Sunday, November 1, 2020

NNPC Announces New Appointments, Redeployment of Top Management Staff

The Nigerian National Petroleum Corporation (NNPC) Sunday announced new appointments and redeployments of top management level staff of the corporation. The national oil company noted that the move was part of ongoing efforts to strengthen and reposition the corporation for greater efficiency, transparency and profitability in line with the aspiration of the President Muhammadu Buhari...

World’s First Gold-Plated Hotel Opens In Vietnam

The world’s first gold-plated hotel Dolce Hanoi Golden Lake hotel opened its doors in Vietnam on Thursday. The hotel sits by Giang Vo Lake, in the centre of the Vietnamese capital and cost $200 million to construct. The hotel opened its doors to guests amid the coronavirus pandemic that has put a cramp on travel. The five-star...

Passengers to pay double for domestic flights

Passengers planning to travel by air from Wednesday, July 8, when domestic flights resume after four months of lockdown caused by the COVID-19 pandemic, should be prepared to pay almost double of their old fares. Virtually all airlines have increased their fares in a bid to abide by the social distancing protocol for all...

Power Discos Still Dancing Naked by Yemi Adebowale

Electricity Distribution Companies (Discos) are the weakest link in the power supply chain in Nigeria. These Discos have been mortgaged to shylock businessmen who are only interested in lining their pockets. As a result, quality service delivery to traumatised Nigerian electricity consumers is not and will never be part of their agenda. Discos are...

In Pursuit of Convergence, CBN Adjusts Official FX Rate Towards Market-led I&E

  The Central Bank of Nigeria (CBN) yesterday took another step towards unifying the naira exchange rate by adjusting the rate at the official Secondary Market Intervention Sales (SMIS) to N380/$1. The rate was formerly N360/$1. One of the officials explained: “Yes, it is aimed at moving the rate closer to that of the Investors and...

Nigeria, others face $44 billion financing gaps despite huge loans

Still struggling to deal with the impact of the coronavirus on their economies, the International Monetary Fund (IMF), has said Nigeria and other countries in the sub-Saharan African (SSA) region would need additional financing needs of over $110 billion. Of this $110 billion and approved loans, the IMF insisted that the countries still have $44...

South Africa economy contracts 2% in first quarter

The economy of South Africa, the continent’s most advanced, shrunk by two percent in the first quarter of this year, its third consecutive quarterly decline, official statistics showed Tuesday. StatsSA said mining and manufacturing were the biggest drags on overall economic activity — with the mining and quarrying sectors shrinking by 21.5 percent. The manufacturing industry...

Dangers of Postdated Cheques for Loan Facilities

Last week, a client requested that I review an offer letter from a Financial Institution (not a Bank, but Other Financial Institution)(OFI/the Lender), for a loan facility. As a condition precedent for the disbursement of the facility, one of the securities that the Lender demanded for was post-dated cheques, not only from the Borrower,...

Agribusiness Investors Count Losses as Hospitality Sector Remains Closed

Agribusiness investors are lamenting low patronage and glut of products due to the closure of businesses by operators in the hospitality sector as a result of the Covid-19. According to them, the situation is causing them untold economic hardship. This is because hoteliers, event centre owners, bar, among others are their major customers. Speaking recently, the Managing...

IMF Advises Nigeria to Slow Down on Tax Drive

The International Monetary Fund (IMF) has urged Nigeria to slow down on its aggressive tax drive due to the impact of the COVID-19 on businesses and households. The fund, however, told the federal government to continue to push for policies that are supportive of its citizens, even as it commended the monetary policies initiatives that...

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