Summary of the top business, economic and political news in Nigeria
NAIRAMETRICS BUSINESS & ECONOMY
The CBN Believes This Is Why Naira Is Gaining On Black Market – Nairametrics| Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, disclosed that the CBN injected $100 million into the Forex market yesterday to authorized dealers to meet the 7 to 15-day forwards requests of customers. Source Nairametrics Read More
$43 Million Ikoyi Loot: List Of Nigerians To Appear Before Osinbajo’s Committee – Nairametrics| As Nigerians continue to be kept in suspense over the real owner(s) of the $43 million found in an apartment in upscale Ikoyi, Lagos State, the presidential committee set up by President Muhammadu Buhari to investigate the matter has released some high profile names it will invite for questioning. Source Nairametrics Read More
World Bank cautions Nigeria against over-borrowing – The World Bank has cautioned Nigeria and other African nations against excessive debts, urging a balance between massive spending for development on the one hand and moderation in borrowing on the other. Source Vanguard Read More
Nigeria needs reforms to prevent exchange rate crisis — W/Bank – Nigeria needs to reform its finance to ensure it can hedge against any future foreign exchange crisis, the World Bank Chief Economist for Africa, Albert Zeufack, has said. Source Punch Read More
Correct policies, not OPEC deal will take Nigeria out of recession – Adeosun – Nigeria’s finance minister, Kemi Adeosun, has said that the nation won’t overcome economic recession through the actions of the Organisation of Petroleum Exporting Countries, OPEC. Source Premium Times Read More
Task force plans fresh arrest of liquidated banks’ directors – The Nigeria Deposit Insurance Corporation on Wednesday said the Task Force on the Implementation of the Failed Bank Act would soon begin to re-arrest for prosecution directors and officers of licensed banks who had committed malpractices and had absconded. Source Punch Read More
Nigeria’s revenue can’t sustain interest payment on debt – W’Bank – Although Nigeria’s total current debt is relatively low compared to the Gross Domestic Product, the interest rate payment is not sustainable by current revenues, the World Bank has said. Source Punch Read More
Private sector to invest N3.05tn in maritime infrastructure – The maritime sector is set to receive a boost as private sector operators are planning to invest $10bn (N3.05tn) in maritime infrastructure. Source Punch Read More
Nigeria, U.S. trade hits $1.36b in two months – Nigeria’s trade with the United States (U.S.) rose by 70.44 per cent from $799.93 million in January and to $1.36 billion in February, according to the latest U.S. Census Bureau data. Source Guardian Read More
3m residents to benefit from N60bn Adiyan water treatment plant – The Lagos State government has said that three million residents will benefit from the phase two of the Adiyan water treatment plant project when completed. Source Daily Trust Read More
45 electricity turbines down as grid loses 2,239mw to gas shortage – Nigeria’s electricity grid lost out 2,239 megawatts (mw) of supply after 45 turbines were shut down due to gas supply constraints and other technical issues last Tuesday, shortly after the public holidays. Source Daily Trust Read More
N30bn taxes: Osun threatens to shut banks, telecoms firms – The Chairman of Osun State Board of Internal Revenue, Mr. Bicci Alli, has said the agency will begin to clamp down on companies, ventures and organisations that have refused to remit their taxes and other levies to the board. Source Punch Read More
‘Foreign investors to get tax holiday in Katsina’ – Foreigners interested in investing in Katsina state will enjoy tax holidays, adequate security, among other benefits. Governor Aminu Bello Masari stated this on Tuesday when he received an agro-allied Japanese company in his office. Source Guardian Read More
Chasing Failed Bank Executives Too Late Is Futile – Nairametrics| An inter agency task force in charge of investigating failed financial institutions has said it will commence moves to rearrest individuals that were indicted in the running of the institutions who jumped bail. The move to resume the investigations was due to some of them sneaking back to the country. Source Nairametrics Read More
World Bank Is Asking FG to Increase Taxes in Order to Service Debts – Nairametrics| A Senior Economist at World Bank office in Nigeria, Yue Man Lee has said that it is imperative that the Federal Government (FG) increase taxes in order to generate more revenue. According to Lee, this is necessary so that Nigeria can adequately pay interest on its domestic debt. Source Nairametrics Read More
NAIRAMETRICS COMPANY
Why I rescinded relocation plan – Erisco President – Erisco Foods Limited has rescinded its decision to relocate from Nigeria because of the intervention of the presidency, its President, Chief Eric Umeofia declared yesterday. Source Daily Trust Read More
NLNG revenue hits seven-year low amid oil slump – The company, which was created to harness the nation’s vast natural gas resources and produce Liquefied Natural Gas and Natural Gas Liquids for export, saw its revenue peak at $11.592bn in 2012. Source Punch Read More
Analysis: About Unilever’s Plan To Sell Its “Spreads” Business – Nairametrics| Unilever Group the parent company of Unilever Nigeria Plc announced that it will be divesting from its spreads business. The company also revealed plans of a massive restructuring that includes taking up more debt and increasing its portfolio of acquisitions. The spreads business refers to sale of its margarine and butter businesses. Source Nairametrics Read More
Don’t pay more for recharge cards, MTN warns subscribers – A multinational mobile telecommunications company, MTN, has warned subscribers not to pay more than the amount printed on any of its recharge cards. Source Punch Read More
NEXIM Bank revives moribund breweries with N3bn – The Nigeria Export-Import Bank on Wednesday said it had provided a $10m (N3.06bn) credit facility for the resuscitation and rehabilitation of Golden Guinea Breweries Plc located in Umuahia, Abia State. Source Punch Read More
Dangote begins equipment installation at Lagos refinery – Dangote Oil Refining Company Limited has said the installation of equipment for the crude oil refinery in Lagos will begin this month. Source The Citizen Read More
Gas monetisation: NLNG pays $24bn to JVs – The Nigerian Liquefied Natural Gas Limited(NLNG) yesterday said it has paid about $24billion to Joint Venture (JV)feedgas suppliers since its inception as part of the company’s efforts to boost gas monetization in the country. Source Daily Trust Read More
Fund to develop power assets in Nigeria, others – An investment fund managed by QG Investments Africa Management Limited, QG AfricaMezzanine LP, has announced the establishment of a power firm to develop power assets across sub-Saharan Africa. Source Punch Read More
Mauritius energy firm makes first investment in Nigeria – Mauritius-based Koral Energy International Limited has announced the acquisition of a floating production unit and the associated operation and maintenance contract from Singapore-based Mercator. Source Punch Read More
BREAKING: Buhari appoints Bello NEXIM Bank MD – President Muhammadu Buhari has approved the appointment of Abubakar Abba Bello as the new Managing Director and Chief Executive of Nigeria Export-Import Bank. Source Punch Read More
NAIRAMETRICS POLITICS
We don’t receive highest pay in Nigeria – Rep – A member of the House of Representatives, Mr. Zakari Mohammed, says member of the National Assembly are not the highest paid political office holders in Nigeria. Source The Sun Read More
Buhari to extend whistle-blowing policy to arms possession – President Muhammadu Buhari is considering suggestions to extend the whistle-blowing policy to illegal weapons’ possession by politicians and other public figures. Source The Citizen Read More
INEC begins nationwide voter registration April 27 – The Independent National Electoral Commission (INEC) says it will commence a continuous voter registration on April 27 across the 774 local councils of the federation. Source The Citizen Read More
