Eandel Magazine

05/04/2024

The Lekki Deep Seaport LFTZ Enterprises Limited has revealed impressive statistics, stating that the port received 75 vessels, including Nigeria’s first LNG-powered vessel and the largest ship ever to navigate Nigerian waters, measuring 366 LOA. Additionally, it efficiently managed 100,000 containers between April 2023 and April 2024.Thank you for reading this post, don't forget to subscribe! In a statement shared on its official LinkedIn platform, the port emphasized its pivotal role in supporting global trade, highlighting its capacity to accommodate 14,000 twenty-foot equivalent units (TEU) container vessels....

The Lekki Deep Seaport LFTZ Enterprises Limited has revealed impressive statistics, stating that the port received 75 vessels, including Nigeria’s first LNG-powered vessel and the largest ship eve…

04/04/2024

Foreign portfolio investor asset purchases exceeded $1 billion in February, bringing total receipts so far this year to at least $2.3 billion, Hakama Sidi Ali, a spokeswoman for the central bank, said in an emailed statement. That compared with $3.9 billion for the whole of 2023. Overseas remittances rose more than fourfold to $1.3 billion in February from a month earlier....

Foreign portfolio investor asset purchases exceeded $1 billion in February, bringing total receipts so far this year to at least $2.3 billion, Hakama Sidi Ali, a spokeswoman for the central bank, …

03/04/2024

Nigerian banks have begun a keen struggle for the survival of the fittest in their different categories, as they strive to raise their respective capital base in line with the new requirements of the Central Bank of Nigeria, investigations by The Point have revealed. While it has been established that no bank currently has the new capital base requirements, findings by our correspondents have shown that some frontline banks are better positioned to raise the funds without much trouble than others....

Nigerian banks have begun a keen struggle for the survival of the fittest in their different categories, as they strive to raise their respective capital base in line with the new requirements of …

02/04/2024

Okomu Oil Palm Company Plc has reported a pre-tax profit of N33.84 billion in FY 2023, representing a 44% growth from N23.52 billion in FY 2022. According to the group’s audited financial statement for 2023, it recorded a revenue of N75.11 billion, representing a 27% growth from the N59.32 billion posted in 2022. The company’s total assets increased in 2023 by 31.2% to N95.10 billion from the N72.50 billion posted in 2022....

Okomu Oil Palm Company Plc has reported a pre-tax profit of N33.84 billion in FY 2023, representing a 44% growth from N23.52 billion in FY 2022. According to the group’s audited financial statemen…

01/04/2024

Banks in the country face the fresh hurdle to raise their minimum capital requirements to N500 billion and N200 billion for their International and national operations, the Central Bank of Nigeria (CBN) has announced. Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, unveiled new minimum capital requirements for banks, pe***ng the minimum capital base for commercial banks with international authorisation at N500 billion....

Banks in the country face the fresh hurdle to raise their minimum capital requirements to N500 billion and N200 billion for their International and national operations, the Central Bank of Nigeria…

29/03/2024

Nigeria’s Dangote oil refinery is poised to slash the annual $17 billion gasoline importation from Europe to Africa, placing additional stress on European refineries threatened by rising competitive forces. A Reuters report suggests that the full operational capacity of the refinery might force the closure of several small set European refineries, unable to withstand the competitive pressures in the European and US markets....

Nigeria’s Dangote oil refinery is poised to slash the annual $17 billion gasoline importation from Europe to Africa, placing additional stress on European refineries threatened by rising competiti…

28/03/2024

President Bola Tinubu has urged Nigerians to support locally-made products to bolster the value of the naira, as the government intensifies efforts to curb foreign exchange speculation and stabilize the currency.Thank you for reading this post, don't forget to subscribe! Speaking through his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, the President highlighted recent measures to fortify the naira, including empowering over one million nano enterprises with free cash transfers of N50,000 each....

President Bola Tinubu has urged Nigerians to support locally-made products to bolster the value of the naira, as the government intensifies efforts to curb foreign exchange speculation and stabili…

27/03/2024

FGN Power Company, a special purpose vehicle established by the Federal Government of Nigeria to own and execute the Presidential Power Initiative (PPI), has received 10 transformers and 10 Mobile Substations to increase the nation’s transmission capacity. This is according to Kenny Anuwe, managing director of the company. In a statement obtained by BusinessDay, FGN Power Company, said it received the equipment from Siemens Energy, citing that the substations are set to transform power delivery, offering unparalleled flexibility and efficiency in meeting the growing energy demands of consumers nationwide....

