Summary of the top business, economic and political news in Nigeria.



CBN auctions $185.86m in Retail SMIS – Following The Central Bank of Nigeria (CBN) yesterday auctioned $185.86 million at the retail Secondary Market Intervention Sales (SMIS). Source The Nation Read More

Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN – Nairametrics| The Central Bank on Nigeria released a new set of guidelines to charges by banks and other financial institutions last week. The new charges are effective May 1 2017. Source Nairametrics Read More

Fed Govt to take $12.921b loans – The Senate has been asked to approve   $12.921 billion loans as part of the Federal Government’s 2016-2018 external borrowing (rolling) plan. Source The Nation Read More

FG cuts MSME council members to 21 – The Federal Government has reduced the membership of the National Council on Micro Small and Medium Enterprises from 43 to 21. Source Punch Read More

Freight forwarders urge FG to float naira – The National Association of Government Approved Freight Forwarders has urged the Federal Government to float the naira and remove the official exchange rate peg so that there will be enough supply of dollars for importers. Source Punch Read More

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‘Nigeria saves $7b from local content law application’ – The Local Content Act signed into law in  2010 have begun to yeild fruits  as over $7 billion has accrued to the nation’s treasury since the implementation of the Act and the oil industry has become more viable, the Oil and Gas Trainers’ Association of Nigeria (OGTAN) President, Dr. Mayowa Afe, has said. Source The Nation Read More

Nigeria can fund 2017 budget with recovered loot — Reps, NLC  – The Nigeria Labour Congress, NLC, and some concerned members of the House of Representatives have expressed optimism that with the revelation so far made on recovered money, the country could fund its annual budget without recourse to external borrowing. Source Vanguard Read More

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Okoh takes over as BPE chief – The new Director-General (DG) of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has assumed duties with a pledge to ensure that privatised enterprises service Nigerians well. Source The Nation Read More

Nigeria loses $3.8b to software imports – Nigeria loses $3.8 billion yearly to the importation of software, Transparency Advocacy Initiative (TAI) and Allied Civil Society Groups (ACSG) lamented yesterday in Abuja. Source The Nation Read More

‘Lagos needs N60b for water projects’ – The Lagos State Government requires about N60 billion to execute its water projects, Commissioner for the Environment Dr Babatunde Adejare has said. Source The Nation Read More

Nigeria’s Finance Ministry denies spending $2 million on British consultancy firm – The Federal Ministry of Finance on Wednesday denied hiring any public relations firm for a fee of $2 million (N612 million) per month. Source Premium Times Read More

FG seeks $5.85bn from China for railway projects – President Muhammadu Buhari is seeking approval from the National Assembly for a proposal to borrow $5.85bn from China to modernise the country’s rail network. Source Punch Read More

FEC approves contracts worth N9bn for transport, EFCC – Federal Executive Council (FEC) on Wednesday approved contracts in the sum of N9.1 billion for projects under the ministry of transportation. Source BUSINESSDAY Read More

Ambode: We Spent 60% of 2016 Budget on Infrastructure Projects – Lagos State Governor, Mr. Akinwunmi Ambode, wednesday said his administration injected 60 per cent of the 2016 budget on strategic infrastructure projects to reflate the state’s economy at the time of national crisis. Source Thisday Read More

Digital Switch Over: NBC told to bar foreign pay TVs – A group, the Concerned Digital Switch Over Stakeholders, has called on the National Broadcasting Commission (NBC) to stop foreign pay-TV operators from broadcast signal distribution in Nigeria. Source Daily Trust Read More

NIRSAL to invest N63bn in agric lending in 2017 – The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) is investing $200 million (about N63bn) in agricultural lending this year. Source Daily Trust Read More


37 companies bid to supply NNPC fire-fighting trucks – No fewer than 37 companies have submitted bids to supply firefighting trucks to Nigerian Pipelines and Storage Company (NPSC), a downstream subsidiary of the Nigerian National Petroleum Corporation, NNPC. Source Premium Times Read More

NIPCO shareholders get N563m dividend – Shareholders of NIPCO Plc yesterday approved the distribution of N563 million as cash dividend for the 2016 business year as shareholders applauded the strides by the company to increase its dominance in the Nigerian downstream oil sector. Source The Nation Read More

Crown Flour Mills tasks trade partners – The management of Crown Flour Mill has tasked its trade partners on the need to come up with strategies that would enable them to survive the present economic recession. Source Vanguard Read More

Threat to occupy Chevron: Community issues Delta govt final notice – The people of oil-rich Kokodiagbene community, Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State, yesterday, gave a final notice to the state government of their plan to occupy the Utonana Flow Station,  operated Chevron Nigeria Limited, following the company’s inability to supply them electricity. Source Vanguard Read More
Crude Swap: Taleveras begins final payment of debt to NNPC – The Nigerian National Petroleum Corporation, NNPC, has confirmed Taleveras Oil & Gas Limited kept its pledge and obligation to settle its commitment to the crude oil swap programme. Source Premium Times Read More

NLNG partners NLPGA to boost cooking gas supply to North – The Nigerian Liquefied Natural Gas (NLNG) company and the Nigerian Liquefied Petroleum Gas Association (NLGPA) have agreed to work together to surmount some of the challenges that have hindered the penetration of Liquefied Petroleum Gas (LPG), popularly called cooking gas, especially to the northern part of the country. Source Daily Trust Read More

Fidelity Bank Declares N4.3 Billin Profit (2017 3Months) – Fidelity Bank today released Unaudited Financial Statements for the three months period ended 31 March 2017.- Source Nairametrics Read More

ALERT: Guinness Nigeria Reports N2.6 Billion Loss (2017 9Months) – Guinness Nigeria today released Unaudited Financial Statements for the Nine months ended 31 March 2017. Source Nairametrics Read More

ALERT: UBA Post N22 Billion Profit (2017 Q1) – UBA today released Condensed Consolidated Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More

Alert: Union Bank Declares N4.5 Billion Profit (2017 Q1) – Union Bank today released Interim Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More

ALERT: FBN Holdings Post N15 Billion Profit (2017 Q1) – FBN Holdings today released Interim Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More


‘Stolen documents’ stalling 2017 budget, says National Assembly – Raising the alarm that the 2017 appropriation bill is being stalled, the National Assembly yesterday asked the police high command to return the vital documents the force allegedly took away during the raid on the official residence of the Chairman, Joint Committee on Appropriations, Senator Danjuma Goje. Source Guardian Read More

Reps to probe stamp duty collections – The House of Representatives has mandated its committee on telecommunications to liaise with the Nigerian Postal Service (NIPOST) to ascertain the total amount collected so far as stamp duty charges of N50 per transaction. Source Daily Trust Read More




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