CAPITAL MARKET
Seplat to buy ExxonMobil’s Nigerian shallow water business
Seplat Energy Plc has confirmed that it is in ‘’competitive discussions’’ with a partner to acquire ExxonMobil’s Nigerian shallow water business. The firm disclosed this via a filing with the Nigerian Exchange Limited (NGX) on Monday, adding that it is aware of rumours and confirmed that it is indeed looking at acquire ExxonMobil’s shallow water business. The company then cautioned the investing public that although deliberations are ongoing, the outcome is not certain. The Sun
FG’s capital market debt servicing gulps N2.18tn in 10 months – Reports
Servicing of debts acquired through instruments issued by the Federal Government in the Nigeria capital market totaled N2.18tn as of October 30, an analysis of data by our correspondent has shown. Data from listed debt instruments on the FMDQ Exchange showed that repayments by FG on bonds, promissory notes, Sukuk, savings and green bonds altogether amounted to N2.18tn. FG bond payments are structured with coupons paid semi-annually and are used to fund specific infrastructure projects. Punch
ECONOMY
OPEC: Release of Special Reserves May Worsen Coming Global Oil Surplus
The Organisation of Petroleum Exporting Countries (OPEC) expects that oil stockpiles released by consuming nations could massively swell the surplus in global markets. The projections from OPEC’s advisory body, the Economic Commission Board (ECB) hours before the group and its allies meet to decide whether to increase production. Some delegates from OPEC and its partners have indicated they could cancel an output hike scheduled for January if inventories deployed by the United States and others overwhelm the market. The ECB’s projections would bolster the case of countries lobbying for such a pause. This Day
China Pledges One Billion Additional COVID-19 Vaccines for Nigeria, Other African Countries
As countries across the world continue to take measures to prevent the spread of the new COVID-19 variant, Omicron, Chinese President Xi Jinping yesterday said his country would offer another one billion doses of COVID-19 vaccines to Nigeria and other African countries. Jinping also promised to encourage Chinese companies to invest at least $10 billion in the continent over the next three years. The pledge of additional vaccine doses on top of the nearly 200 million that China had supplied to the continent came as concerns mounted over the spread of the new disease variant, which was detected in South Africa. This Day
NCC to conduct 5G trial Thursday
The Nigerian Communications Commission says it is set for the second trial of 5G in Nigeria. According to the commission, the trial which is scheduled to hold on Thursday is necessary in order to validate the national policy on 5G for the digital economy. The commission added that the supervised trial would be conducted by Airtel Networks Limited and its Original Equipment Manufacturer on Thursday. MTN Nigeria Communications had held the first 5G trial in Nigeria in 2019. Punch
Eurobond, SDRs raise Nigeria’s external reserves to $41.4bn
Nigeria witnessed a 35 per cent spike in its foreign reserves as Eurobond and Special Drawing Rights (SDRs) shot it up from $32.9 billion recorded last June to $41.4 billion this month. According to Governor of the Central Bank of Nigeria(CBN), Mr Godwin Emefiele, who disclosed this at the weekend in his address at the Bankers’ Dinner in Lagos, the accretion was as a result of demand management policy of the apex bank, Eurobond and the International Monetary Fund’s (IMF) Special Drawing Rights( SDRs). The Sun