Army Captain Traore announces overthrow of Burkina Faso military junta: The rebelling military also announced the closure of borders from midnight, as well as the suspension of the constitution and the dissolution of the government.
Friday, 30 September 2022
From 2023 it’s mandatory for Police officers to write promotional examinations
From 2023 it’s mandatory for Police officers to write promotional examinations: The PSC on Friday announced the appointment of two Deputy Inspectors General of Police (DIGs), and promoted 12 former Commissioners of Police to the rank of Assistant Inspectors General (AIGs) of Police.
Nigeria’s equity market rebounds 0.12% on gains by shares of Guinness, FBNH, Ecobank
Nigeria’s equity market rebounds 0.12% on gains by shares of Guinness, FBNH, Ecobank: Shares of Guinness Nigeria gained 9.29 per cent to close at N82.90 per share, FBNH rose 2.00 per cent to close at N10.20 per share and Ecobank gained 1.82 per cent to close at N11.25 while United Bank for Africa (UBA) rose 0.72 per cent to close at N7.00 per share.
Ivory Coast raises cocoa farmgate price by 9% for 2022-2023 harvest
Ivory Coast raises cocoa farmgate price by 9% for 2022-2023 harvest: The global cocoa market recorded a supply deficit in the 2021/2022 season, which ends on Sept. 30, largely due to strong winds and lack of rain in the world’s top two producers Ivory Coast and Ghana.
AfDB grants Morocco $194 mln loan to boost cereals output
AfDB grants Morocco $194 mln loan to boost cereals output: In the first seven months this year, Morocco’s soft wheat import bill doubled to $1.6 billion compared to the same period last year, according to foreign exchange data.
World Bank approves $750 mln credit to boost Nigerian reforms
World Bank approves $750 mln credit to boost Nigerian reforms: The World Bank said it has approved a $750 million credit line for Nigeria to help the country's 36 states push through reforms to attract investment and
OPEC pumps more oil in Sept as Nigeria, and Libya record output increases ~Survey
OPEC pumps more oil in Sept as Nigeria, and Libya record output increases ~Survey: Libya, one of the members exempt from OPEC output agreements, and Nigeria each boosted supply by the same volume. Libyan output recovered further from disruption and tanker trackers noted an increase in Nigerian exports.
Nigeria’s advertising council inducts new members via its EMRP scheme
Nigeria’s advertising council inducts new members via its EMRP scheme: The Advertising Regulatory Council of Nigeria (ARCON) as part of measures to expand its membership under its ‘Executive Membership Registration and Induction
Unity Bank partners Lagos Food Bank, donates items to Lagos Community
Unity Bank partners Lagos Food Bank, donates items to Lagos Community: According to a statement by Unity Bank, the intervention is part of the Bank’s strategic Corporate Social Responsibility aimed at sustaining the improvement of health and social welbeing of communities where we operate.
Elumelu tasks insurance practitioners to increase contributions to GDP, enhance public confidence
Elumelu tasks insurance practitioners to increase contributions to GDP, enhance public confidence: Elumelu, who spoke at the Nigerian Council of Registered Insurance Brokers’ (NCRIB) 60th-anniversary celebration noted that currently, the industry’s contribution to the national Gross Domestic Product (GDP) is tiny compared to the potential of the sector.
Tech firms suffer low capital raise as inflation, interest rate hikes hit harder
Tech firms suffer low capital raise as inflation, interest rate hikes hit harder: “Institutional investors have been shifting capital allocations while retail investors have been licking their wounds,” said James Gellert, chief executive officer at Rapid Ratings.
Telecom firms may disrupt bank’s operations over N80 bln USSD transaction debt
Telecom firms may disrupt bank’s operations over N80 bln USSD transaction debt: The Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo has signalled the intention of the telecom firms to disconnect service to defaulting banks due to the mounting debt.
Thursday, 29 September 2022
Finance minister Ahmed meets N/Assembly leaders over 2023 budget presentation
Finance minister Ahmed meets N/Assembly leaders over 2023 budget presentation: The meeting was a follow-up to the previous ones held to fine tune the preparation of the budget ahead of it’s presentation to a special joint session of the National Assembly by the President next month.
APC debunks speculation of disagreement between Tinubu and party chairman Abdullahi over campaign council
APC debunks speculation of disagreement between Tinubu and party chairman Abdullahi over campaign council: “To be clear, the “DRAFT” letter did not emanate from the Party. An UNSIGNED letter that marks itself as a ‘DRAFT’ cannot and should not be attributed to its purported author,” Morka said.
For Nigeria to succeed, there must be deliberate effort to create unity, justice, equity ~Osinbajo
For Nigeria to succeed, there must be deliberate effort to create unity, justice, equity ~Osinbajo: the Vice President noted that “the story of successful societies is quite simple. It is usually the story of how the society’s elite – its best educated, its political, and religious class, influence, direct and lead their societies to progress.
Nigeria’s bourse decline 0.42% on losses posted by Nestle Nigeria, GTCO, FCMB Group
Nigeria’s bourse decline 0.42% on losses posted by Nestle Nigeria, GTCO, FCMB Group: The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, United Capital, Africa Prudential, FCMB Group and Guaranty Trust Holding Company (GTCO).
President Buhari charges judiciary to be honest arbiters in pre and post-election matters
President Buhari charges judiciary to be honest arbiters in pre and post-election matters: President Buhari said that his administration will continue to respect and elevate the rule of law, adding, “adherence to the rule of law is critical to the progress of any society and this administration has not reneged in its commitment to this ideal.”
Nigeria squanders oil price bonanza as petrol subsidies soar
Nigeria squanders oil price bonanza as petrol subsidies soar: This has led to widespread smuggling, which has in turn driven up the amount of costly gasoline Nigeria imports and wiped out the gains that it should have made from crude exports because it ends up buying far more than it needs.
Why CBN adopt aggressive monetary hawkish stance
Why CBN adopt aggressive monetary hawkish stance: These have led to an uptick in yields of Naira fixed income instruments. In the Eurobond market, we expect Nigerian Eurobonds continued sell-offs as investors jetty to safe and higher yielder instruments offshore.
CBN closing tap on intervention funds as MPC members warned of inflationary consequence of disbursements
CBN closing tap on intervention funds as MPC members warned of inflationary consequence of disbursements: The regulatory bank has disbursed about N9 trillion to private sector firms in the last three years at concessionary rates to support growth but has only been able to recover only N3.7 billion out of the N9.3 trillion disbursed under the intervention schemes in the last four years.
Richarlison racist incident ‘unacceptable,’ says Kane, seeks FIFA sanction
Richarlison racist incident ‘unacceptable,’ says Kane, seeks FIFA sanction: “It was very disappointing to see,” Kane said. “I haven’t seen [Richarlison] and had a chance to talk about the racism that he suffered against Tunisia.I think FIFA have said they are going to investigate and find out what happened, but normally, that kind of thing is unacceptable.
Nigeria oil regulator, Senate probe operators compliance with terms of contracts, law
Nigeria oil regulator, Senate probe operators compliance with terms of contracts, law: The head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Gbenga Komolafe said in a statement that there could be more fundamental issues hobbling output “beyond the much touted issue of crude theft.”
Nigeria moves to increase usage of LPG, plans distribution of 20 mln cylinders
Nigeria moves to increase usage of LPG, plans distribution of 20 mln cylinders: “The NNPCL is fully aligned with the federal government’s National Gas Expansion Programme (NGEP) and the national LPG expansion plan and has a fully pledged business unit established basically to commercialise the LPG penetration.
Wednesday, 28 September 2022
Abuja court revokes bail bond of P&ID director Nolan
Abuja court revokes bail bond of P&ID director Nolan: Delivering a ruling on Wednesday, September 28, 2022, Ahmed Mohammed stated that Nolan has broken the terms of his bail conditions offered to him by the court and therefore revoked the bail while issuing a bench warrant for his arrest.
Shell moves to acquire Nigeria’s solar provider Daystar Power
Shell moves to acquire Nigeria’s solar provider Daystar Power: “As we do this, we’re helping to address a critical energy gap for many who currently rely on diesel generators for backup power,” Thomas Brostrøm, Shell’s vice president for renewable generation, said in a statement.
Nigeria’s equity market returns marginal gains on BUA Cement, others
Nigeria’s equity market returns marginal gains on BUA Cement, others: The local bourse traded marginally higher as buying interest in Bua Cement +3.1 per cent triggered a 0.02 per cent expansion in the All-Share Index to 49,171.70.
Barcelona sees Lionel Messi return next summer on free transfer
Barcelona sees Lionel Messi return next summer on free transfer: “It would be possible financially because if he returned, it would be as a free agent,” Romeu told Catalunya Radio on Wednesday when asked whether the club could afford to bring Messi back.
President Buhari tasks national council on climate change on appropriate policies
President Buhari tasks national council on climate change on appropriate policies: ”The latest Intergovernmental Panel on climate change report warns that rising Green House Gas emissions could soon outstrip the ability of communities to adapt, and the window for taking decisive steps needed to spare our planet from the gravest impacts of climate change is rapidly narrowing.
Senate seeks to regulate informal sector employment
Senate seeks to regulate informal sector employment: “On the contrary, many jobs in the informal labour market in Nigeria still experience work deficit. Employees in the informal sector are often seen as having no rights and are not treated fairly by their employers. All of these, this bill seeks to correct.
CBN says recovers N3.7 trln from intervention funds
CBN says recovers N3.7 trln from intervention funds: “Furthermore, under the 100 for 100 Policy on Production and Productivity (PPP), the Bank disbursed the sum of N20.17 billion to 14 projects in healthcare, manufacturing, and services, bringing the cumulative disbursement under the facility to N93.39 billion to 62 projects.
