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The 10 major business stories Trending in Nigeria Right Now

Editor by Editor
June 26, 2015
in Currencies, Spotlight
The 10 major business stories Trending in Nigeria Right Now
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Here are the top 10 trending stories in Nigeria for the week in case you’ve missed it;

  1. Controversy in National Assembly Lingers on.
    The crisis in the National Assembly took another twist on Thursday, as the Senate President, Bukola Saraki ignored his party’s `directive and mandated zonal caucuses in the Senate to choose those they wish to represent them for the positions zoned to them.
    At the end of the exercise, Senator Ali Ndume (North-East) emerged as Majority Leader of the Senate, and Senator Bala Ibn Na’Allah (North – West) emerged as Deputy Senate Leader. The South-South adopted Senator France Alimikhena as the Deputy Whip. The Senate President was however silent over who emerges as the Chief Whip.
    The All Progressives Congress (APC) National Secretary Mai Mala Buni has however issued a statement on the crisis insisting that the party still stands on its preferred list of principal officers. The statement issued also strongly condemned what transpired at both chambers of the National Assembly on Thursday, June 25th.

  2. CBN Stops Sales of Forex to Importers of Wheelbarrows, Tomato, others
    The Central Bank of Nigeria (CBN) on Tuesday 23rd of June issued a new circular banning a list of 40 imported goods & services from accessing the official Nigerian Foreign Exchange Market.
    The circular which was signed by the Director, Trade and Exchange, CBN, Mr. Olakanmi Gbadamosi, stated that it was imperative to exclude importers of some goods & services from accessing Foreign exchange at the Nigerian Foreign Exchange Market in order to encourage local production of the items. Some of the banned items include Rice, Cement, Margarine, Meat, Wheelbarrows, Chicken, eggs, turkey, toothpicks, Sardines and Geisha, Clothes, Soap and Cosmetics, Tomatoes/Tomato pastes, Foreign currency, Indian incense amongst others.

  3. The APC Government claimed the FG is carrying a deficit of N7 trillion.
    The Chairman of the APC Transition Committee, Ahmed Joda, suggested in an interview with Daily Trust over the weekend that the Federal Government is carrying a deficit of N7 trillion and not the N911 billion contained in the 2015 budget. According to the handover notes received from the outgoing government, the Chairman of the APC Transition Committee is suggesting the previous government suppressed the level of debt it carried and has now transferred those rotten tomatoes to the Buhari Government.

4. Obama Will Host Buhari.
President Muhammadu Buhari will visit the white House on the 20th of July 2015. The duo would during the first official meeting deliberate on how to end the nagging Boko Haram insurgency in the country. A statement issued from the White House said Obama will discuss “a holistic, regional approach to combating Boko Haram” with Buhari.

  1. Banks Must Request For TIN From Customers – CBN Directs
    The Central Bank of Nigerian (CBN) has directed commercial banks to demand for the Tax Identification Number (TIN) from new and existing customers before they can operate their account. This is needed in order to ensure a comprehensive tax system.

6. Honour for Airport Cleaner who returned N12million
The Police Community Relations Committee (PCRC), at the Murtala Muhammed International Airport (MMIA) Division yesterday presented Ms. Josephine Ugwu, the airport cleaner who returned the sum of N12million naira found at the Lagos Airport toilet with a Certificate and Plaque for her honesty. She was on a monthly salary of N7, 000.

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7. Buhari Sacks NNPC Board & Management
The President fired the Board  of NNPC on Friday in a move that surprised a lot of people. The sack was with immediate effect and must be in response to the rash of allegations that have been levelled against the corporation.

8.NNPC yet to remit $1,48bn into Federation Account.
Four Months after former President Goodluck Jonathan directed the Nigerian National Petroleum Corporation to refund $1.48bn (N291.56bn) into the Federation Account, the corporation has yet to do so. Speaking this week shortly after this month’s Federation Account Allocation Committee (FAAC) meeting, the Permanent Secretary, Federal Ministry of Finance, Mrs Anastacia Nwaobia, said no such amount had been refunded as directed by Jonathan.

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9. Nigeria’s mobile internet subscription jumps to 86.9m
The National Bureau of Statistics reported that Nigeria now has over 86.9 million mobile internet subscribers. This means that of all of the active GSM lines, 60.75% had an internet subscription. The majority of internet subscriptions were for MTN, with 39,520,285 or 45.48% of the total, followed by Globacom with 19,690,526 or 22.66% of the total. Airtel ranked third with 17,272,665 subscribers or 19.88% of the total, whilst Etisalat had the lowest number, with 10,421,229 or 11.99% of the total.

  1. Nigeria spent N660bn to import frozen chicken.
    National President, Poultry Association of Nigeria Ayoola Oduntan has revealed that Nigeria spent N660 billion to import 1.2 million metric tonnes (MT) of frozen chicken. According to him, the figure was four times greater than local output and exceeded the industry capacity of 650,000 MT. Oduntan, who puts Nigeria’s poultry demand at 1.5 million MT annually, disclosed that the industry produced 300,000 MT in 2014.

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