Financial System, Money Markets to do Skeletal Operations—FG

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Jerome-Mario Chijioke Utomi One of the most exciting teachings I received during my formative years was the lessons on prophecy. It was during my catechism class as a Catholic Christian, and prophecy as a topic posed a huge but thrilling challenge to me. On that day, at that time and in that place, the Catechist (teacher) told the class that ‘prophecy is the certain foretelling of a future event by a person supernaturally informed of it and supernaturally moved to announce it. This, he added, comes in two ways; prophesy of foreknowledge and prophesy of denunciation’. While the prophecy

By Modupe Gbadeyanka Management of PZ Cussons Nigeria Plc has disclosed that it will release its unaudited financial results for the second quarter ended November 30, 2016 on Thursday, January 26, 2017. The company explained that the delayed submission was because “our results comprise a substantial element of the overall results of PZ Cussons Plc Group UK, which also has extensive operations in Europe, Asia and in America.” It noted that consequently, “the earliest practicable date by which the Group can collate and release its accounts for the half year is January 24, 2017 in order not to give non-public

By Modupe Gbadeyanka Ministers and Heads of Ministries, Departments and Agencies (MDAs) have been ordered to immediately head to the National Assembly to defend their 2018 budget proposals. This directive was given by President Muhammadu Buhari after a meeting with principal officers of the parliament yesterday. The lawmakers were led to the President at Aso Rock by the Senate President, Mr Bukola Saraki, and Speaker of the House of Representatives, Mr Yakubu Dogara. They complained that passage of the 2018 budget was delayed because the parastatals have failed to come forward to defend their budgets. The meeting which started at

Multinational cybersecurity and anti-virus provider, Kaspersky, has provided a few tips on keeping mobile devices ‘virus-free’ during this period. Most countries of the world have been on lockdown due to the outbreak of Coronavirus and the situation has made many businesses to shut down, while others have adopted remote operations. The pandemic has also put a renewed focus on personal hygiene. But despite people being advised to wash their hands often, how many apply the same rigour to their smartphones? “Even before the COVID-19 pandemic, it is frightening to think how much bacteria lives on our personal mobile devices. And

By Modupe Gbadeyanka Latest figures released by the National Bureau of Statistics (NBS) have revealed that inflation in Nigeria reached 18.72 percent (year-on-year) in January 2017. This is in contrast to 18.55 percent it recorded in December 2016. The figures were released by the NBS on Wednesday, February 15, 2017 and obtained by Business Post. Increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively. However, the faster pace of growth in headline inflation, year

By Dipo Olowookere The lawmaker representing Lagos East Senatorial District at the National Assembly, Mr Bayo Osinowo, has died. Senator Osinowo, who used to be a member of the Lagos State House of Assembly before moving to Abuja in 2019, died on Monday in Lagos. The 64-year federal lawmaker was popularly known as Pepperito and he was a prominent member of the ruling All Progressives Congress (APC) in Lagos. Details of the cause of the death of Mr Osinowo have not been made known, but sympathisers are already trooping to his residence in the Kosofe area of the state. Until

By Dipo Olowookere In order to deliver more efficient services to its customers, the Nigeria Police Force (NPF) Microfinance Bank Plc has fully digitalised its operations. The company, which is listed on the Nigerian Stock Exchange (NSE), adopted e-banking technology in order to improve banking experience, customer interaction and operational efficiencies. With the development, customers of the financial institution, which are mainly serving and retired police officers and the general public, would be able to transact conveniently from anywhere. At the unveiling of the new products on Wednesday in Abuja, the Inspector General of Police (IGP), Mr Mohammed Adamu, disclosed

By Adedapo Adesanya The Federal Government of Nigeria has lifted its suspension on the microblogging site, Twitter, after seven months. The decision was announced by Mr Kashifu Inuwa Abdullahi, Chairman Technical Committee Nigeria-Twitter Engagement and Director-General of the National Information Technology Development Agency (NITDA). Mr Kashifu, in a statement in Abuja on Wednesday, said the approval was given following a memo written to President Muhammadu Buhari by Minister of Communications and Digital Economy, Mr Isa Ali Ibrahim. He said: “The Federal Government of Nigeria (FGN) directs me to inform the public that President Muhammadu Buhari, GCFR, has approved the lifting