Author: Ogochukwu Ndubuisi

Tinubu Hails Shell’s $5 billion Bonga North Investment President Bola Tinubu on Monday lauded the 5 billion dollars Final Investment Decision (FID) made by Shell and its partners on the Bonga North Deep Offshore Field. The FID marks Nigeria’s first deepwater oil project in more than a decade. It underscores the transformative impact of the Tinubu administration’s policies and reforms in attracting investments to the oil and gas sector. This achievement, according to a statement from the President’s spokesman, Mr Bayo Onanuga, reflected the government’s commitment to creating a more competitive and investor-friendly environment. The Bonga North oilfield, located 130…

NGX Suspends Trading Flour Mills of Nigeria Shares Ahead of a final delisting, equities market regulator, the Nigerian Exchange Limited (NGX), has suspended trading on Flour Mills of Nigeria Plc shares, according to stockbrokers.  Today, the Nigerian Exchange Limited announced that trading in the shares of Flour Mills of Nigeria Plc has been suspended with effect from Monday, 16 December 2024. This suspension has been implemented to facilitate the delisting of the company’s securities, in line with the approval granted by the NGX, Cowry Asset Limited told investors in an emailed note. Stockbrokers said the measure is intended to ensure…

The Nigerian bonds benchmark yield rose by 5 basis points (bps) in the secondary market last week as investors trimmed holdings

The Federal Government (FG) has paid its ECOWAS community levy of N85 billion and 54 million dollars representing 2023 and up to July 2024.

FG Directs Houses, Land Owners in Lagos to Pay Ground Rent The Minister of Housing and Urban Development, Mr Ahmed Dangiwa, on Friday, urged owners of Federal Government (FG) owned lands and houses in Lagos State to remit their ground rent to the government’s coffer. Dangiwa said this during a stakeholder- citizens engagement on land administration and a physical assessment of Banana Island, Osborne Phase one and two, Park view/ Foreshore estates and shorelines. He said that the ministry planned to optimise its revenue collections by ensuring that all the occupiers of Federal Government’s asset pay their ground rent to…

NEC to Boost RMAFC’s Funds by 0.05% The National Economic Council (NEC) has recommended 0.05 per cent increase in funds allocated to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) from non-oil sources. Gov. Chukwuma Soludo of Anambra said this while briefing State House correspondents after the NEC meeting chaired by Vice-President Kashim Shettima, on Thursday in Abuja. He explained that the commission requested for 0.75 per cent, “but in the wisdom of NEC, it approved 0.05 per cent, subject to review by the National Assembly.” He said the commission was seeking a revision of the Act establishing it and…

Reps to Investigate Alleged Mismanagement of N350bn ANRiN Fund The House of Representatives has resolved to investigate alleged mismanagement of N350 billion in the implementation of Accelerating Nutrition Results in Nigeria (ANRiN). The resolution was a sequel to the adoption of a motion by Rep. Chike Okafor (APC-Imo) at plenary on Thursday. Moving the motion, Okafor said that there was an alleged mismanagement and misapplication of $232 million loan intervention in the ANRiN programme in the country. According to him, ANRiN is a World Bank-funded, performance-based project that uses loans to address nutritional challenges in Nigeria. He said that the…

Alleged Fraud: Court Sets Aside Bench Warrant Against Ex-AMCON MD An Ikeja Special Offences Court on Thursday set aside a bench warrant issued against the Former Managing Director of Assets Management Cooperation of Nigeria (AMCON) Ahmed Kuru. He is charged with alleged Arik Airline N76 billion and 31.5 million dollars fraud. Other defendants are former Receiver Manager of Arik Airline Ltd, Kamilu Omokide, Chief Executive Officer of the airline, Captain Roy Ilegbodu, Union Bank Ltd and Super Bravo Ltd. They were to be arraigned on alleged theft, abuse of office, making false statements to public officer and stealing by dishonestly…

Lagos Plans Future with Fewer Cars on Roads The Lagos State Government on Wednesday reiterated its commitment to creating an eco-friendly state with fewer cars on the roads in the future. Mr Oluwaseun Osiyemi, Lagos State Commissioner for Transportation, said this during a presentation at the closing of the fifth Lagos Real Estate Marketplace Conference and Exhibitions in Lagos. Osiyemi said that the commitment is in line with the T.H.E.M.E.S Agenda of Gov. Babajide Sanwo-Olu’s led administration. He expressed concern that traffic congestion costs the state trillions of naira in deficits annually. According to him, the current reliance on road…

CBN Sells $28.5m to Banks to Boost FX Liquidity The Central Bank of Nigeria (CBN) made another move to intervene in the official foreign exchange market to keep the naira strong. FX intervention has reduced drastically as foreign portfolio investors (FPIs) participation in the financial markets increased due to improved transparency brought about by automated currency trading platform. While the naira has seen gains on BMatch electronic FX trading platform, the exchange rate at the Nigerian autonomous foreign exchange window has been fluctuating. But the two spot rates closed to convergence areas, with the official spot rate losing strength due…