Saturday, August 3, 2019

Oluseyi Awojulugbe

    N350bn in three days, NSE’s loss gap widens

N350bn in three days, NSE’s loss gap widens

Data available on the Nigerian Stock Exchange show that trading ended in the bourse since Monday, August 28.Since the close of trading on Friday, August 25, the market has lost a total of N350.64 billion naira falling from N12,631,036,509,419 to stand at 12,280,391,384,632 at the close of trading on Wednesday.At the close of trading on Monday, the market lost N113.44 billion [...]

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    Shake-up in NNPC, 55 top executives affected

Shake-up in NNPC, 55 top executives affected

The Nigeria National Petroleum Corporation (NNPC) says it has reshuffled the management staff of some units of the corporation.In a statement released on Tuesday, Ndu Ughamadu, NNPC spokesman, said 55 management staff were affected in the exercise.Ughamadu said before the announcement was made public, Maikanti Baru, group managing director of the NNPC, told the staff that the new appointments would not [...]

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    WFP suspends humanitarian activities in Borno over attack on aid workers

WFP suspends humanitarian activities in Borno over attack on aid workers

The World Food Programme (WFP) says it has suspended food distribution at Gubio internally-displaced-persons (IDPs) camp in Maiduguri owing to an attack on aid workers by displaced persons.NAN reports that Adedeji Ademigbuji, WFP’s communication officer, made this known in a text message sent to journalists in Maiduguri.WFP is not the first humanitarian organisation to suspend activities in Borno as the [...]

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    Inflation rate drops but food prices hit highest level in 8 years

Inflation rate drops but food prices hit highest level in 8 years

Data released by the National Bureau of Statistics (NBS) show that consumer price index (CPI), which mesasures rate of inflation, dropped for the sixth consecutive month — although by a smaller margin.According to the NBS, inflation rate dropped to 16.05% from 16.1% in June, but food index soared to 20.28 percent."The consumer price index (CPI) which measures inflation increased by [...]

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    13 banks adopt Verve’s Paycode for cardless transactions

13 banks adopt Verve’s Paycode for cardless transactions

Verve International says it has partnered with 13 banks and mobile money operators to deploy cardless transaction infrastructure across all states in the country.With Paycode, Verve says customers can withdraw money at ATMs and POS merchants, and make payments at PoS merchants without using cards.Financial institutions who have already adopted this include GTBank, Fidelity Bank, FCMB, Wema Bank, Heritage Bank, [...]

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    NNPC invites indigenous companies to bid for marginal oil fields

NNPC invites indigenous companies to bid for marginal oil fields

Maikanti Baru, group managing direct of the Nigerian National Petroleum Corporation (NNPC), says members of the Independent Petroleum Producers Group (IPPG) should participating in the forthcoming bid for 30 marginal oil fields which would soon be flagged off by the federal government.In a statement signed by Ndu Ughamadu, spokesman of the corporation, Baru gave this charge when he received a [...]

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    Adeosun: Very soon, you will see the effects of our efforts

Adeosun: Very soon, you will see the effects of our efforts

Kemi Adeosun, minister of finance, says there is an urgent need to reposition the federation account allocation committee for better performance through efficient management of resources.The minister said this on Thursday while delivering a keynote address at a retreat organised by the ministry of finance in collaboration with the federation account allocation committee (FAAC) on the theme: "Enhancing the Effectiveness [...]

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    Other African branches push UBA’s profit to N57bn

Other African branches push UBA’s profit to N57bn

The United Bank of Africa (UBA) says it recorded a profit before tax of N57.5 billion in its audited half-year financial results which ended on June 30, 2017.In a statement, Ugo Nwaghodoh, the company's chief financial officer, said branches in other African countries contributed 32% of UBA's earnings as the bank grew retail savings and current account deposits by 23% [...]

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    Electric cars to be introduced into Nigerian market by 2018

Electric cars to be introduced into Nigerian market by 2018

Nigus Enfinity, an indigenous firm, says it will introduce electric vehicles into the Nigerian automobile market in 2018 and that its local assembly plant for electric vehicles will be ready in 2020.Malik Ado-Ibrahim, chairman of the company, made this known to journalists in an interactive session which held in Abuja on Thursday.Ado-Ibrahim said several countries across the world have set [...]

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    Bad outing for bonds as investors shun auctions

Bad outing for bonds as investors shun auctions

The Debt Management Office (DMO) says it raised N56.05 billion in a bond auction on Wednesday, which is less than half of the amount offered.The DMO had offered N135 billion worth of bonds maturing in 2021, 2027 and 2037 at interest rates of 16.8%, 16.8% and 16.9% respectively.At Wednesday's auction, the debt office sold N9.18 billion worth maturing in five [...]

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    Kachikwu: Ageing pipelines reduced crude production in July

Kachikwu: Ageing pipelines reduced crude production in July

Ibe Kachikwu, minister of state for petroleum, says aging pipelines are responsible for the reduced crude oil output recorded in July.The minister made this known on Thursday while speaking on the sidelines of the launch of the $200 million Nigerian content intervention fund and memorandum of understanding signing between Nigerian Content Development and Monitoring Board (NCDMB) and Bank of Industry (BOI).Kachikwu [...]

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    Invest $500,000 in Afreximbank and get permanent residence in Mauritius

Invest $500,000 in Afreximbank and get permanent residence in Mauritius

The African Export-Import Bank (Afreximbank) says it wants Nigerian investors to partake in its $300 million equity offering, and get permanent residence in Maritius, a choice Africa Island.Speaking at an event on Thursday, Benedict Oramah, president of Afreximbank, told the investors that the equity offering would be issued through depository receipts backed by its Class 'D' shares for new and [...]

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    Emefiele: We can only do little with current monetary policy

Emefiele: We can only do little with current monetary policy

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) says little can be done to tackle the current economic challenges using the tools offered by the monetary policy.The governor made this statement while delivering a lecture titled 'The Dilemma of Monetary Policy During a Recession: Potential Options for Nigeria' at the 2017 annual conference of Nigerian Bar Association (NBA) [...]

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    Tax debt: FIRS shuts down MRS Oil head office

Tax debt: FIRS shuts down MRS Oil head office

The Federal Inland Revenue Service (FIRS) has closed down facilities belonging to MRS Oil and Gas Company Limited over a tax debt of N497.1 million.The FIRS team led by Anita Erinne had on Wednesday ordered the main gates to the company, located at 2,Tincan Island Road, Apapa, be sealed off.According to a statement received by TheCable, the company's accountant, who had identified himself [...]

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    Adeosun appointed board chairperson of ECOWAS Bank

Adeosun appointed board chairperson of ECOWAS Bank

Kemi Adeosun, minister of finance, has been appointed the chairperson, board of governors of Economic Community of West African States (ECOWAS) Bank for Investment and Development.Adeosun, who succeeds Hassoumi Massoudou from the Republic of Niger, was appointed after the 15th ordinary meeting of the board of governors which held on Tuesday.The meeting, which was declared open by Yemi Osinbajo, vice [...]

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    Beware! Fraudsters allocating crude oil contracts on paper

Beware! Fraudsters allocating crude oil contracts on paper

The Nigerian National Petroleum Corporation (NNPC) has alerted members of the public of fraudsters purportedly assigning crude oil contracts on paper.In a statement signed by Ndu Ughamadu, its spokesperson, the corporation said the suspects specialise in circulating letters of crude oil allocation with the intent of defrauding unsuspecting would-be buyers or members of the public.At the presentation of commendation letters [...]

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Exchange Rates

August 01, 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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