the Federal Inland Revenue Service (FIRS). The appeal by the FIRS is against the August 9, 2021 judgment by Justice Steven Pam of the Federal High ...

Improve investors sentiment may drive up Nigeria’s equity market

Improve investors sentiment may drive up Nigeria’s equity market: ~United Capital Plc  The domestic stock market reversed its bearish run on Wednesday, after two consecutive days in the red. The All-Share Index (ASI) climbed by 1.9 percent to close at 39,592.29 points as sentiment noticeably improved and investors took positions in attractively valued tickers. ...

NCC says no NIN, no access to Passport, driving licence from Nov 1

NCC says no NIN, no access to Passport, driving licence from Nov 1: The Nigerian Communications Commission (NCC) has set October 31 deadline for all residents in Nigeria to link their National Identity Numbers (NIN) with their Subscriber Identity Modules (SIM). The commission has also said that Nigerians without NIN would soon be denied the opportunity of acquir ...

FIRS boss wants states to diversify revenue sources

FIRS boss wants states to diversify revenue sources: The Federal Inland Revenue Service FIRS) has urged the sub-nationals to look inwards for sustainable revenue sources in the face of dwindling oil income. FIRS Executive Chairman of Muhammad Nami, who made the call in Abuja during an event organised by the Nigeria Governors’ Forum (NGF) also advo ...

Northern Governors not oppose to power rotation, says el-Rufai

Northern Governors not oppose to power rotation, says el-Rufai: The Kaduna State Governor, Nasir el-Rufai, has said that his colleagues in the north under the aegis of the Northern Governor’s Forum never opposed the presidency going to the South in 2023. El-Rufai, however, noted that the regional governors were only against the language used in the resolutio ...

Wednesday 29 September 2021

OPEC+ to stick to 400,000 bpd increase in Nov, despite global oil price at $80

OPEC+ to stick to 400,000 bpd increase in Nov, despite global oil price at $80

Nigeria incorporates NNPC Ltd in line with newly signed PIA

Nigeria incorporates NNPC Ltd in line with newly signed PIA: Two weeks after President Mohammadu Buhari directed the head of the state-run oil corp to incorporate the Nigeria National Petroleum Corporation (NNPC) as a limited liability company, the company has been registered by the Corporate Affairs Commission (CAC). The incorporation of a company which ...

Ecobank Nigeria appoints ex-Stanchart CEO, Bola Adesola board chairman

Ecobank Nigeria appoints ex-Stanchart CEO, Bola Adesola board chairman: Ecobank Nigeria has announced the appointment of Bola Adesola, the immediate past Senior Vice Chairman, Africa, Standard Chartered as it chairman of its board. In a statement on Wednesday, the lender also appointed two other non-executive directors, Titilayo Olujobi and Bimbola Wright to it boad ...

Kaduna bans motorcycles, suspends telecoms services over insecurity in the state

Kaduna bans motorcycles, suspends telecoms services over insecurity in the state: In a bid to disengaged bandits and terrorists from some parts of the state, the Kaduna state government has announced a ban on the use of motorcycles for commercial and personal purposes, and suspension of telecommunication services. The state commissioner for internal security and home affairs, ...

President Buhari replaces CEO of NPRA, asks Senate to approve new nominee

President Buhari replaces CEO of NPRA, asks Senate to approve new nominee: President Muhammadu Buhari on Wednesday wrote to the Senate to replace his ealier nominee for the position of the Chief Executive Officer on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA) board. The president asked the Senate to replace the nomination of Sarki Auwalu ...

AfDB bars Kenya-based firm, affiliates over fraudulent transactions

AfDB bars Kenya-based firm, affiliates over fraudulent transactions: The African Development Bank (AfDB) on Wednesday said it has barred a Kenya based firm, Rockey Africa Limited and its affiliates including Aerospace Aviation, Eva-Top Agencies, Sony Commercial Agencies, Beta Trading Company and Madujey Global Services for 18-month from transacting business with ...

Nigerian air force bombs civilian location, kills dozens in Borno village

Nigerian air force bombs civilian location, kills dozens in Borno village: The Nigerian Air Force fired upon and killed dozens of civilians at a village in the northeast, a victim and a resident said on Tuesday, as the country wages a 12-year war against Islamist insurgencies. The air force did not respond to repeated requests for comment by phone and message. The deat ...

Fidelity Bank to help SMEs develop Capacity in Non-oil Exports Sector

Fidelity Bank to help SMEs develop Capacity in Non-oil Exports Sector: In furtherance of its resolve to help Nigerian businesses build sustainable export capabilities, is set to host the 11th and 12th editions of its Export Management Programme (EMP). Launched in 2016, the EMP is targeted at preparing participants for real-time experiences in the international non- ...

Three million users visit UBA AI platform, LEO Chatbot

Three million users visit UBA AI platform, LEO Chatbot

Court adjourns EFCC case against Kogi over N20 bln bailout fund to Oct 15

Court adjourns EFCC case against Kogi over N20 bln bailout fund to Oct 15: Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday adjourned till October 15, 2021 for hearing of all applications in the case against the Kogi State over the N20 billion salary bail-out account domiciled in Sterling Bank Plc. On August 31, 2021, Justice Tija ...

Tuesday 28 September 2021

Nigerian Navy disowns claim Chadian soldiers sell weapons to Islamic jihadists

Nigerian Navy disowns claim Chadian soldiers sell weapons to Islamic jihadists: The Nigerian Navy on Tuesday disowned allegations made in parliament by one of its senior officers that soldiers from neighbouring Chad were selling their weapons for $20 or $30, contributing to unrest in northern Nigeria. The Navy described the widely reported allegations, made by Jamila Abubak ...

Firm sues CBN over ‘eNaira’ trademark infringement as Oct 4 launch of digital currency shaky

Firm sues CBN over ‘eNaira’ trademark infringement as Oct 4 launch of digital currency shaky: Plans by the Central Bank of Nigeria (CBN) to launch its digital currency on October 4, 2021, may be stalled as a eNaira payment solutions has instituted a suit against the regulatory bank over the use of the name 'eNaira'. The suit was filed before a Federal High Court in Abuja by law ...

Police arrest 57 members of Shi’ite, recover petrol bombs, bags of stones

Police arrest 57 members of Shi’ite, recover petrol bombs, bags of stones: Nigerian police denied killing members of a banned Shi'ite Muslim group who had gathered in the naion's capital Abuja on Tuesday, saying they had arrested 57 of them and recovered petrol bombs and bags of stones. Members of the proscribed Islamic Movement in Nigeria (IMN) said earlier ...

President Buhari writes Senate, seeks confirmation of six nominees for ICPC, RMAFC board

President Buhari writes Senate, seeks confirmation of six nominees for ICPC, RMAFC board: President Mohammadu Buhari on Tuesday asked the Senate to confirm the appointment of six commissioners to fill vacant position at the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Revenue Mobilization Allocation and Fiscal Commission (RMAFC)..  The letter, wh ...

Masked gunmen abduct retired AVM Smith in Ajah area of Lagos

Masked gunmen abduct retired AVM Smith in Ajah area of Lagos: A retired Air Vice Marshal, Sikiru Smith has been abducted by masked gunmen in the Ajah area of Lagos State on Tuesday, The PUNCH reports. Smith, who was abducted from the site of a dredging company is a cousin to a former Inspector-General of Police and current Chairman of the Police Service Co ...

