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JUST IN: Nigeria Records 1st Negative Trade Balance Since June 2016

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Nigeria has recorded its first quarterly trade deficit since July 2016 as the value of its export fell by 9.79 per cent in the fourth quarter of 2019.

According to the National Bureau of Statistics in its latest Foreign Trade in Goods Statistics report, Nigeria recorded a fall in export while imports surged by 37.20 per cent.

The report released on Friday, said the value of Nigeria’s total trade rose by 10.15 per cent to N10.12tn in Q4 2019 over the value recorded in Q3. It said the value of the export component dropped by 9.79 per cent to N4.77tn in Q4 compared to Q3, while the import component increased by 37.20 per cent to N5.35tn.

“The faster increase in imports resulted in a negative trade balance of N579.06bn during the quarter under review, the first since mid-2016,” the NBS said.

It also stated that the value of total trade in 2019 rose by 14.05 per cent to N36.15tn compared to 2018 and the level of imports stood at N16.96tn in 2019 while exports were valued at N19.19tn, resulting in a trade balance of N2.23tn.

“While imports rose by 28.8 per cent in 2019 over 2018, exports rose by only 3.6 per cent, and the trade balance was 58.4 per cent less than in 2018,” the NBS added.

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JUST IN: Heirs Oil & Gas Announces CEO And Board Appointments

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JUST IN: Heirs Oil & Gas Announces CEO And Board Appointments

JUST IN: Heirs Oil & Gas Announces CEO And Board Appointments—-Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

The appointment brings together leading industry figures, with considerable global and regional experience.

Heirs Holdings Limited’s (HH) portfolio company (HHOG) completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion.

JUST IN: Heirs Oil & Gas Announces CEO And Board Appointments

The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.

Igiehon is joining from the Royal Dutch Shell (Shell) where he was previously a vice-president with the Group in The Hague, Netherlands.

He brings over 27 years of experience and expertise in the oil and gas sector with Shell where he held a series of senior management positions.

Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.

HHOG also announced the appointment of the following private sector and senior industry leaders to the Board: Tony O. Elumelu, chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation; Sally Udoma; Anil Dua; Ahmadu Kida; Stanley Lawson and Samuel Nwanze

Chairman of the Board, Tony Elumelu, said, “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

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Why Bobrisky Hit Me With A Speaker On The Face – Ivorian lady Reveals

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Why Bobrisky Hit Me With A Speaker On The Face - Ivorian lady Reveals

Why Bobrisky Hit Me With A Speaker On The FaceIvorian lady Reveals—-Self acclaimed Nigeria’s Number 1 Male Barbie, Idris Okuneye Olanrewaju, popularly Bobrisky has been called out by the Ivorian lady whom he flew to Nigeria after she tattooed his name on her body.

The Genius Media Nigeria had reported that Few months ago, Bobrisky gifted money to people who tattooed his name on their body. Some of his foreign fans were also flew in to the country to see him.

However, The young Ivorian lady has called out crossdresser for assaulting her as she released a video of her bashed face as evidence.

She accused Bobrisky of being a devil and a wicked manipulator. She also alleged that Bobrisky is a liar who pretends to be nice to please the public.
She wrote;

“Am done have been hiding for so long now am showing your real face to the world wicked human being that lier have been with for 3month supporting you in your lie trying to accept you the way you are wicked man lier!# sorry for my English am an Ivoirian #”

Sharing a video of her battered face, she added;

“I dont want to talk about it but I can’t hide it anymore last week Sunday this is what Sobrisky did to me because I forgot to call the hair stylist to come and loose his hair i was trying to explain that I called him but the day I called him he didn’t come so the next day evening he called me because I forgot to tell him he he hit me with a speaker on the face and slap me when I wanted to explain myself, and ask me to pick my stuff and leave his house where should I go me that I dont know Nigeria so I call my mom on video call when she say me crying with blood on my she asked me to come back to Ivory Coast ! No mother we see this and we be happy have been facing a lot with him but I was still holding on because I dont want to leave his house with Quarrel or fight but here is the real reason why I came back to my country is better am happy with family than crying in a big house because of fame.! I gain anything lying to you guys but you can still think what you want.!”

 

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BUA SUGAR REFINERY LATEST: Trade & Industries Minister Adebayo Reverses Earlier Directive On Sugar Importation From Free Trade Zones Into Nigeria

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BUA SUGAR REFINERY LATEST: Trade & Industries Minister Adebayo Reverses Earlier Directive On Sugar Importation From Free Trade Zones Into Nigeria

BUA SUGAR REFINERY LATEST: Trade & Industries Minister Adebayo Reverses Earlier Directive On Sugar Importation From Free Trade Zones Into Nigeria—-Days after, sending out an earlier letter to the Minister of Finance, Zainab Ahmed prohibiting the importation of sugar from free trade zones, in Nigeria, the Minister of Trade Industries and Investment, Adeniyi Adebayo has backtracked and reversed himself.

Adebayo, acting on a controversial petition written to him by the Chairman Dangote Industries Limited, Aliko Dangote and Chairman, Flour Mills of Nigeria PLC, Mr John Coumatros had written a letter which he copied the Managing  Director Nigeria Ports Authority, Comptroller General of Nigeria Customs Service as well as the Secretary to the Government of the Federation prohibiting the importation of sugar from the country’s Free Trade Zones. This move was targeted at BUA sugar refinery as well as investments.

BUA SUGAR REFINERY LATEST: Trade & Industries Minister Adebayo Reverses Earlier Directive On Sugar Importation From Free Trade Zones Into Nigeria

Recall that BUA Group Chairman, Samad Rabiu had reacted to the petition by revealing that his investments in sugar, especially the Port Harcourt project did not pose any threat to the country’s sugar policy. According to Samad Rabiu, his was project  indeed, meant to checkmate arbitrary increase in prices and which will ultimately benefit the ordinary Nigerian on the street.

 

Curiously, some agencies of the Federal Government especially  the NPA, had acted on the Minister’s directive by directing all Terminal  operators to ensure strict compliance with the Minister’s order, despite a court injunction refraining not only the Ministry but all government agencies from disturbing it’s operations pending the determination of a suit filed by BUA group.

The move to disrupt BUA’s activities depsite the injunction clearly embarrassed the government, hence Adebayo’s quick reversal of his earlier stance and letter to the Finance Minister directing that the action be stopped.

As for Hadiza Bala Usman who was in a hurry to overlook the court order, she has since been suspended from office as the Managing Director of the Nigeria Ports Authority while an Acting CEO has been appointed in person of Mohammed Koko, the erstwhile Executive Director, Finance and Administration.

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