FGN Power Company, a special purpose vehicle established by the Federal Government of Nigeria to own and execute the Presidential Power Initiative (PPI), has received 10 transformers and 10 Mobile…

26/03/2024

MTN Group, Africa’s largest network operator by subscriber base, has accepted an undisclosed offer from Africa-focused telecommunication service, Telecel, for the sale of its equity interests in MTN Guinea-Bissau and Guinea-Conakry, as it looks to exit smaller markets in the West and Central Africa (WECA) region. MTN revealed this development in its 2023 financials. A spokesperson for the telco confirmed the sale of the business segments but declined to comment on how much the sale would cost....

MTN Group, Africa’s largest network operator by subscriber base, has accepted an undisclosed offer from Africa-focused telecommunication service, Telecel, for the sale of its equity interests in M…

25/03/2024

The Commissioner for Power and Renewable Energy in Cross River State, Eka Wills, has disclosed that the search for a solution to dwindling oil revenues led them to focus on other sources of generating energy and power. At energy workshop in Calabar, Wills said they will use energy to restore the fortunes of the state. “The energy sector is one of the most outstanding ways of bringing the State back to winning ways.”...

The Commissioner for Power and Renewable Energy in Cross River State, Eka Wills, has disclosed that the search for a solution to dwindling oil revenues led them to focus on other sources of genera…

27/01/2023

The Federal Ministry of Power with the financial support of the European Union (EU) and the German Federal Ministry for Economic Cooperation and Development (BMZ) has put in motion, modalities to improve Nigeria’s erratic power supply. To this end, the Nigerian Energy Support Programme (NESP) on Tuesday in Abuja hosted the first-ever Premium Grids Conference, which attracted many participants and stakeholders from the power sector....

The Federal Ministry of Power with the financial support of the European Union (EU) and the German Federal Ministry for Economic Cooperation and Development (BMZ) has put in motion, modalities to improve Nigeria’s erratic power supply. To this end, the Nigerian Energy Support Programme (NESP) on T...

26/01/2023

Airtel Nigeria, a subsidiary of Airtel Africa Plc, has introduced its embedded subscriber identity modules (eSIM) services on its network. The initiative comes two years after MTN Nigeria began the use of eSIM, the first in West Africa. An eSIM (embedded-SIM) is a programmable SIM card that is embedded directly into a smartphone or wearable device. The new technology is useful for frequent travellers and tourists, making it easy for them to opt for and keep a local subscription when visiting Nigeria....

Airtel Nigeria, a subsidiary of Airtel Africa Plc, has introduced its embedded subscriber identity modules (eSIM) services on its network. The initiative comes two years after MTN Nigeria began the use of eSIM, the first in West Africa. An eSIM (embedded-SIM) is a programmable SIM card that is embed...

25/01/2023

The operator of the Nigeria Export Trade House in China, Zeenab foods, in a bid to increase foreign exchange earnings through agricultural export, is set to export 20 containers of ginger and sesame seeds to China valued at $1.5million. The exportation being carried out in partnership with the Nigeria Export Promotion Council (NEPC) is in preparation for the commissioning of the Nigeria Export Trade House in China by March 2023....

24/01/2023

The Central Bank of Nigeria (CBN) has named about five money deposit banks to participate in its cash swap initiative. The development comes as the deadline for the expiration of old N200, N500 and N1,000 notes as legal tender approaches. The information was contained in an Frequently Asked Questions (FAQ) document released by the CBN on Monday, January 23, 2023, where the it detailed the procedure for the cash swap programme....

The Central Bank of Nigeria (CBN) has named about five money deposit banks to participate in its cash swap initiative. The development comes as the deadline for the expiration of old N200, N500 and N1,000 notes as legal tender approaches. The information was contained in an Frequently Asked Question...

23/01/2023

Nigeria exported agricultural goods worth N84.21 billion in the third quarter of 2022. This represents a 40.6% decline when compared to N141.77 billion recorded in Q2 2022, but marks a 6% increase compared to N79.41 billion recorded in the corresponding period of 2021. This is contained in the quarterly foreign trade report released by the National Bureau of Statistics (NBS) as seen by Nairametrics....

Nigeria exported agricultural goods worth N84.21 billion in the third quarter of 2022. This represents a 40.6% decline when compared to N141.77 billion recorded in Q2 2022, but marks a 6% increase compared to N79.41 billion recorded in the corresponding period of 2021. This is contained in the quart...

