All intending travellers can now buy forex over the counter with the presentation of passports and air tickets, the CBN announced on Saturday evening. The regulator also ordered BDCs to access dollars every Monday, Wednesday and Friday henceforth in a statement issued by its spokesman, Isaac Okorafor. The move is to be an effort in checkmating the activities of speculators in the forex market.
A British judge ruled on Thursday that Bodo community in Rivers state, which has been involved in a protracted legal battle with Shell over the clean-up of two 2008 oil spills, should retain the option of litigation for another year. Lawyers for Bodo had accused Shell of trying to kill off the legal case by seeking a court order that would have meant the community had to meet onerous conditions before it could revive its litigation, which is currently on hold.
Lawyers for the Bodo community in Nigeria’s oil-producing Niger Delta, which was devastated by two major oil spills a decade ago, went to court in London on Tuesday to fend off what they said was an attempt by Shell to kill off their litigation. The Bodo oil spills have been the subject of years of legal wrangling. In 2015, Shell accepted liability for the spills, agreeing to pay £55 million pounds (₦1.25 billion at the time) to Bodo villagers and to clean
The IMF says Nigeria’s debt stock might be low, but it doubts the country’s capacity to repay the debts. Speaking on Monday at the public presentation of Spring 2018 Regional Economic Outlook for Sub-Saharan Africa, the IMF said the country has to increase domestic revenue. “The number of countries in debt distress has increased. From six countries in 2014 to eight in 2015, to 10 in 2016, and today 15 countries. These are low-income economies,” said Amine
Nigeria’s economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the NBS said on Monday. The economy grew by 1.95 percent in the first quarter lifted by the oil sector. That was a slight dip from 2.11 percent year-on-year in the final quarter of 2017. The economy shrank 0.91 percent in the first quarter of 2017, the bureau said. The oil sector grew 14.77 percent
Fitch says it expects that Nigeria’s import figures will return to its previous record now that increased oil prices have resulted in high foreign reserve figures. In a statement released on Thursday to affirm Nigeria’s long-term foreign-currency issuer default rating at ‘B+’ with a negative outlook, the credit rating agency said the negative outlook reflects the uncertainty about the sustainability of economic growth momentum “Increasing oil receipts
The FG paid a total of ₦22.45 billion to pensioners under the defined benefit scheme in the first quarter of 2018. The Executive Secretary of the Pension Transitional Arrangement Directorate, Sharon Ikeazor, said that ₦6.66 billion was paid to Civil Service Pensioners, ₦12.25 billion to Parastatal pensioners, ₦1.86 billion to The Customs, Immigration and Prisons Pension Office and ₦1.68 billion to police pensioners from January to March, 2018. Ikeazor
Nigeria has awarded a $6.68 billion contract to the China Civil Engineering Construction Corporation for work on a major segment of a railway linking Lagos and Kano, Xinhua reports. “The signing of the … segment contract agreement today (Tuesday) concludes all outstanding segments of the Lagos-Kano rail line,” the Chinese state news agency quoted Nigeria’s transport ministry as saying. The work is expected to take two or three years. CCECC, a subsidiary
The NNPC has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms. Of the total, 32 were local companies, doubling the number of awards to Nigerian firms compared to 2017. NNPC also awarded contracts to supply crude to 12 governments, although it was not clear how many of the deals would be handled by the companies already on the list of awards. NNPC awards the oil purchase contracts annually, but sources told Reuters
The trial of top executives from oil majors Eni and Shell over alleged corruption in Nigeria kicked off on Monday with a brief procedural hearing and a decision to re-adjourn next month. At the next hearing, set for 20 June, the Milan court said it would assess requests from third parties, including a series of international non-profit organisations, to join the case. At Monday’s hearing Domenico Cartoni Schittar, a lawyer representing the Nigerian government,