Nigeria’s newly constructed Dangote refinery in Lagos is making significant strides in its operational plans, as it seeks to purchase millions of barrels of US crude oil over the next year to support its increasing processing rates. According to a report by Bloomberg on Thursday, the refinery has issued a term tender for the acquisition of two million barrels per month of West Texas Intermediate Midland crude for a duration of 12 months, commencing in July. The plant, spearheaded by Africa’s wealthiest individual, Aliko Dangote, aims to secure a steady supply of crude oil to sustain its operations and meet…
Author: Temitope Nlewemchi
The Centre for the Promotion of Public Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its monetary policy tightening stance in light of businesses’ ongoing struggles to recover from recent rate hikes. This call comes ahead of the CBN’s Monetary Policy Committee (MPC) meeting scheduled for this month, following the release of the latest inflation figures by the National Bureau of Statistics (NBS), showing a rise in headline inflation to 33.69% in April from 33.20% in March. Dr. Muda Yusuf, the Director-General of the CPPE, emphasized the need for a pause in monetary policy tools to…
A 57-year-old Nigerian, Uche Victor Diuno, has been sentenced to five years in prison by a United States District Court for his involvement in a fraudulent scheme targeting victims across more than 20 countries. The announcement was made in a statement released on the website of the US Justice Ministry on Wednesday, May 15, 2024, with plans for Diuno’s deportation following the completion of his prison term. According to the Ministry, Diuno played a key role in a scam where fraudsters abroad enticed victims with false promises of substantial investment funding and inheritances. The scheme involved co-conspirators posing as executives…
E-commerce giant Jumia Technologies AG is embarking on a consolidation initiative in Nigeria by merging its three warehouses into a single depot spanning 30,000 square meters in Lagos. CEO Francis Dufay revealed in an interview with Bloomberg that this move is a crucial step towards cost reduction, a key element in Jumia’s pursuit of profitability. Despite challenges in Nigeria’s macroeconomic environment, including currency fluctuations and rising living costs, Jumia remains optimistic about the country’s prospects, viewing current challenges as temporary and anticipating a positive turnaround in the medium term. With Nigeria’s vast population exceeding 200 million, Jumia sees potential for…
The African Development Bank (AfDB) has made a significant commitment of $2 billion to promote clean cooking, with a particular focus on benefiting women and children throughout Africa. AfDB President, Akinwumi Adesina, announced this pledge during an International Energy Agency conference on clean cooking in Paris, France. Adesina highlighted that this pledge represents 20% of the bank’s annual spending on energy. Adesina emphasized that clean cooking is not merely about culinary activities but encompasses broader themes such as human dignity, fairness, justice, and equity for women. He stressed that ensuring access to clean cooking methods will not only improve lives…
Greek-Nigerian basketball sensation Giannis Antetokounmpo has garnered significant recognition as one of the world’s highest-earning athletes according to Forbes’ 2024 rankings. Securing the fifth position on this prestigious list, Giannis, representing the Milwaukee Bucks in the National Basketball Association (NBA), boasts an impressive combined annual income of $111 million, stemming from both his on-court prowess and off-court ventures. Forbes’ assessment delineates Giannis’ estimated on-field earnings at $46 million, bolstered by an off-field income amounting to $65 million. This places him behind basketball luminary LeBron James, who clinched the fourth spot with earnings totaling $128.2 million. In esteemed company, Giannis joins…
Two brothers, Anton Peraire-Bueno hailing from Boston and James Peraire-Bueno from New York, found themselves in handcuffs yesterday, implicated in a significant heist on the Ethereum blockchain resulting in the disappearance of crypto assets valued at $25 million. Both siblings face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. The US Department of Justice’s Office of Public Affairs revealed that Anton, aged 24, and James, aged 28, were apprehended on Wednesday in their respective cities and are set to appear this afternoon before U.S. Magistrate Judge Paul G. Levenson for the District of Massachusetts and…
Senate President Godswill Akpabio has referred President Bola Tinubu’s request for the confirmation of Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC) to the committee on the capital market for scrutiny. This decision came after Akpabio read Tinubu’s correspondence to the Senate during Wednesday’s plenary. Tinubu’s letter to the Senate outlined the appointments of four nominees for confirmation: Emomotimi Agama as Director General, Frana Chiwogo as Executive Commissioner Legal and Enforcement, Bola Ajomale as Executive Commissioner Operations, and Samia Hassan Usman as Executive Commissioner Corporate Services. Tinubu expressed hope that the Senate would consider and…
More than 1000 Chief Executive Officers (CEOs), 75 Presidents, Ministers, a multitude of investors, and approximately 200 journalists from 73 countries are gearing up for the 2024 African CEO Forum set to commence in Kigali, Rwanda, starting Thursday. Themed “At the Table or On the Menu? A Critical Moment to Shape a New Future for Africa,” the two-day event, commencing on May 15, promises to convene Africa’s most influential leaders, innovators, and policymakers for its 11th edition. Co-hosted by the International Finance Corporation (IFC) and Jeune Afrique, this year’s forum marks over a decade of impactful gatherings dedicated to Africa’s…
Former Vice President of Nigeria, Atiku Abubakar, has voiced strong opposition to the federal government’s proposed utilization of N20 trillion from pension funds for infrastructure projects, denouncing it as unlawful. In a statement shared on his official X account, Abubakar highlighted that the law stipulates only 5% of the fund’s allocation for infrastructural ventures. Expressing apprehensions over Wale Edun, the Minister of Finance’s proposal to “unlock” pension funds for national projects, Abubakar cautioned against potential adverse effects on the country’s workforce. He underscored the gravity of diverting these funds, comprising the hard-earned savings of diligent workers, which could severely impact…
