Oil prices settled higher in early Asian trade on Wednesday, rebounding in volatile trading session as the market evaluated China’s plan to support its economy against a possible coronavirus lockdown in its capital Beijing. Brent crude futures rose 44 cents, or 0.4%, to $105.43 a barrel by 0418 GMT. U.S. West Texas Intermediate crude futures gained 12 cents, or 0.1%, to $101.82 a barrel. China’s central bank revealed on Tuesday that it will step up prudent monetary policy support to its economy as Beijing races to stamp out a nascent COVID-19 outbreak in the capital and avert the same debilitating city-wide lockdown that has shrouded Shanghai for a month. Any stimulus would boost oil demand.
The Senate confirmed the nominations of four commissioners of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during plenary on Wednesday. The confirmation of the nominees was sequel to the consideration and adoption of the report by the Senate Committee on Petroleum Resources (Upstream).
MTN Nigeria, a subsidiary of South Africa-headquartered MTN Group Ltd, announced earlier today that it has received a final approval from the Central Bank of Nigeria (CBN) to begin operating Momo Payment Service Bank Ltd. Uro Ukpanah, company secretary at MTN Nigeria, in a press release on Monday, titled “The Central Bank of Nigeria Grants Final Approval for Momo Payment Service Bank Limited to Commence Operations”. “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations,” the statement reads.
Recall President Muhammadu Buhari requested on 7th April 2022 the House of Representatives to adjust the Medium Term Expenditure Framework (MTEF) to accommodate the four (4) trillion naira project for petroleum subsidy in 2022. Both the lower and upper legislative chamber has approved the request of the president after a report from its committees on finance, by approving an oil benchmark of 73 dollars per barrel and oil production output of 1.6 million daily. More so, the chamber has approved a 400 billion naira increase in federal government revenue and slashed funding for upstream projects from 352 billion naira to 200 billion naira.
The Project Manager, VET-Toolbox Mrs Kikelomo Chibeze, has announced that the organisation in collaboration with Julius Berger Plc would organise pilot training programmes for 1,000 cashew farmers in Nigeria. Mrs. Chibeze, who made this public at a news conference on Wednesday in Abuja, said the beneficiaries of the programme would be trained with the sole aim of the growth of the sector. The project manager said that the training would also include factory workers to tackle some of the challenges bedevilling local processing industry of the Raw Cashew Nut (RCN). She highlighted some of the challenges facing the sector to include low RCN quality, weak market and supply chain linkages and an unfavourable policy environment.
The Central Bank of Nigeria (CBN) has expressed displeasure over the increasing number of mutilated banknotes deposited by Deposit Money Banks (DMBs) at the apex bank. The CBN has issued a directive to banks to stop including composed currency notes in their deposits to CBN. Composed banknotes are mutilated currency notes that consist of several parts of different banknotes of the same denomination. The directive took effect on April 1, 2022.
The European Union is strengthening relations with Nigeria as it seeks to diversify sources of its natural gas imports in an attempt to reduce reliance on Russian energy. According to EU ambassadors on Monday, at least 40% of Nigeria's gas is currently exported to Europe. The EU is looking to replace Russian oil with African oil because of its high amount of untapped gas reserves. Nigeria is the fourth biggest liquified natural gas supplier to Europe. The EU Ambassador to Nigeria, Samuela Isopi, Isopi disclosed this when the EU ambassadors paid a courtesy call on the Nigerian National Petroleum Company Limited, seeking to strengthen the EU’s partnership with Nigeria in the energy sector, according to a statement issued in Abuja by NNPC.
Committed to ensuring gender equality, Heirs Insurance Limited, has launched a motor insurance plan for women, named Her Motor Plan. Prioritising safety, the plan offers to its subscribers 24-hour road rescue and vehicle repair services, as well as access to an exclusive community of likeminded businesswomen. Heirs Insurance continues to transform insurance in Nigeria by providing simple, quick, reliable, and accessible protection plans to individuals and businesses. Heirs Insurance underwrites all classes of General Insurance Business for properties including vehicles, buildings, oil & gas, power, utilities risks, among others. Speaking during the launch in Lagos on Thursday, the Managing Director, Heirs Insurance, Dr. Adaobi Nwakuche, said that the plan comes with access to an exclusive community of like-minded businessmen.
Mr. Kabir Adeniyi Yagboyaju has assumed the role of the acting Managing Director/ Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN). Yagboyaju's emergence followed the expiration of the five-year tenure of the Arc. Ahmed Dangiwa-led Executive Management Team on Friday, and the formal handover ceremony at the FMBN corporate headquarters, Abuja. In a statement signed by the Group Head, Corporate Communications FMBN, Lawal K/Sauri, the apex mortgage bank disclosed that the new Ag. MD was the most senior general manager and group head in the organization.
Telecoms operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) have warned of an imminent blackout of telecommunications facilities in 9 states including the Federal Capital Territory (FCT), as a result of disputes over unusual taxes and levies demanded by the Kogi State Government through the Kogi State Internal Revenue Service (KIRS).