Summary of Business News 24 November 2022: CBN New naira, Reuters News, Others

Here are the newspapers business news summary for today Thursday 24 November 2022

Summary of Business News 24 November 2022: CBN New naira, Reuters News, Others

Summary of Business News 24 November 2022

New naira: CBN, EFCC to track large withdrawals

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that it would work with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to complicate and track large withdrawals. He said this while briefing the press after the launch the new Naira banknotes in Abuja on Wednesday.

 

At the briefing, Emefiele said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use - PUNCH.

 

TCN seeks Gencos, Discos support on grid collapse

The Transmission Company of Nigeria has blamed the power generation and distribution companies for the repeated collapse of the national electricity grid. It, therefore, asked the Gencos and Discos to “up their games” in the delivery of electricity.

 

The Chairman, Technical and Monitoring Committee and member of the governing board of TCN, Nsima Ekere, disclosed this to The PUNCH on the side-lines of two-day official visit and inspection of the TCN store at Ojo and other transmission stations in Lagos by the board – PUNCH.

 

Shell to boost Nigeria oil production by 225,000bpd

Shell Nigeria Exploration and Production Company Limited’s 225,000 barrels per day Bonga Floating Production Storage and Offloading vessel is set to begin production to boost Nigeria’s crude oil output.

 

SNEPCo in a statement said it had completed maintenance on the FPSO, which was shut down a month ago. It announced this through its Media Relations Manager, Abimbola Essien-Nelson, adding that the completion of the turn around maintenance on Bonga would increase oil and gas production in the coming days - PUNCH.

 

VAT up by N25.081bn as FG, States, LGAs share N736.782bn in October

The Federal Government says it collected N229.041 billion in Value Added Tax (VAT) in the month of October 2022, N25.081 billion higher than the N203.960 billion collected in September 2022.

 

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022. The communiqué also announced that FAAC shared N736.782 billion October 2022 Federation Account Revenue to the Federal, States and Local Government Councils – GUARDIAN.

 

Depots, marketers subtly push for fuel price increment as scarcity bites harder

Apparently preparing Nigerians for a full deregulation regime, depot owners and some petrol marketers have again put the nation in another panic mode by hoarding available products in a push to ensure prices are adjusted to meet their operating expenses.

 

With products hoarded, fuel queues have emerged, forcing many motorists to engage in panic-buying, just as many retail outlets, especially those owned by independent marketers selling above the regulated price - GUARDIAN.

 

5G Rollout, Broadband Penetration and Spectrum Auction

Having successfully auctioned two lots in the 3.5GHz spectrum band in December 2021 to MTN Nigeria Communications Plc and Mafab Communications, the Nigerian Communications Commission (NCC), has commenced the process of auctioning additional two lots in the same spectrum band to interested telecom operators

 

According to the NCC, this development will further deepen broadband penetration and encourage fair competition in the rollout of 5G services across Nigeria - THIS DAY.

 

NGX, IFC Sign MoU to Deepened Green Bond Sustainability in Nigerian Capital Markets

Nigerian Exchange Limited (NGX) and International Finance Corporation (IFC), yesterday signed a Memorandum of Understanding (MoU) to further deepened green bond sustainability in Nigerian capital markets.

 

Speaking at the “Green and Sustainability Bond” workshop in Lagos, the Chief Executive Officer, NGX, Mr. Temi Popoola, said the limited flow of climate finance remains a major issue for the implementation of mitigation and adaptation actions in Africa, particularly Nigeria - THIS DAY.

 

Oil drops as Russian price cap proposal eases tight supply fears

Oil trickled down on Thursday, hovering around two-month lows, as the proposed price cap on Russian oil from Group of Seven (G7) nations was considered higher than the current trading levels, alleviating concerns over tight supply.

 

A greater-than-expected build in U.S. gasoline inventories and widening COVID controls in China added to downward pressure. Brent crude futures dipped 21 cents, or 0.3%, to $85.20 a barrel by 0431 GMT, while U.S.

 

West Texas Intermediate (WTI) crude futures fell by 16 cents, or 0.2%, to $77.78 a barrel - REUTERS.

 

Asian shares higher on signs of U.S. Fed slowdown, China stimulus

Asian shares tracked Wall Street higher on Thursday, buoyed by signals the U.S. Federal Reserve may slow the pace of interest rate hikes and news of fresh economic stimulus from China, with the dollar failing to recoup losses.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.8% in early trade, boosted by a 0.6% gain in South Korean shares, a 0.5% increase in China's bluechips (.CSI300) and a 0.9% jump in Hong Kong's Hang Seng index (.HSI.) - REUTERS.


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