Summary of the top business, economy and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
Nigeria, others to export 1.48m barrels of oil to China – China has concluded plans to import 1.48 million barrels of oil from Nigeria, Angola and other West African nations this month. According to loading programs, overall Asian imports of West African crude are poised to reach 2.4 million barrels a day this month. Source Vanguard Read More
BDCs Say $50,000 A Week, N10 Profit Margin And These 3 Other Steps Will Stop Round Tripping – Nairametrics| The Association of Bureau De Change Operators of Nigeria (ABCON) has explained steps it has undertaken to ensure that its members conform to lawful practices and avoid crimes such as round tripping. Source Nairametrics Read More
$1.3 Billion Scam: Shell Has Admitted To Lying About Its Dealings With Etete – Nairametrics| The saga that is the Malabu scam involving one of Africa’s richest oil blocks, OPL 245, continues to rage on with new revelations made on a regular basis. The latest involves oil multinational company, Royal Dutch Shell, admitting that it knew that Malabu and hence, Dan Etete, were involved in the sale of the oil block. Source Nairametrics Read More
FG to recapitalise agric bank with N3tn – The Federal Government will recapitalise the Bank of Agriculture to the tune of N3tn in order to enable farmers in the country to have access to funds at affordable interest rates. Source Punch Read More
FG announces new policy to boost tomato production – The Federal Government on Tuesday announced a new policy for tomatoes, in line with its objective of boosting production, improving the value chain and attracting investment. source Read More
No import licences for debtor oil marketers – FG – The Federal Government on Monday stated that it would not issue petroleum product import licences to oil marketers who failed to clear their outstanding statutory financial obligations to the Petroleum Equalisation Fund. Source Punch Read More
SON Gives LPG Marketers Two-week Ultimatum over Substandard Storage Tanks – As part of the efforts to ensure safe usage of Liquefied Petroleum Gas (LPG), better known as cooking gas, the Standards Organisation of Nigeria (SON) has warned marketers with uncertified LPG storage tanks across the country to get the standardisation and certification of the facilities or have then shut down. Source Thisday Read More
BDCs Seek FX Rate Review, Increased Allocation – The Association of Bureaux de Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to review the margin allowed to sell to customers from N2 to N10 and also increase foreign exchange (FX) allocation given to the sub-sector weekly. Source Thisday Read More
Boko Haram: Trump to sell $600m fighter planes to Nigeria – The United States has agreed to sell high-tech aircraft to Nigeria to tackle the Boko Haram insurgency in the North-East. Source Punch Read More
Uguwanyi okays N300m monthly payment to clear EEDC’s debt – In an effort to support the quest for steady power supply in Enugu, the state government has agreed to draw a payment plan of N300 million by month end. Source Vanguard Read More
Accounting For VAT in Nigeria – Cash or Accrual Basis? – The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is levied at each stage of the production chain at 5% of the value of the taxable good or service supplied, but it is eventually borne by the final consumer, being a consumption tax. Source Nairametrics Read More
Analysis: Are Expenses Incurred Outside Nigeria Tax Deductible? – The increased pace of globalisation has not left Nigeria and Nigerian companies out. Consequently, Nigerian companies are increasingly involved in business activities abroad in order to remain competitive in today’s business environment. This means that companies in Nigeria earn income and/or incur costs outside Nigeria. Source Nairametrics Read More
NAIRAMETRICS COMPANY
Shell says it knew some payments for Nigeria oilfield would go to Malabu – Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oilfield would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Source Reuters Read More
Dangote to list oil refinery on stock exchange – The President and Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, has said the crude oil refinery being built by Dangote Oil Refining Company Limited will be listed on the Nigerian Stock Exchange. Source Punch Read More