Nigeria plans to sell N630-N720 bln bonds in Q4 to plug budget deficits
Nigeria plans to sell N630-N720 bln bonds in Q4 to plug budget deficits: The fourth quarter’s debt issuance calendar showed that the debt office will sell on behalf of the federal government between N70 and N80 apiece in the bonds maturing in 2029, 2032 and 2037 in October to raise between N210 and N240 billion from the domestic debt market.
Oil prices fall more than 1% as dollar strengthens further
Oil prices fall more than 1% as dollar strengthens further: The dollar hit a fresh two-decade peak against a basket of currencies on Wednesday as rising global interest rates fed recession concerns. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.
Bank’s debt recovery measures yield results as NPLs decline by 0.20% to 4.8% in Aug
Bank’s debt recovery measures yield results as NPLs decline by 0.20% to 4.8% in Aug: “The Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) remained above their prudential limits at 13.4 and 40.1 per cent, respectively, in August 2022,” Emefiele said.
Apple drops plan to boost iPhone production as demand falters
Apple drops plan to boost iPhone production as demand falters: Instead, the Cupertino, California-headquartered company will aim to produce 90 million handsets for the period, nearly the same number as a year ago and in line with Apple’s original forecast this summer, the report said.
APC, PDP exceed spending on election campaign in 2019, says INEC
APC, PDP exceed spending on election campaign in 2019, says INEC: Idris, who spoke at the two-day capacity-building workshop for journalists on critical issues in the Electoral Act, 2022 and the Commission’s Processes, Innovations, Preparations for the 2023 General Election, said both APC and PDP overshot their spending limit on election in contravention of the Electoral Act.
Tuesday, 27 September 2022
Nigeria’s northwest faces worsening malnutrition
Nigeria’s northwest faces worsening malnutrition: MSF said it had witnessed extraordinarily high numbers of children with malnutrition in five states across the northwest, where about 100,000 were treated for acute malnutrition.
Sell-off in shares of Unilever, Access, UBA, and others drag down equity market by N15 bln
Sell-off in shares of Unilever, Access, UBA, and others drag down equity market by N15 bln: “But, it has grave implications for cost of capital for firms, cost of borrowing by the government, stock market performance and output growth in general.
Bill to support rotation of political offices suffers setback in the Senate
Bill to support rotation of political offices suffers setback in the Senate: Abba Moro reminded his Senator colleagues of the Federal Character Principle in the constitution which “requires fair and equitable representation of different ethnic and regional groups in the composition of all tiers of government.
Oil prices rise 2% on U.S. Gulf output cuts, supply outlook
Oil prices rise 2% on U.S. Gulf output cuts, supply outlook: U.S. offshore oil producers said they were keeping an eye on Hurricane Ian’s track as the powerful storm shut in at least 480,000 barrels of oil production as it entered the U.S. Gulf of Mexico and barrelled toward Florida.
Senate passes Bill increasing Court of Appeal Justices by 20 to 110
Senate passes Bill increasing Court of Appeal Justices by 20 to 110: “This is necessary in order to eliminate delay in the justice delivery system, as it relates to the adjudicatory powers of the court in tandem with its appellate jurisdiction.
IMF says African food prices are soaring amid high import reliance
IMF says African food prices are soaring amid high import reliance: Prices of locally sourced staples have also spiked in some countries on the back of domestic supply disruptions, local currency depreciations, and higher fertilizer and input costs. In Nigeria for example, the prices of both cassava and maize more than doubled even though they’re mainly produced locally.
Nigeria sees Lekki deep-sea port operating from March 2023, to ease cargo congestion
Nigeria sees Lekki deep-sea port operating from March 2023, to ease cargo congestion: The first phase of the $1.5 billion project will have a capacity of 1.2 million 20-foot containers, more than double the capacity of the country’s existing ports.
Senate moves to curb CBN Governor’s power, proposes independent board chairman in a new amendment
Senate moves to curb CBN Governor’s power, proposes independent board chairman in a new amendment: If the amendment is passed into law and has the concurrent of the House of Representatives, the governor will no longer be the chairman of the regulatory bank’s board as it is presently constituted while a part-time chairman may have to be appointed to oversight the functions of the bank.
CBN to mop-up liquidity from bank vaults on Thursday, directs lenders to fund their accounts
CBN to mop-up liquidity from bank vaults on Thursday, directs lenders to fund their accounts: Answering questions from Journalists at the MPC briefing, the CBN Governor, Godwin Emefiele directed all banks to fund their accounts within 48 hours in anticipation of the liquidity mop-up exercise to be carried out by the regulator.
Nigeria’s central bank raises interest rate by 150 bps to 15.5%
Nigeria’s central bank raises interest rate by 150 bps to 15.5%: The committee also raised the cash reserve ratio (CRR) to 32.5 per cent from 27.5 per cent. CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash.
APC postpones Bola Tinubu campaign schedule till further notice
APC postpones Bola Tinubu campaign schedule till further notice: According to the Director-General of the Tinubu/Shettima Presidential Campaign Council and Governor of Plateau State, Simon Lalong, in a statement on Tuesday, the adjustment of the timetable was a result of the move to expand the campaign council list to accommodate more stakeholders.
GOCOP confab’22: Two states, banks, telecom firm and maritime authority pledge partnership
GOCOP confab’22: Two states, banks, telecom firm and maritime authority pledge partnership: He stressed that the conference is therefore a fitting platform for the distillation and sharing of ideas from a carefully chosen array of resource persons cutting across the entire socio-political ecosystem.
NPA sets conditions for renewal of terminal operators’ concession agreement
NPA sets conditions for renewal of terminal operators’ concession agreement: “The agreement were signed in 2006 and while some have expired, some are still running. But, the expired ones are being renewed and what we are looking at is what will be in the best interest of the country. What was agreed in 2006 is no more tenable, the demands of the country and of the NPA are different from what they were in 2006.
National power grid restores after eighth collapse, says TCN
National power grid restores after eighth collapse, says TCN: The national grid had collapsed eight times this year with the last one coming in July. It equally collapsed in June, March, and April 2022.
VP Osinbajo seeks sustenance of growth in MSMEs sector
VP Osinbajo seeks sustenance of growth in MSMEs sector: “How we sustain the MSME Clinics, how it is institutionalized in a way that the incoming Vice Presidents or Presidents are obliged to pay close attention to whatever is happening in the sector, is very important.”
Nigeria’s share index gains 0.33% as BUA Cement, GTCO rally
Nigeria’s share index gains 0.33% as BUA Cement, GTCO rally: The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and Multiverse Mining and Exploration.
Oil prices steady on prospect of balancing supply after steep selloff
Oil prices steady on prospect of balancing supply after steep selloff: Iraq Oil Minister Ihsan Abdul Jabbar on Monday said the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, were monitoring the oil price situation, wanting to maintain balance in the markets.
60 people emerge winners in Dangote Cement N1 bln promo in Jos, Ogun
60 people emerge winners in Dangote Cement N1 bln promo in Jos, Ogun: Also on Wednesday in Sagamu, the Principal Administrative Officer of the National Lottery Regulation Commission (NLRC), Afam Ojeh lauded the initiative of the Management of Dangote Cement for consistently giving back to its teeming customers through its annual promo, where customers are winning huge sums of money and other lofty items.
Monday, 26 September 2022
Oil prices slide, hit 9-month lows as dollar strengthens
Oil prices slide, hit 9-month lows as dollar strengthens: Oil prices hit nine-month lows on Monday in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia.
Atiku appoints two ex-senate presidents, Saraki, Anyim special advisers
Atiku appoints two ex-senate presidents, Saraki, Anyim special advisers: Abubakar charged the appointees to use their vast political experiences in ensuring that the PDP presidential campaign records resounding success in the 2023 election.
Nigeria, Kenya central banks expect to raise interest rates, Ghana to hold ~analysts
Nigeria, Kenya central banks expect to raise interest rates, Ghana to hold ~analysts: A scarcity of dollars is fuelling inflation in Ghana and Nigeria, as well as other parts of the continent like Ethiopia, and all are still licking their wounds from waves of rate increases in the United States that have siphoned away greenbacks and weakened domestic currencies.
Photos: Labour Party Presidential candidate Obi meets Ex-president Obasanjo again
Photos: Labour Party Presidential candidate Obi meets Ex-president Obasanjo again: According to Obi, who wrote on his Twitter handle, the interaction between him and the ex-President Obasanjo “were forthright and animated.”
FIRS boss, Nami attributes low level of tax compliance to failure of social contract
FIRS boss, Nami attributes low level of tax compliance to failure of social contract: He said taxpayers need to see what has been done with their money to be encouraged to continue to pay their obligations under the Social Contract they have with the government.
Sunday, 25 September 2022
Vice President Osinbajo says Nigeria’s future will be far greater despite present challenges
Vice President Osinbajo says Nigeria’s future will be far greater despite present challenges: According to the Vice President, “we stand at the gates of a new nation. And we see its lights shining bright. The nation of God’s promises. A nation of opportunities, of equity and justice, a secure and prosperous nation, a nation of laws and righteousness.
NAFDAC boss warns on use of bleaching cream, says it poses risk of skin cancer
NAFDAC boss warns on use of bleaching cream, says it poses risk of skin cancer: According to the NAFDAC boss, the majority of Spa outlets in the nation’s cosmopolitan cities are culpable of this unhealthy practice of mixing chemicals and natural products like pawpaw, carrot, etc. to make creams, for the client’s use.
NDLEA arrests 75-year old drug dealer
NDLEA arrests 75-year old drug dealer: 75-year-old grandpa, 21 others arrested over tons of illicit drugs seized in 7 states.As NDLEA intercepts 1,001,387 bottles/caps of Akuskura, opioids;
President Buhari promises to end insecurity across Nigeria by Dec
President Buhari promises to end insecurity across Nigeria by Dec: “All of us must be concerned about security. The government will play its part; we must work together with security agencies to overcome the challenges of insecurity,’’ he said.