CBN e-Naira: Implications for financial intermediation

CBN e-Naira: Implications for financial intermediation: Analysts at the United Capital Plc, an investment banking group observed some lacuna in the proposed introduction of eNaira by the central bank and call for measures to remediate the challenges. In the concluding part of our series, we will be considering the impact of the launch of the Central ...

Access Bank to meet investors today to discuss plans to issue fresh Eurobond

Access Bank to meet investors today to discuss plans to issue fresh Eurobond: Access Bank has appointed Citigroup C.N and JP Morgan to arrange a call with global investors this week ahead of a planned Eurobond issue, after Nigeria issued $4 billion last week that was heavily oversubscribed. The latest issue will be the second for Access Bank in less than a month. The top ...

Nigeria spends N905.3 bln on fuel subsidy in 8-month

Nigeria spends N905.3 bln on fuel subsidy in 8-month window.location = "http://globalfinancialdigest.com/nigeria-spends-n905-3-bln-on-fuel-subsidy-in-8-month/";

Nigeria records 1.07 trln trade deficits in agric in 6-month ~NBS

Nigeria records 1.07 trln trade deficits in agric in 6-month ~NBS: Nigeria traded in agricultural goods worth N1.5 trillionn in the first six months of the year, according to the National Bureau of Statistics (NBS). Data from the NBS showed that the country imported agricultural items worth N1.3 trillion while exports accounted for N292.5 billion within the rev ...

Monday 27 September 2021

Nigeria’s naira hits record low vs dollar in spite of $4 bln Eurobond issuance

Nigeria’s naira hits record low vs dollar in spite of $4 bln Eurobond issuance: The Nigerian naira hit a record low of N573 against the dollar on the black market on Monday, shrugging off news of the country's Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators. The West African country sold $4 bill ...

Nigeria raises N2.19 trillion from domestic bonds market in 9-month ~DMO

Nigeria raises N2.19 trillion from domestic bonds market in 9-month ~DMO: Nigeria has raised a total of N2.19 trillion through the domestic debt market so far this year, according to data from the Debt Management Office (DMO). The debt office is mandated to issue monthly bonds at its auction to raise fund to finance the deficit component of the federal government budg ...

Southern Govs call for power rotation contradicts constitution, says NSGF

Southern Govs call for power rotation contradicts constitution, says NSGF: The Northern States Governors’ Forum on Monday said the candidate with majority votes would become Nigeria’s President in the 2023 elections, condemning the position of its southern counterpart of rotational presidency. At an emergency meeting in Kaduna State, the 19 nothern governors  said the ...

Africa, most vulnerable continents to climate change ~McKinsey

Africa, most vulnerable continents to climate change ~McKinsey

Nigerian Army claims victory over ISWAP terrorists in Sokoto after attacks on base

Nigerian Army claims victory over ISWAP terrorists in Sokoto after attacks on base: Troops of Operation Hadarin Daji, in conjunction with other security agencies have eliminated scores of Islamic States for West African Province (ISWAP) terrorists and bandits in Sokoto State, Defence Headquarters said on Monday in Abuja. In a statement issued by the Director of Defence Informat ...

Moroccan woman taxi driver challenging social norms

Moroccan woman taxi driver challenging social norms: Souad Hdidou is challenging social norms and busting stereotypes from behind the wheel as the only female taxi driver in the Moroccan capital Rabat and one of a few in the country. Hdidou, 33, started work as a truck driver after dropping out of school and worked for a fish distribution company, ...

Osun State signs MoU with private firm to build Bio-Refinery firm

Osun State signs MoU with private firm to build Bio-Refinery firm: Osun State government has signed a Memorandum of Understanding (MoU) with a firm, VirtueplusTwo Integrated Nigeria Limited, for the establishment of a bio-refinery in the state. Bio refinery is based on renewable bio-based resources for the production of materials and energy. A biorefinery is a ...

Hobbled by low investment, poor maintenance, Nigeria, Angola struggle to meet OPEC quota

Hobbled by low investment, poor maintenance, Nigeria, Angola struggle to meet OPEC quota: Top African oil exporters Nigeria and Angola will struggle to boost output to their OPEC quota levels until at least next year as underinvestment and nagging maintenance problems continue to hobble output, sources at their respective oil firms warn. Their battle mirrors that of several other mem ...

NECA kicks against Nigeria’s huge debt, seeks PPP in plugging infrastructure deficits

NECA kicks against Nigeria’s huge debt, seeks PPP in plugging infrastructure deficits

Sadiku bows out at NIPC after 5-year tenure with no hope of renewal

Sadiku bows out at NIPC after 5-year tenure with no hope of renewal

Sunday 26 September 2021

How capital market can help bridge Nigeria’s infrastructure gap ~SEC

How capital market can help bridge Nigeria’s infrastructure gap ~SEC: The Securities and Exchange Commission (SEC) has affirmed that the capital market has the potentials to bridge the infrastructure gap in the country as well as aid economic development. According to the Executive Commissioner Operations of the SEC, Dayo Obisan at the annual conference/30th anniv ...

CBN seeks 5% improvement in infrastructure to sustain growth

CBN seeks 5% improvement in infrastructure to sustain growth: Nigeria's infrastructure should improve by at least between 5 to 7 percent for it to stimulate productivity and sustainable growth for businesses, according to the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Emefiele, who spoke at the at the Finance Correspondents Association o ...

ICPC arraigns two suspects for alleged defrauding RCCG of N10 mln

ICPC arraigns two suspects for alleged defrauding RCCG of N10 mln: The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned two person, Patricia Eni Hassan and Zachaeus B. Gana, before Justice Muawiyah Baba Idris of High Court 36 sitting in Nyanya, Federal Capital Territory (FCT), Abuja for alleged fraud and obtaining by fals ...

Friday 24 September 2021

Nigeria equity gains 0.23% as Access Banks mandates Citi, others for investors call on Eurobond

Nigeria equity gains 0.23% as Access Banks mandates Citi, others for investors call on Eurobond: Nigeria's equity market sustained its rally on Friday as the main index increased by 0.23 percent on the back of gains in the shares of Okomu Oil and Nascon. The All-Share Index rose by 88.16 points to close at 38,962.28 against 38,874.12 recorded in the previous day. The market cap of equi ...

How bribes from oil traders help fund Nigeria elections in 2014-2019~Lawsuits

How bribes from oil traders help fund Nigeria elections in 2014-2019~Lawsuits: Lawsuits in London and New York have shed light on how fees that trading firms paid agents to win oil contracts from Nigeria’s state energy company may have raised funds for the country’s past two elections. An ex-BP Plc oil trader alleged this week that cargo allocations by the Nigerian Nationa ...

Nigeria Customs, Western Marine Command Lagos seizes N1.26 bln contraband

Nigeria Customs, Western Marine Command Lagos seizes N1.26 bln contraband

Fuel queue hits UK cities over shortage of truck drivers to deliver gasoline to stations

Fuel queue hits UK cities over shortage of truck drivers to deliver gasoline to stations: ...Estimated 90,000 truck drivers needed ...Fear of fuel scarcity  United Kingdom Prime Minister, Boris Johnson is under pressure to deploy soldiers to drive petrol trucks as a major shortage of HGV drivers threatens to wreak havoc this winter, Dailymail reports. MPs have said the Army could be ...

President Buhari at UNGA, ask G20 nations for outright debt cancellation

President Buhari at UNGA, ask G20 nations for outright debt cancellation: By Oludare Mayowa President Muhammadu Buhari on Friday in New York urged world leaders, particularly the G20 countries to extend its debt suspension initiatives to all developing countries, Least Developed Countries, Small Island Developing States facing fiscal and liquidity challenges. Presiden ...

