₦airaland Forum

Twenty-six Ugandans, along with five Ugandan and French aid groups, have filed a lawsuit against French oil giant TotalEnergies in Paris, seeking reparations for alleged human rights violations at the company’s megaprojects in Uganda. The affected individuals and communities claim that TotalEnergies has caused significant harm, particularly in relation to their rights to land and food.

The lawsuit focuses on two major TotalEnergies projects: the Tilenga exploration, which involves............

https://ratecaptain.com/ugandans-sue-totalenergies-over-alleged-human-rights-violations-in-massive-oil-projects/

Money supply, also known as M3, decreased by 0.43 percent in May 2023 according to the Central Bank of Nigeria (CBN) data analyzed by RateCaptain Analyst.

According to the CBN, the overall money supply (M3) in Nigeria witnessed a slight decrease of 0.43 percent, dropping from N56.05 trillion in........

https://ratecaptain.com/analyzing-nigerias-money-supply-money-supply-drops-as-currency-in-circulation-rises-by-6-32/

The average retail price for refilling a 12.5 kg cooking gas cylinder in Nigeria has reached its lowest point in 11 months, according to data released by the National Bureau of Statistics (NBS). This decline in prices offers a glimmer of hope for consumers grappling with rising living costs.

Data sourced from the NBS reveals that the average retail price dropped by 7.61 percent to N9,537.8 last month, compared to N10,323 in April of this year. On a year-on-year basis, there was an increase of 9.30 percent from ......

https://ratecaptain.com/retail-prices-for-cooking-gas-in-nigeria-hit-11-month-low-providing-relief-for-consumers/

The Central Bank of Nigeria (CBN) injected approximately $29.5 million into the foreign exchange (FX) market during the recent auction held on Thursday, June 21, 2023. At the Investors and Exporters (I&E) window, nine banks participated, bidding between N765 and N755. However, despite the intervention, the naira experienced a 0.25% depreciation on Thursday, June 22, 2023, as the dollar was quoted at N765.13 compared to N763.17 the previous day, as per data from the FMDQ.

Reports indicate that First Bank,..........

https://ratecaptain.com/cbn-supplies-29-5-million-at-fx-auction-as-naira-depreciates-at-ie-window/

The Adamawa/Taraba Area Command of the Nigeria Customs Service has announced a significant reduction in the smuggling of premium motor spirits (PMS), commonly known as fuel, following the removal of fuel subsidy. In a statement issued by the Customs Area Controller, Salisu Abdullahi, during a recent press briefing, he highlighted the command’s achievements in May and emphasized the decline in fuel smuggling activities.

According to Abdullahi, the command successfully confiscated a total of 14,980 liters of PMS concealed in drums and jerry cans. He further explained that due to the highly flammable nature of the seized petrol, most of it had been disposed of in accordance with standard ........

https://ratecaptain.com/fuel-subsidy-removal-leads-to-decreased-fuel-smuggling-customs/

In a recent development, Union Bank Plc has announced that shareholders will receive N7.00 per scheme share as consideration for the transfer of shares following the acquisition of shares held by all minority shareholders by Titan Trust Bank Limited. This resolution was passed during Union Bank Plc’s Court Ordered Meeting on June 13th, 2023, as revealed by documents obtained by Nairametrics.

The meeting, which took place at The Shell Hall, MUSON Centre in Lagos, saw the approval of ..........

https://ratecaptain.com/titan-trust-bank-to-acquire-union-bank-minority-shares/

The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N786.161 billion as May 2023 Federation Account Revenue to the Federal Government, State Governments, and Local Government Councils. This amount marks a slight increase compared to the N655.9 billion shared in the previous month. The details of the allocation were outlined in a communiqué issued at the end of the FAAC meeting for June 2023.

The N786.161 billion distributable revenue consisted of N519.545 billion as distributable statutory revenue.......

https://ratecaptain.com/faac-shares-n786-161-billion-may-2023-revenue-to-federal-state-and-local-governments/

TotalEnergies is a global multi-energy company producing and supplying energy: oil and biofuels, natural gas and green gas, renewables and electricity. Over 100,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. As a company with over 500 professions in more than 130 countries, TotalEnergies places sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of populations by offering high safety and environmental standards, strong ethical values, an innovation culture and wide-ranging career development.

Applications are invited for.........

https://ratecaptain.com/totalenergies-invites-young-graduates-for-exciting-career-opportunities-in-lagos/

In a bid to enhance efficiency and cost-effectiveness in financial transactions within the education sector, the Central Bank of Nigeria (CBN) has called on students and management of tertiary institutions across the country to adopt the e-Naira payment platform. The move is aimed at revolutionizing the way payments are made, including tuition fees, salaries, and other transactions.

