Top Business & Finance News Headlines For Today, Tuesday, 19th December, 2023

1. US charges Nigerian businessman, firms with multimillion-dollar fraud

The United States Securities and Exchange Commission has said Tingo Group Inc. lied about having $461.7m in its subsidiary Tingo Mobile’s Nigerian bank accounts when it only had $50 in said accounts… Read more

Source: https://punchng.com/us-charges-nigerian-businessman-firms-with-multimillion-dollar-fraud/

2. Banks borrowings from CBN rises 559% to N376.6bn 

There are indications that banks are relying more on Central Bank of Nigeria, CBN, for liquidity as their borrowing from the apex bank’s Standing Lending Facility, SLF, increased month-on-month (MoM) by 559 percent to N376.64 billion in November from N57.14 billion in October 2023… Read more

Source: https://www.vanguardngr.com/2023/12/banks-borrowings-from-cbn-rises-559-to-n376-6bn/amp/

3. Manufacturers cut 25% energy costs by switching from diesel to gas 

POLYFILM Packaging Nigeria Limited, a manufacturer of flexible packaging focused on the food and consumer sectors, has recorded over 25 per cent savings in energy costs after switching from diesel to gas, at a time when rising diesel pricesare forcing businesses to adopt gas as an alternative fuel… Read more

Source: https://www.vanguardngr.com/2023/12/manufacturers-cut-25-energy-costs-by-switching-from-diesel-to-gas/amp/

4. UBA secures $175m AfDB loan 

The United Bank for Africa says it has secured a $175m facility from the Africa Development Bank Group to boost its support to the private sector, financing of infrastructure development and women-owned businesses… Read more

Source: https://punchng.com/uba-secures-175m-afdb-loan/

5. Chevron reiterates commitment to Nigeria 

Chevron Nigeria Limited has denied reports that it has snubbed Nigeria in terms of investment prospects in 2024… Read more

Source: https://punchng.com/chevron-reiterates-commitment-to-nigeria/

6. NDIC pays N1.7bn to over 42,000 customers of failed banks 

The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.7 billion to over 42,000 customers of failed banks… Read more

Source: https://www.vanguardngr.com/2023/12/ndic-pays-n1-7bn-to-over-42000-customers-of-failed-banks/amp/

7. Forex scarcity: Aviation fuel import falls 27% to N358bn 

The import of kerosine-type jet fuel fell by 26.58 per cent to N358.08bn in the first nine months of 2023, underscoring foreign exchange scarcity in the aviation sector… Read more

Source: https://punchng.com/forex-scarcity-aviation-fuel-import-falls-27-to-n358bn/

8. Upstream sector: Nigeria’s rig count rises 40% to 14 

NIGERIA’s rig count, a major index of measuring activities in the upstream sector, rose year-on-year, YoY to 14 in November 2023, from 10 recorded in the corresponding period of 2022, indicating an increase of 40 per cent.. Read more

Source: https://www.vanguardngr.com/2023/12/upstream-sector-nigerias-rig-count-rises-40-to-14/amp/

9. Standard Chartered, Coris Bank enter agreement on sale of banking arm

Standard Chartered has entered into an agreement with Coris Group for the sale of its Consumer Banking business in Côte d’Ivoire… Read more

Source: https://www.vanguardngr.com/2023/12/standard-chartered-coris-bank-enter-agreement-on-sale-of-banking-arm/amp/

10. Transcorp Power generates over 29TWh to Nigeria’s national grid 10yrs after privitisation

BARELY 10 years after privatisation, Transcorp Power Limited, TPL, a single cycle 972MW installed capacity power generating plant, has generated over 29,574,447MWh, 29TWh, of energy to the national grid for transmission and distribution to many homes and industries in Nigeria and West Africa… Read more

Source: https://www.vanguardngr.com/2023/12/transcorp-power-generates-over-29twh-to-nigerias-national-grid-10yrs-after-privitisation/amp/