Wednesday, May 22, 2019

Oluwatoyin Bayagbon

    NNPC deepens oil search in the north, to complete Kolmani River-II drilling by May

NNPC deepens oil search in the north, to complete Kolmani River-II drilling by May

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    Shell’s payments to Nigeria increased to $6.4bn in 2018 — highest in the world

Shell’s payments to Nigeria increased to $6.4bn in 2018 — highest in the world

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    Leaving? Exxon Mobil to ‘sell stakes’ in Nigeria upstream operations for $3bn

Leaving? Exxon Mobil to ‘sell stakes’ in Nigeria upstream operations for $3bn

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    Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the service plans to recover N750 billion from 55,000 defaulting taxpayers by extending its account substitution policy.Fowler was speaking in Abuja on Tuesday during a meeting with the joint house committees on finance; appropriations; and aids, loans and debt on the 2019/2021 Medium Term Expenditure Framework (MTEF) and [...]

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    UK lawmakers discuss halting Brexit as petition hits 6 million

UK lawmakers discuss halting Brexit as petition hits 6 million

Members of the British parliament on Monday debated halting the Brexit deal after a petition seeking its reversal received a record six million signatures.The petition is calling for the government to revoke Article 50, the mechanism that governs Britain's departure from the European Union (EU).In 2016, Britons voted to leave the EU with a majority vote of 52% as against [...]

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    Saudi Aramco emerges world’s most profitable company in 2018

Saudi Aramco emerges world’s most profitable company in 2018

Saudi Aramco, the state-owned oil firm of the Kingdom of Saudi Arabia, is the world's most profitable company with a net income of $111 billion.The oil company which is the largest in the world, revealed it’s earnings for the first time ever as it plans to issue a $10 billion bond to acquire a 70% stake in Saudi Basic Industries [...]

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    Court frees Wabara of corruption charges — 14 years after

Court frees Wabara of corruption charges — 14 years after

A high court in Abuja has discharged and acquitted Adolphus Wabara, former senate president, and two others of allegations of bribe for budget levelled against them by the federal government.The two others who were set free by the court include are Ibrahim Abdulazeez and John Azuta Mbata, former senators.The development comes 14 years after the suit was filed.In his ruling, S.E [...]

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    Ohanaeze youths: Re-arresting Kanu may trigger instability

Ohanaeze youths: Re-arresting Kanu may trigger instability

Ohanaeze Ndigbo Youth Council, the youth wing of Ohanaeze Ndigbo, has warned that the re-arrest order against Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), might “destabilise the fragile peace” in the south-east region.A federal high court in Abuja had revoked the bail granted Kanu in 2017, after his continued absence in court.Binta Nyako, the presiding judge, [...]

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    Congestion at Apapa port threatens N108bn cashew exports

Congestion at Apapa port threatens N108bn cashew exports

Shipments of cashew nuts worth N108 billion ($300 million) have been trapped at the Apapa port in Lagos since January, exporters of the produce have said.Tola Fasheru, president of the Nigeria Cashew Exporters Association, told Bloomberg that gridlock and inefficiency at the Apapa port delayed shipment of up to  50,000 tonnes of cashew nuts and is threatening export from last [...]

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    Hadiza Bala Usman: I became NPA MD because I refused to stay in the box

Hadiza Bala Usman: I became NPA MD because I refused to stay in the box

Hadiza Bala Usman, managing director of the Nigerian Ports Authority (NPA), says she was able to rise through the ranks in public service because she did not let herself be limited by societal and cultural pressures.Usman spoke on Wednesday during a panel discussion that centered on what it means to be a woman in Africa.The event was organised by CNN [...]

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    Otunuga: Why CBN may cut key interest rates again

Otunuga: Why CBN may cut key interest rates again

Lukman Otunuga, research analyst at FXTM, says the Central Bank of Nigeria (CBN) would likely cut interest rates further if macro economic conditions in the country improve.Otunuga was reacting to an announcement by Godwin Emefiele, CBN governor, which detailed a reduction in benchmark interest rate, on Tuesday.Pegged at 14% for almost three years, the monetary policy rate (MPR), otherwise known as [...]

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    Elumelu ‘to add’ 1,400MW to national grid with $2.5bn investment in power

Elumelu ‘to add’ 1,400MW to national grid with $2.5bn investment in power

Plans to increase Nigeria’s national grid by 700 megawatts (MW), may be taking shape as Tony Elumelu, chairman of Transcorp Nigeria Plc, has pledged to invest as much as $2.5 billion in power projects across the country.According to Bloomberg, Elumelu revealed that investments in the power sector will be made through Transcorp Power Ltd, a subsidiary company.Although a time [...]

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    It is unconstitutional to allocate oil blocks to individuals, Falana writes Buhari

It is unconstitutional to allocate oil blocks to individuals, Falana writes Buhari

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    Kano govt denies arrest of commissioner

Kano govt denies arrest of commissioner

Muhammad Garba, the Kano state commissioner of information, says the Peoples Democratic Party (PDP) is spreading "mischievous lies"  in order to discredit the supplementary election in the state. Garba was reacting to reports on the arrest of Muktar Yakasai, commissioner for special duties on Saturday.Yakasi was allegedly arrested for leading some thugs to disrupt election at Yelwa Secondary School in Dala [...]

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    Supplementary election: ‘One killed, scores injured’ in Taraba

Supplementary election: ‘One killed, scores injured’ in Taraba

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Exchange Rates

May 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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