Monday, May 17Inside Business Africa
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Author: Joshua Olotu

N120b petrol subsidy to double as CBN adjusts exchange rate

N120b petrol subsidy to double as CBN adjusts exchange rate

Oil & Gas
As the Central Bank of Nigeria (CBN) signals a subtle harmonisation of exchange rates with the removal of N379/$1 official rate from its website, all is set for labour unions to lock horns with the Federal Government on petrol subsidy removal. The return of subsidy have posed new challenges for the country in terms of discrepancies in the volume of daily consumed fuel about to be worsened by the apex bank’s adoption of the Investors and Exporters (I&E) window rate, pushing subsidy claims above N120 billion every month. While the Presidential Economic Advisory Council had last week asked President Muhammadu Buhari to remove subsidy on petrol and adopt a pricing regime that reflects the cost of the commodity, the Nigeria Labour Congress (NLC), in a swift reaction at the weeken...
Financial stocks contribute 64.38% to market turnover

Financial stocks contribute 64.38% to market turnover

Capital Market
….As index rises by 0.72% despite festive breaksThe financial services industry dominated in terms of volume at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX). It led the activity chart with 541.015 million shares valued at N5.493 billion, trading in 7,824 deals, thus contributing 64.38 per cent to the total equity turnover. The ICT Industry followed with 90.382 million shares worth N571.642 million in 500 deals, while the conglomerate industry ranked third with a turnover of 84.792 million shares worth N512.775 million in 551 deals. Trading in the top three equities: Access Bank Plc, Zenith Bank Plc and Etranzact International Plc accounted for 284.924 million shares worth N3.470 billion in 2,533 deals, contributing 33.91 per cent to ...
Marriott to open first premium hotel in Lagos May 19

Marriott to open first premium hotel in Lagos May 19

Business
Riding on the success of its over 8 outlets in Nigeria, Marriott International, the world’s largest hotel group, is set to open its largest hotel in Lagos, Nigeria. The 250-room Lagos Marriott Hotel Ikeja, which is owned and built by Sifax Group, is a premium brand and will open on May 19, 2021. The hotel is the first Marriott designed and purposed-built hotel in Nigeria and the largest in Sub-Saharan Africa, amid contemporary facilities, great service and experience for guests. Speaking at a media preview of the hotel at the Ikeja GRA, Lagos, on Tuesday, Rudi Janse Van Resnburg, general manager of the hotel, described the new hotel as an amazing product, noting that Marriott International is yet again boosting experience for guests who want travel brilliantly with the great ...
Payment solution provider honoured with Next Bull award

Payment solution provider honoured with Next Bull award

Corporate Stories
Xpress Payment Solutions Limited has emerged winner of the Next Bull Award at the 2021 Nigeria Investor Value Awards (NIVA).    This came on the heels of a commendable record it achieved regarding corporate excellence, outstanding achievements and remarkable performance from the company’s commitment to economic development, financial inclusion, and growth.  The NIVA award recognises the company’s ingenuity in revolutionising the payment industry through a system that always provides easy, fast, and secured transactions.  The Nigeria Investor Value award hosted by BusinessDay is also known as the Top Chief Executive Officers and Next Bulls Awards. It celebrates CEOs of companies who have created sustainable alpha-generating value through strategic intelligence, operating efficiencies, mark...
Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Economy
‘Poor performance caused by 27.7% decline in flows to Nigeria’ Remittances to Sub-Saharan Africa fell by 12.5 per cent last year on account of 27.7 per cent decline in inflows to Nigeria, the World Bank has said. The total remittances in 2020 stood at $42 billion compared with $48 billion inflows received by the region in 2019. Nigeria had reported $17.2 billion remittances in 2020 as against $23.55 billion recorded in the previous year.   According to the document the World Bank released yesterday, remittances to Sub-Saharan African countries, but Nigeria remained strong with 2.3 per cent improvement.    But the overall performance was pulled into the negative region by Nigeria, which accounts for 40 per cent of the total amount remitted to the region. It noted an improvemen...
Nigeria’s oil output nears 1.6mbpd as cartel anticipates rising demand

