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Trapped Funds CBN Announces Release Of $265m To Airlines

Trapped Funds: CBN Announces Release Of $265m To Airlines

August 27, 2022 5:04 am

The Central Bank of Nigeria (CBN) has announced the release of about sum of $265 million to airlines operating in the country to settle outstanding ticket sales in an apparent move to check a brewing crisis in the country’s aviation sector.

According to details obtained by Africa Daily News, New York, the breakdown of the figure released on Friday indicates that the sum of $230 million was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said …

Twitter Drags Musk To Court, Accuses Him Of Contract Breach

Elon Musk Slams A Subpoena On Former Twitter Chief Jack Dorsey

August 23, 2022 1:46 pm

Fresh reports hitting the desk of Africa Daily News, New York had revealed that Elon Musk has finally served the former Twitter boss, Jack Dorsey with a subpoena which is related a hunt for material which would be helping him to get out of buying the giant social media platform for $44 billion as had been previously agreed.

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Nigerian Banks To Pay Higher Interest On Savings – CBN

Nigerian Banks To Pay Higher Interest On Savings – CBN

August 18, 2022 5:41 am

The Central Bank of Nigeria, CBN has confirmed that henceforth, the minimum interest rate on Naira savings deposits has now been increased from 0.15 percent to 4.2 percent.

Africa Daily News, New York reports that the recent change was implemented on August 1, 2022.

The rate has been increased from 10% to 30% of the Financial Regulation Rate, according to a memo from the bank dated August 15, 2022, and issued by Haruna Mustafa, director of the banking supervision department (MPR).

In an effort to combat inflation, the bank hiked the standard interest rate to 14% in July from …

Electricity Generation In Nigeria Crumbles To 503MW

Electricity Generation In Nigeria Crumbles To 503MW

August 17, 2022 4:14 am
The Senior Staff Association of Electricity and Allied Companies and the National Union of Electricity Employees suspended the Transmission Company of Nigeria’s nationwide operations on Tuesday, culminating in a 502.7 megawatt reduction in Nigeria’s power production.
Power generation was seen on the national grid reported an off-peak of 2,551.7MW on Monday and rose to a maximum of 4,688.6MW the same day, however, this dropped to 4,185.9MW as at 6 am on Tuesday.
Tuesday also saw protesting by members of NUEE and SSAEAC at TCN offices around the country, which resulted in a standstill in operation and a warning to commence
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ExxonMobil Announces Renewal Of 2 Deepwater Assets In Nigeria

ExxonMobil Announces Renewal Of 2 Deepwater Assets In Nigeria

August 14, 2022 2:42 am

Oil giants, ExxonMobil Corp. has announced the renewal of two deepwater leases in Nigeria for a further 20 years, becoming among the first permits to be granted under the country’s new oil and gas law.

The U.S. energy giant extended its rights over two oil blocks at a ceremony on Friday in Abuja. It also renewed production-sharing contracts with the Nigerian National Petroleum Company, Limited(NNPC).

“We are pleased to announce the renewals of our OMLs 133 (Erha) and 138 (Usan) deepwater leases for a further 20–year period. This includes extensions of Production Sharing Contracts with our partner NNPC Limited.

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Fresh Fears As Nigeria's World Bank Debt Hits $660m

Fresh Fears As Nigeria’s 2022 World Bank Debt Hits $660m

August 14, 2022 2:35 am

Africa Today News, News York can confirm that the total debt owed by Nigeria to the World Bank Group has heightened to $660m in the first six months of the year. Data from both the Debt management and the financial statements of the World Bank has shown.

Data from DMO indicated that debts owed by Nigeria to a Washington-based bank was earlier marked at $12.38 as of December 31, 2021. Financial analysis from the world bank for 2022 fiscal year reveals that Nigeria is indebted to the institution with the record of $13.04bn on June 30, 2022.

