A Nigerian court case in which Royal Dutch Shell and Italy’s Eni are seeking to have a government seizure of a long-disputed oilfield lifted has been adjourned until March 17, a judge said on Monday. The court in January ordered the temporary seizing of assets and the transfer of operations of the OPL 245 field owned by Shell and Eni, among others, to the federal government on request of the EFCC financial crime agency. The inquiry is investigating whether
The SBM Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot one of Nigeria’s primary delicacies – Jollof rice. This meal was chosen because it is a delicacy in every part of the country. We believe that this index gives a bird eye’s picture of national inflationary trends.
An SBM tally of these prices since the second half of 2016 has showed a quarter by quarter increase in the average national index– from
Nigeria’s financial and telecoms regulators said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. Reuters quotes a banking source as saying that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. The two sides have not been able to agree on terms
President Muhammadu Buhari returned to Nigeria this morning from the UK where he had been receiving medical treatment for an undisclosed ailment over the last six weeks. The President left Nigeria on January 19 for what was announced as an annual vacation, to last ten days. The vacation was extended indefinitely when the President sent a letter to the National Assembly asking for more time to attend to medical issues as suggested by his doctors.
The CBN intervened for
Nigeria’s total debt rose to ₦17.36 trillion ($56 billion) as of Dec. 2016 from ₦12.60 trillion a year earlier, the DMO said, as the country grappled with its first recession in a quarter of century caused by low oil prices. Africa’s biggest economy expects a budget deficit of ₦2.36 trillion for 2017, with half of it funded through domestic borrowing. Foreign bonds and loans stood at $11.40 billion at the end of December, the debt office said
An analysis of the Economic Recovery and Growth Plan by the Punch shows that the FG has abandoned a crude oil production target of 4 million barrels per day seven years after it was set. The new target is 2.5 million barrels per day by 2020. Nigeria’s oil output had hit a peak of 2.88 million bpd in October 2010, according to data from the CBN, but suffered declines on the back of a slew of militant attacks, natural decline in production from existing fields
The CBN aims to achieve a market-determined exchange rate regime, according to an official economic plan released on Tuesday, as pressure mounts to let the naira float freely. The government will also review and possibly remove a ban on accessing foreign exchange for 41 goods and services, said the Economic Recovery and Growth Plan 2017-2020, released by the Budget Ministry. Nigeria also sees 2017 inflation at 15.74 percent, and at 12.42 percent next year, the
The CBN has provided $367 million to the interbank foreign exchange market at forward rates. The CBN said it sold $144 million for 45-day forward contracts and $223 million for 60-day contracts – part of a pattern of such sales in recent weeks. The move “was in line with the bank’s determination to ease the foreign exchange pressure on various sectors through forward sales under the new flexible foreign exchange regime”. The interbank
The FG announced on Sunday that mortgages below ₦5 million would not attract the initial payment of 10 percent equity from off-takers. It stated that this was part of efforts to ensure the provision of affordable housing to Nigerians, especially the low-income earners. The Minister of State for Power, Works and Housing, Mustapha Shehuri, stated this while inaugurating a 125-unit housing estate that was financed by the Federal Mortgage Bank of Nigeria and developed
The newly confirmed Chief Justice of Nigeria, Walter Onnoghen, has condemned a disregard for court rulings, saying it is an act of impunity that is threatening the independence of the judiciary. Mr. Onnoghen made this point on March 1 at the Senate during his screening for confirmation as the substantive CJN, having been so recommended by the National Judicial Council, NJC, and nominated for the position by Acting President Yemi Osinbajo. Fielding questions from the