News & Insights

News & Insights

News & Insights

Coronavirus: Expect recession worse than 2008 global crisis – IMF

The International Monetary Fund has said the global economy will slide into a recession that is “at least as bad as during the global financial crisis or worse” this year on the back of the coronavirus pandemic. The Managing Director, IMF, Kristalina Georgieva, in a statement on Monday, said many […]

COVID-19: NSE to shut trading floors

Agency Reporter Following the raging effect of COVID-19 in country, the Nigerian Stock Exchange (NSE) will effective March 25 temporarily close its trading floors and engage in remote trading.   Mr Oscar Onyema, NSE Chief Executive Officer, said in a statement on Monday in Lagos that the decision became imperative […]

Nigeria slashes crude selling prices to woo buyers

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. The country has had to grapple with an unprecedented excess of oil triggered by the coronavirus outbreak and a price war […]

Moody’s Predicts Pressure on Banks’ Assets

Mar 24, 2020 – Legal News by 

Nume Ekeghe with agency report The devaluation of the naira will put pressure on assets of banks struggling to raise asset quality to the regulatory threshold, according to Moody’s Investors Services. The Central Bank of Nigeria (CBN) last week adjusted the naira exchange rate against the dollar, a move that […]

NNPC Records N5.28bn Trading Surplus

Mar 23, 2020 – Legal News by 

By Emmanuel Addeh and Peter Uzoho The Nigerian National Petroleum Corporation (NNPC) yesterday announced an increase in trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year, an increase of about 34 per cent. The corporation noted that its downstream […]

Analysts Anticipate Interest Rate Cut as MPC Meets Monday

Mar 23, 2020 – Legal News by 

•Opportunity widens for investors as stock prices decline 40% By Obinna Chima and Goddy Egene Financial market analysts are anticipating a reduction in the benchmark Monetary Policy Rate (MPR) by the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) whose two-day meeting commences today in Abuja.   Analysts based […]

NPA debunks high tariff charges on vessels allegation

Mar 23, 2020 – Legal News by 

The Nigerian Ports Authority (NPA) has refuted misgivings about tariff charges on vessels berthing in Nigerian ports, saying charges on such vessels remain among the lowest in the West African coast. The General Manager, Corporate and Strategic Communications of NPA, Jatto Adams, in a statement, disclosed that while $94,567.63 was […]

Mutual funds to hit N1.5tr in 2020 – SEC

Mar 23, 2020 – Legal News by 

The Securities and Exchange Commission (SEC) has expressed optimism that Collective Investment Scheme (CIS) or mutual funds in the capital market will hit N1.5 trillion before the end of the year. CIS is an arranged pool of funds managed on behalf of investors by a professional money manager, which may […]

NNPC: Market Forces will Compel Compliance with New Petrol Price

Mar 20, 2020 – Legal News by 

Omololu Ogunmade in Abuja The Nigerian National Petroleum Corporation (NNPC) has called for patience on the part of fuel consumers over the implementation of the new fuel pump price, which from Wednesday dropped from N145 per litre to N125. NNPC Group Managing Director, Mr. Mele Kyari, told State House reporters […]

PPPRA Opts for Full Deregulation of Petroleum Price

The Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Mr. Abdulkadir Saidu, thursday disclosed that the pump price of petrol, will henceforth be determined by market forces. He said with PPPRA’s current projection, the current price of N125 will likely stay till the end of this month. […]

Nigerian stocks lose N370b amid renewed selloffs

Nigerian equities took a major dip on Thursday as renewed selloffs at the stock market cost a N370 billion net loss. Investors scurried to monetise capital gains and rebalance their portfolios after major announcements on increased spread of Coronavirus disease (COVID-19) and introduction of containment measures.   The market had […]

Nigerian Oil, Gas Free Zones Attract $20bn Investments

Mar 20, 2020 – Legal News by 

The Nigerian oil and gas free zones have raked in over $20 billion worth of investments since inception and created more than 200,000 direct and indirect jobs. The Managing Director of Oil and Gas Free Zones Authority of Nigeria (OGFZA), Mr. Umana Umana, said on Tuesday at the opening of […]

COVID-19: CBN to inject N1trn to reflate economy

Mar 19, 2020 – Legal News by 

Health sector to get additional N100bn Barely 48 hours after it announced a six-point palliative to ameliorate the continued impact of the coronavirus on the nation’s economy and supply chains, the Central Bank of Nigeria (CBN) yesterday hinted of its plans to provide another N1trillion intervention fund to support key […]

COVID-19: FIRS unveils automated system to block funding gaps

The Federal Inland Revenue Service (FIRS) has unveiled a new Electronic and Automated platform for taxpayers to file transfer pricing declaration and disclosures with a view to block leakage in tax collection in the country. The FIRS made this known in a statement issued by Mr Abdullahi Ahmad, Director, Communications […]

FG to rake in N266bn from 19 enterprises’ sale

Mar 19, 2020 – Legal News by 

The Federal Government will net N266.7 billion from sale of 19 government owned companies this year, the Bureau of Public Enterprises (BPE) has said. The BPE’s Director General, Alex A. Okoh, who revealed this Wednesday in Abuja when the Senate Committee on Privatisation and Commercialisation paid an oversight visit to […]

Nigeria, Others Risk 85% Drop in Oil Revenue, OPEC, IEA Warn

Mar 18, 2020 – Legal News by 

Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas is projected to fall by between 50 per cent and 85 per cent in 2020, reaching the lowest levels in more than two decades. The Organisation […]

Again, Inflation Rises, Moves from 12.13% to 12.20%

Mar 18, 2020 – Legal News by 

James Emejo in Abuja and Nume Ekeghe in Lagos With inflation peaking at 12.20 per cent in February, compared to 12.13 per in the previous month, analysts have urged the federal government to facilitate cheaper domestic credit to the economy. They tasked the federal government to tackle the root causes […]

Enhancing Tax Compliance

Mar 18, 2020 – Legal News by 

With the 2020 Finance Act in force and the federal government’s drive to increase revenue tax experts and policy analysts are advocating for more amicable way of resolving tax disputes to encourage voluntary compliance to by citizens and corporates, writes Peter Uzoho Over the years, taxpayers and tax authorities in Nigeria […]

CBN Unveils Measures to Cushion COVID-19 Impact on Economy

Mar 17, 2020 – Legal News by 

CBN Governor, Mr. Godwin Emefiele   · Cuts intervention loans rate to 5% · Directs banks to restructure tenor · Creates N50bn credit support for healthcare industry James Emejo in Abuja and Nume Ekeghe in Lagos The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday unveiled […]

FCCPC Restates Commitment to Patients’ Rights

Mar 17, 2020 – Legal News by 

Hamid Ayodeji The Federal Competition and Consumer Protection Commission (FCCPC) has restated its commitment to protecting patients’ rights in the country. This, the FCCPC stated exists in instruments such as the nation’s constitution, the Consumer Protection Act, Child’s Rights Act, Freedom of Information Act, National Health Act, the Hippocratic Oath, […]

International Merchants Reject Naira Debit Cards

The naira may yet face another hurdle in the international market as international mer­chants on Monday started re­jecting naira debit cards for transactions, Daily Independent reports. A source informed Daily Independent on Monday that some shoppers began to no­tice the trend at the weekend but development became wor­risome on Monday when […]

PPPRA’s Petrol Landing Cost Drops on Declining Oil Prices

Mar 17, 2020 – Legal News by 

Stories by Chineme Okafor in Abuja The sharp drop in the price of crude oil appear to have temporarily halted the federal government’s expenditure on petrol subsidy, records from the Petroleum Products Pricing Regulatory Agency (PPPRA) have suggested. Following the slump in crude oil price, the PPPRA indicated in its […]

Nigeria earned N416.32bn from solid minerals in 12 yrs – NEITI

Mar 16, 2020 – Legal News by 

The solid minerals sector has contributed N416.32 billion to the Nigeria’s federation revenue in 12 years, the Nigeria Extractive Industries Transparency Initiative (NEITI) has reported. NEITI stated that over half of this figure or N279.0 billion was earned between 2015 and 2018, according to NEITI. According to the agency’s spokesperson, […]

Experts list options for CBN on prudent foreign reserves mgt

Mar 16, 2020 – Legal News by 

As the international crude oil markets continue to exhibit serious volatility following the Coronavirus pandemic and raging price war between Russia and Saudi Arabia resulting in Brent crude price plunging 24%, dropping from US$34.4/barrel on March 9th to US$33.7/barrel on Friday, investment experts have lined up options for the Central […]

We’ll crash crude production cost — Kyari, NNPC GMD

Mele Kyari, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) is a thoroughbred professional. He assumed duties on July 7, 2019 after his predecessor, Dr Maikanti Baru held the position for three years. Fortified with decades of cognate experience, Kyari hit the ground running as there was no need […]

Investors Count Losses as Stock Market Sheds N1.8 Trillion

Mar 16, 2020 – Legal News by 

By Goddy Egene It was a gloomy week for stock investors globally as the Coronavirus fears and slump in crude oil price push markets to their worst weekly performance since 2008 financial crisis. In Nigeria, the risk-off approach by some investors and panic dumping by others led to decline of […]

Shell reports 41% rise in onshore Nigeria oil spills due to sabotage

Royal Dutch Shell’s onshore Nigeria subsidiary saw a 41% rise in the number of crude oil spills due to theft or pipeline sabotage in 2019, the group said in its annual report. Shell Petroleum Development Company of Nigeria (SPDC) also recorded a rise in the volume of oil spilt in […]

Naira Under Pressure …..Investors Convert Assets To Dollar

THE naira is facing one of its toughest times since 2017, the last time it was devalued. The naira was yesterday exchanging at N414 to dollar in the parallel market during the morning hours but recovered later in the evening to N370 to dollar. However, the local currency remained firm […]

CBN insists on no devaluation, threatens to sanction those responsible for false speculations

