November 2023

Nigeria’s Judiciary Now “Cash And Carry”– Atiku

Former Vice President Atiku Abubakar has said Nigerians democracy is experiencing ill health under the rule of the All Progressives Congress (APC), adding that the ruling party has turned the once respected Nigerian judiciary to a “cash and carry.” Atiku, who reiterated his concern that democracy in Nigeria is in a state of ill-health, said …

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Terminal To Receive Largest Container In West Africa

Nigeria’s and West Africa’s largest multipurpose roll-on-roll-off (RORO) terminal, The Port Terminal Multipurpose Limited (PTML), Lagos is set to make history on November 27 as it receives the largest Container-RORO (CONRO) ship ever to visit the sub-region. The new ultramodern mega Container-RORO ship named MV GREAT LAGOS, owned by the Grimaldi Group and launched in …

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Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism

The federal government is meticulously pursing its refinery rehabilitation deal with Saudi Arabia despite fears expressed by some analysts with industry knowledge. The deals included a pledge by Saudi officials to fix Nigeria’s four broken oil refineries, which haven’t worked in years, forcing the country to import all of its fuel. The federal government is …

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‘Currency Reforms Pose Challenges, Opportunities For Investment Banking’

The immediate past president, Association of Issuing Houses of Nigeria, Ike Chioke, has said, the ongoing currency reforms by the Central Bank of Nigeria come with challenges and opportunities for investment banking.  Chioke stated this at the Investment Banking Awards Night held in Lagos. He said the free floating of the naira and removal of …

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Expert Blames Hoarders, Speculators As Naira Depreciates To N850.22/$1

Naira depreciated at the official market yesterday as it moved from N839.48 to N850.22 at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), FMDQ Security Exchange Limited. Despite the decline, about $143.55million turnover was traded by investors and exporters. NAFEX is the reference rate for Spot FX operations in the Autonomous FX Market which comprises recognized …

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UBA Restates Commitment To Boosting Intra-Africa Trade

United Bank for Africa (UBA) Plc, has restated its commitment towards deepening Intra-Africa trade to attain self-reliance and economic development. Speaking at the Africa Day celebration at the  37th Lagos International Trade Fair, in Lagos, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said it is important for Africa to be deliberate about the economic liberation drive …

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Marginal Oil Fields Award Followed Stipulated Regulations — NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified that it followed the stipulated regulations in the award of marginal oil fields to qualified bidders. NUPRC said a newspaper publication claiming that it “did not adhere to its own regulations while implementing the 2020/2021 marginal fields’ award” was, therefore, incorrect. The Commission’s head of Public …

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Oando Signs $800m Loan Deal At Intra-African Trade Fair

Oando Plc, Nigeria’s leading indigenous energy solutions provider, and AfreximBank have signed a $800 million loan document to facilitate the energy giant’s acquisition of 100 per cent of the shares of the Nigerian Agip Oil Company (NAOC). On Monday, September 4, 2023, Oando Plc announced that it had reached an agreement with Eni, an Italian …

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