$8.1bn Repatriation: CBN, MTN Settle Out of Court

Telecommunications firm, MTN Nigeria Communications Limited, said on Thursday that it had reached an agreement with the Central Bank of Nigeria over the $1.8bn being demanded from it by the apex bank.

The $1.8bn demand by the CBN followed alleged forex remittances infraction by MTN.

Rather than yield to the demand, MTN, through its lawyer, Chief Wole Olanipekun (SAN|), sued the CBN and the Attorney General of the Federation before the Federal High Court in Lagos.
Read more at; https://newsbreakers.ng/8-1bn-repatriation-cbn-mtn-settle-out-of-court/


NNPC to Crash Cooking Gas Price

The Nigerian National Petroleum Corporation (NNPC) on Thursday announced its readiness to implement an effective commercial framework that would halt the export of propane and butane, which are major components in the production of Liquefied Petroleum Gas, also known as cooking gas, PUNCH reports.

NNPC’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said the move to stop the export of propane and butane which is anchored by the Crude Oil Marketing Division of the corporation would enable the oil firm to boost the supply of LPG to the domestic market, thereby leading to a natural downward slide in the price of the product across the country.

Read more at; https://newsbreakers.ng/nnpc-to-crash-cooking-gas-price/



Nigeria Now Produces 1.78 million Barrels of Oil Daily, Says Kachikwu

Nigeria’s Minister of State for Petroleum, Ibe Kachikwu, on Wednesday said Nigeria now produces 1.78 million barrels of crude oil per day (bpd).

Speaking in Abuja, Mr Kachikwu added that the nation was expecting output from Egina oilfield to reach 150,000 bpd by the end of the month which could boost total production.

Last week, French multinational oil and gas company, Total, said it had started production from the giant Egina Oilfield. The oil field is located 1,600 metres of water depths, 150 kilometres off the coast of Nigeria.
Read more at; https://newsbreakers.ng/nigeria-now-produces-1-78-million-barrels-of-oil-daily-says-kachikwu/



The US Always Picks the World Bank president. It’s Time for That to End

World Bank President Jim Yong Kim is leaving after seven years in office. It’s a sudden, premature departure of a leader who managed to make a lot of enemies within the organization.

But it’s also an opportunity for the world, and America, to make a change that’s long overdue. It’s time for the World Bank to be run by a non-American.

At the Bretton Woods financial institution’s founding in the wake of World War II, the United States and its European allies agreed to a simple division of labor: a European would run the International Monetary Fund and an American would run the World Bank. Sure enough, all 11 IMF managing directors to date have been European (and for 43 of the institution’s 73 years in existence, the managing director has been French), and all 12 World Bank presidents have been Americans.
Read more at; https://newsbreakers.ng/the-us-always-picks-the-world-bank-president-its-time-for-that-to-end/


Jim Yong Kim Resigns as World Bank President
World Bank President Jim Yong Kim has resigned, more than three years before his term ends in 2022, the multilateral lender disclosed yesterday.

Kim is expected to leave office on February 1.

Kim, 59, said that he will immediately join a firm and focus on increasing infrastructure in developing countries. The bank did not provide further details.
Read more at; https://newsbreakers.ng/jim-yong-kim-resigns-as-world-bank-president/