Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa’s financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion […]
Business
CBN Seeks Legal, Regulatory Framework as Global Remittances Hits $613bn
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Tuesday hinted at current efforts to conduct a maiden remittance household survey as well as establish a remittance legal and regulatory framework for the country. He said remittance statistics in the country gathered from both banking records and staff estimates of informal inflows […]
ECOWAS Commission restates commitment to strengthening regional customs union
The President of the Commission of the Economic Community of West African States (ECOWAS) Jean-Claude Kassi Brou has restated the commitment of the Commission to strengthening regional Customs union and an infrastructural upgrade that can sustain the renewed integration efforts within the community. Declaring on the 4th meeting of the Ministers of Finance holding on […]
South West governors send SOS to FG over Apapa port gridlock
The Southwest Governors’ Forum has expressed concern on economic and security challenges posed by gridlock in the Apapa port and urged the Federal Government to create alternative routes.The forum said the planned alternative routes linking Tin Can Island through Tomoro Island to Ibafo in Ogun State should be revived urgently. In the interim, it suggested […]
Oil complex dips as market digests waivers scheme; ICE Brent down to $72.19/b, NYMEX WTI $62.26/b
Crude prices tested intraday lows in midmorning US trading Tuesday as the market digested further details of US sanctions waivers on major buyers of Iranian crude. At 1552 GMT, ICE January Brent was down 98 cents at $72.19/b and NYMEX December WTI was down 84 cents at $62.26/b. Crude price declines had slowed earlier in […]
Golar looks to Nigeria to expand power footprint
Golar LNG said on Monday it was in talks with Nigerian authorities about setting up a power project that could use one of its vessels to import liquefied natural gas (LNG). The company wants to expand beyond its core LNG shipping and terminals business and owns half of the $1.7 billion Sergipe power plant project […]
Crude lower on easing supply concerns, increased output; ICE Brent at $72.67/b
Crude oil futures edged down during morning trade in Europe Monday as supply concerns eased on the news that the US would temporarily exempt eight nations from its renewal of sanctions on Iran as well as on increased oil supply from OPEC, Russia and the US in response to the sanctions. At 1210 GMT, ICE […]
Oil up as U.S. imposes sanctions on Iran, Tehran defiant
Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales of fuel. The move is part of a wider effort by U.S. President Donald Trump to curb Iran’s missile […]
Diversion of NLNG dividends: Senate to probe NNPC – Saraki
Senate President, Dr. Abubakar Bukola Saraki, has said that the Senate on resumption of plenary will further probe the claims by the NNPC), on diversion of dividends from the Nigerian Liquefied Natural Gas (NLNG). In a statement issued by Yusuph Olaniyonu, Special Adviser (Media and Publicity) to the President of the Senate, Saraki said that […]
Crude oil futures slightly lower, awaiting direction after sell-off
Crude oil future prices were slightly lower Friday as they awaited direction following a sell-off in the previous session, continuing volatility that provides opportunities for speculators. As of 9.30 a.m. EST, front-month WTI futures were $63.26 per barrel, or 0.6 percent lower. Front-month Brent crude futures were $72.60 per barrel, or 0.4 percent lower. The […]