The Federal Executive Council (FEC) has given its nod to the equalisation of the Okpella section of the Lokoja-Benin road and other critical routes, amounting to N120 billion, to be financed by BUA Cement Plc under the tax credit scheme. Bayo Onanuga, the Special Adviser to the President on information and strategy, shared this update via his official X handle following the FEC meeting. He elaborated, “During the second day of the FEC meeting, approval was granted for the contract award for the equalisation of the Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road, and Lokoja-Benin Road,…
Russian crypto developer Alexey Pertsev, the mind behind the now-sanctioned Tornado Cash Crypto Mixer, has been found guilty of laundering more than $1.2 billion in illicit funds through his platform. Living in the Netherlands, Pertsev, aged 31, has been sentenced to 64 months in prison by a Dutch court, with the option for his lawyers to appeal within 14 days. The saga began in 2022 when Tornado Cash faced sanctions from the US, leading to Pertsev’s initial imprisonment in the Netherlands. The US Treasury accused Tornado Cash of aiding the notorious North Korean hacking group, Lazarus, in their illicit activities.…
The Cross River State Government has successfully obtained $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project, as announced by Governor Bassey Edet Otu through his official X (formerly Twitter) account on Tuesday. Governor Otu emphasized that this partnership between the state government and Afreximbank will significantly contribute to economic growth and development within the state. The Bakassi Deep Seaport project, initiated in 2014, has reached several milestones, including the development of terms of reference for the project’s Environmental and Social Impact Assessment (ESIA) by March 2015, obtaining presidential clearance, and the approval of the…
Nigeria’s recent approval from the United Nations to extend its continental shelf by 16,300 square kilometers marks a significant achievement for the nation’s maritime boundaries and economic potential. This territory, five times the size of Lagos State, grants Nigeria sovereignty over additional maritime territory, expanding its jurisdiction beyond the existing 200 nautical miles. Initiated in 2009, the Extended Continental Shelf Project has culminated in this milestone after years of dedicated scientific and diplomatic efforts. Professor Larry Awosika, a marine scientist, and Surveyor Aliyu Omar, Secretary of the High Powered Presidential Committee (HPPC), presented the details of the extensive research and…
The Economic Financial Crimes Commission (EFCC) recently intensified its crackdown on Bureau De Change (BDC) operators across several states in Nigeria, including Abuja, Lagos, Kano, and Port Harcourt. These raids occurred amidst a further weakening of the naira against the United States dollar in both the official and parallel foreign exchange markets. The Nigerian government has been making renewed efforts to address the recent decline of the naira against the US dollar. Currency speculators in the forex markets and the digital cryptocurrency space have been cited as contributing to the pressure on the naira, with the government accusing crypto traders…
Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association (NECA), emphasized the urgency of addressing the current economic crisis in Nigeria. Reflecting on President Bola Tinubu’s administration since its inauguration in May 2023, Oyerinde acknowledged some bold reforms but highlighted the need for further actions. Oyerinde commended the administration’s decision to remove fuel subsidy, describing it as a long-overdue step that previous administrations had failed to take. He noted that Nigeria’s reliance on subsidies for fuel, despite the moribund state of its refineries, was unsustainable and contributed to the economic challenges facing the country. The NECA boss emphasized the…
The call for privatization of the Nigerian Railway Corporation (NRC) to drive efficiency and improve transportation infrastructure has been echoed by various stakeholders in the industry. They emphasize the need for technological advancement, efficient management, and restructuring to enhance competitiveness and complement other modes of transportation. Olumide Ohunayo, Assistant General Secretary of the Aviation Round Table, highlights the necessity for privatization to introduce technological advancements and streamline operations. He points out the challenges of corruption within the current rail system and management, suggesting that privatization could bring the necessary efficiency and competitiveness. Rowland Ataguba, CEO of Bethlehem Rail, suggests a…
The recent ADVAN Industry Dialogue in Lagos brought together advertisers and stakeholders to discuss pressing issues facing the marketing landscape in Nigeria. One of the key points raised during the dialogue, themed ‘Public-Private collaboration in the marketing industry, the path to economic viability,’ was the importance of government agencies involving industry associations like the Advertisers Association of Nigeria (ADVAN) in policy formulation to avoid regulations that could threaten the survival of businesses in the advertising sector. ADVAN President, Osamede Uwubanmwen, emphasized the association’s commitment to advocating for better industry practices and regulations while also fostering collaboration and innovation within the…
The International Monetary Fund (IMF) has recommended that the Federal Government of Nigeria consider raising a supplementary budget to accommodate the proposed increase in the minimum wage for workers. This suggestion comes in light of ongoing negotiations between Organised Labour and the government regarding the minimum wage, which may surpass the budgeted amount in the original 2024 budget. The IMF’s staff country report for Nigeria also suggests that the government may need to raise the domestic and external borrowing ceilings to avoid resorting to fresh borrowings from the Central Bank of Nigeria’s Ways and Means. Recent reforms in Nigeria, such…
The Nigerian Upstream Petroleum Regulatory Commission has initiated the bidding process for 12 oil blocks recently made available for sale, marking the commencement of the 2024 Nigeria Petroleum Licensing Round and the resumption of the 2022/2023 mini-bid round. In a press release issued by the commission’s chief executive, Gbenga Komolafe, it was announced that the bidding process had officially begun. The commission also waived the signature bonus requirement in an effort to attract investors to participate in the auction of the oil blocks. Komolafe expressed the Federal Government of Nigeria’s pleasure in announcing the start of the 2024 Petroleum Licensing…