News & Insights

News & Insights

News & Insights

UN Panel Seeks Punishment For Lawyers, Accountants Enabling Financial Crimes

  The United Nations high-level panel on International Financial Accountability, Transparency and Integrity (FACTI) has called for punitive measures against bankers, lawyers and accountants enabling financial crimes.   Ibrahim Mayaki, FACTI co-chair and former prime minister of Niger, made the call on Thursday, during the launch of the […]

Trade Area, (AfCFTA) , led by its Secretary,

    Francis Anatogu, in Abuja. Ogah, in a statement noted that Nigeria has over 44 minerals in commercial value which could lead to the industrialisation of Africa, stating: “globally, Nigeria is blessed in terms of minerals.” He said the ministry was working at ensuring that no mineral […]

FG Seeks Asset Manager for N15tn Infraco Fund

      *PwC, KPMG, others apply to be transaction advisers   The federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.   President Muhammadu Buhari about […]

PIB ready in 2 months –Senate •Says deregulation inevitable

  The Chairman, Senate Committe on Petroleum Industry Bill(PIB), Senator Sabo Mohammed Nakudu, has assured the nation that the National Assembly (NASS) would pass the much-awaited PIB in next two months. He gave the assurance in Lagos yesterday during the visit of the National Assembly Joint Committee on PIB […]

Gulf of Guinea: Report urges FG to enlist private security companies to fight pircacy

A maritime intelligence company has urged Nigeria to enlist the support of private companies to tackle rampant piracy in its waters.       A report by maritime research agency, Dryad Global has urged the Federal Government to enlist the services of private security contractors in the fight against piracy […]

Local content: DPR Advises Nigerians to Invest in Oil and Gas Production

Feb 24, 2021 – Legal News by

  Mr Auwal Sarki, the Director, Department of Petroleum Resources (DPR), has urged Nigerians to invest in the downstream oil and gas sector to boost the country’s crude oil production capacity. He made the remark in Ogbele community, Ahoada East Local Government Area of Rivers, at a meeting with the […]

NNPC Extends Crude Oil Swap Contracts till June

      The Nigerian National Petroleum Corporation (NNPC) has extended until June its contracts with private companies to swap crude oil for fuels, Reuters quoted a company spokesman, as saying yesterday.   That’s the second extension of the one-year contracts to exchange more than 300,000 barrels per day (bpd) […]

Nigeria Has N58tr Export Gap For Leather, Others — Report

  Nigeria Export Promotion Council (NEPC)   Nigeria can earn an extra $153.7 billion (N58.58 trillion) from export of leather, rubber, sugar and soya under the federal government’s Zero-oil Initiative. This was part of a report commissioned by the Nigeria Export Promotion Council (NEPC), conducted by Ernst and Young (EY), […]

Stock Market Reverses N1.1tn Gain, Slip into Negative Territory

      Goddy Egene The nation’s stock has reversed the gains of N1.124 trillion recorded in January and has now slipped into negative territory, posting a year-to-date(YTD) decline of 0.2 per cent. Having gained N8 trillion in 2020, sustained demand made the market to gain N1.124 trillion in the […]

G7 says to counter ‘non-market’ policies from China to ensure free trade

  Group of Seven leaders on Friday said they would seek a collective approach to China to counter “non-market oriented” policies and practices and to ensure a fair multilateral global trade. “With the aim of supporting a fair and mutually beneficial global economic system for all people, we will engage […]

Buhari Assents Reduction Of 30 Per Cent Import Duty On Vehicles

      President Muhammadu Buhari has assented to the reduction of import duty on passenger transport vehicles by 30 per cent.   The reprieve also includes zero or free import duty on aviation engines and spare parts.   The directive, according to a circular from the Nigeria Customs Service […]

Cryptocurrency ban in Nigeria: CBN, SEC to provide level field for investments

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market. They said this at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in […]

CBN Directs Banks To Open Dollar Account For Remittances

      The Central Bank of Nigeria (CBN) has mandated commercial banks to open new dollar account with offshore lenders for receiving international money transfers.   The directive was disclosed by WorldRemit- an International Money Transfer Operators (IMTO) player to its clients.   The new directive on dollar account […]

IMF Backs CBN On Cryptocurrency Suspension

        The International Monetary Fund (IMF) has confirmed some of the crypto currencies were being used for money laundering and drugs trafficking.   This corroborates what the Central Bank of Nigeria (CBN) has been saying about Cryptocurrency transactions in the country.   The IMF Resident Representative for […]

Nigeria To Sell Refineries, ICC, 34 Others [FULL LIST]

      The Nigerian government is proposing to sell or concession no fewer than 36 of its properties to raise funds, largely to finance the 2021 budget.   These properties cut across energy, industries, communication and infrastructural sectors.   They are expected to be sold or concessioned between January […]

Expert calls for all inclusive implementation of NPPM

A MARITIME expert has said that for Nigerian Port Process Manual, NPPM, to be seen as a document of high value beyond the paper on which it was printed, its initiators and drivers must continually practice an all inclusive implementation mode devoid of personal interest and overbearing influence of government […]

FG to concentrate more on tax compliance in 2021 – Finance minister

  Philip Clement, Abuja Minister of Finance, budget and National Planning, Mrs. Zainab Ahmed says asides revenue target, the federal government will channel more energy towards tax compliance. Mrs Ahmed stated this at the virtual economic outlook conference organised by Delloite, an audit, consulting and corporate finance company.   The […]

EU to seek fossil fuel phase-out in energy charter treaty talks: document

  The European Union’s executive will push for a 10-year phase-out of the protection for fossil fuels under an international energy treaty, following calls from some countries to quit the accord unless it can be aligned with Europe’s climate goals. The more than 50 signatories to the Energy Charter Treaty […]

Shell Reports Nigeria To W’Bank Panel Over Oil Spill Dispute

      Royal Dutch Shell Plc along with its Nigerian subsidiary, the Shell Petroleum Development Company (SPDC), has launched arbitration proceedings against the federal government over a long-running dispute with a Rivers community.   The oil major’s Netherlands-registered holding company and SPDC filed the case at the World Bank’s […]

