News & Insights

News & Insights

News & Insights

FIRS extends tax payment deadline to August 31

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, to August 31st this year. The Chairman of the Service, Muhammad Nami, announced the extension in a statement issued […]

Debt reduction only way to end “poverty trap” for some countries – World Bank chief

  The Group of 20 major economies should extend a freeze on official bilateral debt payments by the world’s poorest countries through 2021, and permanently reduce the debt load of some of the most heavily indebted ones, World Bank President David Malpass said on Wednesday. Merely delaying debt payments would […]

EIA increases Brent price projection by $2.50 for 2020

International benchmark expected to average $40.50 per barrel this year.     The United States Energy Information Administration (EIA) has increased its Brent crude oil price forecast for 2020 by $2.50 per barrel. This was disclosed in its monthly Short-Term Energy Outlook (STEO) report for July. According to the report, the international benchmark is now expected to average […]

AFCFTA is a powerful tool for Africa’s economic integration – ECA

The pandemic has given African an opportunity to review its poor healthcare infrastructure,   The Executive Secretary of the UN Economic Commission for Africa (ECA), Ms Vera Songwe, said the African Continental Free Trade Area (AFCFTA) is a powerful tool to accelerate regional and economic integration in Africa.    The statement was made during a virtual […]

Oil And Gas Pipelines Increasingly Losing Legal Challenges

  Two major oil and gas pipelines bit the dust in the last 36 hours, a fearsome demonstration of the growing legal risks facing builders of fossil fuel infrastructure. On Sunday, the utility companies Dominion and Duke Energy canceled their proposed $8 billion Atlantic Coast Pipeline, which would have ferried […]

CBN adjusts official exchange rate to N381/$

      The naira weakened some 5.8 percent to N381 per dollar at the official market, Tuesday, as the Central Bank of Nigeria (CBN) took yet another step towards a convergence of its multiple exchange rates. The official rate which had been at N360/$ since March was quoted at […]

NSE All-Share Index Rises 0.3% as Stock Market Rebounds

      Goddy Egene The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.3 per cent to close at 24,097.48 yesterday, following the return of the bulls to the stock market. After depreciating by 1.99 per cent last week, the market remained bearish on Monday when trading resumed […]

FG Earmarks 6bn Intervention Fund for Mining Sector

 As part of post COVID-19 intervention, the Minister of Mines and Steel Development, Mr. Olamilenka Adegbite, yesterday in Abuja disclosed that the federal government has earmarked the sum of N600 billion out of N2.3 trillion to be release by the government to ministries to cushion the effect […]

NEITI Seeks Abolition of Excess Crude Account

 Emmanuel Addeh in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday called on the federal government to immediately abolish the Excess Crude Account (ECA) and transfer the balance to the Nigerian Sovereign Investment Authority (NSIA). The agency noted that one of the challenges towards Nigeria achieving […]

FRC orders the Big Four to separate auditing from consulting services

  The Big Four firms now reportedly generate the largest portions of their revenues from consultancy services.     The world’s four biggest audit firms —KPMG, PwC, Ernst & Young, and Deloitte — have been directed by the Financial Reporting Council (FRC) to plan towards separating their audit services from […]

Sell offs raised investors’ loss to N257bn

Trading hall of the Nigeria Stock exchange, Lagos. Sell offs in banking stocks at the end of a week-long trading last week worsened the  year-to-date returns on the equities to -9.3 per cent thereby pushing  market capitalisation down by N257.1bn to close at  N12.7tn. The equities market recorded losses on […]

NCDMB council raises NCI fund to $350m

The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention (NCI) Fund from $200 million to $350 million. Julius Bokuro, Special Assistant on Media and Public Affairs to the Minister of State for Petroleum, Chief Timipre Sylva, who made […]

Brent crude records minor gain as growing concerns over COVID-19 limit upside

Brent crude is the leading global benchmark for Atlantic basin crude oils.   Brent crude gained about 0.68%, to trade at $43.08 a barrel by 5.01 am local time, after a 4.3% gain recorded in the previous week. The implied volatility for Brent crude price has plunged to the lowest […]

‘Illicit Trade Accounts for 3% of Global Trade’

 By Ugo Aliogo The Acting Director, Organisation for Economic Co-operation and Development, (OECD) Public Governance Directorate, János Bertók, has revealed that illicit trade accounts for three per cent of global trade and also causes huge revenue losses in excess of billions of dollars for governments and the […]

We’re developing application for virtual proceedings in courts — FG

The Federal Government says is developing an application to enhance virtual proceedings in courts and allow for tendering of documenting evidence electronically. The Minister of State for Science and Technology Barrister Abdullahi disclosed this when the Executive of the Abuja branch of the Nigerian Bar Association paid a courtesy call […]

Plea Bargain Enhances Quick Return of Stolen Assets — Solicitor-General

 The federal government Thursday said that the mechanism of a plea bargain if well deployed is capable of fast-tracking the return of stolen assets to the nation.   Solicitor-General of the Federation and Permanent Secretary, Ministry of Justice, Mr. Dayo Apata (SAN), who described plea bargaining as […]

FIRS introduces stamp duty on house rent and C of O transactions

FIRS explained that the new policy was necessary so as to give the instruments the legal backing required.   The Federal Inland Revenue Service (FIRS), as part of measures to reduce disputes in real estate related transactions and generate more revenue, has announced that stamp duty will be paid on […]

Moody’s: Nigerian Banks to Face Pressure with Reduced Dollar Deposit

 By Obinna Chima Banks in Nigeria are facing foreign currency shortages because of low oil prices, volatile foreign inflows and lower remittances amid the pandemic, threatening to renew foreign currency liquidity pressures that blighted them during a previous oil crisis in 2016-2017, Moody’s Investors Service stated […]

Low Prices Boost Equities Market’s Gain by N1.6tn in Q2

 Healthcare, food, beverages lead gainers Goddy Egene The high demand for shares because of their low prices made the Nigerian stock market perform positively in the second quarter (Q2) of the year, gaining N1.667 trillion despite the lockdown occasioned by the COVID-19 pandemic. THISDAY gathered that despite […]

Paucity of Funds Bane of Justice Delivery, Says FCT CJ

The Chief Judge (CJ) of the Federal Capital Territory (FCT) High Court, Justice Ishaq Bello has identified paucity of fund as one of the major challenges that hamper justice delivery in the country.   Justice Bello who stated this in an interview on ARISE NEWS Channel, a sister broadcast […]

Independent Candidacy: ECOWAS Court dismisses suit against Nigeria

   The ECOWAS Court of Justice on Wednesday, dismissed a suit by Obinna Umeh and three others, challenging the laws of the Federal Republic of Nigeria which bars independent candidacy in election contests.   A three-member panel of justices presided by the court’s President, Justice Edward Asante, held […]

UK Court Set To Hear Whether Nigeria Can Challenge P&ID $9.7bn Award

 A London Commer­cial High Court has reserved July 13 and 14 for hearing a suit to determine whether Nigeria can challenge the $9.7 billion award granted by a London Arbitral Tri­bunal in favour of Process and Industrial Development (P&ID) against the Federal Government.   The suit had […]

FG Targets N1trn Revenue From Stamp Duties

 …₦66bn stamp duties remitted to federation between Jan and May …FIRS to go after MDAs keeping stamp duties   The Federal Government has charged the Federal Inland Revenue Service (FIRS) to ensure it recovers all stamp duties collected on behalf of the Federal Government but yet to […]

NEPZA Boss Identifies Bottlenecks to Economic Zones’ Devt

  James Emejo in Abuja The acting Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Mr. Bitrus Dawuk, has said periodic interference of other government agencies in free zone operations, overtly stringent or impromptu government fiscal and monetary policies as well as an outdated legal framework which had […]

OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics. OPEC and its allies, a group known as OPEC+, agreed to […]

IMF Advises Nigeria to Slow Down on Tax Drive

Nume Ekeghe The International Monetary Fund (IMF) has urged Nigeria to slow down on its aggressive tax drive due to the impact of the COVID-19 on businesses and households. The fund, however, told the federal government to continue to push for policies that are supportive of its […]

CBN Seeks to Safeguard Consumers of Financial Products

  James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday released the draft framework for the regulation of Sandbox operations. The regulation seeks to set standards for live trials or demonstration of new innovative products and financial technology in the industry. The CBN said the move […]

FG merges CAC, tax ID registrations to improve business environment

 Business owners who registered their organisations with the Corporate Affairs Commission (CAC) would no longer need to approach the Federal Inland Revenue Service (FIRS) for a tax identification number. In a statement on Monday, CAC said the processes of registering a business and getting a tax ID have been […]

FG Set to Review 4-Year-Old Petrol Pricing Template

Jun 29, 2020 – Legal News by

 *Forex scarcity hampering deregulation, says PPPRA   The federal government Sunday indicated that it is working to review the current pricing template for petrol which was last adjusted four years ago, in order to reduce the alleged exploitation of Nigerians by the operators in the downstream sector. […]

Crude oil prices slump, as partial lockdowns resume

However, Brent crude is set to end the month of June with a third consecutive monthly gain.   Crude oil prices began the week on a bearish note as COVID-19 caseloads rose in many places around the world, making some countries resume partial lockdowns that could hurt the demand for energy. […]

Investors gain N1.3bn despite bearish trend

Despite four consecutive losses during the week, the local stock market closed on a bullish note as buying interest in Airtel Africa (+10.0 per cent), ABC Transport  (+9.8 per cent) and Nestlé (+9.6 per cent) supported overall performance. Consequently, the NSE All-Share Index closed in the green, rising 1bp week-on-week […]

Investors lose N15bn as profit-taking whittles stocks’ value

Profit-taking in MTN Nigeria (-0.4per cent), Zenith bank (-1.5per cent) and FBNH (-0.9per cent) dragged the benchmark index 12bps lower to close at 24,625.24 points. As a result, market capitalisation declined N15.6bn to N12.8tn while year to date  loss worsened to -8.3per cent. Activity level waned as volume and value […]

