Foreign airlines yesterday disputed the central bank’s recent upward revision of the rate of exchange (RoE) and the ensuing increase in the cost of overseas travel, claiming that these factors were to blame for both. It is inaccurate to refer to the currency rate that applies to international flight tickets sold in Nigeria as the IATA exchange rate, according to the airlines operating under the auspices of the International Air Transport Association (IATA). You may recall that the foreign airline rate of exchange, which affects the cost of overseas travel, has risen for the third time in less than two…
Author: Ken Ibenne
The World Bank President has been requested by the Socio-Economic Rights and Accountability Project (SERAP) to halt any payments on the $800 million loan to the federal government and to ask the next administration to offer convincing justifications for the loan. SERAP encouraged the World Bank and the lender’s president, Mr. David Malpass “to reopen discussions on the reportedly approved $800 million loan with the incoming administration to clarify the details on the rationale and use of the loan because the term of office of the government of President Muhammadu Buhari ends in May 2023.” The federal government stated in…
The Savings Bonds webinar is also anticipated to deepen the savings culture among retail investors, lower the barrier to all Nigerians, regardless of income level, contributing to the country’s development, provide insights that will enable participants to take advantage of the favorable returns offered by the capital market, and increase the bond’s liquidity in the secondary market. Federal Government of Nigeria (FGN) Savings Bond was a retail investment program that DMO, acting on behalf of the Federal government, introduced to encourage Nigerians to save more money while also giving everyone, regardless of income level, a chance to contribute to the…
In order to boost the economies of the Eastern Ports of Calabar, Warri, and Onitsha River Port, among others, the promoters of the Lekki Port and Lekki Freeport Terminal (LFT) have announced that conversations are currently taking place to carry containers unloaded at the port by barges to those ports. The $1.5 billion Lekki port would start transshipping products to landlocked nations in the upcoming weeks, according to the project’s developers. Kehinde Olubi-Neye, the Chief Commercial Officer of LFT, told reporters in Lagos that the port was able to transfer more than five barges carrying more than 900 twenty-foot equivalent…
Sale Mamman, former Minister of Power, has been questioned by the Economic and Financial Crimes Commission (EFCC) on the suspected diversion of N22 billion. From August 2019 to September 2021, when he was fired by President Muhammadu Buhari, Mamman served as the Minister of Power. Following an invitation, he went to the anti-graft agency’s Abuja headquarters where he was detained. Mamman surrendered himself to the commission’s Abuja office and was taken into custody early on Wednesday. According to EFCC sources, the former minister allegedly plotted with Ministry of Power employees when he was serving as minister to divert N22 billion…
Over the course of the RT200 Program, the Central Bank of Nigeria (CBN) has paid out N144 billion in rebates to exporters of semi-finished and finished goods. The exporters received N25.04 billion in payments in the most recent quarter alone, which is an increase of approximately eight times year over year. The non-oil rebate program, a key component of the RT200, got off to a strong start in the first quarter of last year, with exporters earning N3.23 billion worth of incentives. Exporters receive N65 for every dollar repatriated and sold via the Investors and Exporters (I&E) window for third-party…
The Unstructured Supplementary Service Data (USSD) platform is experiencing a protracted crisis, and although talks between the banks and telecommunications operators are ongoing at the regulatory level to find a cooperative solution, the service providers claimed that the debts owed them by defaulting banks have reached N120 billion. There were estimated to be N100 billion in indebtedness as of the first quarter of 2023. However, despite the fact that the amount still owing has increased by N20 billion, the Association of Licensed Telecoms Operators of Nigeria (ALTON) claimed that the banks are still withholding remittances. The weekend before last, ALTON…
