Business News

Friday, 05 June 2020 05:40

Market forces to determine fuel prices henceforth - FG

Federal government on Thursday proceeded with the full deregulation of the downstream petroleum sector with the removal of the existing cap on fuel prices. With the latest development, it was learnt that marketers can now import the product and sell at prevailing market prices, without the usual price band set by the concerned regulatory agency. In a release late Thursday, Petroleum Products Pricing Regulatory Agency (PPPRA), noted that henceforth prices would be fully determined by market forces. Signed by its Executive Secretary, Mr Abdulkadir Saidu, and backdated to March this year, the document noted that the agency would only continue…

Friday, 05 June 2020 05:39

CBN to sell treasury bill worth N821.8bn in Q3, 2020

Central Bank of Nigeria (CBN) has slated Treasury Bills (TBs) sales worth N821.8 billion in third quarter 2020. This is contained in the apex bank’s latest Nigeria Treasury Bills Issue programme released yesterday. Treasury Bills are short term (less than one year) debt instruments used by CBN to borrow money from the public on behalf of the federal government. CBN also uses TBs to control money supply in the economy. During the period, the apex bank will issue TBs worth N109.65 billion on 91 days tenor, N149.44 billion on 182 days and N562.71 billion on 364 days. A breakdown of…

Thursday, 04 June 2020 05:34

Insurance firms get deadline extension for recapitalisation

National Insurance Commission (NAICOM) on Wednesday announced a shift in risks underwriting companies’ recapitalization deadline to September 30, 2021. The new deadline extension, which affects all insurance and reinsurance companies was contained in a circular dated May 30, 2020 with a reference number NAICOM/DPR/CIR/25-Q4/2020 signed by Mr Pius Agboola, Director (Policy & Regulation) on behalf of the Commissioner for Insurance and titled “Segmentation of Minimum Paid-up Share Capital Requirement for Insurance Companies in Nigeria.” The industry regulator stated: “The Commission hereby extends and segments the recapitalization process into two phases as follows: a. 50% of the Minimum Paid-Up Capital for…

Thursday, 04 June 2020 05:32

Oil recovery continues, now $40 per barrel

Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. This came as the Minister of State for Petroleum Resources, Mr Timipre Sylva, declared that Nigeria’s compliance to the crude oil production cut that was agreed by members and non-members of the Organisation of Petroleum Exporting Countries had reached 52 per cent. In a tweet via his official Twitter handle, Sylva said Nigeria…

Tuesday, 02 June 2020 05:34

9mobile gets new CEO

Mr Alan Sinfield has been appointed as the new chief executive officer of 9mobile, one of Nigeria’s major telecommunications company. The telecoms company announced Sinfield’s appointment in a statement on Monday. Sinfield succeeds Stephane Beuvelet, who has held the position in an acting capacity since November 2018 when the new board took over the company’s management. Commenting on his appointment, Sinfield said: “The Nigerian telecoms industry is characterized by strong competition, but it is also an industry that is important to people everywhere. Nigeria is rich in diversity and boasts of energetic, resilient, friendly and hardworking people”. “I am delighted…

Tuesday, 02 June 2020 05:23

FG slashes petrol price to N121.50 per litre

Petroleum Products Pricing and Regulatory Agency (PPPRA) on Monday released the June pricing guideline for Premium Motor Spirit (PMS), also known as petrol, directing oil marketers to sell the commodity within the price band of N121.50k-N123.50k per litre. This was even as it pegged the ex-depot price of the commodity for June between N102.13-N104.13 per litre; while the ex-depot price for collection ranges from N109.78-N111.78 per litre. In the memo to marketers, PPPRA reminded them of the recently approved pricing regime and provision for the establishment of a monthly price band for PMS, which became effective on March 19, 2020.…

Monday, 01 June 2020 05:26

Nigerians to pay stamp duties on ATM, SMS, WhatsApp messages involving money

Federal Inland Revenue Service (FIRS) says Nigerians will pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds. The revenue service also stated that stamp duties would be paid on “POS receipts, fiscalised device receipts, and Automated Teller Machine (ATM) print-outs”. According to a circular published by the agency, Nigerians will also be required to pay stamp duties on SMS acknowledging receipt of funds. FIRS gave illustrations of situations where Nigerians are expected to pay stamp duties, one of them says: “ABZ Ltd’s chief accounting officer, after receiving a cash payment of N500,000…