Brent Crude gains ground, Oil traders optimism rebounds

There are fears the resurgence of the COVID-19 virus could stutter the demand recovery for energy.     Brent crude oil price maintained its bullish trend, as it gained ground at London’s trading session on recovering energy demand worldwide, despite a surge in COVID-19 cases in the western world. […]

Chief Judge Warns Judges against Granting Ex-parte Orders in Political Matters

Chief Judge of the Federal High Court (FHC), Justice John Tsoho   Davidson Iriekpen in Lagos and Chuks Okocha in Abuja The Chief Judge of the Federal High Court (FHC), Justice John Tsoho, has “strongly advised” all judges in the courts to desist from granting ex-parte orders in political […]

IMF projects worse decline for Nigeria’s economy

 The International Monetary Fund (IMF) has downgraded Nigerian’s economic outlook or GDP in the 2020 fiscal period to -5.4 percent. The IMF in April 2020 had predicted a – 3.4 per cent decline in GDP.   The IMF however said Nigeria’s economy will see a rebound of […]

Opec secretary general says the worst is over for oil markets

After suffering historic price drops in the first half of 2020, oil markets are now well onto the path of recovery for the second half of the year according to Opec secretary general Mohammad Barkindo, crediting the group for its actions in helping rescue crashing oil prices. “As we see […]

Rising COVID-19 Cases at Oilfields Threaten Nigeria’s Output

Jun 25, 2020 – Legal News by 

  Nigeria, others submit production compensation plans to OPEC UK S’Court hears N’Delta communities’ case against Shell   Ejiofor Alike and Emmanuel Addeh in Abuja with agency reports The rising number of COVID-19 cases among workers at Nigeria’s offshore oilfields and platforms is a growing threat to the […]

ECOWAS Court President flays disregard for verdicts

President of the ECOWAS Court, Justice Edward Asante has said that the lack of political will on the part of member states to enforce its judgment was limiting its effectiveness. Briefing reporters during a virtual news conference yesterday, Asante said aspect of enforcing judgments of the court […]

SEC orders September deadline for new rules on mutual funds

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has set a deadline of September 30, for compliance with new rules on collective investment schemes (CIS). SEC had in December 2019 issued rules on CIS, otherwise known as mutual funds, to strengthen effective management of the […]

In 2020′s biggest energy deal, six global firms strike $20 billion agreement with Abu Dhabi state oil giant

 A consortium of six global investors has entered into a $20.7 billion agreement with Abu Dhabi National Oil Company (ADNOC), the state-owned oil company said Tuesday. As part of the agreement, the group will invest $10.1 billion to acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline […]

Market cap dips N2.0bn on blue chip stocks’ sell-offs

Jun 24, 2020 – Legal News by 

The domestic equities market closed southward as the benchmark index declined 2bps to close at 24,750.06 points due to sell-offs in Dangote Sugar (-9.9percent), Nigerian Breweries (-2.7percent) and ETI (-5.1percent). As a result, market capitalisation declined N2.0bn to N12.9tn while year to date loss settled at -7.8per cent. Activity level […]

Delinquent Debtors: Stakeholders Call for International Data Sharing Agreement

Jun 22, 2020 – Legal News by

  By Nume Ekeghe Some stakeholders have stressed the need for the Central Bank of Nigeria (CBN) to enter into an international data sharing agreement with other regulators across the globe to expose bank customers who take loans and relocate to other countries without any repayment plan. […]

SON Approves 168 Standards for Economic Activities

Jun 22, 2020 – Legal News by

  The Governing Council of the Standards Organisation of Nigeria (SON) has approved 168 new standards for publication and dissemination to various sectors of the economy in furtherance of the federal government’s economic diversification policy. Rising from its virtual meeting chaired from Abuja by the Permanent Secretary, Federal Ministry of […]

FG To Review Capital Market Master Plan

 The federal government is to review the Capital Market Master plan in order to align the assumptions and projections with current realities. Doing so, it stated, is a very important step in redefining the roadmap for stakeholder participation in the Nigerian capital market.   The core objective […]

Investors lost N185.7bn w/w on sell-offs in equities

The equities market remained largely bearish last week with investors losing N185.7 billion week-on-week at the close of trading on Friday and market capitalisation dipping to N12.95trn. Consequently, the benchmark index (All Share Index) dropped 1.4per cent to close at 24,826.75 points, thus worsening the year-to-date (YTD) returns to -7.5per […]

NSE Records Positive Growth in Market Turnover

The Nigerian Stock Exchange opened strong in 2020.   The Nigerian Stock Exchange (NSE or The Exchange) recorded an 11% increase on the average daily turnover on Wednesday, 17 June 2020 when compared to the same period in 2019 recording N3.93 Billion and N3.52 Billion respectively. Significant growth has also been […]

Seafarers Lament Marginalisation by LNG, Foreign Shipping Companies

        Eromosele Abiodun Seafarers in the country have decried what they described as marginalisation by the Nigeria LNG Limited and foreign ship owners in preference for their counterpart in other countries with less qualification. This, they said, was despite the massive investment in seafarers’ manpower development by […]

COVID-19: ECOWAS Recommends Gradual Re-Opening Of Regional Borders

      After months of lockdown of the regional borders occasioned by the COVID-19 pandemic, the Economic Community of West African States (ECOWAS) Ministerial Coordination Committee on Transport, Logistics and Trade, has recommended the gradual re-opening of land, air and sea borders in the West African region. This, the […]

FG Moves To Protect Girl Child Against Rape, Violence

      The federal government on Thursday restated its resolve to protect every girl child in the country against rape and violence. The Attorney General of the Federation and minister of Justice, (AGF), Abubakar Malami (SAN), maintained this position at a joint-press briefing which has the Human Rights Commission, […]

NPA Issues Fresh Operational Licenses to Barge Operators

Jun 17, 2020 – Legal News by

 IN a bid to ease the traffic gridlock in and around Apapa port and its environs, the Nigerian Ports Authority, NPA, has issued fresh operational licences to barge operators to evacuate cargoes by waterways from Nigerian ports. Confirming the development, Adams Jatto, General Manager, Corporate and Strategic Communication […]

IMF sees ‘profound uncertainty’ about global recovery

The International Monetary Fund will likely forecast a worse contraction in the global economy than previously estimated for 2020 and sees “profound uncertainty” about the path of recovery, IMF chief economist Gita Gopinath said in a new blog. Gopinath said the economic crisis triggered by the novel coronavirus pandemic […]

Sell-offs cost investors N12bn loss in equities market

The equities market continues on the negative as  the All-Share index lost 9bps to close at 24,930.88 points due to price declines in MTN Nigeria (-0.9percent), Flourmill (-6.7percent) and FBNH (-1.9percent). As a result, market capitalisation fell ₦12.2bn to settle at ₦13.0tn while year to date loss worsened to -7.1percent. […]

Shippers’ Council targets 24hr port operations

The Nigerian Shippers’ Council (NSC) on Tuesday unveiled far-reaching initiatives it is pursuing to reposition the nation’s maritime industry, particularly its shipping and haulage components, on the path of sustainable growth and improve the sector’s contributions to the Gross Domestic Product (GDP). The Executive secretary of the Council, Barr. Hassan […]

NNPC Releases Audited Financial Statements

Jun 16, 2020 – Legal News by

 *Refineries record losses of N154 billion Nigerian National Petroleum Corporation (NNPC) has officially released, for the first time, its audited statement of accounts to the public.   Though the corporation has been sending copies of the annual statements to the presidency and the National Assembly in the […]

Market loses N119bn on profit-taking in blue-chip stocks

Sell-offs in telecommunication giant, MTN Nigeria (-1.7 per cent), BUA Cement (-1.8 per cent) and Zenith Bank (-2.7 per cent) dragged the All-Share Index by 91bps to close at 24,954.25 points. As a result, market capitalisation fell N119.2bn to settle at N13.0tn, while year to date loss worsened to -7.0 […]

DPR Rolls Out Measures for Oil Industry Survival

  The Department of Petroleum Resources (DPR) has unveiled its strategic plan and policy actions for the survival and success of participants in the nation’s oil and industry post Covid-19. The Director of DPR, Mr. Sarki Auwalu, listed four key areas being pursued by the agency […]

FG Raises N162.6bn through Sukuk Bond Sale

  Nigeria has raised N162.56 billion to help finance infrastructure projects through the sale of Islamic bonds to local funds and insurance companies, the Debt Management Office (DMO) said. The government had planned to sell N150 billion of the sukuk in its third outing, the DMO said, but […]

Shippers’ Council to Enforce SOP in Cargo Evacuation

Jun 15, 2020 – Legal News by

The Nigerian Shippers Council (NSC) has announced that it will ensure that Standard Operating Procedure (SOP) in cargo evacuation at the nation’s seaports is adhered to. The Executive Secretary/ Chief Executive of the NSC, Mr Hassan Bale made this known at the resumed evacuation […]

Nigeria’s daily oil output overfull OPEC+ deal -Kyari

Jun 15, 2020 – Legal News by

 Nigeria’s current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday. NNPC chief Mele Kyari also said during a Zoom call organised by the Atlantic Council that if all countries that are part […]

Investors gained N82.8bn amid mixed trading sessions

New research from the University of Cambridge suggests that there is no absolute trade-off between the economy and human health – and that the economic price of inaction could be twice as high as that of a “structured lockdown”. The domestic equities market maintained its bullish run last week, despite […]

FG Extends Deadline for Marginal Oilfield Bids to June 21

  Crude oil price slumps to $38 over concerns on demand Ejiofor Alike with agency reports The Department of Petroleum Resources (DPR) thursday extended by one week, the deadline to register to bid for Nigeria’s marginal oilfields, which will now close on June 21. The DPR launched […]