Nigeria’s oil output nears 1.6mbpd as cartel anticipates rising demand

Oil & Gas
Though the Organisation of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) confirmed at the last meeting that they intend to proceed with the implementation of the agreement to gradually increase oil production over the next three months, anticipating that rise in global oil demand may push up output.While OPEC’s April data showed that Nigeria pumped 1.548mbpd in April, the latest S&P Global Platts survey puts the country’s production at 1.6mbpd, above its 1.51mbpd quota under the production cuts agreement. Iran pumped its largest volume of crude in almost two years in April, while non-compliance Russia also boosted its output yet again, bringing total production of OPEC+ to a three-month high, according to the latest S&P Global Platts survey.The cartel is h...
EKEDC, IBEDC promise stable power during Eid-El-Fitri

EKEDC, IBEDC promise stable power during Eid-El-Fitri

Power
Ibadan Electricity Distribution Company (IBEDC) and EKO Electricity Distribution Company (EKEDC), yesterday, felicitated with Muslim faithful across the country on this year’s Eid-El-Fitri. In their goodwill messages, they assured customers across the network of their commitment to hitch-free and stable services during the holiday. IBEDC Chief Operating Officer, John Ayodele, stated that measures have been put in place to ensure network stability and smooth operation during the holidays. He said: “IBEDC is aware that our customers are looking forward to enjoying uninterrupted services during the holidays. We are committed to ensuring this as much as is within our remit and control.”   EKEDC, in a statement signed by the company’s General Manager, Corporate Communications, Godwin Id...
FG unveils policy to tackle phone theft

FG unveils policy to tackle phone theft

Economy
As part of new security measures in the country, especially crimes associated with mobile phones, the Federal Government has put in place a new policy to tackle phone theft crimes in the country. Tagged Device Management System (DMS), which will be managed by the Nigerian Communications Commission (NCC), the strategy will serve as a repository for all registered mobile phones’ International Mobile Equipment Identity (IMEI) and owners of such devices in the country.   The IMEI is a 15-digit unique number for mobile devices that identifies each mobile device and its model specification. It can be used in the tracking of stolen phones.   This new development is contained in the revised National Identity Policy for SIM Card registration recently unveiled by President Muhammadu Buhari; Mini...
Stakeholders advocate fair hearing as NPA probe begins

Stakeholders advocate fair hearing as NPA probe begins

Maritime
Stakeholders in the maritime sector have urged the Federal Government to give fear hearing to the suspended Managing Director of the Nigeria Ports Authority (NPA) in the N165.3 billion non-remittance dispute. The Minister of Transportation, Rotimi Amaechi had petitioned the presidency about an estimated shortfall in remittances by NPA between 2016 and 2020. However, Bala Usman in her response said the total of N76.384 billion (2017 and 2018) and another N82.687 billion for the period 2019 and 2020 were remitted to the government in line with the template issued by the Fiscal Responsibility Commission (FRC). Few days after her suspension, stakeholders have clamoured for sincerity of purpose in the process, calling on the presidency to give the process fair hearing. The Guardian...
FG hopeful of improved earnings from floating LNG

FG hopeful of improved earnings from floating LNG

Corporate Stories
The Federal Government has expressed optimism about improved earnings from its gas monetisation scheme, following the signing of the Pre-Front End Engineering Design (Pre-FEED) contract by the licensee to commence the development of 176 million cubic feet per day Liquefied Natural Gas (LNG) floating plant. The Department of Petroleum Resources (DPR) had issued Licence to Establish (LTE), the first floating Liquefied Natural Gas (LNG) production plant to UTM Offshore Limited, an indigenous oil and gas company, earlier this year. UTM is to install a 1.2mn t/yr FLNG unit at Yoho field under a licence to be established by the DPR. Yoho, which started crude production in 2003, is due to move into a blow-down phase — removing re-injected gas that was used for enhanced oil recovery — i...