Critical times for Nigeria’s oil money as US-China trade war escalates
Global trade is currently at a standstill, as the Chinese president Xi Jinping and his U.S counterpart President Donald Trump prepare to meet at the G-20 summit in Japan this week. The two leaders will, once again, hold key talks that may possibly end the bruising on-going trade war between the world’s two largest economies. Click here for more.
Key Takeaways From Inauguration of NEC Team (2019-2023)
Last Week President Muhammadu Buhari inaugurated the National Economic Council for the period 2019-2023, to be chaired by the Vice-President Prof. Yemi Osinbajo, SAN. It has the 36 State Governors of the Federation and officials like the Central Bank Governor as members. Click here for more.
FG Targets 2024 for Provision of Identification for all Nigerians
The federal government has declared its determination to provide a lifelong unique identification for every individual residing in Nigeria and Nigerians in the diaspora before 2024. Click here for more.
FG To Inaugurate SEC Nigeria Board With Olufemi Lijadu As Chairman
The Federal Government will today inaugurate the board of the Securities and Exchange Commission of Nigeria in Abuja, the Federal Capital Territory. Click here for more.
NPA cancels $2.6bn Badagry deep seaport contract
The Nigerian Ports Authority has cancelled the contract for the $2.6bn Badagry deep seaport project, stating that the deep seaport master plan was wrongly done. This is even as the agency explained that it had begun the process for fresh bids for the approval of a new port master plan for the Badagry deep seaport project. Click here for more.
Investors Lose N78.10bn WoW As NSEASI Dips By -0.65% To Close The Week Negative
Equities market closed Friday on a positive note, as NSEASI appreciated by 0.29% to close at 29,851.29 points as against 0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.02%. Click here for more.
MPC Members Advocate Strong Consumer Credit System
Members of the Monetary Policy Committee, MPC, of the Central Bank of Nigeria have called for development of a strong consumer credit system in the country, stressing that this is a requirement for boosting economic growth. Click here for more.
CBN Sets September Deadline for Mutilated Notes
The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing. The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend. Click here for more.
Afreximbank nets $276m, offers shareholders $69m as dividend
The African Export-Import Bank (Afreximbank), at its yearly general meetings in Moscow, at the weekend, unveiled a $276 million net profit in 2018 financial year, even as shareholderd adopted its proposal of $69 million as dividend. Click here for more.
Airtel Signs N50bn Loan Agreement With Banks
Airtel Nigeria has signed a five-year loan agreement with a number of Nigerian banks. The telecommunication company, which is set to list its shares on the Nigerian Stock Exchange by July 4 and its African unit on the London Stock Exchange, disclosed this in its offer prospectus. Click here for more.
Otedola shifts focus to Geregu Power Plc with a $1 billion investment
Billionaire investor and businessman, Femi Otedola, has revealed plans to shift focus to power generation with a planned investment of up to $1 billion into Geregu Power Plc. This follows his recent sale of Forte Oil Plc. Earlier, Nairametrics reported that the full acquisition of Forte Oil Plc by Prudent Energy Services Ltd took place after months of it being in the works. Click here for more.
Chinese firm to invest $30m in mineral processing
A Chinese company and a subsidiary of Globelink China Investment Group, Hudson Mining Limited, is set to invest $30 million in solid mineral processing in Nigeria. The company decided to invest an initial $3 million and subsequently increase it to $30 million during the first phase of the project. Click here for more.