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[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies

A daily compilation of business and economic news from Nigeria



Summary of the top business, economic and political news in Nigeria today 25/5/2017.


  1. The Federal Government on Wednesday has approved a 29-member tripartite committee on the new N56,000 minimum wage being clamoured for by the workers. The Minister of Labour and Employment, Chris Ngige said, “The matter needs to be thrashed out by all stakeholders, because already, employers under the umbrella of the Nigeria Employers’ Consultative Association have rejected the N56,000 minimum wage proposal,”. Link
  2. The Nigerian Senate has passed the Petroleum Industry Governance Bill, the long-awaited legislation that promises broad reforms to the nation’s oil and gas industry. Link
  3. The United Nations Industrial Development Organisation’s Investment and Technology Promotion Office in Nigeria has called for the formulation of effective strategies to address the increasing inability of Small and Medium Enterprises to grow in the country. According to the organisation, studies have shown that only 20 per cent of SMEs manage to survive in Nigeria. Link
  4. The Nigeria Customs Services (NCS) yesterday reiterated the ban on the importation of rice through the land borders just as it has heightened its fight against other forms of smuggling. Link
  5. Governor Udom Emmanuel of Akwa Ibom on Wednesday inaugurated a Coconut Oil Refinery in Mkpat-Enin in continuation of activities to mark his second year in office. The governor, who projected 18 months for the completion of the refinery, promised to bring in more foreign investors who had declared interest in the project. Link
  6. Nigeria has tendered request for further exemption from the production cut at the ongoing 172nd meeting of the Organisation of Petroleum Exporting Countries (OPEC) meeting today. Minister of State for Petroleum Resources, Ibe Kachikwu told journalists at the pre-meeting interview that the country is yet to revive its production level, therefore is pushing for extension of the exemption at the meeting. Link
  7. The Federal Government has disbursed N7.301 billion for the Government Enterprises and Empowerment Programme (GEEP) out of the N41 billion so far released for funding of its social intervention programme under the 2016 budget. A statement by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, stated that the programme recorded good progress with the disbursement of 57,234 interest free loans. Link
  8. The Federal Government on Wednesday announced that General Electric, a global conglomerate, had emerged the preferred bidder for the narrow gauge railway concession in Nigeria. The government said the concession would see GE invest in excess of $2.2bn in the narrow gauge rail system that traverses almost the entire country. According to the ministry, one trunk of the rail line starts from Lagos and goes through several states like Ogun, Oyo, Kwara, Niger and Kaduna down to Kano. Another trunk starts from Port Harcourt through Abia, Enugu, Benue, Nasarawa, Plateau, Bauchi and Gombe states, and terminates in Maiduguri. Link
  9. The Nigerian National Petroleum Corporation on Wednesday announced its desire to invest in the telecommunications and shipping sectors. It stated that it already had investments in the health sector, adding that its desire to expand to other sectors was due to the volatility in crude oil prices in the international market and the need to seek a fortune in non-core oil industry so as to stay afloat. Link
  10. The Kano State government yesterday signed a Memorandum of Understanding (MoU) with 10 reputable local and foreign companies for various contracts valued at over $3.98 billion as part of the state government’s investment drive. The companies include Brains and Harmers (N165 billion), Multivision Nigeria Limited (N2billion), Milestone International ($630 million), Blackrihino and Dangote Consulting ($150 million), Broadbased Nigeria Limited ($200 million), Eighteenth Engineering Company ($1.8 billion), Arewa Solar PV Synergy  ($150 million), SharaDukiya Nigeria Limited ($100 million), Dangote Rice  ($830 million), and Qingdao St Meer Solar Energy International ($120 million). Link
  11. Fidson Healthcare has respond to speculative news of proposed merger/acquisition between its company and May & Baker Nigeria Plc. The company says is not in any form of discussion, negotiation or consultation, that may lead to acquisition or a merger of the two undertakings. Link
  12. An indigenous Integrated Oilfield Service Company, RusselSmith Nigeria, has introduced a product called Eddyfi Lyft, which is a pulsed eddy method used to test for corrosion under insulation. A statement from the firm said the new Eddyfi Lyft PEC technology features included real time c-scan imaging, fast acquisition of data with grid charting and dynamic scanning modes in addition to flexibility with long cables and the use of an extension pole. It said the technology also came with advantages in time management and cost efficiency. Link
  13. Shareholders of Nestle Plc have approved the firm’s N7.9 billion total dividend, culminating to N10 per share due to every investor of the company for the 2016 financial year. The Managing Director of the company, Mauricio Alarcon lamented that several shareholders are yet to collect their unclaimed dividend warrant and share certificates. He therefore urged affected shareholders to complete the detachable application form for e Dividend and e Bonus attached to the report and deliver the completed form to the registrars. Link
  14. The Managing Director, Jaiz Bank Plc, Mr. Hassan Usman, on Wednesday said the bank was planning to grow its total assets to N101.4bn in June this year from the N78.7bn at the end of March. He emphasised that the national outlook status of the bank had broaden its horizon and was therefore positioned to become more profitable. Link
  15. Nigeria’s fourth-generation telecommunication services operator, ntel, has begun a third round of fundraising to meet its projected $1bn investment in 4G mobile broadband by 2020. Although the company’s Chief Executive Officer, Kamar Abass, did not disclose the specific amount being targeted, engineers in the firm put the expected figure at over $300m and that the funds realised would be used for network expansion. Link
  16. Former owners of Dangote Flour Mills Ltd and South African consumer goods maker, Tiger Brands has announced that is nearly done with a review of its African business and will now focus on serving its South African Market. Link
  17. Globacom has once again demonstrated its data pedigree in Nigeria by recording the largest percentage of data subscribers in relation to the total number of customers on any network in the country. This was revealed in the Nigerian Communications Commission (NCC) report covering the first three months of year 2017. Globacom, at the end of the first quarter, recorded a total of 27,021,200 data customers, representing 72 per cent of the total number of subscribers on its network which stood at 37,328,827. With 72 per cent data penetration rate, Glo thus surpassed the industry’s average which stood at 59 per cent. Link
  18. The House of Representatives will today (Thursday) hold a public hearing on a bill seeking to amend the Stamp Duty Act, 2004. The Act provides for the fixing of N50 postal stamp on every legal document for business transactions across the country. NIPOST had projected that the Federal Government could make as much as N2.5tn per annum from the financial services sector alone through the faithful deduction and remittance of the stamp duties by the banks. Link
  19. Senators on Wednesday strongly criticised the privatisation of the power sector, saying the model adopted in the transfer of the assets from the Federal Government to private operators had failed. The Senate, therefore, called for a review of the privatisation process to maximise the capacity of the sector. Link
  20. Chairman of the Senate Committee on Power, Steel Development and Metallurgy, Senator Enyinnaya Abaribe, has said the Senate was disappointed with the uncertainty that now surrounded completion of installation works at the 245 Megawatts Kaduna Power Plant. Link
  21. The Federal Government has approved the closure of five foreign missions and embassies, Minister of Foreign Affairs, Mr Geoffrey Onyeama has said on Thursday. The minister, who did not mention the embassies or missions, said the process for closure was underway and was also subject to the approval of the president. The minister also reiterated that the closing missions abroad were “extremely expensive”. “The expense, costs of closing embassies is so high and prohibitive but in the long run it will more economical.” Link


