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Nigeria in 1min: Economic, Business and Financial Headlines - 281222

Dec 28, 2022   •   by   •   Source: Proshare   •   eye-icon 418 views

PROSHARE ECONOMY

Nigeria's Upstream Oil Industry in 2022: The Travail and Triumph of Africa's Giant - With the passage of the Petroleum Industry Act (PIA) in 2021, analysts expected its implementation to attract investors into the upstream oil industry and improve the profit margins of both midstream and downstream operators. Source Proshare Research Read More

Unravel Subsidy Scam, NECA Tells FG - The Nigeria Employers’ Consultative Association has charged the Federal Government to unravel the scam surrounding fuel subsidy and make a pronouncement on a definitive plan to remove it. Source Punch Read More

Nigeria Underproduced 2022 Crude Oil Projection by 263million Barrels in 11 Months - With a projected 1.88 million barrels per day crude oil production in the 2022 federal budget, Nigeria under-produced to the tune of 263 million barrels of the commodity between January and November, a THISDAY analysis of industry data has shown. Source ThisDay Read More

 

PROSHARE MARKETS

Afreximbank’s FEDA Receives Internal Approval to Acquire Strategic Minority Stake in Geregu Power Plc - The Fund for Export Development in Africa (FEDA) is pleased to announce that it has received internal approvals to acquire a strategic minority stake in Geregu Power Plc, subject to satisfactory diligence and documentation. Source Afreximbank Read More

 

PROSHARE BUSINESS

CEO Remuneration 2022: The Pay and Perks of Guinness Nigeria's CEO - Guinness Nigeria’s revenue increased by +53.69% to N160.416bn in 2021 making the highest percentage growth in revenue in over four years. In 2020, revenue which stood at N104.376bn. CEO’s remuneration on the other hand declined remarkably by -4.71% in 2021. Source Proshare Research Read More

Lekki Port Ready for Operation, Discussion on Phase two Commences - Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL), Du Ruogang, said the first phase of the Lekki Deep Sea Port is ready for official commissioning and commercial operations. Source Guardian Read More

NCAA: Airline operators risk imprisonment, N5m fine for non-remittance of ticket sales charge - The Nigeria Civil Aviation Authority (NCAA) says airline operators who fail to remit the mandatory five percent ticket sales charge and cargo sales charge (TSC/CSC) risk a two-year imprisonment, N5 million fine, or both penalties. Source TheCable Read More


PROSHARE FINANCE

Nigeria Insurers Cede N128bn Oil & Gas Premium to Foreign Firms - As Nigerian insurance companies continue to struggle with low capacity in underwriting oil and gas risks, about N128.3 billion worth of premium from the sector was transferred to reinsurers and foreign insurance companies in the first nine months of this year. Source Vanguard Read More

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