How DisCos incured N485bn energy debt in 16 months
Following the recent takeover of Kano, Benin and Kaduna distribution companies (DisCos) by Fidelity Bank Plc, a look at industry data show the 11 DisCos owe the Nigerian Bulk Electricity Trader (NBET) a combined debt of N485.7 billion in 16 months for the electricity sold to them.
Nigerian insurers see rebound in investment income
Insurance companies in Nigeria are optimistic of closing the year with a better performance and good returns to shareholders having seen growth in premium and rebound in investment income in the first half.
Hijab, Malcolm and the sanctity of Supreme Court judgements
In the last couple of weeks, the Supreme Court of Nigeria has been in the eye of the storm with some of her judgments subjected to public scrutiny and criticism. The most recent was the one involving Lagos state government and two young girls over the wearing of Hijab to schools.
Solving Nigeria’s energy problem through renewables
Curiously, fuel queues have re-emerged in many petrol stations across Nigeria for reasons no one knows. Although before now, it was blamed on the shutdown of operations by some independent petroleum marketers who say they are no longer making profit by selling petrol at the government-fixed price of N165 per litre.
What new EU requirements for air shipments mean for airlines, exporters
The European Union last week set new requirements to transport goods to or through the European Union including Norway and Switzerland. According to the EU, from 1 March 2023, all freight forwarders, air carriers, express couriers, and postal operators
Naira strengthens as dollar liquidity rises by 71.66%
Naira, Nigeria’s currency on Wednesday reversed its almost a week long depreciation, reporting gains after dollar liquidity improved at the official foreign exchange window known as Investors and Exporters (I&E) forex window
Stock market sees first gain this week
Nigeria’s equities market on Thursday recorded its first gain of the week, though on a slight note (+0.01percent or N12billion), driven by stocks like Nahco Plc, Honeywell Flour Mills Plc, and Academy Press Plc. At the close of trading session on the Nigerian Exchange Limited (NGX), the market’s positive returns year-to…
We won’t be able to pay salaries in coming months – governors
The 36 state governors have raised the alarm that they won’t be able to pay salaries in the coming months as a result of dwindling revenue from the federations account. The governors under the auspices of the Nigerian Governors Forum (NGF) raised the alarm in a presentation before the House of…
Nigeria, Algeria, Libya, Angola and Egypt are Expected to be the Top Oil + Condensates Producers for the Year 2022 in Africa
The African Energy Chamber (AEC) has released its Q2, 2022 outlook, the State of African Energy, providing detailed insight into current and emerging trends, challenges and opportunities, and how the African energy sector is bouncing back following the onset of the COVID-19 pandemic. Source African Energy Chamber Read More
Rising Subsidy’ll Stop States from Paying Salaries – Governors
The Nigeria Governors’ Forum has lamented that the subsidy on petroleum products, especially Premium Motor Spirit (petrol), has placed a huge financial burden on the states. Source Punch Read More
NASD Holds 9th AGM; Board Lauds Outgoing MD Bola Ajomale for Meritorious Service The NASD Exchange Plc, on Monday, July 05, 2022, held its 9th Annual General Meeting, which was an opportunity for the board to engage shareholders on the 2021 financial year, with critical resolutions taken. Source Proshare Read More
Dockworkers Threaten to Shutdown APMT Apapa Over Poor Welfare
The Maritime Workers Union of Nigeria (MWUN) has stated its resolve to shut down activities at the AP Moller Terminal (APMT) Apapa, over poor salaries and unfair treatment of workers by the concessionaires. Source The Guardian Nigeria Read More
FG Backs Fidelity Bank’s Takeover of Benin, Kano, Kaduna Discos over Insolvency
The federal government has announced the takeover of three non-performing electricity distribution companies, namely Kano Disco, Kaduna Disco and the Benin Electricity Distribution Companies (BEDC) by Fidelity Bank over the power investors’ poor financial performance. Source THISDAYLIVE Read More
‘Manufacturers Under Severe Pressure Over Diesel, Raw Materials’
Members of Nigeria’s Organised Private Sector (OPS) have expressed concern over consequences of rising diesel prices and raw materials now threatening local manufacturers. Source The SUN Read More
African FinTechs Set to Supercharge Business Growth and Employment –
African FinTechs are poised to fast-forward adoption of the Fourth Industrial Revolution (4IR) on the continent, facilitate financial inclusion and formalise the informal business sector, while spearheading the growth of SMMEs and employment opportunities, writes Yinka Adewale, CEO, Nomba. Source Proshare Read More
Crypto Losses Hit $670m in Q2, up 52% from Year-Ago Period
The second quarter of 2022 was one for the books amid a tumultuous period of what I like to call market madness, and the evidence keeps stacking up for the crypto markets. Q2 was full of massive crypto “losses” across the web3 ecosystem, some 97% of which were the result of hacks, according to a new report. Source TechCrunch Read More
Purple announces Genesis Cinemas, Market Square and The Ventures Park as anchor tenants at new development PurpleLekki
Purple Real Estate Income limited (“PREIL”), Nigeria’s breakthrough real estate investment platform, today announced the signing of agreements with Genesis Cinemas, Market Square and The Ventures Park to be the anchor tenants and partners at the PurpleLekki, a new development scheduled to open in late 2022. Source Purple Real Estate Income Limited Read More
‘Africa Insurance Market Value at $75.3bn in 2021’
The Africa insurance market has reached a value of US$ 75.3 billion in 2021, up from about US$ 70 billion as at 2020 despite the impact of Covid -19, a report by IMARC Group has shown. Source The Nation Read More
