Senate seeks Nigeria’s status on extended continental shelf

The Senate yesterday invited the United Nations Resident Team in Nigeria and the Nigeria Boundary Commission to brief it on the status of Nigeria’s claim of extended continental shelf. Click here for more.

FG To Sanction Oil Firms For Non-Submission Of Daily Output

The Federal Government, through the Department of Petroleum Resources, yesterday, said it will sanction any of the 48 crude oil producing companies in Nigeria that fails to submit its daily report on production and export to the National Production Monitoring System (NPMS) portal domiciled with the regulatory agency. Click here for more.

Debt servicing gulps N7.04 trillion under President Buhari’s administration

Nigeria’s rising debt profile is fast becoming a worrisome trend. Successive governments have, over the years, spent a large chunk of the country’s revenue to service debts. Analysis of data obtained from the Debt Management Office shows that Nigeria has spent a total of N7.04 trillion to service both domestic and external debts under President Muhammadu Buhari’s administration alone. Click here for more.

Buhari: Africa Loses $60bn Yearly to Illicit Financial Flows

African countries lose at least $60 billion annually due to illegal financial transactions, President Muhammadu Buhari said Thursday. He, however, tasked security agencies in Africa, particularly the intelligence community, to combat illicit financial flows. Click here for more.

Shipowners Back FG’s Bid to Ban Importation of Foreign Built Vessels

Ship owners and major stakeholders in the maritime industry have applauded the federal government’s plan to ban the importation of foreign built vessels into Nigeria, in its bid to promote ship-building in the country. Click here for more.

Nigerian Stock Market Extends Losing Streak as NSEASI Closes Below 28,000bpts

Equities market closed today on a negative note, as NSEASI depreciated by 0.64% to close at 27,864.49 points as against 0.56% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.35%. Click here for more.

NASD OTC Holds 6th AGM, Records 300% Growth In Revenue for 2018

The National Association of Securities Dealers OTC Exchange Recorded a 300% rise in its revenue for its 2018 financial year. The rise in revenue increased to N30.77bn in 2018 from N4.36bn in the 2017 financial year. Click here for more.

Bond Yields Retrace Higher Following Q3 FGN Bond Calendar Release

In the FGN Bond market, spreads widened as bids pulled higher in response to the release of the FGN Bond Circular for the month, where the DMO indicated its intension to offer N145bn of the 5, 10 and 30yr bonds at an auction scheduled for the 24th of July. Click here for more.

Foreign Reserves Gain $53.641m In Two Weeks

The nation’s foreign reserves rose by $53.641m from $45.046bn on July 1 to $45.099bn as of July 15, the latest figures from the Central Bank of Nigeria have revealed. Records revealed that the reserves, which had suffered significant declines in the past, had been maintaining a steady rise of recent. Click here for more.

German Fund Acquires 39% Stake in Royal Exchange Insurance

InsuResilience Investment Fund (IIF) has acquired 39.25 per cent stake in Royal Exchange General Insurance Company Limited (REGIC)Plc, one of the nation’s largest non-life insurance companies. Click here for more.

Vodacom loses Chief Strategist, Yolanda Cuba, to MTN, as Fintech war intensifies

The battle to lead financial technology market among telecommunications companies just got more intense after Vodacom‘s big shot, Yolanda Cuba, left the company to join MTN. Cuba’s exit came as a shock, as she’s one of the top executives being tipped to takeover Vodacom Africa’s top job in coming years. Click here for more.