Dangote partners Alba-Bello to sell food items at low prices – The Dangote Group is partnering Alba-Bello Trading Company in Zaria to sell food items at low prices to customers across Kaduna and neighbouring states Source Daily Trust Read More
11 Quoted Companies That Failed To Submit Their 2016 Results On Deadline – The Nigerian Stock Exchange released a list of 11 quoted companies who had missed the deadline to file their 2016 Audited Financial Statements (AFS), which is contrary to the Rule 1.1.4, for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange. Source Nairametrics Read More
FG Sets Three-year Deadline to Reduce Equity in NNPC’s Refineries – The federal government has disclosed that it would in the next three years, tactically cut down its overall equity share in the three of the oil refineries operated by the Nigerian National Petroleum Corporation (NNPC). Source Thisday Read More
Top Shell bosses indicted over OPL 245 oil field scandal – New evidence against Oil giant Shell show that its top bosses were aware of bribes paid for the acquisition of Nigerian oil field OPL 245 in 2011. Source Vanguard Read More
UNIC Insurance now UNIC Diversified Holdings – UNIC Insurance Plc was yesterday delisted and replaced by UNIC Diversified Holdings (UDH) Plc at the Nigerian Stock Exchange (NSE) as the insurance company completed its transformation into a financial services holding group. Source The Nation Read More
Filing Deficiency: NSE May Suspend Trading of Conoil, A.G Leventis, Niger Insurance Others – The Nigerian Stock Exchange (NSE) on Tuesday said it might suspend trading in the securities of 11 companies if they fail to file their audited financial statements (AFS) for the year ended December 31, 2016 within 90 days. Source Thisday Read More
NIPCO reviews business models for $90bn MON deals – Indigenous firm, NIPCO Plc has reviewed business models for Mobil Oil Nigeria (MON), a company it now has 60 per cent stake in through the N90 billion acquisition of ExxonMobi downstream assets. Source New Telegraph Read More
Dangote pledges to list more companies on stock market – President of Dangote Group and former President of Council of the Nigerian Stock Exchange, NSE, Alhaji Aliko Dangote, yesterday, indicated that more companies under the Dangote Group would be listing on the NSE. Source Vanguard Read More
NNPC swaps 50% of refineries’ crude allocation – The Nigerian National Petroleum Corporation (NNPC) swapped over 50 per cent of the 445,000 barrels per day crude allocated to refineries in the last 30 days. Source New Telegraph Read More
Capital Oil PLC Releases 2016 Audited annual Reports – Source NSE Read More
NAIRAMETRICS POLITICS
Malabu Scandal: Nigerian parliament to summon ex-President Goodluck Jonathan – The House of Representatives plans to summon former President Goodluck Jonathan to explain his role in the controversial award of OPL 245 oil block licence. Source PREMIUM TIMES Read More
Breaking: Ekiti Assembly imposes N1m fine on Fayemi – The Ekiti State House of Assembly has imposed a fine of N1m on the former governor, Kayode Fayemi, for failing to answer three summons served on him. Source Punch Read More
$17bn undeclared crude: House c’ttee walks out CBN, NPDC, DPR officials – The House of Representatives Adhoc Committee on $17 billion stolen from undeclared crude oil and liquefied natural gas from Nigeria, yesterday, walked out officials of Central Bank of Nigeria, CBN; National Petroleum Development Corporation, NPDC, and Department of Petroleum Resources, DPR, as they were declared incompetent to speak on behalf of their principals on issue at stake. Source Vanguard Read More
Unfrozen $5.9m: Bank stops Patience Jonathan from withdrawing money – The Economic and Financial Crimes Commission has barred Patience Jonathan, the wife of former President Goodluck Jonathan, from withdrawing money from a $5.9m account with Skye Bank, which was ordered to be unfrozen by a court last week. Source Punch Read More
Court stops ex-PDP chairman’s son from travelling abroad for treatment – A Federal High Court, sitting in Abuja on Tuesday dismissed application filed by Abba Mohammed, son of the former Chairman of the Peoples Democratic Party, Bello Haliru seeking for permission to travel abroad for medical treatment. Source Punch Read More
