CBN official reserves declined by US$280m to US$34.82bn in March 2021

By FBNQuest Research     The Central Bank of Nigeria (CBN) data show that Nigeria’s gross official reserves declined by USD280m to USD34.82bn in March. In the name of accuracy, we should adjust this figure downwards to allow for the pipeline of delayed external payments, which the IMF estimated late last year at up to USD3bn and which the CBN has since indicated as substantially lower. We do not view the current level of reserves as a cause for alarm because of three areas where the CBN could reinforce its…

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Nigeria Economic Summit Group appoints MTN, MRS CEOs, others into board

Nigeria Economic Summit Group

Nigeria Economic Summit Group appoints MTN, MRS CEOs, others into board     Leading policy think-thank the Nigeria Economic Summit Group, NESG as part of efforts to strengthen its activities and improve upon its mandate of driving advocacy for the nation’s socio-economic space has rejigged its board. The newly appointed board members are Ndidi Nwuneli, Managing Partner, Sahel Consulting Agriculture & Nutrition Ltd and Founder, Leap Africa; Amina Maina – Group CEO, MRS Holdings Ltd; Mike Sangster, Chief Executive Officer, Total E & P Limited and Mr Karl Toriola, CEO MTN Nigeria.…

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Lagos charges from N1.37m to N2.7m for 2021 Umrah packages

Lagos charges from N1.37m to N2.7m for 2021 Umrah packages

Lagos charges from N1.37m to N2.7m for 2021 Umrah packages     Muslim faithfuls willing to observe the 2021 Umrah (lesser Hajj) in Saudi Arabia through the Lagos State government will have to pay N1.37 million or N2.7 million. A statement issued by the Lagos State Muslim Pilgrims Welfare Board disclosed that the amount is the least package fees. “The first package at a cost of N1.37 million includes stay at a 3-star hotel; Sahur (morning meal) and Iftar (evening meal) in Nigerian delicacies; economy class ticket with a reputable…

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NGX kicks off with BUA Cement’s N115bn bond listing

NGX kicks off with BUA Cement’s N115bn bond listing

NGX kicks off with BUA Cement’s N115bn bond listing     The Nigerian Exchange Limited (NGX) commenced formal operation under its new identity on Tuesday, April 13, 2021, with the listing of BUA Cement Plc’s ₦115bn 7-Year Series 1 Fixed Rate Senior Unsecured Bond issue. The listing was marked with a digital Closing Gong Ceremony by the Chief Executive Officer of BUA Cement Plc, Engr. Yusuf Haliru Binji. Speaking during the ceremony, the Divisional Head, Listings Business, NGX Limited, Olumide Bolumole said the exchange continues to provide a platform that…

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Nigeria: Electricity generation plunges below 4,000 megawatts

Nigeria: Electricity generation plunges below 4,000 megawatts

Nigeria: Electricity generation plunges below 4,000 megawatts   Electricity generation in the country fell below the 4,000 megawatts mark on Sunday as 11 plants were idle, even as several others suffered declines in the output. Total power generation fell to 3,922.2MW as of 6am on Sunday from 4,394MW on Saturday, according to data obtained from the Nigerian Electricity System Operator. Eleven of the power plants on the national grid did not generate any megawatts of electricity as of 6am on Sunday. The idle plants included six of those built under…

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Dearth of business cases, others stifle Nigeria’s IPV6 deployment

IPV6 Adoption

As ATCON, IPV6 Council Nigeria move to improve adoption   Lack of business cases has teamed up with other bottlenecks to slow down adoption of Internet Protocol version 6 (IPV6) in Nigeria, despite the country leading with highest internet usage in the African continent. Out of the total 9, 678 IPV6 addresses so far allocated by African Network Information Centre (AFRINIC) in Africa, only 60 representing 0.62 percent has been deployed in Nigeria. This makes Nigeria, the biggest in terms of size and population in Africa, ranked third below South Africa…

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CBN gets court’s approval to freeze 11 FCMB accounts

CBN gets court’s approval to freeze 11 FCMB accounts

CBN gets court’s approval to freeze 11 FCMB accounts   Justice Ahmed Mohammed of the Federal High Court, Abuja, has granted an interim order allowing the Central Bank of Nigeria (CBN) to direct FCMB to freeze 11 bank accounts linked to an individual and five firms for a period of 45 days pending the outcome of an investigation being carried out by the apex bank. According to a copy of the judge’s ruling posted on CBN’s website, owners of the affected accounts are Albert Austin Ugochukwu, Belfour Energy & Allied…

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FG begins installation of 100kWp power plant in Cross River community

installation of 100kWp power plant

FG begins installation of 100kWp power plant in Cross River community     The Federal Government has begun the installation of a 100 Kilowatts Peak (KWP) Isolated Mini Grid at Bolton Hill Community, Obanliku Local Government Area of Cross River. The Minister of State for Power, Mr Jeddy Agba, while performing the ground breaking on Wednesday in Obanliku, said the power project was deployed to serve the people of the community. According to the News Agency of Nigeria (NAN), Agba said that the Federal Government was committed to the project…

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UK Government funds Nigeria’s first open-source business intelligence platform

business intelligence

UK Government funds Nigeria’s first open-source business intelligence platform     The UK Government through its UK-Nigeria Tech Hub  has launched an open-source Business Intelligence Platform aimed at providing transparent and reliable data about the Nigerian Tech sector Funded by the UK Government’s Africa Technology and Innovation Partnership (ATIP) programme, the Business Intelligence Platform aims at reducing the informational barriers to entry for companies, investors, and researchers interested in doing business in the country. Nigeria remains a leader across Sub-Saharan Africa for vibrancy and volumes when it comes to the tech…

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