Investors King has put together latest news in Nigeria today, August 12, 2023 to ensure you stay atop trending news and happenings in the business world.
Opay and Kuda Shine Bright: Recognized Among the World’s Top 200 Fintech Companies
Nigeria’s leading fintech companies, Opay and Kuda have been listed among the world’s top 200 fintech companies, a prestigious list jointly curated by CNBC and independent research firm Statista.
The recognition comes as the fintech industry continues to redefine financial landscapes, leveraging technology and innovation to shape the future of financial services in Nigeria and the world at large. Read more latest news in Nigeria today here.
Nigerian Naira Slides Further Amid Dollar Shortage and Black Market Resurgence
The Nigerian naira continues to weaken on the black market as the local currency traded near N1000 per Dollar on Thursday just two months after President Bola Ahmed Tinubu floated the currency to improve capital importation.
The Naira declined to N955 against the United States Dollar from about N800 it traded last week. Read more latest news in Nigeria today here.
Kenya’s Monetary Policy Reforms: Goldman Sachs Sees Positive Impact on Foreign Investment
Goldman Sachs Group Inc. has hailed the recent changes to the monetary policy framework by the Central Bank of Kenya as a “credit-positive” move that is expected to stimulate foreign investment and enhance exchange-rate flexibility.
The investment bank anticipates that these reforms will contribute to the strengthening of Kenya’s external balances in the long term, while concurrently fortifying the nation’s immediate external buffer. Read more latest news in Nigeria today here.
Amazon Takes a Stand: US Employees Grapple with Return-to-Office Push
Amazon.com Inc. is taking a firm stance on its return-to-office guidelines for US employees. The tech giant is joining the ranks of companies aiming to curtail the extent of remote work and bring employees back to physical office spaces.
Reports have surfaced that Amazon employees in the US received an email this week, outlining the company’s expectation of their presence in the office for at least three days each week. Read more latest news in Nigeria today here.
Nigeria’s Crude Oil Output Slumps Amid Global Price Surge
Nigeria’s crude oil output declined by 12.56% in the month of July to 1.29 million barrels per day (bpd) from 1.48 million bpd in June.
The data released by the Nigerian Upstream Petroleum Regulatory Commission reveals a year-on-year reduction of 1.52 percent from 1.31 million bpd. Read more latest news in Nigeria today here.
X (Formerly Twitter) Announces Enhanced Ad Revenue Sharing for Content Creators
X, formerly known as Twitter, has unveiled significant updates to its advertising revenue-sharing program, benefiting content creators by lowering eligibility thresholds and offering greater incentives.
Within a three-month span, the platform has reduced the required impressions for ad revenue sharing from 15 million to 5 million, allowing more individuals to participate in the program. Read more latest news in Nigeria today here.
CBN Releases Long-Awaited Audited Accounts: Posts Robust Profit and Discloses Liabilities
For the first time since 2015, the Central Bank of Nigeria (CBN) has unveiled its eagerly anticipated audited accounts, revealing a profit of N103.8 billion in 2022, the highest recorded since 2017.
Published on the CBN website, the audited results span the past six years, illustrating the apex bank’s financial performance: N124.4 billion in 2016; N107.3 billion in 2017; N43.7 billion in 2018; N34.6 billion in 2019; N30.8 billion in 2020, and N75.1 billion in 2021. Read more latest news in Nigeria today here.
CBN Loans Exceed Statutory Limit by N22.9 Trillion: FRC to Review Compliance
The Central Bank of Nigeria (CBN) extended a staggering N23.18 trillion loan to the Federal Government in the year ended December 31, 2022, under its ‘Ways and Means’ policy as revealed in the apex bank’s recent financial report.
This loan, however, surpassed the statutory limit by an alarming N22.9 trillion. Read more latest news in Nigeria today here.
Cooking Gas Prices Skyrocket as Nigerian Consumers Feel the Pinch
Hours after reports that the price of liquefied natural gas, also known as cooking gas, will increase in the coming days, the retail price of the commodity has risen to N800 per kilogram, findings have shown.
Stakeholders in the entire value chain have confirmed the increment, citing rising international prices, high tax rates, vessel costs, forex scarcity, and naira devaluation. Read more latest news in Nigeria today here.
Oil Prices Remain Resilient as Demand Optimism Takes Center Stage
Oil prices hovered near recent highs on Friday following demand predictions from both the OPEC and the International Energy Agency (IEA).
Brent crude oil, against which Nigerian oil is priced, dipped by 12 cents or 0.1% to settle at $86.28 per barrel, while U.S. West Texas Intermediate (WTI) crude shed 7 cents or 0.1% to close at $82.75 a barrel. Read more latest news in Nigeria today here.
IPMAN Sounds Alarm: Pump Price of PMS Could Hit N750 Amidst Economic Pressures
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the pump price of Premium Motor Spirit (PMS), popularly known as petrol, could rise to as high as N750 per litre by May 2024.
Chinedu Ukadike, the association’s national spokesperson, disclosed in Abuja while speaking with the press. Read more latest news in Nigeria today here.
Dollar to Naira Black Market Today August 11th, 2023
As of August 11th, 2023, the dollar to naira exchange rate is 1 USD to 955 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦945.
This digital 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. Read more latest news in Nigeria today here.
FBI Analysis Reveals Shocking Details in Mompha’s Trial
A Lagos High Court recently admitted into evidence a comprehensive report from the Federal Bureau of Investigation (FBI) during the trial of Ismaila Mustapha, popularly known as Mompha.
