Connect with us


Latest News In Nigeria Today, August 15, 2023



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.

Stock Investors Gained N92 Billion Last Week as The Exchange Extends Bullish Run

Investors in the Nigerian Exchange Limited (NGX) gained N92 billion last week as the bullish run continues across key sectors.

During the week, investors exchanged 1.741 billion shares worth N25.087 billion in 30,652 deals, against a total of 2.575 billion shares valued at N29.615 billion that exchanged hands in 37,713 deals in the previous week. Read more here.

Oil Prices Slip Over 1% Amidst China Recovery Worries and Stronger Dollar

Oil prices experienced a decline of over 1% on Monday with concerns centered around China’s struggling economic recovery and a strengthening U.S. dollar.

Despite the recent seven weeks of gains attributed to supply tightening resulting from OPEC+ output cuts, this downward trend was notable. Read more here.

Naira Struggles as Demand-Supply Gap of US Dollars Widens

The disparity between the demand and supply of US dollars within banks and the informal parallel market continues to exert downward pressure on the value of the Nigerian naira.

Within three weeks, the Nigerian Naira lost N100 of its value from N860 per dollar to N960 on the parallel market on Friday. Read more here.

Fidelity Bank Lists 3.037 Billion Additional Shares

Fidelity Bank has listed an additional 3,037,414,308 ordinary shares of 50 kobo on the Nigerian Exchange Limited (NGX).

The additional sales have increased the bank’s total issued and fully paid-up shares from 28,974,797,023 to 32,012,211,331 ordinary shares. Read more here.

Mastercard Makes Strategic Move with Minority Stake in MTN’s Fintech Business, Paving the Way for a Mobile Money Revolution in Africa

MTN Group Ltd., the continent’s leading wireless carrier, has announced that Mastercard Inc. has agreed to acquire a minority stake in its financial technology (fintech) business.

This strategic move comes as MTN values its fintech venture at an impressive $5.2 billion, signifying a significant boost for the company’s ambitions in the digital finance space. Read more here.

President Bola Tinubu’s Administration Set to Clear N187.32bn Debt to Local Contractors

The administration of President Bola Tinubu is poised to settle a substantial debt of approximately N187.32 billion owed to local contractors in the current year.

This was disclosed in a document titled, ‘Schedule of promissory notes issued by category as of September 30, 2022’ by the Debt Management Office. Read more here.

Inside the CBN: Loans to Staff Soar by 133% in 2022

The Central Bank of Nigeria (CBN) has disclosed that it extended a staggering N40.67 billion in loans to its staff members during the year 2022, representing an increase of 133% compared to the previous year’s disbursements.

This revelation has raised eyebrows and sparked discussions about the financial dynamics within the apex bank. Read more here.

Naira’s Slide Sparks Concern: Petrol Price Could Skyrocket to N720/litre

Oil marketers have said the cost of Premium Motor Spirit (PMS), commonly known as petrol, could soar to a range of N680 to N720 per litre in the upcoming weeks if the Nigerian naira continues to depreciate against the US dollar.

Industry insiders have listed the scarcity of foreign exchange as the key challenge, forcing dealers to postpone their plans to import PMS. Read more here.

15,000+ Retirees Withdraw N7.79 Billion from Savings Accounts

Over 15,000 retirees, who had not been receiving monthly stipends of at least N10,000 under the Contributory Pension Scheme (CPA), withdrew N7.79 billion from their Retirement Savings Accounts (RSA) over the course of a year.

These individuals, as revealed in the National Pension Commission’s latest quarterly report on enbloc payments, possessed RSA balances of less than N1.6 million. Read more here.

Nigerian Intra-City Bus Fares Skyrocket by 98% in Just One Month, NBS Reports

The National Bureau of Statistics (NBS) reports a significant increase in the average cost of bus transportation within Nigerian cities.

In May 2023, the average fare was N649.59 but by June 2023 it had surged to N1,285.41. This represents a substantial 98% increase, equivalent to N636, within just one month. Read more here.

Dollar to Naira Black Market Today August 14th, 2023

As of August 14th, 2023, the dollar to naira exchange rate is 1 USD to 945 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 here.

Continue Reading


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.

Continue Reading


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.”

Continue Reading


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.

Continue Reading