The Central Bank of Nigeria (CBN) has debunked speculations making the rounds and suggesting that the naira is finally about to be devalued. According to a statement, which was released late Thursday evening and seen by Nairametrics, the apex bank blamed “unscrupulous players in the foreign exchange market” for spreading the rumour.   The […]

Stock market drops below N12 trillion mark, investors lose N456 billion on Thursday

The sell-offs witnessed in the Nigerian bourse persisted on Thursday, as the All-Share index fell by 3.72% to close at 22,695.88. Investors lost about 456.96 billion, as market capitalization fell by the same margin to N11.827 trillion as against Wednesday’s N12.284 trillion. Trading activity level mirrored the Nigerian bourse ASI index as […]

CBN Extends NUBAN to OFIs, Sets March 2021 Deadline for Compliance

Mar 12, 2020 – Legal News by 

Nume Ekeghe The Central Bank of Nigeria (CBN) has extended the Nigeria Uniform Bank Account Number (NUBAN) Other Financial Institutions (OFIs) under its regulation. The Bank disclosed this in a circular posted on its website yesterday,   It stated that the extension of the NUBAN to OFIs would take effect […]

Market Sheds N1.4tr in Three Days as Investors Dump Shares

Mar 12, 2020 – Legal News by 

Goddy Egene The stock market plunged for the third day running yesterday as investors continued to dump shares following panic over the effects of the Coronavirus and declining global crude oil prices. The stock market has depreciated by a whopping N1.4 trillion in the last three days with the market […]

Amidst Oil Price Crash, FG Says No Cause to Panic

Mar 12, 2020 – Legal News by 

Zainab Ahmed   Emefiele: Banking sector credit rises to over N17.4tn NNPC targets production cost reduction Dangote tasks govt on economic diversification Obinna Chima and James Emejo in Abuja The federal government wednesday allayed fears of an economic crisis in view of the effects of the crash in global oil […]

FG Commissions $1bn Nigeria-make Vehicles

Mar 11, 2020 – Legal News by 

The Ministry of Industry, Trade and Investment in collaboration with the National Automotive Design and Development Council (NADDC) has commissioned $1 billion worth of locally-assembled vehicles. The vehicles are locally produced by 17 companies including Coscharis, Nissan, Innoson, Ford and Elizade motors among others, that are pioneering made-in-Nigeria vehicles The […]

Nigeria’s Excess Crude Account Hits $71.81m

Mar 11, 2020 – Legal News by 

Deji Elumoye in Abuja The Accountant-General of the Federation, Ahmed Idris, has given an insight into the nation’s Excess Crude Account (ECA) which got depleted from $324.96 million to $71.81 million as at February 2020. Idris, who spoke at an interactive session with the Senate Committee on Finance yesterday evening, […]

‘Trading of Demutualised NSE Shares to Boost NASD Activities’

Mar 11, 2020 – Legal News by 

Goddy Egene The NASD Plc, the platform where shares of unlisted public limited companies are traded over-the-counter (OTC) is to witness a boost once the process of demutualising the Nigerian Stock Exchange (NSE) is completed. A source close to the NASD Plc said shareholders who may want to trade their […]

Oil Price Moves to $37 after Russia’s Signal on OPEC Talks

Mar 11, 2020 – Legal News by 

House checks impact on the economy •We have no solution to crude oil theft, says NNPC Ejiofor Alike, Peter Uzoho in Lagos and Udora Orizu in Abuja with agency reports Crude oil price moved by around eight per cent yesterday, a day after the biggest rout in nearly 30 years […]

NSE: Market drops by N329.39 billion on Monday, as one stock makes the gainers’ chart

The outbreak of Coronavirus (COVID-19) around the world continues to weigh heavily on investors as it triggered sell-offs of stocks by various investors. All-share index of the Nigerian Stock Exchange, which is the major metric used in measuring Market performance, plummeted by 2.41% to close at 25,647.54 index points compared to its initial […]

CBN gives 15 microfinance banks new licences

No fewer than 15 microfinance banks commenced operations in the country after getting new licences from the banking regulator between February 13, 2019 and December 2019, findings have revealed. The Central Bank of Nigeria had earlier disclosed that the number of microfinance banks licensed in the country stood at 898 […]

FG to review tax exemption for pioneer firms

The Federal Inland Revenue Service has accused some multinationals operating in Nigeria of not paying the required tax to government by lying on their pioneer status to get tax exemption for five years instead of the three years prescribed by the law. It is therefore seeking the support of the […]

European crude trading led by uncertainty, structure and storage amid “carnage”: traders

North Sea crude oil traders were attempting to keep pace with the rapid market swing Monday morning, as they battled to manage uncertainty, read developing paper structures and secure viable storage options in an unprecedented trading environment. Crude oil futures plunged in London during morning trade Monday, as Saudi Arabia […]

We’ve deactivated remaining 2.2m improperly registered SIMs, says NCC

The Nigerian Communications Commission, NCC, has completely deactivated 2.2 million improperly registered Subscriber Identification Module, SIM, cards across Telecommunication networks nationwide. The Executive Vice Chairman, NCC, Prof. Umar Danbatta, made this known in a statement signed by Henry Nkemadu, Director, Public Affairs in Abuja. Mr Danbatta said that the Commission’s […]

Market Recovers from Three-week Losing Streak on Bargain Hunting

Goddy Egene It was a big relief for equities investors last week as the market appreciated due to bargain hunting in the banking sector after three consecutive weeks of losses. The market had been bearish since February and also opened the month of March with continued decline. However, the slide […]

Coronavirus Crashes Oil Price to $30, Halves Nigeria’s Revenue Projection

•Nigerian tests positive to coronavirus in US •NCDC moves to test suspected cases Omololu Ogunmade in Abuja, Martins Ifijeh in Lagos and Yinka Kolawole in Osogbo As Coronavirus (COVID-19) maintains its spread to more countries, forcing lower demand for crude oil and attendant push for production cuts to stabilise prices […]

OPEC+ ‘no deal’ a blow to the market

Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s outcome is a psychological blow for the market, as the steep plunge in oil prices shows. “And the market is now facing the spectre of unrestrained production once the current OPEC+ agreement […]

OPEC agrees on deal to cut 1 mil b/d and ask non-OPEC to cut 500,000 b/d: sources

OPEC has coalesced around a plan to cut 1 million b/d of its own crude oil production and lobby Russia and nine other non-OPEC partners to slash 500,000 b/d of their output for a total reduction of 1.5 million b/d through the second quarter, according to sources familiar with the […]

PwC forecasts volatile outlook for Africa’s capital markets

Mar 6, 2020 – Legal News by 

PricewaterhouseCoopers (PwC), a multinational professional services network of companies, has projected that Africa’s equity capital market (ECM) will sustain its volatile trend in the 2020 financial year amid promising prospects for growth if the authorities do the needful. The projection derives from the poor performance of the ECM last year […]

Charges on deposits, withdrawals above N500,000 take effect April 1

The nationwide implementation of the Central Bank of Nigeria’s cashless policy on deposits and withdrawals above of N500,000 will take effect nationwide from April 1. This was made known in an electronic mail message sent by the Guarantee Trust Bank to its customers on Thursday. According to the message, there […]

Nigerian Stock Exchange Goes Public, Offers 2.5 billion Ordinary Shares in an Unanimous Vote by Members

Mar 5, 2020 – Legal News by 

The Nigerian Stock Exchange (NSE) is going to be publicly listed with an authorized share capital of N1.25 billion, consisting of 2.5 billion ordinary shares at 50k per share, as the NSE’s dealing and ordinary members unanimously voted for the bourse to transform from a member-owned exchange to a publicly-quoted company […]

InfraCredit, USAID Sign Declaration of Partnership, Co-Guarantee N13Billion Bond to Boost Power

Mar 5, 2020 – Legal News by 

The United States government through its Agency for International Development (USAID) and Infrastructure Credit Guarantee Company Limited (InfraCredit) recently signed a Declaration of Partnership for the first-ever bond co-guarantee under a risk-sharing arrangement, to provide increased access to electricity to consumers in Port Harcourt, Rivers State. The N13 billion ($36.1 […]

AfCFTA: Nigeria can generate $537bn yearly from exports – DBN

Mar 5, 2020 – Legal News by 

Managing Director, Development Bank of Nigeria (DBN), Tony Okpanachi has projected that the soon-to-be-implemented Africa Continental Free Trade Area (AfCFTA) holds great economic development potential for Nigeria. Okpanachi believes that regional integration through trade would propel Nigeria’s economic growth by offering preferential access to a much bigger single continental market […]

CBN Unveils Draft Guidelines for MFBs

The Central Bank of Nigeria has released an exposure draft guideline for the regulation and supervision of the microfinance banks (MFBs). The document was posted on the central bank’s website Wednesday.   The Bank had set April 1, 2020, as deadline for MFBs to meet the first stage of the […]

NSE members approve demutualisation of Exchange

Mar 4, 2020 – Legal News by 

Members of the Nigerian Stock Exchange (NSE) have passed a resolution for the demutualisation of The Exchange at a Court Ordered Meeting (COM) and an Extraordinary General Meeting (EGM) held in Lagos. At the COM, members voted and assented to the re-registration of the Exchange as Nigerian Exchange Group Plc; […]

FIRS targets N4trn from oil, gas sector in 2020

Mar 4, 2020 – Legal News by 

The Federal Inland Revenue Service (FIRS) has projected to rake in N4 trillion as tax revenue from the nation’s extractive sector of the Nigerian economy in the 2020 fiscal year. Chairman of FIRS, Mr. Muhammad Nami, disclosed this on Tuesday in Abuja when a team from the Nigerian Office of […]

Europe’s energy giants turn greener, but paths and targets diverge

Europe’s top oil and gas companies, which account for roughly 7% of global crude consumption, have committed themselves to greenhouse gas emission reduction targets which vary in scope, timelines and detail, making them hard for investors to compare. And what does this mean, say, for the carbon footprint of a […]