Saturday, 24 September 2022
Pfizer CEO tests positive for COVID for a second time after four doses of vaccines
Pfizer CEO tests positive for COVID for a second time after four doses of vaccines: Pfizer Inc Chief Executive Officer Albert Bourla said on Saturday he had tested positive for COVID-19. "I’m feeling well and symptom free," Bourla said in a
Lagos Police arrest three suspects with large ammunition in Ikorodu
Lagos Police arrest three suspects with large ammunition in Ikorodu: In a statement by the spokesman of the command, Benjamin Hundeyin, the operatives of the Ikorodu Division of the Lagos State Police Command intercepted two commercial buses loaded with a large number of live cartridges, three dismantled motorcycles and some personal effects at Poromope Estate, Ijede Road, Ikorodu.
Bankers are fleeing Nigeria’s stagnating economy to foreign countries
Bankers are fleeing Nigeria’s stagnating economy to foreign countries: The widespread brain drain from Africa’s most populous country — popularly known as “japa”, which means “to run swiftly out of a bad situation” in the Yoruba language — is having a devastating effect on the financial sector.
Nigeria distributes N673 bln revenue among three tiers of govt
Nigeria distributes N673 bln revenue among three tiers of govt: The statement revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion, and the Local Government Councils received N164.247 billion.
Egypt seeks to host 2036 Olympic Games
Egypt seeks to host 2036 Olympic Games: The statement, issued by the Egyptian cabinet, quoted Bach as saying Egypt’s sports infrastructure was capable of hosting the event.
Terrorist on motorbike kill 15 people, injure many at Zamfara mosque
Terrorist on motorbike kill 15 people, injure many at Zamfara mosque: “The armed bandits came on motorbikes while holding their guns and moved straight to the mosque and began to shoot sporadically at us,” resident Amimu Mustapha said.
At Foursquare lecture, Ex-minister Akinyemi, Oyebode, Aboyeji call for rebuilding of Nigeria
At Foursquare lecture, Ex-minister Akinyemi, Oyebode, Aboyeji call for rebuilding of Nigeria: Also speaking at the event, a professor of International Law and Jurisprudence, Akin Oyebode urged the electorate to take advantage of the new election season to vote for candidates that will make a difference in the country’s existential circumstances.
How NSIA 46% stake in Nigeria Air tilts the scale in favour of govt ownership vs Ethiopian Airlines’ 49%
How NSIA 46% stake in Nigeria Air tilts the scale in favour of govt ownership vs Ethiopian Airlines’ 49%: In reality, despite claims that Nigeria Air would be wholly owned and run as a limited liability company that will have no government intervention, the presence of the NSIA has put the government at an advantage with its cumulative 51 per cent shareholding in the national carrier.
Nigeria moves to recover stolen funds from Atiku, Fayose, Obanikoro, engages US firm
Nigeria moves to recover stolen funds from Atiku, Fayose, Obanikoro, engages US firm: “The scope of the engagement is for the recovery of the illicit funds traced to Mr. Atiku Abubakar, Mr. Ayo Fayose, And Mr. Musiliu Obanikoro in the United States of America,” the AGF was quoted in the letter.
NIMC chief tasks communication practitioners on professionalism
NIMC chief tasks communication practitioners on professionalism: Director General of the National Identity Management Commission (NIMC), Aliyu Aziz has charged the staff of the Corporate Communications Unit of the
Friday, 23 September 2022
ECOWAS sanctions Guinea over delayed transition, condemns Mali for detaining Ivorian troops
ECOWAS sanctions Guinea over delayed transition, condemns Mali for detaining Ivorian troops: “These sanctions were taken with a view to facilitating the process of an early return to constitutional order in Guinea, a prerequisite for peace, stability and development,” the bloc said in a statement following the summit.
Nigeria’s equity falls N88 bln on BUA, GTCO losses as interbank rates climb
Nigeria’s equity falls N88 bln on BUA, GTCO losses as interbank rates climb: Most analysts expect the rate-setting committee to hike the Monetary Policy Rate (MPR) further in tandem with the global expectation of higher inflation, which may impact on the cost of borrowing in the economy.
Agip reports vandalisation of its gas pipeline in Bayelsa causing a leak, production losses
Agip reports vandalisation of its gas pipeline in Bayelsa causing a leak, production losses: “The line is depressurized and is currently being repaired. Production losses due to the shutdown are important,” the spokesperson said.
It’s official; Ethiopian Airlines emerges core investor in Nigeria Air, says Sirika
It’s official; Ethiopian Airlines emerges core investor in Nigeria Air, says Sirika: While noting that only Ethiopian Airlines met the bidding evaluation criteria and the deadline, Sirika said it would hold 45 per cent equity with other consortiums holding 46 per cent.
Kuda Bank’s N6 bln losses: Time to reappraise business model
Kuda Bank’s N6 bln losses: Time to reappraise business model: The bank’s new overdraft product, which was launched last year, has been fingered, and rightly so for the poor result. The sheer number of defaults literally ate into its balance sheet, eliminating funds and affecting the bank’s profitability.
Oil prices edge down, recession fears back in focus
Oil prices edge down, recession fears back in focus: “In the wake of accelerating rate hikes by the major central banks, the risk of a global economic recession overshadows supply issues in the oil markets, despite the recent escalation in the Russia-Ukraine war,” said CMC Markets analyst Tina Teng.
AfDB raises $100 mln 7-year bonds to ramp up food production in Africa
AfDB raises $100 mln 7-year bonds to ramp up food production in Africa: The new issuance was arranged by Citigroup Global Markets Limited and sold in a Private Placement format to a single Japanese investor, Norinchukin Bank, a strong supporter of the Agricultural, Fishery and Forestry industries, the bank said in a statement.
Thursday, 22 September 2022
Man United transfer plans ‘ahead of schedule,’ says director Murtough
Man United transfer plans ‘ahead of schedule,’ says director Murtough: Manchester United are "ahead of schedule" with their recruitment plans under manager Erik ten Hag, club football director John Murtough said on Thursday.
Nigeria to float regional shipping line first quarter of 2023
Nigeria to float regional shipping line first quarter of 2023: A sub-Sahara regional shipping line, Sealink floated by a consortium, would commence operations before the end of this year or in the first quarter of 2023,
Change of guard at Governor’s Forum as Fayemi hands over to Tambuwal
Change of guard at Governor’s Forum as Fayemi hands over to Tambuwal: “The Sokoto State Governor will be holding fort until May next year when a proper election is conducted among the governors.
Bank of England raises rates to 2.25%, despite likely recession
Bank of England raises rates to 2.25%, despite likely recession: The BoE move follows the U.S. Federal Reserve’s decision on Wednesday to raise its key rate by three-quarters of a percentage point, as central banks worldwide grapple with post-COVID labour shortages and the impact of Russia’s invasion of Ukraine on energy prices.
Nigeria’s Military plans Bombings of terrorist camps, asks civilians to vacate forest
Nigeria’s Military plans Bombings of terrorist camps, asks civilians to vacate forest: Armed gangs of men, known locally as bandits, have killed and kidnapped hundreds across northwest Nigeria over the past two years, typically operating from remote forests.
FIRS warns MDAs, Govt agencies against appointing tax collectors, revenue consultants
FIRS warns MDAs, Govt agencies against appointing tax collectors, revenue consultants: “It has come to the notice of the Federal Inland Revenue Service that some Ministries, Departments and Agencies of Government (MDAs) are appointing concessionaires or consultants for the assessment, collection, accounting or enforcement of taxes and levies due to the Federal Government or any of its agencies.
Ondo Gov, Akeredolu accuses Buhari of operating ‘One Country, Two Systems’
Ondo Gov, Akeredolu accuses Buhari of operating ‘One Country, Two Systems’: “That Katsina was able to arm its state security force, with the display of AK47 means we are pursuing one country, two systems “solution to the national question.”
Access Corporation obtains CBN final licence to operate payment service bank
Access Corporation obtains CBN final licence to operate payment service bank: Hydrogen will deploy cutting-edge technology infrastructure, strong risk management and governance standards to provide secure cost-efficient and convenient payment services to individuals and businesses across the African continent thereby supporting the attainment of the Central Bank of Nigeria’s financial inclusion strategy.”
Oil prices rebound as supply fears overtake recession worries
Oil prices rebound as supply fears overtake recession worries: Brent crude futures rose 50 cents, or 0.6 per cent, to $90.33 per barrel by 0319 GMT, recouping their losses in early Asia trade. U.S. West Texas Intermediate (WTI) crude rose 45 cents to $83.39.
PDP NWC may announce Wike group suspension from the party today
PDP NWC may announce Wike group suspension from the party today: “As a party, we need to take a firm position to rebuild and rebrand our party. We have been in a marathon meeting since morning (Wednesday). But one thing is clear, no one has rejected our presidential candidate; that is very important.
Wednesday, 21 September 2022
Nigeria’s equity market sustains downward trend as value of shares drops N12 bln
Nigeria’s equity market sustains downward trend as value of shares drops N12 bln: Shares in the holding company of First Bank fell 3.33 per cent, Sterling Bank declined by 1.33 per cent, United Capital dropped 1.30 per cent and Access Corporation 1.20 per cent while that of Lafarge Africa was down by 0.41 per cent and the end of trading.
Nomadic herdsmen kill 19 farmers in southern Chad, destroy farmland
Nomadic herdsmen kill 19 farmers in southern Chad, destroy farmland: The latest violence broke out in the southern rural region of Moyen-Chari, more than 480 kilometres (298 miles) from the Central African country’s capital N’Djamena.