Ecobank Nigeria CFO advocate involvement of youth in development of payment system

Ecobank Nigeria CFO advocate involvement of youth in development of payment system: Ecobank Nigeria Chief Financial Officer has urged banks and financial regulatory bodies to ensure that young Nigerians are involved in the process of creating and developing new payment solutions for the country. Ibukunoluwa Oyedeji noted that the millennials are the major consumers of these pro ...

Nigeria blocks source of funding for terrorism ~AGF

Nigeria blocks source of funding for terrorism ~AGF: Attorney-General of the Federation and Minister of Justice Abubakar Malami attributed the success recorded so far in the battle against insurgency to the crippling of terrorism financing. Speaking to the News Agency of Nigeria (NAN) on the sidelines of the ongoing United Nations General Assembly ...

Nigeria’s central bank seems not able to tame naira slide despite policy moves

Nigeria’s central bank seems not able to tame naira slide despite policy moves: No matter what the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele does, he can’t bring Nigeria local currency to heel. Since March last year, the regulatory bank has devalued the naira three times in an attempt to narrow the gap between the official rate and the widely used parallel mar ...

Nigeria Parliament to empower AMCON to sell debtors’ property in a new amendment

Nigeria Parliament to empower AMCON to sell debtors’ property in a new amendment

Nigeria to launch its digital currency, eNaira on Oct 4, says Emefiele

Nigeria to launch its digital currency, eNaira on Oct 4, says Emefiele

How Chinese firms mistreat, exploit Nigerian workers

How Chinese firms mistreat, exploit Nigerian workers: Nigeria is a key destination for numerous Chinese manufacturing firms, with clusters located in the southwestern cities of Lagos, Ogun, and Benin City, in the oil-rich Niger-Delta region. However, these Chinese companies too often mistreat, exploit, and abuse their Nigerian staff, who have been ...

Nigeria committed to national food security ~Buhari

Nigeria committed to national food security ~Buhari: President Muhammadu Buhari on Thursday in New York reaffirmed the commitment of the Nigerian government to attaining national food security. The President told the Food Systems Summit as part of the High Level meetings of the 76th Session of the United Nations General Assembly, that Nigeria had ...

Nigeria now technology investment destination in Sub-Saharan, says Osinbajo

Nigeria now technology investment destination in Sub-Saharan, says Osinbajo: Nigeria has now become the technology investment destination in Sub-Saharan, according to the Vice President Yemi Osinbajo, who also said that the present administration will continue to step up efforts in providing stable macroeconomic, conducive business environment, infrastructure and securit ...

Lagos to become a smart city by 2030, says Sanwo-Olu

Lagos to become a smart city by 2030, says Sanwo-Olu: Lagos Governor Babajide Sanwo-Olu said on Thursday said the state would continue to leverage technology to transform the State’s economy while easing impediments for businesses to flourish. He said the dream of making the state smart city would have been fully realised by 2030, Sanwo-Olu said hi ...

Why FFK swallow his vomit and Buhari large heart ~Femi Adesina

Why FFK swallow his vomit and Buhari large heart ~Femi Adesina: "And come to think of it. Is it pleasant to swallow one’s vomit? Nah. But that was what FFK did. All those foul words against the President, the APC, the government, many people in government. He has swallowed them. Delicious? By no means. Pueh! " By Femi Adesina Not a small ruckus has ...

Thursday 23 September 2021

Nigeria raises N277 bln in bonds, spread across three tenors

Nigeria raises N277 bln in bonds, spread across three tenors

MTN Nigeria plans N90 bln bond issuances, seeks SEC approval

MTN Nigeria plans N90 bln bond issuances, seeks SEC approval: By Samuel Bankole Local unit of South Africa's telecom giant, MTN Nigeria on Thursday said it plans to issue N90 billion worth of bond under its N200 billion series 2 pogrammme. To this end, the telcom firm said it has submitted an application with tthe capital market regulator, Securities ...

AU says UK non-recognition of Africa-administered vaccines regrettable

AU says UK non-recognition of Africa-administered vaccines regrettable: The African Union's (AU) top health official called Britain's lack of recognition for coronavirus vaccines administered in Africa regrettable, saying on Thursday it sends a confusing public health message. England announced last week that it would expand the list of countries from whic ...

Nigeria to launch 5G network by Jan, says Pantami

Nigeria to launch 5G network by Jan, says Pantami: Nigeria plans to launch the Five Generation (5G) network across the country in January 2022 and will aid surveillance against vandalism of public assets, according to the Minister of Communication and Digital Economy, Isa Pantami. Pantami, who disclosed this on Thursday in Maiduguri at a Town Ha ...

Price of cooking gas rises to N7,000 for 12.5kg cylinder

Price of cooking gas rises to N7,000 for 12.5kg cylinder

Reps to collaborate with ICPC in tackling IFFs, corruption

Reps to collaborate with ICPC in tackling IFFs, corruption

S/Africa’s consumer price inflation rises to 4.9% y/y in August

S/Africa’s consumer price inflation rises to 4.9% y/y in August

President Buhari seeks Netherlands support for investment in agricultural sector

President Buhari seeks Netherlands support for investment in agricultural sector

Digital currency will boost cross border trade, promote faster currency exchange ~CBN

Digital currency will boost cross border trade, promote faster currency exchange ~CBN: The Central Bank of Nigeria (CBN) has said that the introduction of the e-naira can catalyse Nigeria’s digital economy, boost cross border trade and enable better macroeconomic policy formulation. According to Director, Information and Technology, CBN, Rakitya Muhammed, eNaira will promote faste ...

Wednesday 22 September 2021

Nigeria targets 1.88 mbpd crude oil in 2022, benchmark of $57/barrel

Nigeria targets 1.88 mbpd crude oil in 2022, benchmark of $57/barrel: The federal government targets to produce 1.88 million barrels per day of crude oil in 2022 and will use a benchmark oil price of $57 per barrel for its budget planning, according to a document approved by both the Senate and House of Representatives on Wednesday. The Medium-Term Expenditure Fra ...

Nigeria Senate approves 2022-2024 MTEF, N13.98 trln budget proposal for 2022

Nigeria Senate approves 2022-2024 MTEF, N13.98 trln budget proposal for 2022: The Senate on Wednesday passed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) ahead of the expected presentation of the 2022 Appropriations bill to the National Assembly by President Muhammadu Buhari. The passage of the 2022-2024 Medium Term Expenditure Fram ...

AMCON takes over ex-Kwara Governor, Ahmed property over N5 bln debt

AMCON takes over ex-Kwara Governor, Ahmed property over N5 bln debt

Nigeria’s House of Reps to probe abandoned coal power generating licences

Nigeria’s House of Reps to probe abandoned coal power generating licences: Nigerian and foreign companies that were granted licences in 2015 to mine coal and generate power from it have made little or no progress, according to a motion put forward in Nigeria's House of Representatives on Wednesday. Lack of electricity is one of the biggest and most intractable pro ...

Benin artists offer to swap newly made artworks with British Museum in return for looted bronzes

Benin artists offer to swap newly made artworks with British Museum in return for looted bronzes: A new guild of artists from Benin City, Edot State capital has offered to donate artworks to the British Museum in London as a way to encourage it to return the priceless Benin Bronzes that were looted from the city's royal court by British troops in 1897. Created in the once mighty Kingdom ...

