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Year-end reserves to hit‭ $‬48bn‭, ‬say analysts To be driven by oil price rise‭, ‬Eurobonds float Nigeria’s external gross reserves are on the rise again, but the country’s debt levels are climbing in the same proportion if not more. Despite the foreign exchange rationing, which has lingered in the currency market for the past months, […]

   Hits revenue milestone of N109.5bn in FY’21 To pay shareholders 7kobo dividend per share Transitioning to become Honeywell Foods   Honeywell Flour Mills, one of Nigeria’s leading agro-allied and consumer goods companies, has reported all-time high revenue of N109.5 billion in its full year 2021 operations, a 36 percent year on year increase from […]

  Warns of arrest warrant on Polaris Bank MD Heritage Bank of Nigeria and Polaris Bank, both tier-3 lenders in Nigeria, have come on the radar of Nigeria’s legislators, who say the banks are sleeping on debt owed and not remitted to the federal government, and are threatening a takeover of the financial institutions by […]

  Dangote’s 650,000 bpd putting continent’s refining capacity upscale   With Nigeria evidently out of the picture, the Organisation of the Petroleum Exporting Countries (OPEC) in its 2021 world oil outlook, has rated Africa’s refining outlook high, going into the post-pandemic era. The global oil producers’ group said the continent’s producing capacity had phenomenally improved. […]

  Revenue underperformances pose uncertainties to 2022 budget deficit financing   There are ominous uncertainties ahead for Nigeria and its proposed 2022 fiscal spending plan of N16.39 trillion, a figure that is 12.5 percent higher than its current 2021 budget, with revenue sources remaining short as a result of the federal government’s historical underperformance across […]

A new assessment by the World Health Organisation (WHO) shows that only 14.2 percent – or one in seven Covid-19 infections – are being detected in Africa. To reverse the trend and curb transmission, the WHO regional office for Africa announced a new initiative to enhance community screening for the virus in eight countries. The […]

  FG grappling with huge fiscal responsibilities Overleveraged on CBN’s Ways & Means N16.1trn credit to FG as of August 2021 IMF, World Bank, analysts raise concerns Inflation, interest, exchange rate challenges Threatens macro-economic stability   The federal government’s sustained recourse to its Ways and Means facility (WMF) with the Central Bank of Nigeria (CBN) […]