Sunday, May 16, 2021

Economy

May 15, 2021

Fresh N192bn contract breach penalty threatens FG’s Mambilla power project

The contract breach by the Nigerian government has now stalled progress of the power plant, as the Chinese bank says it would not release the funds until the legal standoff ends.

Mambilla
May 15, 2021

U.S. firm paid $5 million ransom for oil pipeline disruption: Official

NBC reports that U.S. President Joe Biden said intelligence believes DarkSide is operating within Russia’s borders.

Colonial Pipeline
May 15, 2021

CBN further devalues naira, now N411 to dollar

Central Bank Governor Godwin Emefiele had in February confirmed that the naira has depreciated at the official market to N410 against the dollar.

CBN Governor Godwin Emefiele and President Muhammadu Buhari
May 14, 2021

Nigerian Exchange records N25 billion gains after Sallah break

However, the volume of shares traded closed lower by 96.61 per cent.

Nigeria Stock Exchange
May 14, 2021

COVID-19 reduced remittance to Nigeria by 28% in 2020: Report

“Excluding flows to Nigeria, remittances to sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience.”

CBN Governor Godwin Emefiele and President Muhammadu Buhari
May 13, 2021

Binance under investigation by U.S. authorities

The underlying concern is that cryptocurrencies are being used to conceal illegal transactions, including theft and drug deals, and potential tax evasion from traders.

May 13, 2021

FG’s N22 billion renovated National Theatre to create 16,000 jobs

“It will be the place to be. Food sellers and other petty businesses will not be left out. Those coming for events will be served.”

May 13, 2021

I won’t sack civil servants as El-Rufai did: Zamfara Governor

“My administration will not take decisions that will be detrimental to workers’ welfare.”

Zamfara State governor, Bello Matawalle and Kaduna State governor, Nasir el-rufai
May 13, 2021

Nigeria received over 40% remittance to sub-Saharan Africa in 2020: World Bank

It said a 27.7 per cent decline in remittance flows to Nigeria in 2020 resulted in the decline of remittances by 12.5 per cent to sub-Saharan Africa to $42 billion.

Zainab-Ahmed and CBN
May 12, 2021

Brewery, bottling, beverages companies generated highest income tax: NBS

According to the report, the generated amount was N97.09 billion more than the N295.68 billion generated in Q1 2020.

Unbranded beverage bottles