• Nigeria’s oil exports will reach their highest in six months in November, led in part by an increase in the supply of the country’s four largest crude grades, according to loading programmes. Total loadings of Nigerian crude will rise to 1.876 million barrels per day in November, from October’s 1.652 million bpd. November’s will be the largest loading programme since May this year and is 17 per cent higher than last November’s 1.598 million bpd export schedule. The export plan comprises 59 cargoes, unchanged from October and includes one cargo of Akpo condensate. Exports of Forcados, Bonga, Bonny Light and Qua Iboe will rise to 822,967 bpd in November, from a planned 728,258 bpd in October. This will be the largest export programme for the four since June’s 873,000 bpd. The Agbami stream will add another cargo in November, while the supply of the smaller grades will remain broadly unchanged.
  • The CBN has given a notification to revoke the operating licences of 182 other financial institutions in the country. According to the list released by the regulator, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. The CBN said 62 of the microfinance banks had already closed shop; 74 became insolvent; 12 were terminally distressed; while six voluntarily liquidated. Eight finance companies voluntary liquidated; 13 failed to recapitalise; while one became insolvent. According to the regulator, the affected institutions are from different states of the federation.
  • The Egmont Group lifted the suspension it imposed on Nigeria on Wednesday. Nigeria was suspended on July 5, 2017, from the Group, a network of national financial intelligence units and the highest inter-governmental association of intelligence agencies in the world, with 154 member countries. The resolution was passed at the on-going 25th EGMONT Group of Financial Intelligence Units’ plenary currently holding in Sydney, Australia. Kayode Oladele, the chairman of the House of Representatives’ Committee on Financial Crimes, who attended the meeting, noted that the lifting of Nigeria’s suspension clears the way for the processing of the country’s application for membership to the Financial Action Task Force. The FATF will hold its plenary in France in October and Nigeria’s membership application is expected to be presented at the meeting.
  • A report from the Nigerian Civil Aviation Authority has said that no fewer than 19,323 flights were delayed within the country’s air-space in the first half of 2018. Within the same period, a further 348 flights were cancelled among local and international airlines operating within and into the country. Muhtar Usman, the director-general of NCAA stated this in its presentation at the All Aviation Industry Information Managers’ Conference. Usman explained that during the period, domestic airlines were responsible for 16,880 delays while 2,443 were among the 33 foreign airlines operating into the country. Usman said that within the same period, domestic airline operators cancelled 253 flights while their foreign counterparts had 95 flights cancelled.
  • LifeBank, a Nigerian startup focused on developing a smarter way to deliver blood to Lagos hospitals has been announced as one of the 33 firms selected for the Massachusetts Institute of Technology Solve Class of 2018. Established in 2015, MIT Solve brings together teams from different countries to tackle the most pressing global challenges. According to a statement from MIT, the new Solver class comes from 15 countries and was selected from a pool of 1,150 applicants from 110 countries. LifeBank has moved 10,000 units of blood and worked with over 400 hospitals and partnered with health workers to save over 2000 lives since it began operations in 2016. The company has raised $200,000 in January from a round led by EchoVC Partners, a Lagos-based venture capital firm and Fola Laoye, an angel investor with over 20 years of experience in Nigeria ’s healthcare industry.