Friday, April 23, 2021
Custodian Investment Gets Shareholders Nod to Raise $15m Fresh Capital
Shareholders of Custodian Investment Plc yesterday gave their approval to the board of directors of the company to raise the naira equivalent of up to $15 million as additional capital through a convertible loan instrument. Read more
Accolades as MMA2 Security Personnel Returns Passenger’s N2.3m
An Uyo-bound passenger on Ibom Airline, Mr. George Etuk and other Nigerians have commended the Aviation Security (AVSEC) personnel at the Murtala Muhammed Airport Terminal two (MMA2) after receiving his lost baggage containing the sum of N2, 350, 000 and other vital documents. Read more
Petrol Retailers Earmark 100 Filling Stations for Autogas Rollout
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has listed at least 100 filling stations throughout the country that would be used in the federal government’s auto gas pilot scheme rollout. Read more
Chinese loan conditions stall 1,525MW $4bn Mambilla power project
There were indications on Wednesday that finding $4bn has substantially stalled the construction of Nigeria’s most ambitious power project – the Mambilla Hydroelectric Power project in Taraba State. The first sign that the project may have run into a financial alley was in was in February when the Minister of Power, Sale Mamman, tweeted that the capacity of the Mambilla project had been revised downward by 50 per cent. Read more
$160m forex spent on food import in January
The country spent $160m from its foreign exchange on food importation in January according to figures obtained from the Central Bank of Nigeria. The CBN’s economic report on ‘Sectoral utilisation of foreign exchange’ for January showed that this was lower than $310m spent in December. Read more
Investors embrace long-tenors, oversubscribe April bonds by N115.66bn
The Federal Government’s bonds for April worth N150 which were auctioned on Wednesday were oversubscribed by N115.66bn, the Debt Management Office has said. The total subscription received from the investors for the bonds was N265.66bn, with the shortest tenor undersubscribed. Read more
Petrol sells for N175/litre as queues reduce in Abuja
Filling stations, particularly those in some satellite towns of Abuja dispensed petrol at rates higher than the approved N165/litre price on Wednesday, as queues in the Federal Capital Territory gradually reduced. Thousands of commuters had been left stranded for hours at various bus stops in Abuja and neighbouring states of Nasarawa and Niger on Tuesday following widespread petrol scarcity that hit the areas on Tuesday. Read more
Concerns over extortion as express passport centre opens
It is barely a month into the launch of the 24-hour express passport office by the Nigerian Immigration Service (NIS) but applicants are already calling expressing cautious optimism as Nigerians will have to pay higher fees to obtain an international passport. Read more
United Bank for Africa (UBA) Plc has posted N40.6 billion profit before tax (PBT) in its first-quarter 2021 operations against N32.7 billion recorded in the corresponding period in 2020. The bank’s unaudited results for the first quarter, showed 24 per cent rise in PBT to N40.6 billion, up from N32.7 billion recorded in the corresponding period in 2020 while profit after tax (PAT) also grew by 26.8 per cent, from N30.1 billion to N38.2 billion. Read more
‘Nigeria exports to Indonesia over $700m’
Director of the Indonesian Trade Promotion Centre, Hendro Jonathan, said Nigeria exported goods worth 700 million dollars to Indonesia last year. He explained that while Nigeria’s total export to the Asian country was $700 million, its import from Indonesia $300 million. He described the trade volume as a positive growth sign for both countries, adding that the Nigeria-Indonesia conversation has been about the value as against the volume of trade. Read more
