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Nigeria in 1min: Economic, Business and Financial Headlines - 160522

May 16, 2022   •   by Proshare Research   •   Source: Proshare   •   eye-icon 780 views

Monday, May 16th, 2022 / 5:35 AM / By News Aggregator / Header Image Credit: Ngozi Okonjo-Iweala

 

PROSHARE ECONOMY

Nigeria's Oil Production in April 2022: Rising Quota but Falling Outputs - Nigeria's crude oil production declined in April 2022, signalling a consistent production decline in the first four months of the year. According to the latest Organization of Petroleum Exporting Countries (OPEC) Monthly, Oil Market Report (MOMR) released on Thursday, Nigeria's oil production significantly fell short of the required production quota for April 2022. Source Ige Tosin, Proshare Research Read More

Innoson Group Announces Gas Discovery in Sierra Leone - A recent independent third-party evaluation by the Ryder Scott Company revealed an SPE-PRMS P50 estimated unrisked gross prospective recoverable resources of 8.2 trillion cubic feet and 234 MMbbl of gas and condensate, respectively.  Source Innoson Group Read More

Oil Giant Saudi Aramco’s First-Quarter Profits Surge 80% - Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. Source MarketWatch Read More

 

PROSHARE MARKETS

What to Expect from The Markets This Week - 160522 - President Muhammadu Buhari on Thursday, signed into law, three bills relating to anti-money laundering, counterterrorism, and crime proceeds. Source Proshare Content Read More

 

PROSHARE BUSINESS

Amid Massive Funding of Govt’s Deficits, CBN Refuses to Publish Annual Reports - In gross contravention of its own laws, the Central Bank of Nigeria (CBN) has repeatedly failed to release its annual reports showing details of its operations and financial obligations. Source Premium Times Nigeria Read More

Containers Clearing Cost Jumps by 67%, Vehicle Parts’ Prices Soar - Freight charges in the nation’s seaports have jumped by 67 per cent, resulting in increases in prices of vehicle spare parts, The PUNCH learnt. Source Punch Read More

ABCON Seeks Stable Exchange Rate in Roadmap To Save Naira - The Association of Bureaux De Change Operators of Nigeria (ABCON) has developed a roadmap campign to save the naira from further depreciation and achieve exchange rate stability. Source The Nation Read More

 

PROSHARE TECHNOLOGY      

ALERT: Hackers can now Unlock, Steal Vehicles, NCC Warns Nigerians - The Nigerian Communications Commission (NCC) has warned the public of an ongoing cyber-vulnerability that allows a nearby hacker to unlock vehicles, start engines wirelessly and make away with cars. Source TheCable Read More

IMF Calls for New Payment System to Accommodate Central Bank Digital Currencies - Kristalina Georgieva, managing director, International Monetary Fund (IMF) has called for the development of a new public infrastructure to connect various payment systems, including digital currencies. Source TheCable Read More

 

PROSHARE FINANCE

Increased Awareness Will Expand Islamic Estate Planning in Nigeria - Increased awareness is the key step that stakeholders must take to achieve an expansion of "Islamic Estate Planning" in Nigeria. Mr. Wasiu Ibiwoye, a Real Estate consultant, disclosed this while providing his perspective on "Prospects for Expanding Islamic Estate Planning in Nigeria." Source Bukola Akinyele-Yisau for WebTV Read More

Recommendations for the Growth of Islamic Finance in Nigeria - Islamic finance has improved financial inclusion in Nigeria with the attendant benefits to the nation's economy. Prof AbdulRazzaq Alaro, a Professor of Islamic Law, University of Ilorin, made this point during a recent conversation on the "Prospects for Islamic Finance in Nigeria." Source Bukola Akinyele-Yisau for WebTV Read More

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