The former CBN governor is running for the governorship of Anambra State on the platform of All Progressive Grand Alliance (APGA) and was believed to have the backing of the present governor of the state. READ MORE
Wednesday, 31 March 2021
Dangote 200,000 tonnes capacity rice mills ready this year as ADF disburses N160 mln grants to rural women
According to the company.s executive director Government and Strategic Relations, Ahmed Mansur, the Mills when completed this year is expected to create hundreds of job opportunities for people of the state. READ MORE
South Africa’s Biggest Cement Maker Postpones $640 mln Rights Issue
The Johannesburg-based company negotiated with lenders to postpone a share sale for at least six months, Chief Executive Officer Roland Van Wijnen said by phone on Wednesday. READ MORE
World Bank sees Sub-Saharan African economies posting 2.3-3.4% growth in 2021
“For most countries in the region, activity will remain well below the pre-COVID-19 projections at the end of 2021, increasing the risk of long-lasting damage from the pandemic on people’s living standards,” the bank said. READ MORE
Tuesday, 30 March 2021
MTN to partake in lucrative S/Africa $335 mln telecoms contract
MTN was added to the agreement previously awarded exclusively to Vodacom in 2016, according to a statement on Tuesday. READ MORE
Top Nigeria security officials, others stash away $400 mln stolen assets in UAE, UK
HEDA, a leading anti-graft group said that out of the 800 assets uncovered by investigators, 216 of the assets were linked to 13 top security officials, while the remaining 584 have been traced to public officials. READ MORE
Lagos appoints Special Visitation Panel to resolve LASU VC debacle
The Visitation Panel was raised following the controversy trailing the appointment of a substantive Vice Chancellor for the State-owned University. READ MORE
IMF approves $312.4 mln credit facility for Madagascar
“Given that Madagascar remains at a moderate risk of debt distress, the authorities plan to follow a prudent debt management strategy that relies on concessional financing …” READ MORE
Coca-Cola weighing exit option for its $6 bln African unit
A sale or IPO of the stake could value the African business at about $6 billion, the people said. This could change depending on the level of buyer interest, the people said. READ MORE
Police says rescue eight kidnapped victims in Kaduna
He said the bandits were intercepted on Monday by the police during a patrol along Galidamawa/Kidandan area of Giwa Local Government Area of the state. READ MORE
It’s never too late to learn, says 50-year-old Nigerian Primary school pupil
Donning the pink dress and bonnet that make up her uniform, she joins hundreds of similarly dressed pupils at a school in Ilorin, Kwara state. READ MORE
Access Bank acquires S/Africa’s Grobank for $60 mln ~CEO
Access Bank invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent. READ MORE
President Buhari orders service chiefs to take out sponsors, masterminds of banditry, insurgency
“Mr President has been very emphatic, he has stated very clearly that this problem must be brought to an end, but using the traditional methods that the armed forces have been trained to deploy. READ MORE
Will Bitcoin, other cryptos defy law of gravity or sustain growth?
A bigger reason for the massive price rise is that there has been a big influx of investors from large-scale institutions such as pension schemes, university endowment funds and investment trusts. READ MORE
Germany to issue 2.5 bln euro more debt in Q2 than planned
The debt is to fund spending to tackle the coronavirus pandemic that has battered the economy. READ MORE
China slows down lending to African nations on fear of defaults
A study by Johns Hopkins University’s China-Africa Research Initiative showed that Chinese financing to Africa fell below $9 billion for the first time in nearly a decade in 2019, with Beijing refraining or reducing the size of loans to major borrowers such as Angola and Ethiopia. READ MORE
Lagos total debt rises 3.13% to N508.8 bln in Dec, owes highest among 36 sub-nationals
The report put Lagos as the state with the highest debt profile among the 36 sub-nationals, including the federal capital territory, Abuja. READ MORE
Monday, 29 March 2021
President Buhari to embark on 2-week medical trip to London on Tuesday
In a statement on Monday, Adesina said the President will meet with Security Chiefs first in the morning before proceeding to the airport “for a routine medical check-up.” READ MORE
GSK to Manufacture Novavax Covid-19 Vaccine in UK
The British pharmaceutical company will provide the fill-finish capacity — putting the vaccine into vials and packaging — for the Novavax shot at its Barnard Castle site in Durham, England, Glaxo said in a statement Monday. READ MORE
Ecobank Nigeria bags Starsight renewable energy sustainability award