With e-Naira, CBN to position self in forefront of digital payments

With e-Naira, CBN to position self in forefront of digital payments: Analysts at the Investment banking group, United Capital see the proposed introduction of eNaira as opportunity for the Central Bank of Nigeria (CBN) to position itself in the forefront of digital payments system In 2017, the Central Bank of Nigeria (CBN) made public its vision to digitalise the ...

In a bid to boost image, Facebook to feature stories in users’ News Feeds

In a bid to boost image, Facebook to feature stories in users’ News Feeds: Facebook executives plan to promote stories on users' News Feeds that paint the social media giant in a positive light - as part of an effort to improve the site's image. According to the New York Times, top executives at the social media network met in January to discuss how they coul ...

Nigeria raises $4 bln in Eurobond as order book peaked at $12.2 bln

Nigeria raises $4 bln in Eurobond as order book peaked at $12.2 bln: By Oludare Mayowa Nigeria has raised $4 billion worth of the Eurobonds after two days of virtual meeting with investors across the globe, $1 billion more than it initially proposed. According to the Debt Management Office (DMO), the order book  peaked at $12.2 billion which enabled the governmen ...

About 9,000 Nigerian doctors now work in UK, 353 registered in last 100-day

About 9,000 Nigerian doctors now work in UK, 353 registered in last 100-day: The United Kingdom (UK) registered about 353 Nigerian doctors in the last 100 days, according to data from the General Medical Council – the body which licenses and maintains the official register of medical practitioners in the UK. The GMC licensed at least 353 Nigerian-trained doctors between ...

Tuesday 21 September 2021

Nigeria opens order book for $3 bln Eurobond

Nigeria opens order book for $3 bln Eurobond: Nigeria opened the order book for a $3 billion Eurobond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors seen by Reuters. The country is aiming to issue the debt in tranches of three tenors - a seven-year at a yield of 6.5 percent, a 12-year bond at 7.7 ...

Nigeria opens order book for $3 bln Eurobond

Nigeria opens order book for $3 bln Eurobond: Nigeria opened the order book for a $3 billion Eurobond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors seen by Reuters. The country is aiming to issue the debt in tranches of three tenors - a seven-year at a yield of 6.5 percent, a 12-year bond at 7.7 ...

Why the world must end inequitable access to Covid-19 vaccine ~WTO Chief

Why the world must end inequitable access to Covid-19 vaccine ~WTO Chief: The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala on Tuesday said the inequity in accessing COVID-19 vaccines is unacceptable. Okonjo-Iweala, who spoke after meeting with President Muhammadu Buhari  in New York, said she briefed the president on efforts to mobilise ...

ICPC arraigns ex-NIS Officer over certificate fraud

ICPC arraigns ex-NIS Officer over certificate fraud: The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a retired Chief Superintendent of Nigeria Immigration Service (NIS), Imam Aminu over alleged forgery of academic certificates. The Commission, in a 4-count charge brought before Justice A.O. Abong of the ...

Nigeria seeks OPEC approval to raise oil production to 2.2 mbpd

Nigeria seeks OPEC approval to raise oil production to 2.2 mbpd: Nigeria is in talks with OPEC+ to raise its oil production quota to about 2.2 million barrels per day, the OPEC member's petroleum minister told reporters on Tuesday. "What we're getting right now is 1.74 million barrels per day (bpd) we think we can do about 2.2 ," petroleum ...

About 20% of Nigeria’s workers out of job due to Covid~NBS

About 20% of Nigeria’s workers out of job due to Covid~NBS: Around 20 percent of workers in Nigeria have lost their jobs as a result of COVID-19, the National Bureau of Statistics (NBS) said on Tuesday, outlining the impact of the pandemic on businesses in Africa's most populous nation. The NBS and the United Nations Development Programme (UNDP) sur ...

Nigeria seeks to secure fair deal from OECD proposed digital economy taxation ~Ahmed

Nigeria seeks to secure fair deal from OECD proposed digital economy taxation ~Ahmed

Ecobank Chief, Akinwuntan throws his weight behind Nigeria’s plans for Eurobond

Ecobank Chief, Akinwuntan throws his weight behind Nigeria’s plans for Eurobond: The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has threw his weight behind plans by the federal government to raise fresh fund from the International Capital Market (ICM), saying the move was a step in the right direction. Akinwuntan noted that the fundamentals and potentials of the ...

Policy normalisation and potential impacts on emerging markets

Policy normalisation and potential impacts on emerging markets: By United Capital Since the initial foreign capital flight triggered by the pandemic in early 2020, Emerging Markets (EMs) have benefited from the knock-on effects of accommodative monetary policy, which prompted investors to seek higher yields. However, with inflation rising across developed ec ...

Netflix offers free mobile plan in Kenya

Netflix offers free mobile plan in Kenya: Netflix Inc on Monday began offering a free mobile plan with about one-quarter of its TV shows and movies in Kenya, a strategy aimed at sparking growth in a key African market, Reuters reports showed. The free plan is available on Android mobile phones and will not have ads. It features Netflix ...

PIA Amendment: Buhari wants Finance, petroleum ministers remove from NNPC Ltd. board

PIA Amendment: Buhari wants Finance, petroleum ministers remove from NNPC Ltd. board: President Muhammadu Buhari has written to the Senate, seeking an amendment to the recently signed Petroleum Industry Act (PIA). In the letter, President Buhari wants an amendment to the new Act to allow for the removal of the Ministers of Petroleum and Finance from the board of the Nigerian Nati ...

NECA, Attorney-General back payment of VAT to FIRS

NECA, Attorney-General back payment of VAT to FIRS: The federal government has directed private sector operators to remit August Value Added Tax (VAT) to the the Federal Inland Revenue Service (FIRS) in compliance with recent Court of Appeal order. Also, the Nigeria Employers Consultative Association (NECA) asked its members to make their VAT rem ...

Nigerian banks pay N1.33 bln interest to CBN for N2.18 trln short term borrowing in April

Nigerian banks pay N1.33 bln interest to CBN for N2.18 trln short term borrowing in April

Monday 20 September 2021

It’s duty of Govt to educate citizens, says Osinbajo

It’s duty of Govt to educate citizens, says Osinbajo

Covid-19 Surge: Nigeria may bar unvaccinated person from govt facilities

Covid-19 Surge: Nigeria may bar unvaccinated person from govt facilities: Nigeria may consider barring unvaccinated person from accessing government facilities, among other measures, if the COVID-19 vaccine hesitancy being witnessed continues. The government may take the decision if the government did not notice any significant improvement after the ongoing enlightenm ...

Nigeria may realise N500 bln from overtime cargoes

Nigeria may realise N500 bln from overtime cargoes: The Nigeria Customs Service (NCS) may rake in over N500 billion from over 8,000 overtime cargoes that are trapped at the port. According to sources at the Nigerian Shippers Council (NSC), the government should set a benchmark for Customs in the auctioning of the abandoned containers so that nobo ...

UBA commitments to customers service, good product boost H1 profit, says Uzoka

UBA commitments to customers service, good product boost H1 profit, says Uzoka: The United Bank for Africa Plc said its unending commitment towards delivering products and services aimed at meeting customers’ demands has help it recorded significant improvement in its operational and financial performance. In a statement on Sunday, the bank quoted its Chief Executive Office ...