OPEC February oil output sinks on Libyan unrest, cuts

OPEC oil output dropped in February to the lowest in over a decade as Libyan supply collapsed due to a blockade of ports and oilfields and Saudi Arabia and other Gulf members overdelivered on a new production-limiting accord, a Reuters survey found. On average, the 13-member Organisation of the Petroleum […]

World shipping community confident in Nigeria’s anti-piracy fight

Major stakeholders in the international shipping community have said they are confident of the measures and satisfied with the effectiveness of Nigeria’s efforts to contain piracy and armed robbery on the country’s maritime environment. They also expressed confidence in the abilities of the Director-General of the Nigerian Maritime Administration and […]

Bears sustain pressure on Nigerian Stock Market… ASI down 120bps

The local bourse sustained its downtrend as the All-Share Index dropped 1.2% to 25,816.57 points due to the losses in NESTLE (-10.0%), GUARANTY (-4.6%) and WAPCO (-10.0%). Consequently, the YTD return declined further to -3.8% while investors shaved off ₦218.3bn as market capitalisation fell to ₦13.4tn. Activity level declined as volume and value traded fell […]

Nigeria, Dubai non-oil trade value hits N500bn

Mar 3, 2020 – Legal News by 

The UAE Ambassador to Nigeria, Dr. Fahad Al Taffaq, disclosed that in 2018, the volume of non-oil trade between Nigeria and the UAE was $1.5 billion (N525 billion). The Ambassador made the disclosure during the week at the 2020 Dubai Tourism Road Show in Abuja. Al Taffaq who noted that […]

Stock Market Loses N1.1tn in February

The Nigerian equities market, however, suffered a decline in February with the NSE ASI falling by 9.1 per cent, while market capitalisation shed N1.119 trillion. The market performance in February was negative compared with growth of 7.5 per cent recorded by the NSE ASI and a gain of N1.88 trillion […]

Shell’s Bonga oilfield in Nigeria to undergo maintenance -spokesman

Royal Dutch Shell’s Bonga oilfield in Nigeria will undergo maintenance in March and April, though the impact on production and exact dates are still being finalised, a spokesman said. Shell operates the offshore field via its Nigerian subsidiary SNEPCo. In March, around 153,000 barrels per day (bpd) of crude were […]

Nigeria’s PMI growth slumped in February – CBN

Mar 2, 2020 – Legal News by 

The Central Bank of Nigeria’s (CBN) Purchasing Managers Index (PMI) shows that the manufacturing sector still grew slowly in February, 2020. The PMI in the month of February stood at 58.3 index points, indicating expansion in the manufacturing sector for the 35th consecutive month. However, it is a slow growth […]

NIMASA Set to Tackle Piracy with Multi-million Dollar Vessels

Feb 28, 2020 – Legal News by 

In bid to halt piracy, criminality in Nigeria’s territorial waters and the annual loss of about $2.3 billion to maritime crime, the Nigerian Navy and the Nigerian Maritime Administration and Safety Agency (NIMASA) have taken delivery of two Special Mission Vessels (SMV), an effort they believe will put an end […]

NAGAFF Inaugurates Compliance Team to Check Port Corruption

Feb 28, 2020 – Legal News by 

The office of the Vice President, Western Zone, National Association of Government Approved Freight Forwarders (NAGAFF) has inaugurated a compliance team in order to facilitate trade at Nigerian seaports and check port corruption. Speaking at the inauguration ceremony at NAGAFF headquarters in Lagos, Vice President of NAGAFF Western Zone, Tanko […]

Oil Price Slumps to One-year Low as Covid-19 Reduces Demand

Feb 28, 2020 – Legal News by 

At $52, crude value threatens 2020 budget Ejiofor Alike with agency reports Crude oil price fell for a fifth day thursday to its lowest since January 2019 as a growing number of new Coronavirus, known as Covid-19, cases outside of China fuelled fears of a pandemic, which could slow the […]

Moves To Amend 28-Year-Old CAMA To Promote Financial Stability Scales Second Reading In Senate

MOVE by the Senate to repeal and re-enact the twenty-eight-year-old Companies and Allied Matters, CAMA Act to promote financial stability and to reduce the time and cost of setting up a company, yesterday got a boost as the Bill scaled second reading. A Bill for an Act to repeal the […]

Oil expert: ‘We’re looking at a worst case scenario of a $41 a barrel’

Oil prices tumbled nearly 4% on Monday as investors worried over the impact of the coronavirus spreading outside of China. One oil expert believes that oil is already approaching the “area of the worst-case scenario.” “We’re looking at a worst case scenario of a $41 a barrel on the downside,” […]

NNPC to Double Nigeria’s Domestic Gas Supply, Export Fuel by 2023

Feb 27, 2020 – Legal News by 

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) is to expand its domestic gas footprint with the delivery of the Escravos-Lagos Pipeline System (ELPS) II to double capacity from 1.1 billion standard cubic feet of gas to 2.2 BSCF. A statement by its […]

Nigerian Stock Market sustains losses, investors lost N30.6bn

Sell-offs in MTNN (-3.5%), ETI (-3.9%) and STERLNBA (-6.0%) dragged the All-Share Index 22bps down to 26,974.38 points. This resulted to a slowdown in YTD return to 0.5% while market capitalisation fell ₦30.6bn to ₦14.1tn. Activity level was depressed as volume and value traded plunged 5.5% and 23.0% to 228.4m units and ₦2.7bn respectively. The most active stocks […]

AfCFTA: Stakeholders task FG on pact’s negotiations, implementation

Feb 27, 2020 – Legal News by 

The National Office for Technology Acquisition and Promotion (NOTAP) has saved N240 billion in capital flight in the last seven years, the agency’s Director General, Dr. Dan Azumi Ibrahim, has disclosed. He made the disclosure when the Minister of State, Science and Technology, Barrister Mohammed Abdullahi and the Permanent Secretary, […]

New Report Rules out Naira Devaluation in 2020

Feb 26, 2020 – Legal News by 

A new report has revealed that naira devaluation is unlikely in 2020 despite it being nine per cent overvalued and a deteriorating external position.   The report by analysts at Renaissance Capital (RenCap), one of the leading emerging and frontier markets focused investment banks, has also shown that the Central […]

FG begins process to allow CBN buy all golds from local miners

The Federal Government has begun the process that will make the Central Bank of Nigeria (CBN) buy all the gold from local miners at an international price. This comes some months after the CBN joined forces with Thor Explorations Limited, a Canadian company that sees Nigeria as a new frontier for a gold rush at […]

Capital market to access more tax incentives – FG

The Federal Government has disclosed its plans to introduce more tax incentives that will help boost investments in the Nigerian capital market. This was disclosed by the Honorable Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, during a courtesy call to the Nigerian Stock Exchange (NSE) on Monday, February 24, […]

IEA says virus-hit oil growth outlook lowest in a decade, could go lower

The International Energy Agency’s (IEA) outlook on global oil demand growth has fallen to its lowest level in a decade, IEA Executive Director Fatih Birol said on Tuesday, adding it could be reduced further due to the impact of the coronavirus outbreak. “We certainly see the lowest oil demand growth […]

Fed Govt enforces anti-piracy law

The Federal Government has embarked on measures to ensure smooth enforcement of the new anti-piracy law to stem criminality on the waters. This was made known in Lagos at the Strategic Admiralty Law Seminar for Judges organised by the Nigerian Institute of Advanced Legal Studies (NIALS) and the Nigerian Maritime […]

Oil Price Slumps to $56 as Coronavirus Spreads Globally

* 213 oil blocks currently unallocated in Nigeria, says report Crude oil price tumbled by three per cent yesterday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand. This is coming as a new report by the Nigerian Natural […]

NSE All-Share Index Falls 1.27% as Market Opens on Bearish Note

Feb 25, 2020 – Legal News by 

The Nigerian stock market shed 1.27 per cent yesterday, following losses by banking stocks. Besides, the depreciation was recorded despite the visit of the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed to the Nigerian Stock Exchange (NSE). The minister was on the floor of the exchange and […]

Domiciliary Accounts: Stop Misleading Customers, CBN Tells Banks

Feb 25, 2020 – Legal News by 

The Central Bank of Nigeria (CBN) yesterday warned commercial banks against misguiding their customers with regards to the operation of domiciliary accounts in the country. The CBN gave the warning in a letter titled: ‘Clarification on Operation of Ordinary Domiciliary Accounts,” dated February 24, 2020, that was posted on its […]

NDIC liquidates 427 institutions — official

The Nigeria Deposit Insurance Corporation (NDIC), says it has liquidated 427 financial institutions as at December 2019. Mr John Abiodun, the Assistant Director, Insurance and Surveillance Department, NDIC, said this in Abuja. Abiodun explained that the liquidated institutions comprised 51 Deposit Money Banks (DMBs), 325 Micro Finance Banks (MFBs) and […]

Banks compromising forex, money laundry act by accepting cash deposit of $400,000

Indication emerged weekend that some Nigeria banks managing directors are in active connivance with money launderers, political expose persons and unscrupulous businessmen who now resort to depositing large some of foreign currencies in cash into their domiciliary account. They are said to buy large sums of dollars and other currencies […]

Foreign reserves drop by $1.64bn in five weeks

The country’s foreign exchange reserves continued its downward trend as it dropped by $1.64bn from $38.34bn on January 15, 2020 to $36.69bn on February 20, latest figures from the Central Bank of Nigeria has revealed. The apex bank disclosed that the reserves stood at $38.53bn on January 2, 2020. According […]

Bearish Trading Reduces NSE’s Year-to-date Growth to 2%

Feb 24, 2020 – Legal News by 

The year-to-date growth of the Nigerian stock market measured by the Nigerian Stock Exchange (NSE) All-Share Index (ASI) moderated to two per cent last week as the bears maintained their tight grip on the market. The down trend in the market persisted with the market depreciating four out of the […]

Coronavirus poses risks to fragile recovery in global economy – IMF

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a “highly fragile” projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday. In a note for G20 finance ministers and central bankers, the global lender […]