Nobody can force Ayu to resign as PDP chairman, says Atiku, asks Wike Group to retrace steps
Nobody can force Ayu to resign as PDP chairman, says Atiku, asks Wike Group to retrace steps: “In this light, therefore, I will urge those members of our party that have stated their resolve to withdraw from the Presidential Campaign Council to have a rethink, retrace their steps, and join us in these efforts.
President Buhari at UNGA, retriates commitment to transparent, fair election in 2023
President Buhari at UNGA, retriates commitment to transparent, fair election in 2023: ”As President, I have set the goal that one of the enduring legacies I would like to leave is to entrench a process of free, fair and transparent and credible elections through which Nigerians elect leaders of their choice,” Buhari was quoted as saying by his spokesman, Femi Adesina in a statement.
Apple may move 5% of iPhone 14 production from late 2022 to India
Apple may move 5% of iPhone 14 production from late 2022 to India: It is also estimating about 25 per cent of all Apple products, including Mac, iPad, Apple Watch and AirPods, to be manufactured outside China by 2025 from 5 per cent currently.
Senate confirms Ariwoola as nation’s chief justice
Senate confirms Ariwoola as nation’s chief justice: The red legislative chamber confirmed Ariwoola as CJN on Wednesday after the senate leader, Abdullahi Gobir moved a motion to screen him in the committee of the whole.
Nigeria’s industrial court in a ruling orders university lecturers to go back to work
Nigeria’s industrial court in a ruling orders university lecturers to go back to work: He held that the strike is detrimental to public university students who cannot afford to attend private tertiary institutions.
Oil prices tick up on supply concerns but expected Fed rate hike slows down increase
Oil prices tick up on supply concerns but expected Fed rate hike slows down increase: The OPEC+ producer grouping – the Organization of the Petroleum Exporting Countries and associates including Russia – is now falling a record 3.58 million barrels per day short of its production targets, or about 3.5 per cent of global demand. The shortfall highlights the underlying tightness of supply in the market.
Buhari seeks Senate approval for N402 bln promissory notes to pay 3 states for road construction
Buhari seeks Senate approval for N402 bln promissory notes to pay 3 states for road construction: The second request asked the red chamber to approve N6.71 billion and N2.71 billion to be routed through Debt Management Offices (DMO) for the Kebbi State Government on the construction of federal roads and for the Taraba State Government for constructing federal roads as well.
Nigeria’s interbank rates rise as liquidity tightens while equity market closes positive
Nigeria’s interbank rates rise as liquidity tightens while equity market closes positive: The total volume traded closed with an exchange of 147.585 million units valued at N2.39 billion traded in 3,323 deals. However, the market breadth was negative with 11 gainers as against 14 losers.
Tuesday, 20 September 2022
Crude oil theft is treason against Nigeria, says House Speaker, Gbajabiamila
Crude oil theft is treason against Nigeria, says House Speaker, Gbajabiamila: “Those who seek to impoverish our country in this manner have declared war against the Nigerian people,” he told legislators when reconvening the House of Representatives after a two-month break.
Nigerian ride-hailing app HerRyde aims to assure women of safety on ride
Nigerian ride-hailing app HerRyde aims to assure women of safety on ride: HerRyde launched with 10 drivers and logged roughly 500 rides in its first month in Abuja, Nigeria’s capital city. Its founders plan to expand elsewhere in Nigeria.
Shell Petroleum to start turnaround maintenance on Bonga deepwater assets in Oct
Shell Petroleum to start turnaround maintenance on Bonga deepwater assets in Oct: The energy company said the scheduled turnaround maintenance of its offshore Bonga asset would be defined by safety as top priority.
NEMA says floods kill over 300 in Nigeria this year, and could worsen
NEMA says floods kill over 300 in Nigeria this year, and could worsen: Ahmed said Cameroon opened flood gates at Lagdo dam last week and the spillover effects combined with heavy rainfall would lead to flooding in 14 states, including those in the oil-producing Niger Delta.
Ghana economy records 4.8% growth in second quarter – stats office
Ghana economy records 4.8% growth in second quarter – stats office: Ghana's economy expanded 4.8 per cent year-on-year in the second quarter of 2022, driven by growth in the fishing, manufacturing and education services
Nigeria spends N664.7 billion on domestic debt service in 3-month to June 2022 ~DMO
Nigeria spends N664.7 billion on domestic debt service in 3-month to June 2022 ~DMO: Nigeria’s domestic debt currently stood at N26.23 trillion or $63.24 billion due to New Borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as New Borrowings by State Governments and the FCT.
Nigeria’s inflation sees rising to 21.2% Sept ~ analysts at United Capital
Nigeria’s inflation sees rising to 21.2% Sept ~ analysts at United Capital: For core inflation, we expect global energy costs to remain elevated and the persistent FX pressures to impact the cost of imported and manufactured goods. That said, we project that the inflation rate will rise to 21.2 per cent in Sep-2022.
NDLEA seizes N194 bln cocaine in Lagos, arrests 11 suspects for possession of drugs, guns
NDLEA seizes N194 bln cocaine in Lagos, arrests 11 suspects for possession of drugs, guns: The National Drug Law Enforcement Agency (NDLEA) on Monday said it has seized 1.8 tonnes of cocaine with a total street value of N194 billion in a secluded
How I paid N30 mln ransom to free some of my Priests, warns Nigerians on 2023 election ~Kukah
How I paid N30 mln ransom to free some of my Priests, warns Nigerians on 2023 election ~Kukah: Bishop of the Catholic Diocese of Sokoto, Matthew Kukah has revealed that he has paid about N30 million as a ransom for the release of his church priests who
Oil prices edge up as supply woes outweigh demand and rate hike worries
Oil prices edge up as supply woes outweigh demand and rate hike worries: The Organization of Petroleum Exporting Countries and allies led by Russia, known as OPEC+, fell short of its oil production target by 3.583 million barrels per day (bpd) in August, an internal document showed. In July, OPEC+ missed its target by 2.892 million bpd.
Ghana declares end of Marburg virus disease outbreak
Ghana declares end of Marburg virus disease outbreak: “The Ghana Health Service (GHS) has officially declared Ghana free from the Marburg virus disease outbreak that was confirmed nearly two months ago,” the presidency tweeted on Monday.
Portugal could face shortage if Nigeria does not deliver all LNG due
Portugal could face shortage if Nigeria does not deliver all LNG due: Although Portugal has its gas reserves at 100 per cent of storage capacity, Cordeiro said that if fewer Nigerian LNG deliveries materialised, it would have to look for alternative supplies.
Monday, 19 September 2022
Barcelona projects €271 mln profit this season as it announces €98 mln in 2021-22
Barcelona projects €271 mln profit this season as it announces €98 mln in 2021-22: Barca sold another 15 per cent of their LaLiga TV rights to Sixth Street in July for over €300 million and then two 24.5 per cent stakes in Barca Studios for around €200 million in operations, which are factored into revenue for the 2022-23 season.
Africa and Climate Change: A Conversation with US Senator John Kerry towards COP27
Africa and Climate Change: A Conversation with US Senator John Kerry towards COP27: As the world continues to experience the daily impact of global warming, whether the tragic recent flooding in Pakistan, or the less covered, but equally harmful, persistent environmental degradation of Africa’s Sahel region, leaders need to act, not just talk.
FIRS mandate is to collect taxes, not to grant tax waivers to taxpayers – Nami
FIRS mandate is to collect taxes, not to grant tax waivers to taxpayers – Nami: He, however, noted that the Service is not unmindful of the objectives of granting tax waivers to investors, which he said include “helping to grow local companies, stimulate economic growth, and earn investors’ confidence.”
Nigeria’s equity down N19 bln on sell-off on Energy firm, Seplat shares, others
Nigeria’s equity down N19 bln on sell-off on Energy firm, Seplat shares, others: The nation's bourse opened trading for the week on Monday negative amidst buy-interests and sell-offs as activities as the market extended losses for the fourth consecutive session.
Leaders, monarchs gather in London for final farewell to Queen Elizabeth
Leaders, monarchs gather in London for final farewell to Queen Elizabeth: Thousands of people lined the streets to witness the passage of the queen’s casket from the historic Westminster Hall to nearby Westminster Abbey, and eventually on to Windsor Castle where she will be laid to rest alongside her late husband.
Nigeria grants N16.7 trln in tax reliefs, concessions to 46 firms in 3-year ~Reports
Nigeria grants N16.7 trln in tax reliefs, concessions to 46 firms in 3-year ~Reports: They were beneficiaries of the pioneer status tax relief under the Industrial Development Income Tax Act with tax reliefs for a three-year period.
Sunday, 18 September 2022
NDLEA arrests ex-convict for importing 5.9 kg cocaine concealed in cans of deodorants
NDLEA arrests ex-convict for importing 5.9 kg cocaine concealed in cans of deodorants: A statement by the NDLEA spokesman, Femi Babafemi said the 44-year-old man had been sentenced to seven-year imprisonment in Ethiopia for drug traffic previously and was recently released from prison.
Arsenal leapfrogs Manchester City to top Premier League table
Arsenal leapfrogs Manchester City to top Premier League table: “We have a different mentality this season. we kept going and are training like we play and have class with the players that can make a difference,” Xhaka told Sky Sports.
Bitcoin slips once again below $20,000
Bitcoin slips once again below $20,000: Ether, the coin linked to the ethereum blockchain network, dropped 3.2 per cent to $1,422.1 on Sunday, losing $47 from its previous close.
Nigeria-Morocco gas pipeline to open new energy-supply route for West Africa, Europe
Nigeria-Morocco gas pipeline to open new energy-supply route for West Africa, Europe: The Saudi Arabia-based Islamic Development Bank and the OPEC Fund for International Development have committed nearly $60 million to finance feasibility and engineering studies for what would be one of the longest pipelines ever built.
