World Bank Approves Nigeria’s $3bn Power Sector Loan
The Federal Government on Sunday said it had opened discussions with the United Kingdom on the possibility of raising “Jollof Bond’ to finance the national budget. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed. Click here for more.
Nigeria Border Closure Aimed at Curbing Weapons, Drugs: Minister
Nigeria’s decision to close its borders is aimed at preventing weapons and drugs from entering the country and not just to stop food smuggling, Finance Minister Zainab Ahmed said. In August, Nigerian President Muhammadu Buhari ordered the partial closing of Nigeria’s boundary with Benin to curb smuggling of rice, a staple. Click here for more.
Nigeria’s refineries post N90.97bn deficit in 7 months
Despite producing nothing, Nigeria’s four government owned refineries have been nothing but a drainpipe on Africa’s biggest economy, running at an operating deficit of N90.07 billion in the first seven months of 2019. After years of neglect, Nigeria’s refineries with a combined capacity of 446,000 barrels per day (bpd). Click here for more.
EFCC Impounds N1billion Illegally-Mined Zamfara Gold At Abuja Airport
The Economic and Financial Crimes Commission, EFCC, has seized gold worth about $3,131,412.39 (N1,127,308, 460.39) being allegedly exported to Dubai, United Arab Emirates, illegally. According to The Nation report, EFCC named one Abba Ali Yahaya as the brain behind the deal. Click here for more.
Investors Lose N41.46bn WoW As NSEASI Dips By -0.32% To Close The Week Negative
Equities market closed Friday on a negative note, as NSEASI depreciated by -0.03% to close at 26,448.62 points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.85%. Click here for more.
Forex Intervention: CBN Injects $325.56m, CNY14m into Retail SMIS
The Central Bank of Nigeria (CBN) on Friday, October 18, 2019, made an intervention of $325.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenored forwards segment of the inter-bank foreign market. Click here for more.
CBN Directs Banks To Shun Telcos That Increase USSD Charge
The CBN governor, Godwin Emefiele, said since the Telcos are adamant about increasing the charge, banks should move their business to any Telco that is ready to offer the service at a lower cost. Click here for more.
SEC Wants NNPC, Others To List On NSE
The Securities and Exchange Commission is looking to attract more oil and gas firms, including the Nigerian National Petroleum Corporation and the Nigeria LNG to the Nigerian Stock Exchange. Click here for more.
NERC, CBN Consider Ways to Monitor Electricity Market Funds
In a bid to curb the poor remittances of power market funds by distribution companies, the Nigerian Electricity Regulatory Commission (NERC) is to set up mechanisms to rectify the Discos’ unruly financial behaviours by monitoring the monthly financial inflows. Click here for more.
Underwriters, banks target N270 billion premium from 45m cargoes
To further deepen insurance penetration in the nation’s economy in the country, insurers, the banking sector and other relevant stakeholders are in talks on how underwriters can realise additional N270 billion yearly premium income from importations at the gateway. Click here for more.
United Capital records 2% profit increase in Q3 2019
Financial and investment banking services group, United Capital Plc, has released its results for the third quarter ended September 30, 2019. It recorded a 2.0% increase in profit for Q3 2019. This was disclosed in the firm’s financial statements published earlier today on the website of the Nigerian Stock Exchange. Click here for more.
OPEC Faces Critical Decision As Oil Drops Again – OIR 181019
Oil prices were down on Friday morning as the global economy continues to struggle with the realities of the U.S.-China trade war and crude inventories continue to build. Click here for more.
Facebook Open to Currency-Pegged Stablecoins For Libra Project
Facebook Inc (FB.O), facing growing skepticism about its digital currency project Libra, on Sunday said the initiative could use cryptocurrencies based on national currencies such as the dollar, instead of the synthetic one it initially proposed. Click here for more.