The Nigerian Economy Today 8/5/2017


Summary of the top business, economic and political news in Nigeria.

 

NAIRAMETRICS BUSINESS & ECONOMY

Flash: May 2017 FGN Savings Bond offered at higher interest – Nairametrics| The Debt Management Office has announced a new round of FGN Savings Bond set for May 8 2017 and will close May 12 2017. The 2 year bond will be offered at an interest of 13.189% and 14.189% for a 3 year bond compared to 12.794% and 13.794% offered respectively in the last auction. Source Nairametrics Read More

Nigeria Loses N400bn On Importation Of Paper Products – Due to the moribund state of the three existing paper mills in the country, Nigeria loses over N400 billion annually to importation of paper products. Source LEADERSHIP Read More

Ogun demolished structure owners get N1bn compensation – The Ogun State Government has announced the payment of over N1bn as compensation to owners of structures demolished to pave way for the development of the state. Source Punch Read More

Lagos State earned N20.7 billion from title perfection, C of O etc. in 2016 – Nairametrics| The Special Adviser to Governor Akinwunmi Amobode on Urban Development, Mrs. Yetunde Onabule, over the weekend, briefed journalists on the performance of the State Lands Bureau over the past one year. Source Nairametrics Read More

BoI approves N300m for creative industry – The Bank of Industry has sealed a Memorandum of Understanding with the National Council for Arts and Culture to provide N300m in loans to the creative industry operators. Source Punch Read More

Power firms struggling to repay $1.42bn loans – Strong indications have emerged that investors who acquired the nation’s electricity distribution firms in 2013 are still struggling to service the loans they took from financial institutions to finance the acquisition. Source Punch Read More

Lagos boosts infrastructure with N291bn – The Lagos State Government spent the sum of N291bn on infrastructural development projects in the 2016 fiscal year, the Commissioner, Ministry of Economic Planning and Budget, Mr. Akinyemi Ashade, said. Source Punch Read More

Lagos to prioritise pensions, salaries – Despite the financial and economic constraints in the country, the Lagos State Government says it has been up to date with the payment of pensions and salaries. Source Punch Read More

Help communities along Lekki shoreline, stakeholders tell govt – The Lekki Urban Forest and Animal Sanctuary Initiative has called on the Federal Government and the Lagos State Government to help fight sea erosion currently threatening communities along the Lekki shoreline of the Atlantic Ocean. Source Punch Read More

S’ East Govs Vow to Find Solution to Power Problem – Governors of the five South-east states rose from a meeting in Enugu yesterday with a pledge to find a lasting solution to the problem of power supply in the zone in order to kick-start the economy of the area. Source Thisday Read More

World Bank boosts Abakaliki rice with financial aid – To further boost food production in Nigeria, the World Bank, under its Growth and Employment (GEM) scheme, has provided business support for the production of Abakaliki rice. Source The Sun Read More

Task force pulls down 120 shops, others in Lekki – The Lagos State government’s Task Force on Environment has dismantled more than 120 shops and illegal structures in Itedo area of Lekki Phase 1. The task force boss, Olayinka Egbeyemi, a Superintendent of Police, led the exercise. Source Guardian Read More

297 roads under construction in A-IbomNDDC – Niger Delta Development Commission, NDDC’s Director of Commerce and Industrial Development, CID, Mr Anietie Usen has disclosed that the commission was currently embarking on the construction of 297 roads in Akwa Ibom State. Source Vanguard Read More

Lekki Free Zone: Lagos invests $4bn on infrastructure – The Lagos State Government on Monday said that the net value of infrastructure at the Lekki Free Zone stood at $4bn. Source Punch Read More

Domestic flight operations decline by 67% in first quarterNCAA – The Nigerian Civil Aviation Authority on Monday said domestic flight operations declined by 67 percent in the first quarter of 2017, compared to the same period last year. Source Punch Read More

NAIRAMETRICS COMPANY

Bi-Courtney to Fed Govt: pay N200b debt for ‘failure to hand over airport terminal’ – Airport terminal operator Bi-Courtney Aviation Services Limited (BASL) has urged the Federal Government to pay over N200 billion to it for failing to hand over old domestic terminal, otherwise known as General Aviation Terminal (GAT), Lagos. Source The Nation Read More