Bank chief seeks value-added commodity exports to boost Nigeria’s revenue
Bank chief seeks value-added commodity exports to boost Nigeria’s revenue: “Most of our raw cashew nut exports go to Vietnam where more value is added to it and then re-exported. In 2020, Vietnam imported $1.5 billion worth of raw cashew nuts from Africa, added value to them and exported $3 billion worth of processed kernels.
CBN says introduction RT200 scheme boosts non-oil export proceeds repatriation
CBN says introduction RT200 scheme boosts non-oil export proceeds repatriation: “We have seen a significant improvement not just in the figures that are being repatriated, but also in the number of exporters that are willing to come to the formal sector. Because a lot of our export has been happening informally, but with this scheme, we have found that a lot more players in the export sector are willing to come to the formal sector.
Ukraine war, global food shortage will dominate world leader’s talking points at UN general assembly
Ukraine war, global food shortage will dominate world leader’s talking points at UN general assembly: Guterres said the geopolitical rifts were “the widest they have been since at least the Cold War.” He warned they “are paralyzing the global response to the dramatic challenges we face,” citing war, climate, poverty, hunger, and inequality.
Nigeria losing N32 bln to Pipeline vandalisation, oil theft daily
Nigeria losing N32 bln to Pipeline vandalisation, oil theft daily: The stream is often the single largest export grade and has been under constant force majeure. The last shut in was in December 2021 and it was due to a malfunctioning barge that obstructed a tanker path.
Tunisia raises fuel, cooking gas prices in bids to secure IMF facilities
Tunisia raises fuel, cooking gas prices in bids to secure IMF facilities: The rise in fuel prices is the fourth this year. Tunisia expects its budget deficit will expand to 9.7 per cent of Gross Domestic Product (GDP) in 2022, up from a previously expected 6.7 per cent, due to the stronger dollar and a sharp increase in grain and energy prices.
A Nigerian woman tests positive to monkeypox in Delhi, an Indian city
A Nigerian woman tests positive to monkeypox in Delhi, an Indian city: Another source stated that the suspected case, which included a Nigerian woman as well, was hospitalised on September 14. It was also stated that the seventh and eighth confirmed cases as well as the suspected case are now admitted, and all three patients are doing well.
Nigerian Air Force raids terrorist camp in Zamfara, kills many
Nigerian Air Force raids terrorist camp in Zamfara, kills many: The raid which reportedly took place on Saturday afternoon in Shinkafi LGA of Zamfara, was targeted at a wedding ceremony, with Turji and his group of terrorists in attendance.
Friday, 16 September 2022
Delta Air Lines readies to take delivery of renewable fuel from its refinery
Delta Air Lines readies to take delivery of renewable fuel from its refinery: The move suggests a shift in strategy for Delta subsidiary Monroe Energy, which in the past has been among the smaller refiners that have tried to pressure the U.S. Environmental Protection Agency and the White House to reform biofuel laws.
Nigeria achieves almost 90 mln enrolments on national identity database
Nigeria achieves almost 90 mln enrolments on national identity database: “This is one of the reasons enrolments have increased tremendously with over 89 million NINs generated successfully. On the international level, NIMC today has diaspora enrolment centres in over 40 countries, with more centres and countries scheduled to be added in the coming months.”
Understanding the import of NOI presidential election poll
Understanding the import of NOI presidential election poll: The response from the Tinubu Campaign (or APC Campaign Council) immediately the poll was published betrayed an apparent lack of understanding of the objectives of the survey and a misinterpretation of the statistical presentation.
NCAA renews Air Transport License of Azman Air, signs MoU on debt repayment
NCAA renews Air Transport License of Azman Air, signs MoU on debt repayment: It was learned that the airline also submitted its tax and security clearance forms to the NCAA and signed a Memorandum of Understanding (MoU) with the authority on payment of N50 million monthly in a bid to repay its legacy debt.
Nigeria’s equity value drops N35 bln on losses by Access Corp, UBA, others as interbank rates close higher
Nigeria’s equity value drops N35 bln on losses by Access Corp, UBA, others as interbank rates close higher: The total volume traded closed with an exchange of 107.495 million units valued at N1.15 billion traded in 3,303 deals. The market breadth was negative with 9 gainers as against 13 losers.
Analysis: OPEC+ leaders like $100 oil, won’t necessarily defend it
Analysis: OPEC+ leaders like $100 oil, won’t necessarily defend it: Oil traded at $100-$120 for most of the second quarter which alarmed governments in many countries that were already dealing with runaway inflation.
FIFA rules Chile out of Qatar World Cup after appeal to replace Ecuador fails
FIFA rules Chile out of Qatar World Cup after appeal to replace Ecuador fails: The Chilean football federation can appeal against FIFA’s verdict to sport’s highest court — CAS in Lausanne, Switzerland –which can organise an urgent hearing and ruling ahead of the World Cup.
Nigeria to raise N225 bln from domestic debt market on Monday
Nigeria to raise N225 bln from domestic debt market on Monday: Nigeria plans to raise N225 billion from selling sovereign bonds on Monday across three tenor paper, maturing in 2025, 2032 and 2037, the Debt Management
Nigeria may adopt Ethiopian Airlines as technical partner for proposed Nigeria Air
Nigeria may adopt Ethiopian Airlines as technical partner for proposed Nigeria Air: Sirika said the ministry would soon request the council’s approval for the full business case, a public-private partnership guided by the Infrastructure Concession Regulatory Commission (ICRC) regulations.
US SEC’s crypto guidelines push up costs for lenders, disrupting projects
US SEC’s crypto guidelines push up costs for lenders, disrupting projects: A slew of lenders including U.S. Bancorp, Goldman Sachs Group Inc, JPMorgan Chase & Co, BNY Mellon, Wells Fargo & Co, Deutsche Bank, BNP Paribas and State Street Corp offer or are working on crypto products and services for clients in a bid to tap in to the $1 trillion crypto market, according to their public statements and media reports.
Shell picks head of its gas and renewables business Sawan as new CEO
Shell picks head of its gas and renewables business Sawan as new CEO: Sawan’s appointment comes at a pivotal time for the oil giant, which is aiming to reduce emissions to net zero by 2050 and moving away from fossil fuels even as Europe looks to fossil fuels to survive a growing energy crisis.
US climate envoy Kerry seeks African nations’ help to curb emissions
US climate envoy Kerry seeks African nations’ help to curb emissions: Twenty countries, including the United States, are responsible for 80 per cent of global emissions, Kerry said. Coal, oil and gas – drivers of the American economy – are the worst emitters, climate experts agree.
IDB, OPEC may fund trans Sahara gas project as final investment decision expected in 2023
IDB, OPEC may fund trans Sahara gas project as final investment decision expected in 2023: Once completed, the project will supply about three billion standard cubic feet of gas per day along the West African coast from Nigeria, Benin, Togo, Ghana, Cote d’’ Ivoire, Liberia, Sierra Leone, Guinea, Guinea Bissau, Gambia, Senegal and Mauritania to Morocco.
Thursday, 15 September 2022
World Bank sees rising risk of global recession in 2023
World Bank sees rising risk of global recession in 2023: Synchronized interest rate hikes underway globally and related policy actions were likely to continue well into next year, but might not be sufficient to bring inflation back down to levels seen before the COVID-19 pandemic, the bank said.
TotalEnergies gas fields could generate $450 mln a year for South Africa
TotalEnergies gas fields could generate $450 mln a year for South Africa: TotalEnergies lodged its production licence application for Block 11B/12B on Sept. 5 before a deadline expired which might have seen the oil major forfeit its right to develop two huge gas field discoveries – Brulpadda and Luiperd off South Africa’s southern coast.
Losses in Access Corp, Dangote Sugar drag down Nigeria’s equity market
Losses in Access Corp, Dangote Sugar drag down Nigeria’s equity market: The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Vitafoam Nigeria, UAC of Nigeria (UACN), Dangote Sugar Refinery, Access Holdings, and UPDC Real Estate Investment Trust (UPDCREIT) Plc.
Nigeria’s consumer inflation rises to 20.52% in Aug from 19.64% in Jul ~NBS
Nigeria’s consumer inflation rises to 20.52% in Aug from 19.64% in Jul ~NBS: The report explained that likely factors responsible for the increase in the annual inflation rate (year-on-year basis, were disruptions in the supply of food products.
Experts see inflation galloping as Kenya’s new president scraps petrol subsidy
Experts see inflation galloping as Kenya’s new president scraps petrol subsidy: Like in other parts of the world, Kenyan inflation has accelerated, mainly due to the knock-on effects of a jump in crude oil prices. It stood at around 5 per cent at the start of 2022.
MTN Nigeria launches book build for N100 bln 4-bond, 10-year bonds
MTN Nigeria launches book build for N100 bln 4-bond, 10-year bonds: “The issuance continues to reinforce MTN Nigeria’ssstrategy of diversifying its funding sources in line with its corporate objectives.,” the telecom firm said in the regulatory filing.
Nigeria to partner Serum Institute of India on local production of Vaccines
Nigeria to partner Serum Institute of India on local production of Vaccines: “We hope to start manufacturing some of the vaccines (that) Serum Institute India manufactures and transfer the technology and skills to our people,” Ehanire said after Nigeria’s cabinet approved the deal with Serum Institute, the world’s largest producer of vaccines.
Flutterwave includes eNaira as Payment Option for Merchants
Flutterwave includes eNaira as Payment Option for Merchants: “We… are confident that this number will grow further as we continue to innovate and expand,” Flutterwave said in a statement.
