Wednesday, April 8, 2020

Oluseyi Awojulugbe

    NNPC to hand over refineries to private companies after rehabilitation

NNPC to hand over refineries to private companies after rehabilitation

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    FG slashes N312bn off capital projects in 2020 budget

FG slashes N312bn off capital projects in 2020 budget

The federal government has slashed N312 billion from projects approved in the 2020 budget. This is in view of reduced revenue and oil prices as a result of the COVID-19 pandemic. Documents seen by TheCable on Wednesday showed that the amount represents a cut of 20% off capital projects. TheCable also understands that the national assembly and judiciary will determine the cuts to [...]

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    FG consults national assembly over 2020 budget revision

FG consults national assembly over 2020 budget revision

Zainab Ahmed, the minister for finance, budget and national planning, is consulting the national assembly for the revisions to be made to the 2020 budget. Ahmed is currently meeting with the leadership of the national assembly with Clem Agba, the minister of state for budget and national planning; and Ben Akabueze, the director-general of the Budget Office. A drop in crude oil [...]

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    Lafarge recovers from 2018 loss, donates its facilities as isolation centres

Lafarge recovers from 2018 loss, donates its facilities as isolation centres

Lafarge Africa has announced a profit after minimum tax of N17.2 billion for the year ended December 31, 2019. According to the audited financial results published on the Nigeria Stock Exchange website, the PAT is compared to the loss of N1.5 billion recorded in 2018. The company posted revenue of N213 billion as compared to N217 billion recorded in 2018 and the [...]

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    Nigeria to pay 1.5% interest on $3.4bn requested from IMF

Nigeria to pay 1.5% interest on $3.4bn requested from IMF

The $3.4 billion credit facility being requested by the Nigerian government from the International Monetary Fund (IMF) attracts a 1.5% interest rate. Kristalina Georgieva, IMF managing director, said the request was made under the fund's rapid financing instrument. Listing the government's economic stimulus package, Zainab Ahmed, the minister of finance, budget and national planning, had said the government would request for assistance [...]

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    Diouf named AfDB acting communications head as Oladokun retires

Diouf named AfDB acting communications head as Oladokun retires

The African Development Bank (AfDB) has appointed Nafissatou Diouf as its acting director for communications and external relations department. A statement by the bank on Monday said the appointment is effective from April 1. Diouf will replace Victor Oladokun, who retired from the bank on reaching the mandatory retirement age. "I must say that the quality of the support that the communication team [...]

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    Mele Kyari: Going forward, there will be no petrol subsidy

Mele Kyari: Going forward, there will be no petrol subsidy

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    SEC: Ponzi scheme promoters will face the wrath of the law

SEC: Ponzi scheme promoters will face the wrath of the law

The Securities and Exchange Commission (SEC) says it will continue to work to protect investors and also ensure the promoters of ponzi schemes are made to face the full wrath of the law Ponzi schemes are prohibited by the provisions of section 38(1) of the Investments and Securities Act (ISA) 2007 which prohibits people who are not registered by the SEC [...]

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    Engage 774k Nigerians, share rice seized by customs… FG’s COVID-19 stimulus package

Engage 774k Nigerians, share rice seized by customs… FG’s COVID-19 stimulus package

Zainab Ahmed, the minister of finance, budget and national planning, announced the fiscal stimulus measures to be carried out by the federal government in response to COVID-19 pandemic. Briefing journalists in Abuja on Monday, Ahmed said the measures would be in addition to the interventions already announced by the Central Bank of Nigeria. Here are nine measures listed by the finance minister: ENGAGE 774,000 NIGERIANS According [...]

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    Buhari orders $150m withdrawal from NSIA to augment FAAC disbursement

Buhari orders $150m withdrawal from NSIA to augment FAAC disbursement

President Muhammadu Buhari has directed that $150 million be withdrawn from the National Sovereign Investment Authority (NSIA). Zainab Ahmed, the minister of finance, budget and national planning, disclosed the approval while addressing journalists in Abuja on Monday. Ahmed said the withdrawal would be made from the NSIA stabilisation fund to augment disbursements by the federation accounts allocation committee to the three tiers [...]

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    Lagos, FCT to receive N200m as BOI donates N700m to fight against COVID-19

Lagos, FCT to receive N200m as BOI donates N700m to fight against COVID-19

The Bank of Industry (BOI) has donated N700 million towards a relief fund set up to fight against the spread of the COVID-19 pandemic. Giving a breakdown, Kayode Pitan, BOI CEO, said N500 million would be given to the private sector coalition against COVID-19 (CACOVID). "This donation will go towards a fund that has been created to provide more testing, isolation and treatment [...]

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    EXPLAINER: What to know about 5G, COVID-19 and your security

EXPLAINER: What to know about 5G, COVID-19 and your security

Unconfirmed theories about how 5G radiation could be linked to the current COVID-19 pandemic recently went viral. From China to the United Kingdom, videos showing the destruction of 5G masts were widely circulated and in Nigeria, WhatsApp voice notes claiming 5G technology is to be blamed for the virus gained popularity. To tackle the misinformation, TheCable published a fact check which showed [...]

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    Airtel donates N1.9bn to fight against COVID-19

Airtel donates N1.9bn to fight against COVID-19

Airtel Nigeria says it will commit N1.9 billion towards the fight against COVID-19 in Nigeria. The third-largest telecommunications company in the country said the donation would be disbursed for multiple projects. Giving a breakdown, the company said N200 million would go towards the provision of an isolation centre or any required medical facility agreed with the appropriate health authority in the country [...]

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    Kyanet appointed spokesman as Jamoh begins NIMASA restructuring

Kyanet appointed spokesman as Jamoh begins NIMASA restructuring

Philip Kyanet has been appointed as the spokesman and head of public relations of the Nigerian Maritime Administration and Safety Agency (NIMASA). Bashir Jamoh, the agency's director-general, approved his appointment as part of ongoing restructuring in the maritime agency. Kyanet replaces Isichei Osamgbi who has been deployed to the special duties (external relations and technical cooperation) unit in the office of the [...]

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    Withdraw troops from COVID-19 restriction enforcement, Falana tells Buhari

Withdraw troops from COVID-19 restriction enforcement, Falana tells Buhari

Femi Falana, a senior advisor of Nigeria, has advised President Muhammadu Buhari to withdraw armed troops from enforcing COVID-19 restrictions. His advice is premised on reports of human rights abuses by troops enforcing regulations and restrictions put in place by the federal government to curb the spread of COVID-19. "Last week, some video clips which were in circulation exposed the [...]

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    Reps mull bill for two-month free electricity as FG finalises fiscal stimulus plan

Reps mull bill for two-month free electricity as FG finalises fiscal stimulus plan

Femi Gbajabiamila, the speaker of the house of representatives, says the lower chamber is considering a second stimulus bill that will allow Nigerians to enjoy electricity for two months without paying charges. In a tweet on Saturday, Gbajabiamila said engagements are ongoing with electricity distribution companies to work out the details. "At a meeting today, between @nassnigeria and the minister of finance, [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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