Summary of the top business, economic and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
Emefiele – “We Have Firepower and Ammunition To Defend The Naira”– Nairametrics| The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the apex bank is currently practicing a ‘managed float regime’ of the Naira. Source Nairametrics Read More
Lagos embargoes approval for petrol filling station construction – The Lagos State Government has placed embargo on approval for construction of filling stations in all parts of the State till further notice, while a definite action will soon be taken on indiscriminate construction of event centres across the State, Commissioner for Physical Planning and Urban Development, Wasiu Anifowose has said. Source Vanguard Read More
How CBN’s New Window Fared On Its Debut? – Nairametrics| After its announcement last week Friday of a new window dedicated to for trading dollars with investors and exporters, the Central Bank of Nigeria (CBN) yesterday gave the window its debut. How though, did the window perform? Source Nairametrics Read More
Africa loses over $50bn yearly to illicit financial flows – Adeosun – The Minister of Finance, Mrs Kemi Adeosun, says Africa loses over $50bn yearly to illicit financial flows through money laundering, corruption and tax evasion. Source Punch Read More
Nigeria’ll be out of recession by third quarter – Emefiele – The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that with the current efforts by the Federal Government to revive the country’s economy, the country should be out of recession by the third quarter of this year. Source Punch Read More
W’Bank to mobilise funds for Nigeria’s power sector – The World Bank Group has said that it will deploy a full range of instruments to mobilise investments to resolve Nigeria’s energy crisis. Source Punch Read More
Allocations to FG, states, LGs rise by N38bn to N467bn – Allocations from the Federation Account to the three tiers of government increased by N38bn to N467.8bn in March from the N429.1bn shared in February this year, figures released by the Federation Account Allocation Committee have revealed. Source Punch Read More
Lagos rehabilitates 1,850 roads in 12 months – The Lagos State Government says it has completed the rehabilitation of 1,850 roads in the last one year as part of measures to ensure free flow of traffic within the state. Source Punch Read More
Hajj operators seek forex window for funds transfer – As the Central Bank of Nigeria continues to open foreign exchange windows to ease dollar access for various segments of the economy, the Association for Hajj and Umrah Operators of Nigeria has called on the apex bank to include its industry in its plan. Source Punch Read More
States to get 13% derivation from mining revenue – The Federal Ministry of Mines and Steel Development on Tuesday said it had secured approval for the payment of 13 per cent derivation from mining revenue to the 36 states of the federation. Source Punch Read More
PTAD to pay N220b for 33%, other arrears – The Pension Transitional Arrangement Direstorate (PTAD) is to pay about N220billion outstanding liabilities from 33 per cent pension increase, unpaid gratuities and death benefits to deceased pensioners to next of kins, among others. The sum, according to its Executive Secretary, Mrs. Sharon Ikeazor, is to settle pensioners under the Defined Benefits Scheme (DBS). Source The Nation Read More
Ikpeazu secures $1.5bn shoe industry in Aba – Abia State Governor, Okezie Ikpeazu, has secured the interest of a Chinese company which has agreed to set up $1.5 billion shoe industry in Aba, the commercial hub of the state. Source Daily Trust Read More
Lagos to Establish Biggest Rice Mill in Nigeria – The Lagos State Government on Tuesday said it had started constructing Nigeria’s biggest rice mill, which it said, has a capacity to produce at least 16 metric tonnes per hour and 10,000 metric tonnes per annum. Source Thisday Read More
Why we hired foreign PR consultants — Adeosun – Minister of Finance, Kemi Adeosun, has explained why her ministry hired Africa Practice, British public relations and strategic communications consultants. The minister had earlier been accused of wasting the country’s resources by hiring a British PR consultant at $2 million per month at official rates. Source Vanguard Read More
Digital Economy: Nigeria Targets 3m Jobs, $88bn Investments – The federal government hinted yesterday that financial services within Nigeria’s digital economy will create over 3 million new jobs and add $88 billion asset to the nation’s economy over the next 10 years. Source LEADERSHIP Read More
