Business - Abia ThinkTank News

Mar

22

2024

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By Abia ThinkTank

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN

CBN/Commercial Banking, Business, Economy, News Flash

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN A report by the Central Bank of Nigeria, CBN, has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost, and another N418.9 billion remains doubtful According to a CBN report published in September 2023, the bank’s intervention funds breakdown over the years is detailed. According to the report, out of the N10.3 trillion in intervention funds, less than N4.4 trillion has been repaid. In contrast, approximately N5.8 trillion remains outstanding. Some loans are tenured, meaning they only fall due when…

Mar

21

2024

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By Abia ThinkTank

Nigerian Banks Announce Fresh Requirement For Customers Forex Request

CBN/Commercial Banking, Business, News Flash

Nigerian Banks Announce Fresh Requirement For Consumers Seeking Forex Nigerian banks said evidence of a recent three-year tax clearance certificate is now a prerequisite for banks’ consumers seeking foreign exchange Standard Chartered Bank disclosed this in a recent notification to customers. Accordingly, the bank said customers applying for forex transactions through ‘Form A’ must now provide three years of TCC, effective April 1, 2024. Other commercial banks, such as Fidelity Bank and Stanbic IBTC, have earlier released similar circulars for their customers. This requirement applies to new and existing Form A applications processed on the Central Bank of Nigeria’s CBN…

Mar

21

2024

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By Abia ThinkTank

Argentines Abandon Dollars For Bitcoin To Tackle Inflation

Business, Economy, International, News Flash, World News

Argentines Abandon Dollars For Bitcoin To Tackle Inflation Argentines are abandoning the US dollar in favour of Bitcoin as the cryptocurrency’s value reached an all-time high this month. The trend persists as Argentines search for a solution to the country’s accelerating inflation. According to Business Insider, Argentine purchases of Bitcoin jumped to their highest weekly level in 20 months. In the first week of March, the number of weekly Bitcoin purchases in the country increased to 34,700. That was more than double the number of buyers in February. This uptick aligns with Bitcoin’s significant appreciation in recent months, climbing up…

Mar

20

2024

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By Abia ThinkTank

Progress Report On The Nigeria-Morocco Gas Pipeline

Business, Economy, International, News Flash, Presidency

🚨BOOM PROGRESS REPORT ON THE NIGERIA-MOROCCO GAS PIPELINE : ●MD/CEO of NNPCL, Mr Mele Kyari says Final Investment Decision(FID) to be made by December. ●Discussions are progressing as Nigeria aims to establish gas pipelines traversing thirteen African nations and extending to Europe. ● ⁠The agreement to build the $25bn, 48” x 5,300Km pipeline from Nigeria to Dhakia (Morocco) was signed by the NNPCL in 2017. ●Project is expected to transport around 30billion cbf of gas annually when completed. ● Gas, as an alternative source of energy and a potent means of economic diversification, remains a priority for the President Tinubu-led…

Mar

20

2024

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By Abia ThinkTank

From Geometric Power To Alaoji Power Plant: Gov Otti Please Look Before You Leap – Dr. Engr. Odo Ijere

Abia State, Business, Columns/Opinions/Letters, Good Governance, Power & Energy

FROM GEOMETRIC POWER TO ALAOJI POWER PLANT : GOVERNOR OTTI, PLEASE LOOK BEFORE YOU LEAP. It was nice watching Governor Alex Otti's dancing steps towards the Alaoji Power Plant on a mission to find enduring answers to the perennial problems of power supply inadequacy plaguing our socioeconomic life. Everything was looking good at first sight during the facility guided tour by the Governor while in the company of the man who could not manage EEDC well enough to guarantee passable paltry power supply for Abians across the board, Chief, Sir Emeka Offor, Chairman of Chrome Group, Interstate Electric, EEDC et…

Mar

20

2024

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By Abia ThinkTank

From Geometric To Alaoji Power Plant, Gov Otti Pushes Ahead For Stable Electricity In Abia

Abia State, Business, Good Governance, News Flash, Power & Energy

FROM GEOMETRIC TO ALAOJI POWER PLANT, GOV OTTI PUSHES AHEAD FOR STABLE ELECTRICITY IN ABIA Having literally solved the problem of power generation and distribution in Aba and eight other local governments, through the Geometric Integrated Power Project, Abia State Governor, Dr. Alex Otti, OFR, has shifted his focus to the remaining eight local governments in the state, beginning from Umuahia, the state capital. In a bold move to achieve uninterruptible power supply across the state, Governor Otti on Tuesday embarked on a tour of the Alaoji Power Generating Plant at Alaoji, Ugwunagbo Local Government Area, on the outskirts of…

Mar

20

2024

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By Abia ThinkTank

Cable Cut: MTN Gives Update On Services

Business, News Flash, Telecommunications

Cable Cut: MTN Gives Update On Services Following subsea cable disruptions on Thursday, Bayobab Group, a subsidiary of MTN Group, has announced the successful restoration of its operations. The telecom operator disclosed this in a statement on Tuesday. MTN said that despite the challenges presented by the cable disruptions, its subsidiary demonstrated its capabilities by swiftly recovering over 3 Terabits per second (Tbps) of capacity across its footprint. Through efficient rerouting of traffic and the activation of new cables, the company has bolstered its network resilience, ensuring the continuity of services for its customers, the operator stated. The statement reads,…

Mar

19

2024

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By Abia ThinkTank

Naira Appreciation Continues As USD Supply Surges At Forex Market

Business, CBN/Commercial Banking, Economy, News Flash

Naira Appreciation Continues As USD Supply Surges At Forex Market The Naira continued its appreciation against the US Dollar at the foreign exchange market as USD transactions surged. FMDQ data showed that the Naira appreciated to N1,572.82 per USD upon resumption of trading on Monday compared to 1,602.75 on Friday. The figure represents N29.93 appreciation compared to the N1602.75 it traded on Friday. Similarly, this is first since March 5, 2024, that the country’s currency crossed to N1,572.82 per USD mark from an average of N1,600 per USD. This is because USD transactions surged 2.20 per cent, reaching $140.45 million…

Mar

19

2024

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By Abia ThinkTank

Gov Otti To Flag-off The Construction Of The 30 Km Arochukwu-Ndi Okereke – Ozuabam

Abia State, Business, Crime, National Assembly, News Flash, Ports/Maritime

PRESS RELEASE His Excellency, Dr. Alex Otti OFR will on Wednesday, 20th March 2024 flag-off the construction of the 30 km Arochukwu - Ndi- Okereke - Ozuabam road. The venue for the flag-off ceremony is Amuvi Roundabout Arochukwu while time is 1:00pm. It's worthy to note that this road project is one of the many road projects that Abia state Government has embarked upon at this time as part of the government's strategic road infrastructure development Initiative aimed at ensuring that all roads in the State are put in very good motorable condition. Therefore, Traditional Rulers from the area, President…

Mar

18

2024

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By Abia ThinkTank

Investors Gain N2.1 Trillion As Stock Market Sustains Bullish Trend

Business, Economy, News Flash

Investors Gain N2.1 Trillion As Stock Market Sustains Bullish Trend The stock market sustained bullish trend last week as investors on the Nigerian Exchange Limited, NGX, gained N2.1trillion. Though the market recorded mixed sentiment, the gains outweighed the losses as the NGX market capitalisation, which represents the total value of investment on the Exchange, surged to N59.416 trillion at the close of trading on Friday from N57.293 trillion the previous week. In similar manner, another stock market performance indicator, NGX All Share Index, ASI increased by 3.7% to 101,085.25 points from 101,330.85 points. Analysis of transactions last week showed that…