Clear Crypto Rules Urgently Needed As Major Companies Embrace Asset – US SEC Official

      WASHINGTON (Reuters) – A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said.   Hester Peirce, a Republican commissioner at the agency, also […]

IMO Secretary General backs Nimasa Marine Litter Action plan

          The Secretary General of the International Maritime Organisation (IMO), Kitack Lim, has said that the NIMASA Marine Litters and Micro Plastic Action Plan would provide major support to ensure a clean and healthy ocean ecosystem not only in the Nigerian coastline but the entire region. […]

Local content regulation adoption transforming Nigeria’s economy – DG NITDA

    By Chinenye Anuforo The Director General of National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi has said that regulating indigenous content development and adoption is one of the strategic pillars that is transforming Nigeria’s economy, as well as putting the country on the right track in […]

Identification: CBN Directs Banks To Accept Travel Documents, Refugee ID Card

        The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to, henceforth, accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card, as means of identification for financial transactions.   The directive was given by Dr Kevin Amugo, Director, Finance Policy Regulation […]

Stockbrokers renew calls for CISIM Bill

   By Chinwendu Obienyi The Chartered Institute of Stockbrokers (CIS), has again urged the National Assembly to pass the Chartered Institute of Securities and Investment Management (CISIM) Bill in order to enhance global competitiveness in Nigeria’s capital market. This was even as it said the Federal Government’s borrowing […]

SEC unveils new guidelines for collective investment scheme

As NSE lists Briclinks Africa N10m shares on Growth Board   The Securities and Exchange Commission (SEC), has released general rules for Collective Investment Schemes, prescribing that all units/securities of a collective investment scheme shall be registered by the Commission.     The rule, which is on the Commission’s website, […]

Oil Production: NNPC seeks stakeholders collaboration for cost optimisation

As a move to achieve $10 per barrel crude oil production cost, the Nigerian National Petroleum Corporation, NNPC, has insisted on stakeholders’ collaboration in the oil and gas industry. The Group Managing Director of NNPC, Mallam Mele Kyari, made the call Tuesday, during the launch of the Nigerian Upstream Cost […]

Court Dismisses Case Against CBN’s Directives On Charges

Feb 10, 2021 – Legal News by

 *Says CBN Current Account Maintenance Policy Is Lawful   The Federal High Court sitting in Abeokuta, Ogun State, has dismissed a suit instituted by a legal practitioner, Mr. Olumide Babalola, challenging the Central Bank of Nigeria (CBN) policy on Current Account maintenance fee contained in the […]

40 Million SMEs To Benefit From AfCTA — Minister of Trade

  At least 40 million Small and Medium Enterprises (SMEs) are expected to benefit from the African Continental Free Trade Agreement (AfCTA) which Nigeria is a signatory to.   This was made this known by the Minister of Trade, Industry and Investment, Mr Niyi Adebayo, during an interactive […]

PIB Passage Will See Changes to Oil Companies’ Taxes, Says Ahmed

 Minister of Finance, Mrs. Zainab Ahmed   By Nume Ekeghe The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the passage of the Petroleum Industry Bill (PIB) currently being considered by the National Assembly will lead to changes to taxation in the industry and […]

IMF advises CBN to unify exchange rates

   From Uche Usim, Abuja The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to take a gradual and multi-step approach towards establishing a unified and clear exchange rate regime with the near-term focus on allowing for greater flexibility and removing the payments backlog. […]

Cryptocurrency ban’s to protect Nigerians, financial system — CBN

The Central Bank of Nigeria (CBN) yesterday said its decision to ban the use of cryptocurrencies in the country is to protect Nigerians and the nation’s financial system from the illegal nature of such currencies and the inherent risks associated with them. Recall that on Friday, the CBN ordered banks […]

SEC Releases Rule On Registration For Nominee Function

    The Securities and Exchange Commission (SEC) has released new rules for firms operating as nominees.   The new rules require all persons not registered by the commission as custodians, carrying on the business of nominee and holding securities including equities, money market and fixed income securities, […]

CBN Seeks to Lure Portfolio Investors with Higher Yields

      Obinna Chima Indications have emerged that the Central Bank of Nigeria (CBN) could be considering wooing foreign portfolio investors (FPIs) back into the fixed income market with higher yields. The move is also expected to improve the country’s forex liquidity. Standard Bank revealed this in its latest […]

NLNG Earned $108bn, Paid $35bn Dividends In 21 Yrs

    The Nigeria Liquefied Natural Gas (NLNG) Limited said it has delivered 5000 gas cargoes to parts of the world earning $108 billion revenue while paying $35bn dividends in its 21 years of operation. The General Manager, External Relations […]

Nigeria records $5.1bn portfolio investments

   Nigeria recorded about $5.1bn portfolio investments in the first nine months of 2020. Figures obtained from the National Bureau of Statistics revealed that while there was a significant investment of $4.3bn investments in the first quarter, investments in the second and third quarters reduced to $385.32m and […]

‘New transport policy to unlock Nigeria’s maritime potential’

    Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman (left); Representative of Chairman, Senate Committee on Marine Transport, Senator Danjuma Goje, Senator Ibrahim Yahaya; Permanent Secretary, Federal Ministry of Transportation, Dr. Magdalene Ajani; Chairman, House of Representatives Committee on Maritime Safety, Education, and Administration, Hon. Lynda Ikpeazu;Managing Director, […]

SEC Releases New Rules On Collective Investment Schemes

      The Securities and Exchange Commission (SEC) has released general rules for Collective Investment Schemes (CIS) prescribing that all units/securities of a collective investment scheme shall be registered by the Commission. The Rule which is on the Commission’s website, also states that all units/securities subject to registration by […]

Kyari: African Leaders Must Leverage Technology for Energy Sufficiency

      By Emmanuel Addeh The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has urged African leaders to leverage emerging technologies and innovation to curtail the energy poverty in the continent. Kyari, who made the comment at the first quarter 2021 Public Lecture […]