Oil prices hit the biggest daily decline on COVID-19 resurgence, inventories

This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history.     This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history. This was […]

‘NPA to Save Nigeria Multi-million Dollars through Local Dry-docking’

 Hadiza Bala Usman   Eromosele Abiodun The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said the agency has granted the necessary approval to ensure that vessel owners dry-dock their vessels in Nigeria to save the country multi-million dollars spent on ship repairs outside […]

Equities market cap dips N17bn on blue chip stocks’ slump

Nigeria’s equities market closed yesterday’s trading on a bearish note as the All Share Index (ASI) dipped 0.13 per cent to close at 25,182.67 points due to losses in highly capitalised stocks. Specifically, the market capitalisation which opened at N13.153 trillion shed N17 billion to close at N13.136 trillion. On […]

Global industrial output declined by 6.0% in Q1 – UNIDO

The United Nations Industrial Development Organisation (UNIDO) has reported a huge decline in the global industrial output, with manufacturing production slumping by 6.0 per cent in the first quarter this year compared to corresponding quarter’s output in 2019. This organisation attributed the slump to “China’s lockdown to contain the spread […]

Market reverses returns-yielding trend, investors lose N62.6bn

Today, trading in the domestic equities market closed south as price depreciation in BUA Cement (-3.9percent), UACN (-9.1percent) and Zenith (-1.2percent) dragged the All-Share Index by 47bps to close at 25,215.04 points. As a result, market capitalisation fell N62.6bn to settle at N13.2tn while year to date loss worsened to […]

Brent crude oil price to trade lower this week on oversupply concerns

  Oil prices took a tumble on Tuesday, with the commodity under pressure from a strong US dollar and investors oversupply concerns returning despite OPEC+ agreeing to prolong their record production cuts until the end of July. Brent crude is trading 28 cents lower at $40.52 a barrel, while the […]

Gold price up ahead Fed Policy meeting details

Gold was up again on Wednesday in Asia, leveraging on its gains from the previous session. The safe-haven asset had jumped by 1.2% during the previous session.     Gold was up again on Wednesday in Asia, leveraging on its gains from the previous session. The safe-haven asset had jumped […]

FG restates support for improved investment in solid minerals

The Federal Government has renewed resolve to expand sources of non-oil revenue by creating enabling environment for investment in mineral resources and allied products in commercial quantities. Speaking at the virtual launch of Nigeria’s premier gold company, Dukia Gold and Precious Metal Refining Company Limited’s Raw Materials Purchasing Programme, the […]

Equities market sustains bullish trend, investors gain N44bn

Today, the NSE All-Share Index (ASI) appreciated 34bps to close at 25,335.15 points following buying interest in BUA Cement (+4.1 per cent), Dangote Sugar (+2.8 per cent) and UBA (+0.8per cent). Consequently, investors gained N44.4bn as market capitalisation increased to N13.2tn, while year-to-date loss eased to -5.6 per cent. Activity […]

Nigerian Businesses Target African Countries for Raw Material Inputs

  James Emejo in Abuja About 79 per cent of Nigerian businesses currently hold the view that Africa represents an alternative market destination to source their raw material inputs. But lack of adequate quality standards remained a major challenge to sourcing production inputs within the continent, according […]

How will Africa manage the post-COVID economy?

  It is too early to say that the global economy is entering the recovery phase after the humanitarian and economic damage inflicted by COVID-19. However, there are already three mega-trends emerging, which will also shape Africa’s economic future – the three ‘Ds’ of the new world order. 1. De-globalization […]

Banks Urged to Expand Financial Inclusion

Jun 9, 2020 – Legal News by  

Ugo Aliogo Financial institutions have been urged to provide services and products such as micro-insurance, micro-credit, among others. A communiqué made available to THISDAY by the Consumer Awareness and Financial Enlightenment Initiative (CAFEi), recommended that for people to be financially included, they must be economically included and […]

Markets’ trends showing Good and Bad signs for Nigeria’s economy

Bond market to maintain a similar trend on Tuesday as the bulk of the attention will be skewed towards the outcome of the Sukuk auction.     Major markets in the Nigeria closed with mixed trends on June 08, 2020, as most of the indicators maintained relatively quiet trend. Money […]

Market set to tighten as OPEC+ agrees to extend 9.7 million b/d output cut

  OPEC+ agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice president, Macro Oils, said: “The 9.7 million b/d production cuts were already […]

Crude oil prices rebound ease investors’ concerns for Nigeria debt market

After the output cut by OPEC+ helped to reduce the supply glut, crude oil prices rebounded to the highest level at over $42 per barrel   The surge of crude oil prices within the week is a source of good news to Nigeria, with its resultant positive impact on the country’s economy, although the […]

Future of West African Corporate Finance Market

      By Kemi Owonubi The economic and social impact of the COVID-19 pandemic continues to be felt globally. In West Africa, beyond a health crisis, the economic aftershocks will continue to be felt through reduced foreign trade and investment, and declining local income and reduced consumption levels. Our […]

CBN Debits Banks N460 Bn In CRR

  The Central bank of Nigeria (CBN) on Friday took N460 billion ($1.2 billion) from lenders as additional cash reserves. Bankers describe Cash Reserve Ratio (CRR) as the amount of funds that banks have to maintain with the CBN at all times. If the central bank decides to increase the […]

Profit-taking dips market cap by N118bn week-on-week

Negative sentiments and profit taking in some blue chip stocks took precedence in the domestic equities market at the end of last week, with investors recording N118 billion loss week-on-week (w/w) at the end of trading last Friday. In spite of the further easing of the lockdown of the economy […]

FG removes cap on petrol price, allows marketers to fix price

The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.   The Federal Government has removed the cap on Premium Motor Spirit (PMS) price, popularly known as petrol. This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) via […]

NPA to Push for Increased Deep Sea Port Investment

Managing Director of the NPA, Hadiza Bala-Usman   The Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said the focus of the agency going forward is to aggressively drive investment in deep sea ports to make Nigerian ports competitive and efficient. She stressed that the absence of the […]

Equities market halt bullish streak, investors lose N50bn

The equities market erased Wednesday’s gains as the All-Share Index declined 38bps to close at 25,312.05 points due to profit-taking in MTNN (-1.7%), Guaranty Trust Bank (-2.0%) and Zenith bank (-1.8%). Consequently, investors lost N50.1bn as market capitalisation settled at N13.3tn while year to date  loss worsened to -5.7%. Activity […]

OPEC+ may meet over oil cuts this week if laggards agree to comply: sources

OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries andits allies led by Russia, […]

World Bank sets guidelines for reopening of economies

The World Bank has released steps countries, especially poor countries, can adopt to mitigate the adverse impacts of COVID-19 on their economies. According to analytical chapters released Tuesday by the World Bank Group’s Global Economic Prospects Report, “developing countries and the international community can take steps now to speed recovery […]

FIRS to resume field audit, investigation exercises June 30

The Federal Inland Revenue Services (FIRS) has said it will resume audit, investigations and monitoring exercises earlier suspended as part of measures to cushion the effects of Covid-19 pandemic on the 30th June 2020. In a public notice signed by the Chairman of the Service, Muhammed Nami, the Service said […]

OPEC+ reaches tentative deal on one-month extension to 9.7 mil b/d oil cuts: sources

  OPEC and its allies have coalesced around a one-month extension to their 9.7 million b/d collective production cuts beyond June, with key members Saudi Arabia and Russia aligned, though the date of a meeting to finalize a decision remains in flux, according to people involved in the talks. OPEC […]

Oil & Gas: DPR announces 2020 marginal field licensing round

While we see the need for these asset sales to generate much-needed revenue for the Federal Government, we are concerned that a bidding process under the current environment will be fraught with difficulties.   The Department of Petroleum Resources (DPR) on Monday announced the commencement of the 2020 marginal field […]

Ibom deep seaport secures business case compliance approval

The federal government can now commence the full procurement process of the Ibom Deep Water Port (IDWP) through Public Private Partnership (PPP) as the facility’s full business case has been approved by the Infrastructure Concession Regulatory Commission (ICRC). Engr. Chidi Izuwah, the Director General of the ICRC gave the indication […]

‘Falling Oil Prices Place Pressure on Govt Finance’

 Ugo Aliogo Falling oil prices in addition to weak export demand are putting pressure on federal and state governments’ finances, a report has revealed. The report also predicted that revenue projections in the revised 2020 budget would be unmet, thereby constraining government’s ability to meet obligation such as […]

OPEC-led production cuts will likely pack a punch in lifting oil prices: survey

OPEC+’s landmark production cut deal along with a pickup in demand in the east of Suez may prove effective in raising the official selling prices for Middle East crude grades flowing to Asia, a survey by S&P Global Platts showed June 2. “Clearly OSPs will get a good hike — […]

Crude oil prices rally as investors remain optimistic about oil production cut

Investors are waiting to see if major oil producers agree to extend their massive output cuts to support crude oil prices   Oil prices gained on Tuesday morning, with investors waiting to see if major oil producers agree to extend their massive output cuts to support crude oil prices, at a […]

NNPC Records 74 Pipeline Breaches in Two Months

Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) lost over N20 billion due to 74 pipelines breaches by suspected crude oil thieves in January and February this year, the national oil company has said. Information obtained from the corporation also indicated that from the illegal activities […]

FG’s plan for N350 billion revenue from oil field licensing suffers setback

The 2 marginal fields–the Ororo field, known as OML 95, and the Dawes Island marginal oil field, formerly called OML 54–were among 11 oil licenses that were revoked by the Department of Petroleum Resources (DPR) in April.   The Federal Government’s plan to boost its revenue in the face of […]

