Here are the newspapers business news summary for today Thursday 24 November 2022
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the amount of money that can be withdrawn from the counter would be reduced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.