NNPC, partners eye $760m revenue from OML 130 gas deal

The Nigerian National Petroleum Corporation (NNPC) and its partners in the Oil Mining Lease (OML 130) Production Sharing Agreements (PSA) are are eyeing over $760m from fresh Gas Supply Purchase Agreements (GSPAs) and Gas Entitlement Agreement (GEA) executed at the NNPC Towers. The agreements, which are part of the Corporation’s gas commercialization programme involve Total Exploration and Production Nigeria (TEPNG), China National Offshore Oil Corporation … Continue reading NNPC, partners eye $760m revenue from OML 130 gas deal

President Biden wins at least 90 percent of global support for massive tax overhaul

The United States has won international backing for its plan to overhaul the global system for taxing companies, a huge step toward simplifying a complex web of rules long exploited by big corporations.Countries including India, China and Switzerland have agreed to a broad framework for reform set out by the Organization for Economic Cooperation and Development. The Paris-based group said Thursday that 130 countries and jurisdictions … Continue reading President Biden wins at least 90 percent of global support for massive tax overhaul

Lagos issues contravention notices to residential, commercial buildings in Lekki

… Gives Three Days Ultimatum For Removal Of Illegal Structures No fewer than 45 residential and commercial buildings on Omorinre Johnson Street and Hunponu Wusu Road, Off Admiralty Way, Lekki, were on Sunday sealed by the officials of Lagos State Building Control Agency, LASBCA, for illegal extension of development to canal setbacks along the axis. The issuance of contravention notices was carried out by a … Continue reading Lagos issues contravention notices to residential, commercial buildings in Lekki

Heritage Bank staff besiege Andy Uba’s Abuja residence over ‘unpaid loan’

Some workers of Heritage Bank Plc on Monday besieged the residence of Andy Uba, former senator from Anambra state, over a loan they said he owes the financial institution. The staff of the bank, who were seen with placards, gathered in front of his residence in Abuja, asking the politician to pay the purported loan to save their jobs. TheCable could not immediately verify details … Continue reading Heritage Bank staff besiege Andy Uba’s Abuja residence over ‘unpaid loan’

MTN To Invest Fresh N640bn In Network Expansion

MTN Nigeria has said it is planning to invest N640 billion (approximately US$1.5 billion) over the next three years to expand broadband access across Nigeria. The South African telecom company said in a statement on Monday that its new expansion plan is in line with the federal government of Nigeria’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital … Continue reading MTN To Invest Fresh N640bn In Network Expansion

Investments In FG’s Treasury Bills Weaken, Sales Fall 19% To N1.35trn

Investors’ interest in the Federal Government’s monetary instrument, the Nigeria Treasury Bill (NTB) has recorded a significant decline with 19 per cent, year-on-year, YoY, decline in sales to N1.35 trillion in the first five months of this year. Money market dealers have attributed the development to the rebound in both yields and volume in the Open Market Operation, OMO, of the Central Bank of Nigeria, … Continue reading Investments In FG’s Treasury Bills Weaken, Sales Fall 19% To N1.35trn

Stock Market: N99.94bn lost in four months as foreign investors divest

A total of N99.94bn was pulled out by foreign investors from the Nigerian stock market in the first four months of this year as foreign involvement plunged to a four-year low in April. The foreign portfolio investors injected N 78.31bn into the market from January to April this year, according to data from the Nigerian Exchange Limited. Foreign portfolio investment outflow includes sales transactions or … Continue reading Stock Market: N99.94bn lost in four months as foreign investors divest

Tayo Amusan completes Shoprite takeover

Business mogul Tayo Amusan, using Ketron Investment Limited, as vehicle has completed the acquisition of Shoprite operations in Nigeria. Ketron is a subsidiary of Persianas Investment Limited, a property firm and developer of the popular The Palms, owned by the businessman. In a statement issued on Tuesday, Amusan, chairman, Ketron Investment Limited, said that the Federal Competition and Consumer Protection Commission had approved the change … Continue reading Tayo Amusan completes Shoprite takeover

External reserves dropped by $640m in May – CBN

The country’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28. Figures obtained from the Central Bank of Nigeria on Tuesday revealed that the reserves had been fluctuating in recent weeks. Speaking on the decline at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, “This reflects sales to the foreign exchange market … Continue reading External reserves dropped by $640m in May – CBN

Insecurity: First Bank debunks closure of South-East branches

First Bank of Nigeria Limited has debunked some media reports that its branches in the South-East part of the country have been closed due to the rising insecurity in the region. The bank noted that its branches in the South-East and in other parts of the country are “fully open for business”. First Bank’s Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, made this known … Continue reading Insecurity: First Bank debunks closure of South-East branches