Vessel seized in E. Guinea spotlights oil theft in Nigeria
The reported seizure of a 3-million-barrel-capacity oil tanker in Equatorial Guinea suspected to be carrying stolen Nigerian crude is validating assertions by industry operators that crude theft has morphed into an organized crime with security agencies and host…
Pundits blame poor governance on National Assembly
Pundits have blamed the National Assembly for what they described as poor governance in the country, saying the legislative arm has allowed itself to become the rubber stamp for the presidency amid worsening insecurity and economic woes.
UK, US economic crunch threatens remittances into Nigeria
Remittances into sub-Saharan Africa, with Nigeria known to be its largest beneficiary, are threatened by the economic crisis in the United Kingdom and the United States, among others. The World Bank had projected in its recent Migration and Development report…
Insurers say spurious claims on the rise as economy bites
Insurance companies have said some of the people insured, hit by economic hardship, occasioned by rising inflation and falling incomes, are resorting to making spurious claims. The insurers said they have seen in recent times false claims from customers wanting to take…
Influx of strangers into southern Nigeria
The southern Nigerian states have seen an influx of strangers in recent months, and this is causing a disquiet among the people residing in that part of the country. Most people in the affected states have expressed their displeasure, especially at a time of rising…
Inflation Surges to 19.64% in July 2022, as Analysts Point to Weakening Naira
– Nigerians are staring down the barrel of an inflationary weapon of mass destruction. The country’s consumer price index (CPI) becomes weaponized to eliminate disposable income in three and a half years or by 2026. Source Proshare Read More
The Birth of Nigerian National Petroleum Corporation (NNPC) Limited and What it Means for Nigeria’s Oil and Gas Industry
– On July 19, 2022, the Nigerian government made an official announcement confirming the complete transformation of the Nigerian National Petroleum Corporation (NNPC) into NNPC Limited (NNPCL). Source Centurion Law Group Read More
Oil Prices Ease as Russia Output Increases
– Oil prices eased on Thursday, reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures. Source Reuters Read More
CBN Raises Interest Rate on Naira Savings Deposits to 30% of MPR
– The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate payable on local currency savings deposits to 30 per cent of the Monetary Policy Rate (MPR). Source THISDAYLIVE Read More
FX Crisis Raises Production Cost Beyond 30%
– The Manufacturers Association of Nigeria (MAN) has revealed that the crisis in the country’s foreign exchange (forex) market has pushed local manufacturers’ costs of operation and production up between 30 and 100 per cent. Source The SUN Read More
UK, US Economic Crunch Threatens Remittances into Nigeria
– Remittances into sub-Saharan Africa, with Nigeria known to be its largest beneficiary, are threatened by the economic crisis in the United Kingdom and the United States, among others. Source BusinessDay Read More
The IOSCO World Investor Week Continues to Promote Investor Education and Investor Protection Worldwide
– The International Organization of Securities Commissions (IOSCO) will celebrate the sixth annual World Investor Week (WIW), from 3 to 9 October 2022, with investor resilience and sustainable finance as its two main themes. Source IOSCO Read More
Governors Tackle Malami Over $418m Paris Club Refund, Say His Actions Fraudulent
– The Nigerian Governors’ Forum (NGF) says Abubakar Malami, attorney-general of the federation (AGF), is acting based on selfish interest regarding the controversial $418 million Paris Club refund. Source TheCable Read More
GenCos, DisCos Owe Banks N836bn Amid Crisis
– Power generation and distribution companies owe Nigerian banks N836.09bn amid the lingering problems plaguing the sector since it was privatised over eight years ago. Source Punch Read More
Nigeria Electricity Workers Suspend Strike That Caused Blackout
– Workers at the Transmission Company of Nigeria (TCN) have suspended a strike that began on Wednesday and caused a nationwide blackout, a workers union official said after a meeting with the government. Source Reuters Read More
Economies Slide into the Age of the Metaverse
– Emerging technologies have been gaining popularity recently because of their ability and potential to change how we interact with the world. Outdated systems are starting to crumble with further implementation of these new technologies. Source Ayomide Oguntoye Read More
Backdoor Computer Malware in Africa Skyrocketed in the Second Quarter of 2022
– According to Kaspersky Security Network data for corporate users, the number of backdoor computer malware detected in Q2 2022 in South Africa, Kenya and Nigeria increased significantly compared to the previous quarter, hitting new records and posing challenges to cybersecurity professionals in enterprise and government agencies. Source Kaspersky Read More
Mobile Transactions Rise by N8.9tn in Three Years
– Mobile transactions have risen by N8.981 trillion between the first seven months of 2019 and the corresponding period of 2022. They have risen from N289.12bn to N9.27tn, according to data from the Nigeria Interbank Settlement System. Source Punch Read More
National Identity’ll Fast-Track Digital Economy Development – DG NITDA
– The Director-General, National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has said that setting the Digital Identity process on track will ensure effective implementation of the National Digital Economy Policy and Strategy NDEPS, within the stipulated period. Source TechEconomy Read More
Custodian Investment Plc Declares N4.75bn PAT in Q2 2022 Result, (SP: N6.80k)
Custodian Investment Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.
Key Highlights
- Gross Revenue grew by 14.96% from N42.19bn to N48.50bn.
- Profit before tax stood at N6.07bn
- Profit after tax stood at N4.75bn
- Share Price Currently Stands at N6.80k
Sunu Assurances Nigeria Plc Declares N55.05m PAT in Q2’22 Results, (SP: N0.35k)
Sunu Assurance Nigeria Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.
Key Highlights
- Gross Premium Written grew by 15.14% from N3.72bn to N4.28bn.
- Profit before tax stood at N166.62m
- Profit after tax stood at N55.05m
- Share Price Currently Stands at N0.35k
Ardova Plc Declares N1.15bn Loss in Q2 2022 Result, (SP: N12.6k)
Ardova Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.
Key Highlights
- Revenue grew by 46% from N86.77bn to N126.65bn.
- Loss before tax stood at N1.15bn
- Loss after tax stood at N1.15bn
- Share Price Currently Stands at N12.60k
Emirates suspends all flights from Nigeria September 1
Adamu Adamu, the minister of education has assured Nigerians that the impasse between the federal government and the Academic Staff Union of Universities (ASUU) will be resolved soonest and the strike called off in the next one week. The minister disclosed this in Abuja while appearing before the Senate Comm…
Customs generates N1.293trn revenue in six months
Emirates Airlines has announced that it is suspending all its flights from Nigeria starting September 1, 2022. The airlines disclosed that it has tried every avenue to address ongoing challenges in repatriating funds from Nigeria, and has made considerable efforts to initiate dialogue with the relevant authorities for their…
ASUU strike: FG insists on “no work, no pay” policy
The federal government on Thursday, insisted that there will be no salary payments for members of the striking Academic Staff Union of Universities (ASUU) for the periods they did not work. This is just as the government expressed the hope that the ongoing ASUU strike will be over in a couple of..
Stocks lose N78bn as investors sell Okomu, NEM Insurance, others
At the close of equities trading session on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further by 0.29percent from preceding day’s high of 49,691.17 points and N26.801trillion respectively to 49,546.38 points and N26.723trillion. As sell
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