$9.6bn UK Judgement: FG Goes After P&ID Foreign Allies

After arraigning and securing the conviction of some Nigerians, the federal government has set machinery in motion to apprehend and prosecute their foreign collaborators in the gas supply contract purportedly awarded to a British Virgin Island firm. Click here for more.

Nigeria’s Exports Rise By N10.57tn In Two Years

Nigeria’s exports between 2016 and 2018 witnessed a significant rise. However, the dominance of crude oil in the nation’s exports sector raises concern among experts, Anna Okon reports. The value of Nigeria’s exports rose by N10.56tn between 2016 and 2018, reflecting an increase of 123.8 per cent over the period of two years. Click here for more.

FAAN commences renovation of Enugu Airport

The Federal Airports Authority of Nigeria (FAAN) has finally begun the rehabilitation of the runway at the Akanu Ibiam International Airport, Enugu. The commencement was disclosed by Henrietta Yakubu, the General Manager, Corporate Affairs of Federal Airports Authority of Nigeria. Click here for more.

NNPC, Shell To Evaluate 35,000bpd OML 25 Damage

The joint venture partners in the 35,000 barrels per day Oil Mining Lease 25 are to evaluate the damage done on OML 25, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, has said. JV partners in OML 25 include NNPC and Shell Petroleum Development Company. Click here for more.

Oil: Nigeria makes N5.4 trillion in 1 year 

The Economic report of the Central Bank of Nigeria has revealed that the country earned a total of N5.37 trillion from the sale of oil between August 2018 and July 2019. The amount was earned from four major sources of oil revenue. They are crude oil and gas exports; Petroleum Profit Tax and royalties, domestic crude oil and gas sales, and others. Click here for more.

Investors Lose N11.52bn WoW As NSEASI Dips By -0.09% To Close The Week Negative

Equities market closed Friday on a positive note, as NSEASI appreciated by +0.35% to close at 27,675.04 points as against +1.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.95%. Click here for more.

Banks recorded N1.44tn non-performing loans Q2

he total non-performing loans in the banking sector stood at N1.44tn at the end of the second quarter of 2019. This is about 9.3 per cent of the total loans in the sector. Latest statistics revealed that the gross loans in the banking sector stood at N15.48tn in the period under review. Click here for more.

Banks fail to account for Nigeria’s $7bn reserves

There are strong indications that a huge chunk of the $7bn reserves which the Central Bank of Nigeria under a former Governor Charles Soludo gave to 14 banks had yet to be repaid 13 years after it was collected. Click here for more.

How rates’ unification will enhance transparency, attract FDI

Experts in the financial services sector have renewed calls for a speedy unification of the nation’s exchange rate, as a way to enhance market transparency and attract more Foreign Direct Investment (FDI) into the country. Click here for more.

Elumelu challenges global leaders to empower African entrepreneurs

Chairman, Heirs Holdings, Tony Elumelu, has asked Japan to invest $2.5 billion representing  five per cent of its $50 billion commitment to Africa. Elumelu, African investor and philanthropist, spoke at the seventh Tokyo International Conference on African Development (TICAD) in Yokohama, Japan. Click here for more.

Nasdaq Cracks Down On IPOs Of Small Chinese Companies

Nasdaq Inc (NDAQ.O) is cracking down on initial public offerings (IPOs) of small Chinese companies by tightening restrictions and slowing down their approval, according to regulatory filings, corporate executives and investment bankers. Click here for more.