Business

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Auto firms’ stocks crash as Nigerians spend N4tr on Tokunbo in 10 years

Auto firms’ stocks crash as Nigerians spend N4tr on Tokunbo in 10 years

• Stock investors count losses as RT Briscoe, SCOA hit a 10-year low • Stakeholders blame worsening forex shortage, inflation, weak demand, others • Auto sector on verge of collapse over rising imports, operators warn • FG urged to support industry with credit facilities, tax relief Worsening foreign exchange (forex) scarcity in the country, coupled with…

Market operators condemn interest rate increase

Market operators condemn interest rate increase

Market operators have lamented the recent decision of the Monetary Policy Committee (MPC) to raise the interest rate to 13 per cent, saying it will impact the stock market. The operators argued that the hike in interest rate would depress investors’ appetite for equities shortly and undermine the bullish outlook of the market. They argued…

Musk’s Starlink to disrupt ISP market as hope rises for 25m unserved Nigerians

Musk’s Starlink to disrupt ISP market as hope rises for 25m unserved Nigerians

• SpaceX gets six licences from NCC, may spend $30b on coverage• To battle MTN, Airtel, Globacom, 9mobile, others for market share• Rural-Urban telecoms service to witness new growth Following the operational licences handed to Space Exploration Technologies Corp (SpaceX), owned by world’s richest man, Elon Musk, to operate in Nigeria, there appears to be…

ANLCA pleads with FG to reduce levy on imported used cars

ANLCA pleads with FG to reduce levy on imported used cars

As a way of making imported used vehicles affordable in the country, the Association of Nigerian Licensed Customs Agents (ANLCA) has called on the Federal Government to reduce the levy on used cars payable in the re-launched Vehicle Identification Number (VIN) from 15 per cent to five per cent. The Public Relations Officer, Tin Can…

MPC may hike interest rate by 0.5 per cent, analysts project

MPC may hike interest rate by 0.5 per cent, analysts project

An economic report by the research team of Cordros Capital Limited expects the Monetary Policy Committee (MPC), which will hold a crucial meeting next week, to be “reactive” to the global trend and raise the policy rate. The Monetary Policy Rate (MPR) has been held at 11.5 per cent along other liquidity parameters since September…

Flight disruption looms as fuel scarcity worsens

Flight disruption looms as fuel scarcity worsens

Barely a week after the intervention that fixed aviation fuel at N480/litre, Jet-A1 scarcity has hit local airlines causing multiple flights delay. The Guardian learnt that more than half of scheduled flights were delayed for hours yesterday. The operating carriers have also warned the travelling public to brace up for massive disruptions in the days…

Move to ban Russian oil threatens Nigeria’s fiscal stability

Move to ban Russian oil threatens Nigeria’s fiscal stability

• India may dump country for discounted Russian crude Nigeria may face fresh hurdles as the geo-political tension in Europe, yesterday, escalated with moves to officially ban Russian crude oil. The European Commission proposed a full ban on Russian crude oil following the continued attack on Ukraine. The proposed ban, which has sent oil prices…

Amid crude theft, vandalisation, FG earns $4.48b from Shell

Amid crude theft, vandalisation, FG earns $4.48b from Shell

Notwithstanding the challenges of crude theft and pipeline vandalisation, the Federal Government, last year, earned $4.48 billion from Shell companies in Nigeria in royalties, taxes and other payments. The company, in its report on payments to governments, yesterday, unveiled the amount paid to different governments where it operates. The country’s crude production has recorded sub-optimal…

Nigerian subscribers seek alternative as MultiChoice hikes tariff again

Nigerian subscribers seek alternative as MultiChoice hikes tariff again

With effect from April 1, Nigerians who are customers to MultiChoice, owners of DSTV and GOTV would pay more for the different packages. MultiChoice announced the price changes yesterday, in a holding statement, but claimed that there would be concessions to cushion the price adjustments. The South African owned company, which had the last price…

Businesses hit with N96.4tr losses as power failure worsens

Businesses hit with N96.4tr losses as power failure worsens

• GenCos lose N1.6tr to stranded electricity as liquidity hits N3.7tr• Grid plunges, Nigerians pay N7tr for darkness, govt removes subsidy• $2.3b Siemens deal, Buhari’s borrowings, others fail to revive sector If the projection of the World Bank is anything to take seriously, Nigerian businesses may have lost nothing less than $232 billion (N96.4 trillion)…

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