TheCable

Here are the seven top business news you need to track this week — August 15 to August 20.

DMO AUCTIONS N225 BILLION BOND

Debt Management Office (DMO) will list three Federal Government of Nigeria bonds valued at N225 billion for a subscription via auction at N1,000 per unit today.

The first offer for N75 billion had been previously issued and has a maturity date of March 2025 at an interest rate of 13.53 per cent per annum (10-year re-opening).

There is also the N75 billion bond maturing in April 2032 at an interest rate of 13.5 per cent (10-year re-opening).

The third one is N75 billion, maturing in January 2042 at an interest rate of 13 per cent per annum (20-year re-opening).

According to the DMO, the bonds are subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

NBS TO INFLATION FIGURES, FUEL PRICE WATCH FOR JULY

The National Bureau of Statistics (NBS) will release a report on the consumer price index (CPI) for July and telecoms data on active voice and internet per state for quarter one (Q1) 2022.

The Bureau will also release a report on liquefied petroleum gas (LNG) and the national kerosene price watch for July 2022.

It also intends to release a report on the Federation Account Allocation Committee (FAAC)July disbursement.

NNPC RENEWS LICENCES OF FIVE OMLS

The Nigerian National Petroleum Company (NNPC) Limited has renewed oil production sharing contracts (PSCs) with its partners — after nearly three-decade.

It also resolved lingering disputes with its production sharing contracts (PSCs) partners.

The resolution saw the renewal of agreements in five oil mining leases (OMLs), including 128, 130,132, 133, and 138, to unlock over $500 billion in revenue and $30 billion in foreign direct investment.

TWO NOTORIOUS MALWARE IN CIRCULATION

The Nigerian Communications Commission (NCC) has asked organisations to adopt cybersecurity measures to prevent ransomware attacks on their corporate network.

NCC warned of new malware — HiddenAds — capable of affecting device performance and jeopardising users’ privacy.

It also asked organisations to be mindful of Yanluowang ransomware attacks on their corporate network.

SEPLAT-EXXONMOBIL DEAL

There has been a back and forth in the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.

On Monday, President Muhammadu Buhari approved the deal despite moves by the state-owned oil company to block the deal.

The approval was, however, reversed after regulatory authorities and stakeholders kicked against it.

Seplat, on its part, said it is still in the dark considering the development, adding that it had not received official notification.

OIL PRICES FALL BELOW $100/BARREL

Last week, oil prices dropped amid a considerable progression in restoring Iran’s 2015 nuclear deal with world powers.

The agreement is expected to clear the way for Iran to boost its crude exports in a tight market.

Brent crude futures, the global oil benchmark, closed at about $95.31 a barrel, and US West Texas Intermediate fell to $90.

CONTROVERSIES AROUND $418 MILLION CONSULTANTS’ FEES IN PARIS CLUB REFUND

The Nigeria Governors’ Forum (NGF) and Abubakar Malami, attorney-general of the federation (AGF), are still trading words over the payment of the $418 million consultancy fees in the Paris Club refund.

On Thursday, Malami said that the NGF has no basis to reject the proposed deduction of $418 million from the Paris Club refund.

But the governors have expressed contrary views about the payment and accused the AGF of taking sides with the consultants.