Summary of top business, economic and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
Skepticism and 3 Other Reasons Food Prices are still on the Rise – Nairametrics| The good news last week was that March inflation figures released by the National Bureau of Statistics shows a second deceleration in as many months, dropping from 17.78% in February to 17.26% in March. With the decrease in inflation, the expectation would have been that food prices, which make up a major part of the consumer price index, would also reduce. However, this was not the case as food prices rose by 2.21% — 22 points higher than in February. Source Nairametrics Read More
BDC President Explains Why Naira May Strengthen This Week – Nairametrics| The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, has said that the Naira is likely to strengthen on the parallel market this week. His optimism is as a result of the modifications the Central Bank of Nigeria (CBN) made last week to the disbursement of forex non commercial banks. Source Nairametrics Read More
Cost Cutting: FG Saves N19bn From Travels, Sitting Allowances – The federal government has saved about N19 billion in the last one year through the implementation of cost cutting measures on expenses previously incured by past administrations on travels and sitting allowances. Source LEADERSHIP Read More
Abuja airport runway, terminal building ready today —FAAN – The runway and terminal building of the Nnamdi Azikiwe International Airport, Abuja will be ready today (Monday), the Federal Airports Authority of Nigeria has said. Source Punch Read More
CBN Unveils Guidelines on Non-interest MFBs – In line with its mandate of promoting a sound financial system, the Central Bank of Nigeria (CBN) has issued guidelines on the regulation and supervision of non-interest (Islamic) microfinance banks (NIMFBS) in the country. Source Thisday Read More
FG, W’Bank Officials to Meet in Washington to Conclude Power Recovery Plan – Nigeria and the World Bank Group would meet this week in Washington D.C. to discuss and possibly conclude operational terms in the power sector recovery plan, which both parties have worked on and agreed to use to respond adequately to the current challenges threatening Nigeria’s electricity sector. Source Thisday Read More
‘Lagos’ first oil derivation cash ready’ – Arrangement is being concluded for the payment of the first oil derivation cash to Lagos State after being declared an oil producing state by the Federal Government last year. Source The Nation Read More
NCAA Clarifies on 5% Remittances by Airlines – The Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Muhtar Usman has explained that the five percent ticket and cargo sales charges (TSC), must be paid by domestic airlines from their ticket sales after value added tax (VAT) was deducted. Source Thisday Read More
FG: Looters Burying Stolen Funds in Forests, Cemeteries – With the dust raised over the N13.3 billion recovered from an apartment in Ikoyi, Lagos yet to settle, the federal government yesterday revealed that the anti-corruption agencies have been inundated with information of how looters have resorted to burying stolen funds in their backyards, deep forests and burial grounds. Source Thisday Read More
NAIRAMETRICS COMPANY
Law Union pays N3.3b claims, grows profit by 100% – Law Union and Rock Insurance Plc has paid claims in excess of N3.3 billion between 2015 and 2016, despite the economic recession in the country. Source The Nation Read More
Insurers to pay N3m licensing fee for Bancassurance – Insurance firms have been authorised to sell insurance products in banks through the Bancassurance Referral Distribution Model with an application and licensing fee of N500, 000 and N2.5 million from April 1. Source The Nation Read More
Digital Encode Expands, Appoints Legal Adviser – Digital Encode, a leading Information Security Management and Compliance Advisory company as part of a global reach has expanded its business operations to the United States of America. It also appointed Olaniwun Ajayi LP as the company’s Legal Adviser. Source Thisday Read More
Aqua Firm to Boost Fish Production in Nigeria – Following the low production of tilapia fish supply in the country, an aqua firm, Premium Aquaculture has disclosed that it is set to boost tilapia fish production supply with more than 20, 000 MT in next five years. Source Thisday Read More
DisCos: ‘Forget govt’s N700b power loan’ – The President, GreenElec, Mr Marcel Hochet, has advised the 11 power distribution companies (DisCos) not to depend on the N700billion loan, which the Federal Government granted the Nigerian Bulk Electricity Trading Company (NBET) to turn around the fortunes of the power sector but to create new investments. Source The Nation Read More
‘Firms spend N1.7tr on fleet management, others’ – The Rosabon Financial Services Limited has said Nigerian firms averagely spend N1.7 trillion on fleet management and other corporate lease solutions to enable them fix logistical hitches. Source The Nation Read More
OLX donates N.5m to IDPs – Leading online classifieds, OLX Nigeria, is sharing happiness and hope this Easter season by supporting the WeCare4IDPs Initiative. Source The Nation Read More
NAIRAMETRICS POLITICS
Seized N13bn: Present evidence of ownership, Sagay tells Wike – Five days after $43.4m, £27,000 and N23m (about N13bn) was uncovered in a building in Ikoyi, Lagos, the controversy surrounding the huge cash had yet to be resolved as of Sunday. Source Punch Read More
Mega party: ADP pays N1m registration fee to INEC – Promoters of a political association, Mega Party, under the auspices of the Action Democratic Party, have paid the mandatory N1m to the Independent National Electoral Commission for the registration of the party. Source Punch Read More