During a sensitization drive on the e-Naira wallet at the Bamidele Olumilua University of Education, Science and Technology in Ikere-Ekiti, the Assistant Director of the CBN Ekiti State Branch, Mr Ayodeji Adeboboye, emphasized.........

https://ratecaptain.com/cbn-urges-nigerian-tertiary-institutions-to-embrace-e-naira-for-transactions/

Airfares in Nigeria to various international destinations have witnessed a significant surge as the exchange rate for ticket pricing has reached N702 per dollar. This surge in airfare follows the recent devaluation of the naira by the Central Bank of Nigeria (CBN) and its directive to commercial banks to sell foreign exchange at market-determined rates.

The CBN implemented new foreign exchange guidelines aimed at unifying the country’s forex rate and eliminating multiple exchange rate windows. As part of this move, the apex bank consolidated all forex windows into the Investors and Exporter (I&E) window. According to reports from RateCaptain’s financial analyst, the naira traded at N664.04 per............

https://ratecaptain.com/nigerias-airfares-soar-as-exchange-rate-hits-n702-per-dollar/

The Nigerian Federal Government has granted approval for the reopening of the Seme land border to facilitate the importation of vehicles. The announcement was made by Ibrahim Musa, the Director of Road Transport in the Ministry of Transportation, during a meeting between officials of Nigeria and the Benin Republic on June 21, 2023.

The decision to reopen the border came in response to complaints.........

https://ratecaptain.com/fg-approves-reopening-of-seme-land-border-for-vehicle-imports/

Nigeria’s foreign reserves have been experiencing a rapid decline, reaching one of its lowest levels, shedding an additional $600 million in the initial days of President Bola Tinubu’s government. This concerning trend coincides with the recent decision by the Central Bank of Nigeria to float the Nigerian currency, resulting in the Naira plummeting to a record low. The country’s foreign reserves ..........

https://ratecaptain.com/nigerias-foreign-reserves-drop-by-over-600m-in-first-18-days-of-tinubus-presidency/

In the wake of the Central Bank of Nigeria’s (CBN) decision to float the naira, the 36 states and the Federal Capital Territory (FCT) are grappling with the possibility of an over 40 percent surge in their external debt burden. The recent change in foreign exchange policy by the CBN has led to a significant increase in the value of the naira, thereby impacting the states’ obligations denominated in foreign currency.

According to data from the Debt Management Office, as of December 2022, the total external debt stock of the states amounted to.......

https://ratecaptain.com/nigerian-states-external-debt-burden-soar-to-n3-trillion-as-naira-floats/

Ride-hailing drivers affiliated with the Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON) are contemplating a potential strike action today. This follows their previous strike on June 7, during which they presented a list of demands to ride-hailing companies operating in the country. A key demand put forward by the drivers is an increase in base fares for passengers, as the recent fare adjustments made by companies such as Bolt, Uber, and LagRide have failed to adequately cover their operating expenses.

Comrade Jolaiya Moses, the National Treasurer of AUATWON, expressed disappointment, stating, “The ...........

https://ratecaptain.com/uber-drivers-consider-ultimate-strike-over-unmet-demands/

The Nigerian government and main labour unions have reached an agreement to finalize an increase in the minimum wage within an eight-week timeline. This development comes in response to the impact of high fuel prices following the removal of a costly petrol subsidy. The Nigeria Labour Congress and the Trade Union Congress had threatened to strike as fuel prices tripled under President Bola Tinubu’s subsidy removal decision. As the new administration pushes forward with economic reforms ........

https://ratecaptain.com/nigeria-sets-eight-week-timeline-to-agree-minimum-wage-with-unions/

Dr. Kingsley Obiora, the Deputy Governor of the Economic Policy Directorate at the Central Bank of Nigeria (CBN), has revealed that the apex bank is considering a further relaxation of controls in the coming weeks to ascertain a new level for the country’s currency, the naira. Speaking in an interview in Rabat, Morocco, Obiora stated that the market is currently operating on a willing buyer/willing seller basis, with the central bank refraining from entering the market as a buyer or seller. The aim is to allow the market itself to determine the price.

Obiora expressed confidence that the official and parallel-market exchange rates will converge soon, stating, “I don’t think it will take a long time............

https://ratecaptain.com/cbn-plans-further-loosening-of-controls-to-determine-new-naira-level/

Arik Air Limited (in receivership) has refuted claims of misappropriation of funds amounting to N120 billion. The Economic and Financial Crimes Commission (EFCC) had reportedly detained the Receiver Manager, Mr Kamilu Omokide, appointed by the Assets Management Corporation of Nigeria (AMCON) for Arik Air, over allegations of misappropriation and diversion of funds.

In response to the allegations, the airline dismissed the reports as ........

https://ratecaptain.com/arik-air-denies-allegations-of-n120-billion-misappropriation/

Inflation in Nigeria continues to surge as the consumer price index (CPI) reached 22.41 percent in May 2023, marking the fifth consecutive monthly increase. This data was revealed in the latest CPI report released by the National Bureau of Statistics (NBS) on Thursday.

