Nigeria Loses 14.94million Oil Barrels Worth N703.96bn In Q2 Of 2022 –Reports
The Organization of Petroleum Exporting Countries’ most recent Monthly Oil Market Report for June 2022 reveals that Nigeria’s oil production fell by roughly 14.94 million barrels in the second quarter of this year. In an analysis of OPEC data and the average price of crude in Q2 2022 gleaned from global oil price reports, Nigeria’s […]
Bill Gates Vows To Drop Off World’s Rich List
Billionaire Bill Gates has pledged again to give his wealth away, adding that he will eventually “drop off” the world’s rich list. It came as the Microsoft co-founder announced he would make a $20bn (£17bn) donation to his philanthropic fund. The world’s fourth richest man said he had an “obligation” to return his resources to […]
Heathrow Asks Airlines To Stop Selling Summer Tickets, Limits Daily Passengers To 100,000
Heathrow Airport is asking airlines to stop selling any more tickets for travel this summer, as it announces a cap on passengers allowed to fly from the airport. The London airport would limit passengers to 100,000 a day until September 11, as it struggles to cope with high demand and a lack of resources. CNN […]
Members Of The MPC Raises Concern Over Nigeria’s $15.9 Bn Eurobond Debt
Members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) have raised concerns about Nigeria’s ability to service and repay both its external and domestic debt levels due to the country’s rising debt levels. They added the country’s appetite for Eurobonds, which come with high-interest rates and accompanying exchange rate risk, is […]
Elon Musk Pulls Out Of $44bn Deal To Buy Twitter
Elon Musk is seeking to end his $44bn (£36bn) bid to buy Twitter, alleging multiple breaches of the agreement. The announcement is the latest twist in a long-running saga after the world’s richest person decided to buy Twitter in April. Mr Musk said he had backed out because Twitter failed to provide enough information on […]
Fuel Scarcity Won’t Ease Soon, NUPENG Warns
The Nigeria Union of Petroleum and Natural Gas Workers, or NUPENG, has issued a warning that the country’s fuel shortage would not soon be resolved. In addition, the union claims that if domestic petroleum product refining is abandoned in favor of importation, the nation will not fully profit from its position as an oil-producing nation. […]
MTN Sues 18 Banks For An Alleged Transfer Of N22.3 Billion
MoMo Payment Service Bank Limited (MoMo PSB), an MTN fintech subsidiary, has sued 18 commercial banks in an effort to recoup N22.3 billion that was inadvertently sent to 8,000 customers. The company said that the wrong transfer was the result of a computer glitch. Momo PSB apparently had a huge security breach barely one week […]
Ukraine War: UK Joins Ban On Imports Of Russian Gold
The UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow’s ability to fund the war in Ukraine. The UK PM said the move would “strike at the heart of Putin’s war machine”. Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their […]
Debt Servicing Doubles To N896 Billion In Three Months – DMO Report
Nigeria’s debt-servicing bill has climbed by 109% to N896.56 billion. As a result, the country has spent N3.83 trillion on debt service payments in the last 15 months, according to statistics collected from the Debt Management Office. While N2.93 trillion was spent on debt servicing payments in 2021, N896.56 billion was spent in the first […]
Asian Stocks Slide Over Global Economy Concerns
Asian stock markets have fallen sharply as soaring prices in America triggered fears the Federal Reserve will take tougher action to rein in inflation. At the same time the US dollar strengthened to 135 Japanese yen for the first time in over two decades. It comes as official figures showed on Friday that US inflation […]
