Friday, October 16, 2020
T-bills yields shrink to 2% as investors post record N493bn unsuccessful bids
More than N493 billion worth of unsuccessful transactions were recorded at the Nigerian Treasury Bills (T-Bills) auction conducted Wednesday by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria (FGN), as excess liquidity drags for limited investments instruments. With the shortage in attractive investment opportunities in Nigeria amid the low… Read more
NEC sets up panel of enquiry on Police brutality
In an apparent move to further placate EndSARS protesters, the National Economic Council (NEC) on Thursday directed the immediate establishment of State-based Judicial Panels of Inquiry across the 36 States of the country to receive and investigate complaints of Police brutality or related extrajudicial killings with a view to delivering justice for all victims of… Read more
Nigeria’s September inflation rate hits 13.71%, highest in 30 months
Nigeria’s inflation rose to 13.71 per cent in September, hitting its highest level since its 13.34 per cent rate of March 2018. The National Bureau of Statistics disclosed this in its Consumer Price Index report for September on Thursday. Part of the report read, “The consumer price index which measures inflation increased by 13.71 per cent (year-on-year) in September 2020. Read more
We’ve reduced loss by 99.7% to N1.7bn – NNPC
The Nigerian National Petroleum Corporation says it has achieved 99.7 per cent reduction in its loss profile from N803bn in 2018 to N1.7bn in 2019. The corporation published its 2018 Audited Financial Statement five months ago. The corporation’s spokesman, Kennie Obateru, quoted NNPC Chief Financial Officer, Mr. Umar Ajiya, in a statement issued in Abuja on Thursday as saying that the 2019 Audited Financial Statement would soon be published on the corporation’s website. Read more
American firm acquires Nigerian start-up, Paystack, for $200m
Stripe, is acquiring Paystack, a technology company based in Lagos for $200m. This alliance will allow the two companies to accelerate online and offline commerce across Africa, Paystack’s Co-founder and Chief Executive Officer, Shola Akinlade, said in a blog post on Thursday. The acquisition would allow organisations of all sizes to easily collect payments from around the world, the statement said. Read more
OPEC raises 2020 demand forecast on China’s recovery
The Organization of the Petroleum Exporting Countries (OPEC), has raised its global oil demand forecast for 2020 by 60,000 barrels per day (b/d) from last month to 90.29 million b/d in October, as it sees an improvement in China’s demand for most oil products except for jet fuel. Read more
Service providers outside GSM operators, ISPs generate N449b in 2019
Service providers, including Internet service providers (ISPs), and fixed wired players generated N18.6 billion more in 2019 than their 2018 collective earnings. Read more
‘New tree species, import substitution can revive paper industry’
By investing in certain tree species that have a shorter gestation period of six months and developing a backward integration plan for the paper and pulp industry, Nigeria may be able to revive ailing paper manufacturing firms and conserve foreign exchange. Read more
