Financial Services 

Arrests made after funds embezzled from Mauritania Central Bank 

The Public Prosecution of the Nouakchott Court has announced the arrest of several suspects alleged to be involved in the embezzlement of $2 million of foreign exchange reserves from the Mauritania Central Bank. T prosecutors acted after receiving an official complaint from the bank on Friday. Those arrested during the investigation led by the Anti-Corruption Crime Agency include bank employees and the treasurer of the currency exchange operations were reported. A statement issued by the prosecution yesterday said that it is working to take all necessary seize and freeze procedures…

Read More
Financial Services 

Central Bank of Nigeria (CBN) Devalues Naira Again

CBN raised the rate at the Secondary Market Intervention Sales (SMIS) a window where importers access foreign currencies from N360/$1 to N380/$1 with a direction to bidders to comply appropriately. The regulation came less than two weeks after CBN Guv Godwin Emefiele hinted that the peak bank was moving towards ending the multiple-rate regime. As at press time, it was not clear whether the current modification would mark the start of the planned rate harmonisation. Efforts to validate this and the validity of the regulation, which is yet to be…

Read More
Africa Agriculture 

Delta government seeks N8Bn loan to boost agriculture

The Delta Government has granted its approval for the state to access eight billion naira loan from the Central Bank of Nigeria (CBN), to develop agriculture in the state. The state’s Commissioner for Information, Mr Charles Aniagwu, who made the disclosure while briefing newsmen in Asaba, said that accessing the loan was part of the decisions reached at the State’s Executive Council meeting. He said that the State Government had approved a review of the state’s 2020 budget to reflect the reality on ground because of the fall in crude…

Read More
Africa Mining 

Heritage Bank, Dukia Gold boost Nigeria’s gold reserves

The Federal Government has indicated that Nigeria’s potential reserves of 200 million ounces of gold is set for growth with the private sector partnerships including the Heritage Bank Plc and Dukia Gold & Precious Metals Refining Co. Ltd. The Vice President, Yemi Osinbajo, who disclosed this yesterday during a virtual platform launch of Dukia-Heritage Bank Gold & Precious Metals Buying Centres nationwide, said the centre is a valuable new source of trade, jobs and foreign exchange. He also said the project will create primary employment for local artisanal miners and…

Read More
Oil and Gas 

INTERVIEW: Nigeria doesn’t need PIB to deregulate oil sector – NNPC GMD

The coronavirus pandemic has ravaged the global economy and impacted the international oil market. But, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says Nigeria is on course to realising its targets in the oil and gas industry. In this interview, Mr Kyari said the government does not need the Petroleum Industry Bill (PIB) to proceed with deregulation of the downstream sector of the petroleum industry. PT: The coronavirus pandemic has thrown the global economy into disarray. How is it impacting the Nigerian oil and…

Read More