New NNPC Boss Targets 40bn Crude Reserve By 2023

Speaking shortly after taking over from his predecessor, Dr. Maikanti Baru, in Abuja on Monday, Kyari also assured that the four major refineries in the country will become fully functional by 2023, even as he pledged to support private refineries including Dangote’s to come on stream to support government owned facilities. Click here for more.

Nigeria’s 1.97mbpd June volume highest since 2015, says survey

Organisation of the Petroleum Exporting Countries (OPEC’s) compliance with its production quotas fell sharply in June, as output gains in the month by Saudi Arabia and Nigeria, along with Iraq’s continued flouting of its cap, shrank the bloc’s margin despite its supply cut agreement. Click here for more.

NNPC repays $2.3bn JV cash call arrears

The Nigerian National Petroleum Corporation has so far repaid $2.3bn cash call arrears to its Joint Venture partners. Nigeria’s oil and gas production structure is split between JV (onshore and in shallow waters) with foreign and local firms and Production Sharing Contracts in deep water offshore. Click here for more.

AfCFTA May Boost Inter-African Trade by 25%, Says UN Chief

The United Nations (UN) Economic Commission for Africa, Stephen Karingi, has said the new African Continental Free Trade Area (AfCFTA) agreement, which entered into force on May 30th has the capacity to increase inter-African trade by between 15 and 25 per cent, with two-thirds of gains in industrial goods trade. Click here for more.

Investors Gain N7.46bn To Open The Week Positive; Halts Negative Market Posture

Equities market closed yesterday on a positive note, as NSEASI appreciated by 0.06% to close at 29,287.87 points as against 0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.82%. Click here for more.

Fidson lists additional 586 million shares on NSE

Fidson Healthcare Plc has listed additional 586,360,250 ordinary shares on the Nigerian Stock Exchange. The NSE, in a notice on Monday, said the listing of the shares was by way of a rights issue. Click here for more.

CBN Releases N35.9b For Agric Credit Scheme

The Central Bank of Nigeria (CBN) has released N35.9 billion for 166 projects under the Commercial Agriculture Credit Scheme. CBN Governor, Godwin Emefiele disclosed this at  a meeting with vice chancellors of University-based Poultry Revival Programme in Abuja yesterday. Click here for more.

CBN injects $956m, CNY63m into forex market

The Central Bank of Nigeria (CBN) last month expended over $956 million to defend the nation’s currency, the Naira, at the various segments of the foreign exchange (forex) markets. Click here for more.

Court Stops SEC From Enforcing N90m Fine Against Oando

Justice Ayokunle Faji, sitting at a Federal High Court in Lagos, has granted leave to Oando Plc to file a motion for a judicial review of the Securities and Exchange Commission (SEC)’s decision imposing a fine of N89,675,000 on it. Click here for more.

Presidential panel demands N684bn oil block renewal fee from Mobil

The Special Presidential Investigation Panel for the Recovery of Public Property says an oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), is indebted to the Federal Government to the tune of $1.6bn. Click here for more.

Peak Milk shows RUGA isn’t needed in Southern and Western Nigeria

Peak Milk‘s latest business move in Niger State has reopened discussion regarding the Rural Grazing Area (RUGA) settlements for Fulani Herdsmen which was proposed by President Muhammadu Buhari. Click here for more.