Summary of the top business, economic and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
Nigeria’s first month revenues miss target by 50% – Nigeria’s actual earned revenue for January 2017 has missed the target by as a much as 50 percent, an indication that the country will struggle to meet its revenue projection as presented in the 2017 budget. Source BUSINESSDAY Read More
Naira may trade around 390/dollar amid CBN interventions – The naira will trade around 390 against the United States dollar this week as the Central Bank of Nigeria continues the spate of dollar sale. Source Punch Read More
Nigeria oil and gas provide investments in excess of $50bn – Kachikwu – Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said economic growth plan recently launched by Federal Government would provide strategic and economic partnerships in excess of $50bn. Source Punch Read More
Cashew value chain: Nigeria loses $1.4bn in 2016 – Nigeria has lost $1.4bn in 2016 due to inability to process significant cashew nuts for export. Source Daily Trust Read More
W’Bank blames Nigeria’s forex crisis on fixed exchange regime – In a publication on African economies titled: ‘Africa’s Pulse,’ the World Bank singled out Nigeria and Angola as two countries that had yet to experience stability in the forex market despite rebound in the prices of commodities being exported. Source Punch Read More
Nigeria’s tax to GDP ratio unacceptably low – Adeosun – The Minister of Finance, Mrs. Kemi Adeosun, has said that the nation’s tax to Gross Domestic Product ratio, which is currently put at six per cent, is one of the lowest in the world. Source Punch Read More
NDDC to invest in modular refinery, search for partners – The Niger Delta Development Commission, NDDC, has indicated interest to invest in modular refinery in order to increase petroleum products supply in the Niger Delta and other parts of the nation. Source Vanguard Read More
Nigeria, World Bank Inch Closer to Sealing Deal on Electricity Recovery Plan – Nigeria and the World Bank have taken further steps to close out a harmonious deal on a recovery plan to bail out the country’s ailing electricity market. Source Thisday Read More
Local, foreign oil firms gain N3.6 trillion in price recovery – Five local and International Oil Companies (IOCs) operating in Nigeria witnessed a record-breaking profit of over $10 billion (N3.6 trillion) during the first quarter of 2017. Source Guardian Read More
Lagos pays N27.41b accrued pension – The Director General, Lagos State Pension Commission (LASPEC), Folashade Onanuga has disclosed that a sum of N27.41 billion has been paid into the Retirement Savings Account (RSAS) of 6,267 retirees. Source Guardian Read More
Despite Recession, Banking Sector Loans to Customers Rise to N16.372trn – The audited results of 2016 for 14 banks quoted on the Nigerian Stock Exchange (NSE) have shown a 22 per cent increase in total loans and advances to their customers from N13.315 trillion in 2015, to N16.372 trillion in the year under review. Source Thisday Read More
FG Resumes Payment into Excess Crude Account with $87m – The Minister of Finance, Mrs. Kemi Adeosun, said on Monday that the federal government has commenced payment into the Excess Crude Account (ECA), in line with efforts to rebuild fiscal buffers. Source Thisday Read More
CBN Loans To Banks Drop By 6% To N1.8trn – Loans from the Central Bank of Nigeria (CBN) to banks dropped by 6.7 per cent to N1.8 trillion last week. Source LEADERSHIP Read More
Ex-bank chief accuses CBN of forex ‘favoritism – A former chief executive officer of Stanbic IBTC Bank PLC, Atedo Peterside, has accused the Central Bank of Nigeria of discriminatory exchange rates that shows bias. Source Premium Times Read More
NAIRAMETRICS COMPANY
MTN sacks 280 workers on May Day – South African telecoms giant, MTN, has sacked 280 of its workers in its Nigeria arm, in a major job cut that is targeting at least, 25 per cent of its 1,8000 workers in the country, a company source confirmed in Lagos on Monday. Source The Citizen Read More
Reasons Dangote Sugar Is Keen On Backward Integration – Nairametrics| At the Annual General Meeting (AGM) for Dangote Sugar Refinery, chairman of the company, Aliko Dangote, stated his intentions to complete backward integration projects by the company in one year. Source Nairametrics Read More
Ecobank Is Cutting Costs To Return To Profitability – Nairametrics|As part of efforts to streamline costs, Pan African bank, Ecobank, has decided to merge 74 of its branches. Perhaps to avoid friction with labour unions and negative publicity, the bank has refrained from using the words rationalization or cost cutting. Source Nairametrics Read More
