Replacing Russian Oil Supply Shortage Nearly Impossible—OPEC Tells EU

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The National Pension Commission (PenCom) has disclosed plans to automate processes that would ensure seamless conduct of the annual verification and enrolment exercise. This was disclosed in a statement by the commission, where it noted that the new process has two options for the prospective retirees, namely self-assisted or the Pension Fund Administrator (PFA) assisted option. It maintained that the self-assisted option entails a prospective retiree scanning original copies of all relevant documents required for the exercise and uploading these documents to the enrolment web portal located on its website. PenCom added that after carrying out this

By Modupe Gbadeyanka Market operators have received, with excitement, news of the Debt Management Office (DMO) disclosing that it would redeem maturing treasury bills worth N198.032 billion this week and next week. On Thursday, December 14, 2017, N131.415 billion worth of Nigerian Treasury Bills (NTBs) will mature, while on Thursday, December 21, 2017, another NTBs valued at N66.617 billion will also mature. But the debt office has disclosed that it would redeem these maturing bills in full as at when due instead of the usual practice of rolling over NTBs at maturity. These payments, according to the DMO, are aimed

By Investors Hub European stocks are turning in a mixed performance amid uncertainty about the outlook for U.S. tax reform plan and as traders assess messages from the Federal Reserve and European Central Bank meetings. While the French CAC 40 Index is down by 0.2 percent, the German DAX Index is up by 0.1 percent and the U.K.?s FTSE 100 Index is up by 0.2 percent. In corporate news, Hennes & Mauritz AB or H&M have fallen sharply after the Swedish retailer reported weak sales in its fourth quarter. The second largest fashion retailer’s results were hurt by fewer shoppers

By Adedapo Adesanya Tether (USDT) grew rapidly in the first quarter, with its market cap growing from $66 billion to over $82 billion, while it achieved a record net profit of $1.48 billion which brought its reserves surplus to another record high of $2.44 billion. This buffer is likely to continue growing each quarter, giving users added confidence as it allows Tether to absorb any volatility with ease. According to its disclosure, “All of the incoming funds collected from tokens’ issuance were invested in either US Treasuries or overnight reverse repo facilities (which are fully collateralized by US Treasuries). In

By Modupe Gbadeyanka A new project called Extraordinary Woman (EW) has been launched by KEA Enterprise. The platform was set up to inform, communicate with and educate women from different spheres of the society while also celebrating women doing extraordinary things in their little ways. At the unveiling on August 1, 2019, in Bodija, Ibadan, Oyo State, the Project Coordinator, Mrs Kemi Irinoye, explained that, “Extraordinary Woman was created for women. The women in Nigeria today are under immense pressure to measure up to many expectations. Being an extraordinary woman for me means being yourself without altering who you are

By Adedapo Adesanya The Nigeria Computer Society (NCS), the umbrella body for all information technology practitioners in Nigeria, in its advocacy capacity, has called on the government at all levels in Nigeria, to tap into the opportunities in the multi-billion dollar cybersecurity market in Africa. The association made this plea in a communiqué issued at the end of its second Stakeholders’ Forum on Cybersecurity held at the National Open University of Nigeria (NOUN) in Abuja, recently. The society also called on the federal government to harness local talents to tame the tide of attacks which have been on increase in

By Investors Hub European stocks fell on Thursday, as investors remained focused on the U.S.-China trade spat as well as the new U.S. sanctions on Russia. The Russian rouble sank to hover near its lowest level in nearly two years and the Turkish lira hit a fresh record low, reflecting rising geopolitical tensions. The pan-European Stoxx Europe 600 index was down 0.15 percent at 389.09 in late opening deals after declining 0.2 percent on Wednesday. The German DAX was marginally lower, France’s CAC 40 index was moving down 0.3 percent and the U.K.’s FTSE 100 was losing 0.6 percent. Swiss

By Modupe Gbadeyanka The Adeboruwa of Igbogbo, Lagos State, Oba Semiudeen Orimadegun Kasali, has appealed to the government to increase funding to education so as to develop the nation. The Lagos monarch said this when he addressed newsmen over the weekend in Oyo State when he was honoured alongside some members of the University of Ibadan Alumni Association (UIAA), Oyo State branch. The lawyer-turned traditional ruler also said apart from the government, parents, guardians and corporate organisations have roles to play if the educational sector must be better. “I support the call for the government to increase funding for education