The federal government has ended its monopoly on gas aggregation, and moving forward, a private investor operator is anticipated to participate actively in the midstream. Until now, the private sector’s participants have worked both upstream and downstream in the industry. However, the creation of the midstream sector by the Petroleum Industry Act (PIA) opened up the sector. The National Domestic Gas Supply and Pricing Regulations led to the establishment of the Gas Aggregation Company Nigeria Limited (GACN) by the Federal Government in 2010, which at the time controlled the stream. The Nigeria Midstream Downstream Regulatory Authority has extended the first…
Author: Iken
In the midst of growing macroeconomic issues such as inflation and insecurity, as well as uncertainties surrounding global economies, the Nigerian stock market saw a gain of N8.4 trillion in just nine months. Since the year’s beginning, the equities market has seen an unparalleled surge in buying interest across all sectors, with the financial services, consumer, and industrial goods subsectors seeing the most of it. This has resulted in widespread bargain hunting in large company shares, driving up the key performance indices and igniting market activity. To be more precise, on September 29, 2023, the market capitalization closed at N36.331…
A N75 billion intervention fund has been established up by the federal government to help small businesses in response to the nation’s present economic difficulties. The fund is anticipated to be disbursed to support the industrial sector beginning in March 2024. Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, announced this yesterday during the opening of the Abuja International Trade Fair (AITF). Director of Commodity and Export Kaura Irimiya represented Uzoka-Anite. The minister said that minor subsidies will be given by the federal government to microbusinesses in each of the nation’s 774 local government districts. Federal Capital Territory (FCT)…
In the upcoming weeks, the Federal Government will have to pay more in subsidies for premium motor spirit (PMS), often known as gasoline, since the price of crude oil reached a record high of $97 per barrel yesterday. Due to the current circumstances, manufacturers and company owners may also experience an exponential increase in their cost of production, with the price of aviation and diesel fuel potentially reaching close to $1500 per litre. Oil prices have been rising steadily, and yesterday saw a four percent increase as Brent traded for almost $97 barrels, maintaining the optimism of analysts who think…
With an average price of $0.39 (N390) (N1000/$) for a gigabit (GB) of mobile data, Nigeria is ranked 31st out of 237 countries with the cheapest mobile data. Cable.co.uk conducted an investigation using data from 5,603 mobile data plans across 237 nations between July 5, 2023, and September 6, 2023, to reach this conclusion. Israel is the nation offering 1GB of mobile data at the lowest average cost, according to the analysis, at $0.02. With an average price of $43.75 per gigabyte for mobile data, Zimbabwe is the most expensive place in the world to purchase mobile data—more than 2000…
Yola Electricity Distribution Company (YEDC) will distribute free prepaid meters to people with disabilities (PwDs) in order to promote inclusion in the power sector. This commitment was made during a recent visit to the YEDC corporate offices in Yola by the Adamawa People Living with Disabilities and Vulnerable People Support Initiative (APLWDVSI). The APLWDVSI expressed gratitude for YEDC’s support for individuals with disabilities and asked the company’s commitment to ensuring that the federal government’s Meter Asset Provider (MAP) initiative benefited its members. With over seven million metering gaps in the country, most consumers receive under-estimated billing, which not only leads…
University Press Plc has expressed regret about the growing expense of conducting business in Nigeria, claiming that the difficulty has raised its operational costs. The company stated that the difficulties facing the industry were largely created by factors such as excessive levels of fiscal debt, inadequate governance, and the nation’s reliance on oil as its primary source of foreign exchange earnings. Obafunso Ogunkeye, the chairman of University Press, made this statement over the weekend in Ibadan, Oyo state, during the 45th annual general meeting. In light of all that occurred in Nigeria and around the world, Ogunkeye said the…
