GenCos Lose N1.9bn in One Day to Gas Shortage, Others

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emiefele, has revealed that earnings from non-oil exports in Nigeria increased by 40 per cent from $3 billion in 2021 to $5.6 billion at the end of 2022. Mr Emiefele made this disclosure at the RT200 Non-Oil Export Summit 2023 on Tuesday in Abuja during his speech at the event themed Challenges and Prospects to Success. Recall that the RT200 FX programme was introduced to stimulate non-oil exports with a $200 billion FX income target in the next three to five years. “Today, I am happy

By Modupe Gbadeyanka A retired military personnel, Colonel Ali Sule Yakasai, has been appointed to the board of Great Nigeria Insurance (GNI) Plc. Mr Yakassai’s appointment was approved at the insurer’s 50th Annual General Meeting (AGM) held on Wednesday, July 25, 2018. A statement issued by the company to the Nigerian Stock Exchange (NSE) dated August 10, 2018, disclosed that Mr Yakassai was joining the board of GNI as an independent director. Mr Yakasai hails from Kano State and is a graduate of Bayero University Kano with a Bachelor’s degree in Sociology and Master’s degree in Intelligence Relations from the

By Dipo Olowookere Wife of former President of Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, Helen, is organising a mentorship class for Chief Executive Officers of companies in the Nigeria. The event, in its fifth edition, is slated for Saturday, December 28, 2019 at the African Broadcasting Network, Delta state, Nigeria by 2:00pm. Participants of the previous editions of the programme have testified of how valuable the class has been to their businesses. Mama Helen Oritsejafor, as she is fondly called, is a first-class entrepreneur and business tycoon, who is a practical success of how to run a viable

By Adedapo Adesanya The Naira eased recent pressures against the United States Dollar at the Peer-to-Peer (P2P), Investors and Exporters (I&E) and black market segments on Friday, August 26 as the Central Bank of Nigeria (CBN) makes efforts to boost the ecosystem with a sufficient supply of foreign exchange (FX). In the P2P forex window, the value of the Nigerian currency appreciated by N8 yesterday to close at N700/$1 compared with Thursday’s rate of N700/$1. Also, in the parallel market, the domestic currency gained strength against its US counterpart by N1 to settle at N692/$1 in contrast to the preceding

By Dipo Olowookere The Nigerian Exchange (NGX) Limited remained in a danger zone on Wednesday after it closed marginally lower by 0.02 per cent on the back of selling pressure on financial stocks. The sector reacted to the hike in the benchmark interest rate by 100 basis points to 17.50 per cent on Tuesday by the Central Bank of Nigeria (CBN). According to data obtained by Business Post, the insurance index depreciated by 0.69 per cent, and the banking space lost 0.34 per cent. The duo overshadowed the 0.34 per cent rise posted by the consumer goods sector, as the

By Modupe Gbadeyanka The 2017 edition of Maltina Teacher of the Year award has been flagged-off by Nigerian Breweries Plc, organiser of the event. According to our correspondent, the grand finale of the ceremony is slated to hold on Thursday, October 12, 2017 in Lagos. Like in 2016, each state champion will get N500,000 and the top 10 teachers will be recognized before the grand winners are announced. Also, the 2nd and 1st runners-up will receive trophies and an additional N750,000 and N1 million respectively, while winner of the Maltina Teacher of the Year 2017 will get an additional N1

By Modupe Gbadeyanka One of the leading telecommunications companies in the country, Airtel Africa Plc, has announced its intention to release its financial statements for the first quarter of its present financial year, 2021, next week. The telco, which is into mobile money services, disclosed in a notice to the Nigerian Stock Exchange (NSE) on Friday that the results would be made available to the general public next Friday. In addition, on that day, the company said it would engage some investors and analysts on the results. “Airtel Africa, a leading provider of telecommunications and mobile money services, with a

By Modupe Gbadeyanka The most active stockbroking company last week was EFG Hermes Nigeria Limited, data from the Nigerian Stock Exchange (NSE) has revealed. The company displaced Chapel Hill Denham, which occupied the same position a week earlier, after transacting 240.5 million stocks in the week, contributing 12.65 per cent to the total trading volume. The brokerage firm was very busy during the week to the extent that the company on the second spot, Meristem Stockbrokers, could only contribute 6.06 per cent to the total turnover after investors traded 115.2 million stocks through it at the stock exchange. CSL Stockbrokers