Nigeria to Begin Online Ship Registration as NIMASA Unveils High-Tech Registration Certificate

Feb 20, 2020 – Legal News by 

In a bid to have a world-class Ship Registry and enhance the Ease of Doing Business in the maritime sector, the Nigerian Maritime Administration and Safety Agency (NIMASA) has concluded plans to set up an automated ship registration process through online and electronic procedure. The Director-General of NIMASA, Dr. Dakuku […]

DMO: Nigeria’s February FGN bond auction ‘oversubscribed by over 284%’

The Debt Management Office (DMO) on Wednesday said its auction of the February 2020 FGN Bond was significantly over-subscribed by about 284.43 per cent. The debt management agency said it offered about N140 billion across three instruments to investors at the auction, namely the 5-Year tenor valued at about N45 […]

World Bank approves $22.2bn for 6 projects in Nigeria

Feb 20, 2020 – Legal News by 

The World Bank yesterday approved six projects, worth $22.2 billion to support Nigeria’s development priorities in key areas of improving immunization and enabling a stronger business environment for the private sector. Others are, expanding the digital economy to promote job creation, and increasing public and private sector capacity on governance […]

Anyaoku Calls for FG’s Utilisation of Capital Market to Fund Infrastructure

Feb 20, 2020 – Legal News by 

Goddy Egene Former Secretary General of the Commonwealth, Chief Emeka Anyaoku has joined stakeholders calling on the federal government to utilise the Nigeria’s capital market to develop the economy. Worried by the high level of infrastructure deficit and inadequacy of government financial resources, many stakeholders have been calling on the […]

Coronavirus prompts a crude rethink

Price forecasts revised lower The outbreak of the coronavirus has had a significant impact on commodity markets, and oil has certainly felt the pressure, with the demand outlook looking weaker as a result. Given expectations for an even larger surplus over the first half of 2020 we have revised our […]

Court upholds CBN’s requirements for Bureau de Change registration

A Federal High Court in Abuja has struck out a suit challenging the Central Bank of Nigeria (CBN)’s June 23, 2014 guidelines for the operation and registration of Bureau de Change in Nigeria. Justice Evelyn Maha dismissed the suit filed by a firm, E E-Flow Bureau de Change Ltd, against […]

FIRS seeks states’ support on N8.5 trillion revenue target

Feb 19, 2020 – Legal News by 

The Federal Inland Revenue Service (FIRS) has solicited the support of the 36 states of the federation in its effort to meet its revenue target of N8.5 trillion this fiscal year. The Executive Chairman of FIRS, Mohammed Nami, made the appeal in Ogun State at the ongoing national tour of […]

Nigeria LNG Signs 10-year LNG Deal with Galp

Feb 19, 2020 – Legal News by 

ABUJA, Feb 15- Nigeria Liquefied Natural Gas (NLNG) has signed a deal with Galp Trading SA for the supply of one million tonnes of LNG per year, the African producer said in a statement on Wednesday. The volumes will be supplied on a delivered ex-ship basis for 10 years from […]

NNPC, JV Partners spend $360 million on Ogoni clean up

The Nigerian National Petroleum Corporation (NNPC) has disclosed that $360 million has been spent on the cleanup of the Ogoni land situated in the Niger Delta region of the country. The disclosure came in a statement released by NNPC’s General Manager, Group Public Affairs Division, Samson Makoji.   NNPC said it had disbursed […]

Investors lose N96.31 billion, as ASI shed 0.67% on Monday

The Nigerian Stock Exchange started the week on a bearish note as the market performance indicators like All share index (ASI) and market capitalisation dropped by 0.67% and N96.31 billion respectively. While the ASI closed at 27,570.94 index points, the Equity market capitalisation closed at N14.36 trillion. In a total of 3,302 […]

FIRS sole collector of stamp duty — FG

The federal government has finally put to bed the controversy over who will collect stamp duty has finally been rested. Henceforth, the Federal Inland Revenue Service (FIRS) will be the sole collecting agency of stamp duty in the country. Before now, the Nigeria Postal Service (NIPOST) had protested to the […]

DMO to Pick Advisers for $3.3bn Eurobond Via Open Bids

Feb 18, 2020 – Legal News by 

Federal Government has said it plans to appoint advisers for a $3.3 billion Eurobond issue through an open competitive bid process and expects to complete an approval process for the sale soon. This fact was stated by the Debt Management Office (DMO). The new Eurobond will be used to partly […]

Emefiele Seeks Structures to Insulate Economy from Oil Shocks

Feb 17, 2020 – Legal News by 

•Says CBN will continue to push private sector credit Obinna Chima   The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has stressed the need to urgently diversify the economy and “create institutional structures that will insulate the economy from oil shocks.” Emefiele also warned that a potential fall […]

OPEC may need further production cuts to balance oil market

The production cuts continued by OPEC may not be enough to stabilise global markets and the oil cartel may have to look cutting crude output by another 0.85 million barrels to balance the market hit hard by the Coronavirus outbreak. According to a report by ICICI Securities, in the worst […]

DPR transfers revoked OML 98 oil asset to NNPC

The Department of Petroleum Resources (DPR) yesterday handed over operatorship of Oil Mining Licence (OML) 98 to the Nigerian Petroleum Development Company, the upstream unit of the Nigerian National Petroleum Corporation (NNPC). The transfer of the asset to NPDC was sequel to the revocation of the licence from Pan Ocean […]

AfDB Refutes W’Bank President’s Comments on Africa’s Debts

Feb 17, 2020 – Legal News by 

Hamid Ayodeji The African Development Bank (AfDB) has faulted a recent comment by the President of the World Bank, David Malpass.   Malpass, was recently quoted as saying some multilateral development banks, including the AfDB, have a tendency to lend too quickly and in the process, add to the continent’s […]

NSE’s market cap shed N152.1 billion as bears take over

Investors in the Nigerian equities market lost about N152.1 billion at end of trading last week. This was attributed to losses recorded in some medium and large capitalized stocks, such as MTN Nigeria, First Bank Holdings, Access Bank, Guinness Nigeria and Nestle Nigeria. Equities market started the week with a capitalisation of […]

CBN Offers Longer-term Naira Contracts to Lure Investors

Feb 14, 2020 – Legal News by 

The Central Bank of Nigeria (CBN) has introduced longer-term contracts on the naira in a move to attract more foreign inflows, shore up its dwindling dollar reserves and stave off a currency devaluation, Reuters report yesterday. The CBN Governor, Mr. Godwin Emefiele, last month said no adjustment of the naira […]

FIRS launches intelligence system to track tax evaders, defaulters

Hard times await tax evaders this year, the Federal Inland Revenue Service (FIRS) has said. The agency has launched a national intelligence gathering system to prevent tax evasion. The system will gather data that will be used to expose tax evaders.   FIRS Executive Chairman Muhammad Nami stated this on […]

Tax waiver: Nigeria lost N1.3trn in 5 years – FIRS

Feb 14, 2020 – Legal News by 

The Federal Inland Revenue Services (FIRS) says Nigeria lost 1.3trillion Naira to granting of tax waivers to companies operating in three sectors of the economy in the last five years. The Chairman of FIRS, Mr Muhammad Nami, disclosed at an investigative hearing organised by the Senate Committee on Finance for […]

Demutualisation will activate idle capital, catalyse growth — Kurfi

Feb 14, 2020 – Legal News by 

As the demutualisation process of the Nigerian Stock Exchange (NSE) nears completion, the Managing Director (MD) of APT Securities and Funds Limited, Mallam Garba Kurfi, said the exercise will boost economic activities and activate idle capital in the market. Mallam Kurfi who expressed this position in his speech at the […]

One billion oil barrels found in North-East, says FG

The Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Wednesday that the nation’s oil and gas sector has worsened as the uncertain fiscal environment put a damper on investment. The minister also disclosed that about a billion barrels of crude oil have been discovered in the North […]

Mele Kyari Harps on Energy Security in Africa

Feb 13, 2020 – Legal News by 

Peter Uzoho The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has called on African countries, particular leaders and oil and gas players in the continent, to focus on providing structures that would ensure energy security for their citizens. He, made the call in Abuja, […]

Equity, banking sectors attract N31.96trn capital inflows in 6yrs

Feb 13, 2020 – Legal News by 

Shares, banking and financing attracted the highest share of the N31.96 trillion ($87.96 billion) worth of investment inflows into Nigeria in six years. The Central Bank of Nigeria’s (CBN) guidelines show that capital importation can be done through an authorised dealer; which is usually a commercial bank, or through a […]

Nigerian Stock Market Maintains Lead in Africa Despite Sell Pressure

Feb 13, 2020 – Legal News by 

Goddy Egene The Nigerian stock market has remained the best performing bourse in the African continent, year-to-date, despite sell pressure that has eroded significant value since the beginning of February. The market had delivered 7.5 per cent appreciation in January 2020, after declining for two consecutive years.   But profit […]

AfDB, Asian Bank, others worsen poor nations’ debt problem – World Bank

  World Bank has alleged that African Development Bank (AfDB), Asian Development Bank, and the European Bank for Reconstruction and Development worsen the debt burden of Nigeria and other countries. This was disclosed by the President of the global lender, David Malpass, at a forum in Washington. In some cases, he […]

Mining: Nigeria, Australia Collaborate to Develop Mining Sector

Feb 12, 2020 – Legal News by 

Nigerian High Commissioner to Australia, Bello Husseni Kazaure has disclosed that the Federal Government  will collaborate with the Australian government to develop several sectors in the country including the mining sector. Kazaure said the decision is part of the outcome of the  2020 Nigeria-Australia Investment Forum which took place last […]

NSE’s Demutualisation Progresses as Members Meet on Share Allotment, Board

Feb 12, 2020 – Legal News by 

Goddy Egene The demutualisation process of the Nigerian Stock Exchange (NSE) is nearing its peak as the members of the exchange will meet on March 3, to approve a change in the name of the exchange and allotment of shares in accordance with the scheme of arrangement. At the court-ordered […]

