January 2021 FGN Bond records oversubscription of N88.3 billion
Lafarge gains N111.1 billion on NSE in 14 trading sessions
CADBURY, GUINNESS plunge amid profit-taking at Nigeria’s stock market
The Nigerian insurance sector; repositioning for efficiency
Buhari orders MDAs to grant FIRS access to their systems
Official (NAFEX) Exchange rate hits N415/$1 during Intra-day trading
Malabu Oil Scandal: Prosecutors demand JPMorgan documents
Crypto traders suffer heavy losses of $639 million within a day
Nigeria records $4.3 billion in Corporate Deals in 2020
CDC Group pledges $1 billion investment in Nigeria and other African countries
Business News
Nigeria’s oil crisis compounded as India’s fuel demand crashes by 60%
In what may have compounded Nigeria’s energy crisis, India has reported a 60% slump in gasoline and diesel demand
In what may have compounded Nigeria’s energy crisis, India, the country’s largest importer of crude oil, reported a 60% slump in gasoline and diesel demand in April 2020.
According to information obtained from oilprice, India, the world’s third-largest oil importer, recorded the crash in demand due to a nationwide lockdown to contain the spread of the coronavirus pandemic. The Indian Government, which announced the lockdown at the end of March, further extended it to the middle of May.
Gasoline and diesel sales in India crashed by 61% and 57% respectively in April, according to the provisional industry data provided to Reuters by 2 industry sources. The demand crash was more pronounced at the beginning of April, with gasoline sales plunging by 61% and diesel sales plunging by 64% in the first half of the month.
The low fuel demand is triggered by the lockdown, just as the refineries have cut their run rates and are battling with an almost filled up crude and refined products storage capacity.
(READ MORE: The time crude oil became cheaper than water)
This is a piece of bad news for Nigeria, as it has been struggling to sell its crude, even at discounted prices sometimes, but is still left with a lot of unsold cargoes of crude oil.
Crude Oil Exploration
India overtook the United States as the largest importer of Nigeria’s crude oil, buying almost 400,000 barrels of crude oil per day, which is about 20% of Nigeria’s crude oil export.
READ MORE: NBS AGO Price Watch: Zamfara State Had the Most Expensive Diesel in December 2016.
The crude oil export revenue from India in the last quarter of 2019 was N592.5 billion, while the total export for the year 2019 is about N2 trillion. This will heavily affect Nigeria’s already low revenue and foreign exchange earnings.
It could be recalled that the NNPC Spokesman, Kehinde Obateru, during an interaction with journalists, said that Nigeria might consider production shutdown if the market conditions, like low oil prices, low oil demand and the storage crisis, persist.
Appointments
Buhari reappoints Bala Usman as MD of NPA, reconstitutes the Board
President Buhari has approved the reappointment of Hadiza Bala Usman as the MD of the NPA for another term of 5 years.
President Muhammadu Buhari has approved the reappointment of Hadiza Bala Usman as the Managing Director of the Nigerian Ports Authority (NPA) for another term of 5 years.
This follows the expected expiration of the tenure of Usman, who was first appointed as the Managing Director on July 12, 2016.
This disclosure is contained in a series of tweet posts which was issued by the Presidency on its official Twitter handle on Thursday. January 21, 2021.
READ: COVID-19: NPA, NCDC disagree over new cases in Lagos
The Presidency in its statement also announced the approval of the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Olajide Adesoye (representing South-West zone) as Chairman.
The statement from the Presidency partly reads, ‘’President Muhammadu Buhari has approved the re-appointment of Hadiza Bala Usman as Managing Director of Nigerian Ports Authority (NPA), for an additional five-year tenure.
‘’Also approved is the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Adesoye (from South-west zone) as Chairman.’’
Other members of the reconstituted Board include Ekenyem Nwafor-Orizu (representing South-east zone), Akinwunmi Ricketts (representing South-south zone), Ghazali Mijinyawa (representing North-East zone), Mustapha Dutse (representing North-West zone), and Abdulwahab Adesina (representing North-Central zone).
