MTN to pay $53m as settlement for CBN CCI dispute

The dispute betweenMTNNigeria and the Central bank of Nigeria has been resolved as both parties agreed to a $53m settlement.  The telecommunications giant settled the dispute with a $53 million payment, the company said in a message posted on Twitter on Monday.

The Director-General, Bureau of Public Enterprises (BPE), Mr Alex Okoh has disclosed that about N550 billion was realised from the sale of some of Federal Government’s 142 assets that had been privatised or commercialised.

Okoh stated this on Thursday in Abuja at a news conference on the organisation’s work plan and other initiatives for 2018, according to NAN.

The Nigeria Labour Congress (NLC) has rejected the plan by President Muhammadu Buhari to set up technical Committee to look into the already agreed N30,000 New Minimum Wage, in order to ensure hitch-free implementation. 

An escalating international trade spat is threatening to cut into profit from the export of US whiskey to Europe, just as business is booming, according to Reuters.

U.S. President Donald Trump on June 1 imposed tariffs for aluminum imports from Mexico, Canada and the European Union. As a result, Spiegel expects his bill for recently-ordered steel fermentation tanks, worth several hundred thousand dollars, to be $50,000 to $60,000 higher.

There are indicators that oil market globally would be stable, which invariably oil producing nations, Nigeria inclusive will experience rise in their revenue in 2019, as Organisation of Petroleum Exporting Countries, OPEC has forecast high demand to rise by 1.29mb/d during this period.

The Central Bank of Nigeria (CBN) on Thursday, released guidelines for the bilateral currency swap agreement between Nigeria and China. The CBN gave the guidelines in a document signed by its Director, Financial Markets Department, Dr. Alvan Ikoku, and posted on its website. The regulator, in a document titled, “Regulations for Transactions with Authorised Dealers in Renminbi,” said it might conduct bi-weekly trading sessions to ensure liquidity for trade and direct investment between the two countries.

PPPRA Debunk Speculation On Plan Hike In Pump Price

Following the suspension of an industrial action by the Depot and Petroleum Products Marketers Association (DAPPMA), the Petroleum Products Pricing Regulatory Agency (PPPRA), has cleared the panic, supposedly; caused by market speculators on alleged plans by the Federal Government to increase the pump price of Premium Motor Spirit (PMS) also known as petrol.

Ethiopian Airlines has taken delivery of its 100th aircraft, Boeing 787 Dreamliner, leading the way as the first African carrier to reach the feat in fleet expansion and modernization in the continent.

Mr Tewolde GebreMariam, the Group Chief Executive Officer of the Airlines disclosed this in a statement on Thursday in Abuja, according to News Agency of Nigeria (NAN).

GebreMariam said it was an immense honour for the airline to reach the milestone of 100 aircraft.

Mirroring Fuel And Economic Crisis In Nigeria

Fuel crisis in Nigeria is usually attributed to shortfall in supply, activities of militants at the Niger-Delta region, panic buying, speculative activities of oil marketers (racketeering), crash in price at international market and possibly, increase in demand for the product.  

Nigeria imported 6.149 billion litres of refined petroleum products in first quarter of 2018, according to the latest report by the National Bureau of Statistics (NBS). The report obtained from the website of NBS, showed that 5.67 billion litres of Premium Motor Spirit (PMS), also called petrol was imported into the country within the period under review.