CBN Injects Additional $210m into Forex Market

Feb 12, 2020 – Legal News by 

The Central Bank of Nigeria (CBN) has once again injected the sum of $210 million into the interbank foreign exchange market to boost liquidity in the sector. The Bank disclosed that of this amount, authorised dealers in the wholesale segment of the market received the sum of $100million, while the […]

NNPC Modifies Crude Swap Scheme

Feb 11, 2020 – Legal News by 

Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) has disclosed that it adjusted its crude oil-for-product swap scheme known now as Direct Sale-Direct Purchase (DSDP), to include not just oil volume allocated for domestic consumption, but also from the volume accruing to the Federal Inland Revenue Services (FIRS)-Petroleum […]

NSE, Meristem List Benefits of Exchange Traded Funds

Feb 11, 2020 – Legal News by 

Goddy Egene Officials of the Nigerian Stock Exchange (NSE) and Meristem Wealth Management Limited, have identified Exchange Traded Funds (ETFs) as a viable investment option for investors, particularly younger players who are new to the capital market. Speaking at a workshop organised by NSE in partnership with Meristem in Lagos, […]

NLNG Cuts Gas Flaring by 20%, Targets 12,000 Jobs

Feb 11, 2020 – Legal News by 

The Nigeria Liquified Natural Gas (NLNG) Limited, says it has reduced gas flaring by 20 per cent. This was even as it disclosed that its Train 7 project was targeting about 12,000 direct jobs during the construction phase. NLNG General Manager, External Relations and Sustainable Development, Eyono Fatayi-Williams, said Nigeria has generated significant […]

Gas Transportation Network Code key to growing gas market — FG

Feb 11, 2020 – Legal News by 

The Federal Government yesterday launched a new National Gas Transportation Network Code (NGTNC) as part of efforts to stimulate the domestic gas market, drive gas-powered industrialisation nationwide. The Minister of State for Petroleum Resources, Chief Timipre Sylva, who announced the formal commencement of the NGTNC implementation at the Nigeria International […]

AMCON’s stake on banks’ toxic loans almost recovered – Chike-Obi

Feb 10, 2020 – Legal News by 

The former Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON),  Mr. Mustafa Chike Obi,  has disclosed that the creation of the corporation did not envisage complete recovery of the bad loan acquired. Even then, he said that despite the huge value of the outstanding debts, the corporation […]

High interest rates top business constraints, says CBN

High interest rates, unfavourable economic climate and insufficient power supply have been identified as the major constraints to businesses in the country. The Statistics Department of the Central Bank of Nigeria said these in its ‘January 2020 business expectations survey report’. Part of the report read, “Respondent firms identified insufficient […]

NNPC Records 16% Increase in Gas Supply for Power Generation

Feb 10, 2020 – Legal News by 

The Nigerian National Petroleum Corporation (NNPC) has said  the daily average natural gas supply to gas-powered plants increased by 16.53 per cent to 645 million (mscfd), equivalent to  generate 2,178MW of electricity in November 2019. Comparatively, the October 2019 gas supply to power averaged 553mmscfd, which could generate 2,050 MW […]

‘AfCFTA Holds Key to Africa’s Economic Transformation’

Feb 10, 2020 – Legal News by 

The President of African Export-Import Bank (Afreximbank) Prof. Benedict Oramah, has declared that the implementation of African Continental Free Trade Area (AfCFTA) will transform Africa to the world’s next economic miracle.  Oramah, noted that Africa should use the AfCFTA, which was conceived to break colonial trade barriers and promote intra […]

Financial Regulations On Remittance Of 25 Per Cent Operating Surplus Null, Void ― CAC Registrar

  As Reps query utilisation of over 99 per cent revenue realised in five years The Registrar General of the Corporate Affairs Commission (CAC), Mr Abubakar Garba, on Wednesday, disclosed that the financial regulations issued by Federal Government on the remittance of 25 per cent operating surplus into the Consolidated […]

Nigeria lost N5.5trn to fraud, cybercrimes in 10 years — Forensic experts

Feb 7, 2020 – Legal News by 

Nigeria is estimated to have lost about N5.5trillion to fraud and cybercrimes in the last 10 years. This figure was given by the Chartered Institute of Forensic and Investigative Professionals of Nigeria’s (CIFIPN’s) protem President, Dr Victoria Enape, during the opening ceremony of a training/ induction programme for the institute’s […]

FG to Raise N25bn Green Bond to Fund Environmental Projects

The Minister of Environment, Dr. Mohammad Abubakar, thursday said the federal government is ready to undertake a third tranche of the green bond programme of up to N25 billion to fund environmental projects. The proceeds of green bonds are exclusively applied to finance or re-finance eligible green projects that align […]

Why NSE is advising stockbrokers to stop applying for new licenses

Nigerian stockbrokers have been advised by the Nigerian Stock Exchange (NSE) to take up dormant licenses or merge with other operators, instead of applying for fresh licenses. This is coming as the NSE’s plans to demutualise and become a quoted company is expected to take effect soon. Come early March of 2020, representatives of the NSE’s 252 dealing members will vote on whether or not […]

Oil flips into contango, indicating months of surplus

  The oil market looks set for at least four months of depressed demand because of China’s coronavirus outbreak, with a large crude surplus not expected to clear at least until August, analysts and traders said. Fears of a virus-related slump in global energy demand have flipped the market into […]

FG to launch new Network Code on gas transportation

Feb 6, 2020 – Legal News by 

The Federal Government is set to launch the Nigerian Gas Transportation Network Code that will grant Open Access to third party use of gas pipelines on a non-discriminatory basis. The National Gas Transportation Network Code will be unveiled next Monday as part of the opening day of the 3rd edition […]

NSE All-Share Index Sheds 1.2% on Continuing Bearish Trading

Profit-taking at the stock market continued wednesday driving the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 1.19 per cent to close at 28,093.76, while market capitalisation shed N174.4 billion to close at N14.4 trillion. The NSE ASI had gained 7.5 per cent, while market capitalisation had added N1.888 trillion […]

Nigeria Eyes N252bn from Privatization Proceeds in 2020

Feb 6, 2020 – Legal News by 

Nigeria’s Finance Minister, Zainab Ahmed, says the Federal Government targets to raise N252 billion from privatization of government assets in 2020. Ahmed disclosed this in an exclusive interview with source at the Udo Udoma and Belo-Osagie’s Second Private Equity Summit & Fundraising and Deal Academy in Lagos, Nigeria. The Minister, […]

As coronavirus rages, oil collapses and OPEC hits panic button

    It’s members and it’s co conspirer Russia has reportedly called for an “emergency meeting“ trying to get ahead of the coronavirus that has created a drastic drop in global oil demand. Not only has demand fallen because of parked planes and trains but over concerns that the coronavirus […]

FG Urged to Prepare for Oil Price Drop

Standard Chartered Bank’s Chief Africa Economist Razia Khan, yesterday advised the federal government to initiate reforms that would prevent the economy from external shocks in the event of a slump in crude oil price. Speaking at the GTR Conference in Lagos, the economist stressed that Nigeria with its demographic and […]

NSE, SEC Enhance Capacity for Efficient Derivatives Market

In a bid to ensure an efficient derivatives market, the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) yesterday organised a capacity building workshop for operators. The workshop, which was on the legal and regulatory requirements of derivatives trading for capital market operators, was put together to […]

World Bank to lower global growth forecast over Coronavirus outbreak

As the deadly disease, coronavirus is spreading all over the world from China, World Bank President, David Malpass has disclosed that the multilateral lender will slow down its global growth forecast. The global growth forecast, according to Malpass, will be revised downwards amid fears that the epidemic will harm global […]

Brexit: Buhari, UK Prime Minister agree on new trade relationship

President Muhammadu Buhari has called for a review of trade relations with the United Kingdom (UK) following the country’s exit from the European Union. According to a State House statement released by Buhari’s media aide, Garba Shehu, the United Kingdom and its old partners in the Commonwealth of Nations now has the opportunity […]

OPEC+ considering further 500,000 bpd oil output cut -sources

OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus, two OPEC sources and a third industry source familiar with discussions said. The Organization of the Petroleum Exporting Countries and allies including […]

SEC DG Harps on Importance of Private Equity Firms for Economic Growth

The acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has stressed the importance of Private Equity (PE) for business and economic growth, saying there are many business opportunities where PE firms can tap into in Nigeria. Uduk stated this at the Udo Udoma & Belo-Osagie […]

Finance act: VP outlines how FG plans to capture multinational firms in tax net

The Federal Government is set to make more revenue in 2020, especially through tax. The government through Vice President Yemi Osinbajo, disclosed that all multinational digital companies operating abroad with significant economic presence in Nigeria will now be subjected to taxation under the new Finance Act. Osinbajo explained that only […]

OPEC curbs, supply risks to buoy oil prices in 2020

Oil prices will remain supported near current levels this year as persistent geo-political risks and OPEC-led output curbs help offset growing supply from other producers, a Reuters poll showed. The survey of 50 economists and analysts, mainly conducted before the coronavirus outbreak, forecast benchmark Brent crude to average $63.48 per […]

LOSING TRILLIONS THROUGH PRODUCTION SHARING CONTRACTS

Iliyasu Gashinbaki canvasses forensic auditing of all PSCs transactions  Nigeria agreed to a deep-water exploration venture with several IOCs to avoid the huge capital required to develop its oil reserves, increase oil production and to leverage on emerging deep drilling technology. This led to the approval of the first set of […]

PMI Grows at Slow Pace in January

The Manufacturing Purchasing Managers’ Index (PMI) stood at 59.2 index points in January, indicating expansion in the manufacturing sector for the 34th consecutive month. In the review month, the index grew at a slower rate when compared to December.    According to the Central Bank of Nigeria’s (CBN) PMI report […]

