Donald Okocha

Quota

NIGERIA’S OPEC QUOTA SHORTFALL RAISES SERIOUS CONCERNS

Nigeria’s inability to meet the Organization of Petroleum Producing Countries, OPEC’s quota of 1.7 million raises serious economic concerns. The Nigerian National Petroleum Company NNPC Ltd, reported that Nigeria produces less than 1.5million bpd of the crude oil quota. This shortfall has resorted to borrowing to complement budget deficits, since oil is still the mainstay …

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Energy generation

Nigeria’s energy generation rises to 89,648MWh

On Monday, May 23rd, 2022, Nigeria generated a total of 89,648.54MWh, a 5.2% increase over the 85,209.68MWh generated the day before. On Monday, power supply jumped by 5.2% to 88,390.76MWh, up from 84,045.52MWh the day before. This is According to the Nigerian Transmission Company (TCN).Despite the little increase, Nigeria’s energy generation remains below the 105 kMWh threshold  required for the country’s power supply to be stable.  Nigerians, in particular, continue to suffer from epileptic power supply, with three system outages  thus far in 2022, resulting in extensive blackouts across the country. Additionally, Nigeria’s energy generation peaked at 3,943.2MW, which is 5.1% higher than the 3,751.1MW peak recorded on Sunday, while off-peak generation rose to 3,424.8MW. Highlights (23rd May 2022) Peak generation – 3,953.2MW (+5.1%) Off-peak generation – 3,424.8MW (+1.9%) Energy generated – 89,648.54MWh (+5.2%) Energy sent out – 88,390.76MWh …

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POST COVID-19 INFRASTRUCTURE FINANCING IN NIGERIA

The Capital Market Option Deutsche Partners Holding with the special consent of the securities and exchange commission Nigeria under the platform infra dialogue is holding a dialogue termed ” Post covid-19 infrastructure dialogue” where it will hold intellectual and practical discourse about the infrastructure status in Nigeria, its deficit, investment opportunities and the role the …

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MTN

The CBN Has Approved MTN To Begin Banking Operations As Momo PSB

This was revealed in a press release signed by the Company Secretary, titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS.” In November 2021 MTN Nigeria and Airtel Africa received “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks …

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CBN insists BDC ban has helped stabilize the Naira

According to the Central Bank of Nigeria (CBN), the discontinuation of FX allocation to Bureau De Change operators  helped the Naira remain constant at the Investors and Exporters Window (I&E). However, since the BDC prohibition policy, the currency has dropped significantly in the underground market. The statement was made at the CBN’s 32nd Seminar for Finance Correspondents and Business Editors on Thursday in Akure, Ondo, by Governor Godwin Emefiele, who was represented by Mr Edward Adamu, Deputy Governor, Corporate Services. The naira and the US dollar exchange rate at the official Investors and Exporters (I&E) market remained steady from the previous day at N417/$1. The parallel market saw a drop in the currency rate, with the average selling for N583/$1, down 0.87 percent from the previous session’s rate of N578/$1. This is the case, according to data gathered from BDCs in Nigeria.

February 2022 FGN Bond Oversubscribed to the tune of N407.7 billion

The federal government of Nigeria bond issuance for the month of February 2022, by the Debt Management Office (DMO), reported an oversubscription from investors amounting to N407.7 billion over the expected N150 billion offered by the DMO. This is according to the February 2022 FGN Bond auction result, released by the Debt Management Office. The …

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OIL PRICES CROSSES A $100 PER BARREL FOR THE FIRST TIME IN 7 YEARS

For the first time since 2014, Brent oil prices has moved past $100 a barrel, as Russia-Ukraine crises continue to escalate. These tensions subsequently sparked fears of disruption to the region’s critical energy exports. Russia is a major energy supplier to a number of countries, distributing about ¼ of Europe’s oil requirements and 1/3 of …

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Solar

Federal govt push-Up Disbursement of CBN’s N140bn Solar Intervention Fund

The federal government of Nigeria is pushing up the disbursement of the N140 billion solar intervention fund, this is being facilitated by the Central Bank of Nigeria (CBN) to close the wide gap in the energy sector, especially in Nigeria’s rural communities. During the last quarter of 2020, the CBN had presented the fund that …

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Ponzi schemes

S.E.C joins forces with N.O.A and others to Eliminate Ponzi schemes

The Securities and Exchange Commission (SEC), declares that it is working with the National Orientation Agency (NOA) and various government agencies to combat the operations of Ponzi schemes, illegitimate fund managers and operators. The Director-General of SEC revealed this in a goodwill message at the opening ceremony of the NOA’s National Fact-Checking Course in the …

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