• A report by investigative newspaper, Premium Times, has showed how the state owned oil firm, the NNPC, was unable to meet its debt obligations in January as a result of inadequate finances. The newspaper cited documents which showed that at the height of the petrol crisis between December 2017 and January 2018, the NNPC could not import petroleum products because of lack of funds as it was encumbered by huge outstanding FAAC remittances and other financial obligations. These impeded its operations and financial stability. The report also detailed the challenges the NNPC faced early this year, and an exchange between Presiding Buhari and the corporation, in which its management expressed frustration with growing fuel consumption level in the country.
  • The MTN Group plans to apply for payment banking license in Nigeria and launch a Mobile Money service in the country by the second quarter of 2019, according to Rob Shuter, the company’s CEO. This announcement comes a month after the FG announced it would allow telecom companies to provide banking services, in the hope of giving millions of Nigerians without bank accounts access to mobile money services.
  • Actis and Westmont Hospitality Group has acquired Four Points by Sheraton in Victoria Island, Lagos. The brand of hotels targeted towards business travellers and small conventions is owned by Starwood Hotels & Resorts, a subsidiary of Marriott International. Following the joint venture between the firms, Actis and Westmont agreed to collaborate in acquiring hospitality assets across sub-Saharan Africa.
  • The CBN has announced the cutting down of Nigeria’s bills on wheat, milk, rice, tomato and sugar in the past five years to $698.6 million, a figure representing almost 50 percent cut on $1.424 billion incurred on imported foods in 2013. Speaking in Dutse, Jigawa State, Olatunde Akande, Personal Assistant to the CBN Governor, Godwin Emefiele, also said that ₦160 billion had been disbursed to 850,000 smallholders farmers under the CBN Anchors’ Borrowers Scheme since the programme was conceived in November 2017, to assist farmers in the cultivation of rice, cotton, maize, cassava, groundnuts, sorghum, cocoa, palm oil, tomatoes and soybeans.