Summary of the top business, economic and political news in Nigeria.
NAIRAMETRICS BUSINESS & ECONOMY
Forex: CBN bars 16 banks from SME window – The Central Bank of Nigeria on Tuesday wielded the big stick on 16 Deposit Money Banks as it stopped them from participating in the Small and Medium-scale Enterprises window of the foreign exchange market. Source Punch Read More
CBN’s April PMI confirms economy recovering from recession – The Central Bank of Nigeria, CBN, yesterday, issued its Purchasing Managers Index, PMI, report for April, which indicated expansion in most subsectors of the economy during the month. Source Vanguard Read More
FG vows to revoke unused operating licenses of private refineries – The Federal Government on Wednesday said it would revoke licenses issued to individuals and corporate organisations for private refineries but which have remained unutilised. Source Punch Read More
Nigeria to auction 140 bln naira bonds on May 10, debt office says – Nigeria plans to auction 140 billion naira ($446 mln) in bonds on May 10, the Debt Management Office said on Wednesday. Source Reuters Read More
FG gets task force to prosecute electricity thieves – The Minister of Justice and Attorney General of the Federation, Abubakar Malami, has approved a special task force for the investigation and prosecution of electricity theft cases under the Electric Power Sector Reform Act, 2005. Source Punch Read More
Degrees worthless without access to electricity, says Fashola – The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the qualifications obtained by board members of the Rural Electrification Agency from tertiary institutions are meaningless if millions of Nigerians do not have access to electricity. Source Punch Read More
Nigeria’s foreign debt $11.4 billion, domestic N14.02 trillion by end 2016 – NBS – The total foreign and domestic debt stocks of the federal and the 36 states governments as at December 31, 2016 stood at about $11.41 billion and N14.02 trillion respectively, the National Bureau of Statistics, NBS, reported on Tuesday. Source Premium Times Read More
CBN, Lee Group, Jigawa to partner on sugar production – Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele yesterday in Dutse, Jigawa State said the apex bank is ready to partner with the Lee Group and Jigawa State government to ensure the establishment of a mulch-billion naira white refined sugar cane factory that will generate N60 billion yearlyy in the state. Source The Nation Read More
World Bank expects oil prices to hit $60 per barrel in 2018 – The World Bank has retained its forecast for crude oil prices this year at $55 per barrel, but its projecting a price increase of $60 a barrel by 2018, owing to production cutback of petroleum exporting countries. Source Guardian Read More
Reasons why the stock market is on a bull run – Nairametrics| In case you have not noticed, the stock market is on a bull run. The all share index has gained for three consecutive business days and 5 out of 6. As at yesterday, we had no new stock trading at their year lows but rather had some stocks trading at their new highs. Source Nairametrics Read More
Refined petroleum products imports to end 2019, says Baru – The 2019 deadline set by the Federal Government to end all forms of petroleun products imports shall be enforced, the Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, has said. Source The Nation Read More
Lagos Plans to Increase IGR to N50bn in 2018 – The Commissioner for Economic Planning and Budget,Lagos State, Mr. Akinyemi Ashade, has said that the state government plans to increase its Internally Generated Revenue (IGR) from N30 billion in 2017 to N50 billion next year. Source Thisday Read More
Extra-budgetary bailout for states hits N1.75 trillion – The Federal Government has in the last two years supported states financially to the tune of N1.75 trillion. The funds were, however, “extra-statutory,” as they were not captured in the budget. Source Guardian Read More
Selling recharge cards above price tag illegal – NCC – The Nigerian Communications Commission (NCC) said it is illegal for retailers of GSM recharge cards to sell above the price tags on the cards, advising the subscribers to resist such exploitation. Source Daily Trust Read More
Auction: Customs set up committee, bar officers, family members from bidding – In a bid to ensure that the auctioning of seized goods is not compromised, the Nigeria Customs Service, NCS, has set up auction committees at various commands across the country just as it barred officers of the Service and their family members from the bid process. Source Vanguard Read More
Stock Exchange delists UTC, Beco Petroleum, two others – Authorities at the Nigerian Stock Exchange (NSE) yesterday delisted four companies that had repeatedly failed to meet corporate governance standards set by the Exchange. The four companies included UTC Nigeria Plc, Beco Petroleum Plc, MTECH Communications Plc and MTI Plc. Source The Nation Read More
Crude oil production now two million bpd, says Baru – The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Tuesday stated that oil production in the country had risen from 1.2 million barrels per day to two million barrels per day. Source Punch Read More
We make N75m refund to customers weekly — Arik – The Asset Management Company of Nigeria-appointed management of Arik Air has said that as a result of the rot in the airline, it is being forced to make refunds of between N60m and N75m to dissatisfied customers on a weekly basis. Source Punch Read More