READ: Haulage cost increases by more than 50% in a week as Apapa gridlock bites harder
What you should know
- Hadiza Bala Usman was born on January 2, 1976, in Zaria, Kaduna State and has a B.Sc. Business Administration from Ahmadu Bello University (ABU), Zaria and a Post Graduate in Development Studies from University of Leeds, the UK in 2009.
- She worked at the Bureau of Public Enterprises (BPE) from July 2000 to August 2004 as Enterprise Officer and hired by the UNDP for the Federal Capital Territory Administration (FCTA) from October 2004 to January 2008 as Special Assistant to the Minister on Project Implementation.
- Ms Bala Usman worked, between 2011 and 2015) as Director of Strategy of the Good Governance Group, a non-governmental organisation founded by Kaduna State State Governor, Nasir El-Rufai, and his friends.
- Ms Bala Usman, one of the founders and conveners of #BringBackOurGirls, a campaign group pushing for the rescue of the abducted Chibok schoolgirls, was also a member of the Presidential Advisory Council on Anti-Corruption.
- Prior to her appointment as the Managing Director of Nigerian Ports Authority, she was the Chief of Staff to Governor Nasir El-Rufai of Kaduna, apposition she was appointed to in 2015.
President @MBuhari has approved the re-appointment of Hadiza Bala Usman as Managing Director @nigerianports, for an additional 5-year tenure.
Also approved is reconstitution of the Non-Executive Board of the NPA, with Mr Emmanuel Olajide Adesoye (South-west zone) as Chairman.
— Presidency Nigeria (@NGRPresident) January 21, 2021
Coronavirus
Covid-19: Africa records higher death rate than the global rate
Africa’s coronavirus death rate is now higher than the global average according to Africa CDC.
Africa’s coronavirus death rate has been reported to be higher than the global average as the continent struggle with a shortage of oxygen and other resources during this second wave of the coronavirus pandemic.
The continent’s fatality rate currently stands at 2.5%, which is higher than the global rate of 2.2%, a departure from earlier in the pandemic, when the death rate in Africa was lower than that at the global level.
READ: African Union secures 270 million Covid-19 vaccine doses from drugmakers
According to a report from Reuters, this disclosure was made by the Director of Africa Centres for Disease Control and Prevention (CDC), John Nkengasong, on Thursday, January 21, 2021, during a press conference.
While describing the trend as alarming experts, the continent’s CDC boss pointed out that earlier in the pandemic, Africa’s death rate had been below the global average.
READ: FG alerts that Nigerian hospitals are running out of facilities as Covid-19 spreads fast
He said, “The case fatality rate is beginning to be very worrying and concerning for all of us.’’
Nkengasong also said that 21 African countries are now recording Covid-19 death rate of above 3% as the number of countries in the continent with a higher fatality rate than the global average continues to grow.
Some of the countries include Egypt, the Democratic Republic of Congo, Liberia, Mali, Sudan and a host of others.
READ: Covid-19: WHO warns the world faces catastrophic moral failure due to vaccine nationalism
What you should know
- Africa has so far recorded 3.3 million cases of the coronavirus infections with 82,000 fatalities as at Thursday.
- These figures represent a small fraction of the global total, but cases have been reported to have increased by 14% each week in the last 1 month.
- According to data from Africa CDC, over the past week, cases decreased by nearly 7% compared to the previous week while deaths increased by 10%.
- The continent reported 207,000 new cases in the past week, with South Africa alone reporting 100,000 of those new cases.
Cryptocurrency
Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.
Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.
Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.
Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.
READ: Football: AC Milan announces loss of €195million
The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.
“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.
The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.
“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.
READ: Real Madrid leapfrogs others to emerge the world’s most valuable football club
What you should know
- A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
- Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
- Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.
