Business
P&ID: UK court orders release of $200m Guarantee to Nigeria
A London court has ordered the release of a $200m guarantee put in as security by Nigeria in the execution of the Process & Industrial Developments $10bn Arbitral Claim.
The Central Bank of Nigeria made this known on Tuesday.
The apex bank said, “Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200m when the London Commercial Court ordered the released of the $200n guarantee put in place as security in respect of the execution of the much discredited P&ID $10bn Arbitral Claim.
“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”
Speaking on the development, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said, “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee.
“We are also pleased that the Court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived. This release which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the naira.
“This is a further and significant victory for Nigeria in our ongoing fight to overturn the US$10bn award procured through fraud and corruption by P&ID and former government officials.
“P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.
“The Federal Republic of Nigeria will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.”
P&ID entered a contract with Nigeria to build a gas processing plant, and won a $6.6bn arbitration award after the 2010 deal failed.
The award had been accruing interest since 2013 amounting to $10bn, which if enforced internationally, could lead to the freezing of Nigeria’s assets.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro9 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business2 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro1 day ago40-foot container falls on car in Lagos
-
Politics2 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics1 day agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International1 day agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment1 day agoPolygamy best form of marriage for Africa – Okey Bakassi
-
metro1 day agoPolicewoman dismissed in Edo threatens to kill children, commit suicide
You must be logged in to post a comment Login