
Nigeria’s Qua Iboe crude exports resume as ExxonMobil lifts force majeure

CBN says revised new cheque book to become fully operational from April 1, 2021

Glo-sponsored African Voices brings back Mo Abudu, 2 others in compilation edition

CBN frowns at continued diaspora remittances in naira, introduces sanctions

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Court suspends Mareva injunction, orders opening of Seplat’s corporate offices

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FG gives reasons for sale of government assets to fund 2021 budget
Business News
Corporate Actions: Julius Berger announces closed period, as Nigerian Breweries readies for AGM
In a public disclosure that was sent to the NSE yesterday, Julius Berger Nigeria Plc said its closed period would commence from today.

Published
11 months agoon

In a public disclosure that was sent to the Nigerian Stock Exchange yesterday, Julius Berger Nigeria Plc said its closed period would commence from today, ahead of the company’s plan to release its audited 2019 financial statement.
The closed period is in line with the listing rules of the NSE, as well as provisions by the Securities and Exchange Communication and the Company and Allied Matters Act.
Note that the closed period is expected to last until twenty-four hours after the company’s audited 2019 financial statement is released to the public. During the duration period, anyone with insider knowledge about the company and all its subsidiaries, are prohibited from trading in the company’s stock.
The stock opened trading today on the NSE at N22.40.
In the meantime, Julius Berger’s audit committee members are scheduled to meet between March 10th and 11th to approve the audited 2019 financial statement.



Nicolaas Vervelde-MD-Nigerian-Breweries-Plc
[READ MORE: Seplat Petroleum announces closed period, as directors meet on March 19th)
Meanwhile, in a related development, Nigerian Breweries Plc earlier today announced the 22nd of April, 2020 as the date for its 74th annual general meeting (AGM).
The AGM, which will hold in Lagos at Shell Nigeria Hall, Muson Centre, will be used to deliberate on a number of important issues, including deliberations on the company’s audited financial statement for the year 2019, as well as the proposed dividend payment. The company’s shareholders shall also be deliberating on some special business.
A statement from the company disclosed that the shareholders shall also be considering whether or not to pass a resolution which said:
“That the general mandate given to the company to enter into recurrent transactions with related parties for the company’s day-to-day operations, including amongst others the procurement of goods and services, on normal commercial terms be and is hereby renewed.”
Still on financial statements, Sterling Bank also announced yesterday, through a public disclosure to the NSE, that its board of directors recently met to approve the company’s audited financial statement. Details of the audited result will be communicated to the public as soon as the Central Bank of Nigeria is done reviewing it, the company said.
READ ALSO: Sterling Bank dedicates 10% loan portfolio to supporting agriculture
The board of Ardova Plc (formerly Forte Oil Plc) also met and approved the company’s audited 2019 financial statement. The document will be filed with the NSE latest by Friday, February 28th, 2019.
Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.


Energy
Nigeria’s Qua Iboe crude exports resume as ExxonMobil lifts force majeure
ExxonMobil has lifted a force majeure on Nigeria’s Qua Iboe crude oil exports as production resumes.

Published
47 mins agoon
January 23, 2021
ExxonMobil has lifted a force majeure on Nigeria’s Qua Iboe crude oil export terminal, as crude exports resume for the first time in almost six weeks after a fire at the terminal halted operations.
This is according to a company spokesman yesterday, who confirmed the company had lifted force majeure on Qua Iboe crude loadings.
Qua Iboe production started to ramp up to normal levels of 200,000 b/d in the past week, according to sources, with the release of both the February and March loading programs.
The VLCC Dalia was also in the process of loading a 1-million-barrel stem at the Qua terminal since January 21, 2021, according to data intelligence firm Kpler. This will be the first export of Qua Iboe since December 15, 2020, after a fire hit the facility and injured two workers.
The company has been under pressure since the closure and prices have taken a hit as a result of the disruption. S&P Global Platts last assessed the grade at a discount to Dated Brent of 50 cents/b, down from a premium against the benchmark in December.
Bonny Light, a mainstay Nigerian crude which typically trades at roughly the same level as Qua Iboe, was last assessed 30 cents/b higher.
What they are saying
One trader said: “If you get a cargo of Qua now it could be 50 cents to a dollar below Bonny even – a January cargo is completely out of cycle and the reliability issues mean people won’t touch it.”
Another trader stated that: “[The return of Qua Iboe] is not what West African crude assessments (WAF) differentials needed.”
What you should know
- Qua Iboe is one of Nigeria’s largest export grades, and is very popular among global refiners, with India, the US, Canada, Italy, Spain, Indonesia, and the Netherlands being key buyers.
- Qua Iboe is light sweet crude, which has a gravity of 36 API and sulfur content of 0.13%. The crude, produced from fields 20-40 miles off the coast of southeast Nigeria, is brought to shore at the Qua Iboe terminal via a seabed pipeline system.
- Indian demand has steadied following a buying spree late last year, and European demand has been hit by renewed coronavirus lockdowns in the region.
- Prices for Nigerian crude have suffered in recent weeks, even with lower supply due to the outage.
- February and March loading programs have been issued for Qua Iboe averaging 169,643 b/d and 153,226 b/d respectively.
- Production of this key grade ranged between 180,000-220,000 b/d in 2020, according to S&P Global Platts estimates.
Financial Services
CBN says revised new cheque book to become fully operational from April 1, 2021
The CN has announced plans to discontinue the use of old cheque books with effect from March 31, 2021.