Stock Market Investors Gain N1.9tn in January

Investors in the Nigerian equities market recorded a growth of N1.88 trillion in their wealth in January while the market recorded a turnover of 9.877 billion shares worth N129.626 billion. Having declined by 14.6 per cent last year, stakeholders were upbeat that the market would recover this year as investors […]

Expert urges Buhari to assent to Data Protection Bill

Feb 3, 2020 – Legal News by 

  A cyber-security expert, Mr. Remi Afon, has urged President Muhammadu Buhari to assent to the Data Protection bill, which was passed by the 8th National Assembly in May 2019. He said the call became necessary as the world marked Data Privacy Day 2020. Afon, who is also the President […]

Nigeria’s economy could grow to $800bn by 2030 — Expert

Jan 31, 2020 – Legal News by 

An economic analyst and managing director, Business Day Media, Dr. Ogho Okiti, has projected that the Nigerian economy’s value could grow to $800 billion within the next decade if the constraining factors undermining its potential are addressed by government. He explained that if the economy grew at an average of […]

CRFFN Begins Collection of N5bn Operating Fees Next Week

Jan 31, 2020 – Legal News by 

The Registrar of CRFFN, Samuel Nwakohu   Eromosele Abiodun Following the conclusion of the integration with the Nigerian Ports Authority (NPA) and the Nigeria Customs Service (NCS), the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) will next week commence the collection of Practitioners Operating Fees (POF) in […]

Brexit: Council adopts decision to conclude the withdrawal agreement

The Council has adopted, by written procedure, the decision on the conclusion of the withdrawal agreement on behalf of the EU. This follows the European Parliament’s vote of consent on 29 January and the signature of the withdrawal agreement by the EU and the United Kingdom on 24 January. The […]

Oil falls to new three-month lows as virus fears grow, OPEC mulls meeting

Oil prices fell more than 2% on Thursday to the lowest in three months on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting. Brent crude LCOc1 was down $1.52, or 2.5%, to […]

Onyema: NSE Committed to MSMEs, Economic Growth

Jan 30, 2020 – Legal News by 

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has said the exchange is commitment of to the growth of start-ups and micro, small and medium enterprises (MSMEs), as part of efforts to grow the nation’s economy. Onyema stated this yesterday, at the launch of NSE […]

15% revenue to GDP target on course – FG

Jan 30, 2020 – Legal News by 

The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, has restated ongoing plans by the Federal Government to achieve revenue to GDP ratio of 15 percent target from the 2023 fiscal year. The minister reiterated the President Buhari-led administration’s determination to meet the target in her remarks at […]

Nigeria: Lekki Port to Berth Vessels of 18,000 Teus When Completed

Jan 30, 2020 – Legal News by 

The management of Lekki Deep Seaport yesterday disclosed that the port would be able to berth ships carrying about 18,000 TEUs when it becomes operational. One TEU is twenty-foot equivalent unit is an inexact unit of cargo capacity often used to describe the capacity of container ships and container terminals. […]

LEKOIL, Otakikpo JV Partners Complete First Crude oil lifting of 2020

Jan 30, 2020 – Legal News by 

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced, on behalf of the Otakikpo Joint Venture which is made up of Green Energy International Limited (“GEIL”), the Operator, and the Technical Partner, LEKOIL Oil and Gas Investments Limited (“LOGL”), a […]

NSE Launches New Board for High-Growth Companies

Jan 29, 2020 – Legal News by 

The Nigerian Stock Exchange (NSE) will today launch its Growth Board(GB) to provide issuers with the opportunity to list, raise long term capital and facilitate liquidity in the trading of their shares on the exchange. With a total of 41.5 million Micro, Small and Medium Enterprises(MSME) operating in Nigeria, the […]

ABCON Urges CBN to Shun Calls for Naira Devaluation

Jan 29, 2020 – Legal News by 

The Association of Bureaux De Change Operators of Nigeria (ABCON), yesterday advised the Central Bank of Nigeria (CBN) not to bow to the pressure to devalue the naira. The President of ABCON, Mr. Aminu Gwadade, said this at the association’s sensitisation meeting with CEOs and Directors of BDCs in Lagos. […]

FG licenses 27 data protection firms, intensifies fight against cybercrimes

Jan 29, 2020 – Legal News by 

The Federal Government has licensed 27 data protection companies to guard against data theft and privacy violation in the country. The Director General of National Information Technology Development Agency (NITDA), Mr Kashifu Inuwa Abdullahi disclosed this on Tuesday in Abuja  during the commemoration of World Privacy Day. Abdullahi said the […]

Afreximbank to launch N300bn medium-term note programme in Nigeria

Jan 29, 2020 – Legal News by 

The African Export-Import Bank (Afreximbank) has signed documents to complete the registration of a N300 billion medium-term note with the Securities and Exchange Commission under the Bank’s local currency programme. The signing ceremony which held yesterday in Lagos is the bank’s first-ever Afreximbank local currency fund raising programme in the […]

CBN Pumps $9.98bn into Forex Market in Q4

Jan 28, 2020 – Legal News by 

•Federally-collected revenue drops to N2.6tn Obinna Chima The Central Bank of Nigeria (CBN) sold a total of $9.98 billion to authorised foreign exchange dealers in the fourth quarter of 2019. The data, extracted from the central bank’s economic report for the fourth quarter of 2019, obtained on its website yesterday, […]

All-Share Index Sheds 0.3% as Equities Market Opens on Negative Note

Jan 28, 2020 – Legal News by 

The Nigerian equities market opened trading for the week on a bearish note as losses by Zenith Bank Plc, FBN Holdings Plc and Unilever Nigeria Plc, among 10 other stocks pushed the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 0.30 per cent to close at 29,552.99. Similarly, market […]

FMBN Seeks Stronger Partnership with States on Affordable Housing

Jan 28, 2020 – Legal News by 

In a bid to deepen the impact of its affordable housing delivery programs to a greater number of Nigerian workers within the low and medium-income bracket nationwide, the Federal Mortgage Bank of Nigeria (FMBN) has solicited for a more robust collaboration with state governments. This includes stronger support and participation […]

Economy Attracted $21.8bn Investments in One Year – NBS

Jan 28, 2020 – Legal News by 

Within a one-year period covering October 2018 and September 2019, the Nigerian economy attracted a total of $21.81bn worth of investments, figures released from the National Bureau of Statistics have shown. The investments inflow, according to an analysis of the NBS capital importation report, came from various sources. They are […]

Banks cut lending rate to woo more borrowers

BANKS are cutting lending rates to woo more borrowers. The measure is to raise profitability and to meet the 65 per cent Loan to Deposit Ratio (LDR) target set by the Central Bank of Nigeria (CBN). They are relying more on lending to grow their profits as yields from government […]

All-Share Index Year-to-date Growth Hits 10.4% as Bulls Remain in Control

Jan 27, 2020 – Legal News by 

The equities market recorded a marginal growth last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 0.03 per cent to close at 29,628.84, while market capitalisation ended at N15.262 trillion.  The marginal growth compares with 0.69 per cent rise of the previous week. However, the year-to-date gain […]

Again, Emefiele Forecloses Possibility of Currency Devaluation

Jan 27, 2020 – Legal News by 

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has again ruled out the possibility of a naira devaluation, amidst the dwindling level of the country’s foreign reserves. He said the Bank would rather continue to sustain existing foreign exchange management and stability currently evident in the […]

Nigeria Secures $2.5bn Gas Pipeline Finance

Jan 27, 2020 – Legal News by 

Stakeholders will sign an agreement with Chinese lenders by Q2 2020 to fund the country’s biggest pipeline project Nigeria will close a $2.5bn financing agreement with Chinese lenders by the start of the second quarter of 2020 to fund the single biggest gas pipeline project in the country’s history, after months of holding talks with China […]

7.5% VAT: Business groups raise concern over unmoved stock, growth

Jan 24, 2020 – Legal News by 

The 7.5 per cent Value Added Tax (VAT) increase will reduce sales and diminish profits, some big manufacturers and small business owners in the country have said.   Speaking exclusively to Daily Trust yesterday, the Vice President of the Abuja Chamber of Commerce and Industry (ACCI) in charge of commerce, Dr. […]

FAAN, NCC Move against Copyright Piracy

Jan 24, 2020 – Legal News by 

The Federal Airports Authority of Nigeria (FAAN) and Nigerian Copyright Commission (NCC) have agreed to work together for the development and implementation of a national anti-piracy strategy to address the sale of pirated books, films, music and other copyright infringing materials in and around the nation’s local and international airports. […]

MPR: Experts forecast CBN’s retention of rate on rising inflation

Jan 24, 2020 – Legal News by 

As the Central Bank of Nigeria’s Monetary Policy Committee meets to decide on the nation’s Monetary Policy Rate in the 2020 fiscal year, money market and economic experts have predicted the likely retention of the key rates in view of the rising general price level in the economy. A financial […]

British company set to acquire more Nigerian oil & gas firms

Months after acquiring a Nigerian oil and gas exploration, British firm, Savannah Petroleum Plc has disclosed its intention to acquire more Nigerian companies in the coming years to expand its footprint in Nigeria and Africa. Andrew Knott, the Chief Executive of Savannah Petroleum said the acquisition of Seven Energy International Limited is just […]

Nigeria, UK Investors Seal N153.4bn Commercial Deals

Jan 23, 2020 – Legal News by 

Nigerian and United Kingdom (UK) investors have sealed commercial deals worth more than N153.4 billion at the inaugural UK-Africa Investment Summit held yesterday in London. Disclosing this in a statement made available to Vanguard, the British Deputy High Commission in Lagos, said that the summit, which was designed to create […]

SPDC’s force majeure on Bonny Light threatens 2020 oil revenue target

Jan 23, 2020 – Legal News by 

The Shell Petroleum Development Company of Nigeria Limited (SPDC), the Royal Dutch Shell’s Nigerian subsidiary, on Wednesday declared force majeure on exports of Bonny Light crude, Nigeria’s largest oil revenue source. The declaration, if prolonged, may negatively affect the 2020 budgetary revenue projections from the oil sector and by implication, […]

