Daily Watch – Banks’ insurance coverage raised, Russian troops enter Agadez base

Exxon Mobil’s asset sale to Seplat Energy could be approved in less than two weeks, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, told Reuters, ending a two-year delay since the deal was first agreed. The $1.28 billion sale has awaited regulatory approval since 2022. Komolafe said the companies would be invited to a meeting on Friday. “Subject to the outcome of the meeting, consent could be given in less than two weeks from the date of the meeting,” he said. NUPRC would offer the companies two exclusive options to approve the deal, Komolafe explained. While he didn’t specify these options, he noted that the law mandates funds for decommissioning, host community development, and environmental remediation.

The Nigeria Deposit Insurance Corporation (NDIC) has significantly raised the maximum deposit insurance coverage for various financial institutions. For Deposit Money Banks (DMBs), the coverage has been increased from ₦500,000 to ₦5 million. For Microfinance Banks (MFBs), the coverage has been raised from ₦200,000 to ₦2 million, covering 99.27% of depositors and increasing the value of covered deposits to 34.43% of the total. Similarly, for Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs), the maximum coverage has increased from ₦500,000 to ₦2 million, ensuring coverage for 99.34% and 99.99% of depositors respectively. Additionally, for Mobile Money Operators (MMOs) subbscribers, the maximum pass-through deposit insurance coverage has been raised from ₦500,000 to ₦5 million per subscriber, offering increased protection for mobile money deposits. These changes seek to bolster depositor confidence and strengthen Nigeria’s financial system.

The General Secretary of the Ghana Food and Beverages Association of Ghana (FABAG), Samuel Aggrey, has raised alarm over the increasingly dire economic situation in Ghana. Speaking to JoyNews, Aggrey highlighted the exodus of multinational companies due to the unfavourable taxation policies and economic conditions prevailing in the country. He underscored the need to address these issues to prevent a further economic downturn. “If you look at the taxation policy that we have in this country, it is actually not helping some of these businesses who have come in and invested so much,” he said. He stressed the importance of re-evaluating existing policies to make Ghana a more attractive destination for multinational corporations.

Russian military personnel have entered an air base in Niger that is hosting US troops, a senior US defence official told Reuters, on condition of anonymity. The official clarified that Russian forces were stationed in a separate hangar at Airbase 101, adjacent to Diori Hamani International Airport in Niamey, Niger’s capital, and were not interacting with US troops. This development brings US and Russian troops into proximity amid escalating tensions due to the conflict in Ukraine. It also raises concerns about the future of US installations in Niger post-withdrawal. In response to the Reuters report, US Defense Secretary Lloyd Austin downplayed any potential risk to American troops or the possibility of Russian troops accessing US military equipment.