Summary of the top business, economic and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
CBN sells dollar at N360 to BDCs – The Central Bank of Nigeria yesterday sold $20,000 to each registered Bureau de Change operators who bided for forex yesterday at a rate of 360 naira per dollar in order to boost liquidity. Source daily Trust Read More
Economy Would Be out of Recession by Second Qtr, CBN Restates – The Central Bank of Nigeria has restated that the Nigerian economy would come out of the recession in the second quarter of 2017. Source Thisday Read More
NCC gives operators 14 days to quit wireless frequency – The Nigerian Communications Commission has given service providers an ultimatum to quit the use of the 5.4GHz band spanning the 5.470 to 5.725 GHz frequency range within 14 days. Source Punch Read More
‘Why private sector can’t pay minimum wage’ – The Nigeria Employers Consultative Association (NECA) has explained why its members could not pay the proposed national minimum wage. Source The Nation Read More
We’ve enough dollars for end users, says CBN – The Bankers Committee of the Central Bank on Thursday declared that there was adequate stock of foreign exchange to sustain the spate of dollar sales to various segments of forex market. Source Punch Read More
‘Nigeria’ll become poorer with 2% economic growth’ – Nigeria needs to grow its economy by 46 per cent over the next 34 years in order to avert social crisis, the Financial Services Advisory Leader and Chief Economist, PricewaterhouseCoopers Nigeria, Andrew Nevin, has warned. Source Punch Read More
FG set to establish satellite industrial centres – The Federal Government is set to establish satellite industrial centres across the six geo-political zones of the country to fast-track its plan on the diversification of the nation’s economy. Source Punch Read More
Stakeholders position shea industry to generate N213bn annually – Stakeholders have positioned the shea industry to generate annual revenue of $700m (about N213.5bn at official exchange rate of N305 per dollar) and create 600,000 jobs for women farmers. Source Punch Read More
Nigeria-China trade volume hits $10b – The total trade volume between Nigeria and China for the first quarter of this year has hit $10billion but while China’s is surplus, Nigeria’s is deficit, the Chinese Foreign Trade Centre has said. Source The Nation Read More
FIRS realises N27bn from penalty waivers – The Federal Inland Revenue Service (FIRS) has disclosed that it realised N27 billion from the penalty wavers for tax defaulters exercise it concluded in December 2016. Soure Daily Trust Read More
DMO Urges Nigerians to Invest in FG Savings Bond – The Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo has advised Nigerians to take advantage of the Federal Government’s Savings Bond and invest in the scheme. Source Thisday Read More
Modular Refineries could offer 500% return on investment-Pwc – Setting up a diesel-oriented modular refinery in Nigeria could fetch investors five times their initial investment within two years and guarantee an operating profit margin of about 15 percent, global consulting firm, Price Waterhouse Coopers (PWC) told a room of investors and stakeholders in the oil and gas sector. Source BUSINESSDAY Read More
Cargo dwell time in Nigerian seaports remains highest in Africa – Imported cargo into Nigeria stays longer in the port before being cleared by inspection authorities when compared with other seaports in Africa, a study funded by the Nigeria Shippers’ Council (NSC) reveals. Source BUSINESSDAY Read More
NEITI commences audit of oil, gas sector – ES – The Nigerian Extractive Industries Transparency Initiative (NEITI) yesterday said it has commenced a comprehensive, independent audit of the nation’s oil and gas sector that would cover the periods of 2015 and 2016. Source Daily Trust Read More
Kebbi recovers N1b from CBN’s anchor borrowers’ defaulters – Following the establishment of CBN Anchor Borrowers recovery loan committee by the Kebbi State Government, yesterday about one Billion Naira have been realized as a payback loan by the Rice farmers who applied for the loan. Source Guardian Read More
NAIRAMETRICS COMPANY
