$9.6bn UK judgement: Heads To Roll As FG Rules Out Negotiation With P&ID

Nigerians and their cohorts indicted over the gas contract award to Process and Industrial Development Limited (P&ID) which led to the imposition of the controversial $9.6billion fine on the country by a United Kingdom (UK) court are in for serious trouble as the federal government has ordered their immediate arrest. Click here for more.

FG Ties Power Investors’ Fate To Performance Review

The Federal Government has tied the fate of current investors in the power sector, particularly the distribution companies, to the ‘final performance review’, a clause in the power sector reform agreement to be invoked in December 2019. Click here for more.

E-Border Operations To Commence 2021, Says Immigration Boss

The Comptroller General, Nigeria Immigration Service, Muhammad Babandede, has said the Federal Government’s planned electronic border monitoring will commence fully in 2021. Babandede, who made the disclosure at the NIS management retreat in Lagos. Click here for more.

Petrol subsidy gulped N650.2bn in 12 months – Report

The Federal Government spent a total N650.2bn in subsidising Premium Motor Spirit; latest statistics obtained from the Nigerian National Petroleum Corporation have shown. The PMS, popularly known as petrol, is imported into Nigeria solely by the Federal Government-owned NNPC. Click here for more.

Investors Lose N133.48bn WoW As NSEASI Dips By -0.99% To Close The Week Negative

Equities market closed Friday on a positive note, as NSEASI appreciated by +0.37% to close at 27,525.81 points as against -0.66% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.42%. Click here for more.

Liquidity, confidence issues sustain hold on NSE index

The challenge of availability of cash and waning investor confidence that has persisted in the nation’s stock market continued to impact on market indices last week. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and market capitalisation depreciated by 0.99 percent to close the week at 27,525.81 points and N13.391 trillion respectively. Click here for more.

Forex: Turnover In I&E Rises By 63% To $7bn In August

The volume of dollars traded (turnover) in the Investors and Exporters, I&E, window of the foreign exchange market rose sharply by 63 percent, month-on-month, to $6.7 billion in August from $4.12 billion in July 2019. Click here for more.

Customers Won’t Pay For Returning Bad Notes – CBN

The Central Bank of Nigeria on Sunday said that customers of banks would not be charged any fee for returning mutilated naira notes after the September 2 deadline. The CBN Director, Corporate Communications Department, Mr Isaac Okorafor, said this during a telephone interview with our correspondent. Click here for more.

IFC-Backed Uber of Trucks Reshapes Nigeria’s Haulage Market

An Uber-like App for trucks is making it easier and cheaper for firms to move goods in Africa’s most populous nation. Freight logistics startup, Kobo360 is using technology to connect cargo and truck owners with drivers and customers. Logistic managers can now schedule and monitor trips from the comfort of their offices, Kobo360 CEO Obi Ozor said in Lagos interview. Click here for more.

DAAR communications grows revenue to N4.6bn

Daar Communications Plc said it grew its revenue from N3.71bn in 2017 to N4.63bn in the 2018 financial period. The Chairman, Daar Communications Plc, Raymond Dokpesi (Jnr), said this at the company’s Annual General Meeting held on Friday in Abuja. Click here for more.

Seplat commences $700 million gas plant construction

Seplat Petroleum Development Company has commenced the construction of a Gas Processing Plant in Ohaji Egbema Council Area of Imo state. The Chairman of the indigenous oil and gas company, Dr Ambrosie Bryant Chukwueloka Orjiako made this disclosure. Click here for more.

History Suggests Rebound for the Rand After Awful August

It’s been a bad August for the rand — but South Africa’s currency is due for a respite in September, if history is anything to go by. The rand slumped about 6% against the dollar in the past month, the most in a year, as the escalating U.S.-China trade war weighed on emerging-market assets. Click here for more.