The Supreme Court has dismissed the appeal filed by the Peoples Democratic Party and its candidate, Atiku Abubakar, challenge the victory of President Buhari at the 2019 general elections. The court announced the decision hours after it started hearing the appeal. The Supreme Court panel, which included Chief Justice Muhammad Tanko and other six members, said it will give reasons for dismissing the petition at a later date. Abubakar and the PDP filed the appeal at the Supreme Court after the presidential election tribunal last month dismissed their original petition. The tribunal ruled against the PDP on the core issues it raised about the February presidential election. Abubakar and the PDP had argued that Buhari lied on oath about his educational qualifications and that the high school the president said he attended did not exist at the dates stated by the president. They also argued that the electoral commission, INEC, manipulated the result of the election and that the result on an INEC server showed that Abubakar won the election ahead of Mr Buhari.
MTN Nigeria’s consolidated financial report for the nine months ended 30 September 2019 showed that the firm listed on the Nigerian Stock Exchange earlier this year, had an impressive performance. The telecoms services provider’s revenue for the period is ₦856.4 billion as against ₦764.4 billion reported during the same period last year, showing a 12 percent increase. The telco’s direct network operating costs for the period decreased by 21.7 percent to ₦177.9 billion, although the cost for employees’ benefits and advertising cost increased by 20.9 percent and 10.6 percent, respectively. The firm’s operating profit for the period stood at ₦286.2 billion, marking a 39 percent increase when compared to N205.8 billion as at September 2018 as the profit before tax also grew by 23.9 percent to ₦212 billion compared to ₦171 billion in the same period of last year. Profit for the period stood at ₦148.3 billion, a 28.9 percent increase compared to ₦115 billion reported by the company for the first three quarters of 2018. MTN’s earnings per share for the period (basic and diluted) was reported at ₦7.29 as against ₦5.65 as at September 2018.
Chevron is planning to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S. shale output, banking and industry sources have said. The oil firm is joining its competitors such as Exxon Mobil and Royal Dutch Shell in divesting from Nigeria which has been mired in political and security instability in recent years. Chevron, Nigeria’s third-largest oil company in term of production is looking for buyers for its onshore and shallow oil fields where local producers have increased operations and production. The firm is said to be in direct talks with potential buyers and is planning not to launch a tender process for the sale of the assets. Chevron’s Nigerian subsidiary operates and holds a 40 percent interest in 8 blocks in the onshore and near-onshore regions of the Niger Delta under a joint venture with the NNPC. Meanwhile, in 2018, Chevron’s production in Nigeria reached 194,000 barrels of crude oil per day, 233 million cubic feet of natural gas per day and 6,000 barrels of liquefied petroleum gas per day, according to its website. Early this year, Exxon Mobil considered divesting from Nigeria, putting up its stakes in both onshore and offshore sites for sale. Exxon was reportedly expected to raise about $3 billion from the sale of its assets, and by 2021 would have raised $15 billion from divestment.
28 million bank customers out of the 40 million Bank Verification Numbers have never received loans from their bank; the CBN has said. Deputy Governor, Financial System Stability Directorate, CBN, Aisha Ahmad, said this during the 4th National Fintech Conference in Lagos. Worried over the huge financial access gap in the country, especially in terms of access to credit, she said 63.2 percent of Nigerians are financially included but financial inclusion is not inclusion itself it is about also expanding access within those that are included. Stressing the need for innovation in bridging the financial inclusion gap especially access to credit gap, Ahmad called on banks and fintechs to pursue responsible innovation which promotes inclusion in the financial industry. According to her, responsible innovation must be inclusive; to address all issues on financial inclusion, gender inclusion, youth inclusion; and it must be held accountable. She also stressed the need for platforms that drive engagements and collaboration as represented by the National Fintech conference.