These are challenging times for the federal and state governments as one major source of income to the federation account seems to be totally cut off. On Monday, The National Petroleum Company Limited (NNPC) revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion. This is the fifth … [Read more…]
Former President Olusegun Obasanjo, has charged stakeholders in the Liquefied Petroleum Gas (LPG) sub-sector, popularly called cooking gas to ensure that they put Nigeria’s interest first. Obasanjo made the plea at 2nd West Africa LPG Expo and Nigerian Liquefied Petroleum Association (NLPGA) Summit 2022 held in Lagos at the weekend. The ex-president’s plea came on … [Read more…]
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has instructed its members not to sell Premium Motor Spirit (PMS), also known as petrol, for more than the approved pump price of N165 per litre. This comes as a reversal of its earlier directive to its members to sell petrol at N180/litre. Recall that the Lagos … [Read more…]
By Ikenna Igwe For the most part in Nigerian politics, candidates have been known to play the identity politics game, where the focus is largely on ethnic affiliation, political parties and defacement of an opponent’s name and reputation. We hardly see election candidates debate on things in the line of a sustainable economic goal. In … [Read more…]
The cryptocurrency market has hit new lows as Bitcoin fell below $20,000 for the first time since 2020. On Saturday morning, the price of a Bitcoin dipped below $20,000, a threshold regarded as a crucial support level for the cryptocurrency. At the time of filing, Bitcoin is trading at $19,249 according to Coinbase. The second … [Read more…]
African Export Import Bank (Afreximbank) has announced the disbursement of a $150 million finance facility to First Bank of Nigeria Limited under its Pandemic Trade Impact Mitigation Facility (PATIMFA). FirstBank, in a statement, explained that the money will be accessible to its customers that are involved in the manufacturing and importation of products and equipment … [Read more…]
Access Bank Plc has entered into an agreement to acquire the entire 83.4 per cent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion ($37 million). Access Bank disclosed the acquisition in a statement sent to the Nigerian Exchange Limited, NGX on … [Read more…]
Telecommunications firm, Lets Talk I.T & Telecommunications Company is to launch Nigeria’s first instant messaging application, Lets Talk before the end of the third quarter of 2022. Its Chief Operating Officer, Ms Folashade Ayeni made this known while speaking with newsmen, yesterday. Ayeni said the application was designed by a team of Nigerian software engineers … [Read more…]
The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799million barrels per day in July 2022. According to the world’s oil supply governing body, the raise was by 27,000 barrels, translating to 3.4% increase in the month of July. The cartel disclosed … [Read more…]
It is mixed blessing for the Nigerian economy as prices of crude oil further soared on Tuesday, 24 hours after the leaders of the European Union (EU) countries reached an agreement to ban 90 per cent of Russian energy imports by the end of the year. The 27-nation organisation has spent weeks haggling over a … [Read more…]
After 2 days of gains, Naira depreciates, exchanges at 418.88 to a dollar After appreciating for two days, the Naira on Thursday fell in value against the US dollar by 0. 21 per cent at the Investors and Exporters window. The local currency was exchanged at 418.88 to the dollar, compared to 418 traded on … [Read more…]
The federal government yesterday stated that Sub-Saharan Africa could require as much as $60 billion to access reliable electricity and clean cooking facilities between now and 2030. The Minister of State for Petroleum Resources, Timipre Sylva, who disclosed this, noted that an annual investment of around $35 billion could bring electricity access to 759 million … [Read more…]