FG Mulls Selling Stakes in NNPC, Others to Raise Funds

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

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 Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Adedapo Adesanya The African Development Bank (AfDB) has debarred Kenyan civil engineering company, Global Interjapan Limited, for three years over fraud. The disclosure was made on Tuesday by the regional lender and the blacklisting took effect from August 24, 2020. The debarment renders Global Interjapan (Kenya) Limited and its affiliates ineligible to participate in bank group-financed projects during the three-year period. An investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that Global Interjapan (Kenya) Limited engaged in fraudulent practices during a tender for the bank-financed Small Scale Irrigation and Value Addition Project in Kenya. In the

By Adedapo Adesanya The local currency appreciated by 20 kobo or 0.06 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, October 2, closing at N385.80/$1 in contrast to N386/$1 it ended at the segment on Thursday. This marginal strengthening of the domestic currency at the I&E window happened despite the higher demand for the greenback yesterday. At the close of the session, traders exchanged a total of $102.02 million, 34.5 per cent or $26.19 million higher than the $75.83 million traded at the preceding session. Business Post

By Modupe Gbadeyanka The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is set to begin a three-day nationwide warning strike today. Leaders of the body directed its members across the country to observe the industrial action, though the Federal Government has been working to avert this so as not to plunge the sector into another crisis. But the oil and gas union is taking this step because of the disputes it has with International Oil Companies (IOCs) over the alleged indiscriminate sack of workers without benefits and refusal to allow their workers to join union. NUPENG is aggrieved

By Adedapo Adesanya The federal government through the Federal Competition and Consumers Protection Commission (FCCPC) has directed payment systems operators (PSOs) and telecommunication companies, including Mobile Network Operators (MNOs) in Nigeria to stop providing support that enables the operations of illegal money lenders in Nigeria. This was disclosed by the Executive Vice Chairman/Chief Executive Officer, FCCPC, Mr Babatunde Irukera, in Lagos, when the commission conducted enforcement actions against a loan shark known as Soko Lending Limited. He added that FCCPC has secured orders to disable or diminish violators’ ability to circumvent regulatory efforts to protect citizens. He also announced that

By Adedapo Adesanya Nigeria’s consumer price index (CPI), which measures inflation, moderated to 11.08 percent in July 2019, according to the latest inflation report released by the National Bureau of Statistics (NBS) on Friday morning. From the NBS report, Business Post gathered that inflation dropped by 0.14 percent points year-on-year, lower than the 11.22 percent rate recorded in June 2019. This is the lowest inflation rate Nigeria has recorded in over three years. In the data released today, the stats office noted that on month-on-month basis, the headline index increased by 1.01 percent in July 2019, which is 0.06 percent lower than the rate recorded in

By Adedapo Adesanya The Chinese billionaire and philanthropist, Mr Jack Ma, on Monday said he has sent more emergency medical supplies to combat coronavirus in Nigeria and other African countries. “Our second donation to 54 countries in Africa is on the way,” Mr Ma announced on his Twitter page – @JackMa as part of his global initiative on tackling COVID-19. The consignment include 500 ventilators, 200,000 suits and face shields, 2,000 thermometers, 1 million swabs and extraction kits, and 500,000 gloves. The testing and prevention kits were sent through the Ethiopian Prime Minister, Mr Abiy Ahmed, who’s overseeing the distribution of

By Modupe Gbadeyanka Treasury bills worth N176.6 billion will this week mature via the Open Market Operations (OMO), Business Post is reporting. According to analysts at Lagos-based Cowry Asset, interbank rates are expected to further spike amid anticipated strain in financial system liquidity in the absence of FAAC. Last week, the Central Bank of Nigeria (CBN) auctioned treasury bills worth N475.92 billion through OMO to mop up matured bills worth N177.05 billion. Hence, the net outflows resulted in strain in financial system liquidity and resultant increase in interbank lending rates. The NIBOR for overnight funds, 1 month, 3 months, 6

By Adedapo Adesanya As the world observes the International Youth Day, the African Development Bank (AfDB) has lauded youths that are using its AgriPitch competition to help transform the food system on the continent. According to the Abidjan-based bank, Africa is producing a growing number of young entrepreneurs who are adopting new ideas to bring more affordable, quality food from farm to fork. This was disclosed during a forum celebrating youths by the Vice President for Agriculture, Human and Social Development, AfDB, Dr Beth Dunford, themed Transforming Food Systems: Youth Innovation for Human and Planetary Health, putting the spotlight on