Category Archives: Business

Budget: FG to retain $30 benchmark despite oil price fall

The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed. Crude oil prices had dropped from about $46.64 per barrel in February to less than $20 per barrel. The Federal Government had in the 2020 budget… Read More »

Why NSE recorded increase amidst COVID-19

Analysts have attributed the recent increase in investment recorded on the floor of the Nigerian Stock Exchange to a lot of reasons, especially on the portfolio investors’ cash trapped in the country. The MD/CEO, Capital Square Limited and the Acting Chairman Financial Group, Lagos Chambers Of Commerce and Industry (LCCI), Obinna Anyanwu, explained that at… Read More »

Why Nigeria deserves debt relief – Finance Minister, Wabba

President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba has joined the clamour for debt relief for Nigeria from multilateral institutions, noting that this becomes inevitable under the current circumstances imposed on global economies, specifically, the novel coronavirus pandemic. Justifying the need for debt forgiveness, Wabba said, “The response of the International Monetary Fund… Read More »

NDDC Covid-19 PPE contract fraud denied

The Niger Delta Development Commission (NDDC) has denied awarding a contract of N5.55 billion for the procurement of Personal Protection Equipment (PPE) and other kits to fight the spread of COVID 19 in the Niger Delta region, describing the allegation as false. The Commission which made the clarification in a statement by Mr. Charles Odili,… Read More »

Arik Air cuts salaries by 80 percent

90 per cent of work force to proceed on leave without pay   The impact of the coronavirus (COVID-19) pandemic is beginning to take its toll on Nigeria’s aviation industry, as flag carrier Arik Air cuts salaries by 80 percent for all its workers for April, 2020. The decision to cut salaries, sources close to… Read More »

Goldman Sachs foresees another oil price crash

While it may be tempting to argue that the worst is behind us for oil price given the historic collapse in WTI which crashed to negative $40 on Monday as holders of May WTI futures panicked to sell their holdings at any price – even paying the “buyer” for taking possession of the deliverable barrels… Read More »

CBN increases cargo imports exchange rate

There was unease in the seaports on Thursday following the recent increase of the exchange rate for import duty payment  from N326 per dollar to N361. Punch correspondent gathered that in line with the increment, the Nigeria Customs Service has effected an increase in duty payable on cargoes imported through the ports. The development has… Read More »

Nigeria posts $434.85m crude oil export sales

Nigeria recorded crude oil and gas export sale of $434.85million in January, an increase of 94.30 per cent pitched against the December 2019 figures, the Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report, has stated. The statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the month’s… Read More »

Oil crash: NNPC may halt Oil production

Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation, NNPC has declared. On Tuesday, Brent, against which Nigeria’s crude oil is priced, fell by $6.34 to $19.23 per barrel amid demand collapse caused by reduced economic activities. Nigeria… Read More »

CBN’s N50bn COVID-19 fund disbursement begins Thursday

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday. The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in… Read More »

Visa Launches ‘ Visa Secure ’ to Aide Online User Experience

Visa Inc, the world leader in digital payments, introduced Visa Secure (previously known as Verified by Visa), an updated program to help make online payments more secure. Available across the Central and Eastern Europe, Middle East and Africa (CEMEA) region, Visa Secure provides rules and policies merchants and issuing banks have to follow to authenticate… Read More »

ASSBIFI kicks against any plan to sack bank workers

THE Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has kicked against any plan by any commercial banks to sack bank workers because of COVID-19 pandemic in Nigeria. Speaking with The Nation, its National President, Comrade Oyinkansola Olasanoye warned that any bank that sacks workers will face the repercussion. READ ALSO: African… Read More »

Drop in fuel imports from West Africa hit European refiners

The drop in fuel imports by Nigeria and other countries in West Africa on the back of economic slowdown are taking a toll on refiners in Europe, the Organisation of Petroleum Exporting Countries has said. European refineries currently supply a large portion of petroleum products consumed in the country and other West African countries. Nigeria,… Read More »

NPA extends demurrage free period to April 26

Following its directive to terminal operators to suspend all applicable storage fees on consignments (demurrage) for 21 days effective March 23, the Nigerian Ports Authority has directed that additional 14 days be added to the demurrage-free period. Subsequently, the agency has directed that demurrage payment on consignment be suspended for 14 days effective from April… Read More »

Abba Kyari: President Buhari reportedly appoints Babagana Kingibe new Chief of Staff

President Muhammadu Buhari has reportedly appointed a former Secretary to the Government of the Federation, SGF, Babagana Kingibe as Chief of Staff to replace Abba Kyari, according to The Times. Former Chief of Staff, Abba Kyari was buried on Saturday after he died of the Coronavirus disease. The late 67-year-old lawyer, businessman and politician served… Read More »

Rockets fired at Chinese facilities

Rockets have been fired near a Chinese oil facility, south of Baghdad. The rockets did not, however, cause any casualties, according to Iraqi officials, quoted by Arab News on Saturday. This was the second such attack to target energy interests in the country this month. An Iraqi military statement said the rockets struck near a… Read More »

Abba Kyari: FCT takes action as NCDC official dumps used PPE at cemetery

The Health and Human Services Secretariat of the FCT Administration has reacted to a video that showed an NCDC official dumping his personal protective outfit on the ground after the burial of Abba Kyari. Nigerians on social media raised alarm over the careless disposal of the protective outfit amid Coronavirus pandemic. However, reacting Acting Secretary,… Read More »

Deadline to file 2019 Audited Financial Statement is May 29- NSE

The Nigerian Stock Exchange has notified listed companies yet to file their Audited Financial Statement for 2019 that the deadline is May 29, 2020. In a statement on the website of the Nigerian Stock Exchange, the Exchange stated thus: ”We refer to The Nigerian Stock Exchange’s Circular of 23 March 2020, with reference number NSE/RD/LRD/CIR5/20/03/23… Read More »

Global Oil Market Forces Nigeria’s Bonny Light to $12

The dire effect of the Coronavirus pandemic on global demand for crude oil has hit Nigeria hard with one of the nation’s standard grade, Bonny Light trading at $12 or $13 a barrel, this week. According to Bloomberg, which quoted traders monitoring the West African market, it is a deep loss-making level that highlights the… Read More »

Experts Notice: Coronavirus Will Hit African Economies!

As the coronavirus spreads across Africa, nations are taking more grounded measures to control its spread. The limitations may contain the infection, yet will probably deeply affect the mainland’s economies. With a few African governments shutting outskirts, dropping flights and upholding exacting isolate prerequisites to control the spread of the infection, specialists state there will… Read More »