Nigeria to advocate global equity for Covid-19 vaccine at UN General Assembly

Nigeria to advocate global equity for Covid-19 vaccine at UN General Assembly: Nigeria will join other world leaders to push for global COVID-19 vaccine equity at the ongoing United Nations General Assembly high-level meetings. According to the Permanent Representative of Nigeria to the UN, Tijjani Muhammad-Bande, President Muhammadu Buhari would join other global leaders ...

OPEC to retain oil production deal in October

OPEC to retain oil production deal in October: The Organisation of Petroleum Exporting Countries (OPEC( and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq's oil minister said. Ihsan Abdul Jabbar said the group is expected to stick to its current production accord when it meet in October &quot ...

UK plans to protect consumers from soaring gas prices

UK plans to protect consumers from soaring gas prices: Britain has plans in place to protect the market and consumers from soaring global gas prices, business minister Kwasi Kwarteng said on Sunday following a meeting with the head of energy regulator Ofcom. A jump in gas prices has already forced several domestic energy suppliers out of business an ...

SEC introduces custody rules for Mutual fund to protect investors

SEC introduces custody rules for Mutual fund to protect investors: The Securities and Exchange Commission (SEC) said on Sunday it has introduced custody rules for its N4 trillion Mutual fund industry to protect investors and further develop its capital markets,. Before the rules, investment managers warehoused securities and cash, which meant that investors cou ...

Sunday 19 September 2021

President Buhari directs incorporation of NNPC Limited, appoints board

President Buhari directs incorporation of NNPC Limited, appoints board: President Muhammadu Buhari on Sunday directed that the Nigerian National Petroleum Company Limited should be incorporated within six months, a move that could allow it to sell shares in the future. Buhari, who doubles as petroleum minister, signed an oil bill into law last month that has been in ...

Ex-President Obasanjo lashes at Buhari over huge debt accumulation

Ex-President Obasanjo lashes at Buhari over huge debt accumulation: Nigeria former President, Olusegun Obasanjo has criticised the manner the present administration is borrowing, especially for recurrent expenditure, describing it as ‘foolish’. In a video interview posted on Channel’s Television Facebook page, Obasanjo also said that borrowing and accumulating d ...

Nigeria spends N1.03 trln on debt service in April vs ~CBN

Nigeria spends N1.03 trln on debt service in April vs ~CBN: By Samuel Bankole Nigeria spent N1.03 trillion on debt service obligations in the first quarter of 2021, up from N779.73 billion spent on debt service in the corresponding period of last year. According to the Central Bank of Nigeria (CBN) April monthly economic report, debt service gulped N461. ...

Saturday 18 September 2021

Lagos ready to collect VAT, may exempt SMEs after review of law

Lagos ready to collect VAT, may exempt SMEs after review of law: The Lagos State Inland Revenue Service (LIRS) has said it is ready for the collection of Value Added Tax (VAT) in compliance with the state law. Assistant Director of Taxes, LIRS, Adetola Olanrewaju, in response to questions during the LCCI’s ‘SMEGroup Workshop on Assisting MSMEs with Regulatory ...

Banks NPLs ratio declines to 5.4% in July vs 5.7% in May, says CBN

Banks NPLs ratio declines to 5.4% in July vs 5.7% in May, says CBN: Rate of loans defaults by bank customers have declined as Non-Performing Loans (NPLs) ratio in the banking industry fell to 5.4 percent at the end of July, 2021, the Central Bank of Nigeria (CBN) said on Friday. According to the regulatory bank, the NPLs ratio of banks fell by 0.3 percent in Jul ...

Friday 17 September 2021

Nigeria seeks return to civil rule in Guinea

Nigeria seeks return to civil rule in Guinea: Nigeria has asked the Economic Community of West African States (ECOWAS) to ensure immediate return of democratic rule to Guinea after the recent military coup in the country. Nigeria also called for a short transition programme that will usher in a new civilian government in the country. Vice P ...

After CBN Threats: AbokiFx says suspend publication of parallel market forex rate

After CBN Threats: AbokiFx says suspend publication of parallel market forex rate: By Oludare Mayowa The embattled AbokiFX, web forex exchange rate information provider said on Friday that it has suspended publication of parallel market exchange rate in the interim. In a post on the platform, AbokiFX said it took the decision to temporarily suspend rate updates on all its plaf ...

Industrial court orders Doctors to call off strike, return to duty post

Industrial court orders Doctors to call off strike, return to duty post: The National Industrial Court (NIC) in Abuja has ordered that the Nigerian Association of Resident Doctors (NARD) should return to their duty post immeditately and call off their ongoing strike action. In a ruling on Friday, the court held that there is no amount of money that will compensate fo ...

CBN to shut down AbokiFX as MPC retains interest rate at

CBN to shut down AbokiFX as MPC retains interest rate at: The Central Bank of Nigeria (CBN) on Friday said that it will go after an online foreign exchange rate provider, Aboki FX, and shut down the platform, which the bank described as an illegal and criminal platform. According to the CBN Governor, Godwin Emefiele, the regulatory bank will also prose ...

ECOWAS freezes the financial assets, imposes travel bans on Guinea junta

ECOWAS freezes the financial assets, imposes travel bans on Guinea junta: West Africa's main regional bloc on Thursday imposed sanctions against the junta in Guinea and those slowing Mali's post-coup transition - its toughest response yet to a run of military takeovers. The move was agreed at an emergency summit of the Economic Community of West African Stat ...

Thursday 16 September 2021

Nigeria’s naira tumbles vs dollar at N570/$ as CBN investigates AbokiFX founder

Nigeria’s naira tumbles vs dollar at N570/$ as CBN investigates AbokiFX founder: By Oludare Mayowa The Naira continued its free fall against the dollar on the parallel market on Thursday, closing at N570 to the greenback as the Central Bank of Nigeria (CBN) is said to be investigating Oniwinde Adedotun, the founder of AbokiFX over allegations of forex malpractice. The local ...

Southern Govs back VAT collection, encourage more states to pass anti-open grazing law

Southern Govs back VAT collection, encourage more states to pass anti-open grazing law: Governors of the 17 Southern States, under their umbrella association, the Southern Governors Forum have threw their weight behind states collection of the Value Added Tax, and encouraged members to enact law on anti-open grazing in their states. The Governors made their positions known on Thurs ...

Why FIRS wants to stop Lagos from joining VAT row in Court

Why FIRS wants to stop Lagos from joining VAT row in Court: The Federal Inland Revenue Service (FIRS) on Thursday opposed the request by Lagos State to be joined as an interested party in its appeal challenging the judgment of a Federal High Court which faulted its collection of Value Added Tax (VAT) in Rivers State. The Court of Appeal in Abuja had last ...

UPDATE: Bawa, EFCC boss ‘hale and hearty,’ is due back at his desk ~Agency spokesman

UPDATE: Bawa, EFCC boss ‘hale and hearty,’ is due back at his desk ~Agency spokesman: The Economic and Financial Commission (EFCC) has said that its Chairman, Abdulrasheed Bawa, has since recovered and he is due back at his desk after he slumped during an event at the presidential villa on Thursday. A statement by the spokesman of the commission, Wilson Uwujaren said Bawa receive ...

Nigeria risks debt sustainability issue as debt stock hits N35.5 trln in Q2 2021

Nigeria risks debt sustainability issue as debt stock hits N35.5 trln in Q2 2021: Nigeria's debt stock rose 7.75 percent year-to-date to N35.5 trillion by end of June this year, said the debt office, but warned that the country risked the debt sustainability issue if it failed to grow the current low revenue profile. The country's Debt Management Office (DMO) report ...