Published
1 hour agoon
January 23, 2021
The Central Bank of Nigeria (CBN) has in a circular to all Deposit Money Banks (DMBs), accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), stated that the revised cheque book will become fully operational from April 1, 2021.
The apex bank has directed all DMBs to enlighten their customers on the revised cheque book, introduced across all banks as full enforcement of its usage will commence on the stated date.
READ: CBN reviews minimum interest rates on savings deposit to 1.25%
The disclosure is contained in a circular that was issued by the CBN and signed by its Director Banking Services, Mr Sam Okojere.
The CBN in the circular noted that the clarification became necessary as some stakeholders had been interpreting the circular differently from the intended purpose.
READ: CBN moves to ring-fence Disco collections
The CBN in the circular stated, ‘’Please refer to our circular dated 9th December, 2020, referenced BKS/DIR/CIR/GEN/02/042 on the above subject.
It has come to our notice that some stakeholders interpret the circular differently from the intended purpose. Consequently, it has become imperative for the CBN to issue the following clarifications;
- The parallel run, in which old and new cheques are allowed to co-exist, will end on 31st March 2021, and thus only new cheques would be allowed in the clearing system from 1st April 2021.
- Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 will commence April 1, 2021 and the NCS/NICPAS 2.0. Sanction grid will be fully operational on April 1, 2021.
- All deposit money banks are (therefore) directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the New standard.
- The extension of full implementation date from Jan. 1 to April 1, 2021 is due to outbreak of the Covid-19 pandemic and the impact it had on the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version. 2.
READ: CBN grants approval for banks to debit accounts of loan defaulters
What you should know
- It can be recalled that in an earlier circular issued on the revised cheque book, the CBN had put the cut-off date for the parallel run of the old and new cheques at August 31, 2020.
- This was further extended to December 31, 2020, with only new cheques intended to be allowed in the clearing system from January 1, 2021, due to the outbreak of the coronavirus pandemic and the impact it had on the project.
- This further adjustment of the deadline gives room for more sensitization by the deposit money banks to their customers, taking into consideration the disruptions that have happened in the economy.
READ: CBN temporarily suspends cheque clearing during Coronavirus lockdown
Spotlight Stories
Elon Musk to offer $100 million prize for best carbon capture technology
Elon Musk has announced a donation of $100 million prize money for the best technology that can capture carbon dioxide.
Published
16 hours agoon
January 22, 2021
Tesla Inc CEO Elon Musk on Thursday took to Twitter to promise a $100 million prize for the development of the “best” carbon capture technology.
Elon Musk wrote in a tweet, “Am donating $100M towards a prize for best carbon capture technology,” details next week.
Carbon capture technology is designed to prevent the release of CO2 generated through conventional power generation and industrial production processes by injecting the CO2 into suitable underground storage reservoirs.
According to Reuters, “Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air.”
Since the tweet was shared, it has garnered thousands of responses from people because of the jaw-dropping cash prize. A lot of people have started sharing their carbon capture ideas.
The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.
Newly-sworn-in U.S. President, Joe Biden has pledged to accelerate the development of carbon capture technology as part of his sweeping plan to tackle climate change. On Thursday, he named Jennifer Wilcox, an expert in carbon removal technologies, as the principal deputy assistant secretary for fossil energy at the U.S. Department of Energy.
Besides Tesla, Elon also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
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