Bank customers groan under multiple charges

A growing number of bank customers in Nigeria have voiced concerns over what they described as excessive charges on their transactions, threatening the country’s financial inclusion drive. Top Nigerian banks recorded an increase in fees and commission income last yea

$1.5bn Lekki Port seen spurring competition

The completion and commencement of commercial activities at the $1.5 billion Lekki Port, an automated port with 16.5 meters draft, will spur competition and enable economies of scale that will automatically save cost for consignees, stakeholders have said.

Central Bank imposes huge fines on Nigerian banks for crypto violations

Nigeria’s central bank fined several lenders for failing to comply with regulations that bar customers from trans Nigerian banks acting in cryptocurrencies. The Central Bank fined Stanbic IBTC Bank, the domestic unit of Standard Bank Group Ltd., 200 million naira ($478,595) for two accounts alleged to have been used for crypto transaction

Buhari signs Executive Order 11

President Muhammadu Buhari on Wednesday directed all the Ministries, Departments and Agencies of government (MDAs) to establish maintenance departments, in compliance with the Executive Order 11 on national public buildings maintenance.

Kaduna terrorist attacks limit access to 115m northern consumers

Residents of Kaduna, Nigeria’s North-Western region are having a rough time as terrorists constantly attack communities and transit routes in the state. In the last month, the state has experienced a barrage of kidnappings, bomb blasts and high-level insecurity in its community and along its different transport routes

Guyana’s new $10bn field project exposes Nigeria’s inability to pump more oil

Africa’s biggest oil producer who sits atop over 36 billion barrels of crude oil reserves is struggling to attract private capital to build its energy sector whereas Guyana, South America’s third tiniest oil country is attracting a $10 billion investment from America’s biggest energy company, ExxonMobil.

New report details scale of crude oil theft in Nigeria

A new Wood Mackenzie report has revealed the troubling scale of the crude oil heists in the Niger Delta involving previously unseen volumes, high sophistry, and how operators are scrambling to deal with the losses. The NNPC had reported that crude oil thefts in 2021 reached 200,000 barrels per da

Veritasi Homes Signs 10 Billion Naira Commercial Paper Through FMDQ Exchange

Veritasi Homes and Properties, a foremost real estate company in Nigeria, has signed its Commercial Paper (CP) programme worth N10.00 billion. The CP programme, approved through the Board Listings and Markets Committee of the Financial Market Dealers Quotation (FMDQ) Securities Exchange, is the largest exchange in Nigeria. The signing ceremony, held at The WheatBaker Hotel, Ikoyi, Lagos, on the 1st of April, was attended by partners, sponsors, and other stakeholders.

 According to the founder and CEO of Veritasi Homes and Properties Limited, Adetola Nola, the successful signing of the commercial paper programme was a significant feat for the company. “We are delighted that the proceeds from the issuance of the CP will be applied to develop superior real estate projects designed for clients at home and in the diaspora. We want to thank Mega Capital Financial Services Limited, the transaction sponsor, and Pathway Advisors Limited, our financial adviser, for their efforts and professionalism in getting this programme approved. Our commitment as a brand to building a trustworthy business remains, and we look forward to other future engagements with the capital market.”

Investors Lose N6.04bn as NGXASI Dips Marginally by -0.02%; Market Breadth Remains Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.02% to close at 46,766.16 basis points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.48%.

Market breadth closed Negative as REGALINS led 16 Gainers as against 18 Losers topped by NPFMCRFBK at the end of today’s session an unimproved performance when compared with previous outlook.         

Market turnover closed positive as volume moved up by 1.62% as against 17.28% uptick recorded in the previous session. FIDELITYBK, TRANSCORP, and GUARANTY were the most active to boost market turnover. MTNN   GUARANTY and topped market value list.

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

Oil Markets on Edge as IEA Debates Releasing More Crude – OIR 050422

 The Russia-Ukraine war and its increasingly global ramifications continue to dominate the narratives of the oil market, with the European Union still shying away from an outright ban on Russian oil and gas. Source Tom Kool of oilprice Read More

Senate Extends 2021 Budget Implementation to May

The senate has extended the implementation of the 2021 budget from March 31 to May 31, 2022. The development occurred after it considered a bill to amend the 2021 appropriation act. Source TheCable Read More

Kyari Mobilises NUPENG, Others to Tackle Oil Theft

 The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has sought the support of the National Union of Petroleum and Natural Gas Workers, the National Association of Road Transport Owners, and other stakeholders in the oil and gas sector to tackle crude oil theft in the Niger Delta region. Source Punch Read More

Lawmakers Investigate Crude Oil Production, Revenue Generated by NUPRC

 The House of Representatives Committee on Finance, yesterday requested for details of crude oil production from October 2021 to March, 2022, with a view to determining the revenue accrued to the Federation through Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Source THISDAYLIVE Read More

Emefiele: CBN Disbursed N114bn to Support Fertiliser Industry in Five years

Emefiele said the funds were disbursed under various CBN’s interventions, including the real sector support facility, commercial agriculture credit scheme, national food security programme and the presidential fertiliser initiative (PFI). Source TheCable Read More

Gridlock Crippling Business Activities at Lekki FTZ – Operators

 The Nigeria Economic Zones Association has expressed concern over the increased movement of oil tankers in the Lekki axis of Lagos State. The association spoke after Pinnacle Oil & Gas FZE commenced its operations in the zone. Source Punch Read More

U.S, EU to Hit Russian Investments with New Round of Sanctions

The U.S., European Union and Group of Seven are coordinating on a fresh round of sanctions on Russia, including a U.S. ban on investment in the country and an EU ban on coal imports, following the discovery of civilian murders and other atrocities in Ukrainian towns abandoned by retreating Russian forces. Source Bloomberg Read More

Intel Becomes Latest Western Tech Firm to Suspend Business In Russia

 U.S. chipmaker Intel Corp (INTC.O) said on Tuesday it has suspended business operations in Russia, joining a slew of companies to exit the country following its invasion of Ukraine. Source Reuters Read More

NCC Warns Telcos Against Flouting SIM Replacement Guidelines

The Nigerian Communications Commission (NCC) has insisted that Mobile Network Operators (MNOs), their licensed agents and telecom subscribers, should always comply with the Subscriber Identity Module (SIM) registration, activation and replacement procedures as set out in the Revised National Identity Policy for SIM Registration. Source Daily Trust Read More

Local Operators Lament Persistent Sideline by NCC

NCC, as mandated by law must implement the policies of the Federal Government, encourage the participation of Nigerians in the telecoms sector and ensure that illegal, unfair discriminatory practices are not permitted in the telecoms sector for the socio-economic development of Nigeria. Source Guardian Nigeria Read More