FG’s Ship Financing Fund Rises By 79%, Hits N145bn- Nigeria.
The Cabotage Vessel Financing Fund has risen from $195m to $350m in 2022, representing 79.4 % increase. It will be…
Year: 2022
OPEC Faces Critical Oil Production Decision As Nigeria Gets 1.826m Bpd August Quota.
The Organisation of Petroleum Exporting Countries (OPEC) will in August decide whether to continue its current measured oil supply. Which…
NSE Firms Face Costly Dollar Loans As Shilling Weakens- Kenya.
Listed firms are facing higher finance costs as a result of the weakening of the shilling against the dollar. Exposing…
Banks Guaranteed N3.6 Billion Loans To Farmers Under The ACGSF – CBN.
The Central Bank of Nigeria announced banks guaranteed 28,830 loans valued at N3.6 billion to farmers. This is under its…
$1bn Natural Gas Sold To Portugal In 2022, Says NNPC.
The Nigerian National Petroleum Company Limited said it had sold over $1bn worth of natural gas to Portugal this year.…
Duty Payment On Carbonated Drinks Takes Off.
The Nigeria Customs Service (NCS) yesterday began collection on carbonated and sweetened drinks as contained in the Finance Act 2020.…
Marketers Deny FG’s N74bn Payment, Warn Of Massive Fuel Queues
Oil marketers on Thursday warned Nigeria could witness “the mother of all queues” from next week. This is if the…
Shell Suspends Multibillion-Dollar Assets Sale In Nigeria
Shell Group says it has suspended the divestment of its interest in its Nigeria subsidiary-Shell Petroleum Development Company. The IOC…
Stocks Slide, Dollar Rises As Growth Fears Mount.
Stocks fell and the dollar rose on Friday, beginning the second half of the year much as the first one…
FG Pays N74Bn Bridging Claims To Oil Marketers
The Federal Government on Wednesday said it paid N74bn as bridging claims to oil marketer. This is for the transportation…
FG To Generate N23 Billion In 30 Years From Concession Of Onitsha Port
The Federal Government has signed a deal for the concession of the Onitsha port with the Universal Elysium Consortium. Therefore,…
Bullish Nigerian Exchange Gains N5.64 Trillion In HY’2022
Equity trading on the floor of the Nigerian Exchange Limited (NGX) recorded a gain of N5.639 trillion during the half-year…
Naira Falls Further At The Official Market As Forex Turnover Declines.
Thursday, 30th June 2022: The exchange rate between the naira and the US dollar closed at N425.05/$1 at the Investors…
Italy’s AMCO To Buy 1.4 Bln Euros Of Non-Performing Leasing Credits From Intesa.
Italy’s state-owned bad loan specialist AMCO had signed an agreement with lender Intesa Sanpaolo (ISP.MI) to purchase a portfolio of…
Google To Pay $90 Mln To Settle Legal Fight With App Developers
Alphabet Inc’s Google has agreed to pay $90 million to settle a legal fight with app developers. Thi is over…
Italy June Manufacturing Growth Slowest For Two Years -PMI.
Italy’s manufacturing sector grew at the slowest pace in two years in June, as firms reported weak demand and increasingly…
Drop In Demand Weighs On German Manufacturing, 0utlook Darkens -PMI
A sharp fall in new orders weighed on German manufacturing activity in June. This darkens the outlook for Europe’s largest…
London Stock Exchange Head Of Data Leaves After Year In The Job.
The head of data at the London Stock Exchange Group (LSEG.L) has stepped down after a year in the job;…
Chinese Tech Giants Vow To Stop NFT Secondary Trading.
Chinese tech giants including Tencent Holdings (0700.HK) and Ant Group have signed a pact to stop the secondary trading of…
Swiss National Bank Spent $6 Bln On Q1 FX Interventions
The Swiss National Bank spent 5.74 billion Swiss francs ($6.01 billion) on foreign currencies during the first quarter of 2022;…
N.Korea May Be Behind New $100 Mln Cryptocurrency Hack, Experts Say.
North Korean hackers are most likely behind an attack last week that stole as much as $100 million in cryptocurrency…
Mortgage Refinance Demand Plunges 60 Percent, As Rates Hit Their Highest Level Since 2018
Mortgage rates took another jump higher last week, taking their toll on current borrowers who might have wanted to refinance.…
Nigeria, Other ECOWAS Members Secure $2m Grant For Electricity Reforms
The Board of Directors of the African Development Fund (ADF) has approved a technical assistance grant of $2 million to…
CPPE Seeks Legislations To Compel Large Companies To Sub Contract Some Operations To SMEs
The Chief Executive Officer, The Centre for the Promotion of Private Enterprise [CPPE], Dr. Muda Yusuf, said there should be…
UTM Offshore, Afreximbank Sign $11.4Bn Financing Deal
African Export-Import Bank has signed a financing deal with UTM Offshore Limited. This deal was signed at its 29th Annual…
Commission Cancels Niger Insurance, Standard Alliance’s Operational Licences
The regulator of the insurance industry, the National Insurance Commission, has cancelled the certificates of registration of Niger Insurance Plc…
Why Nigeria May Not Adopt Bitcoin As Legal Tender
In April 2022, the Central African Republic became the first African country to adopt Bitcoin as a legal tender. The…
Sterling Bank Launches Ethical Investment Platform
Sterling Alternative Finance has launched an ethical investment platform called Altinvest. During the launch in Lagos, Sterling Alternative Finance, which…
FAAC Allocation Declines By 30%, States’ Finances May Worsen
Revenue allocation to federal, state and local governments has declined from a peak of N970.57bn in July 2021 to N680.783bn…
Nigeria Lost N500.6Bn Crude Oil In Five Months – Investigation
Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year.…