welcome to this week’s Business Roundup! We’ve got some interesting highlights for you, so let’s dive in. Nigeria has reclaimed its position as Africa’s top crude oil producer, beating out Libya and Angola. This news comes from the Organization of Petroleum Exporting Countries (OPEC), which released its monthly oil market report on Monday. Nigeria’s oil production stands at 1.35 million barrels per day, putting it ahead of the competition.
In other news, Nigerians might soon be paying more for network tariff as telecom operators are considering an upward review. The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has expressed concerns about the current tariff regime, citing rising operating costs and the burden of multiple taxes. This could mean higher costs for mobile network services in the near future.
Union Bank’s exit from the Nigerian Exchange Limited (NGX) is expected to have a significant impact on the capital market, with N193.7 billion set to be removed from the bourse. The bank’s decision to delist from the NGX follows the acquisition of its shareholding by Titan Trust Bank.
On the currency front, the Central Bank of Nigeria (CBN) has extended the validity of old naira notes indefinitely. This move comes after the announcement of a redesign for the N200, N500, and N1,000 notes, with the previous deadline for withdrawal set for January 31. Now, the old notes will remain in circulation until further notice.
Oando Plc has sealed an $800 million deal with the African Export and Import Bank (AFREXIM) to enhance its operations. The financial package includes a Senior Secured Reserve Based Lending facility and a Receivables Backed Term Loan facility, aimed at supporting the acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited.
In the stock market, Nigeria ended the trading week with a 0.12% increase in the All-Share Index (ASI), marking a positive performance for the week. Additionally, several tech companies made headlines, including Welltec, AKHDAR, Neighbourgood, Lynx, Raiven Capital, Bolt Food, Shekel Mobility, Wicrypt Network, UfarmX, Guideli, Mafhoom Technologies, Pineapple, KudiGo, and AltSchool.
On the corporate front, OpenAI, the parent company of ChatGPT, has removed its chief executive officer, Sam Altman, due to a lack of confidence in his ability. Meanwhile, Zenith Bank of Nigeria, in partnership with Seedstars, has launched Zecathon 3.0, a startup competition aimed at identifying and supporting MVP-stage startups in Nigeria.
That’s it for this week’s Business Roundup. If you enjoyed this update, consider supporting Ripples Nigeria and their commitment to solutions journalism. Your support helps ensure free access to credible and reliable information for societal development. Thanks for reading, and feel free to join the conversation in the comments below!