Mixed reactions as Buhari nominates Emefiele as CBN Governor

Mixed reactions have greeted the reappointment of the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele. While some exoerts said the development was good for the banking sector, monetary policy and economic stability, others thought otherwise. Click here for more.

Reps indict NNPC, NPA, others over unremitted FG revenues

The House of Representatives has accused Federal Government’s ministries, departments and agencies of failing to follow the Treasury Single Account policy, leading to revenue leakage. The House said it had discovered that over $900m was still “being held” by the MDAs outside the TSA. Click here for more.

44% of Nigeria’s modular refining licences expired in last two years

Efforts to drive the growth of refineries through private investment in Nigeria has been underway but Africa’s biggest crude oil producer still has some hiccups to clear in order to have refineries that are capable of producing at full potential. The Department of Petroleum Resources’ (DPR) refinery update of April 2018. Click here for more.

FG Woos Investors with Tax Incentives for Maritime Sector

The federal government has assured the international oil and gas community that the Nigerian maritime sector is safe for investment, disclosing that special tax regime was under consideration to grow capacity for the industry. Click here for more.

Investors lose N113b in four trading days

The reign of the bears yesterday continued unabated on the equity sector of the Nigerian Stock Exchange (NSE), just as virtually as the blue-chip stocks depreciated in price, as investors’ wealth plunged further by N113 billion in four trading days. Click here for more.

MTN Nigeria service revenue up 13.4%, EBITDA margin at 53.3% in Q1

MTN Nigeria has released its unaudited results for the first quarter (Q1) of 2019, ended March 31. The company in Q1 delivered improved results, as the telco’s service revenue increased by 13.4 percent on the back of improved voice and data services and its earnings before taxes, depreciation and amortization (EBITDA) margins also grew. Click here for more.

Udoma Inaugurates NBS Board, Warns Against Interference

The inauguration was done by the Minister of Budget and National Planning, Senator Udo Udoma. Udoma told the board members that they should see their appointments as a call to national service, adding that the NBS was critical to the implementation of the Federal Government’s economic agenda. Click here for more.

Nigeria’s April production below budget benchmark

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Click here for more.

OPEC’s April Oil Supply Down To 30.23mbpd

This came as OPEC’s biggest production gain occurred in Nigeria, where Total’s Egina field has helped boost output. Libya, another producer exempted from making voluntary curbs, also boosted output. Click here for more.

Analysts declare Jumia a “fraud” sinking its share price

Citron Research a US Based online investment Newsletter has declared E-commerce giant Jumia shares as worthless and that they had never “seen such an obvious fraud”. Jumia share price was down by over 18% as at closing of trading at the New York Stock Exchange. Click here for more.

First Day Of U.S.-China Trade Talks Ends; Trump’s Tariff Hike Set To Take Effect

Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China. Click here for more.