Monday, June 22, 2020
Global gas glut leaves Nigeria’s LNG unsold, threatens N80bn dividend
Dividend accruable to cash-strapped Nigeria from Liquefied Natural Gas (LNG) is under threat, a development that might adversely affect its Economic Sustainability Plan to improve crumbling infrastructure and poor services in Africa’s largest economy. In Nigeria, the natural gas sector is oriented towards the export market, which is determined by economic fundamentals as against…Read more
Manufacturers suffer drop in profit as Covid-19 underpins bleak outlook
Revenues of listed manufacturers were nearly flattish while profit slumped as coronavirus pandemic caused disruption to business across almost all sectors of the economy. The largest manufacturers on the floor of the Nigerian Stock Exchange saw combined net income fall by 1.47 percent to N116.62 billion in March 2020 from N118.37 billion the previous year… Read more
Fuel marketers’ profits drop to N3.58bn, two suffer N1.57bn loss
Three of the seven oil marketing firms listed on the Nigerian Stock Exchange posted a total loss of N1.57bn in the three months ended March 31, 2020, while two saw their profits fall by N3.58bn. MRS Oil Nigeria Plc reported the biggest loss in the quarter under review, as its loss rose by 45.21 per cent to N1.06bn from N730.64m in the same period a year ago…. Read More
Delta flow station: Nigeria loses 44,000bpd of crude
Nigeria has been losing about 44,000 barrels of crude oil daily since Saturday following the shutdown of the Odidi and Batan oil flow stations by protesting youths in some Delta oil-producing communities. The flow stations remained shut as of Sunday evening, it was gathered…. Read more
IPPIS: Petrol scarcity looms as PENGASSAN, NUPENG threaten strike
Nigeria may face petrol scarcity if oil workers make good the threat of withdrawing their services nationwide should the Federal Government insist on registering employees in the oil sector on the Integrated Payroll and Personnel Information System…. Read more
Lagos approves N1.16bn to pay retirees
The Lagos State Government has approved the release of N1.16bn for the payment of accrued pension rights to 368 public service retirees. This was disclosed by the Director-General, Lagos State Pension Commission, Mr Babalola Obilana, while giving an update on payments of pension for the month of May 2020, in his office in Lagos….. Read more
AMCON takes over Doggi Group assets over N400 million debt
The Asset Management Corporation of Nigeria (AMCON), Thursday, took effective possession of the two properties belonging to Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited, over an indebtedness of over N440million…. Read more
Insurers intensify fight against COVID-19 negative impact
Underwriting firms in Nigeria’s insurance industry have begun to invest more in Corporate Social Responsibility (CSR) especially in this period of the coronavirus pandemic. The move is not only to give back to the society where they derive their profits from, but also to boost governments’ efforts at all levels to stem the spread of virus in communities…. Read more
Nobody knows the intention of the All Progressives Congress (APC)-led federal government for the borrowing spree and the stupendous budget deficit. It seems not to care about what becomes of Nigeria after its term….. Read more
W’Bank: Poorest Countries to Save $12bn in 2020 Debt Relief
The world’s poorest countries could save over $12 billion owed to sovereign and other creditors this year through their participation in a debt-relief program, with Angola alone saving some $3.4 billion, according to estimates published Friday in a new database from the World Bank…. Read more
‘How Jumia Impacted SMEs During Lockdown’
The Chief Executive Officer of Jumia Nigeria, Mr. Massimiliano Spalazzi has said the e-commerce company, made a sustainable impact on Nigeria’s economy during COVID-19 lockdown, which helped to sustain SMEs and consumers in Nigeria to save money and time…. Read more