BREAKING: EFCC boss, Bawa slumps at Presidential Villa

BREAKING: EFCC boss, Bawa slumps at Presidential Villa: The Chairman of Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has been reportedly broke down while presenting his brief address and was rushed out of the banquet hall at the presidential villa on Thursday. According to a report by Punch, Bawa was offering his goodwill messag ...

Nigerian banks lack enough dollar liquidity to fund Shell Petroleum divestment from onshore assets ~GTB Boss

Nigerian banks lack enough dollar liquidity to fund Shell Petroleum divestment from onshore assets ~GTB Boss: Nigerian banks may not have enough dollar liquidity to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc, the country’s biggest lender said. Guaranty Trust Bank Plc doesn’t see the likelihood of any client raising the estimated $2.3 billion needed ...

Nigerian Air Force to investigate alleged bombing of Civilians in Yobe

Nigerian Air Force to investigate alleged bombing of Civilians in Yobe: The Nigerian Air Force said on Thursday it may have killed and injured civilians while pursuing suspected Islamist insurgents in the northeast state of Yobe, in an incident that residents said left at least six people dead. Nigeria's northeast is the hotbed of two Islamist insurgencies: Bok ...

Nigeria to sell N150 billion bonds at auction on Sept 22 ~DMO

Nigeria to sell N150 billion bonds at auction on Sept 22 ~DMO: Nigeria plans to sell sovereign bonds worth N150 billion at its September debt auction next Wednesday, according to a calendar released by the Debt Management Office (DMO) on Thursday. The debt office said it will offer N50 billion apiece across three tenor paper at the auction, its ninth editio ...

Nigeria to sell N150 billion bonds at auction on Sept 22 ~DMO

Nigeria to sell N150 billion bonds at auction on Sept 22 ~DMO: Nigeria plans to sell sovereign bonds worth N150 billion at its September debt auction next Wednesday, according to a calendar released by the Debt Management Office (DMO) on Thursday. The debt office said it will offer N50 billion apiece across three tenor paper at the auction, its ninth editio ...

Analysts see further decline in inflation in 2021

Analysts see further decline in inflation in 2021

Wednesday 15 September 2021

About 1 million Nigerian children to miss school due to kidnappings ~UNICEF

About 1 million Nigerian children to miss school due to kidnappings ~UNICEF: At least one million Nigerian children could miss school this year as the new term begins amid a rise in mass school kidnappings and insecurity, the United Nations children's agency UNICEF said on Wednesday. Schools have become targets for mass abductions for ransom in northern Nigeria by a ...

APC to PDP: FG borrowings are to finance development projects

APC to PDP: FG borrowings are to finance development projects: The ruling All Progressive Congress (APC) has told the main opposition Peoples Democratic Party (PDP) that borrowings by the President Muhammadu Buhari-led federal government is for the good of the country. The ruling party, in a statement signed by its National Secretary, James Akpanudoedehe, s ...

Ghana’s economy is rebounding faster from pandemic impact, says Akufo-Addo

Ghana’s economy is rebounding faster from pandemic impact, says Akufo-Addo: Ghana’s economy is rebounding faster from the impact of COVID-19 than envisioned, according to President Nana Akufo-Addo. Like many countries globally, the West African nation’s economy took a hit through 2020 as COVID-19 ravaged the world, shutting down businesses, industries, prompted by gover ...

Nigeria’s naira hits new record low of N562 to the dollar on parallel market

Nigeria’s naira hits new record low of N562 to the dollar on parallel market

Dangote seeking to raise $500 mln from traders to finance fuel refinery

Dangote seeking to raise $500 mln from traders to finance fuel refinery: The world wealthiest black man, Aliko Dangote is in talks with some of the biggest global oil traders to raise needed funds to help finance the completion of his petroleum refinery being built in Lekki Area of Lagos, sources with knowledge of the matter said, according to a Reuters report. The 6 ...

Pfizer says booster dose safe as vaccine efficacy erodes over time

Pfizer says booster dose safe as vaccine efficacy erodes over time: Pfizer Inc. said that data from the U.S. and Israel suggest that the efficacy of its Covid-19 vaccine wanes over time, and that a booster dose was safe and effective at warding off the virus and new variants. The company detailed the data in a presentation it will deliver to a meeting of outside ...

AfDB approves $50 mln trade finance facilities agreement with Stanchart

AfDB approves $50 mln trade finance facilities agreement with Stanchart: The African Development Bank (AfDB) has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) with Standard Chartered Bank, the regional banking group said in a statement. The agreement, the lender said is expected to boost intra-Africa trade, promote regional integrat ...

Nigeria’s Access Bank raises $500 mln 5-year Eurobond at 6.1% coupon/yield

Nigeria’s Access Bank raises $500 mln 5-year Eurobond at 6.1% coupon/yield: ...3x oversubscribed to $1.6 bln ...Interest payable semi-annually By Oludare Mayowa Nigeria's Access Bank said it has raised $500 million worth of Eurobond with 5-year tenor at 6.125 percent yield/coupon to provide medium term funding and enhance its capacity to support general banking pur ...

Nigeria’s consumer inflation slows to 17% in Aug ~NBS

Nigeria’s consumer inflation slows to 17% in Aug ~NBS: Nigerian inflation rate slowed in August, as the rate of food-price growth declined, acording to the latest CPI released by the National Bureau of Statistics (NBS) on Wednesday. Consumer prices rose 17 percent from a year earlier, compared with 17.4 percent in July, the statistics agency said in ...

Lagos moves to access N25 bln green bond, signs MoU with FMDQ, FSD

Lagos moves to access N25 bln green bond, signs MoU with FMDQ, FSD: Lagos State becomes the first sub-national Government to activate the framework for the unlocking of the $1 trillion Nigerian Green Bond Market Development Programme to finance key infrastructure projects. Governor Babajide Sanwo-Olu signed Memorandum of Understanding (MoU) with FMDQ Group and F ...

Nigeria Customs to deploy 50 border patrol boats to combat smuggling

Nigeria Customs to deploy 50 border patrol boats to combat smuggling: The Nigeria Customs Service (NCS) on Tuesday said that it would deploy 50 border patrol boats to fight smuggling on the waterways. According to the Customs Zonal Cordinator Zone A, ACG Modupe Aremu, 520 marine custom officers would also be deployed to the command. Aremu, who disclosed this durin ...

Tuesday 14 September 2021

Apple’s New iPhones May Be the Weakest Upgrade Ever

Apple’s New iPhones May Be the Weakest Upgrade Ever: By Tae Kim | Bloomberg For the more than one billion iPhone enthusiasts around the world, no product unveiling is more anticipated than Apple Inc.’s annual reveal of its newest lineup of smartphones. Except for maybe this time. On Tuesday, the Cupertino, California-based company introduced four ...

SCOA gets N15.5 bln facilities from consortium of 8 banks to supply trucks, equipment to Julius Berger

SCOA gets N15.5 bln facilities from consortium of 8 banks to supply trucks, equipment to Julius Berger: Consortium of eight banks, including Heritage Bank, UBA, Zenith and Wema Bank have provided a total of N15.5 billion to assist SCOA Nigeria Plc for the importation and supply of heavy duty MAN Platform Trucks and equipment to Julius Berger Nigeria for construction of 380 km Abuja-Kaduna-Kano roa ...

