Data from the Energy Information Administration shows that the United States crude oil imports from Nigeria have dropped to almost a four-year low of 539,000 barrels per day in February from 4.87 million in January this year. The US bought 5.18 million bpd in December, down from 10.03 million bpd in January 2018. Imports of Nigerian crude dropped by 48.87 million barrels or 43 percent in 2018. Last year, US imports of Nigerian crude fell to 64.06 million barrels from a five-year high of 112.92 million barrels in 2017. With the sharp increase in its own production, US oil exports averaged 1.9 million bpd in 2018, about twice the amount that was exported in 2017. The EIA report also said that crude oil exports from the US to the United Kingdom overtook supplies from other countries including Nigeria for the first time since such shipments began in 2015. In January this year, according to the Financial Times, the US supplied the equivalent of almost one in every four barrels of crude processed by UK oil refineries, or 264,000 bpd.
Interswitch has signed a £56 million deal with Bekoz, a British transport ticketing company. The agreement is to enhance transportation ticketing in Nigeria. The deal will leverage British technology to keep Nigeria’s commuters on the move through the launch of three products developed exclusively for the Nigerian market; the BeCard, the BeVal and the BeReader, with scope to expand this offer throughout Africa. Divisional CEO for Payment Processing, Interswitch, Akeem Lawal, said that Interswitch believes that the transport system in the country is ready for innovation and so the partnership offers a revolution in the country’s transportation system. British Foreign Secretary, Jeremy Hunt, explained that Bekoz will be providing the contactless transit token technology and associated electronic equipment that allows people to travel around Nigeria’s large and varied transport infrastructure, similar to London’s.
MTN has asked the SEC for permission to proceed with a listing of its shares on the Nigerian Stock Exchange. MTN appointed former Nigeria central bank Governor Lamido Sanusi to its board on Friday as part of its preparation for the listing, and after the conversion of its Nigerian unit into a public company. Last week MTN said it had converted its Nigerian unit into a public company ahead of its planned listing. It said the conversion was a legal requirement to prepare for the listing. The listing in the country’s local bourse is a condition of the settlement of a $1 billion regulatory fine three years ago. Nigeria is the biggest market for Africa’s largest telecoms firm, with 52.3 million users in 2017, and accounts for a third of the company’s annual core profit. The company expects to list the unit without raising money from investors immediately, and has said it would simplify its capital structure before the listing.
Nigeria’s Minister of Finance, Zainab Ahmed, has said that the FG spent about 70 percent of the revenue inflow into the Consolidated Revenue Fund account on recurrent expenditures. The CRF is an account owned and managed by the FG, where all its revenues are paid. Describing the situation as worrisome, Ahmed added that if not corrected, it would not free the much-needed resources for improving the standard of living of the people. On his part, the Accountant-General of the Federation, Ahmed Idris, noted that between 2017 and 2018, the sum of ₦197 billion was saved from the removal of ghost workers from the government payroll through the Integrated Personnel and Payroll Information System. ₦67 billion was saved in 2017 while the balance of ₦130 billion was saved in the 2018 fiscal period. Through the implementation of the IPPIS initiative, over 700,000 government workers from 515 MDAs were now on the IPPIS platform.