Edo Plans POS for Revenue Collection

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Modupe Gbadeyanka India has agreed to invest about $15 billion in the Nigerian oil and gas sector, the Ministry of Petroleum Resources has disclosed. A statement issued on Monday by the Director of Press in the Ministry, Mr Idang Alibi, disclosed that the agreement was facilitated on behalf of the country by the Minister of State for Petroleum Resources, Mr Ibe Kachikwu. It was explained that the negotiations were part of the three-day investment drive of the Minister to India. As part of the deal, India will make an upfront payment for crude purchase to Nigeria and will be

By Modupe Gbadeyanka The Group Managing Director of Flour Mills of Nigeria Plc, Mr Paul Gbededo, has assured shareholders of the company that his team will continue to work harder to deliver value for their investments. Mr Gbededo gave this assurance while reacting to the company’s performance in the full year, which ended on March 31, 2020. According to him, the management hopes to further implement the cost-reduction strategy, which has delivered positive results so far. “We will remain focused on increasing operational efficiency within the group as we continue to implement our accelerated cost optimisation plans across all businesses

**Increases Products Distribution, Sale by 29% By Dipo Olowookere About 1.3 billion litres of petroleum products were distributed and sold by the Nigerian National Petroleum Corporation (NNPC) throughout the country in the month of September 2017. This figure was captured in the September 2017 edition of the monthly NNPC Financial and Operations Report which was released on Monday in Abuja. The figure shows a 29 percent increase from the 950.67 million litres posted in the month of August 2017. According to the report, products which were distributed and sold by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of

**As 2018 Budget Process Begins By Dipo Olowookere Minister of Budget and National Planning, Mr Udoma Udo Udoma, will on Monday, June 19, 2017, present details of the recently signed 2017 budget to the public. At the presentation, the Minister will shed more light on the different aspects of the 2017 appropriation bill, especially in terms of allocation to each sector and how the economy hopes to improve within the year. This will take place at the Rotunda Hall of the Ministry of Foreign Affairs headquarters in Abuja and time for the event is 10am. This Monday, Acting President, Mr

By Dipo Olowookere The balance left in the Excess Crude Account (ECA) of Nigeria as at Monday, January 20, 20120 was $321.4 million, Business Post has gathered. Last week, the National Economic Council (NEC) held a meeting in Abuja, which was presided over by Vice President Yemi Osinbajo. The council comprises Governors of the 36 states of the federation, the FCT Minister and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. At the gathering, NEC was informed of the amount left in the ECA and other special accounts of the federation, including the stabilization account, which stood

By Investors Hub European stocks are turning in a lackluster performance on Friday as traders weigh hopes of a possible breakthrough in the U.S.-China trade against the disappointing U.S. jobs data. Sentiment was boosted after China’s central bank proposed to cut the reserve requirement ratio for financial institutions by 50 basis points in the latest effort to inject liquidity into an economy facing headwinds to growth. While the German DAX Index is up by 0.5 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are nearly unchanged. Thyssenkrupp shares have rallied after Finland’s Kone said it is

By Investors Hub The major U.S. index futures are pointing to a lower opening on Friday following the mixed performance seen in the previous session. Negative sentiment may be generated in reaction to the latest batch of earnings news, including disappointing results from Amazon (AMZN). Concerns about the latest developments in Washington may also weigh on the markets after Republicans failed in their latest attempt to repeal Obamacare. The so-called “skinny repeal” failed by a vote of 49 to 51, with three Republican Senators joining with Democrats to stop the bill. In U.S. economic news, the Commerce Department released a

By Dipo Olowookere Last week on the floor of the Nigerian Stock Exchange (NSE), the All-Share Index and market capitalisation depreciated by 2.54 percent to close the week at 30,874.17 points and N11.271 trillion respectively. Similarly, all other indices finished lower with the exception of the NSE ASeM, NSE Insurance and NSE Consumer Goods indices that finished higher by 0.09 percent, 4.71 percent and 0.08 percent respectively. Also in the week, a total of 25 equities appreciated in price, lower than 30 in the previous week, while 41 equities depreciated in price, higher than 24 of the previous week, with