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The Nigerian National Petroleum Corporation (NNPC) has failed to announce results of drilling activities at the spud-in of Kolmani River-II Well in Gongola Basin of Upper Benue trough, kicked off early this year by President Muhammadu Buhari. Its group managing director, Maikanti Baru, had said the outcome would be announced in 60 days after activities […]

Rising profit-taking impact negatively on transactions at the Nigerian Stock Exchange (NSE), occasioned by losses suffered by some bellwethers, causing market capitalisation to depreciate further by N63 billion. Specifically, at the close of trading yesterday, the All-Share Index (ASI) shed 141.08 absolute points, representing a dip of 0.45 per cent to close at 30,928.29 points. […]

Oil prices fell on Tuesday to their lowest since January on signs that an economic slowdown is starting to dent energy demand and as Russia’s top oil producer said it opposed extending joint cuts with OPEC until the end of the year. Front-month Brent crude futures were at $60.96 at 1340 GMT, 32 cents or […]

The British crown dependency of Jersey has seized £211 million said to have been laundered from Nigeria by former head of state Sani Abacha. UK’s Metro is reporting that Abacha had stashed the money in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company. It was said to have been laundered […]

Says current interest regime poisonous to economic diversification Imbalanced tax burden on investors stunting economy By Samson Echenim The Lagos Chamber of Commerce and Industry (LCCI) has taken a swipe on the Central Bank of Nigeria over high lending rates which the chamber said was inimical to economic diversification. In a paper titled, “Agenda for […]

Godwin Emefiele, Central Bank of Nigeria (CBN) governor,  yesterday emerged from his oath taking, vowing to, in his second term, strengthen efforts to stimulate growth and job creation in critical sectors of the economy in order to insulate it from global economic shocks. He said the CBN would be more people-focused and enabled to play […]

A total volume of 557,083,712 transactions valued at N34.02tn were recorded in Q1 2019 as data on electronic payment channels in the Nigeria’s banking sector. The National Bureau of Statistics disclosed this in a report on Selected banking sector data: Sectorial breakdown of credit, ePayment channels and staff strength. NIBSS Instant Payments transactions dominated the […]

The nation’s deposit money banks have made frequent visits to the facilities’ window of the Central Bank of Nigeria (CBN) in the last six months, resulting in N12.09 trillion borrowings. Meanwhile, CBN Governor, Godwin Emefiele, would kick off his second term in office tomorrow, having earlier been confimrmed by the National Assembly. He is now […]

There are indications that the nation’s external reserves will hover below the $46 billion mark this month following the slowdown in monthly accretion by 13 percent last month. Data from the Central Bank of Nigeria  showed that the external reserves maintained upward trend in May rising to $45.109 billion from $44.792 billion in April. This […]