Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

Read More

Senate probes Customs, banks over alleged N30trn fraud

Reps investigate $2bn deposit in CBN for OICs   The Senate Committee on Customs, Exercise and Tariff, yesterday,commenced investigation into over N30 trillion fraud allegedly perpetrated in the import, export value chain between 2006 and 2017. The committee also invited the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Eme-fiele; Finance Minister, Mrs. Kemi Adeosun; and the Minister of Budget and Planning, Senator Udoma Udo Udoma to appear before it to give clarifications in relation to the investigation. The committee chairman, Senator Hope Uzodinma, disclosed this at an investigative meeting…

Read More

CBN injects additional $250m for forward market

Central Bank of Nigeria

             …offers $100m on spot market   In line with its efforts to boost dollar liquidity and bolster the naira, the Central Bank of Nigeria (CBN) yesterday released additional $250 million for 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials. The banking watchdog also called for bids for wholesale spot for $100 million for basic/personal travelling Allowance, medicals and tuition fees. CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, confirmed the bank’s directive yesterday. He said the lender has commenced heavy injections into the spot…

Read More

Ericsson: Nigeria positioned to become digital economy

Nigeria has what it takes to transform fully into a digital economy, global Information and Communication Technology (ICT) firm, Ericsson, has said. Speaking with New Telegraph in chat in Lagos, Vice President, Head of Customer Unit and Managing Director, Ericsson Nigeria, Mr. Rutger Reman, said the country has become central to the entire African market such that a progress or otherwise recorded in Nigeria will “surely have serious implications on the entire African economy.” According to him, to achieve the desired economic digitisation, there is a need for the regulator…

Read More

Forex scarcity: Ship owners negotiate with local shipyards

Ship owners under the umbrella of Ship Owners Association of Nigeria (SOAN) have opened up discussions with Nigerdock and other ship repair service providers over foreign exchange scarcity. It was gathered that the cost of securing forex to take ships out of the country for repairs is becoming too high. Before the foreign exchange challenge, over 80 per cent of ships operating on Nigerian waters dry docked their vesels outside the country. President of the association, Engr. Greg Ogbeifun, at the inauguration of the executive council of SOAN held in…

Read More

C&I Leasing reports N920.9m 2016 PAT

C&I Leasing Plc has posted 519 per cent growth in profit after tax for the financial year ended December 31, 2016. According to a report released to the Nigerian Stock Exchange (NSE), the group recorded profit after tax of N920.9 million, up 519.0 per cent year-on-year from N148.8 million reported a year earlier. The group also reported profit before tax of N1.0 billion, an increase of 122.5 per cent from N465.6 million achieved in 2015. Revenue rose by 16.7 per cent to N17.0 billion from N14.6 billion reported in 2015…

Read More

CBN auctions $418m to aviation, agric, petroleum sectors

cbn, Central Bank of Nigeria

Adeboye: Those destroying Naira’ll not enjoy their gains     In continuation of its efforts to boost liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has auc-tioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors. The Acting Director, Corporate Communications Department, CBN Mr. Isaac Okorafor, who disclosed this yesterday, said that the $480 million offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees…

Read More

Jaiz Bank’s NPLs within tolerable limits –MD

Managing Director of Nigeria’s non – interest bank, Jaiz Bank Plc, Mallam Hassan Usman, has said the lender’s level of Non Performing Loans ( NPL) is within tolerable limits. He stated this in Abuja at an interactive forum between the bank and members of Finance Correspondents of Nigeria (FICAN) Abuja chapter. Unlike conventional banks, Hassan said Jaiz Bank was not heavily exposed to oil sector and others, adding that the bank’s loan exposure is limited to real estate and purchasing of sundry items . Hassan said the exposure to NPLs…

Read More

Q12017: For agriculture, it’s pass mark

The Federal Government and stakeholders rallied round to ensure food sufficiency although towards the end of the first quarter, there was an outbreak of catepillar disease. TAIWO HASSAN writes Local rice One interesting issue that kick-started the first quarter was the debut of madein- Nigeria rice, which was greeted with accolades from industry stakeholders. But not sooner had the local rice made a debut than the Senior Special Assistant on Media and Publicity to the President, Garba Shehu, in a statement, said that Nigeria would experience famine this year, following…

Read More