20/01/2023

THE National President, National Palm Produce Association of Nigeria, NPPAN, Alphonsus Inyang, disclosed that Nigeria’s oil palm is capable of contributing $20 billion annually to Gross Domestic Product, GDP, along with massive job creation along the value chain. Inyang in an interview with Vanguard pointed that the banks in Nigeria are more interested in funding processing while enough palm fruits are hampering that....

THE National President, National Palm Produce Association of Nigeria, NPPAN, Alphonsus Inyang, disclosed that Nigeria’s oil palm is capable of contributing $20 billion annually to Gross Domestic Product, GDP, along with massive job creation along the value chain. Inyang in an interview with Vangua...

19/01/2023

While some sectors of the economy grew, others took a dip, and the general standard of living for the average Nigerian became costlier. The year economically was not the best for the giants of Africa, and a loss in Nigeria’s foreign reserves reiterates this point. According to the Central Bank of Nigeria, the country’s foreign reserves closed out in 2022 at $37.1 billion....

While some sectors of the economy grew, others took a dip, and the general standard of living for the average Nigerian became costlier. The year economically was not the best for the giants of Africa, and a loss in Nigeria’s foreign reserves reiterates this point. According to the Central Bank of ...

18/01/2023

The use of the majority of silica sand deposits in construction and the gaps in human capital development means Nigeria will be totally missing in the chip war between the United States and China in 2023. But should the most populous country in Africa with many developmental challenges change track, it could be one of the major beneficiaries of the large-sized investment going to the semiconductor market....

The use of the majority of silica sand deposits in construction and the gaps in human capital development means Nigeria will be totally missing in the chip war between the United States and China in 2023. But should the most populous country in Africa with many developmental challenges change track,...

20/12/2022

The World Bank has cautioned that the newly redesigned naira, which entered circulation last week, may have a detrimental impact on economic activity, particularly for impoverished Nigerians, due to the timing and short transition time. The Washington-based bank revealed this in a new report titled, “Nigeria Development Update.” This came amid the mixed reactions that had trailed the newly redesigned notes....

The World Bank has cautioned that the newly redesigned naira, which entered circulation last week, may have a detrimental impact on economic activity, particularly for impoverished Nigerians, due to the timing and short transition time. The Washington-based bank revealed this in a new report titled,...

19/12/2022

The World Bank has assessed the level and quality of infrastructure in Nigeria as being low, despite the Federal Government’s assertions that it has borrowed money to construct infrastructure.Information Guide Nigeria In its evaluation of Nigeria’s public finances, the World Bank estimated that Nigeria’s physical infrastructure deficit would exceed $3 trillion over the next three decades. The report read, “The level and quality of Nigeria’s infrastructure quality is low, with the country ranked 132 out of 137 countries for infrastructure in the 2018 Global Competitive Index....

The World Bank has assessed the level and quality of infrastructure in Nigeria as being low, despite the Federal Government’s assertions that it has borrowed money to construct infrastructure.Information Guide Nigeria In its evaluation of Nigeria’s public finances, the World Bank estimated that ...

15/12/2022

Geregu Power Plc is targeting to achieve N17.12 billion in revenue during the first quarter of 2023. This is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX). The company is projecting to rake in N1.75 billion in gross profit. It will also target profits before and after tax of N5.02 billion and N3.39 billion, respectively....

Geregu Power Plc is targeting to achieve N17.12 billion in revenue during the first quarter of 2023. This is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX). The company is projecting to rake in N1.75 billion in gross profit. It will also target profits before and...

14/12/2022

The Minister of Power Engr. Abubakar Aliyu has revealed that the 1,650mw Makurdi Hydro Power Plant (MHPP) when completed would not only address the energy shortfall in the country, but also mitigate flooding. Speaking at the inauguration of the Project Steering Committee (PSC) for the concession of the Power Plant in Abuja on Monday, December 12, 2022, the Minister assured that the Federal Government was committed to addressing the power challenge in the country even as he said the present administration had embarked on various projects to address the energy crisis in the country....

The Minister of Power Engr. Abubakar Aliyu has revealed that the 1,650mw Makurdi Hydro Power Plant (MHPP) when completed would not only address the energy shortfall in the country, but also mitigate flooding. Speaking at the inauguration of the Project Steering Committee (PSC) for the concession of....