Latest news with #Abuja-based
Bloomberg
03-05-2025
- Business
- Bloomberg
Nigeria Incurs $9 Billion Derivatives Loss to Clean Up Reserves
The Nigerian central bank had a 13.9 trillion naira ($9 billion) loss on the settlement of overdue derivatives contracts in 2024 as it tried to prune foreign currency liabilities on its balance sheet and restore investor confidence on available measures to support the naira. The loss on settled derivatives contracts more than doubled from 6.3 trillion naira in 2023 as the lender redeemed 'legacy transactions' to 'reduce outstanding foreign exchange liabilities, thus lowering its FX exposure,' boost net foreign reserves and external buffers, the Abuja-based Central Bank of Nigeria said in emailed statement.
Business Insider
25-04-2025
- Business
- Business Insider
American intelligence firm brings global expertise to Nigeria's fight against crypto fraud
Nigeria's Crypto Boom and the Rising Cybercrime Threat According to the 2024 Global Crypto Adoption Index published by Chainalysis, Nigeria is a leader in cryptocurrency adoption, second only to India. Nigerians use these digital assets to facilitate transactions, make investments, and even provide remittances. As major blockchain platforms and local startups drive this movement, the nation's market presence grows; however, this expansion is not without risks. The rapid and largely unchecked expansion of decentralized networks across Nigeria has increased its exposure to cybercrime, a threat for which the nation is less prepared. Cryptocurrency's structure provides hackers, scammers, and fraudsters with unique means of executing financial crimes, meaning victims can be anywhere, locally or abroad. CNC Intelligence, a US-Israeli firm specializing in crypto asset tracing expertise, is supporting Nigeria's fight against crypto fraud. Through OCONUS Investigations Inc., the firm's Abuja-based subsidiary, CNC Intelligence is working to track stolen crypto assets while supporting law enforcement recovery initiatives. Bringing Global Crypto Investigation Expertise to Nigeria CNC Intelligence is unsatisfied with remote consultation and prefers to have boots on the ground in Abuja for real-time collaboration. By directly involving itself with enforcement agencies and victims, the firm can better advance investigations and improve coordination for these asset-tracking efforts. CNC Intelligence applies blockchain analytics, cyber intelligence, and various legal strategies to support legal efforts to trace stolen assets and illicit financial flows. The firm specializes in the following: Identification: CNC Intelligence detects suspicious or fraudulent crypto transactions across leading blockchains. Tracking: The firm follows digital assets through wallets, exchanges, and obfuscation services. Support: The firm assists clients and authorities by providing the intelligence necessary to support ongoing investigations. CNC Intelligence is working with institutions like the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force Cybercrime Section to enhance Nigeria's ability to respond to crypto fraud. Training and Capacity Building for Law Enforcement Going beyond investigation, CNC Intelligence has committed itself to supporting law enforcement and victims of crypto fraud through specialized training and knowledge-sharing. The firm conducts workshops for key enforcement units, ensuring officers can investigate complex digital crimes. This training prioritizes: Analysis: To employ blockchain forensic tools and wallet analysis to assist investigations. Knowledge: Understanding the unique vulnerabilities of decentralized finance (DeFi) systems and different types of scams. Case studies: Providing practice with real-world investigations for specialized training. As crypto fraud becomes increasingly sophisticated and widespread, law enforcement must remain informed about this evolving threat. The Role of International Cooperation CNC Intelligence recognizes the importance of collaboration across departments, jurisdictions, and borders. The firm's presence already demonstrates a dedication to international cooperation, and its investigations in Nigeria prioritize connection. Whether bridging the divide between regulators, cybersecurity agencies, or law enforcement partners, improved coordination is key in combating digital crime. A Secure Digital Future for Nigeria As Nigeria's digital economy will likely expand further, CNC Intelligence provides the international expertise necessary to build public trust. As cryptocurrency solidifies its position in the global financial marketplace, global intelligence firms such as CNC Intelligence could become key players in the fight against financial cybercrime by supporting domestic institutions.