Presenting the Starsight Renewable Energy Sustainability Award for 2020 to Ecobank in Lagos, Teme Jack, Head Sales, SMEs, Starsight Energy, lauded the commitment of Ecobank towards the application of renewable solutions thereby reducing carbon footprints, stressing that the award was well deserving. READ MORE
Covid-19 likely transfer from animals to human being, Says WHO Report
The findings offer little new insight into how the virus first emerged and leave many questions unanswered, though that was as expected. READ MORE
Nigeria Appeal Court launches ADR mediation centre
Dongban-Mensem, at the official take-off of the system in Abuja, said it is necessary to do so in order to make the country more attractive to international trade and Foreign Direct Investment (FDI). READ MORE
Finally, giant container ship that blocked Suez Canal set free
After hauling the fully laden 220,000-ton vessel over the canal bank, the salvage team was pulling the vessel toward the Great Bitter Lake, a wide stretch of water halfway between the north and south end of the canal, where the ship will undergo technical inspection. READ MORE
Why CBN will continue to manage naira exchange rate despite IMF, World Bank call
The government of President Muhammadu Buhari, who took office in 2015, has kept the currency artificially high as a matter of national pride. READ MORE
Nigeria, other African nations to get 400 mln Covid-19 vaccines from J&J
Johnson & Johnson has agreed to supply 220 million vaccines to the AU by the start of the third quarter of 2021 and ramping up to 400 million through the end of 2022. READ MORE
Nigeria LNG firm earns $114 bln revenue, pays $18 bln dividends to FG
President Buhari, who described the gas firm as the country arrowhead in the reduction of gas flaring also noted that NLNG paid $9 billion in taxes. READ MORE
Aiteo locks in legal battle with Shell Petroleum, banks over loans default
The oil major and the banks filed arbitration claims against Aiteo in December in their efforts to recoup the funds. READ MORE
Nigeria ships First Cocoa cargoes from Calabar port in 14-year
While speaking at the load-out ceremony in Calabar, Governor Ben Ayade urged the Nigeria Ports Authority (NPA) to expedite action on the dredging of Calabar channels in other to aid increase in exports from the zone. READ MORE
Nigeria’s pension assets drop 0.16 to N12.3 trln in Feb –PENCOM
A total of N836 billion in pension assets was invested in corporate debt assets in the same period, securities in the review period stood at N836 billion, while a total of N1.647 trillion was invested in money market securities in January compared with N1.69 trillion in the previous month. READ MORE
Nigeria’s oil firm, NNPC pays $3.12 bln cash calls to JV partners in Jan
In its March presentation to the Federation Account Allocation Committee (FAAC), the corporation stated that it had reduced its pre-2016 cash call arrears repayments to the IOCs to $1.57 billion as of January 31, 2021. READ MORE
Sunday, 28 March 2021
CHURCH BUSINESS: Are you making the right choice or going in the wrong direction?
Anytime you choose to do the right thing, you are moving nearer to your goal in life and altering your life situation, condition and direction toward achieving your divine calling on earth. READ MORE
Saturday, 27 March 2021
Plan made to refloat ship blocking Suez Canal using tide
“We apologize for blocking the traffic and causing the tremendous trouble and worry to many people, including the involved parties,” he said. READ MORE
Death toll from Egypt building collapse climbs to 18
“They took four people out in front of me, who looked like they were almost gone,” said Mohamamed Mostafa, a resident of the neighborhood. READ MORE
‘I didn’t even want to be African when I was little’ ~Burna Boy
“I didn’t even want to be African when I was little,” he said. “I wanted to be anything but who I was, because who we are wasn’t really the cool thing to be,” said the artist, who grew up in southern Nigeria and moved to London as a child before returning to the West African country. READ MORE
Agitation for restructuring, succession legitimate but… ~Ameachi
Others have advocated increased regional autonomy. Some extremists are calling for the secession of parts of the country from the federation. READ MORE
Friday, 26 March 2021
Dangote Cement seeks SEC approval to raise N300 bln bonds
The largest cement company in the continent said its board has approved the move to access the Capital Market to support business growth and maximize available sources of its debt funding. READ MORE
Prosecutor tenders $1.3 mln recovered from a member of presidential committee on arms deal
Umar is accused of receiving $1.3 million cash from a firm, Worldwide Consortium PTY Limited in 2016, through Easy Jet, an act said to constitute a violation of the Money Laundering Act 2011. READ MORE
National economic planning must bring about society that works for all ~Osinbajo