The ride-hailing company Bolt, in collaboration with Nest Innovation Park (Nest), has introduced a cutting-edge accelerator program designed to enable drivers on an entrepreneurial path. According to a release, the operator is now accepting submissions for the Bolt Den, a €25,000 seed fund intended to assist a business idea created by Nigerian drivers that connects to its Africa City Vision, which is centred on sustainable transportation. This will be operated in close collaboration with Nest, whose mentorship network will assist qualified drivers in refining their company ideas prior to a November pitch day. Bolt will concurrently introduce the Bolt Academy…
The Transmission Company of Nigeria (TCN) Managing Director, Sule Abdulaziz, has advocated for appropriate regulation of energy storage within the sector. Speaking during the three-day 2023 Nigeria Energy Leadership Summit being held in Lagos, the TCN CEO—represented by Ali Bukar, General Manager, Regulation and Compliance—stated that the 2023 Electricity Act neglects to address storage-related issues. “There should be a regulation in the electricity market to account for the amount of energy individuals and households are supposed to store for safety reasons. What is missing in the region’s electricity market is energy storage, which incidentally is one of the shortcomings of…
The Federal Inland Revenue Service (FIRS) is optimistic about meeting its N12 trillion revenue target for the year, with N8.5 trillion realized as of mid-September. Saidatu Yero, Director, Taxpayer Services, FIRS, made this statement yesterday at a sensitization session hosted by the Lagos Mainland West Region of the Service. The program’s main focus was on the Finance Act as a tax administration innovation, but other topics were also covered. According to her, revenue collection has improved as a result of the service’s recent fiscal reform, which has altered the perception of Nigeria’s tax administration. She reiterated the service’s pledge to…
Zaccheaus Adedeji, the recently appointed acting executive chairman of the Federal Inland Revenue Service (FIRS), has bemoaned the fact that Nigeria spends 96% of its income on debt servicing and promised that the trend will soon change. Adedeji pledged to take immediate action to change what he called a “unhealthy fiscal system” during a speech he gave yesterday at the FIRS Headquarters in Abuja. “We cannot afford to delay; we must act decisively to reverse this ugly trend. Our aspiration is audacious— to surpass Africa’s average tax-to-gross domestic product (GDP) ratio of 16.5 per cent and achieve an impressive 18…
Heavy trading in several banks’ shares boosted the volume of shares moved last week, with investors on the floor of the exchange transacting 2.9 billion shares worth N47.4 billion in 44,654 transactions. It was more than the 2.64 billion units worth N45.5 billion that changed hands in 44,189 transactions the previous week. In particular, the financial services industry (measured by volume) led the activity chart, with 1.9 billion shares worth N26.4 billion moved in 21,707 transactions, accounting for 66.7 percent of overall stock turnover. The oil and gas industry came in second, with 281.3 million shares worth N5.3 billion traded…
The biggest airline in West and Central Africa, Air Peace, has announced that on October 31, 2023, direct flights will begin from Lagos and Kano to Jeddah, Saudi Arabia. On Tuesday, September 12, 2023, the airline revealed this during a meeting with travel agents in Kano. The Lagos-Abuja and Kano-Jeddah flights would run three days a week, according to the airline. According to Air Peace’s Ground Operations Manager, Ayodeji Adeyemi, the connectivity will be direct using the Boeing 777 aircraft. In addition to thanking the travel agencies, he reaffirmed the airline’s commitment to working with them to make the most…
As of the end of July 2023, the Contributory Pension Scheme has a value of N17.7 trillion, according to the National Pension Commission (PenCom). The pension asset climbed by roughly 1.8% from the N16.76 trillion the fund was at the end of June, according to the pension management organization. The total pension fund’s net asset value increased to N17 trillion in June from N16.7 trillion in May, per its monthly report for July 2023. According to the commission, investments in common shares of local businesses increased to N1.338 trillion from N1.268 trillion in June, with pension funds allocating N1.8 trillion…
The Nigerian Communications Commission (NCC) has authorized the technology company MTN Nigeria Communications Plc to purchase 2.6GHz spectrum. According to a statement released by MTN yesterday and posted on the Nigerian Stock Exchange, the license for the 2.6GHz spectrum is valid for 10 years, beginning on September 7, 2023, and ending on April 16, 2033, at which point it may be renewed. The statement was signed by the company secretary, Uto Ukpanah. The telecommunications company stated that the NCC had approved the transfer and assignment of the 10MHz frequency division duplex (FDD) in the 2.6GHz spectrum band to it from…
