Energy

FG and Oando sign a Memorandum of Understanding to promote access to renewable energy

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June 15, 2023
The Federal Government has signed a Memorandum of Understanding with Oando Clean Energy Limited to boost the deployment of sustainable renewable energy access across the country. Represented by the Rural Electrification Agency, the government announced on Monday that the MoU with OCEL was also part of measures adopted to further mitigate the harsh impact of the removal of subsidy on Premium Motor…
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Energy

NNPC Grants Dangote License To Import Fuel

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June 14, 2023
Barring all unforeseen circumstances, Dangote imported fuel will soon enter Nigerian market as the Nigerian National Petroleum Company Limited (NNPCL ) has granted the Chairman of Dangote Group and President, Dangote Refinery and Petrochemical Company, Alhaji Aliko Dangote…
Markets

Stock market jumps to 15-year high after Emefiele’s suspension

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June 13, 2023
The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele. According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main…
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Markets

The investment group for listing on NGX

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June 13, 2023
The Nigerian Capital Development Fund Group Plc has expressed interest in listing on the Nigerian Exchange Limited. This was revealed in a letter titled ‘Re: Expression of Interest to List on the Nigerian Exchange Limited’, signed by the Branch Manager, Ibadan Office of…
Economy

Investors are looking to devalue the currency

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June 13, 2023
Analysts are considering how soon a devaluation may happen and how deep it will be, following the removal late Friday of a policy chief whose unorthodox policies included propping up the naira and banning access to foreign exchange for imports. The currency steadied Monday at 471.80 per dollar, having fallen for three weeks to hit a record low. Bloomberg reported on Monday that speculation over a…
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Banking

Polaris Bank is restructuring and planning new financing

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June 13, 2023
Polaris Bank says it has adopted a customer-centric approach as part of its restructuring in order to boost future success. The lender also said it was concluding plans to inject tier-ii capital in order to enhance the growth of its assets This was stated by the bank’s…
Economy

Nigeria's debt exceeds revenue by N13 trillion in seven years

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June 6, 2023
Nigeria’s total debt in seven years outweighed the revenue generated by the Federal Government by N13.26tn, The findings were based on data from the Central Bank of Nigeria and the Debt Management Office. The Federal Government recorded revenue of N43.06tn between 2016 and…
Banking

FG records N930bn two-month deficit - CBN

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June 6, 2023
The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria. The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue. At N513.05bn, the provisional fiscal deficit of the FGN rose by 22.8 per cent relative to…
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