News and analysis of global and local business trends, markets, and industry developments.
The Chairman, of United Nigeria Airlines (UNA), Prof. Obiora Okonkwo has pleaded to the Nigeria Civil Aviation Authority (NCAA) to be more vigilant with the activities of oil marketers delivering Jet A1 (aviation fuel) to airlines in the sector. Okonkwo stated this over the weekend in Lagos following the serious incident encountered by Max Air…
Nigeria’s crude oil income increased to over N1.68 trillion in June 2023 as the country shored up its output last month, according to an analysis of oil production figures released by the federal government. Data released by Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on Thursday, July 13, 2023, showed that crude oil production rose to…
Standard Chartered Bank and Access Bank Plc (Access) have entered into treaties for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator…
Access Bank Plc has reached an agreement to acquire the sub-saharan assistants of Standard Chartered Bank. In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania. Standard Chartered announced last…
Banks and financial institutions are affected as the Competition and Consumer Protection Tribunal sitting in Abuja, has imposed the sum of N120 million fine against the Stanbic IBTC Bank to be paid into the tribunal’s account over failure to make a transfer for a customer. Without consideration on the outcome of the tribunal, the panel…
The Central Bank of Nigeria has modified the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four…
Momoh Oyarekhua, Chairman of CORAN, states that supporting modular refineries will grant Nigerians admission to cheaper fuel, eliminating various costs such as importing refined products and clearing fees. According to Oyarekhua, four modular refineries are functional in Nigeria, producing various petroleum products except fuel (PMS) due to the high cost of obtaining the required reformer….
Another High Court in Abuja has abolished the arrest, detention, and interrogation of the Suspended Central Bank Governor (CBN), Godwin Emefiele, by the Department of State Services (DSS). This is coming barely 24 hours after a Federal Capital Territory (FCT), Abuja, delivered a related judgment on the matter. Delivering Judgement, Justice Bello Kawu held that…
Edited by Damilola Adeleke The Nigeria Civil Aviation Authority (NCAA) has decided to suspend the operations of all Boeing B737 aircraft belonging to Max Air, a domestic carrier. The suspension which was with immediate effect was communicated to the airline through a letter from the regulator seen by Nairametrics. The letter, dated July 12, 2023,…
Edited by Damilola Adeleke In a world where the top 5 billionaires on Forbes range from 52 to 92 years old, a group of young individuals have managed to achieve billionaire status before reaching the age of 30 years old. While many of them inherited their wealth, they are poised to become the next generation…
Nigeria has been given a $500 million Eurobond says the Debt Management Office (DMO) In a press released made public in its twitter handle on Wednesday, the DMO re-affirmed that Nigeria was commitment to meeting her debt service obligations. According to the statement, the Eurobond was issued in July 2013 (as part of a dual-tranche…
Dangote Cement stock has become the most capitalized on NGX as market capitalization hits N6.15 trillion as investors react positively to the company’s statement of the Tranche I shares buyback program. The share price of the cement giant gained 9.27% to close trading today at N360.7 per share with a market capitalization of N6.15 trillion….
Apple supplier Foxconn has pulled out of a $19.5bn deal with Indian mining giant Vedanta to build a chip making plant in the country. The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi’s home state of Gujarat. Some analysts saying that it…
Dangote Cement stock surges by 10% to hit 52wk high as the company declares a “share buy-back” program. Dangote Cement Plc shares have progressed 10% during today’s trading hours as the company announces the opening of the Tranche I shares buyback program. Nairametrics earlier reported that Dangote Cement had declared the commencement of the Tranche…
Edited by Damilola Adeleke Stanbic IBTC Holdings recently announced new additions to its board as Directors Amongst the members are female members which are: Mrs Funeka Montjane, appointed as a Non-Executive Director of Stanbic IBTC Bank PLC. Joyce Dimpka and Mrs. Temitope Popoola were appointed as Non-Executive Directors at Stanbic IBTC Insurance Brokers Stanbic IBTC…
Edited by Damilola Adeleke Nigeria fascinated a sum of $222.3 million in portfolio investments into the equity market in the first quarter of 2023. This denotes a 4,472% rise from the unexpected past quarter, the 4th quarter of 2022. This data is coming from the National Bureau of Statistics Capital Importation report for the first quarter of the year. FPI…
The Abuja district of the Federal High Court has announced the charges and deductions to the tune of over N16 million from the accounts of the Centenary City Freezones company and Prime Properties FZE by the Federal Inland Revenue Service(FIRS) as withholding and value-added tax as illegal and unconstitutional. Consequently, the court has deterred the…
Edited by Damilola Adeleke The Nigerian Economic Summit Group (NESG) has called on the federal government to invest more in the creative sector, saying the sector currently employs about 4.2 million Nigerians. The NESG noted this yesterday in Abuja at a general assembly organized by its Creative Economy Thematic Group to communicate Nigeria’s Creative economy….
