Tuesday, June 23, 2020
Japaul Oil changes name as it tests market with N27bn offers
Barring any unforeseen circumstances, Japaul Oil & Maritime Services Plc will change its official name to Japaul Gold and Ventures Plc at the forthcoming 15th Annual General Meeting which will come up on July 29, 2020 in Lagos. Other ordinary business activities that will be deliberated upon on that day include the re-election of directors, re-appointment of auditors plus the fixing of their remunerations…..Read more
DisCos face bleak future over N930bn debt in unpaid invoices owed NBET
A grim picture of the finances of Nigeria’s electricity distribution companies (DisCos) is emerging after a reconciliation of the invoices and payments between them and the Nigerian Bulk Electricity Trader (NBET) showed that the 11 DisCos owe a combined sum of N622.4 billion plus N308.2 billion in interest charged. It takes the cumulative debt of…..Read more
Nigeria competes with Egypt as investment destination for planned hotel chain developments
Egypt is attracting the most investment dollars from international hotel chains and leads on the African continent with the largest number of rooms in the pipeline, more than twice the number in second-place Nigeria. Accor, an international hotel chain and owner of Ibis Hotel, has continued to be extremely busy in North Africa. Of the….Read more
Flight simulation holds Saturday, FG gets restart plan Wednesday
The Federal Government on Monday said it would carry out a simulation trial of domestic flight operations at the Murtala Muhammed Airport in Lagos on Saturday as it prepares to reopen the country’s airspace to commercial flights…. Read more
Banks caution customers, say frauds on the rise
Bank scams are increasing as more customers are adopting electronic means of payment since lockdown was introduced in the country to contain COVID-19 spread. The lending institutions have also been alerting their customers to ensure more caution in transactions and continue to utilise the e-payment channels available to them…. Read more
Discos should be audited before Siemens deal – Council
The National Economic Council has said there is an urgent need for technical and financial audits of the electricity distribution companies in the country before interventions by Siemens, World Bank and others….Read more
How small-sized insurers may lose big contracts by December
Despite the extension of the deadline for insurance industry recapitalisation to September 2021, brokers/marketers are sceptical about some operators’ ability to scale through the hurdles. Recall that industry regulator, the National Insurance Commission (NAICOM), had pushed the deadline from December 31st, 2020, to September 30, 2021, in a phased exercise…..Read more
Local savings can help reflate Nigeria’s economy, stakeholders say
The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, has canvassed the need for the mobilization of local savings to help reflate Nigeria’s economy post-COVID-19. Ahmed, who spoke during the inauguration of the National Savings Strategy Working Group, in Abuja, weekend, urged members to develop easy instruments that are safe and capable of attracting ordinary Nigerians to key into the strategy….Read more
Banks Warn Debt Forgiveness Will Hurt, Not Help Africa
Scrapping the debt of heavily indebted African nations will only come back to haunt them, according to two of the continent’s largest banks. “Forgiveness is not helpful because your debt is somebody’s else’s savings,” the chief executive officer of Lome-based Ecobank Transnational Incorporated, Ade Ayeyemi, said in an interview at the Bloomberg Invest Global virtual conference yesterday….Read more
ECOWAS Endorses Okonjo-Iweala’s Nomination as WTO Director General
The Heads of State and Governments of the 15 Economic Community of West African States (ECOWAS) member states have endorsed the candidature of Nigeria’s former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, for the position of the Director General of the World Trade Organisation (WTO)…..Read more
FMDQ Admits N23bn Debt Securities as Corporate Benefit from Market
FMDQ Securities Exchange Limited has admitted N23 billion debt securities on the platform as part of efforts to empower the Nigerian financial market, provides a choice platform for the registrations, listings, quotations, and trading of debt securities….Read more
OPEC: Full Compliance with Output Cut Fair, Equitable
The Organisation of Petroleum Exporting Countries (OPEC) has called on its member countries and ally producing nations led by the Russian Federation to comply fully with the terms agreed in their extended production limitation agreement to stabilise the oil market….Read more