FG has fulfilled disbursement criteria for $3.4bn loan – IMF

 The International Monetary Fund (IMF) has confirmed that the Federal Government has complied with the transparent and accountable disbursement requirements of the $3.4 billion Rapid Financing Instrument (RFI), facility granted it contain the COVID-19 pandemic spread in the country.   The IMF loan is meant to support […]

Equities market opens bullish as investors gain N25bn

The stock market resumed the week positive as the All-Share-Index rose 21bps to close at 25,316.15 points following buying interest in Guaranty Trust Bank(+2.3 per cent), Dangote Sugar (+9.7 per cent) and BUA Cement (+0.7 per cent). As a result, investors gained N25.2bn as market capitalisation settled at N13.2tn, while […]

COVID-19: AMCON seeks bailout for airlines

The Asset Management Corporation of Nigeria (AMCON), on Wednesday, joined industry stakeholders’ call on the Federal Government to consider, as a matter of top priority, bailout funds for the aviation industry. AMCON had provided about N50bn over the last eight years to support the operations of indigenous carriers. The corporation’s […]

‘AfCFTA is Africa’s COVID-19 Economic Palliative’

By Dike Onwuamaeze The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Mr. Wamkele Mene, has described an efficient implementation of the intra-African free trade agreement as a critical tool in the hands of the continent’s leaders to stimulate and re-inject dynamism […]

OPEC+ to discuss extension of output cut as Chinese demands boost Nigerian oil

Note that OPEC members usually take a decision on their plans for oil trade for the month of July in the first week of June, so as to give them time to react quickly to decisions at the meeting.   There are indications that OPEC+ is close to a decision […]

Equities trading yields N32bn gain for investors

The equities market sustained a positive performance at the close of last week as the All-Share Index gained 0.3 per cent week-on-week to close at 25,267.82 points. Consequently, market capitalisation grew by N32.9bn to peak at N13.2tn, while year-to-date loss improved to -5.9 per cent at the end of the […]

CBN urges FG on re-opening of economy

…cuts interest rate to 12.5% to improve lending   Rising from its May 2020 Monetary Policy Committee (MPC) meeting on Thursday, the Central Bank of Nigeria (CBN) advised the federal government to consider the full opening of the nation’s economy and move aggressively to implement policies that will halt economic […]

Equities market ended bearish, as investors lost N28.8bn

The stock market halted the long run of successive gains as the All-Share Index fell 22bps to close at 25,166.01 points due to profit taking in UBA (-6.3 percent ),  Zenith (-2.5 percent ) and Guarantee Trust Bank (-1.8 percent). Consequently, investors lost N28.8bn as market capitalisation settled at N13.1tn […]

LPG shipping: volatile, spot-exposed, leveraged to COVID-19

  Crude and product tankers have garnered all the headlines in 2020, and rightfully so, but liquefied petroleum gas (LPG) shipping could offer a clearer-cut and more binary bet on the coronavirus recovery. Higher oil production and refining would create more propane and butane as byproducts, filling more LPG carrier […]

IMF advises banks to suspend dividend payment

However, halting dividend payments may not go down well for many retail and institutional investors, who rely on bank dividends for regular income.   In an article published on its website, International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, advised banks to halt dividend payment for now. According to her, with the […]

World Bank approves $346m for Lake Chad region projects

The World Bank Group on Wednesday announced the approval of $346 million for two key projects in the Lake Chad region for the purposes of strengthening resilience and livelihoods. A statement issued by the Breton Woods institution indicated that the projects, which will be financed through the International Development Association, […]

Full Deregulation Will Attract Investment to Oil Sector, Says Expert

      Dike Onwuamaeze and Nume Ekeghe The full deregulation of Nigeria’s downstream oil and gas sector will attract the required investments need to boost the country’s local refining capacity and make it possible for Nigerians to enjoy cheaper petroleum products. This view was expressed by Ms. Aderonke Onadeko, […]

CBN announces new policy measures, reduces interest rates for financial institutions

As part of its monetary and financial policy measures to further mitigate the impact of the coronavirus pandemic on households, and businesses, the Central Bank of Nigeria (CBN), has approved regulatory forbearance for the restructuring of credit facilities in the Other Financial Institution (OFI) sub-sector. This was disclosed in a […]

Equities market opens with N8.6bn gain for investors

After the 2-day public holiday declared for the Eid-el-Kabir celebrations, the stock market opened Wednesday on a positive momentum as the All-Share Index advanced 7 bps to close at 25,221.23 points. The ASI growth was driven largely by gains in Stanbic (+10.0percent), Guaranty Trust Bank (+4.6percent) and Nigerian Breweries (+10.0percent). […]

COVID-19: Onyema highlights capital market resilience, forecasts growth

The Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar Onyema, has shared some of the efforts of the NSE to sustain operations as disruptive impacts on the COVID-19 pandemic is being expressed in global economies. He spoke on the initiatives during the African Stock Exchanges panel session at the […]

Nigeria attracted $5.85bn capital inflows in Q1, 2020

The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria attracted $5.85 billion capital importation in the first quarter of 2020, representing about 31.19 percent decline from the $8.51 billion total inflows recorded in the corresponding period of last year. However, the latest capital importation report released by the […]

Crude oil prices drop, geopolitical tension deepens

Crude oil prices have been under pressure after Larry Kudlow, said the Chinese were making “a big mistake” with national security laws enacted in Hong Kong.   Brent crude dropped slightly to 0.17%, trading at $36.18 by at 6 am Nigerian time. U.S’s West Texas Intermediate crude futures also lost about 0.35%, at $34.23 a barrel.   Crude oil prices have been under […]

Downstream Oil Sector Operators Harp on Attractive Business Climate

Operators in the downstream sector of Nigeria’s oil and gas industry have reiterated the need for the federal government to initiate policies that would pave way for an attractive and competitive business environment. This, according to them, would lead to increased investments in the sector. The also urged […]

World Bank’s approval for Nigeria’s $1.5b cash coming July

The World Bank will take final decision in late July on a $1.5 billion loan to support Nigeria as it fights the novel coronavirus, the bank’s country director said at the weekend.   The World Bank is working on packages that could provide more than $3 billion to […]

Oil demand projected to drop by more than 10% for 2020

 Oil demand is now projected to drop by 10.8 percent for 2020, or 10.7 million barrels per day (bpd) year-on-year, Trend reports citing Rystad Energy. lOur estimates show that total oil demand in 2019 was approximately 99.5 million bpd, which is now projected to fall to 88.8 million bpd […]

COVID-19: Africa to lose $200bn -IMF

The International Monetary Fund (IMF) has predicted that Nigeria and other Sub-Saharan African (SSA) countries will lose over $200bn in income at the close of 2020 fiscal year due to the COVID-19 pandemic. The Head of Research in the IMF’s African Department that publishes the Sub-Saharan Economic Outlook report, Mr. […]

Domestic Investors Dominate as Stock Market Attracts N756bn

  The Nigerian equities market attracted a total of N755.54 billion between January and April 2020, showing an increase of 32.7 per cent compared with N569.16 billion invested in the market in the corresponding period of 2019. The trading numbers obtained from the Nigerian Stock Exchange […]

NCDMB Unveils Platform to Boost Local Technologies in Oil Industry

May 25, 2020 – Legal News by

  The Nigerian Content Development and Monitoring Board (NCDMB), has unveiled BrentPlus, a series of initiatives that will stimulate innovations in the oil and gas industry and ancillary sectors, and create a platform for local creation of digital technologies. The Executive Secretary of NCDMB, Simbi Wabote, unveiled BrentPlus during a […]

Navy Recovers N75bn Stolen Petroleum Products

  •Destroys 2,287 illegal refineries By Kingsley Nwezeh in Abuja Nigeria Navy has said it recovered N75 billion worth of stolen petroleum products in five years. The products recovered between 2015 and 2019 include crude oil, diesel and petrol.   It said a total of 2,287 illegal refineries were discovered […]

Equities market upbeat as investors gain N462bn

The bullish momentum in the Nigerian Stock Exchange (NSE)  continued yesterday as the All-Share Index rose 125bps to close at 24,758.39 points following price accretion in BUA cement (+9.9percent ), Zenith Bank (+3.0percent ) and Unilever (+9.3percent ). Consequently, investors’ value appreciated N462.3bn to N12.9tn while Year-To-Date (YTD) returns settled […]

Nigeria Is Heading Towards Recession — Zainab Ahmed

 *Suspends debt deductions to support state economies * As World Bank predicts the country’s imminent descent into recession * Pledges relief package of $1.5 billion to states The Federal Government on Thursday said the oil revenue target earlier put at N940.91 billion has fallen to N125 billion […]

Eastern corridor seaports under-utilized – NPA Chairman

The Eastern corridor seaports are under-utilized and must be made to function optimally, the Chairman of the Nigerian Ports Authority (NPA) Board, Chief Akin Anderson Ricketts, has said. Ricketts, who made the remarks at the inauguration of the new board on Thursday by the Minister of Transportation, Mr, Rotimi Amaechi, […]

Industry cutbacks set stage for tighter mid-term oil market balance

  Massive spending cuts by the global oil industry this year are poised to take a heavy toll on medium term crude supply outlook with swathes of project start-ups and new drilling delayed or shelved during the pandemic. Global oil and gas operators have cut 2020 capex by a combined […]

Banks and Financial Institutions Amendment Bill scales second reading

  A Bill sponsored by Kaduna Central Senator, Uba Sani for an Act to Amend the Banks and Other Financial Institutions Act (BOFIA 1991) on Tuesday passed second reading in the Senate. Giving the hint on Wednesday, Uba Sani said, the “Banks and Other Financial Institutions Act (Repeal and Re-enactment) […]

All-Share Index Rises Further as Market Sustains Bullish Trend

  The Nigerian equities market sustained its bullish trading yesterday as the main index gained 1.03 per cent to close higher at 24,452.23, while the market capitalisation added N130 billion to print at N12.7 trillion. The market has been bullish in the past three days as investors responded corporate actions […]

