The Minister of State, Petroleum, Chief Timipre Sylva, Thursday established that to ensure the smooth implementation of the Petroleum Industry Act (PIA), the federal government is reorganising staff deployed from the defunct agencies to ensure their proper fit for tasks assigned. By the new law, employees of the scrapped Petroleum Equalisation Fund (PEF) and the Petroleum Products Pricing Regulatory Agency (PPPRA) are to be absorbed by both the Nigerian Upstream Regulatory Commission (NURC) and the Midstream/Downstream Petroleum Regulatory Authority (MDPRA). Also included among the defunct agencies whose staff will be redeployed in the two succeeding organisations are those of the…
Author: Temitope N.
MFS Africa, a pan-African digital payments hub, has disclosed the signing of an agreement to acquire Baxi, one of Nigeria’s agent networks. The deal, which is subject to approval from the Central Bank of Nigeria (CBN), will be the second-highest fintech acquisition in Nigeria to date. According to the MFS Africa, despite that Nigeria is Africa’s largest economy, with the highest number of Small and Medium Enterprises (SMEs) and the largest remittance market in Africa and home to one-third of intra-Africa remittance flows, its presence in Nigeria to date has been limited given the country’s small number of mobile wallets.…
Airtel’s Nigerian operations added 32.4% revenue increase to the cumulative earnings of the telecommunications firm in the first half of the year ended September 2021. Going by the financials released yesterday, Airtel Africa revenue grew by 25.2% to $2,272 million with double digit growth across all regions. The report showed that the revenue in constant currency grew by 27.6% Specifically, the report showed that there was strong double-digit constant currency revenue growth across all regions: Nigeria up 32.4 per cent, East Africa up 25.8 per cent and Francophone Africa up 22.1 per cent; and across all key services, Voice up…
Chairman, Seplat Energy Plc Dr. ABC Orjiako, has established that Energy Transition can only be achieved in a collaborative manner leveraging technology and innovation. Orjiakor spoke Milken Institute Global Conference themed, “Charting a New Course”. The Milken Institute Global Conference is an annual convening of global leaders in government, finance, health, academia, industry and philanthropy. At the global conference, Orjiako said, “We must develop a coordinated and coherent approach to energy transition with the specific needs of several geographies in consideration.” He said: “Energy transition must be done in a collaborative manner where there must be a balance between…
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, who disclosed this at the 15th Oil Trading and Logistics (OTL) Africa Downstream Week, said Nigeria’s petroleum product demand would grow to 17.3 million metric tons by 2025, up from the 15.1 million MT in 2020. He said investment opportunities worth nearly $3.097 billion currently exist in the country’s condensate refineries’ space. According to him, between $1.6 billion and $2.7 billion was required by the corporation to improve the supply and distribution of petroleum products, revamp Liquefied Petroleum Gas (LPG) infrastructure, and build Compressed Natural Gas (CNG) plants in…
Nestle Nig. Plc yesterday disclosed its unaudited financial results for the third quarter of the year ended 30th of September, 2021. Revenue during the period was N90.15 billion. (+25.71% YoY). Cost of sales stood at N55.29 billion. (+30.03% YoY). Net Finance cost of N1.59 billion was recorded. Profit before tax was N18.21 billion (+18.25%). Profit after tax was N11.85 billion. (+17.21 YoY). Total assets during the period stood at N305.63 billion. (+59.45 bn YtD). Earnings per share of N14.95 Vs N12.76 YoY
Lagos State governor, Babajide Sanwo-Olu has disclosed that the new ultra-modern Ecobank Nigeria head office, the Ecobank Pan African Centre (EPAC) has a strong connection that will enhance the state’s Smart City Project and modernize infrastructure within the metropolis. The governor who was speaking during the commissioning of the office complex in Lagos lauded the management of the Pan African bank for the vision behind the project as it is redefining building and infrastructure development in the state, stressing that the building meets the various vital parameter such as latest energy-efficient technology, environmental sustainability, sparkling ambience and state-of-the-art amenities that…
The African Development Bank has collaborated with the African Continental Free Trade Area (AfCFTA) to stimulate industries across the continent. This disclosure was made by the African Development Bank Group President, Dr. Akinwumi A. Adesina, in Abidjan, Cote d’voire on Friday. According to him, the bank will mainstream the AfCFTA’s into its country and regional integration strategies. Adesina explained that the bank would support the AfCFTA Secretariat in implementing its various trade and industrial workstreams. “We have a responsibility to ensure that that the African Continental Free Trade Area is an industrial hub. The zone should become an area for…
The Federal Government has cried out over fraudulent messages being all over the purported payment of N80, 000 to beneficiaries of the Survival Fund Scheme. In its warning to the general public, the government maintained that the amount given to beneficiaries remain N30,000 and N50,000 for Payroll Support; N30,000 for Artisans and Transport Grants; N50,000 for the General MSMEs Grant; and N100,000 per MSME for the guaranteed off-take stimulus scheme. This was disclosed in a statement issued by the Project Delivery Office (PDO) of the scheme, on Saturday in Abuja, in which it said that the news of such payment…
The market capitalization of the top five banks, referred to as the Tier-1 banks received a low down to N2.66 trillion at the close of business on Friday, 29th of October, 2021 as investors in these banks lost N23.97 billion during the trading week, with FBNH championing the decline. After the five (5) trading days of the week, 4 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments while FBNH recorded depreciation in share price. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.66 trillion to depreciate by 0.9%…
