Nigeria spends N1.11 trillion to service debt in half year 2019

Nigeria spent a whooping N1.11 trillion to cover debt service obligations in the first six months of the year 2019. This is revealed in the 2020 budget circular just released by the Federal Ministry of Finance, Budget and National Planning. Click here for more.

Nigeria Inflation Slows to 43-Month Low as Food Costs Grow Less

Nigeria’s inflation rate fell to the lowest in more than three years in August as growth in food prices slowed. Consumer prices rose 11.02% from a year earlier compared with 11.08% in July, the Abuja-based National Bureau of Statistics said Tuesday in a report published on its Twitter account. Click here for more.

Raising VAT Will Hurt Entrepreneurs – Alakija

The Group Managing Director of Rose of Sharon Group Executive Vice Chairman of Famfa Oil, Mrs. Folorunso Alakija has warned against increasing the Value Added Tax (VAT) from its current five per cent to 7.5 per cent that had been proposed by the federal government. Click here for more.

SPDC, Belema Resolve Oil Dispute, Resume Operations

The Nigerian National Petroleum Corporation with its joint venture partners, Shell Production Development Company, and Belema Oil, have resolved the dispute on the operation of Oil Mining Lease 25. Click here for more.

Investors Lose N81.43bn As Sell Pressure Persists; NSEASI Dips Further By -0.61%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.61% to close at 27,407.04 points as against -0.74% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.80%. Click here for more.

CBN Reschedules September 2019 MPC Meeting To 19th And 20^th

The CBN wishes to inform all its stakeholders and the general public that the Monetary Policy Committee (MPC) meeting No. 269, earlier scheduled for Monday, September 23 and Tuesday, September 24, 2019, will now hold on Thursday, September 19 and Friday, September 20, 2019. Click here for more.

CBN Begins Charges On Deposits, Withdrawals Above N500,000

The apex bank said this in a circular to all Deposit Money Banks in the country. It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. Click here for more.

Four Banks Generate N24.3bn From Account Maintenance Charges

Between January and June 2019, four leading banks generated N24.3bn from account maintenance charged on their customers’ accounts, investigation has shown.This is an increase of about 19.18 per cent from N20.39bn generated in the corresponding period in 2018. Click here for more.

Unbundling the oldest conglomerate

UACN Property Development Company (UPDC) Plc doubled its share price last week, reminiscent of the magical turnaround of equities. It led the rally at the Nigerian equities market with a price gain of 51.52 per cent. Click here for more.

NAHCO to grow revenue by N25.2 billion in 5 years 

Nigerian Aviation Handling Company Plc (NAHCO Aviance) Plc has disclosed that its turnover would increase by N25.2 billion from N9.8 billion in 2018 to N35.05 billion by the end of its 2023 financial year-end. Click here for more.

Farmcrowdy lanches PlentyWaka to compete with Uber and OBus

Farmcrowdy-owned investment platform, Crowdyvest has launched PlentyWaka, its business-style bus riding service in Lagos, competing with OBus and Uber. The newly unveiled ride-hailing bus was launched on Monday, September 16, 2019, with a pilot phase of 25 buses. Click here for more.

Fed Preps Second $75 Billion Blast With Repo Market Still On Edge

It had been more than a decade since Federal Reserve traders jumped into U.S. money markets to inject cash. And they seemed to get the reaction they wanted Tuesday morning, instantaneously driving down key short-term rates that had spiked to as high as 10%. Click here for more.