Reactions as Peter Obi leads Tinubu, Atiku in poll conducted by Ngozi Okonjo Iweala firm
Reactions as Peter Obi leads Tinubu, Atiku in poll conducted by Ngozi Okonjo Iweala firm: According to the poll published on Thursday, Obi polled 21 per cent while the candidates of the ruling All Progressive Congress (APC) Tinubu and that of main opposition Peoples Democratic Party (PDP) Abubakar polled 13 per cent each.
President Buhari to present N19.76 trln 2023 budget 1st week of Oct
President Buhari to present N19.76 trln 2023 budget 1st week of Oct: Gbajabiamila said this when he addressed newsmen shortly after inspecting hearing rooms 028 and 234 of the House, which was expected to serve as the temporary chamber due to the ongoing renovation of the House complex in Abuja on Wednesday.
Lagos Police arrests ex-convict at Ojota over two stolen generators
Lagos Police arrests ex-convict at Ojota over two stolen generators: The suspect, Yekini Opeyemi, 35, was arrested at about 4:00 a.m. near Odo-Iya Alaro, Ojota in the company of others (now at large) trying to load one Firman and one Tigmax generator, 2.8 KVA each, into a Volkswagens Golf car. The driver on sighting the police officers sped off,
Wednesday, 14 September 2022
Oil prices rise 1% on supply concerns, expectations for fuel switching
Oil prices rise 1% on supply concerns, expectations for fuel switching: The International Energy Agency (IEA) expects the deepening economic slowdown and a faltering Chinese economy to cause global oil demand to grind to a halt in the fourth quarter of the year. That has kept prices under pressure of late and may inhibit further rallies.
End of COVID pandemic is ‘in sight’ ~WHO chief
End of COVID pandemic is ‘in sight’ ~WHO chief: That was the most upbeat assessment from the UN agency since it declared an international emergency in January 2020 and started describing COVID-19 as a pandemic three months later.
Nigeria’s equity market losses N28 bln in value as Zenith Bank, others share prices fall
Nigeria’s equity market losses N28 bln in value as Zenith Bank, others share prices fall: The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Nigerian Exchange Group, Union Bank of Nigeria (UBN), Cutix and United Bank for Africa (UBA).
VP Osinbajo expresses need for Nigeria to benefit more from its gas reserves
VP Osinbajo expresses need for Nigeria to benefit more from its gas reserves: Pointing out that Nigeria has one of the largest gas reserves in the world and should benefit from its exploitation, the VP also highlighted the significance of Nigeria’s Energy Transition Plan, which is the first in Africa.
Our expansions across Africa will boost shareholder’s returns on investment, says UBA New GMD
Our expansions across Africa will boost shareholder’s returns on investment, says UBA New GMD: “We are expanding our services beyond Africa, bringing in capital inflow and investment into Nigeria and Africa constitutes over 50 per cent of our revenue and we will do more.
Paul Pogba’s brother Mathias in police custody over armed extortion
Paul Pogba’s brother Mathias in police custody over armed extortion: French prosecutors are investigating allegations that Paul Pogba was the target of extortion by his elder brother Mathias and childhood friends. They allegedly demanded €13 million (nearly $13 million) from the former Manchester United player.
Oyo Gov Makinde asks PDP Chairman Ayu to resign as Atiku meets S/West stakeholders
Oyo Gov Makinde asks PDP Chairman Ayu to resign as Atiku meets S/West stakeholders: The Oyo State Governor, Seyi Makinde on Wednesday in Ibadan called for the resignation of the National Chairman of the Peoples Democratic Party (PDP),
Road Infrastructure Tax Credit Scheme helping Nigeria to bridge infrastructure deficit FIRS Chief
Road Infrastructure Tax Credit Scheme helping Nigeria to bridge infrastructure deficit FIRS Chief: “I want to speak to the one we are handling jointly with the NNPC. The NNPC through its subsidiary for instance is investing in about 1,824 kilometres of roads across the 6 geopolitical zones in Nigeria,” Nami was quoted in a statement by his Special Assistant on Media & Communication, Johannes Oluwatobi Wojuola
Urgent need for a local content policy in Nigeria’s aviation industry
Urgent need for a local content policy in Nigeria’s aviation industry: Despite the potential of the sector to create employment and spur the development of other industries such as hospitality and tourism, the aviation industry in Nigeria has one of the highest turnovers of registered domestic airlines in the world.
God does not back war, Pope Francis says
God does not back war, Pope Francis says: “God is peace. He guides us always in the way of peace, never that of war,” Francis said, speaking at a huge round table in the Independence Palace, a massive modern structure made of steel and glass in the capital of the former Soviet republic.
Nigeria moves to end gas flaring, boosts commercialisation of resources
Nigeria moves to end gas flaring, boosts commercialisation of resources: “We are trying to bring down gas flaring. Gas flaring commercialization programme is at an advanced stage, which is going to take out about 15 million tonnes of CO2 from the atmosphere, which is one of our biggest contributions to global gas emissions,” said Timipre.
Nigeria to sign MoU on trans Sahara gas project with ECOWAS, Morocco
Nigeria to sign MoU on trans Sahara gas project with ECOWAS, Morocco: Once completed, the project will supply about three billion standard cubic feet of gas along the coast of West Africa from Nigeria, Benin, Togo, Ghana, Cote d’ Ivoire, Liberia, Sierra Leone, Guinea, Guinea Bissau, Gambia, Senegal and Mauritania to Morocco.
Tuesday, 13 September 2022
PDP presidential candidate Atiku says to tackle insecurity, poverty
PDP presidential candidate Atiku says to tackle insecurity, poverty: Atiku, who spoke on Tuesday at the Private Sector Economic Forum organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos said he will take tough and difficult decisions on security matters without fear or favour.
US signs deal with Google to develop chips for researchers
US signs deal with Google to develop chips for researchers: A string of companies have announced new semiconductor plants resulting from the passage of the legislation, which authorized about $52 billion in government subsidies for U.S. semiconductor production and research, and an investment tax credit for chip plants estimated to be worth $24 billion.
Local bourse value rises marginally on accounts of gains in shares of Fidelity Bank, Access Corporation
Local bourse value rises marginally on accounts of gains in shares of Fidelity Bank, Access Corporation: On market outlook, GTI Securities Limited said “domestic market records marginal growth as uncertainty trail investors’ activities. We expect cautious trading to continue pending any significant changes in the economic conditions.”
Ayu again stirs hornet’s nest, says Okowa more qualified to be Vice President than Wike
Ayu again stirs hornet’s nest, says Okowa more qualified to be Vice President than Wike: “We looked around and we thought we have to give not just a vice president that will assist him (Atiku) but we did our homework to select a man who is highly educated, very humble, and who has done very well as a governor in his home state.
Nigeria to improve wheat production with locally modified seeds
Nigeria to improve wheat production with locally modified seeds: Africa’s most populous country placed restrictions on wheat imports before Russia’s invasion of Ukraine disrupted supply. But it harvested less than one per cent of the 4.7 million tons of grain it consumed in 2021, according to the US Department of Agriculture.
Germany plans to sell 6.2% worth $458 mln stake in Lufthansa
Germany plans to sell 6.2% worth $458 mln stake in Lufthansa: The government will sell as many as 74.4 million shares, equal to a 6.2 per cent stake in Europe’s largest airline, via an accelerated bookbuild to institutional investors, according to a term sheet released Tuesday.
Scottish police charge man who heckled Prince Andrew during procession
Scottish police charge man who heckled Prince Andrew during procession: Television footage on Monday showed a man heckling Andrew at that time while the prince and his siblings, including King Charles, were walking behind a hearse carrying their mother’s coffin.
US consumer price index rises 0.1% in August, driven by rents, food
US consumer price index rises 0.1% in August, driven by rents, food: “The renewed jump in core prices for August undercuts the weaker headline inflation rate spurred by lower gasoline costs,” said a senior economist at Nationwide in Columbus, Ohio, Ben Ayers. “This should secure another 75-basis point rate hike at next week’s policy meeting as the Fed continues to take a strong stance against inflation.”
Protesting university students blocked traffic on Lagos-Ibadan Expressway
Protesting university students blocked traffic on Lagos-Ibadan Expressway: “As major stakeholders in the educational sector, we are the ones who can save ourselves. We have monitored the yearnings of students from campus to campus through their social media platforms and also in their public writings.
Google faces $25.4 bln damages claims in UK, Dutch courts over adtech practices
Google faces $25.4 bln damages claims in UK, Dutch courts over adtech practices: “It is time that Google owns up to its responsibilities and pays back the damages it has caused to this important industry. That is why today we are announcing these actions across two jurisdictions to obtain compensation for EU and UK publishers,” Damien Geradin at law firm Geradin Partners said in a statement on Tuesday.
“Hustler” Ruto becomes Kenya’s fifth president after close election
“Hustler” Ruto becomes Kenya’s fifth president after close election: Deputy President for the last decade, Ruto must now confront an economic crisis in East Africa’s wealthiest and most stable nation, where food and fuel prices are surging, unemployment is high and public debt rising.
Africa losing up to 15% of GDP growth to climate change ~AfDB
Africa losing up to 15% of GDP growth to climate change ~AfDB: Rich nations promised in 2009 to deliver $100 billion in climate financing to the developing world. But that pledge has only ever been partially met and is due to expire in 2025.
How stolen crude oil deprives Nigeria of benefiting from rising prices ~The Economist
How stolen crude oil deprives Nigeria of benefiting from rising prices ~The Economist: In the Middle East and Central Asia, The Economist stressed that exporters could pocket $320 billion more in oil revenues this year than previously forecast, adding however that Nigeria has been a conspicuous absentee from the merry petro-party.
Crude Oil prices rise on concerns over tight supplies
Crude Oil prices rise on concerns over tight supplies: In the United States, the Strategic Petroleum Reserve (SPR) fell 8.4 million barrels to 434.1 million barrels in the week ended Sept. 9, the lowest since October 1984, according to data released on Monday by the Department of Energy.