Bloomberg
06-04-2025
- Business
- Bloomberg
Nigeria Supplies Dollars to Shield Naira From Tariff Fallout
Nigeria's central bank sold dollars to lenders to stem an erosion of the naira exchange rate, after a selloff induced by US tariff turbulence. The Abuja-based Central Bank of Nigeria sold $197.71 million to authorized dealers on April 4 to ensure 'adequate liquidity,' noting depreciation pressure from President Donald Trump's announcement of new import tariffs last week, it said in a circular to lenders. 'This measured step aligns with the bank's broader objective of fostering a stable, transparent, and efficient foreign exchange market,' it said.
Reuters
03-04-2025
- Business
- Reuters
Explainer: What to know as a new CEO takes over at Nigeria's state oil firm NNPC
LAGOS, April 3 (Reuters) - Nigeria's President Bola Tinubu has appointed ex-Shell executive Bayo Ojulari and a new board to run the Nigerian National Petroleum Company, raising hopes of a much-needed overhaul at the troubled state-owned firm and a boost in oil production. Long serving as Nigeria's golden goose, NNPC's opaque dealings, corruption and high-level political meddling have crippled its finances in recent years, creating challenges the new leadership must tackle if they are to get the company - and the nation's economy - back on track. Here is what to know about NNPC's operations. WHY DOES NNPC MATTER? Nigeria's economy is dependent on oil, which accounts for 90% of exports and typically half of the revenues that fund its national budget, making NNPC's performance critical to the economic well-being of Africa's most populous nation. "No Nigerian president can succeed in moving the needle of the economy without addressing the long hydra-headed issues that have made the state oil company a cesspit of malfeasance for decades," said Abuja-based energy analyst Kelvin Emmanuel. Nigeria produces around 1.75 million barrels of oil per day mostly through NNPC's joint ventures with international partners Shell, ExxonMobil, TotalEnergies, Chevron and Eni. NNPC, which is also Nigeria's largest importer of refined fuels, said last year that it had $161 billion in assets. RESTRUCTURING NNPC One of the biggest tasks for Ojulari, a 24-year industry veteran, will be to restructure NNPC to become more efficient, analysts said. That could involve cutting its workforce of over 5,700 employees and selling off some of NNPC's sprawling assets, which include petrol stations and troubled refineries, in order to concentrate on oil production. Any large-scale changes, however, could face pushback from powerful politicians, who influence appointments at NNPC and benefit from the company's contracts, the analysts said. Jeremiah Enoch, an associate at consultancy firm J.S. Held, said Ojulari would also have to carefully navigate "the persistent issue of ethnic politics within the organisation," referring to how ethnic identity can make or break careers in Nigeria. TRANSPARENCY NNPC has long been accused of lacking transparency. It only started publishing financial results in 2021 after four decades of operations. Last September, after months of denials, it finally admitted it was facing financial strain and owed $6 billion to gasoline suppliers. NNPC has also not disclosed how much of its future crude revenues are earmarked for loan repayments, though local media report the figure could run into the billions of dollars. Clementine Wallop, director for Sub-Saharan Africa at political risk consultancy Horizon Engage, said Ojulari faces a tough challenge to sustain recent production gains that many hope will underpin Nigeria's economic recovery. "He will need all his skills to tackle some serious challenges at NNPC, which has had a rocky time financially in the last year," she said. Restructuring and transparency would also help ready NNPC for a planned initial public offering, which could come in the next 12 to 15 months and provide a useful injection of fresh capital, a senior company official said.
Bloomberg
25-02-2025
- Business
- Bloomberg
Nigeria GDP Grows at Fastest Pace in 3 Years on Services Sector
Nigeria's economy grew at the fastest pace in three years in the fourth quarter, buoyed by its services sector. Gross domestic product expanded an annual 3.84% in the three months through December, compared with growth of 3.46% in the previous quarter, according to data released by the Abuja-based National Bureau of Statistics on Tuesday.
