Video - Seven children killed by improvised explosive device in northeast Nigeria

An official says the device detonated as the victims tried to retrieve it to sell it as scrap metal to a 15-year-old metal scavenger.

CGTN

Nigeria seeks to resolve disputed oilfield issues, denies criminal liability

Nigeria wants to resolve outstanding issues around the disputed OPL 245 oil block as it seeks to attract investment to its oil and gas industry and has held talks with Shell and Eni to discuss the matter, its oil minister said on Wednesday.

Minister of State for Petroleum Heineken Lokpobiri reiterated the government's position that there was no criminal liability on its part, or by the other parties, in the oil block deal, which has been embroiled in litigation for years.

Nigeria in November, withdrew a $1.1 billion civil claim against Shell (SHEL.L) and Eni related to allegations of corruption in the deal, ending all litigation around the oil asset.

An Italian court in 2021 acquitted Shell, Eni, the operator of the block, and company executives of corruption allegations in the acquisition of the field a decade earlier.

"For 28 years, there has been no investment there. Nobody has benefited from the block," Lokpobiri told reporters. "The President in his wisdom directed that we should resolve the problems around OPL 245."

Lokpobiri said the government is committed to resolving the issues surrounding OPL 245 in a way that benefits all parties and has held meetings, including in London last week, with Shell and Eni to discuss the matter.

Shell and Eni did not immediately respond to requests for comment. 

By Camillus Eboh, Reuters

Video - Nigeria leather industry earnings projected to hit $1 billion by 2025

Leather sector players in Africa’s largest economy say the industry remains untapped despite its huge economic potential. They are calling on the government’s support.

CGTN

Related stories: Video - Nigeria’s ponmo cuisine under threat as the leather sector seeks growth

Nigerians warned against eating ponmo due to Anthrax outbreak

 

 

 

Video - Nigeria box office revenue soars as popular releases draw crowds to cinemas

Nigeria's cinemas have announced cumulative revenue of 21.5 million dollars over the past three years. Analysts attribute the strong performance to a combination of popular film releases and a surge in ticket sales

CGTN

Related story: Top Foreign Movies That Were Filmed in Nigeria

 

Nigeria naira reaches record low of 1,421 per dollar on official market

Nigeria's naira dropped to a record low against the dollar on the thinly traded official market on Friday, FMDQ Exchange data showed on Monday, as the currency swung widely to overshoot the unofficial parallel market rate.

The naira fell as low as 1,421 to the dollar, during trading on Friday, FMDQ data showed, compared with around 1,400 naira quoted on the parallel market. The currency later closed at 891.90 naira on the official market.

The latest fall occurred after central bank Governor Olayemi Cardoso last Wednesday said the bank was trying to improve liquidity in the foreign exchange market.

Kyle Chapman, FX markets analyst at London-based Ballinger & Co. said the naira has overtaken the record low level it hit on the parallel market which could hamper the influx of capital needed to stabilise the exchange rate.

"The downwards spiral is becoming self-perpetuating at this point. The further it falls, the less investors want to enter Nigeria, and the deeper the risk premium embedded into the naira rate," Chapman said.

The naira's official exchange rate has been drifting towards the parallel market level as the central bank is yet to clear outstanding amounts owed in forward deals, worsening a shortage of foreign-currency in the West African nation. 

By Chijioke Ohuocha, Reuters