News
Price of Petrol in Nigeria Among Cheapest in Africa—Report
Analysts at Picodi.com have said the price of premium motor spirit (PMS) commonly called petrol, in Nigeria is among the cheapest in Africa.
In its Petrol Index, it was noted that this is despite the price of the product increasing by 3.4 per cent between January 2022 and June 2022 to $0.42/litre, with the price the cheapest in Algeria at $0.31/litre in the same period.
South Africa, according to the data analysed by Business Post, recorded the highest increase of 19.6 per cent, selling at $1.51/litre, with Kenya recording an increase of 18.2 per cent to $1.45/litre and Zambia posting a rise of 17.0 per cent at $1.33/litre.
“In June, the average price of a litre of petrol in Nigeria was N172.73. This price is 3.4 per cent higher than in January, when, on average, a litre of petrol cost N166.99,” a part of the report said.
Recently, the official pump price increased from N165/litre to N185/litre after some days of scarcity of the product. Nigeria has refused to remove fuel subsidies despite passing a law to prohibit this. President Muhammadu Buhari delayed the implementation of this law after organised labour unions threatened industrial action.
In terms of the litres of petrol citizens can buy with a monthly salary in Africa, the report disclosed that Nigeria recorded a gradual decline when compared with four years ago. It said in 2019, the average was 501 litres and in 2020, it rose to 539 litres despite the country being shut down for most of the period due to the COVID-19 pandemic. The next year, it dropped to 431 litres and as of June 2022, it stood at 391 litres.
The Petrol Index also revealed that in other oil-producing countries like Nigeria, the average price of petrol did not increase as they had substantial raw material resources saved for the rainy days.
“Countries such as Saudi Arabia, Kuwait and Qatar were not affected by the world’s economic situation. The governments of countries such as Columbia, Ecuador and Kazakhstan have decided to either freeze or set the upper limit on petrol prices,” the report stated.
It was stated that in Kuwait, the price was $0.34/litre and in Iran, it was $0.35/litre.
“In the global ranking of purchasing power, the podium still belongs to the Gulf countries: Qatar (5,968 litres), Kuwait (5,578 litres) and Saudi Arabia (4,372 litres),” the report said.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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