NAIRAMETRICS COMPANY
Dangote Flour Mills Introduces a New Product – “Ecccellente”– Nairametrics| Dangote Flour Mills has re-branded its pasta products with new packaging and a new formula to improve its market equity share. Source Nairametrics Read More
UAC’s Subsidaries Need More Than Fresh Funds – Nairametrics| UAC, one of Nigeria’s oldest conglomerates has two of its subsidiaries looking to raise a total of N6 billion. Livestock Feeds is seeking to raise N750 million, while real estate company UPDC is in the equity market for N5.1 billion. Both companies have large debts which they want to offset. Source Nairametrics Read More
NB to seek shareholders approval for conversion of cash dividend to scrip issue – Nigerian Breweries, NB Plc, yesterday, said it will seek shareholders approval at its forth coming Annual General Meeting (AGM) to convert their cash dividend to ordinary shares. Source Vanguard Read More
Dangote rolls out Nigeria-assembled trucks, targets 10,000 vehicles – Dangote Sinotruck West Africa Limited on Tuesday rolled out its first set of locally assembled Chinese trucks as it began an eight-hour shift, assembling between four and five trucks per day at its Lagos-based plant. Source Punch Read More
Bonga oil field resumes production after TAM – Production from the Bonga oil field, the nation’s first deepwater development, has resumed following the completion of the turnaround maintenance on the offshore field. Source Punch Read More
Air Peace chief worries over entry requirements by West Africa countries – Pressure has mounted on the Federal Government to review the bilateral air service agreements (BASAs) it signed with foreign airlines following the difficulty in reciprocation by Nigerian airlines. Source Daily Trust Read More
Law Union & Rock Insurance in 2.1% equity swap – About 2.1 per cent equity in Law Union and Rock Insurance Plc was swapped at a premium in a pre-arranged transaction that was merely formalised through the Nigerian Stock Exchange (NSE). Source The Nation Read More
Power: Gencos back plan to monitor Discos’ accounts – Power generation companies in the country on Tuesday declared their support for plans by the Federal Government to centralise and escrow the accounts of the electricity distribution companies. Source Punch Read More
Mutual Benefits appoints Ashiru-Mobolaji as executive director – The Board of Directors of Mutual Benefits Assurance Plc has appointed Mr. Biyi Ashiru-Mobolaji as the Executive Director, Operations. Source Punch Read More
‘Kwara Hotel workers’ salaries will soon be paid’ – The Group Managing Director, Harmony Holdings Limited, Mr. Tope Daramola, has said that the organisation will soon clear the outstanding salaries of Kwara Hotel workers. Source Punch Read More
Nigerian Breweries to intensify local raw materials sourcing for improved earnings – To mitigate foreign exchange challenges encountered during the 2016 financial year, Nigerian Breweries Plc, has announced plans to intensify its local sourcing of raw materials as well as seek further improvements in its sorghum value-chain. Source Guardian Read More
Fidelity Bank Disburses N2.2bn MSME Fund – The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo yesterday said the bank had disbursed about N2.2 billion out of the Central Bank of Nigeria’s (CBN’s) N220billion micro, small and medium size enterprises development fund (MSMEDF). Source Thisday Read More
ALERT: GT Bank Post N41 Billion Profit (2017 Q1) – GT Bank and subsidiary Companies today released Unaudited Financial Statements for the three months period ended 31 March 2017. Source Nairametrics Read More
ALERT: NEM Insurance Reports N605 Million Profit (2017 Q1) – NEM Insurance today released Unaudited Financial Statements for the three months period ended 31 March 2017. Source Nairametrics Read More
NAIRAMETRICS POLITICS
Buhari seeks National Assembly approval for $12.7bn external loan – President Muhammadu Buhari has sought the approval of the National Assembly for external loan of $12.777 billion from the China Exim Bank and World Bank. Source BUSINESSDAY Read More
N1.64bn Fraud: Witness Denies Seeing Nyame Receive N100m – A defence witness, Philip Akolo, who was an orderly to former Taraba governor, Jolly Nyame, on Tuesday told an FCT High Court Gudu, that he never saw him receive N100m. Source PM News Read More
Clerk’s letter stalls Goje’s N25bn corruption case – The letter written by the Clerk of the National Assembly, M.A. Sani-Omolori, to the Registrar of the Jos Federal High Court has stalled the hearing of the N25 billion corruption case labelled against Senator Danjuma Goje. Source Daily Trust Read More
