Summary of the top business, economic and political news in Nigeria today.
NAIRAMETRICS BUSINESS & ECONOMIC
Why The Nigerian Stock Market Is Rallying – Nairametrics|The Nigerian Stock Exchange (NSE) yesterday rallied by a massive 2.21%. The positive move has reduced the negative year to date return of the stock market to -4.20%. As at the time of publishing this market, the all share index is up 0.08%. If the present positive trend continues, the market could close the year to date returns for April positively. Source Nairametrics Read More
Nigerian Pension Funds Continue to Reduce Exposure to Equities – Nairametrics| In a bid to bolster their performance, strengthen their risk management strategies and in response to the lack luster performance of the Nigerian stock market, pension fund managers in Nigeria have increasingly been reducing their exposure to the stock market by allocating less and less of their assets to domestic ordinary shares and more and more to FGN bonds and other fixed income securities. Source Nairametrics Read More
Bayelsa, Enugu, Yobe residents pay highest for fuel – Inhabitants of Bayelsa and Enugu states paid the highest price to buy premium motor spirit (petrol) in March, 2017, the National Bureau of Statics, NBS said. Source Vanguard Read More
Lagos to inject N200b into Ilubirin housing estate – The Lagos State government has said it will inject about N200 billion ($500 million) into Ilubirin Housing Estate’s new model plan. Soure The Nation Read More
CBN must scrap multiple exchange rates, says Soludo – A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, on Monday highlighted steps the Federal Government needed to return the country out of the biting economic challenges and get back on the path of growth. Source Punch Read More
CBN: Savings Account Holders To Get 30% Interest Annually – Commercial banks operating in the country as from May 1, 2017 are to pay their customers a minimum of 30 per cent per annum on savings account deposit. Source LEADERSHIP Read More
Lagos redeems N57.5bn bonds – The Lagos State Government has confirmed that it has redeemed the N57.5 Billion Bond. the second series under the State’s initialN275 Billion Programme, which was launched on December 31, 2008. Source Daily Trust Read More
N720 billion revenue under threat as 51 oil licences expire – About 51 Oil Prospecting Licences (OPL) and Oil Mining Lease (OML) of different oil blocks have expired between 2010 and March 2017 and this is therefore threatening about $2 billion (N720 billion) in signature bonuses. Source Guardian Read More
Anohu-Amazu finally hands over to acting Pencom boss – The sacked Director-General of the National Pension Commission, Mrs. Chinelo Anohu-Amazu, on Monday finally handed over the affairs of the commission to one of the top managers, Mrs. Aisha Dahir-Umar. Source Punch Read More
Nigeria falls to 19th position on Africa Investment Index – Nigeria continued its slide as a choice investment destination in Africa for the third consecutive year, according to rankings by Africa Investment Index, accentuating the worries of many economic analysts who had noted that investors were shunning Nigeria as they move their funds to friendlier countries. Source BUSINESSDAY Read More
FG moves to revive Enugu coal mines – The Federal Government has commenced moves to revive mining activities in Enugu coal mines, which have been inactive for about 40 years. Source Punch Read More
FG cuts business registration period to two days – The number of days required for registration of new businesses in Nigeria has been reduced from 10 to two days as a result of some reforms being carried out by the present administration. Source Punch Read More
Liquidity crisis impedes $15bn oil investments – The liquidity crisis rocking Nigeria’s oil and gas industry is threatening $15 billion capital investments. Source New Telegraph Read More
NAIRAMETRICS COMPANY
Investors Eye Ailing Airlines, Arik, Aero Contractors – Some private equity investors are reportedly seriously considering investing in Arik Air and Aero Contractors – two distressed local airlines that have been taken over by the Asset Management Corporation of Nigeria (AMCON). Source Thisday Read More
NNPC vows to fully recover $103m, N11bn from Ontario, Aiteo and Televaras – The Nigerian National Petroleum Corporation, NNPC, has vowed to achieve full recovery of the outstanding crude swap under-deliveries from three companies, Aiteo Energy Resources, Televaras Group of Companies and Ontario Oil and Gas Limited. Source Vanguard Read More
DisCos appeal to Fed Govt to release N100bn electricity subsidy – The Association of Electricity Distribution Companies (ANED) has appealed to the Federal Government to provide the N100 billion subsidy it promised after private investors took over the power sector utilities on November 1, 2013. Source The Nation Read More
FG, two others sign 120MW solar project – Hope of improved power supply in the country is being rekindled as the federal government has signed two put/call option agreements, PCOA, with solar developers Afrinegia Nigeria Limited and CT Cosmos Nigeria Limited. Source Vanguard Read More
Lagos redeems N57.5bn bonds – The Lagos State Government has confirmed that it has redeemed the N57.5 Billion Bond. the second series under the State’s initialN275 Billion Programme, which was launched on December 31, 2008. Source Daily Trust Read More
Alert: Transcorp Reports 24% Growth in Profit (2017 Q1) – Transcorp Nigeria today released Unaudited Financial Statements for the three months period ended 31 March 2017. Source Nairametrics Read More
Why Stanbic IBTC Is Going Into Insurance Brokerage – Nairametrics| At a press briefing held in Lagos, newly established member of the Stanbic IBTC Group, stated it intentions to become one of the topmost insurance brokerage firms in the country, by leveraging on the retail network of its parent company and technology. Source Nairametrics Read More
Alert: Cadbury Nigeria Reports 86% Drop in Profit (2017 Q1) – Cadbury today released Unaudited Financial Statements for the three months period ended 31 March 2017. Source Nairametrics Read More
NAIRAMETRICS POLITICS
NSA knew about $43.4m, NIA boss Oke tells panel – Members of the Presidential Investigative Committee probing the recovery of $43.4million at Osborne Towers in Ikoyi, Lagos sat yesterday for more than 11 hours. Source The Nation Read More
Alleged N3.36b fraud: EFCC arraigns ex-Niger Governor Aliyu, Chief of Staff today – The Economic and Financial Crimes Commission (EFCC) yesterday filed six charges against a former Governor of Niger State, Dr. Muazu Babangida Aliyu for allegedly embezzling over N3.36 billion while in office. Source The Nation Read More
Paris Club loan refund: Consultant sues govs, demands N53.6bn fee – One of the consultants in the payment of the Paris Club loan refund to the states has sued the 36 state governors in his bid to compel them to pay him $176m or the naira equivalent of N53.6bn (at official N305/dollar) as his consultancy fee. Source Punch Read More
Nnamdi Kanu secures N300m bail – An Abuja Federal High Court has today granted bail to the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu in the sum of N300 million with three sureties in like sum, on health grounds. Source Daily Trust Read More