SEC Boss Urges Retail Investors to Patronise Capital Market

Jan 23, 2020 – Legal News by 

The acting Director General of Securities and Exchange Commission (SEC), Ms. Mary Uduk, has said the commission has stepped up efforts to encourage retail investors to invest in the capital market in order to create wealth, deepen the market and grow the nation’s economy. Uduk stated this on the sidelines […]

Pipeline Vandalism: Stakeholder collaboration, critical to tame menace – Kyari

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the collaboration of all stakeholders is critical to curbing pipeline vandalism and oil theft, which result in explosions. The Group Managing Director, NNPC, Mele Kyari divulged this during his visit to the Oba of Lagos, His Royal Majesty, Oba Rilwan Babatunde Osuolale Aremu […]

$1.8trn available for investments in Africa — AfDB

Jan 22, 2020 – Legal News by 

The African Development Bank (AfDB) has said the total assets under management alone by pension funds, sovereign wealth funds and the insurance sector in Africa is about $1.8 trillion; monies that can be leveraged on to develop infrastructure in Africa. The President of the Bank Dr. Akinwumi A. Adesina, also […]

Investors Trade N3.7 Billion Shares as Market Pares Gains

Jan 22, 2020 – Legal News by 

Investors staked N3.713 billion on 272.839 million shares in 4,945 deals at the stock market yesterday, even as price losses by bellwethers pushed the market to the negative territory. After opening on positive note on Monday, the market pared gains yesterday with the Nigerian Stock Exchange (NSE) All-Share Index, shedding […]

UK-Africa Summit: Four British Companies Sign Deals with Nigeria

Jan 22, 2020 – Legal News by 

Four British companies Monday signed business deals with Nigeria on the sidelines of the inaugural UK-Africa Investment Summit in London. The deals were among the several others sealed between UK companies and their African partners. In the case of Nigeria, Low Energy Designs won an export contract to install street […]

Economy: IMF & World Bank differ on Nigeria’s growth outlook

On Monday, the International Monetary Fund (IMF) released its Global Economic Outlook where the fund announced it expects global growth to slow in 2020 to 2.9% (World Bank – 2.5%) from an estimated 3.6% in 2019. The fund’s growth projection for Nigeria at 2.5% for 2020 and 2021 is 0.4ppts higher than […]

IMF Holds Nigeria’s 2020 Growth Projection at 2.5%

Jan 21, 2020 – Legal News by 

The International Monetary Fund (IMF) in its World Economic Outlook (WEO) released yesterday, has projected that the Nigerian economy will grow at 2.5 per cent this year and next year, same as it had predicted in its October 2019 WEO. The multilateral institution, in its latest WEO titled: ‘Tentative Stabilisation, […]

NSE All-Share Index Rises 0.31% as Equities Market Opens Positively

Jan 21, 2020 – Legal News by 

A total 22 stocks appreciated to lift the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 0.31 per cent to close at 29,710.56 as the market opened for the week on a positive note. Although Law Union & Rock Insurance Plc led the price gainers’ table, appreciation in the shares […]

Oil Theft Fueled by Insufficient Penalty, Others, Says FG

Jan 21, 2020 – Legal News by 

The federal government has agreed that Nigeria lacked effective penalties to limit the stealing of her crude oil when applied. It also said the other reasons why oil theft has continued to thrive in the country were because of active market for sale of the product, weak measurement mechanism and […]

Devaluation: Experts highlight trends clouding economy’s growth in 2020

The Central Bank of Nigeria (CBN) may eventually devalue the naira in 2020, as experts highlighted several disturbing trends clouding growth prospects in the Nigerian economy. Speaking during the 2020 Nairametrics Economic Outlook Hangout, which held in Lagos over the weekend, financial experts and analysts disclosed that CBN might devalue the naira […]

AfCTA: Expert Urges FG to Sign Cybersecurity Framework

Jan 20, 2020 – Legal News by 

The country’s continued delay to sign the African Union Convention on Cybersecurity and Personal Data Protection framework currently puts it at the risk of economic isolation and may affect its chance of harnessing and maximising the benefits of the African Continental Free Trade Area (AfCFTA) agreement which it recently endorsed. […]

Afreximbank Seals $190m Deal

Jan 20, 2020 – Legal News by 

The African Export-Import Bank (Afreximbank) has signed a term sheet with Made In Africa Inc. (MIA), to provide the company with a $190-million facility to finance the acquisition of African Fabric Holdings BV, Netherlands, also known as Vlisco Group. The facility, broken into two tranches, would also be used to […]

NSE Index Rises 0.7% as Profit Taking Moderates Market’s Appreciation

Jan 20, 2020 – Legal News by 

Goddy Egene Profit taking by some investors moderated the growth of the Nigerian stock market last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.69 per cent to close at 29,618.52.  The gain was lower than the record 9.1 per cent posted the previous week, which […]

Insurers laud NAICOM on recapitalisation deadline extension

Jan 20, 2020 – Legal News by 

The Nigerian Insurers Association (NIA) has said the National Insurance Commission (NAICOM)’s decision to extend the recapitalisation deadline shows it has interest of the market at heart. Recall that in May 2019, the commission increased the capital levels for insurance and reinsurance companies operating in the market as follows: Life […]

Foreign Investors Bought Less Bonds in 2019, Says DMO

Jan 17, 2020 – Legal News by 

Foreign investors cut their participation in Nigerian government bond auctions last year, buying just 4.39 per cent of all bonds issued compared with the previous year when they bought 10.99 per cent, a debt office presentation showed. The debt office said local fund managers bought most of the bonds in […]

NSE Equities Cap N149 Billion as Bulls Return to Market

Jan 17, 2020 – Legal News by 

The bulls returned to the stock market thursday after two days of absence lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by one per cent to close at 29,352.13, while market capitalisation added N149 billion to close at N15.1 trillion. After rallying for many days the market declined last […]

Maritime Can Strengthen Nigeria’s Economy, Says Dangote

Jan 17, 2020 – Legal News by 

Aliko Dangote   The President of Dangote Group of Companies, and Africa’s richest man, Alhaji Aliko Dangote, has identified the maritime industry as a key element in the efforts to re-stimulate the Nigerian economy. Dangote said this in Lagos while commenting on the country’s economic potentials and the vast opportunities […]

Crude Oil: Nigeria’s oil production slips for the third consecutive month

On Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) released its monthly oil market report for December which showed that Nigeria’s oil production dipped to a new low extending 3 months of consecutive decline. Specifically, Nigeria’s daily crude production (excluding condensates) for December 2019 fell to 1.57mb/d from 1.66mb/d in November 2019. […]

Nigeria Set for New Oil Licensing Round

Jan 16, 2020 – Legal News by 

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, (NNPC) Mele Kyari yesterday disclosed that the federal government is ready to launch a new oil licensing round. Kyari also declared that more effort would henceforth be concentrated on the production of Natural Gas Liquids (NGLs) and natural gas, […]

NESG Study Explains Benefits of AFCFTA to Nigeria Economy

Jan 16, 2020 – Legal News by 

The Nigerian Economic Summit Group (NESG) has recently conducted a study on the impact of the African Continental Free Trade Area (AfCFTA) on key macroeconomic variables of the Nigerian economy. According to a statement made available to THISDAY by the Head of Communication, NESG, Yinka Iyinolaka, AfCFTA represents one of […]

Expert Urges Govts, Firms to Guard against Cyber Attacks

Jan 16, 2020 – Legal News by 

Following the increasing rate of global cyberattacks, the President, Cyber Security Experts Association of Nigeria (CSEAN), Mr. Remi Afon, has advised companies in Nigeria to take preventive measures. According to him, in September 2019, an internationally coordinated law enforcement operations spanning the United States, United Kingdom, Nigeria, Kenya, Ghana, France, […]

Monthly foreign exchange inflow rose to $9.84bn –CBN

Aggregate foreign exchange inflow into the economy amounted to $9.84bn in November 2019, showing an increase of 7.5 per cent above the level at the end of the preceding month. The Central Bank of Nigeria disclosed in its 2019 November economic report on foreign exchange flows that it however, showed […]

FG to Issue Guidelines on Implementation of Finance Act

Jan 15, 2020 – Legal News by 

Ndubuisi Francis in Abuja The federal government is to issue guidelines on the implementation process of the Finance Act, which President Muhammadu Buhari signed into law on Monday. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who gave the indication in a statement by her media aide, […]

NSE All-Share Index Falls 1.2% as Market Records First Loss in 2020

Jan 15, 2020 – Legal News by 

The Nigerian equities market recorded its first negative performance yesterday, halting its eight-day bullish streak. Having posted a growth of 10.4 per cent since the beginning of the year, the stock market pared gains yesterday, making the Nigerian Stock Exchange (NSE) All-Share Index to shed 1.2 per cent to close […]

Report: Banks Mull Loosening Household Credit Scoring Criteria

Jan 15, 2020 – Legal News by 

Lenders expect to loosen their respective credit scoring criteria to shore up the proportion of approved households’ loan applications this quarter. The Central Bank of Nigeria (CBN) disclosed this in its ‘Credit Condition Survey Report for the Fourth Quarter of 2019,” obtained on Monday. According to the report, last quarter, […]

Bright Prospects for Stock Market

Jan 15, 2020 – Legal News by 

Given the 2020 plans and strategies unveiled by the Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema for 2020, the stock market has prospects to sustain the positive performance observed since the beginning of this year, writes Goddy Egene Given the performance of the Nigerian stock market […]

Buhari Signs Finance Bill into Law

Jan 14, 2020 – Legal News by 

By Omololu Ogunmade in Abuja President Muhammadu Buhari on Monday in Abuja signed the 2020 Finance Bill into law. The president’s media adviser, Mr. Femi Adesina, in a statement, recalled that Buhari, while presenting the 2020 Appropriation Bill to the National Assembly late last year, made the presentation along with […]