All is not well with PDP, says Benue Gov Ortom
All is not well with PDP, says Benue Gov Ortom: Ortom said that the PDP ignored its existing internal conflict resolution mechanism, which he said, the party leaders ought to have deployed to resolve the crisis long before the situation degenerated.
Goldman Sachs set to cut jobs this month
Goldman Sachs set to cut jobs this month: The Wall Street giant typically trims about 1 per cent to 5 per cent of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source told Reuters. The staff reductions may begin as early as next week, the person said.
Osinbajo jets out to Kenya to represent Buhari at Ruto’s inauguration as 5th president
Osinbajo jets out to Kenya to represent Buhari at Ruto’s inauguration as 5th president: Osinbajo will join other leaders across Africa and beyond for the swearing-in ceremony scheduled to hold in Nairobi with about 20 heads of state expected to grace the ceremony.
Ecobank Group appoints Awori new group CEO as Ayeyemi retires
Ecobank Group appoints Awori new group CEO as Ayeyemi retires: Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group has selected Jeremy Awori as its Group Chief Executive Officer, as Ade
Monday, 12 September 2022
Sekibo bows out after 13-year as Heritage Bank announces George-Taylor acting CEO
Sekibo bows out after 13-year as Heritage Bank announces George-Taylor acting CEO: George-Taylor is an experienced banker with over two decades working in the banking and financial services sector, Akinola George-Taylor has a proven track record in managing multi-billion Naira operations.
Equity market declines N38 bln in value as investors book profits on FBNH, Lafarge
Equity market declines N38 bln in value as investors book profits on FBNH, Lafarge: The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Lafarge Africa, NEM Insurance, FBNH and Fidelity Bank.
Ivory Coast sells 2023-2024 cocoa contracts with higher premium
Ivory Coast sells 2023-2024 cocoa contracts with higher premium: Ivory Coast has started selling cocoa contracts for the 2023/24 season with a non-negative premium for the first time in three years, industry sources said on
Ondo Gov Akeredolu expresses concern over APC same faith presidential ticket
Ondo Gov Akeredolu expresses concern over APC same faith presidential ticket: “Luckily, it did not only come to South, it came to the South West. Now, where do we stand? I understand our feelings because I’m one of you. I am a Christian. All of us here are worried. What will be our gain, and that, why is my party, the APC throwing up a Muslim/Muslim ticket?”
Africa’s first $181 mln hydrogen power plant seen producing electricity in 2024
Africa’s first $181 mln hydrogen power plant seen producing electricity in 2024: Hydrogen is categorised “green” when it is made with renewable power and is seen as key to helping decarbonise industry, though the technology remains immature and relatively costly.
Senate President seeks prosecution of oil thieves, terrorists to serve as deterrent
Senate President seeks prosecution of oil thieves, terrorists to serve as deterrent: “We want to see trials of people who are caught because when that happens, citizens will know that nobody, no matter how high that person is, can go scot-free if he or she decides to get involved in this kind of criminal activity.
China’s $610 mln debt waiver for Africa represents 1.1% of Chinese loans to the continent ~Study
China’s $610 mln debt waiver for Africa represents 1.1% of Chinese loans to the continent ~Study: The waived loans were of 10 to 30-year maturities and were worth up to $610 million in total, researchers at Boston University estimated, using a database of Chinese state lending compiled by researchers.
Oil prices drop amid possible rate hikes, China COVID curbs
Oil prices drop amid possible rate hikes, China COVID curbs: Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, were offset by ongoing lockdowns in China, the world’s top crude importer.
APC candidate Tinubu will retire Atiku back to Dubai in 2023, says Shettima
APC candidate Tinubu will retire Atiku back to Dubai in 2023, says Shettima: He described Atiku as a political tourist who comes to the country only when there is an election and returns to Dubai, United Arab Emirates, to relax thereafter, adding that unlike Tinubu and himself, the former vice president cannot point to anybody he has mentored.
Nigeria’s FMCG manufacturing firm’s increased production costs put consumers under pressure
Nigeria’s FMCG manufacturing firm’s increased production costs put consumers under pressure: The cost of production for most consumer goods manufacturing sector increased by an average of 25 per cent in the six months to June 2022, as Nigeria's
Sunday, 11 September 2022
Atiku says a vote for APC in 2023 is a vote for doom
Atiku says a vote for APC in 2023 is a vote for doom: “It’s a choice between freedom and doom. And I trust that you will do your all in ensuring that Nigeria is free from socio-economic hardship.
Saturday, 10 September 2022
Nigeria’s drugmaker Fidson says dollar shortage raising costs of production
Nigeria’s drugmaker Fidson says dollar shortage raising costs of production: The company must instead turn to commercial lenders and bureaux de change sources, which raises its average dollar costs to around N500, about 15 per cent than the official rate of about N436.
If PDP cannot restructure itself, it definitely can’t restructure Nigeria~ Makinde
If PDP cannot restructure itself, it definitely can’t restructure Nigeria~ Makinde: “And that is not what we are fighting for. We are not fighting for the southern part of this country to have the chairmanship of the PDP governors forum. We are saying that if PDP has promised to restructure Nigeria and we cannot restructure PDP, we are not ready to restructure Nigeria. That is the fact.
ECB governors may hike interest rate to 2 per cent to curb inflation
ECB governors may hike interest rate to 2 per cent to curb inflation: The ECB raised its deposit rate from zero to 0.75 per cent on Thursday and President Christine Lagarde guided for another two or three hikes, saying rates were still far away from a level that will bring inflation back to 2 per cent.
NATO calls on allies to supply winter uniforms for Ukrainian army
NATO calls on allies to supply winter uniforms for Ukrainian army: “The winter is coming, it’s going to be hard, and therefore we need both to continue to supply weapons and ammunition but also winter clothing, tents, generators and all the specific equipment which is needed for the winter,” Stoltenberg told reporters after meeting U.S. Secretary of State Antony Blinken in Brussels.
How corruption is fueling insecurity as military officers looted N10 bln security votes ~ICPC
How corruption is fueling insecurity as military officers looted N10 bln security votes ~ICPC: He noted that research and investigations by the National Security Agency and the ICPC on the issue of insecurity had shown that public sector corruption, directly and indirectly, enabled insecurity and could sometimes complement it.
Friday, 9 September 2022
Sanwo-Olu charges newly inaugurated Permanent Secretary to give their best to Lagos
Sanwo-Olu charges newly inaugurated Permanent Secretary to give their best to Lagos: The Governor stressed that the selection process was competitive, thorough and fair to the candidates, noting that all the shortlisted persons were given equal opportunity to showcase their competence and their capacity.
Oil prices rise 4% on supply threats, still set for weekly drop
Oil prices rise 4% on supply threats, still set for weekly drop: Despite Friday’s bounce, both crude benchmarks were headed for a weekly drop, with Brent down about 0.2 per cent on the week after at one point hitting its lowest since January. WTI posted a weekly decline of 0.1 per cent.
FCMB, UBA, others lead Nigeria’s equity market to third consecutive rally
FCMB, UBA, others lead Nigeria’s equity market to third consecutive rally: The market capitalisation of equities listed on the NGX increased to N26.805 trillion from N26.782 trillion as on the previous close.
Ebonyi Gov Umahi sees Peter Obi winning substantial votes in Southeast
Ebonyi Gov Umahi sees Peter Obi winning substantial votes in Southeast: “So, while my party takes the victory, he would have prepared a very good ground for the south-east presidency, so that nobody is going to write us off. And you can see the level of his acceptability, which does not translate to victory over APC. I’m sure of that.
Nigeria’s finance minister sees naira depreciating further at official window
Nigeria’s finance minister sees naira depreciating further at official window: Africa’s largest economy maintains multiple exchange rates dominated by a tightly controlled official rate and the unauthorized parallel rate at which many Nigerian get dollars, which is roughly 60% weaker. The World Bank and IMF have urged Nigeria to unify its rates.
Nigeria’s oil output down below one mln barrels, 32-year low as thieves hobble output
Nigeria’s oil output down below one mln barrels, 32-year low as thieves hobble output: Nigeria's crude oil production fell below 1 million barrels per day (bpd) in August, figures from its regulator show, as the nation grappled with rampant
IMF says food and energy are driving global inflation surge
IMF says food and energy are driving global inflation surge: Inflation continued to climb through July, albeit a little more slowly. Though circumstances vary by country, the latest observations show a slight change in the composition of inflation, with food’s share increasing further while energy-related categories eased slightly.
AfDB says 7 African nations making progress on climate change actions
AfDB says 7 African nations making progress on climate change actions: The African Development Bank and the Global Green Growth Institute (GGGI have launched a report analysing the readiness of seven countries - Morocco, Tunisia,
Nigeria spends 13.7 trln on fuel subsidy in 6-year, says NEITI
Nigeria spends 13.7 trln on fuel subsidy in 6-year, says NEITI: “It was evident that the NNPC consistently defaulted on the sales terms of ninety (90) days. The delays ranged from 21 to 55 days. The opportunity cost of this monthly delayed remittance by NNPC was N17.5 billion.
MTN Group hosts Nigeria unit’s board and exco for strategy retreat
MTN Group hosts Nigeria unit’s board and exco for strategy retreat: During the trip, MTN Group and MTN South Africa held engagements attended by South Africa’s Minister of International Relations and Cooperation Naledi Pandor and Minister of Communications and Digital Technologies Khumbudzo Ntshavheni, as well as by Nigeria’s High Commissioner Muhammad Haruna Manta.
Bank of England says banknotes featuring Queen’s image remain legal tender
Bank of England says banknotes featuring Queen’s image remain legal tender: A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed,” the central bank said.
