FINANCING

by Abisoye Shola………… The Nigerian Extractive Industries Transparency Initiative (NEITI) says the Federation Accounts Allocation Committee (FAAC) disbursed N1.95 trillion to the federal, state, local governments and other statutory agencies in the first quarter of 2020. NEITI disclosed this in its quarterly report released in Abuja, on Monday. It said the disbursements showed that N791.4 billion went to the federal ...

by James Ikenna……… The Central Bank of Nigeria (CBN) has given a nod to investors to take out their money amid shortage of foreign exchange and dwindling external reserve occasioned by the fall in oil price due to the pandemic. For instance it is expected that Nigeria’s external reserves, which were about $36.3 billion two months ago is going down ...

by Musa Ibrahim………… Dangote Sugar Refinery Plc, is to hold Board meeting on Friday May 22, 2020 to take decisions on the company’s audited financial statements for the period that ended December 31, 2019, and unaudited financial statements for Q1, 2020 results. In a notification issued by the company, it was disclosed that the announcement is in line with Rule ...

The Nigerian Stock Exchange (NSE) is to commit N100 million to support the fight against convid-19 The exchange explained in a statement on Thursday that N60 million out of the N100 million would be donated to the Capital Market Support Committee for COVID-19 (CMSCC). It said that the balance of N40 Million would be devoted to the “Masks For All ...

by Jenifer Dike……… The Minister of Finance Zainab Ahmed has said that the 2020 budget is being amended to reflect the $20 per barrel oil price. This move to cut down on Nigeria budget is not unconnected to the current downward slide of crude oil price in the international market due to the coronavirus pandemic which brought about lockdowns. “We ...

The Nigerian Equity Market threw up Dangote, Nestle, MTN, Zenith, and Access Bank with N375 billion as Investors gained N374.94 billion, and market capitalization went up to N12.408 trillion at close of trading. The market continued its upward trend as the benchmark All Share Index recorded an impressive 3.12% increase to close at 23,809.31. Investors gained N374.94 billion, as market ...

by Abisoye Shola……… There are strong indications that the implementation of the African Continental Free Trade Agreement (AfCTA) agreement will not begin on July 1st, 2020 as planned due to disruptions of the coronavirus pandemic. The newly elected Secretary-General of the AfCFTA, Wamkele Mene has been reported to have bowed under external pressure to shift this all-important meeting even when ...

by Ben Ndubuwa……..,. African business leaders have kicked against any move to shift the African Continental Free Trade Agreement (AfCTA) deadline. They called on African Heads of government not to shift ground on the proposed July 1, for the AfCFTA to come into force. As the Head of the African Union (AU) ministerial meeting takes place on the 5-6th of ...

by Abisoye Shola..,……. International Monetary Fund (IMF) has said that Nigeria’s oil and gas exports will dwindle by at least $26.5 billion as result of the coronavirus pandemic battering crude oil prices worldwide. IMF explained that in a letter written by Nigeria requesting emergency financial assistance, the country blamed the drop in oil prices, and the economic shocks related to ...

by Jenifer Dike….., Seplat Petroleum, one of the Nigerian leading independent oil and natural gas producer, quoted in both Nigeria and London Stock Exchange has blamed it’s poor revenue outing in the first quarter of 2020 on stock build at the terminal (underlift) and low oil price occasioned by the coronavirus pandemic. According to Seplat three months unaudited financial report ...