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BUSINESS ROUNDUP: Buhari’s new special adviser on economy, NEITI’saccount of $41.9bn worth of stolen oil; see other stories that made the pick

Private sector got over N46trn in loans from banks in 9 months –NBS

Hello there, this is the Business Roundup for the week. We have featured, here, the top highlights of events that happened during the week to help you stay informed.


  • Sanwo-Olu presents N1.68tr 2020 budget to Assembly for approval
  • $41.9bn worth of oil stolen from Nigeria – NEITI
  • Opay places 1% fee on bank transfers to pave way for its Cash-
    In/Cash-Out services.
  • Buhari gets special adviser on economy


Lagos State GovernorBabajide Sanwo-Olu , on Friday, presented the 2020 appropriation bill of N1.168 trillion to the state House of Assembly. The 2020 budget, as presented, listed N723.6 billion earmarked for capital spending, accounting for 62 percent of the total budget, and N441.8 billion for recurrent expenditure.

Sanwo-Olu, during the presentation, said the budget as tagged “budget of re-awaken” would re-invent Lagos and take it to a greater height. Follow link to see state’s proposed for industrial hubs, parks, graduate internship
programs, and virtual markets for artisans.

The Nigeria Extractive Industries Initiative (NEITI) on Wednesday said crude oil and refined products worth $41.9 billion were stolen from Nigeria in the last 10 years.

NEITI, which urged the government to embrace oil fingerprinting technology, comprehensive metering infrastructure of all facilities and other creative strategies to combat the growing menace of theft of Nigeria’s crude oil and refined petroleum products, stated this in a policy brief it released in Abuja. Read now to see discover how much the country has lost on crude theft alone.

Chinese payment platform, Opay in a tweet on Tuesday announced that it will be placing a N45 bank transfer fee on first transactions of the day and 1% on subsequent transactions on its platform.

The move according to a response sent to Ripples Nigeria by Oride’s Country Manager, Iniabasi Akpan, said the Opera payment platform is placing the fee to encourage users to consider its Cash-In and Cash-Out service by Opay agents. Click here to follow details of the development.

President Muhammadu  Buhari , on Tuesday, approved the appointment of Sarah Omotunde Alade as Special Adviser to the President on Finance and Economy. The Senior Special Assistant to the President on Media and
Publicity, Garba Shehu, disclosed this in a statement in Abuja.

Alade, who holds a B.Sc degree in Economics and a PhD in Management Science (Operations Research) would be operating from the Ministry of Finance, Budget and National Planning, the statement
noted. Read more.

On NSE ROUNDUP: Trading saw 30 equities appreciating in value and the bourse closed week bullish.

The Nigerian Stock Exchange (NSE) ended the week on a positive note, appreciating by 0.08% – week to date – despite 3 days of loss.

The All Share Index closed at 26,314.49 basis points this week. Year to date, the bourse is still down by 16.28%.

Market capitalisation stood at N12.8 trillion.

For the week, a total of 2.06 billion shares worth N18.43 billion exchanged hands in 16,778 deals, compared to 1.51 billion shares valued at N16.19 billion that was traded in 15,544 deals in the previous
week. Follow link to read more about the 30 equities that appreciated in value.

Meanwhile, on our editorial Business Review segment;

On Tuesday, we delved into the Chinese Market Conversion Strategies where we considered what the Chinese do differently to penetrate, convert and dominate a market.

In doing this, we centred our review on one of Chinese developer companies, Opera. The review is available here for entrepreneurs who care to learn methods to break even and break through a highly
competitive market. Read now.

On Friday, we moved on to educate readers on what it means and how to insure their businesses against loss during ill-fated, unforeseen circumstances –like a fire outbreak.

With references to recent fire outbreaks, we curated an explainer article using layman expressions and illustrations purposely to bring to the fore how to stay aloft and unaffected. Follow link to digest.

Thank you for reading Business Roundup, today. For the latest news and updates from around the globe, keep reading Ripples and do have a rewarding week ahead.

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