Nigeria Plans New Oil Cut In Line With OPEC Pact

The Nigerian National Petroleum Corporation, NNPC, has indicated interest to effect further cut in Nigeria’s oil output in line the Organisation of Petroleum Exporting Countries, OPEC directive. Click here for more.

Brent Crude Continues Price Fall, Drops To $57.71

The price of Brent, against which Nigeria’s crude oil is priced, continued its fall for the third day this week and dropped to $57.71 per barrel on Wednesday.It lost $1.18 when compared to the price recorded the preceding day. Click here for more.

Senate rejects VAT increase, proposes 9% tax on SMS, Data usage, others

The Nigerian Senate has fully rejected the proposed 7.5% Value Added Tax (VAT) currently planned by the Federal Government to take effect by January 2020. The disclosure of the rejection was made available by the Chairman of the Senate Committee on Army, Senator Ali Ndume, while speaking with newsmen, after the plenary session on Wednesday. Click here for more.

FG Returns Toll Gates On Federal Roads

The Minister of Works and Housing, Babatunde Fashola disclosed this while briefing State House Correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa Abuja. Click here for more.

Investors Lose N153.67bn As NSEASI Dips By -1.14%; Sell Pressure Persists

Equities market closed yesterday on a negative note, as NSEASI depreciated by -1.14% to close at 27,314.87 points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.09%. Click here for more.

CBN debits 12 banks N499.1bn for missing minimum loan target

The Central Bank of Nigeria (CBN) has sterilised about half a trillion naira belonging to a dozen lenders that failed to meet its minimum lending ratio directive by end of September after it set December 31, 2019 as deadline for a new target of 65 percent. Click here for more.

Nigeria To Appeal Against Payment Of $200m Deposit

Nigeria Wednesday instructed its lawyers to appeal against the payment of $200 million US dollars payment which was a condition for the granting of the stay of execution in the $9.6bn award in favour of Process and Industrial Development Limited. Click here for more.

September Foreign Reserves Slide By $1.76bn To $41.85bn

Following the unstable global oil prices, the nation’s foreign reserves dropped by $1.76bn or 96 per cent in September to $41.85bn, from the $43.61bn at the beginning of the month. The latest figure by the Central Bank of Nigeria. Click here for more.

Russian company, MetProm Group, identifies problem of Ajaokuta Steel 

Russian-based firm, MetProm Group, has concluded an assessment of the Ajaokuta Steel Complex which the company intends to take charge of. MetProm identified some outstanding issues during its facility tour of the steel company located in Kogi State. Click here for more.

Egypt’s Economy Is Improving, But Its People Don’t Feel It

Egypt’s finance minister is presiding over the Middle East’s fastest-growing economy, earning accolades from investors and international finance institutions alike. He’s got one big problem: improved macro-economic indicators are failing to translate into higher incomes and living standards for the Egyptian people. Click here for more.

U.S. Justice Dept. drops investigation into Shell over Nigerian oil deal

Royal Dutch Shell said on Wednesday that it had been informed by the U.S. Department of Justice that it had closed its inquiry into Shell over the 2011 $1.3 billion acquisition of a Nigerian offshore oilfield. Click here for more.