Nigeria’s 2023 budget threatened as OPEC+ makes big oil cut
The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, have agreed to cut production by 2 million barrels per day (bpd), after a meeting in Vienna on Wednesday to discuss output cuts for November, a move that could dampen…
Protectionist policies in Nigeria discourage private investment – Report
Protectionist policies in Nigeria are discouraging private investment and making the country reliant on imports to meet domestic demand, a new report has said. The Africa Risk-Reward Index 2022 report, which was released on Wednesday, said: “In Nigeria, the…
Telcos threaten to sue banks over N80bn USSD debt
Telecommunications companies under the aegis of the Association for Telecommunication Companies in Nigeria (ATCON) have said they will consider a lawsuit as part of efforts to recover an accumulated debt of over N80 billion owed to them by banks.
Two-year US visa interview delay frustrates Nigerians
Travellers looking to visit the United States for tourism, business and family visits have expressed their frustration over delays in securing interview dates in order to get visas. BusinessDay’s findings show that the earliest time to get interviews dates is in 2024, while the…
Otedola’s Geregu Power listing adds N250bn to stock market
Geregu Power Plc, chaired by billionaire businessman Femi Otedola, was listed by introduction on the main board of the Nigerian Exchange Limited (NGX), becoming the first power firm to go public almost nine years after the nation’s power sector was privatised.
11 banks shortlisted as FG starts $350m cabotage funds disbursement next week – DG NIMASA
The Federal government on Thursday disclosed that disbursement of the long-awaited $350m cabotage funds will commence with the inauguration of the special committee next week by the Minister of Finance, Budget and National Planning, as 11 banks have been shortlisted for the purpose. The Director…
NNPC uncovers 4km pipeline used to steal crude for 9yrs
The Nigerian National Petroleum Company (NNPC) Limited has uncovered an illegal four-kilometer pipeline from Forcados in Delta State to the sea and a loading port that was part of an elaborate crude theft operation for the last nine years. Mele Kyari, group chief executive officer, NNPC made this known yester…
Airtel, Presco, others cause market’s N860bn loss as sell-side interest increases
As sell-side interest increases on the Nigerian Exchange Limited (NGX), the market furthered its losing streak on Thursday by 3.23percent or N860billion. The record negative close was caused among others by stocks like Airtel Africa Plc, Presco Plc and Okomu Oil Palm Plc. Despite new listing on the Bourse, the…
Why 2 new unions registered by FG are illegal – Falana
Femi Falana, lawyer, activist and lead counsel to the Academic Staff Union of Universities (ASUU) in Federal Government/ASUU legal case, has said that the two new academic unions created by the government are illegal. Chris Ngige, Nigeria’s minister of labour and employment, presented certificates of regis…
Relentless Headline Inflation to Spike to 20.9% in September 2022
– The NBS will release its CPI report for the month of September on October 15. Based on a survey of major markets in the Lagos Metropolis and our time series model, we are projecting another increase in headline inflation to 20.9%. Source FDC Ltd Read More
AfDB Approves $25m Trade Finance Facility for FSDH Merchant Bank for Local Small and Medium-sized Enterprises
– The Board of Directors of the African Development Bank Group has approved a $15 million trade finance line of credit and $10 million transaction guarantee for FSDH Merchant Bank in Nigeria. FSDH will use the line of credit to provide loans to local enterprises in Nigeria. Source AfDB Read More
Senate Approves MTEF/FSP for 2023 Budget, Raises Oil Benchmark to $73/barrel
– The upper legislative chamber approved the documents on Wednesday, after Solomon Olamilekan, chairman of the finance committee, presented a report on the MTEF/FSP. Source Punch Read More
Geregu Power Plc Lists on NGX Main Board
– Nigerian Exchange Limited (NGX or The Exchange) is pleased to announce the listing by introduction of Geregu Power Plc (“GEREGU”) on the Main Board of The Exchange on Wednesday, 5 October 2022. Source NGX Read More
NGX Concludes First Power Sector Listing in Nigeria
– The Nigerian power sector and the capital market made headlines today with a landmark transaction that saw leading electricity generation firm, Geregu Power Plc list its shares by introduction on the Nigerian Exchange Limited (NGX). Source NGX Read More
Brokers Deal 7.4bn Shares Worth N84bn in September 2022
– Monthly trading data obtained from the Nigerian Exchange Limited (NGX) revealed that securities dealers brokered 7.4 billion shares worth N83.78 billion in September. Source NGX Read More
Most CEOs are already preparing for a recession, with plans including laying off staff and cutting spending on environmental issues, a major survey shows
– Measures companies plan to take to weather the recession include cutting ESG spending and laying off staff, the survey, which canvassed the opinions of the CEOs of 400 American companies with annual revenues of at least $500 million, showed. Source Business Insider Read More
COP27: Experts Task W/Bank On Climate Change
– A team of climate change experts under the auspices of the Glasgow Action Team, has demanded a change in action and composition of the leadership of the World Bank’s investment in Carbon Capture in Nigeria. Source Daily Trust Read More
Banks’ Cost-to-income Spike as Inflationary Pressure Mounts
– Following record inflation rate in Nigeria, deposit money banks (DMBs) in the country have consistently recorded hikes in cost-of-income ratio threatening earnings and profitability for 2022 full year results. Source ThisDay Read More
OPEC+ Slashes Nigeria’s Oil Quota by 4.6% to 1.742 mb/d
– THE Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+, yesterday, slashed Nigeria’s oil output by 4.6 percent to 1.742 million barrels per day, mb/d, excluding condensate, for November 2022 market, from 1.826 mb/d in August 2022. Source Vanguard Read More
FirstBank Commemorates 2022 Customer Service Week
– First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022. Source FirstBank Read More
EU Seals Text of Landmark Crypto Law MiCA, Fund Transfer Rules
– The European Union (EU) has agreed the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA), alongside a further law to reveal the identity of those making crypto payments. Source CoinDesk Read More
Nigeria is Ranked 114 in the 2022 Global Innovation Index
– Out of 132 countries assessed by the Global Innovation Index, Nigeria ranked 114 in its 2022 report, which was released recently. This reinforced the need for Africa’s largest economy to reposition itself and make more significant investments in key areas, which can boost Nigeria’s innovative capacity, making it globally competitive. Source WIPO Read More
Google Invests Over $200m in Nigeria, Others
– Google has spent well above $200m in Nigeria and across Africa in the last one year. The Director of Google Cloud Africa, Niral Patel, disclosed this to journalists during a round table online conversation after Google for Africa event on Wednesday. Source Punch Read More
The Markets in Review: Savings Rate Are Rising Quickly – Coronation Research
– The Monetary Policy Committee of the Central Bank of Nigeria (CBN) raised its key interest rate last week. This has been positive for savers as market yields rose swiftly in the days after the decision. Source Coronation Research Read More
