Sunday Ogwu

Abuja

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NMDPRA presents 10 licenses to gas distributors

2 months ago | dailytrust.com | Sunday Ogwu

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday presented Gas Distribution Licenses to 10 companies. Speaking at the Gas Distribution Licence (GDL) Award ceremony in Abuja, the authority’s Chief Executive, Engr Farouk Ahmed, recalled that the organisation received 30 applications for licenses from which it approved 10. He said the licences cover about 1.5 billion standard cubic feet/day with over 1,200 kilometer of gas distribution pipeline network.
West Africa: Nigeria Not Yet Hyperinflation Economy - FRC Insists

Jan 23, 2025 | allafrica.com | Sunday Ogwu

The Financial Reporting Council of Nigeria (FRC) on Wednesday pointed out that Nigeria was not yet a hyperinflationary economy. Owing to this, the Council, in a press statement signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, noted that the International Accounting Standard (IAS) 29 which borders on Financial Reporting in Hyperinflationary Economies should not be applied in the preparation of financial statements for the 2024 financial year.
Nigeria's Public Debt Rises By N8.02trn to N142.3trn in Q3 2024

Jan 23, 2025 | allafrica.com | Sunday Ogwu

Nigeria's total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97% (N8.02 trillion) compared to N134.3 trillion in June 2024. This is according to the latest data released by the Debt Management Office (DMO) on Tuesday. Daily Trust observed that this increase reflects the combined effects of rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms. Surge driven by currency depreciation .
Nigeria: Stl Unveils Dollar Fund for Secured Wealth Diversification

Jan 21, 2025 | allafrica.com | Sunday Ogwu

STL Asset Management Limited has announced the launch of its latest Mutual Fund offering, STL Dollar Fund, a Collective Investment Scheme designed to provide investors with a safe, flexible, and accessible means to diversify their portfolio using US Dollar-denominated instruments. The Fund aims to offer investors competitive income while prioritising the safety of their capital in a stable currency.
Nigeria: $6bn Mambilla Power Contract Deal - Obasanjo, Buhari Testify in Paris Court

Jan 20, 2025 | allafrica.com | Sunday Ogwu

Former presidents Olusegun Obasanjo and Muhammadu Buhari are testifying before the International Chamber of Commerce (ICC), Paris, France, in connection with the $2.3 billion arbitration proceedings filed against Nigeria by Sunrise Power over an alleged breach of contract by the federal government. Sources confirmed to Daily Trust yesterday that both leaders are in Paris in respect of the matter.
DMO announces subscription window for January FGN savings bonds

Jan 13, 2025 | dailytrust.com | Sunday Ogwu

The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced the subscription window for the Federal Government Savings Bonds (FGN Savings Bonds) for January 2025. This initiative invites both individual and institutional investors to participate from January 13 to January 17, 2025.
Nigeria: Imtos Inflows Hit $3.8bn in 9 Months On CBN Reforms

Jan 8, 2025 | allafrica.com | Sunday Ogwu

The Central Bank of Nigeria's (CBN) latest quarterly statistical bulletin has revealed a significant 63.7% increase in international money transfer operator (IMTO) inflows for the first nine months of 2024. Inflows rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024. This growth has been largely attributed to a series of targeted reforms introduced under the leadership of Governor Olayemi Cardoso, who assumed office in September 2023.
Naira appreciates against dollar

Dec 8, 2024 | dailytrust.com | Sunday Ogwu

The Nigerian naira broke key resistance levels at the Nigerian Autonomous Foreign Exchange Market as the Central Bank of Nigeria implemented the new Electronic Foreign Exchange Matching System last weekThe Nigerian currency started last week Monday at N1,663/$ to settle at N1,537 at the official market on Friday showing a price gain of N126/$.
Africa Must Strengthen Accountability, Governance to Prosper - Botswana President

Nov 28, 2024 | allafrica.com | Sunday Ogwu

Africa's economic success and sustainability are intrinsically linked to accountable governance, Botswana's president, Duma Boko, has said. He spoke at the opening of the 2024 African Economic Conference in Gaborone, Botswana. "Peace and stability in Africa must be anchored on accountable and responsive governance," the president said, adding, "This is a fundamental human right for every African citizen.
Nigeria: Cardoso, Edun to Canvass Support for FG's Reforms At IMF/W'bank Meeting

Oct 23, 2024 | allafrica.com | Sunday Ogwu

As the world faces a host of intertwined challenges- from climate change, pandemics, fragility, geo-political tensions, to debt distress- leaders of fiscal and Monetary Authorities are gathered in Washington DC for the annual meeting to discuss the impact, speed, scale and efficiency of measures to arrest the situation.