Petrol generator demand spikes on high diesel price

The high cost of diesel in Nigeria is driving up the demand for petrol generators by small businesses and households that are increasingly seeing subsidised petrol as a cheaper alternative, BusinessDay’s enquiries show.

Lagos new terminal idle, two weeks after opening

The new terminal at the Murtala Muhammed International Airport (MMIA), Lagos, has not started flight operations, two weeks after the Federal Government inaugurated it and announced that flights could then take off and land at the new edifice.

Diesel, raw material costs pile pressure on FMCG firms

Diesel price hike and raw material costs are piling pressure on Fast-Moving Consumer Goods (FMCG) companies in Nigeria, analysts at FBNQuest have said in a new report. The report said the Russia-Ukraine conflict would likely impact the group negatively in 2022.

Nigeria fixing refineries while vandals break their pipelines

While the Nigerian National Petroleum Company has agreed terms with Afreximbank for a loan of $1 billion to rehabilitate the Port Harcourt refineries, the pipelines that would feed crude to the refinery are at the mercy of vandals

Court strikes out 8 of 15 charges against Nnamdi Kanu

A Federal High Court, Abuja on Friday, said it will only proceed with seven out of the 15 charges brought against Nnamdi Kanu, the leader of the proscribed Indigenous People of Biafra (IPOB). The court presided over by Justice Binta Nyako said only counts 1, 2, 3, 4, 5, 8 and 15 will be pursued against Kanu.

Global food prices hit record high on Russia-Ukraine war – FAO

Global food commodity prices in March 2022 averaged 159.3 points, up 12.6 percent from February, making it the highest level since 1990, the Food and Agriculture Organization of the United Nations (FAO) reported today. According to the FAO Food Price Index (FFPI), the global prices made a significant leap

African countries wooing companies in Nigeria – Minister

Niyi Adebayo, Minister of Industry, Trade and Investment on Thursday said several African countries were lobbying companies registered and operating in Nigeria to leave the country and relocate to their lands. Adebayo said this when he led other agencies under the ministry to appear before the House Committe

Africa’s Energy Opportunities Under the Spotlight as Russian Energy Gap Widens

 As Europe seeks new sources of gas to ensure its energy security, can African markets fill in the Russian gap? While some countries are well poised to benefit from the potential economic windfall. Source Paul Sinclair for Africa Oil Week Read More

Buhari Gets RMAFC’s New Revenue Sharing Formula, States, LGs Get More

 The Revenue Mobilization Allocation and Fiscal Commission has finally presented the report of the review of the vertical revenue allocation formula to the President, Major General Muhammadu Buhari, (retd.) after failing to meet the 2021 deadline. Source Punch Read More

Buhari Seeks Approval of N4trn for Petrol Subsidy in 2022

President Muhammadu Buhari has requested the approval of N4 trillion as payments for petrol subsidy payments in 2022. The president said this in a letter addressed to the house of representatives, titled “Submission of the Revised 2022 Fiscal Framework”. Source TheCable Read More

2022: Budget Deficit Jumps to N7.35tn, Buhari to Borrow N965bn

 The President, Major General Muhammadu Buhari (retd.), has written a letter to the House of Representatives, informing the parliament that the deficit in the 2022 Appropriation Act has risen by N965.42bn to N7.35tn. Source Punch Read More

Zenith Bank Shareholders Approve N97.33bn Dividend Payment

Shareholders of Zenith Bank Plc, at the 31st Annual General Meeting (AGM) of the bank unanimously approved the proposed final dividend, expressing delight at the final dividend payment of NGN2.80 per share which brings the total dividend for the 2021 financial year to NGN3.10 per share with a total value of NGN97.33 billion. Source Zenith Bank Read More

Bank of Ghana Prohibits Pricing, and Making Payments for Goods and Services in Foreign Currency

Bank of Ghana hereby reminds the public that in accordance with the Foreign Exchange Act, 2006 (Act 723), companies, institutions and individuals are prohibited from engaging in foreign exchange business without a licence issued by Bank of Ghana. Source Bank of Ghana Read More

Stocks, U.S. Futures Waver Amid Fed, China Worries: Markets Wrap

 Asian stocks and U.S. equity futures struggled to make headway Friday as the Federal Reserve’s plan for aggressive policy tightening and China’s Covid lockdowns hung over markets. Source Bloomberg Read More

NNPC Pays $3.68bn, Owes Total, Agip, Shell $1.01bn Cash Call Debts

 The Nigerian National Petroleum Company Limited has so far paid a total of $3.68bn out of the $4.689bn cash call debt to five international oil companies that are its joint venture partners. Source Punch Read More

NNPC: We’ve Lost $1.5bn Worth of Oil to Vandals From January Till Date

 The Group Managing Director of Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari, has lamented the negative impact of the activities of oil vandals and operators of illegal refineries. Source Daily Trust Read More

Nigeria’s Telecom FDI Drops To $417.4m As Revenue Hit N2.9trn – NCC

 A new report released last night by the Nigerian Communications Commission (NCC) has shown that capital inflow or Foreign Direct Investment (FDI) into the Nigerian telecommunications industry in year 2020 rose to $417,481,615.30 million while total revenue within the same period increased to N2,880,660,709,902.25 trillion in naira terms. Source LeadershipNG Read More

Robinhood Rolls Out Cryptocurrency Wallet to 2 million Users

 Robinhood Financial officially rolled out its cryptocurrency wallet on Thursday, giving access to more than 2 million customers that were on a waiting list for the digital product. Source Bloomberg Read More

Yellen Says U.S. Crypto Rules Should Support Innovation, Manage Risks

 U.S. Treasury Secretary Janet Yellen said on Thursday crypto asset regulations should support responsible innovation while managing risks, sticking to the contours of a recent White House executive order that was well-received by the crypto market. Source Reuters Read More