“It is accordingly important when drawing up national plans to take account of the interests of the more vulnerable members of society. This is why social investment and social protection are at the heart of the Buhari Administration’s policy interventions. READ MORE
British university to return Benin Bronze to Nigeria in weeks
The university said the sculpture of an Oba, or ruler, of the Kingdom of Benin, had left Nigeria in an “extremely immoral” fashion, leading it to reach out to authorities in 2019 to negotiate its return. READ MORE
Chinese smartphone maker Xiaomi to make EVs using Great Wall’s plant – sources
Xiaomi, one of the world’s biggest smartphone makers, is in talks to use one of Great Wall’s plants in China to make EVs under its own brand, said two of the people, who declined to be identified as the information is not public. READ MORE
Nigeria, 8 other African countries receive covid-19 vaccine donated by MTN
Several other countries, including South Sudan and Malawi, are due to receive doses in the coming days. READ MORE
Why Nigeria Exchange Rate Policy Is Such a Minefield
Rather than devalue the naira, the central bank in 2017 opted to implement one rate for government transactions, pegged to the U.S. dollar, and a weaker, market-determined rate for investors and exporters. READ MORE
Nigeria’s state-oil firm generates N2.2 trln revenue from fuel sales in 1-year
The corporation also announced an increase of 80.12 percent in trading surplus for the month of December 2020 which stands at N24.19 billion compared to the N13.43 billion surplus recorded in November 2020. READ MORE
President Biden to seek reelection with Harris in 2024
During a question-and-answer session that lasted more than an hour, Biden said that it was his “expectation” that he will run for re-election in 2024, with Vice President Kamala Harris as his running mate. READ MORE
Thursday, 25 March 2021
WTO frowns at EU export restriction on covid-19 vaccines
Under the scheme, companies must get an authorisation before exporting COVID-19 shots and may have export requests denied if they do not respect their supply commitments with the EU. READ MORE
Wednesday, 24 March 2021
India looks to Africa to meet oil and gas need, to slash middle east supply
“As India seeks to further diversify sourcing of crude oil and LNG, Africa has a central role – largely due to its proximity and absence of any choke points in trans-shipments,” Dharmendra Pradhan told an industry summit. READ MORE
Nigeria sells N262 bln bonds at higher yields as demand for debt surge
Total subscriptions stood at N333.48 billion at the auction, with demand for the 25-year tenor paper highest, according to the details of the auction released by the debt office. READ MORE
ECA seeks creation of harmonised protocol to grow African digital economy
The report stated that under the existing arrangement across Africa, regulators employ different rules, which, coupled with the small sizes of their markets, prevent African tech companies from thriving. READ MORE
Nigeria to base federal allocation on market forex rate ~VP
“It is with respect to the federal allocation account that the minister of finance said that the … market rate will be used,” Osinbajo said. READ MORE
Nigeria charges citizens in diaspora $100 for biometric to fund mission operations
According to Geoffrey Onyema, “The $100 they (Nigerians in the US) said has been added is voluntary; it is just for those who want to have their biometrics done without an appointment. READ MORE
Nigeria unable to repatriate $5 bln stolen funds from foreign countries ~TI
“In the case of Nigeria, it is estimated that $5 billion stolen assets are frozen. What does this mean? It means this is money sitting somewhere in Switzerland or somewhere waiting for reparation,” Prusa said. READ MORE
Global concerns over container Ship clogging Suez Canal slowing down other vessels passage
The ship has been jammed length-ways across the canal early Tuesday in Egypt, leaving at least 100 vessels gridlocked. READ MORE
Nigeria’s Heritage Bank to support communities with water provisions
This campaign project, according to the bank will be executed in two phases; the first involves nominations call for community that is in dire need of water will be put on its social platforms from 22nd March 2021, which will run for 30days. READ MORE
Airlines operators groan under burden of dollar shortage
An operator told this reporter that “getting dollars to carry out maintenance and carry out checks on aircraft was a major challenge to operators.” READ MORE
IMF may revise Nigeria’s economic growth forecast, sees 2.5% GDP in 2021
Rahman did not put a figure on the 2021 growth overall but said the medium-term growth rate could return to 2.5 percent. READ MORE
IMF to present plan to create $650 bln new SDR to executive board in June
