Naira Crashes Further to N507/$

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

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 Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

While there has been headway toward greater workplace diversity in recent years, there is still much more work to be done. There is undeniably a gender divide in all businesses, and one of these historically male-dominated industries is technology. In fact, according to Deloitte Insight, large global technology firms are predicted on average to nearly reach 33% overall female representation in their workforces in 2022. This is slightly higher than 2 percentage points from 2019. Additionally in Nigeria, according to the National Bureau of Statistics (NBS), women make up on average just 22% of the total number of engineering and

By Ashemiriogwa Emmanuel A leading airline in domestic and international travel, Delta Airlines, has disclosed that it would be restoring its direct flight services from Lagos to the John F. Kennedy International Airport in New York in December this year. The Airline’s Commercial Director Africa, the Middle East, and India, Mr Jimmy Eichelgruen, who disclosed this in a statement, added that the resumption of the popular route was timely as the festive season is fast approaching. According to him, the operation of the flight service between Murtala Muhammed International Airport (MMIA) and New York’s John F. Kennedy International Airport would

By Jerome-Mario Chijioke Utomi It is no longer news that the Delta State Government recently addressed the media on the multi-billion naira contract for the construction of the Ayakoromo Bridge in the Burutu Local Government Area of the state, stating that it has cancelled the contract for the bridge due to poor performance by the contractor. At first glance, the latest action for me depicts Delta State government as an administration that is internally directed, people-focused, externally open and above all, a right step taken in the right direction, particularly as such action is long overdue. However, as an author

By Modupe Gbadeyanka On Wednesday, November 23, 2022, President Muhammadu Buhari unveiled the redesigned Naira notes by the Central Bank of Nigeria (CBN). On October 26, 2022, the governor of the CBN, Mr Godwin Emefiele, said the bank would introduce new series of the N200, N500, and N1,000 banknotes into the financial system. At a special press briefing in Abuja, the apex bank chief said the new Naira notes would be in circulation from December 15, 2022, noting that the old notes would be off by January 31, 2023. On Tuesday, November 22, 2022, after a two-day Monetary Policy Committee

By Dipo Olowookere The Nigerian Senate on Wednesday approved the request by President Muhammadu Buhari to raise Eurobonds worth $2.786 billion. The proposed external borrowing is mainly to fund part of the 2018 budget signed into law in June 2018 by the President. Last week, Mr Buhari, in a letter to the National Assembly, had requested the resolutions of the parliament to approve the borrowing. At the plenary today, the Senate said President Buhari can go ahead with the external borrowing through the issuance of the Eurobond. This was after Chairman of the Senate Committee on Local and Foreign Debts,

By Adedapo Adesanya The Nigerian National Petroleum Company Limited (NNPC) and leading energy and infrastructure conglomerate, Sahara Group, have taken delivery of two 23,000 CBM Liquefied Petroleum Gas (LPG) vessels. The delivery happened on Monday at the Hyundai MIPO Shipyard in Ulsan, South Korea, with plans to add 10 vessels in 10 years to enhance Africa’s transition to cleaner fuels. The new vessels, MT BARUMK and MT SAPET have increased NNPC and Sahara Group’s joint venture investment to over $300 million, approaching the JV’s $1 billion gas infrastructure commitment by 2026. The fleet previously comprised MT Sahara Gas and MT

By Dipo Olowookere President João Lourenço of Angola has held discussions with Sonangol EP and several oil operators in the country. The meeting follows a statement issued by the operators to the President of the Executive, who have identified several matters related to their investment strategies and operations in Angola, which are seen as relevant to the continued development of the oil sector. In their statement, the oil operators identified the excess of bureaucracy in the sector as being unfavourable to the overall development of the industry. Reinforcing the alignment with the concerns of Sonangol’s partners, and anticipating some solutions,

By Modupe Gbadeyanka The suspension of Twitter in Nigeria has been condemned by the United States government, which described the action as a slap on democracy. In a statement issued by the Department of State on Thursday, the directive to television and radio stations in the country to deactivate their Twitter accounts was also kicked against. The American government said it was wrong for its Nigerian counterpart to restrict citizens from having access to information through any platform, noting that it was dangerous to democracy. Last Friday, the Minister of Information and Culture, Mr Lai Mohammed, announced that operations of