Banks’ NPL loan ratio rises above CBN limits

  By Chinwendu Obienyi The Non-performing loans (NPLs) ratio for Nigerian banks worsened in 2020 as it blew past the Central Bank of Nigeria (CBN)’s regulatory limits of five per cent to close at six per cent at the end of December 2020. This was contained in the apex bank’s […]

DMO calls for investments in FGN Savings Bond

  The Debt Management Office (DMO) on Monday called for investments in the Federal Government of Nigeria (FGN) Savings Bond with two-year tenure and three-year tenure. The bond, DMO noted, is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets […]

Nigeria has $900bn dead capital in real estate, agric-PWC

Nigeria  holds as much as $900 billion worth of dead capital locked up in residential real estate and agricultural land, including federal government’s abandoned properties estimated at N230 billion, said PWC Nigeria. Dead capital refers to  unregistered real property, and is considered lost value because the landholder is unable to […]

Dutch court orders Shell Nigeria to pay for oil spills in Niger Delta

 A Dutch appeal court has ruled that the Nigerian arm of Royal Dutch Shell, a British-Dutch oil company, pay for damages caused by oil spills in the Niger Delta. Four farmers had sued Shell […]

AMCON pushing to recover N4.4tn debt

  Asset Management Corporation of Nigeria (AMCON) says it is pushing hard to recover the N4.4 trillion debts owed the company in failed financial institutions it took over its liabilities. Mr Jude Nwauzor, Head, Corporate Communications Department of AMCON, said this on Thursday in Enugu while briefing journalists on enforcement […]

NCC Moves to Curb Data Depletion, Faulty Deductions

    Garba Danbatta   Emma Okonji The Nigerian Communications Commission (NCC) has stepped into all cases of data depletion and wrong deductions of consumers’ credit through an ongoing forensic audit instituted by the Commission. The Executive Vice Chairman of the NCC, Prof. Umar Danbatta, stated this while receiving ‘Man […]

AFCFTA: FG pushes ECOWAS brown card scheme Read more at: https://www.vanguardngr.com/2021/01/afcfta-fg-pushes-ecowas-brown-card-scheme/

As Nigeria settles down to the implementation of the African Continental Free Trade Area, AFCFTA, the Federal Government, FG, is pushing for the full implementation of the Economic Community of West African States, ECOWAS, Brown Card Insurance Scheme to guarantee prompt compensation to victims of road accidents within ECOWAS member […]

Nigeria Redeems $500m Eurobond

  The Federal Government has released $500 million to redeem matured January 2021 Eurobond.     The Debt Management Office (DMO) confirmed that “Nigeria’s 6.75% US$500 million January 2021 Eurobond which matures on January 28, 2021 will be redeemed. For this purpose, funds have been made available”.   […]

EU Moves to Take Control of Maritime Security in Gulf of Guinea

  Eromosele Abiodun After all efforts by governments around the Gulf of Guinea (GoG) to stop piracy, kidnapping for ransom and organised crime failed, the European Union (EU) has announced the launch of the pilot case of the Coordinated Maritime Presences (CMP) concept in the vast area. This 

N20trn shipping revenue hinges on cabotage law implementation

  By Steve Agbota, styvenchy@yahoo.com 08033302331 The Coastal and Inland Shipping Act 2003, otherwise known as Cabotage Law, came into force in 2004. The primary aims of the law is to reserve the commercial transportation of goods and services within Nigerian coastal and inland waters to vessels flying the Nigerian flag, owned […]

AfCFTA: OPS Pledges to Collaborate with FG

   Members of the organised private sector in Nigeria (OPSN) have pledged to work closely with the federal government on the implementation of the African Continental Free Trade Area (AfCFTA) agreement. They made the pledge Monday, during the formal handing over of the leadership of the OPS from […]

CBN Opposes Lockdown, Retains Interest Rate At 11.5%

   The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday urged the Federal Government not to consider another round of lockdown.   CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021.   The CBN […]

Senate President lists benefits of PIB as public hearing on the bill opens

Ahmad Lawan has listed the benefits of the PIB presently before the National Assembly for consideration.     The President of the Senate, Ahmad Lawan, has said that the Petroleum Industry Bill (PIB) which is presently before the National Assembly for consideration and passage will ensure that Nigerians benefit optimally […]

AfDB to commit $12.5 billion to climate finance

The AfDB has announced that it will fund climate finance in Africa with an additional sum of $12.5 billion.       The African Development Bank has announced that it will fund climate finance in Africa with an additional sum of $12.5 billion. This was disclosed by the President of the AfDB, […]

Data protection: NITDA urges stakeholders to submit report

    From Benjamin Babine, Abuja The Director General of the National Information Technology  Development  Agency (NITDA), Mr. Kashifu Abdullahi, has called on data controllers and processors in the country to comply with the March 15, deadline for the filing of Annual Data Audit Report. The DG who restated this during the […]

CBN disburses N1.8trn for developmentt financing

The Central Bank of Nigeria, CBN, said it disbursed N1.79 trillion for financing development in nine schemes from January to September 2020. This is contained in the apex bank’s October 2020 Economic Report released last weekend. Analysis of the report shows that out of the amount disbursed, N1.19 billion was […]

Corporate Deals soar as Nigeria records $4.3 billion in 2020

   By Henry Uche Nigerian owned businesses and businesses operating in Nigeria recorded over 106 corporate deals valued at over $4.3 billion (N1.63 trillion) in 2020. This data was according to newsletter from Nigerian Investment Promotion Commission, NIPC quoting Nairametrics. Nigeria’s investment climate was precarious in 2020 […]

CBN To Stop Exporters With Unrepatriated Proceeds From Banking Services By Jan 31

  The Central Bank of Nigeria (CBN) has directed banks to deny exporters with unrepatriated export proceeds from accessing all banking services by January 31.   The apex bank issued this directive in a circular sent to banks in the country.   Affected exporters are expected to […]

