Chidi Samuel || The Senate has given the Nigerian National Petroleum Corporation (NNPC) seven day to bring to an end the lingering fuel crisis in the country. The Senate gave the order in response to the presentation by the NNPC Group Managing Director, Dr. Maikanti Baru, before the Joint National Assembly Committee on Petroleum Downstream…
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Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel at 0102…
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Oando Plc on Monday said it has signed a peace accord with one of the aggrieved shareholders, Alhaji Dahiru Mangal, who earlier petitioned the Securities and Exchange Commission (SEC). Mr. Ayotola Jagun, Oando Chief Compliance Officer & Company Secretary said that the Emir of Kano, Muhammadu Sanusi II, waded into the crises between the company…
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The Central Bank of Nigeria (CBN) has boosted the inter-bank Foreign Exchange Market with the sum of $210million, to meet customers’ requests in various segments of the market. In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of…
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The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has stepped in to douse fears over to the inability of the Central Bank of Nigeria (CBN) to hold January 2018 Monetary Policy Committee (MPC) meeting due to lack of statutory quorum as specified in the CBN Act 2007. This development has arisen from non-confirmation…
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The Central Bank of Nigeria (CBN) will retain all monetary policy rates after its monetary policy committee could not hold its first meeting in 2018, according to a statement signed by Mr. Godwin Emefiale. The meeting, which was scheduled to hold on January 22 and 23, could not hold after the Senate refused to approve…
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Aliko Dangote, the President and Chief Executive of the Dangote Group, has said the deadly conflict between suspected herdsmen and farmers in parts of Nigeria is as a result of the country’s increasing unemployment rate. The richest man in Africa stated this on Tuesday in an interview with Channels Television. Dangote said, “If there are…
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The National Bureau of Statistics (NBS) says inflation rate, measured by the Consumer Price Index (CPI), further dropped to 15.37 per cent in December 2017 from 15.90 per cent recorded in November of the same year. The NBS disclosed this in its CPI report for December 2017 released on Tuesday in Abuja. The CPI, which…
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The Central Bank of Nigeria (CBN) has injected another sum of $210million into the inter-bank Foreign Exchange Market, to meet customers’ requests in various segments of the market. Figures obtained from the Bank on Monday, January 15, 2018, indicate that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while…
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In its first Retail Secondary Market Intervention Sales (SMIS) for the year, the Central Bank of Nigeria (CBN) on Friday, January 12, 2018, intervened in the inter-bank Foreign Exchange Market with the total sum of $262,500,000. Data received from the CBN on Friday revealed that the sum was in favour of the agricultural, airlines, petroleum…
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Buoyed by rising stock markets and commodity prices, Africa’s billionaires are collectively wealthier than a year ago. The 23 billionaires that Forbes found in Africa – up from 21 billionaires last year — are worth a combined $75.4 billion, compared to $70 billion in January 2017. The richest African, for the seventh year in a…
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The central bank of Nigeria (CBN) has disowned several twitter accounts purportedly owned by the Gover of Nigeria’s central bank governor, Mr. Godwin Emefiele. In a statement on Tuesday, Isaac Okorafor, Ag. Director Corporate Communication of CBN, the apex bank said that Mr. Emefiele does not have a twitter account and advised the general public and social…
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As projected by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November, the nation’s External Reserves have hit a new level of $40.4 Billion. This is even as the Bank injected a total of $210 million into the…
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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru said 4501 petrol trucks were simply untraceable, vanishing from the Nigerian radar, during the biting fuel supply crisis. “Due to massive diversion, hoarding, panic buying, and smuggling, coupled with the information that three Direct Sales Direct Purchase Consortia had rejected October…
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Ebun Francis || The Federal Government on Tuesday met with major oil marketers in the country but the marketers insisted that it was no longer possible for them to sell fuel at N145 per litre. Tuesday’s meeting, which comes at a time Nigerians are still counting the costs of the fuel crisis which disrupted the…
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As Bitcoin took a nosedive on Friday, reaching below $11,000 at a point, three Bitcoin-related exchanges suspended trading. The value of Bitcoin fell from an all-time high of $20,000 to $11,000, though later recovering to about $12,000. Bitcoin has had a bullish run in 2017, beginning the year at about $1,000 before surging exponentially in…
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Ebun Francis || Nigeria’s economy is still vulnerable in spite of the country exiting recession, the International Monetary Fund has said. IMF’s media and press officer, Raphael Ranspach in a statement on Friday said the organisation welcomed the federal government’s actions to improve the power sector and business environment under the Economic Recovery and Growth…
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Ebun Francis || The National Bureau of Statistics on Friday said that a total of 7.956 million Nigerians became unemployed between January 2016 and September 30, 2017. The information was contained in the Bureau’s unemployment report survey for the third quarter of 2017 released on December 22, 2017. The report stated that the number of…
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The issue of the case between @innosonmotors and GTBank with other parties like the IGP, AGF, and EFCC is interestingly complicated. The reason why it might be confusing to many. The aim, therefore, today is to state the facts according to publicly available time-lines. In summary, there are 5 different cases and I will divide…
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The interbank window of Nigeria’s Foreign Exchange market on Tuesday, December 12, 2017, received yet another boost of $210,000,000.00 from the Central Bank of Nigeria (CBN). According to figures obtained from the Bank, Tuesday’s interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market. The Acting Director, Corporate Communications…
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