BUA targets 250,000 mt of refined sugar – BUA Sugar Refinery Limited, operators of Lafiagi Sugar Company (LASUCO) in Kwara state, is expected to produce 250,000 metric tonnes of refined sugar per annum and 35 megawatts of electricity, the Managing Director, Alhaji Ibrahim Yaro, has said. Source The Nation Read More
FIRS shuts firms in Lagos, Owerri, P-Harcourt over N735m debt – The Federal Inland Revenue Service, FIRS, yesterday, sealed the premises of tax-defaulting companies in Lagos, Owerri and Port Harcourt. Source Vanguard Read More
NNPC, Chevron, Total to build two power plants – The Nigerian National Petroleum Corporation has said it has engaged its joint venture partners, Chevron and Total, to build power plants in Obite and Agura. Source Punch Read More
Medview operating cost rises to N6bn in Q’1 – Total operating cost of Medview Airlines in the first quarter of 2017 has increased significantly by 57.9 per cent to N6 billion from N3.8 billion it stood the same period last year. Source Daily Trust Read More
MTN sees revenue growth on strong data numbers – Africa’s biggest mobile phone operator MTN Group reported a 7.1 percent rise in group revenue for the first quarter of 2017, helped by a strong performance in its data services segment, the company said on Wednesday. Source New Telegraph Read More
P&G to cut $2bn off marketing spending – Procter & Gamble wants to cut a whopping $2 billion in marketing spending over five years, and for the first time is providing details on a broader $10 billion cost-cutting plan launched a year ago. Source Daily Trust Read More
IronWeaver to begin manufacturing in Nigeria – IronWeaver Limited, manufacturers of flow control equipment is set to begin operation in Nigeria, Source The Nation Read More
Firm to invest N20b in organic farming – CONTEC Global Agro Limited (CGAL), is to invest N20b on non toxic, biodegradable and chemical free agricultural products. The Abuja based company has designed a sustainable template to increase crop yields through production of only organic inputs for over 50,000 farmers. Source The Nation Read More
Dangote Sugar to raise N21 bn from capital market – Dangote Sugar Refinery, DSR Plc, has revealed plans to raise N21.2 billion through equity injection from the capital market to fund its backward integration project and also actualise the Dangote Sugar Master Plan. Source Vanguard Read More
SunTrust, ICD Sign Agreement To Establish Non-interest Banking Window – In a bid to diversify its product offerings, SunTrust Bank Nigeria Limited has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to establish a new non-interest banking window. Source LEADERSHIP Read More
Taxify Reduces Rates In A Bid To Snap Up Customers From Uber – Nairametrics| A new startup, Taxify, has revealed modifications to its pricing strategy with a view to improving services and changing the face of public transportation in Lagos State. As against the previous ₦360 base fare ₦81/km and ₦8 a minute, Taxify has lowered their rates to ₦200 base fare ₦55/km and ₦5.5 a minute. Source Nairametrics Read More
10 Banks Facilitate N26tn Investment in Currency, Fixed Income Securities – Access Bank Plc, Ecobank Nigeria Limited and United Bank for Africa (UBA) Plc led the top 10 banks that facilitated investment in fixed securities and currency worth about N37trillion on the FMDQ OTC Securities Exchange in the first three months of 2017, according to data released by FMDQ. Source Thisday Read More
‘Manufacturers spend N500b annually to run plants’ – The Managing Director, Arewa Metal Containers Limited, Engineer Daudu Joachim has observed that manufacturers have spent an estimated N500 billion annually to run and maintain their power plants. Source Daily Trust Read More
Yale Foods leads in N100bn biscuit market – Yale Foods Limited, manufacturer of Yale Bakers, Bira Snack, Butter Scotch and Coconut Cookies amongst other biscuit brands, is currently the leading producer of biscuits in Nigeria and is said to control 37 per cent of the market share, a report by KPMG has revealed last week in Lagos. Source Daily Trust Read More
Dangote Sugar to Invest N106 Billion on Expansion in Six Years – Dangote Sugar Refinery (DSR) Plc plans to invest N106 billion in the expansion of operations in the next six years and as it targets to produce 1.5 million tonnes of refined sugar from locally grown sugarcane during that period. Source Thisday Read More
JV debts: FG pays $400m to Shell, Chevron, ExxonMobil, others – The Federal Government has paid $800 million out of the $1.2 billion Joint Ventures (JV) debts to Shell, Chevron, ExxonMobil, Total and Agip within a year. Source New Telegraph Read More
Minimum Wage: Reps Committed To Payment Of Salaries – Dogara – The House of Representatives yesterday declared its support for the immediate review of the National Minimum Wage to reflect current realities of the country’s economy. Source LEADERSHIP Read More
Lawmaker denies disbursement of N1bn agric loan to politicians – Assemblyman Isiaku Aliyu-Adams, Chairman, Kwara House of Assembly Committee on Agriculture, on Wednesday denied the speculations that the N1billion Agric Loan, which the state secured, had been disbursed to politicians. Source The Nation Read More
CBN launches framework for advancing women’s financial inclusion in Nigeria
The CBN in collaboration with EFInA has launched a framework to advance women’s financial inclusion.
