Dirty petrol arrived Nigeria January, slipped NNPC’s tests

The current fuel scarcity in Nigeria’s major cities on account of petrol high in methanol raises questions about the NNPC’s quality control process, as investigations reveal that the dirty petrol first arrived Nigeria in the second week of January.

Despite oil price at $90 barrel, naira may fall to N450 – RenCap

The price of oil (Brent crude) is currently above $90 per barrel, which is supposed to translate to increased buffers and stronger naira but this is not happening as Renaissance Capital, an emerging and frontier markets-focused investment bank, foresees the local currency will nosedive

Samsung, LADOL settlement signals more investment, job creation

The final settlement between Samsung Heavy Industries Nigeria (SHIN) Limited and LADOL Integrated Logistics Free Zone Enterprise has reaffirmed their partnership, after three years of dispute. According to both parties, the settlement is expected to increase

In break with tradition, Nigeria’s external reserves fall as oil prices rise

The rally in oil prices is not translating to more dollars in Nigeria’s reserves for only the fifth time in at least two decades, as a growing petrol subsidy bill and low oil production shut Africa’s largest oil producer from the gains of higher oil prices.

Reps call for state of emergency on ritual killings

The House of Representatives on Wednesday called for the declaration of a national emergency on ritual killings in Nigeria, urging the National Orientation Agency, parents, heads of schools, religious leaders and the media to undertake a campaign against this ugly trend in the society.

FG mulls ‘Omnibus Bill’ to improve Nigeria’s business climate

The Federal government said it has concluded plans for an ‘omnibus Bill’ that will harmonize over 25 laws on business practices, as part of plans to strengthen ‘Ease of Doing Business’ in Nigeria and attract more foreign investment. Jumoke Oduwole, special adviser to the President on Ease of Doing Business speaking

Fuel crises tops agenda as Buhari presides over FEC

The return of queues at filling stations and the reported importation of bad fuel into Nigeria is top on the agenda of the federal Executive Council, a meeting being presided over by President Muhammadu Buhari.

African govt, banks, SMEs to benefit as $10bn AfCFTA Adjustment Fund debuts

African States that suffer tariff revenue loss for implementing the Continental free trade agreement stand to benefit as the African Continental Free Trade Area (AfCFTA) Secretariat and African Export-Import Bank (Afreximbank), on Wednesday in Cairo, signed the $10 billion AfCFTA Adjustment Fund

Investors Gain N53.88bn as NGXASI Inches up by 0.21%; Halts Negative Market Sentiment

Equities market closed on a positive note, as NGXASI appreciated by +0.21% to close at 47,157.23 basis points as against -0.31% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.40%.         

Market breadth closed positive as RTBRISCOE led 25 Gainers as against 13 Losers topped by JULI at the end of today’s session an improved performance when compared with previous outlook.         

Market turnover closed positive as volume moved up by +24.78% as against -16.56% downtick recorded in the previous session. ACCESS, SOVRENINS and NGXGROUP were the most active to boost market turnover.  PRESCO and MTNN topped market value list.

DAARCOMM leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

Russian Government and Central Bank Agree to Treat Bitcoin as Currency

 The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.

 Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.

 Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.

 The report also highlights that cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) would have to be declared; otherwise, it could be considered a criminal act. Those who illegally accept cryptocurrencies as payment will incur fines.

 This news comes after months of speculation about how the Russian government will handle digital currencies. While it is still unclear what this decision will mean for businesses and citizens in Russia, it seems that the country is slowly warming up to the idea of cryptocurrencies.

 In January, the Bank of Russia called for a nationwide crypto ban in a report that warned about the speculative nature of the industry. The bank also stated that financial firms should not facilitate crypto transactions as part of that proposal to ban digital assets.

 However, the proposal generated opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, said that the government should regulate crypto rather than prohibiting it entirely. He warned that a total ban might result in Russia falling behind in technology.

 Reports have also emerged that President Vladimir Putin supports efforts to regulate the country’s crypto mining sector.

FMDQ Exchange Admits NOVA Merchant Bank N50bn Commercial Paper Programme on its Platform

Coming shortly on the heels of the recent registration of the Providus Bank Limited N10.00 billion Commercial Paper (CP) Programme on its platform, FMDQ Securities Exchange Limited, following the due diligence of its Board Listings and Markets Committee, has approved the registration of the NOVA Merchant Bank Limited N50.00 billion CP Programme on its platform. NOVA Merchant Bank will greatly benefit by gaining access to a wide range of knowledgeable and capitalised investors with the registration of its CP programme and subsequent quotation of CP notes on FMDQ Exchange.

NOVA Merchant Bank is a merchant bank in Nigeria that provides end-to-end financial services solutions covering corporate banking, investment banking, advisory, capital markets, and wealth & asset management. The registration of this CP Programme, which is co-sponsored by EAC Advisory Limited, FSDH Capital Limited, United Capital PLC and Renaissance Securities (Nigeria) Limited – Registration Members (Quotations) of the Exchange, strategically positions Nova Merchant Bank to raise short-term finance from the Nigerian debt capital markets (DCM) easily, through CP issues within its CP Programme and quote same on FMDQ Exchange for visibility of the issue and desired transparency for the investors.