Local Senate Probes CBN, NNPC, DPR, Others Over Crude Oil Exports Account October 8, 2020 Ekemini The Senate has launched investigation into the activities of the Central Bank of Nigeria (CBN), the Nigeria National Petroleum Corporation (NNPC) and Department of Petroleum Resources over crude oil exports…
Business Nigeria’s President Buhari Is Doing Away With Petrol Subsidies October 8, 2020 Ekemini Time in nigeria sometimes seems to follow its own rhythm. When the government introduced petrol subsidies they were meant to last just six months. Some four decades later, they endure.…
Business FG Signs Bilateral Air Agreement With USA, India, Morocco, Rwanda October 8, 2020 Ekemini The federal government has signed a Bilateral Air Service Agreement (BASA) with the USA, India, Morocco as well as Rwanda. Hadi Sirika, minister of aviation in his twitter handle @hadisirika…
Business Nigerian President Offers Record $34 Billion Budget For 2021 October 8, 2020 Ekemini Nigerian President Muhammadu Buhari presented a record 13.08 trillion naira ($34.4 billion) budget for 2021 to lawmakers on Thursday, an increase from last year as the country tackles the crisis…
Business Nigeria May Enter Second Recession In Four Years -Buhari October 8, 2020 Ekemini The President, Major General Muhammadu Buhari (retd.), says Nigeria’s economy may slip back into recession. Buhari spoke at the presentation of the 2021 budget estimates to the Joint Session of…
Business Expert Says Forex Responsible For Hike In Petrol Price October 8, 2020 Ekemini Mr Ronke Onadeko, an expert in oil and gas, says high exchange rate of Naira to the dollar is responsible for increase in price of Premium Motor Spirit (PMS), also…
Business Buhari Presents Nigeria’s N13 Trillion 2021 Budget To Lawmakers October 8, 2020 Ekemini President Muhammadu Buhari has presented the 2021 budget estimate to a joint session of the National Assembly. The proposed expenditure is put at N13.08 trillion with a crude oil benchmark…
Business Global Economy Will Shrink By More Than 4% In 2020 October 8, 2020 Ekemini Economic experts predict that the coronavirus pandemic will result in a 4.4% contraction in the global economy in 2020. Germany’s Ifo Institute and the EconPol Europe research network polled 950…
Business Virus Wipes N939bn Off Wealth Of Nigeria’s Biggest Firms’ Shareholders, But A Recovery Is On October 8, 2020 Ekemini The biggest shareholders of Nigeria’s 30 largest firms lost a whopping sum of N939 billion combined in the first half of 2020 as the COVID-19 pandemic took a toll on…
Business Naira Stabilizes Across Forex Markets As BDCs Get Over $450m Allocation From CBN In 1 Month October 8, 2020 Ekemini The Naira remained stable against the dollar at the I&E window on Tuesday, closing at N386/$1 Nigeria’s exchange rate at the NAFEX window remained stable against the dollar to close…
Business Canadian Dollar Gains Ground As Calm Returns To Wall Street October 8, 2020 Ekemini The Canadian dollar strengthened against the greenback on Wednesday as calm returned to stock markets after they were spooked one day earlier by fading hope of U.S. stimulus, with the…
Business US Arbitration Tribunal Frees Nigeria Of $1.5bn Liability October 8, 2020 Ekemini Nigeria has again won another international legal battle as the United States-based International Centre for Settlement of Investment Dispute ordered Inter Ocean Oil Company to pay the federal government $660,129.87…
World COVID-19: International Borders And Need To Keep Nigerians Safe October 8, 2020 Ekemini Nigeria’s international borders re-opened on September 5, 2020. This came months after international and land borders were shut down in March to reduce the spread of COVID-19, as the media…
Business Dollar, Yen Dip As U.S. Stimulus Hopes Help Risk-On Mood October 8, 2020 Ekemini The dollar and safe-haven Japanese yen nursed losses on Thursday, after revived hopes for U.S. fiscal stimulus improved investor sentiment, while the prospect of negative interest rates knocked the New…
Business Container Shipping Operations From China To Onitsha Resume October 8, 2020 Ekemini Global shipping line, Maersk resumed services from China to Onne Port (by ship) this year, and this week, it has resumed operations at the Onitsha Inland Port. This was disclosed…