The Central Bank of Nigeria on September 29, 2020, virtually launched the framework of advancing women’s financial inclusion. This was disclosed in an online event tagged “Access to Finance Framework for Women” and anchored by Dr Paul Olukpe.
The framework was conceptualized by the Financial Inclusion Special Intervention Working group and developed by the CBN in collaboration with EFInA and Women’s World Banking with input from over 50 stakeholder institutions.
The overarching vision of the framework is for Nigeria to be globally recognized, with an inclusive financial sector that has closed the gender gap by 2024. The framework further itemizes 8 strategic imperatives for driving improved access to finance for women in Nigeria.
In the online event monitored by Nairametrics, the Deputy Governor, Financial System Stability of the Central Bank of Nigeria, Mrs. Aisha Ahmad justified the new initiative by citing EFInA’s last report on financial inclusion in 2018 as a yardstick.
Recall that EFInA 2018 Financial Inclusion report indicated gender imbalance and a clear need to attend to the issue of growing female financial exclusion. For example, the report stated that 40.9% of females were financially excluded as against 32.5% of males. Mrs. Ahmad remarked that perhaps, the figures might even be wider if unattended to especially in this period of crisis.
Mrs. Ahmad urged financial institutions to address structural issues limiting women’s access to finance by understanding and developing products that are specifically tailored to address such issues.
Why this matters
Empirical studies have shown that supporting a stronger role or empowering women is a key enabler in reducing poverty, stimulating economic growth and ensuring sustainable development. Citing ‘’The Power Parity Report by McKinsey’’, the Director of development finance department of CBN, Mr Yusuf Philip Yila, stated that the economic consequences of pursuing gender equality include a potential addition of $28trillion to global annual GDP by 2025.
This framework is a big boost to achieving SDG’s goal of gender equality and Nigeria’s financial inclusion targets simultaneously.
FrieslandCampina WAMCO completes purchase of Nutricima’s dairy business, positions its business in Nigeria for growth
Nutricima’s dairy business will be integrated into FrieslandCampina WAMCO Nigeria PLC.
FrieslandCampina WAMCO has completed the purchase of Nutricima’s dairy business in Nigeria. In March FrieslandCampina and PZ Cussons signed an agreement regarding the acquisition. Nutricima’s dairy business will be integrated into FrieslandCampina WAMCO Nigeria PLC.
Nutricima Limited (the “Company”) was founded in Nigeria in 2005 and has earned itself consumer awareness within the dairy industry since then. FrieslandCampina WAMCO has acquired the Company’s production facility in Ikorodu, Lagos State and the brands Olympic, Coast and Nunu, a range of powdered, evaporated and ready to drink milk products. These brands have a good presence across the Nigerian dairy market.
This acquisition underlines FrieslandCampina WAMCO’s continued commitment to contribute to the development of the Nigerian dairy sector. The acquisition satisfies the need for additional production capacity for FrieslandCampina WAMCO to meet the growing demand for locally produced evaporated and powdered milk by Nigerian consumers.
According to Roel van Neerbos, President of FrieslandCampina Consumer Dairy, “FrieslandCampina WAMCO has been a key player in Nigeria since 1954. With this acquisition, we demonstrate our strong commitment to Nigeria and its dairy market.”
Ben Langat, Managing Director of FrieslandCampina WAMCO Nigeria said “It is our mission to bring affordable and attainable quality dairy products to all Nigerians and meet the growing demand. That’s why we are pleased with this acquisition.”
Over the last few years, FrieslandCampina WAMCO has invested significantly in capital expenditure, including a new warehouse and a world-class Learning Academy to build capabilities across functions and to drive talent development. Recently, the company commissioned a state of the art plant for local production of Peak Yoghurt, which is directly linked to its highly successful dairy development programme; a major investment that has been at the center of Nigeria’s backward integration in local milk sourcing over the last decade with over 9000 local farmers spread across 5 States in Nigeria.
FrieslandCampina WAMCO will continue to expand its portfolio, particularly through low unit price packs and by strengthening its distribution reach in the market.
Having fulfilled all requirements including requisite shareholders and regulatory approvals, FrieslandCampina WAMCO has commenced operations at the newly acquired plant.
BREAKING: Over 1,000,000 stolen XRP transferred from Kucoin to major crypto exchanges
In a series of tweets by Whale Alert, an advanced crypto tracker showed how crypto robbers transferred over a million XRP stolen from Kucoin to crypto exchanges like BYEX, Binance, in more than eight transactions at the time this report was written.
Here are some of the transactions captured by Nairametrics:
— Whale Alert (@whale_alert) September 29, 2020
— Whale Alert (@whale_alert) September 29, 2020
— Whale Alert (@whale_alert) September 29, 2020
Recall Nairametrics about two days ago broke the news when KuCoin Global CEO, Johnny Lyu in a statement disclosed yesterday about a reported hack lately in detail after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.
He added by saying the findings of the internal security audit report, revealed part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.
More details will be released as the story is developing …