Business

Your Policy Causing Hardship, Masses At Receiving End, APC Chieftain Tells CBN

Published

3 years ago

January 28, 2023

A member of the Security and Intelligence Committee of Tinubu/Shettima Presidential Campaign Council, Ambassador Abayomi Nurain Mumuni, has declared that the introduction of the new naira notes is causing hardship for many Nigerians.

The Central Bank of Nigeria, CBN, had last year, introduced new N200, N500 and N1000 notes.

The 2011 gubernatorial candidate of the defunct Congress for Progressives Change CPC, in Lagos State, made this disclosure in a statement made available to DAILY POST on Saturday through his media aide, Rasheed Abubakar.

Mumuni, in his reaction, said that what is happening where Automated Teller Machines, ATMs, are still dispensing old notes is an indication that the CBN was not ready for what it intended to do.

He said that if the CBN is interested to change currency, the first thing to do is to wipe out the old currency from circulation.

Mumuni, who said that the masses are at the receiving end, then advised the CBN to extend the deadline for the exchange of the old naira notes for the new ones.

He added that the need to extend the date was necessary in order to reduce the panic among Nigerians, especially at this time when there is fuel scarcity.

“My personal opinion is that the Central Bank of Nigeria is practically not ready to implement the policy on the new notes. When you want to change currency notes, first thing to do is to wipe out the old ones in circulation but even with the very close deadlines, Nigerian banks are still doling out the old currencies.

“The approach should be that once the old notes get to the banks, they are not making their way out, but reverse is the case. It’s either the ATM is not dispensing at all to avoid possible sanctions or you withdraw on the counter and still get old notes very few days to the deadline. In that regard, I think the CBN has not gotten things right.

“The situation is causing some hardships and the masses are on the receiving end. The CBN should take more time for the policy to fully take effect.

“We should learn not to render our people in further hardship, especially the ones struggling to survive. Considering the COVID-19 armageddon which cripples the global economy and affects every home as the case may be.

“Government policies should not be another avenue to impact hardship on the populist, but to play significant impacts in making life easy for the citizens, not otherwise,” he said.

Business

French Media Giant Canal+ Takes Over S.Africa’s Multichoice

Published

10 hours ago

September 22, 2025

Editor

French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.

The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.

The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.

Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.

“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.

The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.

Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.

Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.

MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.

It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.

AFP

Business

BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS

Published

14 hours ago

September 22, 2025

Editor

Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.

According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”

Details later…

Business

Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

Published

1 day ago

September 21, 2025

Editor

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.

This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.

NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.

This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.

In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.

“The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.

“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.

The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.

Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.

Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.

Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.