An FCT High Court sitting at Apo has discharged the former Director-General of the Securities and Exchange Commission (SEC), Dr Mounir Gwarzo, from the offence of conferring unfair and corrupt advantage on himself. Delivering the ruling, which came by an application for a no-case submission, Justice Olukayode Adeniyi, held that the law placed a duty on the prosecution to prove the essential elements of the offence in order to make out a prima facie case. The judge in addition said that, however, in the instant case, the prosecution failed to discharge the said duty. The court further held…
A construction industry expert, Mr Temitope Runsewe, has applauded the Central Bank of Nigeria (CBN) for its proposed N15 trillion Infrastructure Fund, saying it was key to job creation and economic growth. Speaking with newsmen in Abuja on Tuesday, Runsewe said that the opportunity to utilise private sector funds to support infrastructure investment in critical sectors of the economy had enormous benefits. He recalled that in July, the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, had alluded that the nation’s infrastructure deficit would require billions of dollars annually to fix. He also pointed to a report…
The Federal, States and Local Governments distributed amongst each other the sum of N739.965 billion as Federation Accounts Allocation Committee (FAAC) for September. This was made known in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Thursday, according to the News Agency of Nigeria. The Ministry also revealed that the Gross Revenue available from VAT for September was N170.850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion. According to the statement, “From the N739.965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal…
The Central Bank of Nigeria (CBN) has established that it is collaborating with security agencies to prosecute Ponzi scheme operators. This was earlier mentioned by the Director of the CBN’s Corporate Communications Department, Mr Osita Nwanisobi, at the Central Bank of Nigeria Fair which took place at Akanu Ibiam International Conference Centre, Abakaliki, the capital of Ebonyi State. Nwanisobi stated that the apex bank has also embarked on the sensitisation of members of the public on how best to identify and avoid such fraudulent schemes. He said, “When Central bank sensitise the public on such Ponzi schemes and they…
As the year is gradually running to a close, the year has witnessed a record-breaking $10.5 billion investment in the insurance technology start-ups, surpassing the $10 billion mark for the first time in any one year during the first three quarters. This is in Report to the new Quarterly Insurtech Briefing from Willis Towers Watson PLC on Wednesday. For many InsurTechs, 2021 has been a great improvement from 2020 which was plagued by the challenges of the COVID-19 pandemic, among other things, which presented the industry and most mature markets with some real uncertainty. As the region dominating the…
The African Development Bank (AfDB) disclosed that the bank has set a goal of creating 25 million new jobs by 2025. This is as the financial institution is set to invest in Nigeria’s Digital technology and creative spaces in collaboration with other partners to help create sustainable jobs and make Nigeria global powerhouse in these industries. According to a Report from the bank on Friday, this disclosure was made by AfDB’s President, Dr Akinwunmi Adesina, when he delivered a lecture on “Social Media, National Security and Social Change: Bridging the Gap for Development in Africa’’ in Lagos, according to NAN.…
The Lagos State Government announced the launch of a mass vaccination campaign to cover 4 million residents in a bid to battle the spread of the coronavirus. The scheme was launched by Lagos State Governor, Mr Babajide Sanwo-Olu on Wednesday with the aim of vaccinating four million residents in Lagos before the end of 2021. The programme is also titled ”Operation Count Me in 4 Million Lagosians Vaccinated Against COVID-19” and would be overseen by the Lagos State Government in collaboration with the National Primary Health Care Development Agency (NPHCDA). Sanwo-Olu revealed there is a possibility of the fourth…
An Abuja division of the Federal High Court has made an interim order freezing bank accounts belonging to Benue state government domiciled in some Nigerian banks as a result of its defaulting to pay back a N333 million loan secured in 2008. The presiding judge, justice Iyang Ekwo made the order on Wednesday following an ex-parte motion marked FHC/ABJ/AMC/74/2021 filed on September 30 and moved by Darlington Ozurumba, Counsel to the Asset Management Corporation of Nigeria (AMCON). According to the report, the judge also directed that the bank accounts of HPPS Multilinks Services Ltd be frozen pending the hearing…
The Nigerian House of Reps has established that it is entirely driven to boost Nigeria’s manufacturing sector. This disclosure was made by the Speaker, House of Representatives, Mr Femi Gbajabiamila, at a dinner organised by the Manufacturers Association of Nigeria (MAN) to mark the association’s 50th anniversary on Wednesday in Abuja. The speaker, represented by Rep. Aliyu Magaji said that manufacturing is important for the development and economic growth of any nation and is a foundation that developing countries could transform into modern economies He stated that the manufacturing association has played a crucial part in developing Nigeria’s manufacturing capacity.…
The Federal Government appears to have bowed to pressure as reports say they reached an agreement with the state governments to suspend the deduction of $418 million Paris Club refunds from the states and local governments’ accounts pending the determination of court cases on the issue. According to a report from Punch, with the agreement reached between the Federal Ministry of Finance and officials from the states, the monthly Federal Account Allocation Committee (FAAC) meeting which was deadlocked last Friday, will likely hold today (Thursday), although it is still unclear if the new development will affect October revenue allocation.