According to official figures published on Saturday by the National Bureau of Statistics, Nigeria has plunged into its second recession within five years. The figures also indicate that the economy nosedived again in the third quarter of this year. Eko Hot Blog also gathered that this year’s recession, largely occasioned by the economic fallout of … Read more
NSE The Nigerian Stock Exchange (NSE) on Wednesday received members approval for listing by introduction at the 59th Annual General Meeting held in Lagos. Otunba Abimbola Ogunbanjo, President of the National Council of NSE said that the approval would fast-track plans to re-register as the Nigerian Exchange Group Plc (NGXG) on the Nigerian Exchange Limited … Read more
IMF: 83 countries benefit from $165bn loans The International Monetary Fund (IMF), says it loaned 83 countries the sum of $165 billion dollars, including $16.1 billion dollars in concessional financing to 49 low-income countries in FY2020. The Fund said this in its 2020 IMF Annual Report titled “A Year Like No Other”, released in Washington … Read more
House of Representatives ordered for the presence of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25 billion (approximately ₦3.24trillion) revenue that accrued from sales of crude oil in 2014. Eko Hot Blog gathered that the … Read more
NOVEMBER 14, 2020 The Nigerian National Petroleum Corporation (NNPC), on Friday, said the “slight increase” in the ex-coastal price and ex-depot price of Premium Motor Spirit, widely known as petrol, is due to the “prevailing realities of market forces of demand and supply.” The NNPC made its position known in a statement signed by its … Read more
NOVEMBER 14, 2020 Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said that the Federal Government, is in the process of acquiring a 750 million dollar loan, from the world bank to help states mitigate the effects of COVID-19. The loan, according to her, is to help stimulate the local economy and support … Read more
NOVEMBER 13, 2020 The Independent Petroleum Marketers Association of Nigeria (IPMAN) said it has directed marketers to sell the Premium Motor Spirit (PMS) for ₦170 per litre. This instruction is coming on the heels of Thursday’s night announcement of ₦155 .17 ex-depot price to the marketers by the Pipelines and Products Marketing Company (PPMC). Read … Read more
NOVEMBER 13, 2020 … Marketers to sell at ₦168 – ₦170/litre The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to ₦155.17 per litre from ₦147.67 per litres. PUNCH reports that the PPMC disclosed this in an internal … Read more
Shares The nation’s bourse resumed trading for the week on a bullish trend with the All-Share Index crossing the 32,000 mark following interests in blue chips. Specifically, the All-Share Index rose by 1,226.88 or 3.96 per cent to close at 32,243.05 compared with 31,016.17 achieved on Friday. Read Also: Ivorian Jacques Anouma Seeks CAF Presidency … Read more
NOVEMBER 9, 2020 The Major Oil Marketers Association of Nigeria has said the recent fire outbreak at the depot of one of its members, OVH Marketing Limited, will not cause product supply disruptions. MOMAN said in a statement on Sunday that the fire, which broke out on Thursday at a PMS tank at the depot … Read more
Seminar, CIBN Key players in the banking industry and the judiciary are to discuss the new normal as it affects both fields at the 20th Annual National Seminar on Banking and Allied Matters for Judges. The Seminar, with the theme, ” The Judiciary and the Financial Services Industry in the New Normal: Challenges, Innovations and … Read more
NOVEMBER 6, 2020 The Apex Bank also disclosed that it is ready to contribute over ₦1.8 trillion of the total sum of ₦2.30 trillion needed for the Federal Government’s one-year Economic Sustainability Plan (ESP). The Central Bank of Nigeria (CBN), says it has so far made a total of ₦3.5trillion disbursements to cushion the effect … Read more
The Nigeria Immigration Service (NIS) has denied that the passport of Modupe Odele, an #EndSARS advocate, was seized because of her involvement in the campaign against police brutality. Odele, who is a lawyer, had narrated how NIS officials stopped her from flying out of the country. She was actively involved in the #EndSARS campaign, offering … Read more
The dollar fell on Monday while European shares and riskier currencies gained, with some analysts attributing the pick-up in sentiment to U.S. regulators approving a treatment for COVID-19 patients ahead of the Republican National Convention. More than 800,000 people around the world have died from the coronavirus, with the death toll in the U.S. alone, … Read more
Asian shares crept back toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated U.S. Treasuries would extend and maybe take some pressure off the beleaguered dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS gained 0.5 per cent to 565.74, moving nearer to … Read more
Mr Abhay Thakur, Indian High Commissioner to Nigeria has said that unlike many sectors which was hit by the COVID-19 pandemic, trade levels between Nigeria and India continued to remain strong, steady and even grew. Thakur disclosed this during the commemoration of the 74th Independence of India on Saturday in Abuja. Read Also: Human Trafficking … Read more
The Minister of Transportation, Mr Rotimi Amaechi has observed that the investigations of loans taken by the Federal Government could send wrong signal to the lenders. Amaechi made tthe observation at an investigative hearing organised by the House of Representatives Committee on Treaties, Protocols and Agreements in Abuja. Read Also: Southern Kaduna: Why We Can’t … Read more
The Chartered Institute of Bankers of Nigeria(CIBN) on Monday in Lagos inaugurated 14 Committees of its Governing Council to strengthen operations and drive its activities. Mr Nelson Olagundoye, Head, Corporate Communication and External Relations, CIBN, said in a statement that the committees comprised three Statutory, nine Standing and two Adhoc. Read Also: Major Nigeria Newspaper … Read more
The Central Bank of Nigeria (CBN) has issued guidelines aimed at reducing non-performing loans in the banking sector and to monitor chronic loan defaulters. This was disclosed in a circular the apex bank issued to all banks and other financial institutions tagged ‘Operational Guidelines on global standing instruction – Individuals.’ The Guidelines are expected to … Read more
An NGO, the Amaka Chiwuike-Uba Foundation (ACUF), has urged the Federal Government to lay emphasis on credibility and high performance of the 2020 Revised Budget as a catalyst for infrastructure development. The News Agency of Nigeria (NAN), recalls that President Muhammadu Buhari on July 10, signed the 2020 Revised Federal Government Budget of N10.8 trillion … Read more