Don’t Mop up Dollar to Avoid Significant Losses, CBN Warns Speculators

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By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Ahmed Rahma The federal government is set to partner with the United Nations (UN) to hold the Nigeria National Food Systems Dialogue (NNFSD) 2021 in order to check the growing issues in food systems in the country. The National Coordinator of the Dialogue and Permanent Secretary in the Ministry of Budget and National Planning, Mrs Olusola Idowu, who made disclosure on Thursday, said the dialogue is also to meet certain components of the Sustainable Development Goals (SDGs). According to her, Food Systems Dialogue is preparatory to the Food Systems Summit scheduled to hold in September Speaking at a webinar

By Dipo Olowookere The sum N2.5 billion was received as February allocation by the Kwara State government from the Federation Account against the N1.9 billion it got in January. According to the Commissioner for Finance, Mr Demola Banu, the state government got a statutory revenue allocation of N1.2 billion, Value Added Tax (VAT) of N697 million, exchange gain difference of N269 million and excess Petroleum Profit Tax (PPT) of N332 million, totalling N2.5 billion. Mr Banu further disclosed that the 16 local government councils in the state got a total of N1.8 billion as allocation for February, against the N1.4

By Adedapo Adesanya The National Oil Spill Detection and Response Agency (NOSDRA) has disclosed that a minimum of 383 oil spill incidents were recorded in 2021, lower than the 443 spills recorded in 2020 by 13.5 per cent. In its latest oil spill report, NOSDRA stated that 33 of the 383 publicly available oil spill records for 2021 were not visited by a joint investigative team, while 122 of these spills had no estimated quantity provided by the company operating the assets from which the spills occur. The oil spill remediation agency disclosed that based on available 23,897.271 barrels of

By Modupe Gbadeyanka Federal Government says henceforth, mortgages below N5 million will no longer attract the initial payment of 10 percent equity from off-takers. This was disclosed by the Minister of State for Power, Works and Housing, Mr Mustapha Baba Shehuri, while commissioning a 125-unit housing estate being financed by the Federal Mortgage Bank of Nigeria (FMBN) and developed by a private developer, Messrs LCK Projects (Nigeria) Limited, in Enugu, Enugu State, recently. Mr Shehuri explained that this move was taken by the FG as a demonstration of its resolute commitment to the provision of affordable housing to Nigerians, especially

By Investors Hub The major U.S. index futures are pointing to a lower open on Friday, with stocks likely to move back to the downside following the rebound seen over the course of the previous session. Semiconductor stocks may lead the markets lower amid a negative reaction to earnings news from graphics chip maker Nvidia (NVDA) and semiconductor equipment maker Applied Materials (AMAT). Lingering concerns about the global economic outlook as well as concerns along with renewed anxiety Brexit may also weigh on the markets. After extending a recent downward trend early in the session, stocks showed a substantial turnaround

By Dipo Olowookere Farmers in the country have been assured by the Federal Government that with ongoing underground plans, they would be able to access funds to boost their yields at a low interest rate. At the moment, most lenders give loans to investors at an interest rate higher than 14 percent. Efforts by stakeholders, including the Senate, to reduce the interest rate for loans obtained from banks have not yielded any meaningful result. The Central Bank of Nigeria (CBN), at its last Monetary Policy Committee (MPC) meeting in September 2017, left the benchmark rate at 14 percent. Speaking at

By Modupe Gbadeyanka About N206 million has been distributed to 92 pensioners as gratuities from the Oyo State government in fulfilment of the promise to the Nigeria Union of Pensioners (NUP), Oyo State Chapter, by Governor Seyi Makinde. At an interactive session with the pensioners’ group on Monday in Ibadan, the Commissioner for Establishments and Training, Mr Adeniyi Adebisi, said the beneficiaries comprised state, local government and primary school retirees. The Commissioner explained that there is need for synergy and cooperation between the NUP and the ministry to make life better for pensioners, as efforts are being made to review

By Modupe Gbadeyanka The first diaspora bond sold by Nigeria recently was on Thursday, June 29, 2017, listed on the London Stock Exchange (LSE). “We are delighted to welcome Nigeria’s third capital raising this year on London Stock Exchange,” Head of Middle East, Africa and South Asia, International Markets Unit at the LSE, Mr Ibukun Adebayo, said on the development. “The innovative structure of the bond allows, for the first time, retail investors to participate in the financing of infrastructure projects as part of the development of Nigeria’s economy,” he added. “The successful listing reinforces London Stock Exchange’s position as