In the news: CBN injects 0m to lift naira
The Central Bank of Nigeria on Tuesday injected $250m into the various segments of the inter-bank foreign exchange market, in order to lift the naira against other major currencies.
Despite Nigeria exiting recession on Tuesday, the equities market closed in the red, shedding N35bn.
The Nigerian currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.
The news that the nation exited its worst recession in 25 years was received with cautious optimism by a cross section of Nigerians on Tuesday, with many economists and analysts saying the 0.55 per cent growth in the Gross Domestic Product in the second quarter was slower than expected.
One of the founders and majority shareholder of Intels Nigeria Limited, operator of the oil and gas logistics terminals in Onne, Rivers State and Warri, Delta State, Mr. Gabriele Volpi, has stepped up his battle against the group chief executive officer of Oando Plc, Mr. Wale Tinubu, over control of Oando, citing alleged mismanagement, cooked books and huge debts.
Ecobank Transnational Incorporated (ETI), the Lome, Togo-based parent company of the EcobankGroup Tuesday signed a five-year senior unsecured loan facility of $250 million from Deutsche Bank AG.
BUA Group, one of Nigeria’s largest conglomerates, has invested about $2 billion in the Nigerian cement industry with capacities in excess of over 12 million tonnes per annum.
The 21 Pension fund Administrators operating in Nigeria, between 2004 and 2017 generated a total of 7,592,157 contributors who contributed N6.6 trillion assets.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu disclosed that federal government would work out a new gas pricing and supply model – likely to be the type adopted by it to ensure equal pump price for petrol across Nigeria, to get gas to all parts of Nigeria, especially the northern states.
The Asset Management Corporation of Nigeria (AMCON) has denied reports that it was negotiating with Ethiopian Airlines to manage Arik Airline.
With the increased demand for electricity fueled by population growth and rising urbanization in the country, stakeholders in the power sector have said that the Distribution Companies, DISCOs, lack the capacity to wheel 6500 megawatts (mw) of electricity transmitted to them.
Dangote Group has so far invested over N400 billion in sugar backward integration projects under the Nigeria Sugar Master Plan, (NSMP, being implemented by the National Sugar Development Council, NSDC, to make the country self-sufficient in sugar production.
Egbin Power Plc has unveiled plans to invest $1.2 billion (N432 billion) for the construction of a 1,575 Mega Watts plant in Nigeria. The plant which is expected to be completed by 2020, is expected to increase the supply of electricity to homes and businesses in the country.
Nigeria’s cabinet meeting cancelled for second time since Buhari’s return: Nigeria has cancelled its weekly cabinet meeting for the second time since President Muhammadu Buhari returned from three months of medical leave in Britain.