The Borno state government has released 80 buses and pick-up vans for free to transport farmers from their rural areas to farmlands across the Borno state. The measures according to the government, is targeted at reducing the high cost of living caused by withdrawal of fuel subsidy. While discussing on the gesture before numerous farmers…
President Bola Tinubu has addressed with the Shell Global Upstream Director Ms Zoë Yujnovich at the Presidential Villa, Abuja. The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari was also in attendance at the meeting. The meeting was Tinubu’s first official attention after the Sallah festivities and his…
Russian council and oil governing body plans to cut oil exports by 500,000BPD in August. The energy official said on Monday that Moscow will voluntarily cut oil exports by 500,000 barrels per day, building on previously announced production cuts. “As part of efforts to ensure that the oil market remains balanced, Russia will voluntarily reduce…
The Independent petroleum Marketers association of Nigeria, IPMAN has issued a cautionary statement to the Nigerian National Petroleum Company Limited (NNPCL), advising against any further increase in the price of petrol. Abubakar Maigadi, the National Vice-President of IPMAN, expressed concerns about market conditions, highlighting the drop in demand for the product. Maigadi urged NNPCL not…
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has pleaded with Nigerians to be patient with President Bola Tinubu on his decision to remove fuel subsidy, which resulted in the hike in prices of goods and assistance in the country, saying this is the only way to avert the looming outbreak. He described President Tinubu…
The Federal Government of Nigeria has responded to claims of a reported electricity tariff increase on July 1. According to Mr Michael Faloseyi, the Assistant General Manager, Public Affairs of NERC while responding to an enquiry from News reporter on Monday concerning electricity tariff increase by Electricity Distribution Companies, DisCos, the Nigerian Electricity Regulatory Commission…
The Debt Management Office revealed that Nigeria’s total foreign debt for March 31, 2023, has arose to N49.85 trillion ($108.30 billion) from N46.25 trillion as of December 21 2022. DMO stated this in a statement released on its Twitter handle during the weekend. The statement indicated that the total public debt containing the external and…
Edited by Damilola Adeleke Oil prices resumed their downward trend on Friday, facing a weekly decline of over 3%. Concerns about global demand were ignited by a higher-than-expected interest rate hike in the United Kingdom and warnings of impending rate increases in the United States. Brent futures experienced a slip of 56 cents, equivalent to…
Edited by Damilola Adeleke In Nigeria, a recent study conducted by Genesis Analytics in collaboration with the Gender Centre of Excellence and the Central Bank of Nigeria has revealed that approximately 25 million adult women in the country do not possess formal bank accounts. Furthermore, it was found that over 16 million rural women rely…
Nigeria’s Naira on Wednesday depreciated against the US dollar at both investor’s and exporters’ avenues, exchanging at N763.17. The open indicative rate closed at N741.21 to the dollar on Wednesday. NAN reports that the Naira depreciated by 0.87 per cent compared with N756.61, which the currency was excuhanged for the dollar on Tuesday. Naira was…
A Federal High Court sitting in Abuja has placed an order to the Department of State Services (DSS) and its Director General to immediately grant the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, unlimited access to his legal practitioner and family members. The presiding judge, Justice Hamza Muazu gave the order…
The Central Bank of Nigeria (CBN) has announced the unification of all segments of the forex market collapsing all windows into one. This was part of a series of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, in a bid to improve liquidity and stability. According to a press release signed by…
The Central Bank of Nigeria has permitted commercial banks to freely trade with foreign currencies and allowed foreign exchanges at any rate. The updates came after Godwin Emefiele’s suspension as CBN’s governor. Details shortly.
