Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, January 1 to Saturday, January 6, 2024.
Nigeria Ranked Eighth IFC’s Biggest Debtors
The International Finance Corporation (IFC) has ranked Nigeria among the top 10 debtors in its 2023 fiscal year report sighted by New Telegraph.
The Financial Corporation who disclosed this in its full-year financial report for 2023 said Nigeria ranked ninth out of ten nations, including South Africa, India, and Brazil, adding that Nigeria appeared… Read more
Nigeria To Launch cNGN Stablecoin February 27
The Central Bank of Nigeria (CBN) has given the Africa Stablecoin Consortium (ASC) the approval to launch the Nigerian naira (cNGN) stablecoin on February 27, 2024.
The cNGN is powered by the Africa Stablecoin Consortium (ASC)… Read more
Dangote Refinery Receives Fifth Crude Cargo, Sixth To Be Delivered Next Week
The Dangote Petroleum Refinery has said it has received the fifth crude oil cargo of one million barrels of Bonny Light from the Nigerian National Petroleum Company (NNPC) Limited.
The company, in a statement issued on Friday, stated that it received the shipment on January 4, 2024, adding that… Read more
Maritime Workers Threaten To Shut Down Seaports From Tuesday
The Maritime Workers Union of Nigeria (MWUN) has threatened to close the country’s seaports on Tuesday, January 9, due to the stevedoring contractors and International Oil Companies (IOCs’) purported failure to abide by the law.
Adewale Adeyanju, the union’s President-General who made the disclosure declared… Read more
Minister Vows To Reclaim Controversial Oilfield For Bayelsa
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured the revoked Atala Oilfield will be reclaimed by Bayelsa State, stating that there is still hope that the revoked licence for OML 46 will be returned to the state.
Recall that the Federal Government through the defunct Department of Petroleum Resources… Read more
OPEC: Nigeria, Others Reaffirm Commitment To Maintain Oil Market Stability
Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) have reaffirmed their full commitment to their continued and unwavering efforts to maintain oil market stability.
OPEC in a statement yesterday also said the members of the oil cartel re-affirmed their steadfast commitment… Read more
Nigerian Energy Firm Signs $1bn Gas Flaring Deal With Chinese Company
A Nigerian energy company, NIGUS International, has signed a $1 billion agreement with a Chinese firm, Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd for the finance and advance solutions for gas flaring in Nigeria.
According to the News Agency of Nigeria (NAN), the signing of the agreement was carried out… Read more
NGX, PenCom to Deepen PFAs’ Equity Participation
Nigerian Exchange Limited (NGX), in collaboration with the National Pension Commission (PenCom), launched the NGX Pension Broad Index (NGXPENBRD) on June 15, 2023, which provides a broader benchmark for equities investment by the pension industry.
The NGX Pension Broad Index is designed to track the performance of equity securities that adhere strictly… Read more
$878m Oil Spill Matter: Supreme Court Grants Shell’s Appeal
The Supreme Court of Nigeria on Friday granted the appeal of the Shell Petroleum Development Company of Nigeria Limited (SPDC).
It ruled that Shell is entitled to a hearing regarding an alleged oil spill in the Niger Delta where a lower court… Read more
Turk Eximbank Joins AFC as Inaugural Non-African Shareholder
Africa Finance Corporation (AFC) has announced an equity investment from Turk Exim- bank on behalf of the Republic of Türkiye, which makes the lender the Corporation’s first non-African sovereign shareholder.
According to a press release, the equity subscription from Türkiye’s official export credit agency advances the AFC’s mission… Read more
Stanbic IBTC Pension Managers Rewards FUZE Festival Winners With N32m
Twelve outstanding individuals were rewarded with total prize money of N32 million at the grand finale of the Stanbic IBTC Pension Managers’ FUZE Talent Show, held on 23 December 2023, according to a press release by the company.
The statement said that the top three in each category – music, dance, fashion, and technology- had the unique… Read more
Wall Street Climbs On Financials Boost
Wall Street rose yesterday, boosted by gains in financial stocks, while strong jobs data prompted investors to tweak their expectations of how early interest-rate cuts could begin.
The recovery in the three main U.S. stock indexes follows a downbeat start to 2024, with the S&P 500 (.SPX) notching its worst two-day… Read more
IMF: How Training, Advice Can Speed Cross-Border Payments
As issues bordering on cross-border payments resonate in the global financial sector, the International Monetary Fund (IMF) has said that faster, cheaper, and more transparent cross-border payment services have the potential to improve many lives by supporting economic growth, international trade, global development, and financial inclusion.
It noted that the G20 had prioritised such progress… Read more
Cocoa: CFAN President Warns Against Deforestation, Child Labour
In preparation for 2024, the National President of the Cocoa Farmers Association of Nigeria (CFAN), Comrade Adeola Adegoke, has warned against any form of deforestation and child labour practices during the sourcing and production of cocoa in the country.
According to him, Nigerian farmers must put in place regulations and ensure compliance with international… Read more
FG To Tackle Food Inflation In 2024
The Federal Government on Friday assured Nigerians that plans are underway to reduce food inflation in the country.
Senator Abubakar Kyari, the Minister of Agriculture and Food Security gave the assurance during a courtesy visit… Read more