OPEC chief says oil market responding well to record OPEC+ cut

  OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market. The Organization of the Petroleum Exporting Countries,Russia and other allies, a group known […]

Banks’ Total Assets Rise 11.2% to N42tn

May 21, 2020 – Legal News by

The total assets of banks rose to N42.2tn as of the end of February 2020. A member of the Monetary Policy Committee, Dr Rafindadi Sanusi, disclosed this in his presentation during the last MPC meeting of the Central Bank of Nigeria. He said, “Total assets of the industry have grown […]

Senate passes Local Content amendment Bill for second reading

The Senate yesterday passed for second reading, a bill seeking amendment of the Nigerian Oil and Gas Industry Content Development Act 2010. The bill, sponsored by Senator Teslim Folarin, seeks to amend 38 Sections of the extant Act while introducing six new sections. In his leading debate on the bill, […]

FIRS Extends Deadline for Financial Institutions to Submit Reports

  James Emejo in Abuja The Federal Inland Revenue Service (FIRS) has extended the deadline for the submission of 2019 financial accounts reports under the Common Reporting Standard (CRS) to September 30, 2020. Financial institutions were initially directed to file their reports under the Automatic Exchange of Information Common Reporting […]

CBN pumps funds into FOREX market through Wholesale SMIS

the Central Bank of Nigeria surprised the market by injecting estimated $90-$100million to the system.   The Central Bank of Nigeria, in its quest to stabilize Naira injected funds to the currency market yesterday through the Wholesale Secondary Market Interventions. The auction was earlier put on hold by the CBN […]

FG to prosecute pirates over violation of waterways law

NIMASA DG, Dr Dakuku Peterside. The Nigerian Maritime Administration and Safety Agency (NIMASA) has restated commitment to collaborate with relevant agencies and stakeholders to safeguard the country’s maritime domain. The Director General of NIMASA, Dr. Bashir Jamoh, stated this in Lagos during the official handover of pirates arrested by the […]

Oil Price Hits $34 One-month High as Restrictions Ease

    Ejiofor Alike with agency reports Crude oil prices jumped by about $2 per barrel yesterday with the global benchmark hitting one-month high and the United States’ crude climbing above $30 per barrel. The gradual recovery of oil prices was fuelled by optimism about the reopening of the economies […]

Pension Fund Operators Invest N47.32bn in Infrastructure

May 19, 2020 – Legal News by

The Pension Funds Administrators have increased their pension funds investment in infrastructure to N47.32bn, latest statistics from the National Pension Commission have revealed. The latest figure was said to be as of the end of February 2020. The total assets under the Contributory Pension Scheme which had continued to record […]

Hike in VAT rate buoys VAT Revenue in Q1 2020

Although we expect the recent increment in the VAT rate to support growth in VAT on locally produced goods, in the short term, we expect the momentum as aggregate demand weakens due to a reduction in income levels and job losses brought about by the global pandemic. According to the […]

Energy Experts Harp on Diversification of Nigeria’s Revenue

  Stories by Chineme Okafor in Abuja Experts in energy economics have offered the federal government proposals on how to move Nigeria away from its high dependence on oil for revenue which has left the country susceptible to external shocks. Speaking on the platform of the Nigerian Association of Energy […]

NSE’s conversion to public company scales court hurdle

    By Taofik Salako *FHC sanctions scheme *CAC, SEC to give final approvals *Shareholders eye first dividend *Aggrieved operators file complaints   The ongoing process to convert Nigerian Stock Exchange (NSE) from a non-profit, member-owned mutual company limited by guarantee to a public limited liability company with issued share […]

Investors Stake N9.8bn on 926m Shares as All-Share Index Falls 0.72%

    By Goddy Egene Trading at the stock market fell last week after an impressive performance in the first week of May. Specifically, the volume and value of trading fell while the main index, declined 0.72 per cent compared with a growth of 4.4 per cent the previous week. […]

Brent crude price increases, as businesses resume around the world

On Monday morning, Brent crude gained about 3% percent to trade at $33.83 a barrel at 2.30 am Nigerian time, as world economies around the world re-opened businesses, coupled with the resumption of air travels around emerged markets. “Oil prices extended their recovery for the third week running as sentiment toward demand improves as more countries ease […]

Nigeria cutting oil output by nearly a quarter -minister

OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output, Minister of State for Petroleum Timipre Sylva said. “The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of our production. […]

Demand for Nigeria’s Gas Yet to Plunge, Says FG

The federal government has said that for now, the Covid-19 has not affected the demand for gas, adding that the final impact of the virus was still uncertain. The government, however, noted that outbreak which has impacted oil demands and prices offered Nigeria an opportunity to prioritise its gas market, […]

Investors gain N84bn as equities market rebounds

Investors gained N84.9 billion at the close of trading on domestic equities market yesterday with the capitalisation rising to N12.4tn while year to date loss moderated to -11.0%. The All-Share Index (ASI) also rose 77bps to close at 23,892.92 points due to buying interest in Dangote cement (+1.7%), Nestle (+4.0%) […]

Global oil supply to drop by 12 million b/d to 9 year low, covid-19 resurgence still a concern – IEA

The International Energy Agency (IEA), has said that global oil supply is expected to drop by 12 million barrels per day in May to a 9-year low of 88 million b/d. This was disclosed in its Oil Market Report for May 2020. The significant decline for global refining activity has shifted […]

Bala-Usman: Why NPA Created Special Window for Non-oil Export

The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has explained that the agency in line with the directive of the federal government created an opportunity for goods to be exported to get to the port, saying non-oil export remains vital for Nigeria’s economic transformation. She said the […]

Nigeria’s revenue potential from gold, others promising – FG

The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has said that if Nigeria protects its gold reserves and support the exploration with appropriate policies, the revenue could be as huge as revenue being generated currently from the oil and gas sector. Adegbite, made the remark while reacting to […]

Investors lose N3.5bn as sell-offs persist in equities market

The domestic equities market ended on a negative note at the close of business yesterday investors lost N3.5bn as market capitalisation fell to N12.3tn while YTD loss settled at -11.7percent. The All-Share Index (ASI) shed 3bps to close at 23,689.12 points following price declines in MTN Nigeria (-1.4percent ), SEPLAT […]

NLNG to Begin Domestic Supply of LNG

May 14, 2020 – Legal News by

After decades of exporting liquefied natural gas from the country, the Nigeria LNG Limited has said it is engaging market players to begin the domestic supply of the commodity. The NLNG, which is jointly owned by the Federal Government and three international oil companies, was established in 1989 to harness […]

NLNG Signs $7bn Train 7 Contracts with Saipem, Chiyoda, Daewoo

Nigeria LNG Limited (NLNG) has signed the Engineering, Procurement and Construction (EPC) Contracts for its Train 7 Project with the SCD JV Consortium, comprising affiliates of Saipem, Chiyoda and Daewoo. Shell-run NLNG had earlier selected a consortium comprising the Italian firm, Saipem; South Korea’s Daewoo Engineering and Japanese Chiyoda to […]

Analysts forecast bright outlook for Nigeria’s oil earnings

Despite Federal Government’s substantial cut of the oil price benchmark to $20 per barrel a few days ago, Nigeria’s revenue shortfall in the 2020 budget may not be as huge as N4.7 trillion as projected based on the lingering volatility in the international oil market. Minister of Finance, Budget and […]

Report Projects $520bn Annual Tax Revenue for Africa

African economy currently has enormous domestic resource potential to generate $520 billion in tax revenue annually, in spite of the continent’s huge shortfall in development finance. According to a report produced by the United Nations Economic Commission for Africa (UNECA) and NEPAD Agency, at the request of African heads of […]

NSE All-Share Index Sheds 1.06% on Continuing Profit Taking

Profit taking continued at the stock market yesterday, leading to a decline of 1.06 per cent in the Nigerian Stock Exchange (NSE) All-Share Index (ASI), to close at 23,695.90 while market capitalisation shed N132.9 billion. Having recorded a significant growth last week, the market opened on Monday on a bearish […]

Non-oil Goods Account for Nigeria’s 22% Exports – NPA

May 12, 2020 – Legal News by

Nigerian ports handled 191 million metric tonnes of export cargo in 2019. Out of these, crude oil accounted for 78 per cent while non-oil cargo accounted for only 22 per cent. The Managing Director, Nigerian Ports Authority, Miss Hadiza Bala-Usman, disclosed these at a recent BudgIT webinar tagged ‘Non-oil export: […]

AMCON’s Recoveries from Debtors Rise to N1.1tn

Sale of Polaris Bank is work-in-progress’ Obinna Chima Asset Management Corporation of Nigeria (AMCON) yesterday said it has recovered a total of N1.1 trillion from debtors since its establishment. AMCON Managing Director/Chief Executive Officer, Mr. Ahmed Kuru, said in a telephone interview with THISDAY that the amount recovered was as […]

Nigeria’s Banking stocks hit by asteroids, Index down 0.39%

Nigerian stock market started the week on a  downward trend as the All Share Index shed 0.39% to close at 23,950.83 index points. In today’s trading session, activity level showed a weak performance, as total volume and value traded fell by 0.64% and 19.06% to 207.24 million units and N1.77 […]

‘Inadequate storage facilities may stall local refining target’

A former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, has advised the Federal Government to make conscious efforts to attract investments in storage facilities at the downstream sector with a view to optimising the nation’s local petroleum products refining capacity. Omatseye, who gave the […]

Global Stock Markets Lose $18tn to Pandemic, Says Report

Nigeria loses N1.71tn By Ndubuisi Francis Over $18 trillion have been wiped out globally by the COVID-19 crisis between February and March 2020, even as capital markets maintained their role of facilitating the transfer of funds in the real economy.   In the First Quarter (Q1) 2020 and the full-year […]

