Rising Diesel Costs and FX Volatility will Push Nigerian Inflation Higher in 2022
The rising cost of diesel and foreign exchange volatility has driven higher levels of domestic inflation in Nigeria. Dr. Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise, CPPE, made this point while providing his perspective on “Rising Inflation in Nigeria and the Need for a Productive Economy.”
Oil Climbs as Major Producer UAE says it has no Spare Capacity
Oil prices rose about 1% in early Asian trade on Tuesday after the United Arab Emirates’ energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market. Source Reuters Read More
NT-Bills Update: Bearish Run Persists as Average Yield Expands 15bps WoW to 4.79%
last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market maintained its bearish run as average yield expanded 15bps W-o-W to settle at 4.79% from 4.64% the previous week. Source Afrinvest Read More
FG: We’ll Strengthen SEC to Reposition Nigeria’s Capital Market
The federal government says it will strengthen the Securities and Exchange Commission (SEC) to reposition Nigeria’s capital market. Zainab Ahmed, minister of finance, budget and national planning, said this in a statement issued by the commission on Monday. Source TheCable Read More
Duty Hike, Forex Take Tokunbo Cars Out of Nigerians’ Reach
Since the introduction of Vehicles Identification Number system for the valuation of imported vehicles, the platform has been riddled with controversies that have made vehicles almost inaccessible to ordinary Nigerians. Source Punch Read More
FG Partners Brazil to Mechanise Nigeria’s Agricultural Sector
The Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, has announced that Nigeria would partner with the Brazilian government on the supply and distribution of 10,000 tractors to farmers across the country. Source THISDAYLIVE Read More
Banks Extend N56.5trn Credit to Economy in 5 Months
Credit to the economy rose by 16 per cent to N56.5 trillion in five months to May this year driven by a sharp increase in credit to the government. Source LeadershipNG Read More
Nigerians React as MTN Drags 18 Banks to Court Over N22.3 billion ‘Erroneous’ Transfer
A lawsuit involving MTN Nigeria’s MoMo PSB and 18 Nigerian banks has been generating reactions from Nigerians. While reports say MoMo had dragged the banks to court to retrieve N22.3 billion “erroneously transferred to 8,000 bank customers”, many are blaming the banks for being tightfisted when it comes to refunding money. Source Nairametrics Read More
Nigeria’s Inactive Telephone Lines Now 97m as VAS Operators Earn N32b
Out of the about 301.5 million connected telephone lines (GSM) in Nigeria, some 97 million Subscribers Identification Modules (SIM) cards have, however, become inactive, meaning that there are only 204.2 million active users in the country. Source The Guardian Nigeria Read More
Leadway Pensure Projects to Sustain Double-Digit Returns on Funds by 2022 Year-End
In the wake of the COVID-19 health pandemic that resulted in industry-wide contractions on achieved returns in 2021, Nigeria’s foremost Pension Fund Administrator, Leadway Pensure PFA, projects to maintain an average of double digits increase on its Fund’s returns in 2022. Source Leadway Pensure Read More
‘Fiscal time bomb’: Petrol subsidy hits N2.1trn
Nigeria has incurred an estimated petrol subsidy of N2.1 trillion in the first six months of this year, according to the national oil company, which is struggling to generate enough oil revenue to cover the soaring cost of subsidising the product.
Inflation under Buhari: How it started, how it’s going
When President Muhammadu Buhari took office on May 29, 2015 with a promise to eliminate corruption that had flourished under previous governments, attain food security, and support the poor and vulnerable in the society, Nigerians were hopeful of a better life under his administration.
Nigeria among least diversified countries despite FG’s promises
Nigeria remains one of the world’s least diversified countries, the World Bank has said, despite repeated promises by different administrations, including that of President Muhammadu Buhari. According to the Washington-based global financial institution
NAICOM Cancels Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Pl
This is to notify all insurance stakeholders and members of the public that the National Insurance Commission, NAICOM has CANCELLED the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.
Consequently, the Commission has appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator for Standard Alliance Insurance Plc.
All stakeholders are advised to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.
The Commission assures all stakeholders of the safety and protection of their interests.
Niger, Algeria and Nigeria Reach Milestone for Trans-Saharan Gas Pipeline Project
The Minister of Petroleum of the Republic of Niger is proud to announce a new development towards making the Trans-Saharan Gas Pipeline a reality
The Ministry of Petroleum of the Republic of Niger is proud to announce that the country has reached a new milestone in further opening the domestic and regional gas market through a development in the construction of the multi-billion Trans-Saharan Gas Pipeline (TSGP) alongside Algeria and Nigeria.
H.E. Mahamane Sani Mahamadou, Minister of Petroleum for the Republic of Niger, met with H.E. Mohamed Arkab, Minister of Energy and Mines, Algeria, and H.E. Chief Timipre Sylva, Minister of State for Petroleum Resources of Nigeria as well as the Director Generals of national oil companies (NOCs) of the three African countries met to discuss the implementation of the TSGP on June 20, 2022, in Abuja. During the meeting – which follows the signing of the ‘Niamey Declaration’ during the 3rd Forum of the Economic Community of West African States in February 2022 – parties established a taskforce and roadmap for the development of the TSGP.
A Steering Committee made up of the three Ministers and Director Generals of the NOCs, established during the two-day meeting, will be responsible for updating the feasibility study for TSGP and will meet at the end of July 2022 in Algiers to discuss how to progress with the TSGP project. The Ministry of Petroleum of Niger commends all parties for this significant step, viewing both the establishment of the taskforce and roadmap as key drivers towards making the TSGP a reality.
Lekki Gardens Raises N25bn Commercial Paper on FMDQ
Lekki Gardens has raised a N25bn Commercial Paper (CP) on the FMDQ. The signing ceremony was held on Wednesday, June 22, 2022, at the company’s corporate head office in Banana Island, Lagos. Speaking at the ceremony, the Chief Executive Officer, Lekki Gardens Estates Limited, Dr. Richard Nyong, described the approval for the registration of the Commercial Paper Issuance programme by FMDQ Exchange as a big step for the company.
The ceremony had in attendance all the professional parties to the transaction, including Boston Advisory Limited, who acted as the Arranger/Dealer/Issuer and Paying Agent; United Capital Trustees Limited as the Trustees; Keystone Bank as Paying and Collecting Agent; SIAO as Auditors and TOLG as Solicitors.