According to a statement on the president’s digital communications platform by Mr. Bashir Ahmad, an adviser to President Muhammadu Buhari, the eagerly anticipated Dangote Oil Refinery is scheduled to be commissioned on May 22. On Sunday, Mr. Ahmad said that President Buhari would inaugurate the 650,000 barrels per day Dangote Refinery, which also doubles as the largest single-train refinery in the world, one week before he leaves office. This will be one of the last acts of the departing President, who will hand over power to his friend, Mr. Bola Ahmed Tinubu, who was proclaimed the victor of the election…
After the European Central Bank (ECB) decided on Thursday to slow the pace of its interest rate hike, the price of crude oil was largely stable, with Brent futures rising by 9 cents or 0.12% to $72.42 per barrel and the US West Texas Intermediate (WTI) falling by 13 cents or 0.19% to $68.47 per barrel. Since oil prices have fallen more than 9% due to worries about demand in major consumer countries, this could hardly scratch the surface. After a shaky start to the week, prices deteriorated as a result of a quarter-point increase in interest rates by the…
The Center for the Promotion of Private Enterprise (CPPE) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) have bemoaned the appalling situation of the economy, highlighting how all sectors are fighting valiantly to stay afloat. Ide John Udeagbala, president of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), said the situation has grown alarming and urged governments at all levels to develop effective strategies to strengthen and stabilize the economy immediately. Speaking at the year’s second socioeconomic media briefing in Lagos, he expressed regret that nothing has changed since their first…
The number of account holders added to the bank verification number (BVN) monitoring list for engaging in fraudulent activity increased by 25% to 7,552 in just over nine months, supporting the rise in financial system fraud. The figure was 6,045 as of June 2014, according to the Central Bank of Nigeria (CBN). However, the number increased by 1,505 in less than a year to reach 7,552. This information was provided by Musa Jimoh, the director of the apex bank’s payment systems management division, yesterday at the 34th Seminar for Finance Correspondents and Business Editors being held in Calabar, the capital…
Nigeria is located in Sub-Saharan Africa, which the International Monetary Fund (IMF) has warned could suffer the most from a division of the world into two separate commercial blocs centered around China or the United States and the European Union (EU). Countries on the African continent that are not regarded as belonging to North Africa are referred to as Sub-Saharan Africa. A permanent decrease in real gross domestic product of up to 4% in sub-Saharan African economies after ten years, which is greater than what many nations suffered during the Global Financial Crisis of 2008–09, is predicted to occur, according…
The Central Bank of Nigeria (CBN) has stated that there are no plans to stop the distribution of new naira notes. Dr. Isa AbdulMumim, the bank’s acting director of corporate communications, denied the rumor that the regulator was considering withdrawing the recently redesigned N1000, N500, and N200 currency banknotes from circulation. “We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,” he said. The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the bank with a sizable number of the redesigned bank notes,…
Ide John Udeagbaala, National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has expressed sadness over the declining business environment in the nation, which he claims has put a significant burden on output. Udeagbaala claimed that this, among other issues, has contributed to the nation’s accelerating decrease in domestic production yesterday at a media briefing on the state of the country. He disclosed that the country advanced 15 places to rank 131 out of 190 countries in 2019 when the Federal Government started promoting its program on the ease of doing business (EoDB). The…
According to Mr. Temi Popoola, the chief executive of the Nigerian Exchange (NGX) Limited, efforts are being made to ensure that the Nigerian capital market reaches the net zero emissions target. Achieving net zero emissions means striking a balance between the amount of greenhouse gases released into the atmosphere and the amount of greenhouse gases removed from it. The NGX CEO stated that the bourse hopes to attain the target by looking into partnerships with organizations on sustainability efforts and overall market development at an event on Tuesday in Lagos. The new Group Chief Executive Officer (GCEO) of Ecobank Transnational…
