Nigeria earns N43.2b from solid minerals

The Federal Government earned a total of N43.22billion in 2016 from solid minerals sector, the Nigeria Extractive Industries Transparency Initiative (NEITI), said yesterday.

According to the highlights of the 2016 audit report of the solid minerals sector released by NEITI, taxes collected by the Federal Inland Revenue Service (FIRS) accounted for N40.38 billion or 93.43per cent, while fees collected by the Mining Cadastral Office stood at N1.15 billion or 2.66 per cent.

CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) yesterday injected $210 million in the inter-bank foreign exchange market.

Figures obtained from the CBN indicate that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

The bank’s Director, Corporate Communications Department, Isaac Okorafor assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

MTN eyes mobile banking

South African mobile phone giant, MTN Group plans to apply for payment banking licencee in Nigeria and launch a service in Africa’s biggest economy by the second quarter of 2019, its Chief Executive, Rob Shuter, said yesterday.

“We will be applying for a payment service banking license in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019,” he said.

Sterling Bank launches world first digital commodity market

Sterling Bank Plc yesterday set Nigeria on the global record with the launch of the world’s first fully digital, end-to-end blockchain-based commodity trading and financing platform.

Developed in partnership with Binkabi and AFEX Commodities Exchange, the platform is expected to decentralise agricultural commodity trading in Nigeria and all emerging economies, helping to reduce intermediation in trade while distributing profit more widely across the value chain.

Speaking at a press briefing yesterday in Lagos, Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, said Nigeria loses about half of its agricultural products yearly to post harvest processes noting that by introducing and establishing a viable and efficient agricultural commodities exchange platform, the bank is taking the lead to tackle agricultural challenges.

Stanbic IBTC opens Africa-China Banking Centre

Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, yesterday commissioned an Africa-China Banking Centre (ACBC) in Lagos.

The launch of the Africa – China Banking Centre was performed by the Industrial and Commercial Bank of China (ICBC) Africa CEO, Lubin Wang; Commercial Consul, Chinese Embassy in Lagos, Liu Jun Sheng; and top management executives of Stanbic IBTC. The opening of the Centre is another significant step towards improving ease of doing business between Nigeria and China, coming after the signing of the bilateral currency swap agreement between the two countries earlier in the year.

Man sentenced for stealing a microfinance bank N935,000

An Ota Magistrates’ Court in Ogun on Wednesday sentenced a 29-year-old man, Dotun Akande, to one year in prison for N935.000 belonging to Orisun Microfinance Bank.
In a ruling, Senior Magistrate G. E. Akan, however gave the convict an option to pay N20,000 fine.
Akande, who lives at No. 28 Ayantunde St., Iyana-Iyesi, Ota, had pleaded guilty to stealing.
Earlier, Mr Chudu Gbesi, the prosecutor, had told the court that the accused committed the offence sometimes between May and August, 2016.
He said the accused, who was the staff of the Microfinance Bank, collected N935, 000 from customers and refused to remit the money to his employer.
The prosecutor said that the convict converted the money to his personal use.
Gbesi said that the offence contravened Section 390(9) of the Criminal Code, Laws of Ogun, 2006.

Nigeria Senate uncovers fresh $1.151bn withdrawal from NLNG fund

The Senate on Tuesday commenced investigation into alleged abuse of dividends accruing to the Nigeria Liquefied Natural Gas (NLNG) by the Nigeria National Petroleum Corporation (NNPC).

Apart from the $1.05 billion the upper chamber asked its committee on Gas to investigate why NNPC claimed to have used to fund petroleum product subsidy, more startling revelations of massive withdrawals from the NLNG fund were said to have been discovered.

The NLNG fund owned by the three tiers of government is said to have been continually unilaterally operated by the NNPC to off set Federal Government financial obligations in exclusion of the states and local governments.

Nigeria’s oil output to hit 1.8m bpd

Nigeria will increase its crude oil production to 1.8 million barrels per day next year, Nigeria National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said yesterday.

The country will also raise condensate production to 0.5 million bpd, he added, according to Reuters.

Nigeria produces 1.6 million bpd of oil and 0.4 million bpd of condensate.

Baru said he expected the NNPC to sign deals with consortiums this month to revamp long-neglected oil refineries.