Sterling Bank Debunks Report on Sack of 650 Staff – Sterling Bank Plc has debunked reports that it sacked 650 staff members. The lender explained that it only returned the affected workers to service providers that had earlier assigned them to work with the bank. Source Thisday Read More
FG designates Air Peace for six foreign routes – Air Peace says it has been designated by the Federal Government to operate flight services to seven international destinations. Source Punch Read More
Euro Global Foods achieves 85% local content – In a bid to support the Federal Government’s import substitution and backward integration policy, Euro Global Foods and Distilleries, a member of Sona Group of Companies, has disclosed that it is already using 85 per cent local raw materials in its productive value chain to boost made-in-Nigeria products. Source Punch Read More
IHS launches scheme to support local suppliers – A mobile telecomm-unications infrastructure provider, IHS Holding Limited, has announced the launch of a vendor upskill pilot programme to support the development of its local suppliers in Nigeria. Source Punch Read More
LADOL invests in 50MW gas-fired power plant – The Lagos Deep Offshore Logistics (LADOL), has disclosed that it is investing in a gas fired power plant, which will be built in phases. Source Guardian Read More
GenCos unpaid invoices hit N500bn – The 26 electricity Generation Companies (GenCos) in Nigeria have said the federal government is owing them about N500bn debt, just as they spend N36 billion monthly to produce electricity. Source Daily Trust Read More
Cornerstone Insurance Plc Board Changes – Cornerstone Insurance Plc hereby announces the resignation of Mr Paul Kokoricha as the chairman of the board of the company. Source NSE Read More
ALERT: Mobil Nigeria Report N14 Million Profit (2017 Q1) – Mobil Oil Nigeria today released Unaudited Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
ALERT: Dangote Cement Post N70 Billion Profit (2017 3Months) – Dangote Cement today released Interim Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
Nestle Nigeria Post 25% Growth in Profit (2017 Q1) – Nestle Nigeria today released Unaudited Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
ALERT: Okomu Oil Report 92% Increase in Profit (2017 Q1) – Okomu Oil today released Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
ALERT: Zenith Bank Declares N37.5 Billion Profit (2107 Q1) – Zenith Bank today released Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
Brief: Wema Bank’s 2017 Q1 Results – Wema Bank today released Unaudited Interim Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
Alert: Seplat Declares N5.9 Billion Loss (2017 Q1) – Seplat today released Unaudited Interim Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
Brief: GlaxoSmithKline’s 2017 Q1 Results – GlaxoSmithKline today released Unaudited Interim Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
ALERT: Julius Berger Report N427 Million Loss (2017 Q1) – Julius Berger today released Unaudited Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
NAHCO Plc Releases Q1 2017 Results – Source NSE Read More
Sterling Bank Plc Releases Q1 2017 Results – Source NSE Read More
Nascon Allied Industries Plc Releases Q1 2017 Results – Source NSE Read More
AXA Mansard Releases Q1 2017 Results – Source NSE Read More
NAIRAMETRICS POLITICS
Niger Delta states sue FG over N500tr oil revenue loss – Citing negligent execution of petroleum production contracts by multinationals operating in Nigeria, Bayelsa, Akwa Ibom and Rivers states have filed a suit at the Supreme Court against the Federal Government to challenge the loss of N500 trillion in oil revenue. Source Guardian Read More
2017 budget ready for President’s assent next week – Lawan – The Senate Leader, Ahmed Lawan, on Thursday expressed the hope that the 2017 Appropriation Bill would be ready for the signature of President Muhammadu Buhari next week despite the hitches being experienced on the passage of the document at the National Assembly. Source Punch Read More
$43m Osborne Fund: Money belongs to Rivers govt – Sekibo – Senator George Sekibo (PDP, Rivers East) yesterday, told the senators during plenary that the $43 million recovered at a luxury apartment building in Osborne, Ikoyi, Lagos, by the Economic and Financial Crimes Commission, EFCC, belongs to the Rivers State Government. Source Vanguard Read More
