The Lagos division of the Court of Appeal has asked Seplat Petroleum Development Company to raise a bond of $20 million as part of the conditions to unseal the corporate offices of the oil firm. In its ruling on an appeal filed against the interim order issued by a Federal High Court sealing the...
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By Samuel Bankole Nigeria’s external reserves rose 2.35 percent year-to-date to $36.48 billion by January 20, 2021, the latest data from the Central Bank of Nigeria (CBN) showed. The country’s foreign exchange buffer closed at $35.37 billion by December 31, 2020, and opened on January 4 at $35.64 billion. The forex reserves were negatively...
Read MoreThe African Export-Import Bank has mobilized $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free-trade area, according to the zone’s most senior official. “We will be able to go to global capital markets and we will be able to go to...
Read MoreBy Oludare Mayowa Nigeria has raised its expectations on income from both Stamp Duty and dividend from the Nigerian Liquified Natural Gas (NLNG), but lower revenue earnings from the Value Added Tax (VAT) in the 2021 spending estimate. The federal government is expecting that its share of NLNG dividends will rise to N208.54 billion...
Read MoreNigeria expects to take delivery of its first coronavirus vaccine doses in February, with health workers, top government officials and vulnerable people to be given priority. The vaccines, which could be as many as 100,000 doses of Pfizer Inc.’s shot, will be procured through the Covax initiative backed by Gavi the Vaccine Alliance, the...
Read MoreBy Samuel Bankole Nigeria’s mobile telephone subscriber base has grown to 208 million with active Internet subscriptions at 154.9 million by the end of November 2020, according to the Executive Vice Chairman (EVC) of the telecoms industry regulatory body. The EVC of the Nigerian Communications Commission (NCC), Umar Danbatta, who spoke in Abuja on...
Read MoreBy Oludare Mayowa President Muhammadu Buhari on Thursday appointed the pioneer Director-General of the Pension Commission, Muhammad Ahmad to lead the board of the Transmission Company of Nigeria (TCN) and focus on recruiting a new managing director for the organisation. The president also reappointed Hadiza Bala Usman as Managing Director of Nigerian Ports Authority...
Read MoreBy Samuel Bankole Nigeria may henceforth connect citizens’ National Identification Number (NIN) to their major financial related activities ranging from Vehicle registration, investments and purchases in a bid to grow its tax database and curb tax evasion. A panelist at the ongoing national tax dialogue in Abuja, Taiwo Oyedele said the country could generate...
Read MoreItalian prosecutors asked a Milan Court on Wednesday for documents sourced from U.S. bank JPMorgan to be filed as part of a corruption trial over the acquisition of an oilfield in Nigeria by Eni and Shell. The long-running graft case revolves around the purchase of the Nigerian OPL 245 offshore oil field in 2011...
Read MoreBY Oludare Mayowa Nigeria increased yields on its domestic bonds at the first debt auction of the year by an average of 1.87 percentage points, sending a signal to the market on the direction of returns on local debt. Results of the bond auction released by the Debt Management Office (DMO) showed that...
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