Nigerian customs accuses govt officials, elites of patronising smuggled vehicles

Nigerian customs accuses govt officials, elites of patronising smuggled vehicles: The Assistant Comptroller General (ACG) in charge of modernization of The Nigerian Customs Service (NCS), Saidu Galadima, has accused top Nigerians, Ministries, Departments and Agencies (MDAs) of the government of patronizing smuggled vehicles. Galadima made the accusation during an interactive ...

Deji of Akure Kingdom, Oba Aladelusi becomes chairman Ondo council of Obas

Deji of Akure Kingdom, Oba Aladelusi becomes chairman Ondo council of Obas: Oba Aladetoyinbo Aladelusi, the Deji of Akure Kingdom on Tuesday was appointed as the chairman of the Ondo State Council of Obas by the Ondo State governor, Rotimi Akeredolu. In a statement issued by the Chief Press Secretary to the governor,  Richard Olatunde said the Deji appointment follows t ...

Nigeria battles worst cholera outbreaks in years

Nigeria battles worst cholera outbreaks in years: Nigeria is seeing one of its worst cholera outbreaks in years, with more than 2,300 people dying from suspected cases as Africa’s most populous country struggles to deal with multiple disease outbreaks. This year’s cholera outbreak, with a higher case fatality rate than the previous four years, ...

Lagos signs MoA with Ikeja Electric on meters procurement, distributions

Lagos signs MoA with Ikeja Electric on meters procurement, distributions

Buhari seeks Senate approval for fresh $4 billion, €710 million loans from World Bank, five others

Buhari seeks Senate approval for fresh $4 billion, €710 million loans from World Bank, five others

CBN plans to establish a new financial hub, NIFC in Aug 2022

CBN plans to establish a new financial hub, NIFC in Aug 2022: The Central Bankof Nigeria (CBN) on Tuesday said it will establish the Nigerian International Financial Centre (NIFC) within the next 12 months. According to the Governor of the bank, Godwin Emefiele, the NIFC will act as an international gateway for Capital and investments, driven by technology ...

Nigeria economy ‘not out of the woods yet,’ Emefiele, see GDP at 3% in 2021

Nigeria economy ‘not out of the woods yet,’ Emefiele, see GDP at 3% in 2021: Nigerian economy is projected to grow between 2.5 percent and 3 percent this year, according to the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. But the regulatory bank governor warned that the country's economy is not out of the woods yet, considering the challenges of managing ...

NNPC 2020 profit: Driven by non-core activities and accounting estimates

NNPC 2020 profit: Driven by non-core activities and accounting estimates: Analysts at United Capital Plc said the celebrated profitability of the state-run oil firm, NNPC was mainly driven by non-core activities and accounting estimates. They said a lot more needed to done by the corporation in the years ahead. Last week, the Nigerian National Petroleum Corporation (N ...

Nigeria’s equity market declines on losses by Guinness, Lafarge

Nigeria’s equity market declines on losses by Guinness, Lafarge: By Samuel Bankole Nigeria's equities market closed on a negative position on Monday as the main index fell marginally by 0.02 percent, triggered by decline in the shares of First Bank Holdco, Guinness and Lafarge Africa. The All-Share Index (ASI) closed at 38,915.62 points while the market ...

EFCC arrests 56 suspected fraudsters at Ogun Govt Hotel in Abeokuta

EFCC arrests 56 suspected fraudsters at Ogun Govt Hotel in Abeokuta: The Economic and Financial Crimes Commissions (EFCC) said it has arrested 56 suspected fraudsters in a sting operation at the Ogun State Government’s hotel, the Mitros Residences Annex, and two other hotels in Abeokuta. The EFCC operatives reportedly broke into the Mitros Residences Annex, Ceili ...

New study shows no need for a vaccine third jab booster

New study shows no need for a vaccine third jab booster: Vaccines are effective enough at preventing severe cases of COVID-19 that there is no current need for the general population to be given third doses, according to a report in The Lancet published Monday. Some countries have started offering extra doses over fears about the much more contagious ...

Change of baton at Nigeria LNG as Attah bows out, Mshelbila takes over as CEO

Change of baton at Nigeria LNG as Attah bows out, Mshelbila takes over as CEO: Nigeria LNG Limited (NLNG) new chief executive Philip Mshelbila resumed duty at the headquarter of the gas firm as the former CEO, Tony Attah handed the symbolic Key to NLNG to his successor. At a Farewell and Welcome Ceremony held in honour of the new CEO, the NLNG Key changed hands, marking th ...

NDIC CEO commends ICPC for reducing Corruption in the Public Sector

NDIC CEO commends ICPC for reducing Corruption in the Public Sector: The Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has commended the Anti-Corruption and Transparency Units (ACTUs) set up by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in Ministries, Departments and Agencies for re ...

Monday 13 September 2021

How Buhari visitation panel inducts Unilag VC, vindicates Babalakin-led board

How Buhari visitation panel inducts Unilag VC, vindicates Babalakin-led board: The visitation panel set up by President Muhammed Buhari to probe the affairs of University of Lagos (UNILAG) aftermath disagreement between the then Governing Council led by Wale Babalakin and the management of the school has indicted the Vice Chancellor, Oluwatoyin Ogundipe, a Professor of wro ...

OPEC projects stronger crude oil demand for 2021, 2022

OPEC projects stronger crude oil demand for 2021, 2022: The Organization of Petroleum Exporting Countries (OPEC) predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere. The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming m ...

Nigeria requests states to reserve 50% of Moderna vaccine allocation for 2nd shot

Nigeria requests states to reserve 50% of Moderna vaccine allocation for 2nd shot: Nigeria has asked its sub-nationals, including the Federal Capital Territory (FCT) to reserve 50 percent of the allocated doses of the Moderna COVID-19 vaccine for a second shot. The Executive Director of the National Primary Healthcare Development Agency (NPHCDA), Faisal Shuaib said that the me ...

Nigeria’s naira depreciates vs dollar to N550 on parallel market, down 5.7% w/w

Nigeria’s naira depreciates vs dollar to N550 on parallel market, down 5.7% w/w: By Oludare Mayowa The Nigerian naira weakened to its new lowest against the greenback as it was sold at N550 to the dollar on the parallel market on Monday against N547 a dollar on Friday, traders said. The naira has lost 5.76 percent week-on-week as it was sold at N530 to the dollar on the blac ...

Ivory Coast weather expected to help start of main cocoa crop

Ivory Coast weather expected to help start of main cocoa crop: Below average rains were recorded last week in most of Ivory Coast's cocoa growing regions but high soil moisture content from previous rains would help the strong development of the October-to-March main crop, farmers said on Monday. Ivory Coast, the world's top cocoa producer is head ...

Gunmen kill two soldiers, set free 240 prison inmates in Kogi

Gunmen kill two soldiers, set free 240 prison inmates in Kogi: Gunmen attacked a jail in Kogi State late on Sunday and 240 inmates were set free, the prison service said in a statement on Monday. "The attackers in their number were said to have arrived at the Custodial Centre heavily armed and immediately engaged the armed guards in a fierce gun battle ...

Gunmen kill two soldiers, set free 240 prison inmates in Kogi

Gunmen kill two soldiers, set free 240 prison inmates in Kogi: Gunmen attacked a jail in Kogi State late on Sunday and 240 inmates were set free, the prison service said in a statement on Monday. "The attackers in their number were said to have arrived at the Custodial Centre heavily armed and immediately engaged the armed guards in a fierce gun battle ...