The investing arm of FSD Africa, FSD Africa Investments (FSDAi), announced a $19.5 million commitment to assist infrastructure projects in Africa that are climate-aligned and climate-adaptive in order to advance the continent’s climate programs. The new commitment, which includes $12 million in Acre Impact Capital’s Export Finance Fund I, is the first to address the lack of commercial debt financing for sustainable infrastructure projects that are backed by authorized Export Credit Agencies (ECAs), the organisation claims. It claimed that financing from ECAs lowers the cost of debt and increases the affordability of infrastructure projects. However, project sponsors must use commercial…
The Association of Bureaux de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to democratize and centralize the bureau de change’s (BDCs) operational methods and encourage them in going digital as exchange rate volatility continues to have a negative impact on the economy. ABCON emphasized that BDCs have undergone significant digital reforms since 2016 in line with the latest CBN reforms on BDCs to be tech savvy. As a result, it recommended the CBN to switch from a cash-based business model to one that relies more on digital platforms and less on cash. According to…
The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, has been tasked by the Commerce and Industry Correspondents Association of Nigeria (CICAN) with implementing sensible pro-business policies that are essential to revitalizing the real sector of Nigeria’s economy. CICAN asked the minister to get started right now by developing policies that would revitalize the productive sectors necessary for diversifying the economy away from oil, according to a statement released by its president, Charles Okonji. He contends that the minister should put more emphasis on improving the non-oil sector of the economy while also assessing the work and accomplishments of…
To help Nigeria reach its 2050–2070 net zero goal, technology company MTN is investing in green energy technologies. According to MTN, this action would help Nigeria meet its net zero targets by reducing emissions. The company announced it is working with a renewable energy Independent Power Producer (IPP) program to deploy a compressed natural gas (CNG) power plan to feed both its corporate office, MTN Plaza, and primary data center in Ikoyi. This was disclosed in the company’s 2023 climate change report. Nigeria’s Climate Change Act 2021 establishes a framework for setting a net zero GHG objective between 2050 and…
Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO), asserted that moving away from open trade will only result in more price volatility, inflationary pressures, and generally worse growth prospects. She claimed that predictable trade is a source of disinflationary pressure, reduced volatility, and increased economic resilience, whereas fragmenting trade into rival blocs would be very expensive, speaking at a recent economic policy symposium that was attended by leading central bankers, policymakers, and economists from around the world. She stated, “A world that rejects predictable and open trade will be one marked by diminished competitive pressures and increased…
The Budget Office of the Federation has started taking steps to improve accountability in the administration of public funds by digitally addressing bottlenecks in the budgetary processes. The Office recently disclosed that the National Assembly would receive the 2024 budget next month.The agency also stated that the National Assembly would receive the 2024 budget by October 2023. This information was made public yesterday at the start of training sessions for ministries, departments, and agencies (MDAs) on how to prepare the 2024 budget using the GIFMIS/BPS (Government Integrated Financial Management Information System Budget Preparation Sub-System). The GIFMIS budget preparation subsystem, according…
In contrast to the 103.2 billion earned during the same period in 2022, Guaranty Trust Holding Company Plc (GTCO) reported a profit before tax (PBT) of 327.4 billion for its half-year (H1) operations. According to the bank’s audited results for the six-month period ending June 30, 2023, PBT climbed by 217.1% to ₦327.4 billion from the ₦103.2 billion reported in 2022, while the Group’s loan book (net) increased by 22.8% from ₦1.89 trillion to ₦2.32 trillion. The switch to a holding company structure, investments in technology and product development, as well as personnel changes, were cited by the bank as…