$1.1bn OML 17 development, operations will boost Local Content — Rewane

THE $1.1 billion Oil Mining License, OML, 17, deal, undertaken by TNOG Oil and Gas Limited, a related company of Heirs Holdings and Transcorp will enhance Local content development in Nigeria’s oil and gas industry. In an interview with British Broadcasting Corporation, BBC, monitored by Vanguard, Mr. Bismarck Rewane, an […]

FG Approves Guidelines For Executive Order 5

The Minister of Science and Technology and leader of the South-East zonal caucus of the APC, Dr Ogbonnaya Onu   The federal government has approved the guidelines for the implementation of the Executive Order 5, the Minister of Science and Technology, Dr. Ogbonnaya Onu has disclosed. The Order places […]

Ecowas Court Issues 2020 Judicial Statistics

  The ECOWAS Court of Justice has delivered 261 judgments on a total of 496 cases filed before the Court since its inception in 2003, according to the 2020 judicial statistics released by the Registry of the Court.   Despite the Covid-19 […]

Equities Rebound With N50bn Gain

  Following two consecutive losses, the equities market of the Nigerian Stock Exchange rebounded as the market capitalisation increased by ₦50.3 billion to settle at ₦21.5 trillion while the year to date return rose to 2.2 per cent. The All-Share Index rose 23bps to close at 41,147.72 points due […]

Bonny Light price rises to $55.31 on US President inauguration

  THE price of Nigeria’s Bonny Light rose yesterday in the international market following the expectation that the United States’ new president, Joe Biden, would ‘act big’ in tackling the Coronavirus (COVID-19) pandemic. The prolonged COVID-19 has culminated in a gross reduction of economic activities globally, precipitating low oil demand […]

Buhari Cancels OMSL’s Controversial Secure Anchorage Area Contract

    Muhammadu Buhari   •EFCC may begin probe of bribery allegation by Ayeni •NIMASA to take back security of ports By Abiodun Eromosele President Muhammadu Buhari has cancelled the lucrative but controversial Secure Anchorage Area (SAA) contract handled by Ocean Marine Solutions Limited (OMSL), a highly-placed presidency source told […]

AfCFTA: Permits, Licences, Certificates, Top NOTN’s Guidelines For Export

  The Nigerian Office for Trade Negotiations (NOTN) over the weekend said exporters or agents willing to move products to countries under the African Continental Free Trade Area (AfCTA) should obtain permits, licences, certificates and other relevant documentation from appropriate government agencies as the intra- continental trade […]

Productivity-enhancing reforms are required for quick economic recovery – World Bank

Productivity-enhancing structural reforms key to quick economic recovery.       The World Bank has revealed that a slow recovery of the global economy is not an inevitability and can be avoided through productivity-enhancing structural reforms. This is contained in the Bank’s flagship report – Global Economic Prospects.   The Bank […]

NSE CEO Bullish on Capital Market Outlook for 2021

        By Goddy Egene The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday expressed optimism that the market would record another impressive performance in 2021, saying the exchange would consolidate on the benefits of demutualisation. The Nigerian equities market recovered from a […]

AfCFTA: Nigerian Commodities Exchange prepared for agreement – MD

The Managing Director of the Nigerian Commodities Exchange has stated that the agency is fully prepared to take advantage of the AfCFTA.       The Nigeria Commodity Exchange (NCX) is well-positioned to take advantage of the African Continental Free Trade Agreement (AfCFTA), through the implementations of several measures to […]

CAC To Deregister Inactive Coys After 10yrs

 The Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the Companies and Allied Matters Act (CAMA 2020) empowers the commission to deregister companies that have been inactive for 10 years. Speaking in Abuja recently, Alhaji […]

CBN Releases Framework To Boost E-Payment Adoption

  Che Central Bank of Nigeria (CBN) has released the Framework for Regulatory Sandbox Operations that would promote seamless adoption of electronic payment across the country.   The new framework will also ensure the safety and stability of the financial system, among other benefits.   It is […]

Gulf of Guinea piracy hits record level in 2020 – IMB

Gulf of Guinea recorded an increase in piracy attacks in 2020, according to the Annual Piracy report of the IMB.     West Africa’s Gulf of Guinea recorded an unprecedented increase in piracy attacks in 2020, according to the International Maritime Bureau in its 2020 Annual Piracy report published on […]

Custom Agents Clamour for National Shipping Policy to Check Malpractices

      Eromosele Abiodun Custom agents in the country have called on the federal government enact a new National Shipping Policy to match the prevailing realities in shipping businesses and end illegal and arbitrary charges by shipping companies. In a petition to President Muhammadu Buhari, they warned that except […]

CFOs Urged to Redefine Roles to Match COVID-19

        Bennett Oghifo As organisations enter recovery phase in the wake of COVID-19, experts have said new challenges and realities would need to be approached with technology at the center. According to Chief Finance Officer (CFO) for Middle East Africa Emerging Markets at Microsoft, the setbacks experienced […]

Corporate Boards are starting point for implementing stakeholders capitalism—WEF

  World Economic Forum has said that an increasing number of companies are recognising the need for pragmatic approaches to implement the principles of stakeholder capitalism as a result of the disruptions caused by COVID-19. A new white paper, The Future of the Corporation: Moving from Balance Sheet to […]

NNPC Turns to Condensates to Offset Losses from OPEC Cuts

    •Output curtailments affecting govt revenue, says Kyari •Finally, Nigeria exits list of defaulting nations By Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) has said it is now focusing on condensates, which are excluded from April 2020 production cuts announced […]

CBN Unveils Quick Response Code Framework to Facilitate e-Payments

   •Issues safeguards for innovative products By James Emejo The Central Bank of Nigeria (CBN) yesterday unveiled a framework for Quick Response (QR) code payments, directing all issuers, acquirers, switches, processors and other participants in the country to ensure full interoperability of the schemes.   The CBN stated […]

