Thursday, October 1, 2020

NNPC to make N194b from new gas pact resolution

State oil firm, Nigerian National Petroleum Corporation (NNPC), is currently aiming at making about N194 billion after reaching a resolution with its partners, China National Offshore Oil Company (CNOOC) and South Atlantic Petroleum (SAPETROL), to settle all outstanding issues surrounding the development of Oil Mining Lease, (OML) 130. The corporation is also targeting to improve...

CBN directs banks to share customers’ data with Fintechs

The Central Bank of Nigeria (CBN) has asked commercial banks to share their customers’ data with financial technology (Fintech) companies to increase access to financial services and provide better services to customers. CBN Director, Payment System Management, Musa Jimoh disclosed this yesterday during the virtual FirstBank FinTech Summit 4.0 held in Lagos with the theme:...

Shoprite Begins Plan Leave Nigeria

South African superstores, Shoprite Holdings Limited, has stated it will auction its outlets in Nigeria, The Nation can report. The decision, it said, was informed by the COVID-19 pandemic, which it said has affected businesses worldwide. In its “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the megastores with presence...

CBN And The Global Standing Instruction

The introduction of the GSI to curb serial loan defaulters is welcome The failure of some bank customers to repay loans extended to them has remained a sore thumb in the nation’s financial system. Recent figures released by the Central Bank of Nigeria (CBN) put banks’ non-performing loans at N1.2 trillion as at the end...

One year on, multibillion naira goods stuck at Seme border

Almost a year after President Muhammadu Buhari ordered the closure of Nigeria’s land border with Benin Republic and, by extension, other neighbouring countries, goods by local manufacturers, especially companies registered under the ECOWAS Trade Liberalisation Scheme (ETLS), have remained at the borders as many of the consignments near expiration. Although the Federal Government claims to...

External Reserves Drop By 0.8% in July

Nigeria’s external reserves dropped by $286 million (0.8 per cent) to $35.899 billion as at July 28, 2020, compared to the $36.185 billion it was at the end of June, 2020, data obtained from the Central Bank of Nigeria (CBN) website yesterday has shown. The development has been attributed to the disruptive impact of the...

No More Hiding Place for Loan Defaulters

Individuals and companies, who have the habit of borrowing from banks, with the intention of not paying back, may now have to change their mindsets as there will no longer be a hiding place for them within the banking industry. The agreement reached recently between the banks and Central Bank of Nigeria is that...

All-new Mercedes-Benz GLS, The S-Class of SUVs is now in Nigeria

The all-new Mercedes-Benz GLS is Mercedes-Benz’s largest and most luxurious SUV. It offers more of everything: more space, more comfort and indeed more luxury. Since it was first introduced in 2006 as the GL, the Mercedes-Benz GLS has dominated markets for large sized luxury SUVs all over the world. This new generation of the...

FG to Announce Stimulus Packages for the Private Sector Soon

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, has assured the Organised Private Sector of Nigeria (OPSN) that the federal government would soon announce series of stimulus packages that would assist operators in the private sector to withstand the COVID-19 propelled severe economic wind on businesses. Adebayo revealed that 40 per cent of...

Indisputable Place of Metering in Nigeria’s Power Stability

  One of the most fundamental challenges to effective access to electricity in Nigeria is the absence of an overarching metering system that ensures customers pay fair prices for electricity they consume. It is believed that the country needs over $1 billion to meet its electricity metering gap. What is clear, however, is that the...

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