We have enough forex, CBN tells investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. A […]

Equities Investors Count Gains as All-Share Index Rises 4.4%

Equities investors had a good outing last week as the stock market recorded growth despite the challenges brought by the COVID-19 pandemic. Contrary to the negative performance recorded the previous week, the stock market recorded a positive performance as indicators closed higher. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index […]

Borrowing: W/Bank, AFDB to approve Nigeria’s request by June – DMO

The Federal Government has disclosed that the $1.5billion loan request from the World Bank and the additional $500 million loan request from the African Development Bank (AfDB) will be approved by the banks’ boards sometime in June or July this year. The Director – General of the Debt Management Office, […]

Investors gained N109.9bn as market value hits N12.7trn

The bulls maintained dominance at the close of trading on the Nigerian Stock Exchange (NSE), yesterday with investors gaining N109.9bn just as market capitalization rose to N12.7tn while year to date loss eased to -9.3percent. Price appreciation in Dangote cement (+4.3percent), Nestle (+2.6percent) and BUA cement (+1.6percent) lifted the benchmark […]

Brent crude oil surges to $31.55, oil demand picks up

Crude oil prices gained today, after China’s impressive export data was released hours ago. China’s exports surged by 3.5%   Crude oil prices gained today, after China’s impressive export data was released hours ago. China’s exports surged by 3.5% in April from a year earlier. The figures from the largest […]

Equities: CBN’s heterodox policies is driving domestic investors’ to the stock market.

The NSE data on investor participation for March 2020, total value of transactions executed at the local bourse increased by 64% m/m   According to recently released data from the Nigerian Stock Exchange (NSE) on domestic and foreign investor participation for March 2020, total value of transactions executed at the […]

JUST IN: COVID-19: NJC Releases Guidelines For Virtual Court Sitting, Payment Of Filing Fee, Hearing Notices, Others {IN FULL}

The Committee set up by the National Judicial Council headed by Hon. Justice Olabode Rhodes-Vivour, JSC, CFR has come up with guidelines and measures to enable safe Court sittings during this Covid-19 pandemic period. This was contained in a statement by the Director of information, Soji Oye made available to […]

FG to Offer Small Oil Fields for Licensing –NNPC

The Federal Government will offer marginal oil fields for auction this year despite the crash in crude oil prices, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. The country has not conducted any licensing round since 2007, while a marginal fields round was last […]

Investors gain N174bn as market remains bullish

The equities market closed in the green yesterday as All Share Index (ASI) rose to 24,143.37 points due to gains in  Guaranty trust Bank (+9.3%), Zenith (+6.4%) and Nigerian Breweries (+10.0%). Consequently, investors gained N174.1bn as market capitalisation rose to N12.6tn while year to date loss eased to -10.1%. Activity […]

OPS Backs Proposed $20 Oil Price Benchmark in 2020 Budget

Ndubuisi Francis in Abuja, Dike Onwuamaeze and Nume Ekeghe in Lagos Members of the organised private sector (OPS) and some analysts have hailed the plan by the federal government to further review downward the oil price benchmark in the 2020 budget to $20 per barrel. The analysts said this during […]

IMF disburses $3.4b loan to Nigeria

The International Monetary Fund (IMF) says it has credited the Central Bank of Nigeria (CBN) with the $3.4 billion loan approved to assist the country’s fight against COVID-19 and resolve urgent balance of payment needs. The Fund’s managing director, Kristalina Georgieva, made the disclosure in an interview on CNBC Africa. […]

NAICOM to Unveil Fresh Recapitalisation Guidelines

  The National Insurance Commission, (NAICOM) has said it will come up with fresh guidelines for the recapitalisation of insurance sector that will take care of the negative impact of the COVID19 and its attendant impact on businesses. The Commissioner for Insurance, Mr. Sunday Thomas, who stated this yesterday during […]

Nigerian oil bid rounds, upstream projects delayed due to price crash – officials

Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned, officials said in a web conference on Tuesday. Nigeria, Africa’s largest oil producer, is grappling with a significant drop in oil prices and a collapse […]

AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc

According to local media reports, the newly elected Secretary-General of the African Continental Free Trade Agreement (AfCFTA) secretariat, Wamkele Mene, revealed that the implementation of the AfCFTA agreement will not begin on July 1st, 2020 as planned due to disruptions caused by the global pandemic. We recall the agreement which […]

SEC asks Nigerians to explore capital market investment options

As the Coronavirus pandemic continues to impact businesses and individuals in Nigeria with unquantifiable losses, Nigerians have been urged to look to the capital market as an avenue to create wealth. The Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, gave the advice on Tuesday  […]

Experts Canvass Urgent Repositioning of Nigeria’s Oil Industry

Amid concerns arising from the current fall in crude oil prices caused by the COVID-19 pandemic and its effect on the Nigerian economy, industry experts and policy analysts have stressed the need for the country to seize the opportunity to reform the petroleum sector and diversify the economy. The experts […]

Stock Market Gains N604bn in April Despite COVID-19 Disruptions

The stock market showed significant resilience in April and gained N604 billion in spite of the effects of the COVID-19 pandemic as some investors found the Nigerian bourse attractive in anticipation of a rebound. The market had dipped by 20.6 per cent in the first quarter of 2020 and a […]

NECA faults FIRS’ stance on advance payment of taxes

The Nigeria Employee Consultative Association (NECA) has described the Federal Inland Revenue Service’s (FIRS’) request to companies for advance payment of taxes as additional pressure on businesses. The FIRS had issued a circular requesting corporate organizations to commence payment of their Annual Returns earlier than their due dates. The revenue […]

COVID-19: FG will prioritize mining to reposition economy – Minister

The Federal Government has reiterated its determination to commit more resources and efforts to optimize the revenue generation and employment opportunities in the mining sector. It also said it will improve the contributions of the mining sector to the Gross Domestic Product (GDP) in the wake of falling oil prices […]

Oil & Gas Firms Grapple with Huge Debt Burden as Prices Crash

OIL BUSINESS AND BANK LOANS As oil prices hit rock bottom at the international market, Demola Ojo takes a look indigenous operators’ massive exposure to the financial sector and concludes that dire times lay ahead if urgent steps are not taken quickly to save the sector from imminent collapse The […]

Nigeria’s Foreign Portfolio investment to crash by $11.4 billion in 2020- IMF

Nigeria’s portfolio investment is expected to decline by at least $11.4 billion, as the coronavirus disease eats deep into the fabric of the most populous black nation’s economy. This was disclosed in the International Monetary Fund report seen by Nairametrics. In the report, the global lender stated that the nation’s […]

OPEC calls for full implementation of OPEC+ deal

President of the OPEC Conference and Algeria’s Minister of Energy Mohamed Arkab called on OPEC and non-OPEC cointries to fully implement the oil production limiting agreement, OPEC says on its website on Saturday. “In the face of unprecedented difficulties facing the oil market, it is of the utmost importance that […]

FIRS Gives Deadline on Tax Interests, Penalties Waiver

Federal Inland Revenue Service (FIRS) is to waive interests accruable to debts as well as the related penalties for defaulting taxpayers if they fully settle their indebtedness on or before May 31. FIRS Executive Chairman, Mr. Muhammad Nami, said in a statement yesterday that the concession was only valid for […]

Oil Price Rises to $25 as US Inventories Drop

Crude oil price is set to end the nightmare of producers as it rose for the second day thursday by 13.8 per cent to $25.65 per barrel. The price got a lift from the decreasing United States’ inventories, coupled with expectations that the gradual relaxation of lockdowns by countries would […]

Bulls sustain hold, as investors gain N79bn

The bulls held on to gains at  the close trading at the Nigerian Stock exchange(NSE) which ensures that investors gained N79.5bn as market capitalisation rose to N11.9tn while year to date ( YTD)  loss moderated to -14.2percent. The local bourse advanced 67bps to close at 23,021.01 points due to price […]

SEC DG urges workers to invest in capital market

The Acting Director-General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk, has advised workers in the country to invest in the Nigerian capital market in a bid to create wealth and save towards their retirement. The SEC boss gave the advice in her goodwill message to the workers […]

African Leaders Mull 2021 as AfCTA’s New Take-off Date

African heads of state are billed to meet to consider January 1, 2021 as the new implementation date for the Africa Continental Free Trade Area (AfCTA) agreement earlier scheduled to commence on July 1, 2020. The Secretary-General of AfCTA Secretariat, Mr. Wamkele Mene, spoke during a webinar on the “Political […]

Oil Price Climbs to $22 on Hopes of Demand Recovery

Following the low increase in United States’ stockpiles, coupled with expectations that oil demand will improve as European countries and US cities moved to ease lockdowns, oil price jumped yesterday by 11.88 per cent to $22.89 per barrel. Reuters reported that the price of the global benchmark, Brent, for June […]

Bulls sustain dominance as index rises further by 0.62 per cent

Following price gains recorded by most bluechip stocks, the bulls sustained their hold on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, causing the All Share Index (ASI) to rise further by 0.62 per cent.     The ASI increased by 140.53 absolute points, representing an increase of […]

Entrepreneur Seeks Tax Relief, Waivers on Loans

Apr 29, 2020 – Legal News by 

To cushion the effect of the COVID-19 pandemic on the economy, an entrepreneur, Mr. Taiwo Samuel Olatoye has appealed to the federal government to provide tax relief and waivers on loan repayment to schools and other businesses in the country. Speaking with THISDAY, recently in Lagos, Olatoye, said the pandemic […]

Seafarers and climate change – key issues highlighted during IMO virtual meeting

  The challenges faced by seafarers during the COVID-19 pandemic and the need to keep on track with IMO’s work to combat climate change were two key issues highlighted during a virtual meeting organized by IMO (23 April), to brief permanent representatives and liaison officers from 78 IMO Member States […]