Monday, 01 June 2020 05:25

CBN issues new timelines for reversal of failed ATM, other transactions

Central Bank of Nigeria (CBN) has issued new directives to banks for refunds to customers on any failed transactions through ATMs, PoS, internet transfer and e-platforms transactions. The latest timelines for banks to ensure strict compliance were contained in a statement issued by the apex bank’s Director, Corporate Communication, Mr Isaac Okorafor. He stated that revision of the timelines was part of the bank’s efforts to enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes. Specifically, the revised timelines for reversals and/or resolution of refund complaints on electronic channels which takes effect from June…

Monday, 01 June 2020 05:24

Telecoms sector attracted $157.4m FDI in Q1, 2020

Telecommunications sector recorded a significant increase in foreign investments in the first quarter of this year. Sustaining the momentum gathered in 2019, the telecommunications sector attracted a total of $157.48 million in foreign direct investments (FDIs) in the first quarter of the year. This represents a 386 per cent increase year-on-year when compared with the $32.35 million the sector recorded in Q1 2019. The Q1 2020 figure also showed that the sector had performed better than the preceding quarter (Q4 2019). According to the Capital Importation statistics released by National Bureau of Statistics (NBS), quarter-on-quarter, foreign investments in the telecoms…

Monday, 01 June 2020 05:15

These are areas of the economy that ‘will not come back’ quickly from Covid-19

With many countries beginning to emerge from lockdown in the wake of the Coronavirus pandemic attention has turned to the economic recovery . The potential shape of that recovery - U-shaped, W-shaped, V-shaped or even ‘square root-shaped’ - has split economists and strategists. All 50 U.S. states, along with the majority of European countries, have now taken steps towards reopening following lockdown restrictions. Businesses are heading back to work, shops and restaurants reopening and airlines are preparing to resume flights. However, chief investment officer at wealth management firm London & Capital, Pau Morilla-Giner said there were some areas of the…

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Sunday, 31 May 2020 04:59

Lockdown: Over 1,000 trucks with export goods stranded at Lagos ports

Indications were rife at the weekend that Nigeria’s rising non-oil export is threatened by the Coronavirus restrictions as over 1,000 trucks laden with export cargoes have been stranded along the Lagos seaports corridor in the last two months. This came as the Executive Secretary/Chief Executive Officer of Nigerian Shippers Council (NSC), Mr Hassan Bello said that he had taken notice of the sad situation and is working round the clock to ensure that the cargoes enter the seaports as soon as possible for onward export to the international market. The export cargoes could not gain access into the ports due…

Saturday, 30 May 2020 05:47

Having tons of Naira doesn’t guarantee access to Dollars. Here’s why

In Africa’s biggest economy, the hunt for dollars could threaten the survival of many manufacturers, even when they have a lot of nairas. Central Bank of Nigeria has been rationing foreign exchange in efforts to protect the local currency amid the crash in oil prices and coronavirus outbreak. It only resumed weekly dollar sales of $100 million for small businesses and expenses such as tuition late in April. That means importing raw materials has been difficult for companies such as Duro Kuteyi’s Spectra Industries Ltd., a Lagos-based processor of commodities including soybean, sorghum and cocoa. The 68-year-old chief executive officer…

Saturday, 30 May 2020 05:42

Entertainers bemoan losses as nightlife dwindles amid Coronavirus restrictions

Sensei Uche has earned a living for the last three years as a “hype man” in Nigeria’s entertainment capital Lagos, standing alongside the DJ in bars and clubs and whipping up dancers’ enthusiasm. But the Coronavirus pandemic has cut off his livelihood. Nigeria’s government, like others across the globe, has shut bars, nightclubs and restaurants since late March to curb the spread of the virus. “Now we have to start thinking if this will become our reality,” Uche said. He is now plying his skills online. Wielding a microphone, he works alongside a DJ playing music for “isolation parties” at…

Saturday, 30 May 2020 05:39

China scoops up cheap Nigerian oil - Report

The submersion of East Asian markets into coronavirus-induced recession has pulled down several major oil producers, most notably Nigeria whose breakeven price is well above $100 per barrel (Fitch puts it at $144 per barrel). Depending on its crude production for 60% of government revenue, Nigeria was confronted with a double whammy of falling oil prices and general economic decline – to the extent that Lagos has applied for some 7 billion in SARS-COV-2-related emergency funds provided by the IMF and the World Bank. Nigeria’s credit ratings were downgraded by both S&P and Fitch (Moody’s kept the negative outlook without…

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