N21bn dividend: NB, shareholders clash – Shareholder of Nigerian Breweries Plc, NB, and the Board of Directors are on a collision path over the plan by the company to convert the N21 billion cash dividend earlier proposed by the directors to ordinary shares. Source Vanguard Read More
NLNG exports 4,000th LNG cargo, plans expansion – The nation’s biggest gas exporter, Nigeria LNG Limited, has announced the exportation of the 4,000th cargo of Liquefied Natural Gas from its Bonny Island Terminal in Rivers State. Source Punch Read More
Unremitted N1.76tr: NEITI seeks review oil assets transfer – Nigerian National Petroleum Corporation (NNPC) upstream subsidiary – the Nigerian Petroleum Development Company (NPDC) – is holding on to N1.76 trillion (consisting $5.5 billion and N72.4 billion), the Nigeria Extractive Industries Transparency Initiative (NEITI) alerted yesterday. Source The Nation Read More
‘Why Turkish Airlines can’t sign code share agreement with Nigeria’ – Turkish Airlines is disposed to signing a code share agreement with Nigeria, but for the lack of a functional national carrier, Country Manager for Turkish Airlines in Nigeria, Mr. Tarkan Ince, has said. Source The Nation Read More
‘CBN’s N152b blocks DisCos access to funding’ – The Association of Nigerian Electricity Distributors (ANED) yesterday lamented that N152.16billion Central Bank of Nigeria (CBN) fund reflecting on Distribution Companies (DisCos) accounts has blocked their access to funding from commercial banks. Source The Nation Read More
Dangote Refinery moves to meet 2018 target – Dangote Refinery has awarded multi-million dollars equipment delivery contracts to Honeywell international Corporation as, efforts to meet the 2018 deadline intensifies. Source The Citizen Read More
FMDQ gets new chairman – FMDQ OTC Securities Exchange Board of Directors has appointed Dr Joseph Nnanna as the chairman of the board of the company. Source Punch Read More
Chevron to Delta community: Demand execution of FG’s gas-powered IPP – Chevron Nigeria Limited has called on the people of oil-rich Kokodiagbene community, Delta State, currently at loggerheads with it over electricity supply, to seek implementation of their demand under the Federal Government’s gas-powered mini- Independent Power Project, IPP, for riverine communities. Source Vanguard Read More
AMCON injects N1.5bn in Arik Air – The Asset Management Company of Nigeria (AMCON) has injected N1.5 billion in Arik Airline Ltd to safeguard its operations since its takeover. Source Guardian Read More
Standard Alliance gets NAICOM nod for composite license – Standard Alliance Insurance Plc, foremost insurance underwriting company in Nigeria, has been cleared to operate as a composite insurance company by industry regulator, the National Insurance Commission (NAICOM). Source BUSINESSDAY Read More
We supply cheapest, most reliable power to Nigerians – NNPC GMD – Nigeria National Petroleum Corporation supplies the “most reliable and cheapest power’’ to Nigerians, Dr Maikanti Baru, the corporation’s Group Managing Director, has said. Source Punch Read More
ALERT: Vitafoam Declare N205 Million Profit (2017 H1) – VitaFoam today released Consolidated Financial Statements for the Half year ended 31 March 2017. Source Nairametrics Read More
Brief: John Holt’s 2017 Half Year Result – John Holt today released Consolidated Financial Statements for the Half year ended 31 March 2017. Source Nairametrics Read More
Capital Oil Report N24 Billion Loss (2017 Q1) – Capital Oil today released Consolidated Financial Statements for the Half year ended 31 March 2017. Source Nairametrics Read More
ALERT: May & Baker Declares N24 Million Profit (2017 Q1) – May & Baker today released Consolidated Financial Statements for the three months ended 31 March 2017. Source Nairametrics Read More
NAIRAMETRICS POLITICS
BREAKING: Senate drops Nigerian Peace Corps bill – The Senate, on Tuesday, suspended passage of the conference report on the Nigerian Peace Corps Bill, over the allegation of fraud in the recruitment exercise by the organisation which is being prosecuted in a court. Source Punch Read More
I rejected N100m to work against Akeredolu – Ondo APC Spokesman – Chieftain of All Progressives Congress in Ondo State, Abayomi Adesanya, said he rejected N100m to work against the victory of Governor Rotimi Akeredolu during the party’s governorship primary on September 3, 2016. Source Punch Read More