NAICOM Mulls Shift in Recapitalisation Deadline

Apr 29, 2020 – Legal News by 

National Insurance Commission (NAICOM) is to reconsider the deadline for insurance companies to recapitalise, THISDAY has learnt. It was gathered that due to the COVID-19 pandemic, NAICOM may extend December 31, 2020 deadline to a date yet to be ascertained.   An official commission told THISDAY that the decision on […]

IMF approves Nigeria’s $3.4bn loan request

Apr 29, 2020 – Legal News by 

After about three weeks of formally applying for a COVID-19 pandemic loan assistance from the International Monetary Fund (IMF), the Breton Woods institution on Tuesday approved Nigeria’s $3.4bn loan request to cushion the negative impact of the pandemic on the country. The loan is the total of Nigeria’s existing holding […]

PPPRA: Petrol Cost to Reflect International Oil Prices

Apr 28, 2020 – Legal News by 

    The Petroleum Products Pricing Regulatory Agency (PPPRA) Monday said that henceforth the pump price of petrol will continue to rise or fall with the international price of crude oil. The Executive Secretary of the agency, Abdulkadir Saidu, in a note he said was meant to clarify some questions […]

CBN Lifts Suspension on Cheque Clearing

Apr 28, 2020 – Legal News by 

The Central Bank of Nigeria (CBN) has lifted the temporary suspension it placed on the clearing of cheques in the country, with effect from today. The Bank disclosed this in a circular posted on its website, titled: “Re: Temporary Suspension of Cheque Clearing in the Nigerian Clearing System,” that was […]

PPPRA parleys CBN on forex support for oil marketers

Apr 28, 2020 – Legal News by 

The Petroleum Products Pricing Regulatory Agency (PPPRA) is discussing with the Central Bank of Nigeria (CBN) on ways to make foreign exchange (forex) accessible to private oil marketing companies seeking to import petroleum products into the country. The agency’s Executive Secretary, Abdulkadir Saidu, gave this hint in a statement issued […]

Bulls & Bears’ battle end in a near-stalemate at the Nigerian stock market

The Nigerian stock market opened the week on a mild note, with the All-Share Index gaining +0.07% to close Monday’s session at 22,616.28 index points. The market capitalization also gained 0.07%, as it closed at N11.78 trillion. Amid the mild gains recorded, activity level showed weak performance. Total volume and value traded […]

What the future may hold for oil amidst COVID-19

  The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures CLc1, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just […]

Stock Market Sheds 1.4% as Profit-taking Halts Recovery

Apr 27, 2020 – Legal News by 

Profit-taking in bellwethers such as Dangote Cement Plc, Nestle Nigeria Plc and some banking stocks halted the equities market’s further recovery last week. The market had jumped 7.19 per cent the previous week, recovering about N801.3 billion in value due to bargain hunting by investors.   However, the trend changed […]

CBN Moves to Quell FX Speculation, Debits Banks N1.47trn

Apr 27, 2020 – Legal News by 

As part of effort to manage banking system liquidity and prevent speculation in foreign exchange (FX), the Central Bank of Nigeria (CBN) on Friday debited about 30 banks a total of N1.47 trillion as additional cash reserve requirement (CRR). A source disclosed this to THISDAY at the weekend. But the […]

Pipeline vandalism up 50% in January – NNPC

Apr 27, 2020 – Legal News by 

The Nigerian National Petroleum Corporation (NNPC) reported that vandalism of key assets (pipelines) in the nation’s hydrocarbon resources industry rose by 50 percent in January this year, thereby causing huge crude and gas losses to the country during the month. The corporation, which disclosed this in its just published Monthly […]

Nigerian banks at risk due to debts by independent oil producers

The global oil crisis, which has caused a historic crash in crude oil prices, is currently affecting Nigeria’s indigenous crude oil-producing firms. This unfortunate situation is also believed to pose a serious threat to Nigerian banks. What we know: A monitored report from Bloomberg suggests that these independent oil producing […]

Asteroids hit hard on Nigerian top stocks, investors lose N161billion

The Nigerian stock market closed the day in the negative as the All Share Index and market capitalization dropped by -1.36%, to close at 22,470.79 and N11.710 trillion respectively, with investors losing N161.28 billion. Activity level was mixed; volume traded fell by 19.52% to 201.47million units of shares, while value traded […]

Naira depreciates further against dollar, pounds sterling over liquidity crisis

The liquidity crisis in the foreign exchange market seems not to be easing off as the Naira depreciated further in the parallel market, popularly known as the black market on Thursday, April 23, 2020. According to Aboki fx, the local currency, naira, depreciated against both the US dollars and the […]

World Bank slashes outlook for oil, metals as coronavirus crushes demand

The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock could hit developing countries hardest. Crude oil prices are expected to average $35 a barrel this year, down 43% from the average […]

SEC, others launch N1bn funding initiative to support COVID-19 war in Nigeria

Apr 23, 2020 – Legal News by 

 The capital market community led by the Securities and Exchange Commission (SEC) has launched a funding initiative with the aim of raising N1 billion to support the fight against Coronavirus (COVID-19) on the Nigerian economy. The fundraise, according to the Commission, would be coordinated by the Capital Market […]

NNPC Earns $5.18bn from Oil, Gas when the Going was Good in 2019

Apr 23, 2020 – Legal News by 

Posts $434.8m crude oil sales revenue in January Ejiofor Alike, Peter Uzoho in Lagos and Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) said WEDNESday that the country exported oil and gas worth about $5.18 billion from January 2019 to January 2020. Nigeria also recorded crude oil and […]

NIGERIA OIL: Darker days ahead as Brent falls below production cost

News broke out on Monday that May WTI contract prices had plunged to negative territory as traders sold off their positions to avoid storage costs associated with physical delivery amidst declining demand. Oil prices have continued its downward trend, with Brent crude falling below its average unit cost of production of c.US$23. […]

‘How Nigerian firms can bounce back after COVID-19 pandemic’

Apr 22, 2020 – Legal News by 

A business and management consultant, Dr. Leesi Gborogbosi, has advised business owners in the country to be ready for general aggressive competitiveness in market re-entry after the wave of COVID-19 lockdown. Gborogbosi, in an article sent to Daily Trust where he gave the advice, stated that the companies that would […]

‘Remote Trading May Encourage Direct Transactions by Investors’

Apr 22, 2020 – Legal News by 

The full remote trading activated by the Nigerian Stock Exchange (NSE) last month may encourage direct transactions by interested investors, the Chairman, the Chairman, Association of Securities Dealing Houses of Nigeria ( ASHON), Chief Onyenwechukwu Ezeagu, has said. The NSE had last closed its trading floors as part of efforts […]

The stark reason why Crude oil price went negative

It’s two days straight and the crazy Western Texas Intermediate (WTI) crude oil price remains below zero for the first time ever. Prices fell not just below zero but to negative $40 per barrel. There is a major reason for this price drops. Why negative: Since the world went into […]

Brent crude price drops to $26.72/b, as WTI trades at $1/b

Apr 21, 2020 – Legal News by 

…Expert canvasses improved transparency in Nigeria’s earnings Despite over nine million output cut agreement reached by OPEC and non-OPEC members, oil prices again plunged to an all time low on Monday with the Brent crude, the international marker and Nigeria’s crude grade, dropping five per cent to $26.72 per barrel. […]

NPA orders terminal operators to suspend collection of charges

Apr 21, 2020 – Legal News by 

The Nigerian Ports Authority (NPA) has directed all terminal operators to suspend the collection of all applicable terminal storage fees cum demurrage through the period of the extension of the 14 days stay at home order issued by the Federal Government. The Federal Government had extended the 14 days stay […]

Banking Stocks stop the raging bulls at the Nigerian Stock Market index down 0.01%

  The Nigerian Stock Market opened the week on a flat note, with the All Share Index falling minimally by -0.01% to close at 22,920.41 points.  Market turnover however remained strong, as total volume and value rose by 49.15% and 61.20% to close at 345.43 million units of shares, valued at N4.208 billion in 4,930 deals.   First Bank Nigeria […]

NSE’s Capitalisation Gains N801bn as Market Recovers Further

Apr 20, 2020 – Legal News by 

The stock market recovered further last week as more investors took advantage of the low prices to increase their portfolios. Having gained N150 billion the previous week, the market capitalisation of the Nigerian Stock Exchange (NSE) soared by N801.3 billion to close at N11.946 trillion. Similarly, the NSE All-Share Index […]

IMF Urges African Countries to Remain Committed to AfCFTA

Apr 20, 2020 – Legal News by 

The Managing Director, International Monetary Fund (IMF) Mrs. Kristalina Georgieva has advised Africa not to deviate from its plans to enforce the African Continental Free Trade Agreement (AfCFTA). She described the initiative as a catalyst for enhanced growth. Georgieva said this recently at the just concluded Virtual Spring Meetings of […]

Nigeria to lose over $160 million to cocoa, cashew exports over COVID-19

Coronavirus pandemic is expected to cause significant hardship to the non-oil export sector, as Nigeria is projected to lose over $160 million to cocoa and cashew exports in 2020. Agricultural exports like Cocoa, Sesame and Cashew exports are predicted to suffer, due to the pandemic that has lockdown economies of […]

Major Oil Marketers Seek Law to Back Deregulation

Apr 17, 2020 – Legal News by 

Advocates floating of fuel price Peter Uzoho   Marketers of petroleum products under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) have called on the federal government to enact a legislation to fully liberalise the pricing of petrol, rather than using a price modulation method to determine prices. […]

Moody’s Affirms Nigeria’s ‘B2’ Ratings, Negative Outlook

Apr 17, 2020 – Legal News by 

Obinna Chima Moody’s Investors Service yesterday affirmed Nigeria’s ‘B2’ long-term issuer ratings and senior unsecured rating, its ‘(P)B2’ senior unsecured programme rating and maintained its negative outlook on Nigeria. The global rating agency explained in a statement that the negative outlook reflected the material downside risks to Nigeria’s credit worthiness […]

