Refinery: NNPC takes hunt for $1bn loans to Afreximbank, Others 

  The Nigerian National Petroleum Corporation (NNPC) is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Reuters, which reported this on Thursday quoted seven sources familiar with the discussions including the spokesperson for Afreximbank. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel…

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Finbank ex-MD, Okey Nwosu, Jailed over depositors’ N18bn Theft + PHOTO

  A former Managing Director of the defunct Finbank Plc, Okey Nwosu, has been found guilty and sentenced to three years imprisonment by Justice Lateefat Okunnu of a Lagos High Court in Igbosere for N18 billion theft. The judge handed down the verdict after she found the former bank boss and three other Directors of the bank guilty of stealing the huge sum from Finbank Plc. Convicted alongside Nwosu were three former Directors of the defunct bank: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike. In her judgement, Justice Okunnu sentenced…

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Why Oando suspended 2018 AGM, delayed Q3 unaudited financial statement

  OANDO Plc has opened up on the reason the integrated oil giant delayed the release of its third (Q3) Unaudited Financial Statement for 2020. The company stated that the inability of the oil company to meet its 2020, Q3 filing of accounts obligation, which was due on November 20, 2020, is as a result of the indefinite suspension of the company’s 2018 Annual General Meeting (AGM).   This was disclosed in a notification by OANDO for shareholders and stakeholders, which was sent to the Nigerian Stock Exchange (NSE) on…

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Nigeria embargoes Diaspora remittance’s withdrawal in Naira

  . Remittances now to be withdrawn in dollars – CBN The Nigeria’s apex bank, Central Bank of Nigeria (CBN), had announced  a new policy initiative, which would help to boost remittance inflows and foster an environment of faster, cheaper, and more convenient flow of remittances back to the country. The new policy which was unveiled by the Apex Bank on Monday, will become effective from Friday, 4th December, 2020. CBN Governor, Mr Godwin Emefiele who made the announcement while addressing stakeholders  in Abuja on Thursday said the new policy…

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Nigeria’s Apex Bank, CBN, Devalues Naira To 392/Dollar, Sells $1bn to BDCs

. CBN sells $10,000 twice weekly to BDCs and has sold over $1 billion since September 7 when it resumed intervention The Central Bank of Nigeria (CBN) has devalued Naira to N392 per Dollar, directing bureau de change operators in the country not to sell dollars higher than the benchmark to end users. In a circular signed by O.S. Nnaji, director of trade and exchange at the CBN, and expectec to take effect from November 30 to December 14, 2020, the apex bank said the volume of sales for each…

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Naira crashes, nears N500/$1 On Parallel Market

  . Nigeria’s currency and unit of exchange, Naira, sheds N8 against dollar in less than 24 hours The Naira, Nigeria’s currency and unit of exchange, fell further near N500/1$ to N495/$1 on Thursday from N487 per dollar on Wednesday. The currency, which exchanged exactly at N450/$1 on Thursday, had exchanged for N484/$1 at the weekend. Quotong a data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, New Telegraph reported that although trading had opened earlier in yesterday with the naira at N487/$1, it depreciated…

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Role Fidelity Bank, staff played in Nigeria’s N1.5bn Pension scam – EFCC

. Anti-graft agency shows how Nigeria’s ex-official, Oronsaye, operated 66 accounts unknown to Accountant-General The testimonies against Abdulrasheed Maina, former Chairman, Nigeria’s Pension Reform Task Force Team (PRTFT), continued on Wednesday before Justice Okong Abang of the Federal High Court, Abuja, with that of the ninth prosecution witness, (PW9), Rouqayyah Ibrahim, a principal investigation officer with the EFCC who narrated how Fidelity Bank allegedly played a role in the whole scenerio. Ibrahim is in Anti Money Laundering and Combating Terrorism Financing (AML CFT) unit of the Commission and member, Pension…

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Repay our loans, Nigeria tells TraderMoni beneficiaries

  Beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Nigerian Government Enterprise and Empowerment Programme (GEEP) have been urged to repay their loans. This, GEEP an agency of government said in a tweet sighted by Platforms Africa, becomes necessary in order to enable them to get a higher loan and to have access to other GEEP products. The disclosure was made by the government agency through the tweet on its verified account. The call is also sequel to concerns over the repayment of the empowerment funds as stipulated in the terms and…

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Nigeria’s Inflation Rate Crosses 14%, Highest Jump In Four Years

  The National Bureau of Statistics (NBS) says consumer price index, which measures inflation, hit 14.23 percent in October. The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points. Inflation measures the rate at which the prices of goods and services increase over a period of time. The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 percent from 16.66 percent in September. This bureau sad the rise in the food index…

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Naira falls to month’s lowest, now 470 per dollar ‌

  The Nigeria’s unit of exchange, Naira, weakened to 470 against the United States dollar in the parallel market at the weekend despite the interventions of the Central Bank of Nigeria in the official window. The nation’s currency had traded at N465, N466 and N468 against the greenback on Tuesday, Wednesday and Thursday respectively. But it fell on Friday to its weakest level in more than a month. According to Bloomberg, the naira closed at 382.10 per dollar on the spot market, where the CBN sells limited amounts of the…

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