PDP approves presidential campaign council for Atiku
PDP approves presidential campaign council for Atiku: Spokesperson of the party, Debo Ologunagba, stated that the NEC further accepted the resignation of the Chairman of the Board of Trustees (BoT), Walid Jibrin, and accepted the nomination of Adolphus Wabara, the Secretary of the BoT as Acting Chairman of the BoT.
Thursday, 8 September 2022
Nigeria’s equity reverses losses, gains N29 bln, boosts by UBA 12.6% H1 PBT growth
Nigeria’s equity reverses losses, gains N29 bln, boosts by UBA 12.6% H1 PBT growth: On market outlook, analysts at GTI Securities Limited said that “trading activity ended bullish halting the three days of negative sentiment, the consumer goods sector, however, was the only sector that recorded a negative sentiment. We expect cautious trading to continue amongst investors.”
Lagos RRS arrests five telecoms cable thieves in Ikoyi
Lagos RRS arrests five telecoms cable thieves in Ikoyi: He said the suspects were arrested at about 2:30 am on Wednesday, September 8, 2022, by police officers on patrol at Oyinkan Abayomi, off Alexander Road, Ikoyi, with a white Volkswagen T4 bus with the registration number, KTU 357 YF.
Nigeria’s UBA posts 12.6% growth in profits to N86 bln in 6-month
Nigeria’s UBA posts 12.6% growth in profits to N86 bln in 6-month: The impressive financials was coming against the backdrop of numerous business, economic as well as geopolitical environmental challenges including continued supply-chain interruptions due to Covid, the Russia and Ukraine conflict, and the resultant rise in prices of global commodities, that characterised the first six months of the year.
PDP chairman Ayu gets NEC vote of confidence as Makinde emerges as party Govs forum chair
PDP chairman Ayu gets NEC vote of confidence as Makinde emerges as party Govs forum chair: At the NEC meeting in Abuja, a total of 397 members of the NEC including past national chairmen of the party, the immediate past Vice President of the country, Namadi Sambo, the PDP presidential candidate, Atiku Abubakar among others were accredited for the meeting.
New Apple iPhone 14 to cost more in Asian, other weak currencies zone
New Apple iPhone 14 to cost more in Asian, other weak currencies zone: In China, though, Apple’s third-largest market after the United States, the company priced the iPhone 14 at 5,999 yuan ($862.42) – the same as the iPhone 13 launch price – despite a 7 per cent drop in the currency.
Capital inflow to Nigeria’s banking sector peaked at $15.8 bln in 5-year ~NBS
Capital inflow to Nigeria’s banking sector peaked at $15.8 bln in 5-year ~NBS: In the five-year period leading to December 2021, about $26.21 billion came into the country via the equity market category. In 2017 and 2018, the sector’s share of the total capital importation averaged 61.5 per cent.
Local oil refiners seek CBN, NNPC support to grow production
Local oil refiners seek CBN, NNPC support to grow production: CORAN members are seeking the support of the CBN and NNPC for the extension of all incentives and assistance given to Dangote Refinery to them.
Wednesday, 7 September 2022
Nigeria to send more LNG to Europe by next winter
Nigeria to send more LNG to Europe by next winter: Nigeria will soon take the final decision over the investment to build the infrastructure, the minister said, adding that the project is likely to cost more than $10 billion.
Nigeria’s equity market index sustains downward trend as FCMB, Sterling Bank shed value
Nigeria’s equity market index sustains downward trend as FCMB, Sterling Bank shed value: Trading in the local bourse remained bearish, sustaining its downward trend on Wednesday as investors took profits off FCMB, Sterling Bank and 14 other stocks.
Fidelity Bank to seek shareholder’s approval for private placement of 3.04 bln shares
Fidelity Bank to seek shareholder’s approval for private placement of 3.04 bln shares: “That the members in recognition of the need to ensure that the Company’s share capital is aligned with the requirements under applicable laws, hereby waive their pre-emptive rights in respect of the 3,037,414,308 unissued Ordinary Shares of 50 kobo each, to be issued by the Company by way of Private Placement.
PDP NWC to take decision on Atiku, Wike face-off as hope of resolution brightens
PDP NWC to take decision on Atiku, Wike face-off as hope of resolution brightens: Ashiru, who declined to give details of the meeting, said: “But we are through. We have discussed this with the presidential candidate.
Chelsea sack Thomas Tuchel as manager after poor start to season
Chelsea sack Thomas Tuchel as manager after poor start to season: “As the new ownership group reaches 100 days since taking over the club, and as it continues its hard work to take the club forward, the new owners believe it is the right time to make this transition.
Flutterwave says obtains CBN Switching and Processing licence
Flutterwave says obtains CBN Switching and Processing licence: “We have been granted a Switching and Processing license by the Central Bank of Nigeria (CBN). A switching and processing license allows us to facilitate transactions between financial service providers, merchants, customers and other stakeholders.
Labour presidential candidate Obi debunks speculations on $150 mln diaspora donations
Labour presidential candidate Obi debunks speculations on $150 mln diaspora donations: “Nobody has given me anything,” he said. “That is speculation. What I need is not what they would give me. But what they would give Nigeria, because we need them to turn around Nigeria.
SEC slashes workforce by 30%, posts N2.5 bln operational surplus in 6-month
SEC slashes workforce by 30%, posts N2.5 bln operational surplus in 6-month: “Mr. Chairman we were top heavy and we said before this committee that we had a plan to offer a voluntarily early exit to some of our top personnel and I am happy to report that at the end of last year we offered this scheme and quite a number of our staff took the offer and we were able to substantially reduce our workforce by almost 30 per cent.
Fuel queues resurface in Abuja, environs as petrol marketers embark on strike
Fuel queues resurface in Abuja, environs as petrol marketers embark on strike: The oil marketers commenced the three-day warning strike on Monday and stopped their members from lifting petrol from the depot to more than five states in the North including Abuja, a development that led to the scarcity of the product on Tuesday.
Tuesday, 6 September 2022
Google sets Oct 6 for Pixel Watch, Pixel 7 launch
Google sets Oct 6 for Pixel Watch, Pixel 7 launch: The Pixel 7 phones will run on Android 13 and feature the latest iteration of Google’s custom mobile chip called Tensor.
INEC reviews election guidelines for voters in IDP
INEC reviews election guidelines for voters in IDP: The Independent National Electoral Commission (INEC) has begun the review of the electoral framework for voters in Internally Displaced Persons (IDP) camps
New UK Prime Minister Truss unveils her cabinet, excludes supporters of ex-rival Sunak
New UK Prime Minister Truss unveils her cabinet, excludes supporters of ex-rival Sunak: The new Prime Minister also announced James Cleverly as Foreign Secretary. Suella Braverman takes the other Great Office of State as Home Secretary – meaning for the first time there is no white man in any of the top posts.
MTN Nigeria to raise N23 bln in commercial paper to finance working capital, general purposes
MTN Nigeria to raise N23 bln in commercial paper to finance working capital, general purposes: “The issuance is part of the company’s strategy to diversify its financing options, with the funds deployed towards working capital and general corporate purposes.
New UK Prime Minister Truss appoints Coffey secretary of state of health
New UK Prime Minister Truss appoints Coffey secretary of state of health: The appointment, which was announced via her official Twitter handle said; “The Rt Hon Dr Thérèse Coffey MP @ThereseCoffey has been appointed Secretary of State for Health and Social Care @DHSCgovuk . She will also be Deputy Prime Minister.”
Court grants Ogun Speaker bail after arraignment by EFCC over N2.5 bln fraud
Court grants Ogun Speaker bail after arraignment by EFCC over N2.5 bln fraud: The Speaker of the Ogun State House of Assembly, Olakunle Oluomo was on Tuesday granted bail by the Lagos Division of the Federal High Court in the sum of
ASUU Strike: Nigeria to approve 35% pay rise for University professors, 23.5% for lecturers
ASUU Strike: Nigeria to approve 35% pay rise for University professors, 23.5% for lecturers: “Henceforth, allowances that pertain to ad-hoc duties of the academic and non-academic staff shall be paid as at when due by the Governing Councils of Universities to which such services are rendered and to the staff who perform them.
Shoprite promises to hold down prices despite inflation, narrower margin
Shoprite promises to hold down prices despite inflation, narrower margin: “The dividend was probably expected to be higher, but we must keep in mind that consumer inflation is still high,” said Gryphon Asset Management portfolio manager Casparus Treurnicht, adding shares were sliding after a strong run higher this year.
Naira depreciates 19.1% YTD as structural challenges impede forex revenue
Naira depreciates 19.1% YTD as structural challenges impede forex revenue: In recent months, we have experienced weakened exchange rates in the parallel market, with the market shedding about 19.1 per cent (previously N568.0 on
Shell, Exxon launch sale of major Dutch gas venture
Shell, Exxon launch sale of major Dutch gas venture: Shell and Exxon recently launched the sale process for NAM’s offshore gas operations, which include dozens of fields, around 20 offshore platforms, and a network of pipelines and three processing plants, according to the document and sources.
Monday, 5 September 2022
Nigeria’s equity market declines N30 bln on sell off on Zenith bank, Lafarge, others
Nigeria’s equity market declines N30 bln on sell off on Zenith bank, Lafarge, others: The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Nigerian Exchange Group, Stanbic IBTC Holdings, Zenith Bank and United Bank for Africa.
Nigeria’s naira falls to N705 vs dollar on Parallel market, down to N432.75/$ on I&E window
Nigeria’s naira falls to N705 vs dollar on Parallel market, down to N432.75/$ on I&E window: Traders said the naira weakened to the greenback at the Investors and Exporters (I&E) forex window by 0.75 per cent to closed at N432.75 to the dollar. The naira traded at N431.50 to the dollar on the forex window also known as NAFEX on Friday.
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