Business European Gasoline Margins Hit 7-Month High On Exports, Maintenance October 8, 2020 Ekemini European gasoline barge profit margins hit a seven-month high this week, boosted by firm export demand from West Africa and the United States and regional refinery shutdowns. Barge margins versus…
Business Worries Over $2b Forex Demand Backlog October 8, 2020 Ekemini Fitch Ratings has expressed concerns about the state of the naira and rising forex demand backlog estimated at $2 billion. The forex demand backlog stood at $1 billion in May,…
Business World Bank Sees Sub-Saharan Africa’s GDP Rebounding In 2021 October 8, 2020 Ekemini Sub-Saharan Africa will probably reverse an economic contraction next year as countries in the region begin to ease movement restrictions, even as the impact of the coronavirus will endure for…
Business CBN Disburses $13.99bn Forex In Six Months October 8, 2020 Ekemini The Central Bank of Nigeria supplied $13.99bn into the market between January and June. The bank disclosed this in its quarterly statistical bulletin on ‘Supply of forex’ for the month…
Business Oil Rises Above $42 On Supply Losses, U.S. Stimulus Hopes October 8, 2020 Ekemini Oil rose above $42 a barrel on Thursday, supported by output shutdowns in the U.S. Gulf of Mexico and the prospect of more supply losses in Norway, as well as…
Breaking Business Dubai-Bound Passenger Held With 5,342 ATM Cards October 8, 2020 Ekemini A man has been arrested with 5,342 Automated Teller Machine (ATM) cards at the Aminu Kano International Airport, Kano. Sanusi Labaran was intercepted on Wednesday by Customs officials minutes before…
Business Europe’s Major Economies Predict More Dire Declines To Come As Coronavirus Rages October 8, 2020 Ekemini LONDON — Major European economies are downgrading already dire economic forecasts on the back of a second wave of coronavirus infections sweeping through the continent, with over 6.3 million cases…
Business Analysts Fault Fitch’s Stable Outlook On Nigeria October 8, 2020 Ekemini Analysts at Afrinvest Securities have faulted the recent upgrade of Nigeria’s macroeconomic outlook to stable by Fitch Ratings as there were still severe foreign exchange and fiscal risks that show…
Business Naira Stable At Investors Window Amid 0.5% Rise In FX Demand October 8, 2020 Ekemini The value of the Naira against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Wednesday, October 7 was stable at N386/$1. The…
Business Billionaire Wealth Smashes Records During COVID-19 October 8, 2020 Ekemini Global billionaire wealth smashed record levels during COVID-19 breaching the $10tn (£7.7tn) mark for the first time. Despite an initial dip at the beginning of 2020, speedy market recovery propelled…
World Nikola Founder Trevor Milton Sues Utah Businessman For Defamation Over Tweets About Treatment Of Women October 8, 2020 Ekemini Nikola founder Trevor Milton has sued a Utah businessman for defamation, accusing him of a “malicious campaign to harass” and discredit the billionaire by publicly accusing him over Twitter of…
Business Fed’s Kashkari Warns That Delaying Stimulus Will Have ‘Enormous Consequences’ October 8, 2020 Ekemini Minneapolis Federal Reserve President Neel Kashkari became the latest central banker to warn against not getting more stimulus to the U.S. economy, saying that the cost of doing nothing could…
Features Local Worries Over $2b Forex Demand Backlog – Nigeria October 7, 2020 Ekemini Fitch Ratings has expressed concerns about the state of the naira and rising forex demand backlog estimated at $2 billion. The forex demand backlog stood at $1 billion in May,…
Business Investors Gain N297bn As 36 Stocks Push Market Higher October 6, 2020 Ekemini Investors in the Nigerian equity market gained N297bn on Monday as 36 firms recorded price appreciation at the end of trading. The equity market sustained its positive outlook as the…
Business Nigeria Aims To Revamp Refineries, End Oil-For-Fuel Swaps October 6, 2020 Ekemini Nigeria aims to end the country’s so-called oil-for-fuel swaps system in the near future and rely instead on oil products from local refineries, which it hopes to have running again…
