Summary of the top business, economic and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
CBN targets exchange rate stability, naira now 380/dollar – The Central Bank of Nigeria on Sunday said it would continue to introduce measures to stabilise the foreign exchange market. Source Punch Read More
Census: Why Nigeria May Not Need To Spend N272 billion – Nairametrics| It is no news that the planned Census exercise, scheduled for 2018 is estimated to cost about 272 billion naira. These official figures were given by the Director General of the National Population Commission, Ghaji Bello in an interview in early April, sparking off debates about the wisdom of spending such an amount in the current challenging economic climate. Source Nairametrics Read More
UK home owners to pay taxes in Nigeria – A major crackdown on tax evaders is on the way, Finance Minister Kemi Adeosun said yesterday. They will be named and shamed – in a desperate move to improve the tax to Gross Domestic Product (GDP) ratio and expose evaders. Source The Nation Read More
Presidency: FG Exploring $300m Diaspora Bond to Make Nigerians Abroad Buy into ERGP – The federal government is to float a $300 million Diaspora Bond as part of measures to galvanise the buy-in of foreign-based Nigerians into the Economic Recovery and Growth Plan (ERGP), the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, has said. Source Thisday Read More
Adeosun: Fear NOT, recovered funds will not be re-looted – Kemi Adeosun, minister of finance, has reassured Nigerians that the cash recoveries being made by agencies of government in President Muhammadu Buhari’s anti-corruption drive will not be re-looted. Source The Cable Read More
FG expresses concern over inflation of project costs – The Federal Government has expressed concern over the corruption in the construction sector, particularly the deliberate inflation of project costs for pecuniary gains. Source Punch Read More
FG to Name and Shame Tax Defaulters – The Minister of Finance, Mrs. Kemi Adeosun, yesterday said the federal government might adopt name-and-shame strategy to expose tax defaulters in the country, just as she decried the fact that only 13 million persons pay tax in Nigeria. Source Thisday Read More
Pass real estate bills, LCCI tells N’Assembly – The Lagos Chamber of Commerce and Industry has called on the National Assembly to pass all pending real estate-related bills so as to help boost the industry’s growth. Source Punch Read More
No price variation in road contracts – Ogun – The Ogun State Commissioner for Works and Infrastructure, Mr. Olamilekan Adegbite, has said that there has been no price hike on ongoing road projects awarded by the government in 2013 despite the increase in the cost of construction materials. Source Punch Read More
LASG to invest N20bn in housing – The Lagos State Government has said it is planning to invest N20bn in providing more houses under the rent-to-own scheme. Source Punch Read More
Customs requires N50m bond to licence vehicle terminal – The Nigeria Customs Service (NCS) has said it is ready to licence operators who have secured a N50 million bank bond to operate a vehicle terminal. Source DailyTrust Read More
Customs’ FOU nets over N2bn in Q1 – Nigeria Customs Service (NCS), Federal Operations Unit, Zone ‘A’ Ikeja, Lagos, in the first quarter of 2017 intercepted goods worth over N2.05billion. Source The Sun Read More
World Bank applauds Fashola’s power plan, offers financing – The World Bank and some multilateral agencies in Washington have applauded Babatunde Fashola’s power sector recovery plan, offering financial support. Source The Cable Read More
Lagos generated N436bn internal revenue in 2016 – commissioner – The Lagos State Government generated N436.3 billion internal revenue in 2016 from the N399.4 billion realised in 2015. Source Vanguard Read More
World Bank Launches Accelerator Program For Startups. How You Can Join – The World Bank Group (www.WorldBank.org) launched XL Africa (www.XL-Africa.com), a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa. Source Nairametrics Read More
NAIRAMETRICS COMPANY
Employee sues Access Bank over alleged unlawful suspension – An employee of Access Bank Plc, Abubakar Abdullahi, has sued the bank over alleged unlawful indefinite suspension. Source Premium Times Read More
UACN eyes N6b for Livestock Feeds, UPDC – UAC of Nigeria (UACN) has opened application lists for supplementary capital raisings for two of its subsidiaries-Livestock Feeds Plc and UACN Property Development Company (UPDC), as the conglomerate launched a major bid to recapitalise its businesses. Source The Nation Read More
The 10 Bank Directors That Have Earned the Highest Dividends in 2016 – Nairametrics| Given the woeful performance of the economy in 2016, several industry experts were expecting similarly woeful results for banks and losses for investors. The reverse seems to be the case as analysis from Financial Vanguard on the 2016 results so far released, show a 13% rise in total dividend income from N143.3 billion in 2015 to N162 billion. Source Nairametrics Read More
Ekiti firm unveils new vehicle – A local automobile company, Obasa Specialty Vehicle (OSV), located in Ijero-Ekiti, Ekiti State, has unveiled an all-terrain vehicle named Tekowi. Source The Nation Read More
‘Offshore gas shortage cripples IOCs’ – International Oil Companies (IOCs) are battling shortage of offshore gas due to dwindling capacity of pipelines, the Chief Operating Officer, First Exploration and Petroleum Development Company Limited, Dr Saka Matemilola, has said. Source The Nation Read More