‘Fund paucity threat to ports’ operations, economic recovery’

Apr 17, 2020 – Legal News by 

…as Shippers’ Council opens parley with banks Following outcry by licensed customs agents on their inability to access funds from banks, the Nigerian Shippers’ Council (NSC) has opened discussions with the managements of banks with a view to enabling the agents to access funds for their operations. The President of […]

Global oil consumption cut by up to a third

  What happens next in the oil market depends on how quickly and completely the global economy emerges from lockdown, and whether the recessionary hit lingers through the rest of this year and into 2021. The OPEC+ deal, finalised on Sunday, envisages production cuts of 9.7 million bpd in May […]

FG to Raise N60bn through Bond Auction

Apr 16, 2020 – Legal News by 

The Debt Management Office (DMO) on behalf of the federal government is set to raise N60 billion through the FGN savings bond issuance. The debt office is also reopening the FGN bond market next week, having raised N50 billion from a bond auction held last month.   The debt office […]

4 key sectors CBN plans to pump money into

The post-COVID-19 era is expected to be filled with a lot of uncertainties and challenges especially in developing countries like Nigeria. In preparation for post events, the Central Bank of Nigeria (CBN), has warned of the need for the country to act faster so as to enable faster economic recovery. […]

CBN Urges Vigilance to Mitigate Banking Sector Credit Risks

Apr 16, 2020 – Legal News by 

Obinna Chima The Central Bank of Nigeria (CBN) has said the anticipated economic damage due to the COVID-19 pandemic requires vigilance to mitigate emerging risks in the banking system. The Deputy Governor, Financial System Stability Directorate, CBN, Mrs. Aisha Ahmad, said this in her personal statement at the last Monetary […]

NSE Highlights Gold as Viable Option in the Current Investment Landscape

Apr 15, 2020 – Legal News by 

Goddy Egene The Nigerian Stock Exchange (NSE) has partnered ABSA Securities Nigeria to host a webinar that focused on using alternative investments classes to navigate uncertain times in Lagos. The webinar delved into the value of gold as a viable investment option and the ease of access the NewGold Equity […]

WTO Predicts 32% Plunge in Global Trade in 2020

Apr 15, 2020 – Legal News by 

Obinna Chima World trade is expected to fall by between 13 per cent and 32 per cent in 2020 as the COVID- 19 pandemic disrupts normal economic activity and life around the world, a report by the World Trade Organisation (WTO) has estimated. The Director General, WTO, Roberto Azevêdo, stated […]

OPEC+ production cut deemed ‘insufficient’ by banks

  This weekend’s emergency OPEC+ teleconference meeting that saw the 23-member alliance agree to slash production by almost 10 million b/d is regarded as insufficient by several large banks, who say it is unlikely to balance the market. On Sunday, members of the alliance agreed to collectively cut production by […]

Report: Shell’s Gas Flare in Nigeria Drops by 80% in Nine Years

Apr 14, 2020 – Legal News by 

Stories by Chineme Okafor in Abuja International oil company, Shell has said its flaring of gas from oil fields in Nigeria dropped by 80 per cent between 2010 and 2019. It stated this in its 2019 Sustainability Report where it also revealed that its contribution to global greenhouse gas emission […]

Shell reopens terminal, lifts force majeure on Forcados crude

  International oil-producing giant, Shell Petroleum Development Company (SPDC), has lifted the force majeure that was earlier declared on the export of crude oil from its Forcados Terminal.  The monitored report from Reuters, states that the Royal Dutch shell subsidiary, lifted the force majeure, which was earlier declared by it a […]

CBN warns SMEs not to pay any fee to access its N50 billion stimulus package

The Central Bank of Nigeria (CBN) has warned owners of small-scale businesses and other loan seekers not to pay any amount as application processing fee for the N50 billion Targeted Credit Facility (TCF) stimulus package. The apex bank disclosed via its Twitter handle on Monday evening. According to CBN, its […]

IMO and port State inspection authorities set pragmatic approach to support global supply chain

  While the number of physical on-board ship inspections has reduced considerably during the COVID-19 pandemic, in order to protect both port State control officers and seafarers, the regimes continue to work to target high-risk ships which may be substandard. The port State control (PSC) regimes which carry out inspections […]

OPEC+ Deal: Crude oil prices rise amid volatile trading session

On Sunday, April 12, 2020, the Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia, finally agreed to a historic crude oil output cut that is expected to help stabilize the oil market after the devastation caused by the Coronavirus pandemic. This unprecedented deal, following the intervention of US […]

10 Top Brokers Facilitate N218bn transactions on the NSE in 3 Months

Apr 13, 2020 – Legal News by 

Ten stockbroking firms facilitated the trading of N217.725 billion staked on 16.105 billon shares in the first quarter (Q1) of 2020 according to statistics obtained from the Nigerian Stock Exchange (NSE). Both in terms of value and volume, Stanbic IBTC Stockbrokers Limited led the top 10 brokers that accounted for […]

Respite for Investors as Stock Market Recovers N150bn

Apr 13, 2020 – Legal News by 

Investors in equities heaved a heavy sigh of relief last week as the market posted significant recovery and ended with improved turnover. The stock market had suffered a decline of 3.51 per cent the previous week due to the impact of the economic lockdown following the COVID-19 pandemic.   However, […]

W/Bank forecasts depression for Africa in 2020

Apr 10, 2020 – Legal News by 

The World Bank on Thursday, projected a very bleak outlook for African economies in the face of the increasingly devastating impact of the Coronavirus pandemic, saying Sub-Saharan Africa’s (SSA’s) growth will slump to all time low of -5.1% this year, thereby pushing the region into its first recession in 25 […]

Stock Market Recovers Further on Continuing Bargain Hunting

Apr 10, 2020 – Legal News by 

Goddy Egene The market capitalisation of the Nigerian Stock Exchange (NSE) climbed back to N11.144 trillion yesterday while the NSE All-Share Index rose further by 1.47 per cent to close at 21,384.03 following sustained bullish trading. The market, which hit a record low on Monday, recovered on Tuesday due to […]

OPEC deal in jeopardy as Mexico refuses to accept production cuts

The meeting with OPEC and its OPEC+ countries took a u-turn late on Thursday after Mexico refused to accept production cuts offered to it. The country’s Oil Minister Rocio Nahle confirmed this in a tweet on Thursday evening, proposing to cut production by 100,000 barrels per day. According to reports […]

SEC Moves against Flow of Illicit Funds into Capital Market

Goddy Egene As part of efforts to identify investors properly, guard against flow of illicit funds into the capital market and address challenges associated with identity management generally, the Securities and Exchange Commission (SEC) has developed a standardised Investor’s Data and Consent Form to be adopted by all capital market […]

Positioning Nigeria as Reliable Supplier, Mele Kyari Sees Beyond Current Crisis

Says pandemic forces demand down by 6.8m barrels Ejiofor Alike and Peter Uzoho Managing Director of Nigeria National Petroleum Corporation (NNPC), Mr. Mele Kyari, yesterday said Nigeria would remain in production despite the prevailing below-the-cost-of-production price of oil in order to strategically position itself as a reliable global supplier of […]

Chamber urges OPEC, other suppliers to end oil price war

Apr 9, 2020 – Legal News by 

As Organisation of Petroleum Exporting Countries (OPEC) and other non-OPEC oil producing countries (OPEC+) meet today in Vienna, Austria, African Energy Chamber, a chamber of networks, transactions and partnerships in Africa’s growing energy industries, has urged them to reach a deal and end the current oil prices war. Daily Trust […]

Oil tanker freight rates fall ahead of OPEC+ meeting

Go to… Home Shipping News     – top stories    – Hellenic Shipping News    – International Shipping News    – Dry Bulk Market    – Piracy and Security News    – Shipping: Emission Possible    – Marine Insurance P&I Club News    – Port News    – Shipbuilding News    – Shipping Law News    – Interviews    – DNV GL Maritime Academy […]

COVID-19: NAICOM Announces Business Continuity Measures for Insurance Operators

The National Insurance Commission (NAICOM) has rolled out palliative measures to sustain insurance operations and shield policy holders from the negative effects of COVID-19 pandemic. NAICOM said the move was part of its business continuity measures, adding that it was to, “as much as possible, ensure availability of insurance services […]

EITI Foresees Extractive Projects’ Delays, Cancellations Post COVID-19

Stories by Chineme Okafor in Abuja The global Extractive Industries Transparency Initiatives (EITI) has warned that projects initiated in the extractive sectors of natural resource-rich and dependent countries before the outbreak of the COVID-19 may experience delays and outright cancellations when the pandemic ends. In a message of solidarity to […]

Container Shipping Lines Cancel Sailings to Weather Coronavirus Storm

Global container shipping lines have canceled more than 160 sailings over the past week as they try to maintain freight rates in the face of billions of dollars in potential losses driven by falling trade demand. The service cancellations have grown from 45 last week to 212, according to Copenhagen-based […]

IMF considering an “emergency” bailout for Nigeria

The International Monetary Fund is considering a $3.4 billion emergency bailout for Nigeria. The fund is to be used to mitigate the impact of the COVID-19 pandemic on the Nigerian Economy. This is according to  Kristalina Georgieva, the Managing Director of the IMF. Nigeria’s Minister of Finance, Zainab Ahmed had […]

World Bank commits $82m to Nigeria’s COVID-19 fight

Apr 8, 2020 – Legal News by 

The World Bank Group has announced the sum of $82 million funding support for Nigeria’s ongoing fight against the dreaded COVID-10 pandemic. The Breton Woods institution stated it would be providing direct and long-term financial support to the country over the next 15 months while also extending similar supports to […]

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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