FINANCING

The Central Bank of Nigeria injected $3.36bn into the foreign exchange market in two months as part of efforts to ensure the stability of the naira. Figures obtained from the CBN’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively. The report said, “Total foreign exchange sales ...

Cashless transactions rose by 44 per cent year-on-year to hit N117.33tn in the first four months of 2022, according to data from the Nigeria Inter-Bank Settlement System Plc (NIBSS) From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021. Cashless transactions are monitored ...

Seplat Energy Plc, has announced a 197.8% increase in its pre-tax profit to N34.7 billion for the first quarter (Q1) 2022, from N10.6 billion year-on-year. The company’s unaudited results for the three months ended 31 March, 2022, released to the Nigerian Exchange Limited (NGX), and London Stock Exchange (LSE), also showed a 197.8% jump generated cash from its operations to ...

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will soon begin production of 42.74 billion metric tonne (MT) bitumen, which has been left fallow for years. He said the cost of road construction in the country would ultimately reduce with the local production of bitumen. The minister disclosed this, yesterday, in Abuja, during a press ...

AT the close of business yesterday, Preline Limited said it is proposing a mandatory takeover of 1,300,000 ordinary shares equivalent to 0.10 percent equity stake in Eterna Plc. This leaves its total acquisition of the company at 61.08 per cent. It would be recalled that the company in a public statement dated 1st November 2021 had notified the general public ...

The Central Bank of Nigeria (CBN) in 2021 debited 10 banks a whooping N7.02 trillion over failure to meet the 27.5 per cent Cash Reserve Requirement (CRR) threshold. According to audited financial statements of these banks, the apex bank had debited them a sum of N6.71trillion in 2020 for not meeting its monetary requirement. The CRR is the minimum amount ...

First Bank of Nigeria has revised operating hours for its branches, owing to the increase in the cost of diesel. According to a publication on the website of the tier 1 bank, some branches are to operate from 8am to 1pm based on their locations, others 8am to 2pm, 8am to 3pm and 8am to 4pm. “We have revised our ...

The legal tussle between Aiteo Eastern E&P Company Limited, Shell Plc, Africa Finance Corporation (AFC) and seven Nigerian banks over a $2 billion loan, has landed the parties in an English court, THISDAY learnt yesterday. A high court in England has therefore ruled that Aiteo could not block the complainants from proceeding with the case against it when a suit ...

Helios Investment Partners, the Africa-focused private investment firm, acting on behalf of funds it advises, and Sojitz Corporation, one of the leading conglomerate investment and trading houses listed on the Tokyo Stock Exchange, announce the completion of the sale by Helios of a 25 per cent interest in the holding company of Axxela, the largest private-sector gas distributor in Nigeria, ...

Shell Plc through its subsidiaries in Nigeria in 2021 paid the Nigerian government US$4,480,547,560. This is contained in its 2021 Sustainability Report, 2022 Industry Associations Climate Review Update and 2021 Payments to Governments Report published Tuesday (yesterday). A breakdown of the payment shows that US$2,885,571,789 came from production entitlements, US$511,270,685 from taxes and US$573,430,812 from royalties while US$510,274,274 came from ...