In order to complete the Ajaokuta-Abuja-Kano pipeline, the Infrastructure and Commercial Bank of China (ICBC), Infrastructure Bank of China, and China Export Credit Agency (SINOSURE), which were expected to contribute $2.38 billion, or 85% of the project’s total cost, withdrew. As a result, the Nigerian National Petroleum Company Limited (NNPC Ltd) has already spent over $1.1 billion. The Group Chief Executive Officer of the NNPCL, Mele Kyari, confirmed an earlier exclusive report on the AKK project by The Guardian about the withdrawal of the initial financiers as a result of the contract’s inflation by 570 percent and said the national…
Total foreign transactions on the Nigerian Exchange Limited (NGX) fell by 53.16 percent last month, indicating that prolonged FX illiquidity, uncertainty, and other macroeconomic difficulties are having an impact on the capital market. According to the NGX’s Domestic and Foreign Portfolio Investment Report, between February 2023 and March 2023, foreign transactions decreased by 53.16 percent, from N19.62 billion (roughly $42.51 million) to N9.19 billion (roughly $19.94 million), while domestic transactions decreased by 19.06 percent, from N169.29 billion to N137.03 billion. The paper states that in 2022, total domestic transactions accounted for around 84% of all transactions, while overseas transactions accounted…
Through the financing of 115 electric-powered tricycles for the sole use of women transporters in the state, Sterling Alternative Finance, in collaboration with LINKS, Mata Zalla Women Cooperative, and Yar Baiwa Women Cooperative, has significantly improved intra-city transportation in the Kano metropolis. This was declared at the recently held groundbreaking ceremony for Kano’s first-ever electric vehicle charging station. With 115 participants, the partnership is a cooperative effort to promote gender empowerment, sustainable transportation, and environmental conservation in Kano State. Of these, 85 participants received training as commercial tricycle operators, and the remaining 30 participants received training as specialized mechanics for…
According to Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), for Nigeria to be on track in the implementation of its decade of gas program, government should provide yearly status reports of the successes, issues, supports required, and targets completion dates. He made the suggestion at the just finished Nigerian International Energy Summit (NIES), which was held in Abuja and at which he also gave separate speeches at conferences for the industry. The head of the NCDMB advised that the agencies, entities, and stakeholders in charge of the numerous projects and initiatives listed in the…
Data from the Debt Management Office (DMO) shows that under President Muhammadu Buhari’s leadership, Nigeria’s debt to China has risen by a startling 209 percent. The government owed China $4.29 billion as of December 2022, up from $1.39 billion in June 2015, according to the office. According to the data study, China was responsible for 84.73 percent of Nigeria’s bilateral debt, with the remaining amounts coming from France, Japan, India, and Germany. DMO added that the loans from China had a concessionary interest rate of 2.50 percent per year, a 20-year term, and a seven-year grace period (moratorium). Under pressure…
According to AFP, many prominent media organizations from Western countries, Russia, China, and other states that formerly had either of those tags no longer displayed them. As of 0600 GMT, they comprised the accounts of National Public Radio in the United States, the official Xinhua news agency of China, RT in Russia, and CBC in Canada. Twitter, which the erratic billionaire Elon Musk purchased last year, has long identified accounts associated with state media or elected officials, particularly in China and Russia. According to the statement, the policy was centered on organizations that “are the official voice of the nation-state…
In a statement headed, “We Urge Abia State Governor To Revoke Permit Or Relocate Lokpanta Cattle Market,” the separatists’ spokesperson, Comrade Emma Powerful, called for the cancellation of any permits that may have been issued for the market’s installation. He revealed that IPOB has designated the land as the site for a modern and largest trade fair center in Africa, to ensure that their people (Biafrans) returning from Lagos and other parts of Nigeria can continue with their respective businesses unhindered, generating revenue for the state government. Clearly stated, rather than the market providing any benefits to the state, “it…
The study, which was cited in the story and appeared in various national media, said that Nigeria had fallen short of paying off its whole debt to China, which had grown to N110.31 billion during the previous two years. The principle and repayment fees were included in the China debt stock, the paper said. Between January 2021 and December 2022, the principal fee was N69 billion ($153.85 million), while interest costs came to N41.3 billion ($92.1 million). But the DMO advised the public to disregard the article, calling it untrue, in a reaction that was recently posted on its website.…