ABCON lobby for exchange rates unification

Jan 13, 2021 – Legal News by  

 *Urges FG not to give up on Eco currency By Babajide Komolafe MONEY MARKET Association of Bureaux De Change Operators of Nigeria (ABCON) said that unification of exchange rates is necessary to maximise the economic benefits of increased remittances inflow into the […]

AfCFTA: Trade Ministry should develop a synthesis to summarise all items negotiated – NANTS

Jan 13, 2021 – Legal News by

NANTS has urged the Trade Ministry to develop a synthesis that summarises all items negotiated on the AfCFTA to clarify implementation.     The National Association of Nigerian Traders (NANTS) has called on the Trade Ministry to develop a synthesis that summarises all items negotiated on the African Continental Free […]

Lawan Guarantees Passage of Petroleum Industry Bill

   •Urges leaders to unite to tackle Nigeria’s challenges By Deji Elumoye President of the Senate, Dr Ahmad Lawan, yesterday committed the National Assembly to an expeditious passage of the long-delayed Petroleum Industry Bill (PIB).   Lawan, at a programme in Abuja to mark his 62nd birthday, […]

Total: New Deepwater Royalties, Finance Act Eroded Value of Oil Assets

 By Peter Uzoho Total Exploration and Production Nigeria Limited has said the deepwater royalties stipulated in the amended Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA) 2019 and related provisions in the Finance Act 2020, has led to significant value erosion of oil and gas […]

FIRS: Nigeria Lost ₦5.4tr From Tax Evasion By Multinational Companies

  The Federal Inland Revenue Service (FIRS) has revealed that Nigeria lost about ₦5.4 trillion between 2007 and 2017 through tax evasion by multinational companies operating in Nigeria.   Executive Chairman of the Service, Mr. Muhammad Nami stated that “between 2007 and 2017” Nigeria was reported to […]

Stock Market Begins Week With N16bn Gain

  Trading hall of the Nigeria Stock exchange, Lagos.   The domestic equities market began trading this week with eight basis point (bps) gain as the benchmark index advanced to 40,150.78 points. The market capitalisation advanced by ₦16 billion to settle at ₦21.2 trillion  while the year to date  return […]

‘AMCON’s Debt Bigger than FG’s 2021 Capital Expenditure’

 By Obinna Chima The Asset Management Corporation of Nigeria (AMCON) has disclosed that the N4.4 trillion, which is owed the corporation is bigger than the entire 2021 capital expenditure budget of the federal government of Nigeria, which stands at N3.85trillion. The amount owed the corporation is also […]

FG Replaces Stamp Duty With N50 Electronic Transfer Levy

  Consequent upon the outlawing of stamp duty on electronic bank transfer by the Court of Appeal, the Federal Government, through the Finance Act 2020, has introduced Electronic Money Transfer Levy.   Finance Act 2020, which was recently signed by President Muhammadu Buhari, has a commencement date […]

DEMUTUALISATION: NSE inaugurates claims review panel

In preparation for its imminent demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated a Claims Review Panel that will oversee the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Exchange – Nigerian Exchange Group Plc, […]

NNPC Seeks $1bn in Oil Prepaid Deal to Revamp Refinery

•Repayment due in seven years Emmanuel Addeh in Abuja with agency report The Nigerian National Petroleum Corporation (NNPC) has begun talks with trading firms to raise about $1 billion in a prepayment deal to refurbish its largest refining complex at Port Harcourt, it was learnt yesterday.   […]

All-Share Index Rises 0.31% as Investors Stake N7.5bn on Shares

 Goddy Egene Investors staked N7.51 billion on 2.13 billion shares in 4,558 deals yesterday at the stock market as the bulls continued to dominate trading. The value of trading soared by 755 per cent compared to 249.545 million shares exchanged for N2.184 billion in 6,090 deals […]

EU may ask too high a price for financial services trade, BoE warns

  Britain should not submit to the European Union’s financial services rules just to get better access to the bloc’s market after Brexit, Bank of England Governor Andrew Bailey said on Wednesday. European daily share trading worth 6 billion euros ($7.36 billion) left the City of London for the continent […]

AFC Secures $250m Loan from United States’ DFC

   The Africa Finance Corporation (AFC) yesterday announced that it has successfully secured a $250 million tier-2 capital loan from United States’ International Development Finance Corporation (DFC). Formed in December 2019, DFC is the United States government’s development bank established with a lending capacity of up to $60 […]

EU firms refuse UK deliveries over Brexit tax changes

Jan 6, 2021 – Legal News by

 Some EU specialist online retailers have said they will no longer deliver to the UK because of tax changes which came into force on 1 January. Bicycle part firm Dutch Bike Bits said from now on, it would ship to every country in the world except the UK. “We […]

OPEC Fails to Agree on February Oil Production Output

      Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, yesterday failed to reach an agreement on production levels for February, with talks expected to continue today.   The cartel had agreed after its last summit, held from November 30 to December 3, […]

FG Selects 161 Firms for Marginal Oilfields’ Final Bid Round

  The federal government, through the Department of Petroleum Resources (DPR), yesterday announced that 161 successful companies had been shortlisted to advance to the next and final stage of the bid round for 57 marginal oilfields.   According to the DPR, a marginal field is any field that […]

After Months of Delays, AfCFTA Begins Operation

   African countries began officially trading under a new continent-wide free trade area yesterday, after months of delays caused by the global coronavirus pandemic.   But experts view the New Year’s Day launch as largely symbolic with full implementation of the deal expected to take years.   […]

Brexit: New era for UK as it completes separation from European Union

  A new era has begun for the United Kingdom after it completed its formal separation from the European Union. The UK stopped following EU rules at 23:00 GMT, as replacement arrangements for travel, trade, immigration and security co-operation came into force. Boris Johnson said the UK had “freedom in […]

FG to review labour laws to global standards

The FG has announced plans to review its labour laws to boost it in line with the International Labour Organisation (ILO) standards.     The Federal Government has announced that it has started plans to review the present labour laws of the country to […]