Stanbic IBTC brokers leverages retail to deepen penetration – Stanbic IBTC Insurance Brokers Limited, a newly licensed broking firm, has pledged to deepen insurance penetration through aggressive retail business operations, its Managing Director, Anselem Igbo, has said. Source The Nation Read More
Fed Govt, NLNG begin talks on N120b Bonny-Bodo road – After decades of proposing to construct the Bonny-Bodo Road in Rivers, the Federal Government and the Nigeria Liquefied Natural Gas (NLNG) Limited have started discussion on the take off of construction of the road. Source The Nation Read More
OPIC to deliver 400 houses by year end – The Ogun State Property and Investment Corporation says it will deliver 400 houses before the end of the year through technology-based building method in the New Makun City. Source Punch Read More
Telecom firms lose N156.3bn monthly to dormant lines – Telecommunications companies in the country are losing about N156.3bn in potential revenue every month due to the increasing number of inactive telephone lines on their networks, investigation has revealed. Source Punch Read More
Solar firm gets GM for Nigeria, Ghana – Following its partnership with the Niger Delta Power Holding Company (NDPHC) to launch its pay-as-you-go (PAYG) solar systems, Azuri Technologies, an off-grid solar company, has appointed Vera Nwanze as its new general manager of Nigeria and Ghana. Source New Telegraph Read More
Nigeria’s first house price index unveiled – The country’s pioneer house price index has been unveiled by the Roland Igbinoba Real Foundation for Housing and Urban Development, Nigerian Mortgage Refinance Company, Lekki Gardens and BusinessDAY Media Limited. Source Punch Read More
FMDQ OTC posts ₦13.42tn turnover – FMDQ OTC Securities Exchange recorded ₦13.42tn worth of transactions in fixed income and currency markets in March. Source Punch Read More
GE pays protesting workers’ salary arrears – Some days after it was picketed, the General Electric has paid five months salary arrears it owed workers of ARCO Group Ltd., its servicing company. Source Punch Read More
Alert: Lafarge Africa Reports N5 billion Profit (2017 3Month) – Lafarge Africa today released unaudited Financial Statements for the three months period ended 31 March 2017. – Source Nairametrics Read More
Alert: Stanbic IBTC Post 106% Growth in Profits (2017 Q1) – Stanbic IBTC today released unaudited Consolidated Interim Financial Statements for the three months period ended 31 March 2017. Source Nairametrics Read More
Alert: CAP Plc Post N390 Million Profit (2017 Q1) – CAP Plc today released Financial Statements for the three months period ended 31 March 2017. Source Nairametrics Read More
Transcorp Plc Announces Retirement Of CEO – The board of directors of Transnational Corporation of Nigeria Plc has approved the retirement of Mr. Emmanuel N. Nnoroam as President/ CEO of Transcorp Plc and the appointment of Mr. Adim Jibunoh as President / CEO of Transcorp Plc with effect 1 Jine 2017. Source NSE Read More
Ashaka Cement Plc Releases Q1 2017 Result – Source NSE Read More
NAIRAMETRICS POLITICS
Saraki, Ngwuta, others may forfeit alleged undeclared assets – Senate President Bukola Saraki and Justice Sylvester Ngwuta of the Supreme Court, among other defendants currently being prosecuted before the Code of Conduct Tribunal, may have their properties, which are subject of the charges preferred against them, temporality forfeited pending the final determination of their cases. Source Punch Read More
$1.04b Malabu Oil Block: I did not lead negotiation team, says Adoke – A former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke (SAN), has said he did not lead the Federal Government negotiation team on the $1.04billion Malabu Oil Block. Source The Nation Read More
Senate to pass Petroleum Industry Bill soon – Senator Clifford Odia (PDP-Edo Central) on Monday said that the Senate would soon pass the Petroleum Industry Bill (PIB). Source Guardian Read More
Sometimes, you read your country newspaper to get abreasted about,what us going in your country,you angry,the next question you asks yourself.How did this country got to this stage ?the minister of finance said only 13 millions of Nigerians pays taxes,and she said the govt have no plan to introduces new taxes or increases the rates of taxes in future.SHE SAID IT IN WASHINGTON NOT IN ABUJA.she said the Nigerian govt is in corrabolation with the british govt,to see if some riches Nigerian who have properties in England,to see how to tax them.
Now why are rich Nigerian floating to London buying properties in England,Yemi being London born educated in London,university is east London.she knew that if you buy property in London.you get stamp duties about 10 % of the value of your property and you get a mortgage,the next you ask yourself as ninister of finance of the republic of banana in nigeria why are Nigerians are floating to London to live through cold weather(,rich Britons moves to spain or south france to enjoys sunshine)
they built their country with good service,good road,good railway,a good transport system,free healthcare system.damn this govtwe have about 13 lawyers in this cabinet,and successive govt cannot solve this problem of malabu oil field.this process of awarding this oil field is of fraud,and govt is paying money to foreign company for what.they said shell and oni took the govt to court in international arbitration,and they won,WHERE IS THE COURT ?,IS IT IN NIGERIA .AN BANKER OR FIRST YEAR LAW STUDENT KNOWS ABOUT “BUYERS BEWARE” OR NEMO DAT QUOD YOU CANNOT GIVE WHAT YOU DO NOT HAVE