World Bank, ECOWAS Plan $225m Electricity Project

The World Bank has concluded pact with the Economic Community of West African States (ECOWAS), to embark on a $225 million regional power project, aimed at achieving universal access to electricity. Click here for more.

Abuja DisCo to get new owners as core investor pulling out

The core investor in Abuja Electricity Distribution Company, KANN Utility Company Limited, a 50 percent joint venture of the Copperbelt Energy Corporation plc (CEC), a leading Zambian energy company, is pulling out of the Abuja Electric and the new owner could be a logistics firm that transports fertiliser for the Federal Government. Click here for more.

Nigeria Still Attractive for Investment Despite PSC Terms, Says ExxonMobil

The Managing Director of ExxonMobil in Nigeria, Mr. Paul McGrath, yesterday, said that the Nigerian oil industry and the economy in general, were still attractive for investment. Click here for more.

Chevron, Total, Shell others to divest $27 billion assets

International Oil Companies (IOCs), including ExxonMobil, Chevron, BP, Total, Shell, and ConocoPhillips are planning to sell assets worth $27.5 billion in bid to invest in new regions, new research by Rystad Energy has said. Click here for more.

Investors Gain N23.34bn As Market Sentiment Closes Positive; NSEASI Inches Up By 0.18%

Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at 26,739.44 points as against -0.60% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.93%.  Click here for more.

CBN Recorded $11.69bn Forex Inflow In Q3

Central Bank of Nigeria says it recorded a total of $11.69bn foreign exchange inflow in the third quarter of 2019. The amount, it stated, showed a decline of 6.7 per cent over what it recorded in the previous quarter. Click here for more.

Abraaj Stake in Nigeria’s C&I Leasing to Drop After Share Sale

Abraaj Group, the private-equity firm forced into liquidation last year after being accused mismanaging investor funds, will reduce its stake in C&I Leasing Plc by not subscribing to a share sale to existing investors. Click here for more.

Elumelu seeks more jobs for African youths

The Founder, Tony Elumelu Foundation (TEF) and Chairman, United Bank for Africa Group (UBA), Tony Elumelu   has proposed job creation, and inclusive growth, as priority areas for Africa’s development agenda to achieve peace and stability on the continent. Click here for more.

Access Bank Appoints Awosika Chairman, Belo-Olusoga Retires

The Board of Directors of Access Bank Plc yesterday announced that its Chairman, Mosun Belo-Olusoga will retire in January 2020. This followed the completion of her 12- year term limit allowed by the Central Bank of Nigeria’s code of corporate governance for banks and discount houses. Click here for more.

Agric firm raises N15 billion bonds, records 113% oversubscription of first bond issue

TAK Agro Plc, an agro-allied company has raised the sum of N15 billion senior secured bonds for the purpose of transporting fertilizer and food grains across Nigeria. The bonds issue is the first in the agricultural value chain market and was raised with the help of Planet Capital. Click here for more.

Court Bars 22 Banks From Accepting MasterCard Transactions

A Federal High Court in Lagos has granted an interim order restraining 22 banks from honouring any MasterCard transaction bearing the logo of the National Identity Card Management Commission (NIMC). Click here for more.

OPEC’s share of Indian oil imports in Oct hits lowest since 2011

OPEC’S share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. Click here for more.