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Headlines

Lawmakers slow World Bank’s $500m power grant

The National Assembly is delaying the implementation of a World Bank’s $500 million financing support to improve electricity distribution in Africa’s biggest economy, the bank’s country director for Nigeria, Shubham Chaudhuri has said

MTN pegs retail listing price at N169

MTN will sell shares of its Nigerian business at a discount to retail investors in a public offer today as the telecommunication company seeks to expand its local shareholder base in Africa’s largest economy.

Corruption at Nigerian ports drops by 60.2% in two years – MACN

The demand for bribes, un-receipted payments, and other corrupt practices on the marine side of vessel clearance at Nigerian port has dropped by 60.2 percent in two years, 2019 to 2021, the Maritime Anti-Corruption Network (MACN) and the Convention on Business Integrity (CBI), have said.

Address factors responsible for declining foreign investments

As much as Nigeria presents a huge opportunity for decent returns in virtually every sector, a number of risk factors have escalated in recent times. These factors include insecurity, foreign exchange risks and policy uncertainties.

Banks notify customers as CBN starts sale of forex online 

In compliance with the directive of the Central Bank of Nigeria (CBN), banks have started issuing notices to their customers regarding the automation of Form ‘NCX’ for invisibles by the regulator. The CBN in a circular dated November 29, 2021, informed all authorised dealers, Nigerian Customs Service, Shipping lines

Omicron variant: Canada adds Nigeria to travel ban list

Amid the growing concerns over the Omicron variant of COVID-19, Canada has added Egypt, Malawi, and Nigeria to the travel ban list. “We are adding three countries to the list of these countries that we talked about last Friday, these are Malawi, Egypt and Nigeria

What to know about TIES loan

The Tertiary Institutions Entrepreneurship Scheme (TIES), an intervention scheme launched by the Central Bank of Nigeria (CBN), aims at harnessing the potential of graduate entrepreneurs from Nigerian polytechnics and universities

At 74.15% completion, Lekki Port is ahead of 2022 target

Construction works at the project site of the Lekki Deep Seaport, Nigeria’s first deepest port has reached 74.15 percent as of November 28, 2021, the Lekki Port LFTZ Enterprise Limited has said

Nigeria’s GDP: Fragile Outlook Undermines Steady Economic Recovery 

 The Nigerian economy has continued to recover steadily from the historic downturn printed in 2020, attributable to increased vaccine rollout bolstering consumer confidence and stimulating economic activities.

OPECplus Under Pressure as Oil Prices Plunge Again – OIR 301121

Black Friday’s price collapse shook the oil market, destroying the bullish sentiment that had been building throughout the month. While prices partially recovered on Monday, they plunged again on Tuesday morning as uncertainty intensified.

GCR Revises UBA Plc’s Long-term National and International Scale Ratings on Criteria Change

GCR Ratings (“GCR”) has revised United Bank for Africa Plc’s long term national and international scale ratings to AA+(NG) and B from AA-(NG) and B+ respectively on criteria change.  

NEC Endorses 2022 Finance Bill

A finance bill is a legislative bill proposing changes to taxes, levies, and duties in a fiscal year. The virtual emergency NEC meeting was presided over by Vice-President Yemi Osinbajo on Tuesday.  

Parthian Partners Redeems N20bn From 1st Commercial Paper Issuance

 Parthian Partners Limited (PPL) has redeemed its inaugural public issue at maturity of its Series 1 Tranche A & B commercial paper under its N20 billion Issuance Programme.

NGX Holds Inaugural Capital Markets Conference as Vice-President, Others Laud Digitization Efforts

 Nigerian Exchange Limited (NGX) has, at the maiden edition of the capital markets conference, called for increased collaboration among key players in the nation’s economy towards driving productive investments that would accelerate an elevated and digitized capital market.  

Reps Retain NIPOST’s Powers Over Stamp Duty in New Amendment

The House of Representatives, on Tuesday adopted the report by the Committee on Communications on the Nigerian Postal Service Act (Amendment) Bill, which will create Nigerian Postal Commission and make the already existing Nigerian Postal Service an operator under it.  

NNPC: Global Attack on Fossil Fuel Investment Will Continue to Worsen Energy Crisis

 The Nigerian National Petroleum Company (NNPC) Limited yesterday attributed the current global gas crisis to shortage of investments in the oil sector as activists, investors, and climate change advocates continue to mount pressure on banks and oil companies to withdraw funding for fossil fuel related projects. 

Stakeholders Fault Customs on delay in Installation of Scanners

 Two months after the Nigeria Customs Service (NSC) took delivery of the Nuctech mobile scanners, the facilities are yet to be installed. Terminal operators and other stakeholders have blamed the Service for the delayed deployment of the scanners at the nation’s seaports for use. 

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