+234 (1) 453 9639 | 0802 701 2454 | customerservice@globalviewng.com

Daily Business News Brief Thursday September 30th, 2021.


Nigeria’s oil reserves dropped by 543 million barrels – OPEC – Punch

The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country as contained in the bulletin indicated that Nigeria’s oil reserves dropped from 37,453 million barrels in 2016 to 36,910 million barrels in 2020. The Federal Government had repeatedly stated that it was making efforts to grow the country’s oil reserves in a bid to increase Nigeria’s revenue from crude sales.  On August 10, 2021, The PUNCH reported that the target of the Federal Government was to increase Nigeria’s oil reserves from the 36,910 million (36.91 billion) barrels to 50 billion barrels in the short to medium term……………….read more

Forex scarcity: BDCs fear N300bn loss, job cuts – Punch

More than two months after the Central Bank of Nigeria stopped the sale of forex to its licensed Bureau de Change operators, workers in the sector are being laid off over scarcity of forex, findings have revealed. Operators in the sector have also estimated that their losses could hit N300bn if the situation deteriorate further. To salvage the deteriorating situation, the operators are seeking other means of survival by seeking permission to get involved in diaspora remittances business. The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, confirmed the crisis in the BDC sector to our correspondent…………………….read more

Petrol landing cost now N278, says MOMAN, crude reaches $80 – Punch

The Major Oil Marketers Association has said that the landing cost of petrol has risen to N278 just as the price of crude oil in the international market reached $80 shortly on Tuesday, with experts worrying that subsidy payments would increase.  The international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018, as of 12:09pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14pm on Tuesday, while the United States West Texas Intermediate traded 0.45 per cent lower at $75.11 per barrel.  The executive secretary and chief executive officer of MOMAN, on a phone call with our correspondent, said, “The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre…………………..read more

At 68.60%, FBN Holdings Leads Tier-1 Banks in Cost-to-Income- Thisday

On the heels of reporting 9.6 per cent and 5.3 per cent increase in operating expenses and operating income respectively, FBN Holdings leads other Tier-1 banks in Cost-to-income ratio for half year ended June 30, 2021.  Cost-income is a ratio between the costs involved in running a business and the income the business produce.  The ratio is important for determining the profitability of a bank and it gives a clear view of how efficiently the bank is being run- the lower the ratio, the more profitable the bank. The Holdings financial institution recorded 68.60 per cent Cost-income ratio in H1 2021 from 65.80 per cent recorded in H1 2020…………………read more

FG releases fresh debtors’ list Nov, 77 oil firms owe N2.66tn – Punch

The indebtedness of 77 oil and gas companies to the Federal Government is now N2.66tn, the Nigeria Extractive Industries Transparency Initiative said on Tuesday.  NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, who said this in Abuja while speaking on the status of EITI implementation in Nigeria, said the 77 firms carried out their operations across the country.  Our correspondent also gathered that NEITI would publish fresh list of indebted oil firms that would give anti-corruption agencies including the Economic and Financial Crimes Commission to go after the defaulting organisations.  Ogbonnaya-Orji explained that the N2.66tn debt arose from failure to remit petroleum profit tax, company income tax, education tax, value added tax, withholding tax, royalty and concession on rentals…………………….read more

fake richard mille
There are not many functions of richard mille replica, except for the basic time display, there is only a very powerful tourbillon function. Its time display function has only two hands, hour and minute hands. Although it cannot display the time accurately to the second, it has a good effect on the overall style of the watch. The diameter of the tourbillon is 10.90 mm, and its position is just in the mouth of the skull. It can be said that the position is very classic. When the watch is working, the tourbillon is spinning fast in the skull's mouth, faintly visible through the gaps of the cage-shaped teeth made of rose gold, giving people not only a mechanical beauty but also an indescribable feeling. It can be said that it is a kind of awe of death, or it is a shock of immortal imagery. In short, let go of your thinking, on this fast-moving tourbillon, your thoughts have no end. This watch also uses a back-through design. The movement of the movement and the operation of the tourbillon can also be seen through the back of the watch. This watch is also known as a fine product in terms of machinery.
The latest and best quality materials in today's watch field are used in conjunction with precious metals to make it surrounded by a luxurious and noble aura when it is born. The detailed processing of each screw and each plane is a manifestation of its high quality. It perfectly combines the unconventional skull design with the tourbillon technology that Richard Mille is famous for. It gives people visual enjoyment and brings us thinking about the ultimate problem of life, which is evocative. endless. Coupled with a movement that has applied many advanced technologies to show the beauty of machinery in front of people, its performance is beyond doubt!