While briefing journalists on the results of the 14th Insurers Committee Meeting held in Lagos, members of the Publicity and Communications Sub-Committee disclosed this. The members claim that within the parameters of the standards, IFRS 17 establishes the fundamentals for the identification, evaluation, presentation, and disclosure of insurance contracts. Rasaaq Salami, Head of Corporate Communications and Market Development at NAICOM, said the commission would make sure operators complied with IFRS 17. Salami said that the commission had established sub-working groups to speed up the industry’s transition in an effort to get underwriting businesses ready for the new financial reporting methodology.…
As of April 2023, the Nigerian Communications Commission (NCC) had approved 1,985 phones for sale in the nation. Checks revealed that between January and the present, 24 new phone models have been approved in the NCC’s most recent update. The number was 1,961 in January before rising to 1,985 in April. The Guardian’s investigation revealed the presence of brands from Finland, France, America, Japan, the Philippines, Taiwan, South Korea, South Africa, and the United Arab Emirates. Nevertheless, over 300 models from Chinese firms have flooded and dominated the Nigerian market during the past 15 years. Tecno Mobile, Nokia, Wiko, Samsung,…
According to the Nigerian Sovereign Investment Authority (NSIA), about 245,000 direct jobs and 315,300 indirect jobs were created in the last ten years as a result of the SWF. Aminu Umar Sadiq, managing director and chief executive officer of NSIA, said this yesterday in Abuja at a media discussion. He declared that the agency was dedicated to continuing its approach of diversifying its holdings to maximize profits for the nation. At the end of its 2022 fiscal year, he claims, NSIA’s total assets amounted to N1.02 trillion. He claimed that the sum represented an increase of 10.5% from the N919.73…
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), has cautioned that a number of recent economic shocks, coupled with a modest increase in per capita income in more than three decades, have placed emerging economies in grave risk if immediate action is not taken. During the beginning of a session on concessional financing at the ongoing World Bank and IMF Spring Meetings taking place in Washington, DC, Georgieva said the world must come together to close the gap that is now present. She made a suggestion that since the COVID-19 epidemic broke out, the IMF has given $24…
Yesterday’s trading on the stocks market of the Nigerian Exchange Limited (NGX) ended flat, maintaining a market size of N28,300 trillion. The All Share Index (ASI) closed at 51,953.41 points yesterday, just 0.01 point higher than the previous day’s closing value of 51,952.99 points. Market capitalization was N28.300 billion as well. Gains in medium and big capitalized equities, including Berger Paints, Skyway Aviation Handling Company, International Breweries, Dangote Sugar Refinery, and Multiverse Mining and Exploration, had an impact on the slight uptick. In the absence of a price decline in any of the heavy hitters, analysts at Vetiva Dealings and…
Investors who lost N700 billion in private placement fraud have renewed their appeal in response to persistent inflation and other socioeconomic problems. Investors have urged regulators to take action against companies who broke their commitments to list their shares on the Nigerian Exchange Limited (NGX) in order to make a profit on their investments 16 years after the issuing of the private placement. Additionally, they have demanded that the Companies and Allied Matters Act (CAMA) be reviewed in order to make it essential for businesses seeking private placements to list within a set period of time following issuance. They said…
Hussein Ejibunu, the acting Controller of the unit, stated during the handover at the Customs warehouse in Ikeja, Lagos, that expired, illegal, and other medications that did not adhere to the statutory importation standards were intercepted and confiscated at various places in the Southwest area. He claimed that the drugs, which were brought in from Malaysia and India, were stored in three containers measuring 39 feet, 40 feet, and 20 feet. He claimed that the medications, which have neither a production nor an expiration date, were made in India and that the importer is still at large. Ejibunu claimed that…