Italy court to give verdict on Nigerian oil field corruption case by March 2021

A final decision on the long-running graft case could be reached by the end of March 2021.   A final decision on the long-running graft case involving Shell and Eni could be reached by the end of March 2021. Reuters reported that Italian judges are expected to hand down […]

Senate passes 2021-2023 MTEF/FSP

     ***Pegs Oil Benchmark at $40 per barrel, Exchange Rate at N379/1US$     The Senate, shortly before it adjourned plenary on Thursday, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).     The passage of […]

Stocks Favour Investors With N140bn Yield

   The domestic equities market of the Nigerian Stock Exchange (NSE) continued its bullish run as market capitalisation increased by ₦140 billion to ₦18.6 trillion. The All Share Index (ASI) gained 76 basis points (bps+ to close at 35,493.15 points while […]

New CBN guidelines ban MMOs, PSPs, Operators from receiving diaspora remittances

The Central Bank of Nigeria has issued additional guidelines for diaspora remittances in the country       The Central Bank of Nigeria (CBN) has issued additional guidelines for diaspora remittances in the country citing infractions of its previous circular. According to the apex bank, despite spelling out procedures “regrettably, […]

NCDMB, PETAN Sign $30m Agreement to Ameliorate Contract Losses

  Emmanuel Addeh in Abuja The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) have signed an agreement on $30 million working capital scheme that will support the operations of oil companies against the adverse effects of Covid-19 pandemic and loss […]

Court dismisses appeal challenging enforcement of UK obtained arbitral award in Nigeria

The court of appeal, Lagos has dismissed an appeal filed by a firm, Emerald Energy Resources Limited, challenging the decision of the federal high court, Lagos, which granted another firm, Signet Advisors Limited leave to enforce the arbitral award obtained from the London Centre of International Arbitration against it.   […]

Osinbajo discusses Nigeria-UK post Brexit trade relations

    Discussions around improving relations between Nigeria and the United Kingdom (UK) across different sectors especially in the post Brexit era is not only exciting but will make a difference for both countries, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo stated this Monday when he received on […]

[JUST IN] Senate Passes Finance Bill 2020

        …As Bill exempts aircraft engines, spare parts, others from Custom charges     The Senate, on Tuesday, passed the Finance Bill 2020 transmitted to the National Assembly by President Muhammadu Buhari two weeks ago.   The passage of the Bill followed the consideration of a report […]

CBN Approves New License Categorizations for Payment Systems

Dec 15, 2020 – Legal News by

  The Central Bank of Nigeria (CBN) has approved a new license categorization system for the Nigerian Payment System. The apex bank made this known in a press release published on its website and dated 9th December 2020. According to the CBN, the license categorization is meant to help promote […]

FG to launch policy to prevent smuggling of mineral resources

The FG is working on a Downstream Policy aimed at ensuring the beneficiation of solid minerals before being exported from the country.       The Ministry of Mines and Steel Development has said it will work with the Gulf of Guinea Commission to prevent the smuggling of illegally mined […]

FG Suspends Issuance of Licences for FTZs Operation

      The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, Monday said the federal government has suspended further issuance of licences for the operation of the Free Trade Zones (FTZs) in the country.     Speaking during the inauguration of the panel set up for the evaluation […]

Nigeria signs technology transfer agreement with Czech Republic

Nigeria and the Czech Republic have signed an agreement of a technology transfer between both countries.     The Federal Government has announced arrangements for the transfer of technology from the Czech Republic to Nigeria, through the inauguration of the Implementation Committee on Memorandum of Understanding between the Czech Republic […]

CBN Boosts Market Liquidity with N4.1trn Special Bills

      •Unveils new capital requirement for payment service providers •Emefiele lists ABP achievements Obinna Chima in Lagos and James Emejo in Abuja Following last week’s introduction of 90-day special bills by the Central Bank of Nigeria (CBN), the apex bank yesterday sold N4.1 trillion worth of the instrument […]

NSA: New Cyber Policy will Address Security Challenges

      The National Security Adviser (NSA), Major-Gen. Babagana Monguno (rtd.), yesterday the new National Cybersecurity Policy and Strategy 2020 would address security challenges in the country.     The strategy document which made provisions for the surveillance and tracking of bandits in the North-West and insurgents in the […]

FG signs investment protection agreement  with Morocco and Singapore 

  The Federal Government has signed an Investment Protection Agreement (IPA) with Morocco and Singapore to raise investing confidence. Permanent Secretary of the Ministry of Industry, Trade and Investment, Dr. Nasir Sani-Gwarzo, disclosed this during the 12th Meeting of the National Council on Industry, Trade and Investment held […]

AfCFTA: NAC Develops Implementation Strategy

Dec 10, 2020 – Legal News by

 The National Action Committee is developing a national strategy for the AfCFTA implementation. The National Action Committee (NAC) on African Continental Free Trade Area (AfCFTA) is developing a national AfCFTA implementation strategy prior to the take-off of the agreement on 1st January 2021. This was disclosed by the Secretary of […]

Bill to assist banks recover bad loans scales through 2nd reading in Senate

A bill to assist banks recover bad loans from their customers scaled through the second reading in the Senate.     A bill that would provide the needed respite and impetus to banks to recover their bad loans from customers scaled through a second reading at the Senate today. This […]

Senate moves to amend 28 year-old Medical and Dental Practitioners law 

 The Senate has began the process of amending the Medical and Dental Practitioners Act which was last amended 28 years ago, with the introduction of the Medical and Dental Practitioners Bill 2020, presently before the Upper Chamber. The piece of […]

House Asks NAICOM to Suspend Deadline for Recapitalisation of Insurance Companies

  By Udora Orizu The House of Representatives yesterday directed the National Insurance Commission (NIACOM) to suspend the planned December 31, 2020 mandatory deadline for the first phase of 50% – 60% of the minimum paid up share capital for insurance and reinsurance companies. The House said the […]

Cyber risk is the new threat to financial stability—IMF

  Many of us take for granted the ability to withdraw money from our bank account, wire it to family in another country, and pay bills online. Amid the global pandemic, we’ve seen how much digital connection matters to our everyday life. But what if a cyberattack takes the bank […]

