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Speculative FX demands cause of weak naira - CBN

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FG spends N40.1bn daily as fuel subsidy hits N600 per litre – Operators
Oil and Gas

Fuel subsidy records 307% increase amid transport fare hike

The amount spent on fuel subsidy monthly rose from N60.39bn in March 2021 to N245.77bn in March 2022, indicating an increase of 306.97 per cent. Within this one-year period, fuel subsidy gulped N2.08tn, according to data obtained from the Nigerian National Petroleum Company Limited. NNPC described its subsidy spending as an under-recovery of PMS/value shortfall. […]

MTN launches 5G network
Telecommunications

MTN earns N421bn from calls, data in three months

MTN Nigeria Communications PLC made N421.49bn from calls and data in the first quarter of 2022. This is a 20.32 per cent increase from N350.31bn that the telecoms company made from voice and data in the corresponding period of 2021. In its Q1, 2021 announcement, MTN revealed that it made N470.98bn in total revenue in […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

Recapitalisation: PenCom probes PFAs’ funds as deadline ends

THE National Pension Commission is investigating the nation’s Pension Fund Administrators evidence of meeting its new capital requirements ahead of the April 30, 2022 recapitalisation deadline, findings have revealed. Sources among the operators said many of the PFAs submitted their evidence of recapitalisation this week, as they stepped up efforts to scale the regulatory hurdle. […]

Zenith Bank's Q3 earnings hit N620.6bn
Banking

Zenith Bank grows quarterly earnings by 22%

Zenith Bank Plc’s gross earnings rose by 22 per cent in the first quarter of 2022. The lender’s earnings rose from N157.3bn in the first quarter of 2021 to N191.5bn in Q1, 2022. The bank disclosed this in a statement on its unaudited results for the first quarter ended 31st March 2022. From the unaudited […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Energy

Protesting oil workers ground activities at Warri refinery

Operational activities were, on Thursday, grounded at the Warri Refining and Petrochemical Company, Delta State, as hundreds of casual workers staged a peaceful protest inside the company against the management of the Nigerian National Petroleum Company Limited. Their demands included, among others, conversion from casual to permanent staff, salary increase, payment of all outstanding allowances,  […]

Gas consumption to decline over Russia, Ukraine war - Report
Oil and Gas

Nigeria’s proven gas reserves worth over $803.4tn – FG

THE Federal Government on Thursday said the value of Nigeria’s proven gas reserves of about 206.53 trillion cubic feet was over $803.4tn, adding that the country had the most extensive gas resource in Africa. It also stated that the European Union had proposed categorising natural gas as a green energy source, as this would impact […]

Agribusiness

COVID-19 stalled deployment of 60,000 tractors, agric equipment – FG

The Federal Government on Thursday said the deployment of 10,000 tractors and 50,000 units of assorted agricultural equipment across the country did not materialise because of the outbreak of the COVID-19 pandemic. It disclosed this in Abuja at the unveiling of the Pay-As-You-Go Tractor Financing for Agriprenuers in Nigeria by Heifer International, where the firm […]

Banking

Premium Trust Bank commences operations, promises service delivery

Premium Trust Bank has launched its first branch in Port Harcourt, Rivers State, joining the list of licensed commercial banks operating in Nigeria. The bank said in a statement that it was on a mission to provide solutions to peculiar financial challenges of customers through innovation and speed of execution, improving lives, communities and businesses. […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Energy

Consultant to get N853m for Ajaokuta Steel, firm’s concessions – FG

THE Federal Executive Council on Wednesday approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex in Itakpe, Kogi State. FEC also approved contracts worth N10.48bn and $27.09m respectively for the Federal Ministry of Power, for the purchase of several transmission […]

Oil and Gas

PENGASSAN moves to stop casualisation in oil industry

The Petroleum and Natural Gas Senior Staff Association of Nigeria says it will ensure that issues of casualisation in the oil and gas industry are reduced to a minimal level. The PENGASSAN President, Mr Festus Osifo, made this known at a media parley with journalists in Lagos, according to a News Agency of Nigeria report. […]

Economy

UK FDI deals to yield $300m for Nigeria

The United Kingdom and Nigeria on Tuesday held trade and investment talks at the Economic and Development Forum in London, to promote trade and boost a partnership worth over £3bnn. At the forum, both countries marked increased support for small and medium-sized enterprises in Nigeria including the UK Manufacturing Africa programme, which has helped 12 […]

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