Dangote dissociate self from “Happy World Meal Gate” ponzi scheme – The Dangote Group has raised alarm over a Ponzi scheme in circulation alleging partnership between the “Dangote brand, Nestle, PZ Cussons and other reputable food processing companies” in launching a multi-level marketing initiative that intends to “fight hunger, poverty and stop recession” by paying participants in food. Source Daily Trust Read More

Stanbic IBTC emerges best performing stock on NSE – Stanbic IBTC Holdings Plc has emerged the best performing stock in percentage terms on the Nigerian Stock Exchange in April. Source Punch Read More

Govt considers three options for Ajaokuta Steel privatisation – The Federal Government is considering three options for the privatisation of the Ajaokuta Steel Company Limited. Source Punch Read More

Chinese firm wins $949m gas pipeline project from the NNPC – The China National Petroleum Corporation Engineering Co., Ltd reports that it has won a Natural Gas pipeline project in Nigeria. Source Nairametrics Read More

Dangote Group moves into road construction; Possible benefits – Nairametrics|The Dangote group seems to be an expansion drive this year. From the kick off a truck assembling plant in Lagos, the company has moved into road construction. Source Nairametircs Read More

Court restrains CBN from transferring Keystone Bank shares – The Federal High Court sitting in Abuja has restrained the Governor of the Central Bank of Nigeria, CBN, Godwin Emefelie, and the management of Keystone Bank from the transfer of the bank’s shares to those it was purportedly sold to, pending the determination of the motion on notice before the Court of Appeal. Source Vanguard Read More

Meyer gets N155.4m new equity funds from undersubscribed rights – Meyer Plc received total new fund of N155.4 million from its recent rights issue, about 29 per cent short of the N218.6 million target of the new capital raising. Source The Nation Read More

Custodian pays 25k dividend – Custodian and Allied Insurance Plc has sustained payment of dividend to shareholders by paying a total dividend of 25 kobo per share in respect of the results of the 2016 financial year. Source The Nation Read More

Ford partners Riders for Health to improve healthcare – Ford Motor Company has delivered two Ford Rangers to Riders for Health (Riders) in Nigeria as part of the motor company’s Project Better World, which provides support to grassroots efforts to drive sustainable community innovation around the globe. Source The Nation Read More

Fidelity Bank’s shareholders harp on CBN penalty – Shareholders of  Fidelity Bank Plc have frowned at the high penalty fee imposed on banks for committing various offences   by the Central Bank of Nigeria, CBN,   even as they approved the bank’s proposed N4.1 billion dividend for the financial year 2017. Source Vaanguard Read More

“We pay N70m in ticket refund every week” Arik CEO – The interim management of Arik air under the Asset Management Corporation (AMCON) has said the Airline is making ticket refund of between N60 to N75 million on a weekly basis to customer who bought advance ticket on the routé that were cancelled. Source Daily Trust Read More

Dangote to establish $450m Sugar refinery in Niger – The nation’s drive towards self sufficiency in Sugar production will soon receive a boost as Dangote conglomerate  plans to establish a $450 million Sugar refinery plant in Niger State. Source Vanguard Read More

Lafarge Africa plans to raise equity after 2016 losses – Lafarge Africa wants to raise 140 billion naira ($445.9 million) in fresh equity and convert some loans into shares as part of a planned rights issue after it reported losses last year. Source Reuters Read More

Stanbic IBTC Introduces Online Account Opening Service – Stanbic IBTC Holdings Plc has introduced an instant online account opening service. The bank said the initiative was in line with its goal of helping to digitise banking in Nigeria for convenience and seamless service delivery. Source Thisday Read More

TCN Set to Site $200m Power Transmission Project in Ogun – The Transmission Company of Nigeria (TCN) is to construct a $200million power transmission project in Ogun State,  the Managing Director of the company, Mr. Usman Gur Mohammed, has disclosed. Source Thisday Read More

NAIRAMETRICS POLITICS

US Embassy to relay Abacha loot letter to Trump – The Embassy of the United States of America in Nigeria has promised that it will forward Socio-Economic Rights and Accountability Project, SERAP, letter requesting official attachment and release of $500 million proceeds of alleged corruption traced to former late Head of State, General Sani Abacha. Source Vanguard Read More

$43m Ikoyi Cash: Amaechi Lambasts Wike For Failing To Go To Court – Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, has lambasted Rivers State governor, Chief Ezebunwo Nyesom Wike for failing to fulfill his threat of going to Court to claimed the $43 million recovered at Osborne Towers, Ikoyi, Lagos. Source LEADERSHIP Read More

 

mudeerat olawunmi

Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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