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Shareholders task SEC on proper monitoring of operators


THERE are lots of sharp practices in the Nigerian capital market and it is time for regulators, especially the apex regulator, Securities and Exchange Commission, SEC to hold the bull by the horns by scrutinising annul reports of public companies and other activities of operators. SEC should ensure they do their work diligently without fear or favour, provided that is done in the interest of ... Read More »

Eurobond: Nigeria external reserves to hit 54 months high of $45bn


NIGERIA’s external reserves will rise to 54 months high of $45 billion this month following the conclusion of federal government’s $2.5 billion Eurobond this week. The Eurobond, which commenced last week with the announcement of its pricing on Thursday, will be concluded on Friday. According to the Ministry of Finance, the $2.5 billion Eurobond, which attracted buying interest of $11.5 billion, comprises a $1.25 billion ... Read More »

With Foreign Reserves Rising 86% in 17 Months, Analysts Credit CBN’s FX Policy, Oil Prices


In 17 months, Nigeria’s foreign reserves have recorded $19.8billion increase from $23billion in October 2016 to $42.8billion on February 13, 2018, representing some 86 per cent growth. The Central Bank of Nigeria (CBN) had announced on January 5, 2018 that the nation’s external reserves recorded its highest growth in four years at $40.4billion, but the figure on February 13, 2018, has exceeded that by 5.94 per cent. ... Read More »

Onshore/Offshore oil dichotomy: Stakeholders must speak up


It is a known fact that Akwa Ibom State is the highest crude oil producer today and by extension the largest contributor to the petrodollar that sustains Nigeria. This is made possible by the relative peace the state enjoys when viewed against other parts of the country who are great beneficiaries of the resources. Recently, the All Progressives Congress, APC, in its usual confusion, desperation, ... Read More »

Scarcity: NBS puts average price of petrol at N191/litre


Many Nigerians are still paying far above N145 per litre pump price of petrol approved by the Federal Government for the product, a report of the National Bureau of Statistics has indicated. The NBS in its Premium Motor Spirit (petrol) price watch for January stated that on the average, Nigerians paid the sum of N190.9 per litre for the product.   This is about N46 ... Read More »

DPR Shuts 96 Fuel Stations in Kano, Jigawa States


Following the persistent scarcity of Premium motor Spirit (PMS) in the country, the Department of Petroleum Resources (DPR) in Kano and Jigawa zone has sealed off 96 fuel stations over diversion of the product and hike in price. The DPR Operations Controller in charge of Kano and Jigawa states, Mr. Buba Abubakar told journalists on Friday in his office in Kano that the stations were sealed for ... Read More »

CBN: Why We Can’t Provide Information on Buhari’s Treatment


The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, thursday explained why the apex bank cannot provide information on the funds used to defray the cost of President Muhammadu Buhari’s treatment in London. He also explained why CBN cannot provide information on how much it cost the country to keep a presidential aircraft and crew for 103 days at the Stansted Airport in the ... Read More »

W’Bank Approves $486m Credit for Nigeria’s Power Sector


The World Bank has approved a $486 million credit facility to Nigeria for electricity grid improvements, the lender said yesterday. “The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies to supply consumers with additional power,” Reuters quoted the World Bank to have said. Nigeria’s dilapidated power sector is often criticised by economists ... Read More »

Tier-2 Banks Face Capital Shortfall On Naira Depreciation –Fitch


A number of Nigeria’s tier-2 banks (banks with total assets less than N2tn) will fall below the capital adequacy ratio of the Central Bank of Nigeria should the naira depreciate to 450/United States dollar, Fitch Ratings has said. This was the result of a recent stress test carried out on the Deposit Money Banks in the country by the rating agency. Fitch said its examination ... Read More »

Stocks Extend Gains, Index Rises By 1.03%


The Nigerian Stock Exchange extended Wednesday’s gain, with the All-Share Index appreciating by 1.03 per cent to 42,604.40 from 42,171.80 basis points, following sustained demand across most sectors. The month-to-date and year-to-date returns improved to -3.92 per cent and 11.40 per cent, respectively. The banking index sustained its bullish momentum (appreciating by 1.31 per cent), driven by interest in FBN Holdings Plc shares, which soared ... Read More »

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