NIN-SIM deadline, banks’ recapitalisation… 7 business stories to track this week

Here are the seven top business stories you need to track this week — April 1 to April 5.

NNPC DENIES ADJUSTING IN PETROL PUMP PRICE

Nigerian National Petroleum Company (NNPC) Limited says it has not adjusted the pump price of premium motor spirit (PMS), known as petrol, across its retail outlets.

There were speculations last week that NNPC had reduced the price of petrol to N560 per litre — from N568.

The national oil company was also quoted to have increased the price of diesel to N920 per litre.

But in a statement on March 27, signed by Femi Soneye, NNPC’s spokesperson, the firm denied the claims.

NCC EXTENDS DEADLINE FOR SUBSCRIBERS WITH OVER 4 SIMs TO JULY 31

The Nigerian Communications Commission (NCC) has extended the deadline for the disconnection of unlinked lines from April 15 to July 31, for subscribers with more than four SIM cards.

The deadline for those with less than four SIM cards expired on March 29, as reported by TheCable.

According to a source, the March 29 deadline “has been effected”.

The source said telcos have been given a deadline of July 31 to verify the national identity numbers (NINs) of subscribers, and “are expected to bar any line whose NIN fails verification on or before then”.

‘WE’LL PAY OUTSTANDING DEBTS TO POWER PLANTS FROM APRIL’

Adebayo Adelabu, minister of power, says his ministry would prioritise the settlement of outstanding debts owed to power plants, including Egbin Power, from April.

Adelabu, during his recent visit to the Egbin Power Plant, reiterated that the ministry has carried out a thorough diagnosis of the challenges that Nigeria’s power sector is currently facing.

‘NIGERIA RECORDED $1.5 BILLION FX INFLOW IN MARCH’

The Central Bank of Nigeria (CBN) says the economy recorded over $1.5 billion in foreign exchange (FX) inflow in March, indicating its monetary policy initiatives are effective.

Hakama Ali, the bank’s acting director of corporate communications department, disclosed this in a statement on March 29.

She said data available to the bank shows the inflows resulted from a concerted effort by the CBN to stabilise the FX market.

Ali said the naira has also continued to gain value in the autonomous FX market, as it traded at N1,309/$1 on March 28, against N1,611/$1 in the second week of March 2024.

CBN RAISES INTEREST RATES TO 24.75%

The monetary policy committee (MPC) of the CBN, raised the monetary policy rate (MPR) by 200 basis points to 24.75 percent on March 27.

Olayemi Cardoso, CBN governor, said the committee retained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.

He said the committee also retained the cash reserve ratio (CRR) at 45 percent and the liquidity rate at 30 percent.

Speaking on the rationale behind the hike, Cardoso said the major objective of the CBN is to manage inflation, but noted that the bank is not “unmindful of the impact that the interest rate increases are having”.

CBN ANNOUNCES NEW CAPITAL BASE FOR BANKS  

On March 28, the CBN announced an upward review of the minimum capital requirements for commercial, merchant, and non-interest banks.

The regulator said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks.

The CBN said the upward review would enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

NIGERIA RECEIVES ¥15 BILLION LOAN FROM JAPAN

Wale Edun, minister of finance and the coordinating minister of the economy, says the federal government has received the sum of ¥15 billion from the Japanese International Cooperation Agency to support the country’s national agricultural scheme project.

Edun spoke while addressing state house correspondents after the federal executive council (FEC) meeting on March.

He said the loan is payable for 30 years with 10 years moratorium and an interest rate of 10 percent.

The minister added that the bilateral support will not place any form of financial strain on Nigeria.