According to Georgieva, “a new SDR allocation would benefit all our member countries and support the global recovery from the COVID-19 crisis.” READ MORE
Tuesday, 23 March 2021
Ecobank Group posts 9% growth in revenue to N642 Bln in 2020 FY
Also, total assets of the bank nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 percent increase. READ MORE
Lagos to take advantage of AfCFTA to build capacity for economic growth
“As a sub-national player, Lagos has quietly observed and waited for a time when we can take full advantage of the agreement for economic collaboration. READ MORE
Dangote Cement to pay N97 bln in tax, N16 per share dividends to shareholders for 2020 FY
The cement firm, majorly owned by Africa’s richest man Aliko Dangote tax payment from its revenue represents an increase of 95 percent over the sum of N50 billion paid into the government coffer in the previous year. READ MORE
CBN yet to intervene at I&E forex window since Jan, says Emefiele
“It might interest us to know that since January, the CBN has not intervened in the I&E window. READ MORE
IMF to issue $650 bln in SDR to help developing nations to cope with pandemic
An SDR issuance of roughly $650 billion would be about the maximum that the U.S. can support without getting approval from Congress, depending on the exchange rate. READ MORE
CBN retains benchmark interest rate at 11.5%, cites surging inflation
At the end of its 2-day meeting in Abuja, members of the Monetary Policy Committee (MPC) voted to retain Monetary Policy Rate (MPR), citing inflation concerns. READ MORE
Senate moves to extend AMCON life span, disregards IMF recommendations
The IMF was of the view that AMCON operations should be wind down in order to curb what the Directors described as ‘moral hazard and fiscal risks.’ READ MORE
AstraZeneca seeks to revalidate its vaccine in US with fresh data
The company will “immediately engage” with the independent panel monitoring the trial to share its analysis with the latest efficacy data. READ MORE
Airtel signs pact to sell tower firms to Helios Towers Plc at $108 mln consideration
The telecoms firm in a regulatory filing with the Nigerian Exchange Limited, Airtel said proceeds from the transaction will be used to reduce its external debt and invest in network and sales infrastructure. READ MORE
US health agency raises questions over AstraZeneca’s Covid-19 vaccine data
The Data Safety Monitoring Board (DSMB) has “expressed concern that AstraZeneca may have included outdated information from that trial, which may have provided an incomplete view of the efficacy data.” READ MORE
Nigeria in dilemma over fuel subsidy as higher oil price boost revenue ~Finmin
Oil prices, which are averaging around $10 per barrel above the level projected for the 2021 budget, are good for the nation’s revenues, she told journalists, but are complicating plans to end costly fuel subsidies. READ MORE
INEC to conduct online voter registration, targets more people
According to the electoral body, the new initiative is expected to reduce overcrowding at the registration centres and minimise the cumbersome process of voter registration. READ MORE
Gunman kills 10 people at US grocery store in Colorado
The Police Said That They Had Taken A Suspect Into Custody After The Shooting. That Person Was Injured, The Authorities Said. READ MORE
Nigeria seeks transaction adviser for Zungeru hydropower plants concession
The plant was expected to increase the generating capacity in the country by 2,630 gigawatts hour, noting that the successful transaction adviser would have to prepare it for the concession transaction. READ MORE
Nigeria plans to invest $3 bln in power sector to raise capacity to 7,000MWs
According to the Special Adviser to President Buhari on Infrastructure, Ahmad Zakari, funding for the project will come from the recent $500 million obtained from the World Bank and additional facilities from the African Development Bank (AfDB). READ MORE
Cost of building new refinery ‘II cost Nigeria $12 bln, says NNPC
In its first major response to criticism about the planned rehabilitation of the Port Harcourt refinery by the government with $1.5 billion, the NNPC stated that it’s cost effective to revamp the old refinery than building a new one. READ MORE
Fuel stations raise pump prices up diesel to N265 per liter in Lagos
Some fuel stations in Lagos were selling the product for between N248 and N265 per litre while some put the price at between N220 and N245 per litre. READ MORE
Monday, 22 March 2021
Nigeria’s GTB plans another Kenya acquisition, to grow African profit by 15% in 2021
It wants to increase the contribution of African subsidiaries to the bank’s income to about 30 percent of profit before tax in the next three years from 15.3 percent in 2020. READ MORE
Nigeria may devalue naira again as CBN plans new exchange rate, says Finmin
“On the fiscal side, it will be to our benefit because we will be able to realise more naira and then we will be able to run the economy.” READ MORE
