Cashless Policy: CBN Orders Banks to Refund Charges

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere The Abu Dhabi National Oil Company (ADNOC) has expressed its intention to invest $45 billion in the country’s downstream sector. The money would be pumped into the economy alongside its partners in the next five years so as to become a leading global downstream player. The plans were unveiled at the ADNOC Downstream Investment Forum, which took place last week in Abu Dhabi, UAE. The event brought together more than 40 CEOs and 800 senior business leaders from the global oil and gas, energy, petrochemical and finance industries, as well as many other sectors. Building on the

By Dipo Olowookere Trading on the floor of the National Association of Securities Dealers (NASD) over-the-counter (OTC) Securities Exchange remained bearish this week. At the close of transactions for the week, the major market indicators of the trading platform pointed south. Specifically, the NASD USI depreciated by 0.55 percent this week, closing at 599.99 points, as against 600.70 points achieved last Friday. Also, the market capitalisation went down by 0.55 percent, closing lower at N406.03 billion against N408.30 billion previously. NASD OTC Securities Exchange currently trades Equity and Bonds and out of the 34 securities admitted to trade on the

By Dipo Olowookere The appointment of Lola Kassim as the new General Manager for West Africa has been announced by Uber. She is expected to lead the company’s affairs in the West African region comprising  Ghana, Nigeria, Benin Republic, and others. Kassim is taking over the position after her predecessor, Ebi Atawodi, was promoted to the position of Product Manager, Global Payments Growth for Uber worldwide. Kassim, who holds a Bachelor’s degree from Harvard University and an MSc from the London School of Economics where she was a Chevening Scholar, expressed delight leading the firm in West Africa. “I am

By Dipo Olowookere Consumers of automobile tyres across the country have been informed to be extra cautious in making purchases. This warning was given by the Standards Organisation of Nigeria (SON), which claimed to have has uncovered a dangerous trend by some tyre importers and dealers tampering with the date of manufacture to deceive consumers. The agency, in a statement from its Director General, Mr Osita Aboloma, said classified information from a sister security outfit and complaints from consumers have assisted SON to uncover the ungodly act of some unpatriotic Nigerians in their bid to make profit at the expense

By Dipo Olowookere The Kwara State Internal Revenue Service (KWIRS) says it has remitted a total of N198.5 million to the 16 local government councils in the state between January and August 2017, being taxes collected on their behalf within the period under review. This information was contained in a statement issued by the tax agency on Wednesday in Ilorin, the state capital. KWIRS explained in the statement that the total revenue remitted to the 16 local governments in January was N27.7 million, while in February, N25.9 million was remitted to their accounts. For March, they got a total of

By Dipo Olowookere For the second time, the Lagos State government has reviewed the hours of movement restriction in the state for its residents. On Tuesday, October 20, 2020, Governor Babajide Sanwo-Olu announced a 24-hour curfew in the state after some hoodlums were using the opportunity of the #EndSARS protest to attack Lagosians and some of the demonstrators. Thereafter, he made the curfew 72-hour before announcing on Friday evening that it would be relaxed from Saturday, October 24, 2020, to 4pm – 8am. On Sunday night, the Commissioner for Information and Strategy, Mr Gbenga Omotoso, announced in a statement that

By Dipo Olowookere The senator representing Kogi West senatorial district, Mr Dino Melaye, was on Wednesday arraigned by the police at the Chief Magistrate Court in Wuse, Abuja. The vocal lawmaker was brought before the court for alleged criminal conspiracy, causing damage to government property, attempted suicide and escape from lawful custody. His arraignment in court today was subsequent to his discharge from the National Hospital after he was confirmed fit for trial. It will be recalled that, on April 24, 2018, at about 12 noon, Mr Melaye, while in lawful custody of the Nigeria Police Force and being taken

By Modupe Gbadeyanka The President Muhammadu Buhari-led administration will on Tuesday, January 31, 2017, formally launch the Presidential Initiative for Solar Home Systems tagged ‘Beyond The Grid’. The commissioning is taking place at the Wuna Village in Gwagwalada, Abuja. The scheme is a collaboration between the Presidency and the Niger Delta Power Holding Company Limited. The Presidential Initiative for Solar Home Systems is supporting the deployment of 20,000 small-scale household solar systems to rural communities in Nigeria, in a bid to provide access to sustainable and alternative power solutions to address the immediate power requirements of the people. The systems