Thursday, November 26, 2020
OPEC Seeks $12.6tn Investments to Revamp Global Oil Industry
The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that the global oil industry will require about $12.6 trillion investments in the downstream, midstream as well as upstream to sustain its innovative and production efficiency in the next 25 years. Read more
Sylva, Sanwo-Olu Upbeat about 8,400MT Techno Oil’s LPG Terminal
The Minister of State for Petroleum Resources, Chief Timipre Sylva and the Lagos State Governor, Mr. Babajide Sanwo-olu, have said the newly-inaugurated 8,400 metric tonnes Liquefied Petroleum Gas (LPG) terminal built by Techno Oil Limited in Lagos State will significantly contribute to deepening the domestic utilization of LPG in the country. Read more
NB’s CEO Assures Stakeholders of Improved Performance
The Managing Director/CEO, Nigerian Breweries Plc, Mr. Jordi Borrut Bel, has said the company would strive to sustain positive performance in the years ahead despite the challenging operating environment. Bel stated this while presenting the company’s ‘Facts behind the figures’ to capital market stakeholders. According to him, the results of Nigerian Breweries in 2020 have been adversely affected by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange. Read more
#EndSARS: CACOVID to rebuild 44 police stations, donates N100bn for arms
The Central Bank Governor, Godwin Emefiele, has said the Coalition Alliance Against COVID-19 will rehabilitate all the police stations that were damaged in the country as a result of wanton destruction and lootings that followed the recent #EndSARS protests. Emefiele spoke during a press briefing in Lagos on Wednesday at the office of the CBN. He also disclosed that CACOVID had so far spent N43.27bn on the acquisition of medical equipment and supplies, and food palliatives for the vulnerable, among others. Read more
FG approves N39.7bn for roads, erosion, incinerators’ contracts
The Federal Executive Council on Wednesday approved contracts for different projects totalling about N39.7bn. The contracts include those of road construction, erosion control and purchase of incinerators for hospitals and the offices of the National Centre for Disease Control. The approvals were given at a meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.). Read more
Reps concur with Senate, approve N148bn refund to five states
The House of Representatives has approved the request of the President, Major General Muhammadu Buhari (retd.), to refund a total sum of N148.14bn to five states. The approval, which was given by the House at the plenary on Wednesday, was in concurrence with the Senate which granted Buhari’s request earlier on Tuesday. The amount was meant for projects executed by the states on behalf of the Federal Government. Read more
Fintech space grew 800% during COVID-19 as CBN lists pandemic lessons
Despite the pandemic, the Financial Technology (Fintech) payment space in Nigeria grew by about 800 per cent. This was revealed by the Chief Executive Officer of Ecobank, Patrick Akinwuntan, during a panel session at the Fintech Nigeria: the State of Play, virtual conference. Akinwuntan said the growth came directly from the Fintechs in collaboration with government agencies, indicating a huge trust in digital payment during the COVID-19 lock-downs, which prevented people from moving from one place to another. Read more
Hope PSBank unveils brand identity, commences operations
Hope PSBank, a subsidiary of Unified Payment Services Limited and Nigeria’s premier digital-first bank has unveiled its brand identity as part of activities marking the commencement of banking operations targeted at promoting and driving financial inclusion in the Nigerian ecosystem. Read more
FG hopeful of Second Niger Bridge’s completion by 2022 The Federal Government has expressed optimism about the completion of the Second Niger Bridge by 2022, adding that the project is on-going and would aid the influx of investments in the region. Already, President Muhammadu Buhari has endorsed the progress of work being achieved at the Second Niger Bridge saying that, “the project is on course irrespective of initial teething problems that occasioned some loss of time.” Read more
