Oil Rebels Back Main Opposition Candidate In Nigeria Vote

Nigeria imported 1.4 bln litres of fuel worth ₦2.03 bln in 2 months

Nigeria, in the last two months, imported a total of 986, 492 metric tons (mt) of petroleum products, representing 1,387,410,984.2 litres of fuel just as frozen fish tops import chart for the month of February 2019 with a total volume of 2.463million mt imported. The figures contained in the shipping position of the Nigerian Ports […]

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Privatise Nigeria’s Oil Industry? Easier Said Than Done

Oil drops as China cuts economic growth target

Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support. U.S. West Texas Intermediate (WTI) crude oil futures were at 56.31 dollars per barrel at 0740 GMT, down 28 cents, or 0.5 per cent, from their […]

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Mohammed Barkindo

Sentiment, speculation, rumours are major forces driving oil market

The Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market. In his presentation at the Ninth IEA-IEF-OPEC Symposium on Energy Outlooks in Saudi Arabia, OPEC’s Secretary-General, Dr. Mohammad Barkindo stated: “Unfortunately, the oil market can often be subjected to forces which are […]

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United Capital

United Capital appointed issuing house for ₦8.5 bln NSP Green Bond

The United Capital Plc has been appointed lead issuing house and financial adviser of the first ₦8.5 billion Corporate Green Infrastructure Bond offer by the North South Power Company (NSP). The Securities and Exchange Commission (SEC) has approved the 15-year tenor bond, which represented the longest tenured bond issued by a corporate in the country. […]

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FGNSB for February oversubscribed by ₦84 bln

The Federal Government’s bond for the month of February worth ₦150 bln which was offered on Wednesday was oversubscribed by over ₦84 bln. The Debt Management Office disclosed on Thursday that the trend of oversubscription at the FGN bond auctions for the year continued, after the three instruments for five, seven and 10-year tenors, with […]

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FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

CBN recorded $40.9 billion FX inflow in 9-month

Between January and September last year, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria. The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion. An analysis of the third quarter economic report […]

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Debt Management Office, DMO

Investors’ quest for higher rates to define DMO’s ₦150 bln bond offer

The outcome of the ₦150 billion FGN bond offer by the Debt Management Office, DMO, this week will be determined by investors’ quest for higher interest rates on fixed income instruments in line with recent upsurge in the inflation rate. At the last auction held in November 2018, the DMO sold only ₦39.5 billion representing […]

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Traders work at the Nigerian Stock Exchange in Lagos

Corporate Bond Issuance Declines as FG Dominates Market

The continued dominance of the bond market by the federal government is crowding out corporates as only ₦31.47 billion was raised by companies in 2018, compared with ₦1.16 trillion by the government. Since the 2008 and 2009 market crash that impacted negatively on domestic investors, the primary equities market has remained dormant. Most companies have […]

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oil barrel

NPDC seeks ₦967 bln to develop 416 million barrels of oil

The Nigerian Petroleum Development Company is making efforts to raise $3.15 billion through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13, Okechukwu Nnodim reports The flagship subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, is interfacing with third-party financiers to raise $3.15bn (N967.1bn […]

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Patience Oniha

DMO commences intensive diversification of bonds’ investors base

The Nigeria’s Debt Management Office, DMO, has commenced intensive diversification of investors base in Federal Government bonds, given the tight monetary policy, which has affected banks’ investment in the debt instruments. Director-General of the DMO, Ms Patience Oniha, who said this in Abuja yesterday, explained that private investors’ interests in the bonds had been growing […]

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Babatunde Fashola

Fed Govt. issue ₦100 billion Sukuk bond for road construction

The Federal Government has decided to use the ₦100 billion Sovereign Sukuk bonds proceeds to construct 642.69 kilometres of roads across in Nigeria. The cheque for the money was presented by the Finance minister, Zainab Ahmed, to Mr Babatunde Fashola, Minister of Power, Works and Housing on Thursday in Abuja. Fashola said that the money […]

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CBN hq

CBN set to auction ₦908 billion Treasury Bills in Q1

The Central Bank of Nigeria (CBN) yesterday released its Treasury Bills Issuance Programme for the first quarter of 2019. In all, the central bank will sell treasury bills worth ₦907.880 billion this quarter. A breakdown of the debt instrument showed that while a total of 91-day bills valued at ₦50.977 billion would be auctioned; ₦178.843 […]

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