Compared to the previous month, where the inflation rate stood at 22.22 percent, the May figure reflects a slight increase of 0.19 percentage points. Furthermore, on a year-on-year basis, the inflation rate for May 2023 was........

https://ratecaptain.com/nigerias-inflation-rate-rises-to-22-41-in-may-2023/

Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the commencement of the licensing process for additional oil marketers, signaling the end of the Nigerian National Petroleum Company Limited’s (NNPC) monopoly in the importation of petrol.

The move is expected to expand the market and foster competition, which in turn is likely to result in lower petrol prices for Nigerians, provided that..........

https://ratecaptain.com/nmdpra-grants-licenses-to-new-oil-marketers-breaking-monopoly-of-nnpc/

The unification of the exchange rate in Nigeria is set to have a wide-reaching impact on Bureau De Change (BDC) companies. This significant development has already posed challenges for BDCs, as the loosening of exchange rate controls has diminished their arbitrage advantage and caused license prices to drop significantly. This article explores the consequences, outcomes, and business implications for BDCs in Nigeria following the unification of the exchange rate.

Consequences of Exchange Rate Unification........

https://ratecaptain.com/the-fate-of-bureau-de-change-companies-in-nigeria-following-exchange-rate-unification/

Nigerian business tycoon and Africa’s wealthiest individual, Aliko Dangote, has experienced a significant decline in his wealth, totaling N1.45 trillion ($3.12 billion), due to the recent alteration in Nigeria’s exchange rate system. Recent assessments on the Bloomberg Billionaire Index indicate that Dangote’s net worth has plummeted to $17.8 billion as of Wednesday, June 13, 2023, in stark contrast to the $20.9 billion he held just two days prior on June 11.

This sudden decline in wealth has caused him to slip 16 places on the list of the world’s richest individuals, now........

https://ratecaptain.com/aliko-dangotes-wealth-drops-by-n1-45-trillion-following-nairas-exchange-rate-change/

The Nigerian Federal Government is projected to generate approximately N124.26bn per year through the implementation of a 0.5% import tax on goods, as outlined in the Finance Bill 2023. Former President Muhammadu Buhari signed the bill into law on May 28, 2023, imposing a levy on goods imported into Nigeria from outside Africa. The legislation states that a 0.5% levy will be levied on all eligible goods imported into Nigeria from non-African countries. The generated revenue will contribute to capital contributions, subscriptions, and other financial obligations to various multilateral institutions, including the African Union, African Development Bank, African Export-Import Bank, ECOWAS Bank for Investment and Development, Islamic Development Bank, United Nations, and other institutions designated by the Minister of Finance.

In 2022, Nigeria imported goods worth N24.85tn from ..........

https://ratecaptain.com/fg-to-generate-n124-26bn-annually-from-0-5-import-tax-finance-bill-2023-reveals/

Nigeria has recently taken a momentous step by officially floating its naira currency after years of adhering to a hard peg. This decision marks a significant shift in the country’s exchange rate regime and holds the potential to impact various aspects of the economy. In this blog post, we will delve into the implications of Nigeria’s currency float, examining its effects on investor confidence, exchange rate volatility, inflationary pressures, export competitiveness, and the challenges and opportunities that lie ahead.

Increased Investor Confidence :
The floatation of the naira signals Nigeria’s commitment to market-based policies and greater exchange rate flexibility. This move is expected to boost ........

https://ratecaptain.com/nigerias-currency-float-implications-for-the-economy-and-future-growth/

The Nigerian Federal Government has issued licenses to NNPCL Exploration and Production Ltd. and Belema Sweet Export Terminal Ltd. for the establishment of crude export terminals. The licenses were officially approved and granted to the companies on Tuesday in Abuja by Mr. Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

NNPCL Exploration and Production Ltd. operates the Utapate Export Terminal located in Akwa Ibom State, while Belema Sweet Export Terminal Ltd. is situated in Rivers State. These licenses mark the first set of approvals granted by the NMDPRA since the merger of the Petroleum Product Pricing Regulatory Agency (PPPRA) and.........

https://ratecaptain.com/federal-government-grants-licenses-to-nnpcl-for-establishment-of-crude-export-terminals/

A Kenyan court has ordered the freezing of 45 bank accounts and 10 mobile money wallets belonging to Flutterwave Payments Technology. The move comes in response to a lawsuit filed by a group of 2,468 Nigerian nationals who claim to have been defrauded of $12.04 million (Sh1.6 billion) by the company. The court ruling names six local lenders, including United Bank of Africa, Access Bank, Guaranty Trust Bank, Equity Bank, Ecobank, and Safaricom, as interested parties holding Flutterwave’s funds.

While the exact amount of money in the frozen accounts and wallets has not been specified, the plaintiffs believe that it amounts to billions. This development puts additional pressure......

https://ratecaptain.com/kenyan-court-freezes-flutterwaves-bank-accounts-and-mobile-wallets-amidst-fraud-allegations/