Tuesday, May 22, 2018
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    National assembly passes budget, raises oil benchmark from $45 to $51 per barrel

National assembly passes budget, raises oil benchmark from $45 to $51 per barrel

The national assembly has passed the 2018 budget after a six-month delay.The budget was passed after the appropriation committees of the senate and the house of representatives moved for its consideration.In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.The president had proposed N3.5 trillion as recurrent (non-debt) [...]

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    Barkindo to receive ‘Africa Oil Man of the Year’ award

Barkindo to receive ‘Africa Oil Man of the Year’ award

Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), will be honoured with the “Africa Oil Man of the Year” award, at the Africa Oil and Power conference in September.The theme for the 2018 edition of the conference, "Energy Coalitions", will focus on Africa’s growing role in OPEC, and the efforts by global institutions, governments and the [...]

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    Register with CAC from any country, no AGM requirement … here’s the new CAMA

Register with CAC from any country, no AGM requirement … here’s the new CAMA

The new Companies and Allied Matters Act (CAMA), which was passed into law by the Nigerian senate on Tuesday, will make it possible to register a company from anywhere in the world.Speaking of the passage of the bill, Senate President Bukola Saraki, said that the passage of CAMA is a significant milestone in the 8th senate’s legislative agenda."With the passage of CAMA, [...]

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    Inflation drops to 12.48 percent — slightly higher than FG’s 2018 projection

Inflation drops to 12.48 percent — slightly higher than FG’s 2018 projection

Data made available by the National Bureau of Statistics show that inflation rate has again slowed to 12.48 percent in April from the 13.34 percent recorded in March.This figure is 0.6 percentage points higher than the federal government's inflation projection of 12.42 percent for 2018 as contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper."The GDP is [...]

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    N’assembly adds N500bn to 2018 budget

N’assembly adds N500bn to 2018 budget

The national assembly has increased the size of the 2018 budget to N9.120 trillion from N8.612 trillion.The details of the budget were listed on the order paper available at the senate.The budget was laid before the senate by Danjuma Goje, chairman of the senate appropriation committee.Yusuf Lasun, speaker of the house, who presided over Tuesday's session at the house of representatives, [...]

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    BAD BUSINESS: Eight Nigerian airports recorded less than 1000 flights in 2017

BAD BUSINESS: Eight Nigerian airports recorded less than 1000 flights in 2017

A recent report released by the Nigeria Civil Aviation Authority shows that eight of the 27 airports in the country recorded less than 1000 flights between January and December 2017.This figure captures both international and foreign flights.The affected airports are Dutse International Airport, Kebbi International Airport, Minna Airport, Katsina Airport, Gombe Lawanti International Airport, Bauchi Airport, Zaria Airport and Makurdi Airport.S/N Airport Domestic [...]

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    Oando shareholders urge management to resolve conflict with Ansbury

Oando shareholders urge management to resolve conflict with Ansbury

A group of Oando shareholders has called on the company's management to resolve its dispute with Ansbury Investments Incorporated, a foreign investor.In a statement released on Monday, the shareholders, who referred to themselves as Concerned Oando Shareholders, said the prolonged war and bickering is not in the best interest of the shareholders or the company.In September 2017, Ansbury petitioned the [...]

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    MTN pays N500,000 to customer over illegal deduction of call credit

MTN pays N500,000 to customer over illegal deduction of call credit

MTN, telecommunications giant, on Monday, paid N500,00o to one of its customers, Oluwole Aluko, in compliance with a federal high court judgement.Aluko, a legal practitioner, had in 2016 sued MTN, alleging unlawful deduction of his call credit.In 2017, Nathaniel Ayo-Emmanuel, the judge of the federal high court, Ibadan, entered judgement in favour of the claimant when there was no representation [...]

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    NSIA CEO: Fertiliser subsidy programme eliminated massive fraud

NSIA CEO: Fertiliser subsidy programme eliminated massive fraud

Uche Orji, chief executive officer of the Nigerian Sovereign Investment Authority (NSIA), says massive fraud in the fertiliser subsidy programme has been eliminated since the introduction of the Presidential Fertiliser Initiative (PFI).PFI was introduced in December 2016.Orji who made this known over the weekend in Abuja, Orji said the NSIA had invested heavily in the PFI which was implemented in [...]

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    DPR seals 44 fuel stations in Akwa Ibom

DPR seals 44 fuel stations in Akwa Ibom

The Department of Petroleum Resources (DPR), Eket field office, Akwa Ibom, has sealed 44 fuel stations for failing to renew their licenses when it expired two years ago.Tamunoiminabo Kingsley-Sundaye, DPR operations controller in Akwa Ibom, made this known while speaking to NAN on Monday.He said the filling stations were sealed when the department carried out a routine inspection of filling [...]

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Exchange Rates

May 22, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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