Author: Aishat Olalere

The CBN data has shown that Nigeria spent a total of $3.07 billion on external debt servicing in ten months of 2023 . The DMO data showed that as of September 30, the total public debt was $114.35 billion. The amount shows an increase in debt payment compared to the $2.22 billion it spent during the same time in 2022 . During the ten months, the nation paid $3.07 billion in servicing its foreign debt. The amount represents an increase of $850.42 million or 38.31% over the $2.22 billion it spent during the same time in 2022. The data shows…

Ali Ndume, the Senator representing Borno South Senatorial, has described the planned relocation of certain departments of the Central Bank of Nigeria and the Federal Airports Authority of Nigeria from Abuja to Lagos as a wrong decision. The lawmaker said some “Lagos Boys” in the corridor of power are misinforming and misleading President Bola Tinubu. During an interview on Tuesday , January 23, 2024, Ali Ndume said the president decision to relocate the CBN and FAAN department to Lagos would have political consequences. “All these Lagos boys who are thinking that Lagos is Nigeria are just misinforming and advising the President…

In a statement by his Chief Press Secretary, Ebenezer Adeniyan, on Wednesday, the governor said the development would take immediate effect. The Governor of Ondo State, Lucky Aiyedatiwa, has sacked all the State Executive Council with immediate effect on 24, January ,2024. The governor also relieved all Senior Special Assistants and Special Assistants of their duties. The statement read, “All members of the cabinet are to immediately hand over to the Permanent Secretaries or the most senior administrative officers in their respective offices.” “All the affected officials are directed to hand over all government properties in their possession. Lucky Aiyedatiwa…

The US Secretary of State Anthony Blinken has reiterated America’s commitment to investing in Nigeria’s economy. Anthony Blinken disclosed this after the meeting at the presidential Villa on Tuesday in Abuja with President Bola Tinubu. Bliken, on an African nations tour, said that American entrepreneurs and companies are eager to partner with and invest in Nigeria, especially in the tech sector. He said that despite the identified challenges in Nigeria, the government and American entrepreneurs still continue to explore the great potential of the country in reaching Africa. He said that large investments are being made by private sector companies…

Reports has it that the Delisting of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc shares has begun on Nigerian Stock Exchange, and there will be a total cash distribution of N17.42 per shares for every share held by minority shareholders of the company. There will be no trading or price movement for these shares. What the Exchange said: “The suspension was to prevent further trading on the shares of the company given that the effective date of the scheme of arrangement was Friday, 19 January 2024, being the day, the Court Sanction was filed with the Corporate Affairs Commission and to…

The Nigerian Electricity Regulatory Commission (NERC) has mandated that the 11 power distribution companies in the country deliver 715,000 prepaid electricity meters in 2024. Despite having around 13 million registered electricity customers, only five million have been metered in the over 10 years. The NERC issues a directive to electricity companies to deliver 715,000 prepaid electricity meters to Nigerians in 2024. The directive was issued in order to address the critical issues of estimated billing suffered by many Nigerians Households. The continuous arbitrary billing of eight million users amidst the inability of utility companies to provide meters to end-users leads…

According to reports, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representative of the Federal Government of Nigeria met with the management of Dangote Refinery to set the pricing template for products from the $20 billion refinery. It beacame necessary after the speculation that the refinery plans to sell refined product in dollars which was clarified on Monday, January 22, 2024, by the oil marketers that Dangote refinery will sell their petroleum product in Naira and not in foreign currency as previously speculated. It was stated by the dealers in the downstream oil sector that the registration for marketers…

As a result of the market’s positive close on Monday January 22, 2024, Dangote Cement Plc equities capitalization reached all time high of N10.098 trillion. Nigeria billionaire investor Femi Otedola recently acquired a significant share in Dangote cement, pointing out that the company’s potential is enhanced by his purchase of Dangote Cement shares. Dangote Cement stock price has risen this year by 85.2%. Otedola emphasizes long-term wealth preservation, export potential and shareholder value in Dangote Cement share acquisition. Dangote Cement is the only cement company in Nigeria with two export terminals, with a combined export capacity of 8 million tons…

Unilever is a big player in the Nigeria’s fast moving consumer goods sector has announced its exit from the homecare and skin cleaning market. This resulted in the company stopping the production of Omo, Sunlight and other homecare products and will now channel its energy on the production of beauty, wellbeing, food and personal product. It was stated in Unilever Nigeria, the local unit of British multinational consumer goods company Unilever Plc, unaudited interim financial statements for the year ended December 31, 2023, published on the Nigeria Exchange Limited (NGX) recently. The announcement comes 10 months after the company announced…

Lekki Port, Nigeria’s most modern and deepest seaport, has successfully accommodated the largest container vessel. The largest deep seaport in West Africa is Lekki Port and is the only port in Nigeria included in this remarkable port rotation. The vessel has an overall length (LOA) of 366 meters and a width of 48 meters, and Lekki Port, in the process, has set a new record by successfully berthing the Maersk Edirne, the largest container ship to ever dock in Nigeria. According to the newly established CMA CGM WAX service, the Mearsk Edirne is now one of the 13 large vessels.…