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Heirs Holdings acquires 45% of OML 17 for $1.1bn

Heirs Holdings acquires 45% of OML 17 at $1.1bn

Heirs Holdings acquires 45% of OML 17 for $1.1bn   Heirs Holdings (HH), in partnership with affiliated company, Transnational Corporation of Nigeria Plc (Transcorp), has announced its acquisition of acquisition of a 45 per cent participating interest Nigerian oil licence OML 17 and related assets costing $1.1 billion The acquisition was done through TNOG Oil and Gas Limited, a subsidiary of Heirs Holdings and Transcorp, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole…

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Don’t miss 9 benefits of registering businesses with the CAC

benefits of registering businesses with the CAC

Don’t miss 9 benefits of registering businesses with the CAC   Obviously, many micro and small businesses, as well as bigger companies alike, are going corporate and the Corporate Affair Commission of Nigeria (CAC) is having a burgeoning customer base, coupled with a pay day. This assertion was confirmed by The Registrar-General of the CAC, Alhaji Garba Abubakar, who has  just disclosed that the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) in 2020. This was despite the pandemic impact in the year and reduced cost…

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Inflation defies border reopening order, peaks at 15.75% YoY

December inflation Border reopening

Inflation defies border reopening order, peaks at 15.75% YoY   Inflationary pressure on cost of items in Nigeria has raged on unabated in December as headline inflation peaked at 15.75 per cent year-on-year in the month, setting highest record in 32 months. The National Bureau of Statistics (NBS) disclosed in its just released consumer price index (CPI) report for December that inflation spiked by 0.86 percentage points in December, compared with November 2020 record of 14.89 per cent. According to the report, increases were recorded in all Classification of Individual…

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ATCON president, Nnanmani reacts to lost 1.65m broadband connections

ATCON President

ATCON president, Nnanmani reacts to lost 1.65m broadband connections   Engineer Ikechukwu Nnamani, the president of the Association of Telecommunication Companies of Nigeria (ATCON) has reacted to a reported decline in broadband connections in Nigeria. Business Metrics had reported that telecoms operators in Nigeria lost 1.65 million connections to broadband services on their networks in November, 2020, according to data obtained from the Nigerian Communications Commission (NCC). Reacting to the development, Nnamani said it would be misplaced to use the performance report of just one month to judge general performance…

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Ardova set to acquire Enyo

Ardova set to acquire Enyo

Ardova set to acquire Enyo   Ardova Plc (AP), a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited (Enyo) have entered discussions relating to AP acquiring Enyo. Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector of the oil and gas industry. Enyo is a technologically driven player and currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country. The announcement of the deal made at…

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CAC raked in N19b revenue in 2020

CAC raked in N19b revenue in 2020

CAC raked in N19b revenue in 2020   Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) last year. Abubakar made this known in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja. According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded increase in the registration of businesses and other corporate entities during the year. “The year 2020 was one of our best years in terms…

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Cautious Optimism Still On NGSE, As Investors Position In High Yield, Dividend Stocks

Ecobank

Market Update for January 12 By Investdata Analysts Nigeria’s stock market on Tuesday extended its bullish transition for the second consecutive session on positive sentiments for blue-chip stocks and undervalued companies that investors perceive as those that will rally this year as the nation economy recovers, and inflation expectedly declines on increased national industrial output. Despite the changing market holding structure, as domestic institutional investors play deeper, the Money Flow Index and other technical indicators signal a bearish divergence from the composite index’s action. This is notwithstanding the fact that…

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Nigeria still faces 500,000MT rice production shortage

Rice Production

Nigeria still faces 500,000MT rice production shortage   The Federal Government of Nigerian has disclosed that the country still faces 500,000 metric tonnes gap in rice production. It, however, stated that the country would soon close the gap and meet the seven million metric tonnes production capacity required to attain self-sufficiency. The Federal Ministry of Agriculture and Rural Development disclosed this in a statement issued in Abuja by the Deputy Director, Information, Eno Olotu. The statement quoted the Director, Federal Department of Agriculture, Karima Babaginda, to have said this while…

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FG spent N6.46trn on debt servicing, personnel in 2020 – Minister

FG spent N6.46trn on debt servicing

FG spent N6.46trn on debt servicing, personnel in 2020 – Minister   The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure. Ahmed spoke virtually while presenting the 2021 Federal Government approved budget. Providing updates on the 2020 budget implementation,…

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Today: Bitcoin extends tumble in further blow to volatile crypto boom

Bitcoin extends tumble

Today: Bitcoin extends tumble in further blow to volatile crypto boom   Bitcoin resumed declines today Wednesday as the digital coin heads for its worst week since March last year, a drop that’s raised questions about the outlook for the cryptocurrency boom. Bitcoin fell as much as 6.8% to about $32,359 before paring some losses. The largest cryptocurrency whipsawed investors over the past few days, hitting a record near $42,000 on Jan. 8 and then tumbling to a low around $30,300. The price swings evoke memories of Bitcoin’s December 2017…

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