The Nigeria Customs Service (NCS) Ports Terminal Multiservices Limited (PTML) command has advised car importers and their representatives to be honest in their vehicle identifying number (VIN) declaration. This was said by Saidu Abba Yusuf, Customs Area Controller (CAC), PTML, yesterday during a stakeholder sensitization meeting on VIN valuation. He debunked the rumor that the VIN method was no longer in use by pointing out that the valuation procedure is still in place and still completely functional. He said that distinguishing different variants or tiers within a certain car model depends on the TRIM numbers. The CAC advised declarants to…
Walter Akpani, Managing Director/Chief Executive Officer at ProvidusBank, stated that the bank is dedicated to assisting its clients with the nation’s exports. At the third hybrid Non-Oil Export Summit held by the financial institution on Friday in Lagos, he made the commitment. The summit series was started, according to Akpani, who was represented by the Deputy Managing Director, Kingsley Aigbokhaevbo, as part of the lender’s ambition for ongoing collaboration with significant players in the non-oil export area. He claims that the summit gives the bank the chance to more firmly establish its backing for its stakeholders in Nigeria’s agribusiness, mining…
Leading financial services provider Capitalfield, which recently celebrated its 20th anniversary at the Eko Hotels & Suites in Lagos, made a commitment to keep improving the financial system. Raphael Lewu, Group Managing Director, extended his sincere gratitude to all present by saying: “The Capitalfield 20th Anniversary Grand Dinner is a culmination of two decades of dedication, partnership, and trust. We are humbled by the presence of esteemed guests, customers, and supporters who have contributed to our journey. This evening celebrated not only our past achievements but also our vision for an even brighter future.” David Adegbite, chairman of the Capitalfield…
The Nigerian Society of Engineers (NSE) has stated that it is faulty and illogical for energy distribution firms (DisCo) to use a 30% inflation rate as justification for raising electricity rates. Tasiu Sa’ad Gidari-Wudil, the president of the society, said this yesterday in Abuja. He added that while it is standard practice in the industry to base tariff adjustments on data from the Central Bank of Nigeria (CBN) and the Nigeria Bureau of Statistics (NBS), the majority of DisCos use data that is out of step with the state of affairs at the time. A high weighted average cost of…
For the week ending August 25, 2023, FMDQ Securities Exchange reported a total turnover in its foreign exchange (FX) spot and derivatives market sector of $417.9 million. The amount is down from the $620.1 million recorded for the week ending August 18, 2023, by 32.61 percent ($202.2 million). The decline occurred amid a lingering market crisis, the shaky performance of the naira against other currencies, and increased illiquidity across many windows. The renewed crisis persisted through the weekend, with the naira trading at about N905/$ on Saturday in the black market. Dealers said the anticipated funding of the bureau de…
As of the second quarter of this year, financial institutions, particularly commercial banks, in the nation lost N5.7 billion to fraud. 11,679 incidents in total were reported, and when compared to 12,553 cases recorded in Q1, a 6.96 percent decline is seen, according to the FITC’s Q2 Fraud and Forgeries Report. The Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and all Nigerian banks with licenses are members of the non-profit professional organization known as FITC. 24 institutions that filed returns on fraud cases for the time period reportedly reported the frauds. Following the pattern seen in…
The naira looks to have resumed rapid decline, approaching N900/$ at the parallel market, barely a week after it started showing some gains. After President Bola Tinubu met with the leadership of the Central Bank of Nigeria (CBN) two weeks ago to discuss how to protect the currency from debauchery, the local currency saw modest increases. According to The Guardian, it increased to N820/$ at the beginning of the week. The appreciation appears to be fleeting as the naira started a new problem at the start of the week. According to information provided to The Guardian, yesterday’s exchange rate in…
IEA Calls On Governments To Triple Their Renewable Energy Capacity To achieve the objectives of COP28, the International Energy Agency (IEA) has asked nations to triple the world’s renewable energy capacity by 2030. The agency emphasized that in order to prevent the worst effects of climate change, keeping the increase in global temperatures to 1.5°C is essential. The agency pointed to recent images of a world sizzling in record heat. The IEA emphasized further that its roadmap to net zero by 2050 lays out a pathway for the energy sector that would limit global warming to 1.5°C while also doubling…