Over the years, …

Aero Contractors Resumes Operations, Receives Two New Aircraft

Aero Contractors Resumes Operations, Receives Two New Aircraft

August 13, 2022 8:32 pm

One of Nigeria’s oldest aviation companies, Aero Contractors have announced that they may soon be resuming their flying again, after they had taken delivery, on Thursday, of the first of two Dash-8 Q-400 aircraft.

The aircraft had also been received at the Nnamdi Azikwe International Airport, Abuja.

The Nigerian registered aircraft which had been owned by UMZA Air would now be operated by Aero Contractors under a joint venture agreement.

Read Also: Outrage As Aero Contractors Abandon Passengers’ Luggage To Shed Load

The Dash 8 aircraft is one of the most fuel efficient and modern aircraft in the market …

Naira 'Resurrects' At ₦429.62 To Dollar At Investors' Window

Naira ‘Resurrects’ At ₦429.62 To Dollar At Investors’ Window

August 13, 2022 2:33 pm

Good news for the Nigerian Naira as it had managed to appreciate against the dollar at the Investors and Exporters window while it had been exchanging at ₦429.62.

The figure which had been displayed on Saturday had also represented an increase of 0.15 per cent which is high as compared with the ₦430.25 which it had exchanged for the dollar on Friday.

Read Also: NYCN Blasts Emefiele’s Economic Policy Over Fall Of Naira

The open indicative rate had closed at ₦429.67 to the dollar.

An exchange rate of ₦431.94 to the dollar was the highest rate recorded within the day’s …

How Nigeria Loses Over N100bn Worth Of Oil - OPEC

How Nigeria Loses Over ₦100bn Worth Of Oil – OPEC

August 12, 2022 6:03 am

Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June, data from the Organisation of Petroleum Exporting Countries (OPEC) showed on Thursday.

Africa Daily News, New York reports that in its Monthly Oil Market Report which was released for August 2022, OPEC revealed that crude oil production figures based on direct communication indicated that Nigeria’s output dropped by an average of 74,000 barrels per day in July.

This implies that for the 31 days in July, the country lost about 2.3 million barrels of crude …

Seplat Raises Questions Over Cancellation Of Exxonmobil Deal

Seplat Raises Questions Over Cancellation Of Exxonmobil Deal

August 12, 2022 5:32 am
Seplat Energy on Thursday disclosed that it had yet received any formal notice from the Federal Government retracting its intended purchase of the whole share capital of Mobil Producing Nigeria Unlimited.
Additionally, the corporation stated that it was looking for clarity from the appropriate authorities on claims that President, Major General Muhammadu Buhari (ret.d), who also serves as Minister of Petroleum Resources, had revoked his ministerial authorization for the sale.
‘Seplat Energy has become aware of a news report claiming that ministerial approval of the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited has been
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Crude Oil Theft FG Chasing Shadows – Siasia

Crude Oil Theft: FG Chasing Shadows – Siasia

August 11, 2022 4:04 am
In an effort to combat the menace of crude oil theft in Nigeria’s oil-rich Niger Delta Region, Mr. Moses Siloko Siasia, Chairman of the Nigerian Young Professionals Forum (NYPF) and Convener of Niger Delta Young Professionals, has claimed that the Nigerian government is running in circles.
Governors in the Niger Delta, according to him, have overlooked an essential component of ‘human infrastructure’ development, They instead are concentrating on creating public infrastructure, which may not necessarily have an influence on the lives of numerous adolescents in the area.
He
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Air Peace To Halt Flights To South Africa Over Forex Scarcity

Air Peace To Halt Flights To South Africa Over Forex Scarcity

August 9, 2022 5:19 am

Nigerian airline, Air Peace, on Monday, declared that it has resolved to stop all flight services to Johannesburg, South Africa which will come into effect from August 22, 2022, for reasons built around delayed issuance of South African visas to travellers, worsening forex scarcity and the increasing cost of aviation fuel as well as its scarcity.

The air carrier in a statement on its official Twitter handle on Tuesday which was sighted by Africa Daily News, New York, pointed out that the development was regretted but it has become inevitable, saying the situation may improve in 60 days.

According …

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