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


1. The Central Bank of Nigeriahas so far sold a total of $5,747.76 in Forex forwards since June 2016, when it introduced the Flexible Exchange Rate Policy. Link

2. The Consumer Price Index (CPI) which measures inflation declined by 0.02 percent in April, the National Bureau of Statistics, NBS, said on Tuesday. According to the NBS in its new report, the inflation rate, put at 17.24 percent, declined a little further from the 17.26 percent recorded in March . This represents the third consecutive month of a decline in the headline CPI rate, indicating some easing in high food and non-food prices.Link

3. Lagos State Governor, Mr. Akinwunmi Ambodeon Tuesday put the uncertainty concerning the absence of Vehicle Inspection Officers (VIO) on Lagos roads to rest once and for all, stating categorically that he has asked them to stay off the roads permanently. He said the decisions were in line with his administration’s resolve to ensure free flow of traffic across the State, noting that their activities were contributing to traffic congestion on Lagos roads. Link

4. The hotel industry in Nigeriais currently experiencing a supply glut as 3-4 star hotels dominate the skylines of major cities such as Lagos, Abuja and Porthacourt. A flurry of new hotels and recent developments have helped crash hotel room rates as well as drive down occupancy ratio  of several of the hotels in Lagos. Link

5. The Nigerian National Petroleum Corporation, NNPC, said it had spent over N1.6 billion on the repairs of the vandalised pipeline between Kaduna and Kano in 2016. The NNPC Group Managing Director, Maikanti Baru  said the company had also expended about N2 billion to provide security for the pipelines within the last one year.Link

  1. Five days after the National Assembly passed the 2017 budget,the Economic Management Team (EMT) chaired by acting President Yemi Osinbajo met in the Presidential Villa, Abuja, on Monday to discuss the modalities for funding the budget. Although the National Assembly was yet to transmit the budget to the executive, the meeting was meant to brainstorm and strategise on how the budget would be implemented ahead of its transmission. Link

7. The Nigerian National Petroleum Corporationon Monday said it would resume oil exploration activities in the Chad Basin in the next six weeks. It said the projection came on the heels of improved security situation in the North-East region, which has been devastated by the activities of Boko Haram insurgents. Link

8. The new British Deputy High Commissioner for Lagos, Laure Beaufils, has pledged to explore opportunities for UK businesses to partnerNigerdock to further strengthen the socio-economic and political ties between Nigeria and UK. Link

9. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the Nigerian Electricity Regulatory Commission (NERC) wants the accounts of and revenues generated by the 11 electricity distribution companies (Discos)to be centralised and escrowed to protect the power sector from collapsing.Link

10. Lagos State has launched its own oil company called Ibile Oil and Gas Corporation, IOGC. The company was formally inaugurated on Monday and will serve as the oil and gas arm of the Lagos State-government.Link

  1. A scheme known asHelpcolony is taking over Nigeria following the fallout of MMM, the little or no activity of MMM has created room for another scheme called Helpcolony to thrive as Nigerians are claiming that the new scheme has more checks and balances that makes it safe to partake in. Helpcolony promises participants 30% and 50% increase on investment after a month, the scheme boasts of being free of some deficiencies which plagued MMM. Link

12. The dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria and a subsidiary of United States’ ExxonMobil Corporation took a turn for the worse on Mondayas the union extended its industrial action to other international oil companies operating in the country. Link

13. Neconde Energy Limited, the exploration and production subsidiary of the Obijackson Group,has concluded plans to increase output by 43 per cent. Specifically, the company’s output would increase from the current 15,000 barrels per day, bpd to 70,000 bpd in the coming years. The company stated that it is currently in talks with the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, to ensure that there is a mutually beneficial agreement on some of the demands presented by the association. Link

14. The concessionaire for the National Iron Ore Mining Company, Itakpe, Global Infrastructure Nigeria Limited, has submitted its business plan for the running of the firm to the Federal Government. The new agreement stipulated that the company would be run by the Indian firm for a period of seven years, to bring to 10 years as specified in the original agreement. Link

  1. Nigerian energy conglomerate, Aiteo Group, has appointed Ratko Knezevic to its Global Executive Management team as Group Advisor on Business and Capital Development with effect from 5 May 2017. A statement from the company on Tuesday said Mr. Knezevic will lead Aiteo’s funds raising activities from global capital markets with the primary objective of reinforcing the Group’s growth and diversification targets in Nigeria and across Africa as a whole. Link

16. The federal government yesterday signed an agreement with Nigeria Mortgage Refinancing Company (NMRC)for the disbursement of N13 billion mortgage refinancing loans to public workers. Nigeria’s leading personal, mortgage and small business bank, Sun Trust Bank, will act as bankers to the transaction, where the funds are being warehoused. Link

  1. Osagie Okunbor, country chair,Shell companies in Nigeria says Shell has contributed over $30 billion to the Nigerian economy in four years. He said the company in 2016, paid $1.4 billion (SPDC $1.0 billion and Shell Nigeria Exploration and Production Company (SNEPCo) $0.4 billion) in royalties and corporate taxes to the federal government. Link

18. Airtel Nigeria and Ericsson, a world-class telecommunications and equipment service company,have announced the launch of Nuvu (nuvu.tv), a subscription-based video-on-demand (VOD) service. Nuvu will provide subscribers access to more than 3,000 local and international TV and film titles, empowering Airtel customers to download content directly to their smartphones or tablets at no additional data cost during off-peak network times. Link

19. The Nigerian Ports Authority, NPA, said it would raise N4.3 billion to reconstruct access roads around Apapa Portas port operators withdrew services over poor infrastructure. The Managing Director of NPA, Hadiza Usman, told a stakeholders’ meeting in Lagos on Monday that NPA would provide N1.8 billion while Dangote Group and Flour Mills would provide N2.5 billion. Link

  1. The Bayelsa State House of Assemblyhas sought to amend the Directorate of Project Monitoring and Implementation Bill of 2014 to commit to jail any governor and politicians involved in abandoned contract award and execution in the stateLink

21. The Senate on Tuesday has given the Federal Government fresh conditions upon which it would consider and approve its $5.8 billion loan request from the China Exim Bank. The Federal Government had requested the sum for the construction of Standard Guage lines from Lagos-Kano, Kano-Kaduna, Lagos-Ibadan, and Lagos Calabar.Link



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