Lower Oil Sector Taxes Guaranteed in New PIB, Sylva Assures Operators

    Timipre Sylva   The Minister of State for Petroleum Resources, Mr. Timipre Sylva has said that Nigeria’s long-awaited Petroleum Industry Bill (PIB) will include low tax provisions to sustain stable investments in the country’s oil sector. Sylva equally noted that Nigeria’s plans to step up growth of its […]

NEPZA Begins New Free Zone Registration

    As part of measures to improve Ease of Doing Business,the Nigeria Export Processing Zones (NEPZA) is to commence operation on a new template for Free Zone registration with effect from January 1, 2021   According to NEPZA’s Managing Director, Prof. Adesoji Adesugba, it would make the process of registering a Free Zone company more […]

Nigeria Submits Ratified AfCFTA Agreement To AU

   President Muhammadu Buhari has called for the commitments of member states of the Economic Community of West Africa State (ECOWAS) as the African Continental Free Trade Area (AfCFTA) Agreement begins on Jan 1.   Buhari made the call at the 13th Extra-Ordinary Summit of the African Union […]

NDIC Expresses Reservations over New BOFIA

  The outgoing Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has expressed reservations over some of the provisions of the newly-enacted Banks and Other Financial Institutions Act (BOFIA 2020) which was recently assented to by President Muhammadu Buhari.   He, therefore, said that […]

Stock Market Gains N138bn Despite Profit Taking

    Goddy Egene The stock market posted positive performance last week despite profit taking by some investors, as it sustained the growth recorded in the previous week. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.7 per cent to close at 35,137.99, while market capitalisation […]

Finance Bill: TIN Compulsory For Business Accounts

    The Finance Bill, 2020 on Wednesday passed first and second readings in the Senate, a day after President Muhammadu Buhari presented it. Section 49 of the Finance Act has been amended to make the provision of Tax Identification Number (TIN) mandatory for persons intending to open a bank […]

CBN Clarifies Policy on Diaspora Remittances

        The Central Bank of Nigeria (CBN) on Wednesday released a new circular clarifying its new rule on receipts of forex inflows from Diaspora remittances.     The CBN made the clarification in a circular titled: “Re: Amendment to Procedures for Receipt of Diaspora Remittances,” dated December […]

FIRS Tax Waivers Window Closes Dec. 31

      The Federal Inland Revenue Service (FIRS) says the window of opportunity for waivers of penalties and interest on outstanding taxes arising from desk examinations and audit exercises will close on Dec. 31.     Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the FIRS, made this […]

Export: FG Highlight Action Plans Ahead January 2021 AfCFTA

  The digitalisation of Nigerian ports, deployment of e-Customs, investment of over $300 million in inland dry ports and the overhaul of transportation logistics will position Nigeria to take maximum advantage of the African Continental Free Trade Area (AfCFTA), which will be operational January 1, 2021, the […]

CBN Releases Banks’ Excess CRR to Spur Economic Recovery

  *Introduces 90-day special bills *Dealers, analysts welcome new policy on Diaspora remittances     As part of efforts to support economic recovery and propel the quest to return to the growth path, the Central Bank of Nigeria (CBN) has approved the release of banks’ excess cash […]

OPEC+ forced to delay talks as disagreement in the cartel deepens

OPEC+ was forced to reschedule its meeting as it could not reach a unanimous decision on key policies.                 The OPEC+ talks have been delayed for 2 days after the meeting ended on Monday without an agreement among its members with respect to […]

CBN Grants Unfettered Access To Forex From Diaspora Remittances

  *Clarifies eligible transactions in line with global best practices     The Central Bank of Nigeria (CBN) yesterday unveiled a new policy that grants unfettered access to Forex from Diaspora and other money transfer remittances like Western Union and MoneyGram.   The bank also clarified transactions […]

Afreximbank launches MANSA, Africa’s digital due diligence Repository

      African Export-Import Bank (Afreximbank) today in Cairo officially launched the operations of ‘MANSA’, a pan-African customer due diligence repository for financial institutions, corporate entities and SMEs, developed to address the perceived risk of doing business in Africa and with Africans. MANSA is a single source of the […]

FRC, shareholders clash over audit committee members’ registration

  Fresh crises is brewing between the Financial Reporting Council (FRC) and shareholders as the Council has set registration with it as part of conditions for shareholders of public companies to qualify as audit committee members. FRC, in a Draft Audit Regulation 2020, said with commencement of the regulation, activities […]

CAC plans to introduce new software for CAMA 2020 implementation—Registrar General

      Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar has said that the  commission is putting machinery in place to begin full implementation of the Companies and Allied Matters Act (CAMA) 2020 in first week of 2021. Abubakar said this at the Institute of Directors (IoD) National Stakeholders […]

NIMASA boosts maritime knowledge with e-library

  As Nigeria moves towards greater role for maritime in the national economy, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has declared the Agency’s unwavering commitment to capacity-building through its knowledge and research based initiatives. Speaking at the official launch of the Agency’s e-library […]

House Demands Details of NNPC Expenditure, JV Cash Calls, Others

Nov 27, 2020 – Legal News by 

        Udora Orizu in Abuja The House of Representatives’ Committees on Petroleum Upstream, Downstream and Gas Resources, yesterday asked the Nigerian National Petroleum Corporation (NNPC) to open up its books on various expenditures incurred on Joint Venture operation (JVC), pipeline maintenance, rehabilitation of refineries, among others. The […]

Nigeria Has Key Role To Play In AFCFTA Negotiation — Osinbajo

      Vice President Yemi Osinbajo has stated that Nigeria has a key role to play in the successful negotiation process of the Africa Continental Free Trade Area, AfCFTA.     This is as he called for private sector commitment in the negotiation process, during the virtual opening ceremony […]

Nigeria Needs Good Lawyers To Resist Tyranny, Expand Jurisprudence — CJN

        The Chief Justice of Nigeria, Justice Tanko Muhammad, has said there is a need for more cerebral legal practitioners to emerge in Nigeria in order to resist tyranny and expand what he described as frontiers of jurisprudence in the country.     Justice Muhammad said with […]

