Tuesday, January 5, 2021
OPEC Fails to Agree on February Oil Production Output
Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, yesterday failed to reach an agreement on production levels for February, with talks expected to continue today. The cartel had agreed after its last summit, held from November 30 to December 3, to raise production levels by half a million barrels per day in January and to thereafter meet at the beginning of each month to decide on any adjustments to production volumes for the following month. Read more
Analysts Anticipate V-Shaped Economic Recovery for Nigeria
A recent report by Sigma Pensions titled, ‘Nigeria 2021 Outlook: A return to normalcy, but tough policy choices lie ahead,’ has predicted that the Nigerian economy would experience a V-shaped economic recovery. A V-shaped recovery is characterised by a quick and sustained recovery in measures of economic performance after a sharp economic decline. Read more
WTO Explores Role of Trade Policy in Rapid Vaccine Roll-out
The World Trade Organisation (WTO) Secretariat has published a new information note on trade-related issues for COVID-19 vaccine production, manufacturing and deployment. The note, entitled, “Developing and delivering COVID-19 vaccines around the world,” explores how trade policy can play its part in ensuring the rapid roll-out of vaccines against COVID-19. Read more
Equity market begins 2021 positive with N459bn gain
Trading activities on the floor of the Nigerian Stock Exchange on Monday opened the New Year on a positive note following gains recorded by major blue chip firms. The market performance indices, the NSE ASI and market capitalisation, appreciated by 2.18 per cent as some blue chip stocks recorded price appreciation. Read more
Atiku sold his shares, collected $5.4m balance from us – Intels
Intels Nigeria Limited has explained why it severed ties with former Vice President Atiku Abubakar, who was one of its major shareholders. Intels said it severed ties with Atiku and his family after the former Vice President sold off his shares and exited the company in 2020, the statement titled ‘Intels severs ties with Atiku’ read. In another statement, the Media Adviser to former Vice President Atiku Abubakar, Mazi Paul Ibe, said Atiku sold his shares in the company because the present administration was destroying the business. Read more
Oil tumbles after hitting $53, OPEC+ delays decision
The international oil benchmark, Brent crude, tumbled on Monday after hitting a record high of $53 ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies. OPEC and its allies, a group known as OPEC+, met on Monday but ended discussions without any agreement on production levels for February. The meeting was adjourned till Tuesday (today). Read more
Banks should obtain borrowers’ records from credit bureaus – CBN
The Central Bank of Nigeria has instructed lending institutions to obtain reports of borrowers from credit bureaus as part of their due diligence in granting loans. It also said the operations of private credit bureaux would be guided by the provisions of the Credit Reporting Act, 2017 and the National Credit Reporting System Regulation, 2019. Read more
Airliners bicker over N4b bailout sharing formula
Some airline operators have expressed displeasure over the sharing formula adopted for the distribution of N4 billion aviation bailout funds, saying it skewed the largesse in favour of few airlines. The complainants, who operate smaller capacity, were displeased with the ratio 70:30 adopted between the schedule and non-scheduled carriers. Read more
Prudential Zenith Life exceeds recapitalisation benchmark
Prudential Zenith Life Insurance has raised its authorised share capital to N5 billion, surpassing the N4 billion new minimum capital requirement set by the industry regulator, the National Insurance Commission (NAICOM), as specified in the December 31, 2020 deadline. Read more
OPEC retains oil cuts over demand concerns
Members of the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers under OPEC+, yesterday, agreed to cap crude production at current levels in February. The decision was taken at the Joint Ministerial Monitoring Committee (JMMC) meeting. In December, the partners agreed to raise collective output quotas by 482,000 b/d for January from the 7.68 million b/d that was based largely on October 2018 baselines. Read more
