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Daily Business News Brief | Thursday December 23rd, 2021.

23
Dec

Report Identifies MTN, Airtel as Top Viable Telecoms Companies in Nigeria- Thisday

MTN Nigeria Communications Plc (MTNN) and Airtel Africa Plc (AIRTELAFRI) has topped the list of most viable telecommunication companies in Nigeria, according to a recent report by MERISTEM Securities Limited, a member of the Nigerian Stock Exchange (NSE).  Titled: ‘Nigerian Telecommunications Sector Update’, the report explained that the value per share was put at N203.09k for MTNN and N1,213.41 for AIRTELAFRI……………… read more

Petrol subsidy rises, hits N1.16tn in 11 months- Punch

The amount spent on subsidising Premium Motor Spirit, popularly called petrol, rose to N1.16tn between January and November this year, the latest data from the Nigerian National Petroleum Company Limited show. The data also revealed that NNPC’s remittances to the Federation Accounts Allocation Committee in the 11-month period dropped by N1.78tn.  In its report on funding performance between January and November 2021, which was obtained by our correspondent in Abuja on Wednesday, the oil firm said it had maintained petrol subsidy since the beginning of this year……………..read more

FG rakes in N2.56tn from petrol, kerosene, diesel sales in 13 months

The Nigerian National Petroleum Company Limited on Wednesday announced that it earned N2.56tn revenue from the sale of white products (petrol, kerosene, diesel) in about 13 months. It also announced that N203.73bn was made on the sale of white products in the month of July 2021 through its downstream subsidiary, the Petroleum Products Marketing Company.  It said in a statement issued in Abuja that the figures were contained in the July 2021 NNPC Monthly Financial and Operations Report……………..read more

Nigeria’s oil revenue threatened as Shell stops Forcados exports – Vanguard

Nigeria’s crude oil revenue looks set to decline as Royal Dutch Shell Plc halted crude shipments from the country’s Forcados export terminal amid falling oil production.  Bloomberg reported on Wednesday that Shell Petroleum Development Company of Nigeria Limited issued a notice of force majeure on Forcados shipments, effective from midday on Tuesday, and planned to issue a revised offtake programme in due course.  More than 200,000 barrels per day of Nigerian crude normally pass through the terminal, according to the report……………read more

Nigeria’s oil revenue threatened as Shell stops Forcados exports – Punch

Nigeria’s crude oil revenue looks set to decline as Royal Dutch Shell Plc halted crude shipments from the country’s Forcados export terminal amid falling oil production. Bloomberg reported on Wednesday that Shell Petroleum Development Company of Nigeria Limited issued a notice of force majeure on Forcados shipments, effective from midday on Tuesday, and planned to issue a revised offtake programme in due course.  More than 200,000 barrels per day of Nigerian crude normally pass through the terminal, according to the report………………….read more

Turnover in Fixed Income, Currency Markets Decline by 8.8% Amid CBN Cut in FX Interventions- Thisday

Turnover in the Fixed Income and Currencies (FIC) markets dropped by 8.8 per cent to N164.52trillion in first 10 months of 2021 from N180.49 trillion in prior 10 months of 2020 over Central Bank of Nigeria (CBN) reduced interventions in the foreign exchange market.  The FIC markets on FMDQ Exchange comprises of foreign exchange, Treasury bills, OMO bills, CBN special bills, Federal Government of Nigeria bonds, other bonds and money market instruments.  Analysis of trading activities in the FIC markets of the FMDQ showed that the segment started the year on a weaker proportion but picked up between September and October of 2021…………….read more

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