Road to IPO: NNPC Ltd, successor firm to NOC, begins incorporation journey
Ben Eguzozie
September 20, 2021
Ararume succeeds Buhari as board chairman of new firm, NNPC Ltd Kyari takes CEO role, an executive for profit making Investment analysts, oil industry watchers ready with IPO appetite The construction of the road to an eventual initial public offering (IPO) for state-owned national oil company, Nigerian National Petroleum Corporation (NNPC), appears now […]
CBN stay hawkish on BDCs, FX arbitrageurs as MPC keeps rates flat
Charles AbuedeSeptember 20, 2021
Jury still out on apex bank over Naira stability Policy rates call in tandem with expectations FX rates now flow from CBN, not speculators Analysts say Nigerians, businesses face tough time near term The broad expectations of economic experts from the CBN Monetary Policy Committee (MPC) was not far-fetched after all as the […]
Agusto & Co. affirms UBA’s ‘Aa-’ stable outlook rating
Charles AbuedeSeptember 19, 2021
Agusto & Co., the pan-African credit rating agency, has affirmed the ‘Aa-‘ rating to United Bank for Africa (UBA), a leading Nigerian lender with a Stable Outlook. The rating, according to the industry research provider, reflects UBA’s Pan-African franchise value, which has upheld a good liability generation strategy and a strong ability to refinance across […]
BREAKING! United Airlines to operate Washington D.C.-Lagos flights direct with Dreamliner from Nov. 29
Sade Williams/Business A.M.September 17, 2021
By Sade Williams/Business A.M. United Airlines on Friday announced that new service between Washington, D.C. and Lagos, Nigeria will begin November 29 (subject to government approval). The airline will operate three weekly flights connecting the U.S. capital to Nigeria’s largest city, which is also the top Western African destination for U.S-based travelers. Tickets […]
BREAKING! CBN MPC holds all rates on need to ease demand pressure
Charles AbuedeSeptember 17, 2021
When the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) brought forward its fifth policy meeting it suggested to many that a major policy could be in the offing. But it has just concluded that meeting today in Abuja, and offered nothing out of the ordinary as it chose to retain […]
Naira at lowest since pre-independence @ N570/$1, analysts expect N1000/$1 soon
Charles AbuedeSeptember 17, 2021
CBN reacts, begins investigation into AbokiFx founder’s accounts More than 107 years after Nigeria was stitched into existence by the British colonialists, her legal tender (Naira) has depreciated beyond the imagination of investors and stakeholders after it crashed to a historic low of N570 to a dollar in the parallel FX market in […]
Naira @ N600/$1: What type of Independence Day present for Nigerians?
Charles AbuedeSeptember 17, 2021
With the continuous FX shortages in the parallel market, the Naira has hit another record low of N562 per dollar, crashing by N5 from N557 the day before as pressure continues to hit the domestic currency across various parallel markets in Nigeria. But will the Naira crash to N600 to a dollar before the close […]
Nigeria’s DMO puts country’s public debt at N35trn by H1 ‘21
Onome AmugeSeptember 16, 2021
Nigeria’s total public debt, comprising domestic and external obligations of the federal and state governments, plus the Federal Capital Territory (FCT), Abuja, rose to N35.465 trillion as at June 30, 2021 according to the Debt Management Office (DMO). Patience Oniha, director-general, DMO, who gave details in Abuja during a presentation of the nation’s debt profile, […]
Analysts say MPC to leave rates, but soften dovish stance on growth path
Chris IkosaSeptember 16, 2021
FX pressures on Naira; e-naira launch top agenda for Thursday Economic analysts have said they expect the Centrabl Bank of Nigeria (CBN) Monetary Policy Committee to maintain status quo on all policy parameters but that it will soften its dovish tone, while considering several factors which might make it reluctant to ease monetary […]
World racks up $300trn in debt, but debt-to-GDP ratio down on economic rebound
Charles AbuedeSeptember 16, 2021
A report by the Institute of International Finance, IIF, has revealed that global debt hit a new high of almost $300 trillion in the second quarter of 2021, while the debt-to-GDP ratio fell for the first time since the start of the pandemic as economic growth rebounded. The institute said the debt levels comprise of […]