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Shell Concede to Court Judgement, Agrees to Pay €15m Over Oil Spill in Niger Delta Communities

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Shell

An international oil company, Shell has agreed to a court judgment in the Netherlands to pay €15 million ($15.9 million) to communities that were affected by multiple oil pipeline leaks in the Niger Delta region of the country.

The compensation is the result of a Dutch court case brought by Friends of the Earth, in which Shell’s Nigerian subsidiary SPDC last year was found to be responsible for the oil spills and was ordered to pay for damages to farmers.

While Friends of the Earth is an international network of environmental organizations in 73 countries, the affected communities are Goi in Rivers; Oruma in Bayelsa and Ikot Ada Udo in Akwa Ibom of Nigeria’s Niger Delta region.

In 2007, the farmers with the help of the Friends of the Earth, Netherlands, and two Nigerian lawyers, Chima Williams and Channa Samkalden initiated legal proceedings in Hague, Netherlands against Shell over its dangerous oil activities in local Nigerian communities, Investors King reports.

Reacting to the judgment and Shell’s intentions to pay the compensation, the Media Head, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), described the historic victory at the courts and the acceptance of Shell to do the needful as a victory for all.

Although, Shell said it continued to believe the spills were caused by sabotage, the court however said Shell had not proven “beyond reasonable doubt” that sabotage had caused the spill, rather than poor maintenance.

“The settlement is on a no admission of liability basis, and settles all claims and ends all pending litigation related to the spills,” Shell said.

Chima Williams, a counsel in the case and the Executive Director of ERA/FoEN, said the resilience of the farmers and the communities, was a model that would galvanise other impacted communities in the region and elsewhere.

“Justice may have been delayed but it has now been served. The resilience of the farmers, their communities and determination to make Shell pay is a model that will galvanise other impacted communities in the Niger Delta and elsewhere to act and stay on course,” Williams said.

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Black Market Dollar To Naira Exchange Rate For Today 9th February 2023

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Naira Dollar Exchange Rate - Investors King

You can access the black market Dollar to Naira exchange rate for today, 9th February on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦754, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N754 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 754

The local currency opened at N754.00 per $1 at the parallel market otherwise known as the black market today Thursday, 9th February 2023, in Lagos Nigeria, after it closed at N751 per $1 on Wednesday, 8th February 2023.

Even though the dollar to naira opened in the parallel market at N754 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N7750 and sell for N754 on Thursday morning, February 9, 2023, after they purchased N751 and sold for N747 on Wednesday, 8th February 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Wema Bank’s profit increases by 41.5% to N12.6 billion in 2022

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Wema Bank - Investors King

The financial statement by Wema Bank Plc has revealed a profit of N12.6 billion for the year 2022. The amount is 41.5% higher than the N8.8 billion in the previous year.

The company raked in N129 billion gross profit for the period from the N93 billion it saw in 2021.

Interest income stood at N104 billion in 2022 compared to N74 billion filed in 2021. Loans and advances to customers rose to N82 billion in 2022 from N64 billion the previous year. Included in interest income on loans and advances, however, is modification loss of N600 million for the group and bank.

It represents the changes in gross carrying amount of the financial asset from immediately before to immediately after modification. The modifications were not as a result of credit deterioration.

Interest expenses also increased for the period to N53 billion from N34 billion led by deposits from customers which improved to N45 billion for the period compared to the N27 billion the previous year as the net interest income amounted to N51 billion from N39 billion in 2022.

The net fee and commission income was N16 billion for the period compared to N13 billion in the previous year as other fees and charges spiked for the period.

Net trading income was up to N4 billion from N1.6 billion as the bank made gains on fixed income securities, treasury bills and foreign exchange trading. Foreign exchange trading income is principally made up of trading income on foreign currencies, as well as gains and losses from revaluation of trading position. The amount reported are totally from financial assets carried at fair value through profit or loss.

Other income however declined to N2.9 billion from N3.3 billion in the previous year. This is as the bank decline in FX revaluation, service charge and others. Also the operating  Income valued N74 billion in 2022 from N57 billion in 2021.

 

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Jaiz Bank Improves 2022 Profit by 46% to N6 Billion

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Jaiz Bank

Jaiz Bank reported an increase in its profit for the year 2022 to N6 billion. The financial report seen by Investors King shows that the value reported is 46% greater than the amount reported the year before.

During the year, the income from financing jumped to N22 billion in 2022 from N15 billion in the previous year led by improvement in Murabaha transactions, Ijara transactions and profit from others.

Murabaha is an Islamic banking contract that is basically a contract for the sale of goods at cost plus an agreed profit while the Ijara process is asset-based rather than credit-based Islamic financing method.

The bank saw an increase in income from financing contracts as Murabaha’s profit in the corporate and retail values rose to N8.8 billion and N4.1 billion in 2022 from N6.6 billion and N2.9 billion reported in the previous year. Also, Ijara Wa Iqtina Profit- Corporate and Ijara Wa Iqtina Profit-Retail grew to N1.8 billion and N2.4 billion in 2022 from the respective N1.3 billion and N2.2 billion in the previous year.

As for income from investment activities, trading assets and Sukuk drove the segment to record N2 billion and N7.6 billion respectively from N1 billion and N7.9 billion in 2021 while the gross income from financing transactions was N31 billion from N24 billion in 2021.

Bank’s fees as Mudarib/profit from Bank joint investments totaled N28 billion from N20 billion in the previous year. The amount of profit paid from financing investment to Mudarabah account holders amounted to N7 billion from N6 billion while profit from joint investment amounted to N13 billion from N9 billion in 2021.

Fees and Commission Income – consisting banking services, net income from e-business and LC trade finance income – as well as other operating income – consisting Wakala income and miscellaneous income – amounted to N1.6 billion and 340 million from N1.1 billion N557 billion.

Staff cost, depreciation and amortization and operating expenses drove total expenses to N16 billion compared to the N13 billion in the previous year and the profit before tax was N6.7 billion from N4.4 billion.

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