Justice Rhodes-Vivour seeks abolition of doctrine of Precedent in Supreme Court judgment
But he said abiding by such principle would ensure that the apex court continued to follow some of its previous judgments that no longer make sense. READ MORE
Access Bank upgrades service platform, to compensate customers for fail transactions
It, however, stated that in the event that reversal time exceeds one business day, customers will be entitled to a refund of up to five times the bank transfer fees for that transaction. READ MORE
Lagos Gov Sanwo-Olu commends Aliko Dangote on investment in Lekki refinery
The governor, who said he was impressed with the progress of the projects, noted that Dangote had taken into account gender inclusion and secured the future of the youths in the host communities, in Lagos and Nigeria in general. READ MORE
Germany to increase borrowing With $286 bln mitigate impact of Covid-19
Germany aims to lift new borrowing to 240.2 billion euros ($286 billion) this year, taking on just over 60 billion euros more debt than initially planned to help mitigate the impact of the coronavirus crisis. READ MORE
Seplat Petroleum to issue dollar-denominated bonds to offset outstanding debts
Moody’s says the proceeds will be used to redeem all the existing $350 million senior unsecured notes and repay the $250 million drawn revolving credit facility (RCF). READ MORE
NPA suspends all export cargoes for 14-day to reduce ports congestion
“As part of efforts to improve access into, and service delivery at the Lagos Ports Complex and the Tin Can Island Port, the Authority hereby announces a 14-day (Two weeks) suspension of export receipts at both ports and all satellite truck parks, with effect from Monday, 22/03/21. READ MORE
Why government should reverse its decision on Port Harcourt refinery
Nigerians are more angered by the fact that with the huge resources that have been committed to carrying out Turn Around Maintenance (TAM) on the refineries in the time past, the country has neither derive benefit nor being able to attain efficiency in the output of the plants over the year. READ MORE
Saturday, 20 March 2021
Phase one of Ogun Agro-Cargo Airport ready by May 2022 ~Abiodun
“This project had been conceived since 2007 and all necessary approvals were gotten in 2008. All the Environment Impact Assessment (EIA), all other regulatory assessments have been met 100 percent. READ MORE
FEATURE: Communication and the Communicator
If people come together and agreed that when we used a particular symbol or set of symbols to pass a message, once it is understood, it becomes means of communication among the people. READ MORE
Finland is the world happiest country, Nigeria comes distance 59
Nigeria ranked ahead of Ghana, which was at number 65, Ivory Coast at number 70 and South Africa at number 76. READ MORE
Lekki $629 mln deep seaport ready in 2023, says Sanwo-Olu
The port, which is being constructed by China Habour Engineering firm, is occupying 90 hectares in the entire 830 hectares of land carved out for the Lagos Free Zone, created in 2012 to enhance the economic position of Lagos as a manufacturing and logistics hub in West Africa. READ MORE
How I ran 1.5 km to escape Gunmen’s Attack ~Ortom
Briefing journalists at the Benue Peoples House after the incident, the governor said he was inspecting his farm on Saturday when armed herders, dressed in black, opened fire on him and his security aides. READ MORE
Why Ghana will no longer sell cocoa to Switzerland, others
Switzerland, a great manufacturer of chocolates, buys its cocoa from the two West African neighbors although Ghana is Switzerland’s biggest trading partner in sub-Saharan Africa. READ MORE
Nigerian designer uses traditional fabric for new fashion
His material of choice is Aso-oke, a hand-woven cloth indigenous to the Yoruba people and historically used on special occasions. READ MORE
Pakistan PM Khan test positive for coronavirus two days after being vaccinated
The diagnosis comes as the country grapples with a deadly third wave of a virus that has already killed nearly 13,800 people from more than 620,000 infections – although limited testing suggests real figures are likely much higher. READ MORE
Friday, 19 March 2021
How ex-CJN Onnoghen was sacked because of Atiku presidential ambition
“Prior to suspension, I was confronted with no allegation. There were rumours that I met with Atiku in Dubai. As I am talking here today, I have never met Atiku one on one in my life. READ MORE
Bandits struck in Kaduna again, killed 13 people, injured 7
The state Commissioner for Internal Security and Home Affairs, Samuel Aruwan, who confirmed the attacks on Friday said 13 people have been killed and seven others injured in a series of attacks across communities in Zangon Kataf, Kauru, and Chikun local government areas.
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