NSE Targets New Products to Attract Investors

Jan 14, 2020 – Legal News by 

The Chief Executive Officer (CEO) of Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday said the stock market would introduce new products to target more investors in 2020. Reviewing the performance of the market in 2019 and projecting outlook for 2020, Onyema said in Lagos that efforts would be made […]

Banks to recover N6.125 trillion loan from oil firms

Commercial banks in Nigeria are set to begin the recovery of N6.125 trillion borrowed by oil firms to braze themselves amidst the sector’s recapitalization fears. The banks have reportedly issued correspondences to oil firms, marginal filed operators and downstream operators, as debts in the sector, according to a 2018 CBN financial stability […]

Nigeria Preaches Energy Integration for Africa at Upcoming Parley

Jan 14, 2020 – Legal News by 

Chineme Okafor in Abuja Nigeria would be seeking to get the rest of Africa to focus on integrating their energy resources for development at the upcoming 2020 edition of the Nigeria International Petroleum Summit (NIPS), organisers of the parley have said. Brevity Anderson which is the event organizer, explained in […]

ABCON Cautions FG against ‘ECO’ Currency

Jan 13, 2020 – Legal News by 

Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the federal government to be wary of the involvement of France in the Eco currency arrangement. Giving this advice in a statement, ABCON’s President, Aminu Gwadabe said Nigeria should critically examine the role of France in the ‘Eco’ currency project before […]

Banks Brace for CBN’s Fresh Recapitalisation Plan

Commercial banks are preparing ahead of a possible announcement of a new recapitalisation plan by the Central Bank of Nigeria (CBN) this year, Thisday reports. THISDAY gathered that most banks have gone far beyond the N25 billion minimum capital requirement and are strategising to raise Tier 2 capital. As part […]

Insurance Regulator to Prepare Operators ahead of IFRS 17 Adoption

Jan 13, 2020 – Legal News by 

The National Insurance Commission, (NAICOM) has said it will this year intensify effort in preparing operators for total adoption of International Financial Reporting System (IFRS) 17, an advanced of IFRS 4 which the industry had adopted. The commission also disclosed that it would more than double efforts so as to ensure […]

All-Share Index Rises 9.1%, Records 2-year Highest Weekly Gain

Jan 13, 2020 – Legal News by 

The Nigerian equities market recorded the best weekly performance in two years following sustained bargain hunting by investors.  The Nigerian Stock Exchange (NSE) All-Share Index rose 9.1 per cent to hit 29,415.39, while market capitalisation rose by 16.5 per cent to N15.175 trillion last week.   The last time the […]

Banks’ Deposits with CBN Hit N3.17tn in nine Months

Jan 13, 2020 – Legal News by 

The Central Bank of Nigeria has recorded N3.17tn deposits from 11 commercial banks in nine months. Data obtained from the financial statements of the commercial banks listed on the Nigerian Stock Exchange showed that the deposits were made between January and September 2019. Mandatory reserve deposit is not available for […]

NSE CEO to Review Market Performance, Unveil Plans for 2020

Jan 10, 2020 – Legal News by 

Goddy Egene The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema will on Monday lead other members of the executive committee of the exchange to review the performance of the market last year and unveil plans for this year. According to the exchange the presentation to […]

Investors Gain N1.1tn as Stock Market Sustains Bullish Performance

Jan 10, 2020 – Legal News by 

Goddy Egene Renewed demand for shares by investors at the stock market continued yesterday, further lifting the total gains by N197 billion to hit N1.062 trillion since the beginning of trading this year. The market capitalisation of the Nigerian Stock Exchange (NSE) had closed 2019 at N12.958 trillion.   However, […]

Borrowing rates may fall, says CBN report

A recent consumer survey by the Central Bank of Nigeria showed that members of the public expected a fall in the cost of borrowing this year. The statistics department of the CBN stated this in its ‘Consumer Expectations Survey’ report for the fourth quarter of 2019. Highlights of the Q4 […]

Nigeria, Others Secure AfDB’s $20m to Improve Renewable Energy

Jan 9, 2020 – Legal News by 

Nigeria, alongside other Sub-Saharan African countries, has secured $20 million investment in the Metier Sustainable Capital International Fund II from the African Development Bank (AfDB). Purpose of the funds: The funds would be channelled towards improving renewable energy and resource-efficient infrastructure projects in Nigeria and other Sub-Saharan African countries. The bank made known that the fund […]

Amended Law To Empower Private Liability Companies — CAC

The Corporate Affairs Commission has said the Companies and Allied Matters Act Amendment Bill, which is awaiting the assent of the President, Major General Muhammadu Buhari (retd.) will strengthen its supervisory and regulatory powers. The acting Registrar-General, CAC, Hajiya Saratu Shafii, said this on Wednesday in Abuja during an interaction […]

AfCFTA: Port reforms underway, says NPA boss

A head of the implementation of the African Continental Free Trade Area (AfCFTA) Agreement in July, the ports are undergoing infrastructure reforms. This is to allow free movement of business travellers and investments, while creating a continental Customs Union to streamline trade and attract long-term investments. The Managing Director, Nigerian […]

Equities Investors Excited as Market Gains N471bn in Three Days

Goddy Egene Equities market are having a good time as the market has gained N471 billion in three days following renewed demand for stocks by bargain hunters. Continuing demand for shares as investors took advantage of low prices, has seen the market capitalisation rise by N768 billion between Monday and […]

CBN retains banks’ deposits ratio at 65%, gives incentive lending on SMEs

Jan 9, 2020 – Legal News by 

The Central Bank of Nigeria (CBN) has retained banks’ deposit ratio at 65 percent citing rising real sector loans by banks as the reason. CBN announced this in a circular signed by Ahmad Abdullahi, the Director of Banking Supervision, to all banks dated 7th January 2020 titled: ‘’Re: Regulator Measures […]

DMO open January savings bond offer

Jan 8, 2020 – Legal News by 

The Federal Government has through the Debt Management Office opened the January savings bond offer to investors. The DMO on Monday offered a two-year and three-year savings bonds for subscription. The DMO said in a circular that the bonds were backed by the full faith and credit of the Federal […]

FG Ties Cargo Clearance To Payment Of CRFFN POF

THE Federal Government, yesterday, said that henceforth, the payment of Practitioners Operation Fee, POF, will now be required to take delivery of cargoes from the ports. Disclosing this stakeholder’s meeting in Lagos, Registrar of the Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, Mr. Sam Nwakohu said that […]

Stockbrokers: Tax Incentives Imperative for Improved Savings, Investments

Goddy Egene The federal government has been called upon to set up an independent council to be made up of banks, stockbrokers, mortgage institutions, insurance companies and pension fund administrators (PFAs), to effectively coordinate the moblisation of savings in the country. The Chartered Institute of Stockbrokers (CIS) which made the […]

Analysts Seek Speedy Reforms in Oil Sector to Boost Investments

Peter Uzoho Analysts have called for speedy reforms in the oil and gas sector to boost investments in 2020, stressing that the apparent reluctance of the federal government to implement reforms such as the downstream sub-sector deregulation threatens the economy and may hamper investments. Analysts at Cordros Capital Limited, a […]

NSE All-Share Index Rises 2.1% as Equities Market Records Further Gains

Goddy Egene The stock market continued with its positive performance yesterday, recording another appreciation. Having gained about 2.1 per cent last week, the market opened this week with a growth of 1.38 per cent as the Nigerian Stock Exchange (NSE)All-Share Index rose to 27,339.68, while market capitalisation added N179.1 billion […]

Company tax: FG to exempt firms earning less than N25m

The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax. Currently, all companies are expected to pay the Federal Government 30 per cent of their profit as Companies Income Tax. However, the Minister of Finance, […]

Oil Tops $70 over Middle East Tensions

•OPEC output slips as Nigeria, Iraq improve on compliance Ejiofor Alike with agency reports Crude oil prices rose over one per cent yesterday, pushing the global benchmark, Brent above $70 per barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a US […]

CBN Releases Non-Naira Transaction Guidelines, Security Management Framework

The Central Bank of Nigeria, CBN, has released the Nigerian Payment Systems Risk and Information Security Management Framework to guide the management of risks associated with payment systems in the country. The CBN released the guidelines on its website on Monday and said one of the objectives of the framework […]

Hope of Recovery Rises as Stock Market Gains N267 Billion

\Goddy Egene The Nigerian equities market gained N266.6 billion last week, thereby raising hope that the market will recover in the new year, after a decline in 2019. The market ended last year negatively as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 14.6 per cent. Many stocks […]

SEC DG Calls for Partnership, Cooperation for Capital Market Growth

Goddy Egene The acting Director General of Securities and Exchange Commission (SEC), Ms. Mary Uduk has called for more partnership and cooperation among regulators and operators in the nation’s capital in order to take the market to lofty heights. Uduk stated this in a New Year message to market operators […]

NNPC Declares N13.23bn Surplus for October

Peter Uzoho with agency report The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of N13.23billion in October 2019. This represented an increase of 54 per cent compared to N8.59 billion surplus posted in September 2019. The corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for […]

Manufacturing Sector Expands By 60.8 Points In December – CBN

Jan 4, 2020 – Legal News by 

The Central Bank of Nigeria (CBN) has said that the Purchasing Managers Index of Nigeria’s manufacturing sector stood at 60.8 index points in December, indicating a 33-month consecutive expansion. The PMI Survey report released on Monday by the apex bank stated that the index grew at a faster rate when […]

Continental Trade: Nigeria, Six Others to Link Stock Exchanges

Jan 3, 2020 – Legal News by 

Seven African countries under the aegis of African Securities Exchanges Association (ASEA) are working toward integrating their stock exchanges by the first quarter of 2021 to boost securities trading in the continent. According to Global Financial Digest, the move will enable stockbrokers from Nigeria, South Africa, Morroco, Egypt, Kenya, Mauritius, […]

 
 
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