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Corporates revalue insured assets on inflation, FX pressure

Insurance consumers, particularly corporate institutions, are considering revaluation of their assets in view of rising inflation and foreign exchange pressures in the country. They are worried that insured value of their assets may fall below replacement cost in the…

Registered voters accuse INEC of frustrating PVC collection

Ahead of the 2023 general election, eligible voters in some states have accused officials of the Independent National Electoral Commission (INEC) of colluding with some political actors to deny them the opportunity of collecting their Permanent Voter Cards (PVCs).

FG’s quest to end petrol imports drags on

The quest of one Africa’s biggest oil producers to wean itself off imported fuel has missed at least five deadlines since conception in September 2009, a BusinessDay analysis has revealed. For the umpteenth time, Nigeria is trying yet again to end massive petrol…

Why NNPC didn’t grow like OPEC peers – Ex-top executive

Nigeria’s state-owned oil company did not grow like many other national oil companies (NOCs) established about the same time because of government interference, a former top executive of the then Nigerian National Petroleum Corporation (NNPC) has said.

Nigerians groan over worsening Lagos-Ibadan Expressway gridlock

Commuters on the ever-busy Lagos-Ibadan Expressway fumed on Monday as they wasted hours in the gridlock occasioned by the repair works on the road. They called on the Federal Government to review the pace at which Julius Berger Nigeria Plc is executing the…

Alcoholic drink sales surge 33% despite price hike

The total sales of alcoholic beverages (drinks) in Africa’s biggest economy surged to a six-year high in 2021 despite increased prices, a report by Euromonitor International shows. The report, titled ‘Alcoholic drinks in 2021: The big picture’ by the London-based…

Foreign capital inflow into Nigeria’s oil sector drops by 82%

Despite higher crude oil prices and the current reconfiguration of the global oil market, foreign investment into Nigeria’s oil and gas has dropped by 82 percent to a new low of $1.93million in the second quarter of 2022. Data from the National Bureau of Statistics (NBS) revealed the total value of foreign capital…

Nigeria earns N5.9trn from crude oil exports in three months

Nigeria generated over N5.9 trillion in the second quarter of 2022, an increase of 5.11 percent compared to N5.6 trillion recorded in the first quarter of 2022. This was revealed in the National Bureau of Statistic’s (NBS) latest Foreign Trade in Goods Statistics Q2 2022.

Nigerians and the Japa syndrome: Slave trade or self-trade?

The social media was recently awashed with comments, counter-comments, reactions as well as counter-reactions concerning a controversial comment by a Nigerian professor based in the United States of America, Uju Anya, who expressed disgust through her tweet that the late Queen Elizabeth II was the…

Nigeria’s broadband penetration hits 44.5 percent, targets 2020 peak

Nigeria’s broadband penetration rate has continued on the rise, moving up from 40.9 percent in February 2022 to 44.5 percent in July 2022, yet to meet the peak it reached in October 2020 at 45.9 percent, data from the Nigerian Communications Commission (NCC) shows. According to NCC in its 2020…

Stock market seen flat on minimal activity

As minimal trading activity continued on the Nigerian Bourse, the market closed flat on Tuesday, September 13. This week’s treasury bills primary market auction had fuelled market watcher’s negative outlook this week. The market’s month-to-date (MtD) return remained at a negative of 0.42percent, likewise its positive re…

The Anatomy of Crude Oil Theft in Nigeria: Understanding the Graft, Impact, and Implications

– Nigeria’s fiscal structure and statutes place mineral resources, including oilfield ownership, in the federal government’s laps even though state governments issue the rights to landownership through certificates of occupancy (C of Os) or Deeds of Assignments. Source Proshare Research Read More

Nigeria’s Oil Exports Plunge to Record Low; Continues to Battle oil Theft

 Crude oil exports out of Nigeria plunged to below 1 million barrels per day (bpd), their lowest level on record, last month, oil export analytics firm Petro-Logistics said on Monday. Over the past three years, Nigeria’s crude oil exports have essentially halved, according to Petro-Logistics. Source Oilprice Read More

Companies Pay N1.25tn Tax Amid Forex, Energy Crises

– Nigerian firms paid N1.25tn tax to the Federal Government in the first six months of 2022 despite facing acute foreign exchange and energy challenges. Source Punch Read More

NT-Bills Update: Mild Buying Interests as Average Yield Contracted 1bp WoW to 7.65%

 – Mild buying interest was witnessed across all tenors. In more detail, yields across the short, medium and long-term instruments contracted 1bp, 2bps and 1bp respectively. The 24-Nov-22 bill enjoyed the most demand with a-3bps dip in yield. Source Afrinvest Read More

Ade Ayeyemi to Retire as Group CEO; Jeremy Awori, Appointed by the Board as Incoming CEO of Ecobank Group

– Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, today announced that the current Group Chief Executive Officer, Ade Ayeyemi, will retire after he attains the age of 60, in accordance with ETI policy. Source WebTV Read More

FCCPC Targets N14.3bn Revenue in 2023

 – The Federal Competition and Consumer Protection Commission (FCCPC), says it aims to generate about N14.3 billion as revenue in 2023. Source The Cable Read More

RIMAN Advocates Signing of Charter Bill to Law, as CBN, NDIC Appoint Reps to Board

 The Risk Management Association of Nigeria (RIMAN) has urged the House of Senate and House of Representatives to ensure the Charter Bill is signed into law immediately to advance skills and risk management practices as well as salvage the country from the mass exodus of talents it is losing to other countries. Source Guardian Read More

Mali, Chad, Niger Indicate Interest to Transit Cargoes Through Lekki Deep Seaport

 – The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, who disclosed this while addressing journalists, said the commencement of port operations would make Nigeria wrest lost transit cargoes from neighboring countries. Source Sun Read More

Janngo Capital Announces First Close of €60M Fund to Support African Tech Startups

 – Pan-Africa tech-focused investor, Janngo Capital Startup Fund (JCSF) has announced the first close of its €60 million capital commitments at €34 million (~ US$36 million).  Source Tech Economy Read More

 

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