OPEC Seeks $12.6tn Investments to Revamp Global Oil Industry

Nov 26, 2020 – Legal News by 

      By Emmanuel Addeh The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that the global oil industry will require about $12.6 trillion investments in the downstream, midstream as well as upstream to sustain its innovative and production efficiency in the next 25 years. Secretary General of the […]

PIB and Electoral Amendment Bill pass second reading in House of Reps

    The Petroleum Industry Bill (PIB) and the Electoral Act Amendment Bill has passed second reading in the House of Representatives. This was disclosed by Channels TV on Tuesday after both bills were addressed by Lawmakers for the second time during plenary.   On the Petroleum Industry Bill Rep leader, Alhassan Doguwa, […]

UK Home Secretary Under Scrutiny for Backing P&ID in Legal Battle against Nigeria

        United Kingdom Home Secretary Priti Patel has come under scrutiny for seeking to publicly intervene on three occasions on behalf of an offshore company, Process & Industrial Development (P&ID), which has been accused in a British court of obtaining a £100m contract from the Nigerian government […]

DPR Okays New LPG Guidelines for Investors, Operators

Nov 25, 2020 – Legal News by 

        By Emmanuel Addeh The Department of Petroleum Resources (DPR) said it has introduced new guidelines to accommodate more Liquefied Petroleum Gas (LPG) investors and operators across the country. The move, according the agency, was geared towards enhancing the availability of LPG also known as cooking gas […]

We Will Start Implementing The New CAMA In January 2021 — Corporate Affairs Commission

      The Corporate Affairs Commission, CAC, has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the Clerk of the National Assembly on Thursday 19th November, 2020 and is putting machinery in place to commence full implementation by 1st January, 2021.     This was […]

N200 billion Unclaimed Dividend: Securities dealers reject FG’s plan to manage fund

ASHON has rejected plans by the Federal Government of Nigeria to manage the N200 million unclaimed dividends.         Some capital market experts, represented by the Chairman of the Association of Securities Dealing Houses of Nigeria, have rejected plans by the Federal Government of Nigeria to manage unclaimed […]

55% of NLNG Train 7 Work to Be Domesticated in Nigeria, Says Attah

Nov 24, 2020 – Legal News by 

    Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah   Ernest Chinwo The Managing Director/Chief Executive Officer of Nigerian Liquefied Natural Gas Limited (NLNG), Tony Attah, has said at least 55 per cent of the scope of work of the Train 7 Project will […]

 
 

Lawyers From IMF Advocate Central Bank Reforms Before Issuing CBDCs

        The International Monetary Fund (IMF) published a new working paper on Friday. This working paper was regarding central bank digital currencies (CBDCs) and their projected legal ramifications. In these papers, the researchers at the IMF are advocating for new legal definitions to be made for tokenized […]

Nigeria: Crude Oil Discovered in Commercial Quantity in Benue Trough – NNPC

Nov 23, 2020 – Legal News by 

    Crude oil has been discovered in the Benue Trough in commercial quantity, with Nigerian geologists spearheading the efforts, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari has said. Kyari stated this while delivering a goodwill message at the opening ceremony of the […]

CBN Clarifies Destination Payment For Form M, Letters Of Credit, Other Forms Of Payment

      THE Central Bank of Nigeria (CBN), in a new circular, has clarified its position on the removal of third parties from buying of foreign exchange routed through Form M, letters of credit, and other forms of payment.     While reiterating its earlier directive that destination payment […]

UK LLPs in Europe eye disruption in face of no-deal Brexit

A United Kingdom parliamentary committee has warned that the country’s lawyers ‘may become unable to operate in the EU’ under UK-specific limited liability partnership (LLP) structures if a Brexit agreement with the European Union is not reached. A House of Lords’ EU Services Sub-Committee report – published in mid-October – […]

Forex: CBN softens position on Form ‘M’ payments through 3rd parties

Nov 20, 2020 – Legal News by 

              MONEY MARKET In apparent reversal of its earlier directive which disallowed    banks from opening Form ‘Ms’ through third  parties, the Central of    Bank  Nigerian (CBN) yesterday issued    fresh directives specifying conditions under which it could approve Form ‘Ms’ payment routed […]

Nigeria, Niger Republic sign MoU on petroleum products transportation, storage

FG signed MoU with Niger Republic on the transportation and storage of petroleum products.             The Federal Government has signed a Memorandum of Understanding (MoU) with Niger Republic on the transportation and storage of petroleum products. This was disclosed by the Ministry of Petroleum Resources […]

Top EU antitrust official says won’t weaken merger rules due to COVID

  The European Union won’t weaken merger rules during the COVID-19 pandemic even if companies say they are likely to go bust without a deal, a senior EU antitrust official said on Wednesday. European Commission Director General for Competition Olivier Guersent said he expected more companies to use the “failing […]

FG Provides Additional Reliefs For Businesses, Individuals In Proposed Finance Bill 2020

        The Covid-19, like a devastating cyclone, has created negative impacts on businesses in Nigeria and, by extension, the lives of individuals.     Thus, in its continued determination to cushion the socio-economic condition in the country even as the Economic Sustainability Plan (ESP) is in progress, […]

Cryptocurrency transaction not yet legal in Nigeria — CBN

        The Central Bank of Nigeria (CBN) has warned Nigerians on the need to exercise caution, regarding cryptocurrency, insisting that such financial transaction is yet to receive the approval of any regulatory body in the nation’s financial sector.     Giving this warning, in his keynote address, […]

Cybercrime is maturing. Here are 6 ways organizations can keep up

  In 2020, the world has experienced many challenges. Among them, hastened digitalization has brought new opportunities but also new risks. According to the World Economic Forum Global Risks Report 2020, cyberattacks rank first among global human-caused risks and RiskIQ predicts that by 2021 cybercrime will cost the world $11.4 million each minute. […]

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