Foreign outflows from Nigerian stocks slow on FX shortage
Foreign investment outflows from equities listed on the Nigerian Exchange Limited (NGX) slowed down between April and July 2022 on the back of foreign exchange shortage in the country. Foreign investors have been experiencing difficulty repatriating their funds…
Diesel price threatens waste disposal operations in Lagos
Waste collectors around Lagos are feeling squeezed by the rising cost of diesel, which is forcing many of them to abandon operations, BusinessDay has learnt. Apart from diesel, operators say they have to deal with the rising cost of hydraulics, gear, and engine oil…
Inflation, fiscal pressures will cause political problems for Nigeria – EIU
The Economist intelligence Unit (EIU) has said inflation and fiscal pressures will cause political problems for Nigeria. The EIU, in its latest country report for Nigeria, said the Russia-Ukraine war would push up inflation through higher prices for diesel and for wheat…
Nigeria drops to Africa’s third-biggest oil producer from top spot
Three months after losing its status as Africa’s biggest crude oil producer to Angola, Nigeria saw its oil output drop below that of Libya last month, according to the Organization of Petroleum Exporting Countries (OPEC).
Flutterwave secures switching and processing licence, enables eNaira for businesses
Africa’s most valuable fintech company has secured a Switching and Processing Licence from the Central Bank of Nigeria (CBN), widely regarded as the most valuable payments processing licence. Businesses on the fintech company’s platform will also be able to…
The Anatomy of Crude Oil Theft in Nigeria: Understanding the Graft, Impact, and Implications
– Crude oil theft in Nigeria’s Delta area is not the casual roguery of a ragtag band of militants but a wellstructured and coordinated criminal enterprise. The enterprise comprises a network of highly placed individuals from different walks of life, from the military to politics, commerce, and banking. The players are entrenched, ruthless, and unforgiving. The oil vandals’ vast connections and deep pockets make them formidable and explain the difficulty in dislodging them. Source Proshare Research Read More
The Global Fuel Market Will Remain Tight for Years to Come
– Record volumes of refining capacity have been shut down over the past two years, which will lead to tight global fuel markets that will last at least through the middle of this decade. According to a new report by the International Energy Forum (IEF) and S&P Global, we can expect high volatility in fuel markets and fuel prices. Source Oilprice Read More
Could Nigeria’s Oil Industry Be Entering a New Era?
– The state-owned Nigerian National Petroleum Company (NNPC) recently became NNPC Limited, a commercial venture, as mandated by the PIA. Source African Energy Chamber Read More
Senate Begins Oil Theft Probe in Niger Delta
– The Senate Adhoc Committee on Oil Theft said it had begun investigations into oil theft and illegal bunkering activities in the Niger Delta region. Chairman of the Committee, Bassey Akpan, said this while answering questions from journalists on arrival at the Port Harcourt International Airport. Source Punch Read More
Possible Economic Outcomes Post Queen Elizabeth II
– As the world mourns the loss of Queen Elizabeth II, it is believed that her passing could have implications traversing the economy and politics, especially at a time when the United Kingdom’s economy is battling an energy crunch and is on the brink of a recession. Source FBNQuest Research Read More
Heritage Bank Appoints Akinola George-Taylor as New MD
– Heritage Bank Limited has appointed Mr. Akinola George-Taylor as its new Managing Director. George-Taylor takes over from Mr. Ifie Sekibo, who completes ten years at the helm of the bank and was the bank’s pioneer chief executive officer (CEO). Source Proshare Research Read More
Barclays Expands to Nigeria, South Africa, Eyes $2trn Private Banking Wealth
– Jean-Christophe Gerard, chief executive officer (CEO), Barclays Private Bank, said the company hired nine bankers from Credit Suisse Group AG, based in Dubai, London and Zurich, after agreeing to a deal to handle clients referred by the Swiss giant. Source The Cable Read More
Federal Govt Charges NIMASA On Deployment Of $50bn Floating Dockyard
– The minister of Transportation, Engr. Mu’azu Sambo has charged the Management of the Nigerian Maritime Administration and Safety Agency (NIMASA), to ensure prompt deployment of the Modular Floating Dockyard the Agency acquired sometimes ago. Source Leadership Read More
Oil Prices Edge Lower on Prospect of Rising U.S. Interest Rates
– SINGAPORE, Sept 14 (Reuters) – Oil prices inched lower on Wednesday on concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast. Source Reuters Read More
Double-Digit Growth in Value of e-Payment Transactions; Grow by 50% YoY in August 2022
– According to the most recent data from the Nigeria Inter-Bank Settlement System (NIBBS), the total value of electronic transactions recorded under the NIBSS Instant Payments (NIP) increased by c.13%m/m and 50% y/y to c.NGN33.2trn in August ‘22. Source FBNQuest Research Read More
Google Cashes in on Loon Tech through Start-up
– Google reportedly spun off a company formed to develop software to manage network connections on moving objects which recycles technology developed under its abandoned Loon HAPS project. Source Mobile World Live Read More
NECA Commends FG on Suspension of Proposed Telecoms Tax
– The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government for heeding the call to suspend the proposed telecoms tax given the many economic challenges faced by operators and Nigerians in general. Source Guardian Read More
NITDA to Bridge Gaps in Tech Sector
– The National Information Technology Development Agency (NITDA) at the weekend in Lagos restated its commitment to bridging the in technology sector. Source The Nation Read More