Experts are reviewing effects of pandemic in 6-month time

Experts are reviewing effects of pandemic in 6-month time: For anyone hoping to see the end of the pandemic over the next three to six months, scientists have some bad news. It won’t be over in six months. Almost everyone will be either infected or vaccinated before the pandemic ends, experts agree. Maybe both. An unlucky few will contract the virus mor ...

VAT War: Businesses may withhold consumption tax remittances~ OPS

VAT War: Businesses may withhold consumption tax remittances~ OPS: The Organised Private Sector (OPS) may be considering withholding remittances of the Value Added Tax (VAT) to the collecting agency following the controversy over who has the right to collect the consumption tax. It would be recalled that the Rovers State government obtained judgment from a Fede ...

Controversy trails take over of Nosak Group by GTBank over alleged N6 bln debt

Controversy trails take over of Nosak Group by GTBank over alleged N6 bln debt: There is an ongoing controversy over the Guaranty Trust Bank (GTB) takeover of Nosak Group and appointment of a receiver manager for the company over a N6 billion debt. While Nosak Group Managing Director, Thomas Oloriegbe said his company has obtained court order quashing the appointment of a s ...

Saturday 11 September 2021

Katsina becomes second state to lose telecom services over fight against terrorists

Katsina becomes second state to lose telecom services over fight against terrorists: Nigerian officials cut communication lines in multiple parts of Katsina state as a crackdown on banditry in the northwest of the country spreads. Katsina state security adviser Ibrahim Ahmed told Reuters by phone that the government directed a communications blackout in 13 local government areas ...

CBN says no intention to covert domiciliary account to naira

CBN says no intention to covert domiciliary account to naira: The Central Bank of Nigeria (CBN) on Saturday said it has no intention to convert domi iliary accounts holdings into naira, contrary to speculation and fake circular currency circulating in the social media. In a statement signed by the regulatory bank's Director of Corporate Communication, ...

Court cautions Ibrahim, NICON on multiple cases against AMCON over N70 bln debt

Court cautions Ibrahim, NICON on multiple cases against AMCON over N70 bln debt: A Federal High Court in Lagos has cautioned NICON Insurance and businessman Jimoh Ibrahim against filing related suits before other courts against the Asset Management Corporation of Nigeria (AMCON) over dispute on the take over of NICON Insurance and Nigeria Re by the 'bad bank.' Just ...

CBN investigating banks over forex transactions, to suspend culpable lender from FX market

CBN investigating banks over forex transactions, to suspend culpable lender from FX market: By Oludare Mayowa The Central Bank of Nigeria (CBN) has commenced the investigations of the foreign-exchange transactions of some commercial bankslenders operating in the country. In a circular signed by the regulatory bank's director of Trade and Exchange, OS Nnaji, the CBN said it will sa ...

PDP reconciliation committee urges caution over Secondus issue

PDP reconciliation committee urges caution over Secondus issue: The Peoples Democratic Party (PDP) Reconciliation Committee led by former Senate President, David Mark is urging caution in the party’s plan to get rid of its chairman, Uche Secondus, before the expiration of his tenure. The committee warns the party against sacking the National Working Committe ...

Guaranty Trust 2021 half-year profit declines 15.2% to N93 bln, pays N0.30 dividends

Guaranty Trust 2021 half-year profit declines 15.2% to N93 bln, pays N0.30 dividends: Guaranty Trust Holding Company (GTCO) Plc, parent firm of the Guaranty Trust Bank (GTB) profit before tax declined 15.2 percent to N93.1 billion for the first six months of the year to June 30. The Group Chief Executive Officer of the firm, Segun Agbaje, who disclosed this said the group’s PBT s ...

EndSARS: Forensic expert confirms bullets fired at Lekki Tollgate belong to Nigeria Army

EndSARS: Forensic expert confirms bullets fired at Lekki Tollgate belong to Nigeria Army: A forensic company, Sentinel Forensic Limited, has testified before the Lagos Judicial Panel of Inquiry and Restitution set up to unravel details of the shooting that took place during the last year's Endsars protest. The company’s representative, Joseph Kayode Funsho, while testifying befo ...

Friday 10 September 2021

Appeal Court asks Rivers, FIRS to maintain status quo on VAT ruling

Appeal Court asks Rivers, FIRS to maintain status quo on VAT ruling: The Court of Appeal in Abuja has ordered parties in the dispute over the administration of the Value Added Tax (VAT) to stay action pending the resolution of all legal issues in contention. A three-member panel of the court on Friday,  ordered parties to maintain status quo ante bellum and refra ...

Global oil prices climb to $73/barrel on US supplies

Global oil prices climb to $73/barrel on US supplies: Oil rose to around $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost. About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrel ...

UAE ‘ll allow residents from 15 countries who are fully vaccinated to enter Emirates from Sept 12

UAE ‘ll allow residents from 15 countries who are fully vaccinated to enter Emirates from Sept 12: The United Arab Emirates (UAE) said on Friday residents who had been fully vaccinated with a shot approved by the World Health Organization (WHO) could return as of Sept. 12 from a list of previously suspended countries. The Emirate said travelers from Nigeria and 14 others that have received fu ...

Guinea Coup: Africa leaders are not learning any lessons from history

Guinea Coup: Africa leaders are not learning any lessons from history

Egypt’s inflation rises 5.7% in Aug, highest rate in 11-month

Egypt’s inflation rises 5.7% in Aug, highest rate in 11-month: Egypt's annual urban consumer price inflation accelerated slightly to 5.7 percent in August from 5.4 percent in July, reaching its highest rate since November, the official statistics agency CAPMAS said on Thursday. The rate remains well within the target range of 5 percent-9 percent set by ...

NGX posts N6 bln income, N1.8 bln surplus after demutualisation

NGX posts N6 bln income, N1.8 bln surplus after demutualisation: Nigerian Exchange Group (NGX Group) has posted a net surplus after tax of N1.84 billion in 2020, its first after the conclusion of its demutualisation process which translate the local bourse to a public liability firm. At the 60th annual general meeting (AGM) of the NGX Group on Thursday in Abu ...

UBA profit rises 33% to N76 bln in H1 2021

UBA profit rises 33% to N76 bln in H1 2021: Nigeria's United Bank for Africa (UBA) has announced a 33.4 percent year-on-year growth in its half year profit before tax to N76.2 billion as at June 2021, from the N57.1 billion recorded in the same period of 2020. This translated to an annualised Return on Average Equity (RoAE) of 17.5 p ...

Apapa Customs generate N526 bln in 8-month, seize 56 containers of illicit drugs

Apapa Customs generate N526 bln in 8-month, seize 56 containers of illicit drugs: The Nigeria Customs Service (NCS), Apapa Area Command generated N87.8 billion in August, according to its Cmptroller, Malanta Yusuf. Yusuf, who disclosed this at a media briefing in Lagos, noted that the remarkable feat was the first in the history of the command. He added that the command’s rev ...

Nigeria capital, Abuja shifts School resumption over terrorist activities

Nigeria capital, Abuja shifts School resumption over terrorist activities: The start of the school term has been pushed back to an unusually late date in Nigeria's Federal Capital Territory (FCT) without explanation, after schools in nearby states were targeted by kidnappers seeking ransoms. More than 1,100 pupils have been abducted from their schools acros ...

MTN Group partners Flutterwave on mobile money

MTN Group partners Flutterwave on mobile money: MTN Group announced that it has partnered with Flutterwave to allow businesses integrating Flutterwave to receive payments through MTN Mobile Money. This partnership benefits businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda, and Zambia. In a statement, the MTN group ...