Investors King has put together the latest news in Nigeria today, August 17, 2023, to ensure you stay atop trending news and happenings in the business world.
AFREXIM Bank and NNPC Sign $3 Billion Agreement to Bolster Naira
The Nigerian National Petroleum Corporation (NNPC) Ltd. and the African Export-Import Bank (AFREXIM Bank) have joined hands to secure an emergency crude oil repayment loan amounting to $3 billion.
The commitment letter, officially signed at AFREXIM Bank’s headquarters in Cairo, marks a significant milestone in Nigeria’s fiscal journey. Read more here.
Naira Plummets to N790 from N925 Amidst CBN’s Market Intervention
The exchange rate of the Nigerian naira improved against the United States Dollar to N790 from N925 it was sold on the black market on Tuesday.
The shocking drop unfolded amidst a carefully orchestrated intervention by the Central Bank of Nigeria (CBN), leaving both financial experts and everyday citizens grappling with the magnitude of the market turmoil. Read more here.
Airtel Africa Announces Historic Capital Reduction, Paving the Way for Shareholder Windfall
Airtel Africa, a telecommunications and mobile money services provider operating across 14 African countries, has successfully secured the approval of the High Court of England and Wales for its unprecedented move to cancel and extinguish all of its deferred shares.
This visionary step, known as the “Capital Reduction,” was greenlit by the company’s shareholders during the annual general meeting on July 4, 2023, and marks a monumental shift in Airtel Africa’s financial architecture. Read more here.
FBN Holdings Appoints Billionaire Olufemi Otedola as Non-Executive Director
The board of FBN Holdings Plc has approved and appointed Mr. Olufemi Otedola, CON as a non-executive director of the bank.
The approval was endorsed by the Shareholders at the Annual General Meeting held on August 15, 2023. The appointment is effective August 14, 2023. Read more here.
Federal Government Set to Divest Stakes in 20 State-Run Companies to Boost Funds and Governance
The Federal Government is contemplating the sale of ownership stakes in approximately 20 state-operated enterprises as disclosed in a comprehensive report by Bloomberg.
Among the high-profile firms under consideration for partial divestiture is the Nigerian National Petroleum Corporation (NNPC), according to insights provided by Armstrong Takang, CEO at the Ministry of Finance Incorporated. Read more here.
Presidential Committee Contemplates Income Tax Exemption Expansion to Alleviate Strain on Low-Income Earners
The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that the committee is actively considering a range of strategies, including the broadening of income tax exemptions, as part of its efforts to alleviate financial hardship experienced by low-income earners.
Oyedele made this announcement during a special dinner organized in his honor by the Association of Chartered Certified Accountants, held in Lagos to celebrate his recent appointment. Read more here.
Parent-Teacher Association Urges Presidential Intervention to Avert Soaring Fuel Prices
The National Parent Teacher Association of Nigeria (NAPTAN) has made a passionate appeal to President Bola Tinubu to take immediate measures in preventing the escalating petrol prices from spiraling out of control.
This plea comes as the nation grapples with the potential economic repercussions of rising fuel costs. Read more here.
Experts Propose Gradual Subsidy Easing: Oil Industry Urges President Tinubu to Reconsider Fuel Pricing Approach
Oil industry experts offered President Bola Tinubu recommendations on Tuesday, suggesting a gradual easing of the subsidy removal on Premium Motor Spirit, commonly known as petrol.
The advice stems from importers’ challenges in procuring United States dollars, which has led to significant repercussions for businesses. Read more here.
Wema Bank Teams Up with Enza Group to Revolutionize E-commerce Payments
Wema Bank has entered into a strategic partnership with the payment platform, enza group, to offer businesses enhanced and cost-effective payment options with a focus on security and reliability.
In an official statement, the payment platform revealed that this collaboration aims to leverage its advanced payment solution to bolster Wema Bank’s e-commerce payment capabilities. Read more here.
