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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
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
CBN RAISES INTEREST RATES TO 13%
In an attempt to absorb excess liquidity ahead of the 2023 general elections, The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 13.5% The Monetary Policy Committee (MPC) of the apex bank of Nigeria concluded its three-day meeting on Tuesday, May 24, 2022. At the end of the meeting, the
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
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
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
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
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
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
PERSONAL FINANCE TIPS
Personal finance is the process of planning for your money. It involves activities that help you optimize your earnings and limit your expenses. Personal finance management is related to your overall well-being because money is an integral part of our daily lives. A healthy lifestyle starts with healthy finances. The way you manage your money
SEC Should be the only Capital Markets Regulator – Reps
The Chairman, House of Representatives Committee on Capital Market and Institutions, Babangida Ibrahim (APC, Katsina) has disclosed that the proposed Bill to make the Securities and Exchange Commission (SEC) the sole Nigerian Capital Market regulator was to eliminate unethical practices and overlapping responsibilities. He disclosed this while shedding more light on what the bill seeks
The Securities and Exchange Commission (SEC) has issued a warning to CMOs against interacting with clients who are related to banned terrorist groups
Capital Market Operators (CMOs) in Nigeria have been warned not to interact with clients linked to outlawed terrorist groups in any area of the country, according to the Nigerian Security and Exchange Commission. After Nigeria’s Justice Ministry published a gazette classifying bandit organizations operating in any region of the country as terrorists, the SEC issued a circular. They also stated that beginning January 17th, existing CMOs would be examined prior to finalizing any transaction. The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Prescription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any
PARALLEX BANK TRANSITIONS FROM MICROFINANCE BANK TO COMMERCIAL BANK
Parallex bank unveiled its new brand entity, over the weekend on Friday, January 14th, 2022 at its corporate head office in Victoria Island, Lagos state. According to the bank, its transformation into a commercial bank is a first-of-its-kind achievement in the Nigerian banking space. Parallex Bank Limited was incorporated as a limited liability company on
BUA FOODS PLC SUCCESFULLY LISTS 18 BILLION ORDINARY SHARES STOCK EXCHANGE
BUA Foods Plc was on 5th January 2022 listed on the Nigerian Exchange Limited, with its total issued capital admitted to trading. A total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the consumer goods sector of the NGX, with the trading symbol ‘BUAFOODS’. The listing of BUA
