A new law approved by the Nigerian Electricity Regulatory Commission (NERC) now permits operators other than the distribution companies to supply meters to electricity consumers in the country. Consequently, the electricity sector regulator said, a new class of operators in the power sector called Meter Asset Providers (MAPs) has been mandated to join in providing […]
Nigeria’s Senate plans to start screening new members of the central bank’s interest rate committee after it held up some of President Muhammadu Buhari’s nominees in a political row. Rafiu Ibrahim, the head of the Senate’s banking committee, brought a motion on Tuesday urging parliament to consider Buhari’s nominations. The Senate disagreed with the president […]
Nigeria plans to raise 70 billion naira ($222 million) via a sovereign bond sale next week, the Debt Management Office (DMO) said on Tuesday, less than it has sold at previous auctions. The DMO said it would issue a five-year bond to raise 10 billion naira, and sell 10-year paper to fetch 30 billion naira, […]
Oil giants Royal Dutch Shell and Eni have voluntarily filed to the United States authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa. The filings, to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), do […]
The International Monetary Fund (IMF) has recommended a 100 per cent increase in excise duty rates imposed on all alcoholic beverages and cigarettes in Nigeria to conform to global standard. The recommendation, contained in its 2018 Mission Report on Nigeria, is higher than the rates approved by President Muhammadu Buhari. The new rates announced on […]
If nations’ central banks jump on the bitcoin bandwagon, the devastating outcome could be ‘digital runs’ on the banks at speeds never before witnessed. Whether crypto currencies such as bitcoin are a fad or here to stay, the launch of digital currencies by central banks around the world could threaten worldwide financial stability, the Bank […]
With his swift rejection of Broadcom Ltd.’s hostile takeover of Qualcomm Inc., President Donald Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security. Although Broadcom is based in Singapore, China loomed large over the U.S. […]
By Foster Obi Nigeria’s national oil firm, NNPC is in the final stages of talks with two consortium including top traders, energy majors, and oil services companies to refurbish its dilapidated refineries. NNPC is negotiating with such companies on timeline of upgrading several old refineries and expected to start a procurement process later this year, […]
Nigeria will begin cutting the sulphur levels allowed in imported fuels in July; a change long sought by health and environmental campaigners, a year after an initial deadline, an official from the Nigeria National Petroleum Corporation (NNPC) said. West African nations had promised higher quality of fuels by July 2017 as part of a United […]
A Catfish Company, based in Itta Bena, Mississippi, U.S.A has announced a recall of almost 70,000 pounds of catfish products due to possible contamination by leucomalachite green. The products were produced on Feb. 16, 2018, and bear establishment number “EST. 45777” inside the USDA mark of inspection. They were shipped to retail locations in Alabama, […]