This report sheds new light on the alleged fraudulent activities of the accused, including the use of his iPhone in a series of financial transactions.
The FBI report, presented by the Economic and Financial Crimes Commission (EFCC) as evidence, has revealed a string of suspicious activities carried out through Mompha’s iPhone.
According to the report, Mompha’s phone was used to send account details to a United Arab Emirates telephone number, searched for Swift Codes of a bank, and, shockingly, had a compromised Microsoft 365 account.
The charges against Mompha and his company, Ismalob Global Investment Limited, include conspiracy to launder funds, retention of proceeds from criminal conduct, money laundering, failure to disclose assets, possession of documents containing false pretense, and the use of property derived from an unlawful act.
The prosecution alleges that they conducted financial transactions amounting to over N5.9 billion with the intent of promoting unlawful activities.
During cross-examination, the witness from the FBI revealed that Mompha’s iPhone was employed in changing payment delivery methods from cheque to wire transfer after two failed attempts, ultimately succeeding on the third attempt.
The defense counsel, Kolawole Salami, initially objected to the admissibility of the FBI report, arguing that it needed certification by the United States Consulate.
However, the objection was overruled by Justice Mojisola Dada, who deemed the documents to be in their original state and not requiring certification.
As the trial progresses, these shocking revelations from the FBI analysis have cast a new light on the case against Mompha.
The courtroom drama continues, with the case adjourned until Wednesday, November 1, leaving both the prosecution and the defense with much to consider in the days ahead.
Nigeria Holds $783 Million in Blocked Funds, IATA Engages with Government for Resolution
The International Air Transport Association (IATA) reported that as of August Nigeria holds approximately $783 million in blocked funds belonging to various airlines.
This significant financial concern was communicated via an official statement released by the trade association.
Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East, has been actively engaged in discussions with the Federal Government in an effort to find a resolution to this pressing issue.
Foreign airlines operating within Nigeria have faced ongoing challenges in repatriating their commercial revenues due to a prolonged shortage of foreign exchange in the country.
The official statement from IATA stated, “Mr. Al Awadhi also held discussions with Nigeria’s newly appointed Minister of Aviation and Aerospace Development, the Honorable Minister Festus Keyamo. During these discussions, he urged the new government to maintain and strengthen consultations with the industry while developing both short-term and long-term solutions to address foreign exchange access issues for both domestic and foreign carriers.”
Highlighting the severity of the situation, the statement said, “As of August 2023, Nigeria accounts for $783 million of airlines’ blocked funds.”
According to the statement, IATA commends the Federal Airports Authority of Nigeria (FAAN) for its commitment to enhancing infrastructure and service standards at Lagos’s Murtala Muhammad International Airport within a twelve-month timeframe.
In related news, IATA had previously raised concerns about safety, security, and passenger service levels at Lagos Airport in the past year.
A recent high-level meeting between IATA and FAAN, represented by Managing Director/Chief Executive Officer Kabir Mohammed, concluded with FAAN committing to expedite improvements in these areas as part of a corrective action plan.
Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East, said, “We welcome FAAN’s commitment to upgrade Lagos Airport, which serves as a vital domestic and international hub connecting Nigeria to the rest of Africa and beyond. This strategic focus not only strengthens the aviation sector but also acts as a catalyst for Nigeria’s broader economic and social progress. IATA is ready to provide support and expertise to FAAN to ensure that international standards are met through the corrective action plan. Safety, security, and efficient infrastructure are crucial for a well-functioning air transport system, as is the ability of airlines to access the revenues they generate in Africa.”
Federal Government Reopens D Wing of Murtala Muhammed International Airport
In a bid to address the escalating flight disruptions and enhance the efficiency of air travel, the Federal Government has officially reopened the D Wing of the old international terminal at the Murtala Muhammed International Airport in Lagos.
The move is part of a broader effort to tackle the challenges faced by both travelers and airlines operating in Nigeria.
This challenge emerged following the sudden relocation of foreign airlines from the international terminal of the Lagos airport to an adjoining new terminal that opened in March.
The announcement of the reopening of the old international terminal, which had temporarily closed for renovation, was made by the Minister of Aviation, Mr. Festus Keyamo, on Monday.
According to a statement signed by the Director of Public Affairs & Consumer Protection at FAAN (Federal Airports Authority of Nigeria), Abdullahi Yakubu-Funtua, Minister Keyamo emphasized the government’s unwavering commitment to improving the aviation sector and ensuring passengers enjoy a seamless travel experience.
The statement reads in part, “We are pleased to inform the traveling public that Hon. Minister of Aviation, Mr. Festus Keyamo, has graciously permitted the use of the D Wing of the Old Murtala Muhammed International Terminal to complement the New International Terminal, aimed at facilitating the smooth movement of passengers through the airport.”
Minister Keyamo had originally ordered airlines to relocate to the new terminal starting on October 1, 2023. However, FAAN took the initiative to forcibly relocate the international carriers to the new facility on Wednesday.
The sudden relocation by FAAN coincided with a fire incident that occurred in part of the baggage hall of MMIA on the same day. This incident compelled the agency to evacuate passengers and personnel from the facility.
In response to the situation, Mr. Abdullahi Yakubu-Funtua, the Director of Media at FAAN, stated that the airport fire and other developments affecting power supply had necessitated the abrupt relocation of foreign carriers. He assured the public that FAAN is actively addressing the situation.
The utilization of the D Wing for passenger processing has already commenced, promising improved travel experiences for all passengers.
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