Summary of the top business, economic and political news in Nigeria today 24/5/2017.


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  1. The Acting President, Prof. Yemi Osinbajo, has requested approval of the House of Representatives for fresh $1.28bn and €9m loans under the 2016-2018 External Borrowing (Rolling) Plans of the Federal Government. Osinbajo explained that the $1.28bn was to support the operations of the Development Bank of Nigeria. Link
  2. Nigeria’s indebtedness will climb to 24.1 per cent of its Gross Domestic Product by 2018, the International Monetary Fund has said. The IMF, which stated this in its World Economic and Financial Surveys, also projected that by the end of 2017, the country’s current indebtedness would have reached 23.3 per cent of the GDP. Link
  3. The Nigerian economy recorded its second worst investment inflow in 10 years, with the country attracting a total investment of $908.27m in the first quarter of the 2017 fiscal period. The $908.27m investment figure, when compared to the $1.55bn which the economy attracted in the fourth quarter of 2016, represents a huge decline of $640.61m or 41.36 per cent.  The decline was confirmed by the capital importation report, which was released on Wednesday by the National Bureau of Statistics. Link
  4. The Central Bank of Nigeria (CBN) yesterday kept its Monetary Policy Rate (MPR), its base interest rate, at 14 per cent. Defending the MPC’s position to retain the current level of the MPR, Emefiele, said: “In consideration of the challenges weighing down the domestic economy and the uncertainty in the global environment, the Committee decided by a unanimous vote of eight members in attendance to retain the MPR at 14 per cent, alongside all other parameters. Link
  5. The Federation Accounts Allocation Committee (FAAC) yesterday shared N415.730 billion among the three tiers of government– federal, states and local government areas (LGAs) for the month of April 2017. Link
  6. The Federal Government plans to raise debt and equity capital from the investing public to support the realisation of the national agenda on mass and affordable housing. Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday at a Real Estate Investment Trust (REIT) conference at the Nigerian Stock Exchange (NSE), said the government would raise additional funds from the private sector through the Nigerian stock market to complement ongoing financing through budgetary provisions. Link
  7. The Central Bank of Nigeria (CBN) yesterday injected $186.5million into the invisible and the Wholesale Secondary Market Intervention Sales (SMIS) segments of the forex market. This is made up of $36.5 million in the invisibles, $50 million for Small and Medium Enterprises (SMEs) segments and $100 million in the wholesale segment. Link
  8. The Nigerian senate on Tuesday asked the Central Bank of Nigeria (CBN) to convert lower naira notes into coins to cater to highly repetitive transactions in the economy. This was as a result of a motion by Mustapha Bukar, the All Progressives Congress Senator representing Katsina South senatorial district. He said coins are being used in the US, UK, Europe, United Arab Emirates, and should be prevented from going into extinction in Nigeria. Link
  9. The Comptroller General of Customs, Col. Hameed Ali (Rtd) said Customs has attained 75 per cent automation level while cutting down inspection hours of imported items and papers processing at ports and airports to ease business operations. Link
  10. The Federal Government, through the Fadama III Additional Financing AF Programme, has provided support for 14,495 tomato, sorghum and rice farmers in Kano State. Shuaibu Suleiman, Kano State Fadama Project Coordinator, made the disclosure in an interview with News Agency of Nigeria (NAN) in Abuja on Wednesday. Link
  11. The Nigerian National Petroleum Corporation on Tuesday received no fewer than 34 bids from different companies for the digitisation of legacy documents in its corporate headquarters. Link
  12. The Bonga oil field, operated by Shell Nigeria Exploration and Production Company (SNEPCo), has produced about 702 million barrels of oil since inauguration in 2005, its Managing Director, Bayo Ojulari, has said. Link
  13. The Nigerian National Petroleum Corporation, NNPC, is targeting higher quality, lower-sulphur fuels in the new oil swap deal it is currently finalising with 10 companies. Link
  14. The United Bank for Africa Plc, has announced the launch of a brand new mobile banking application with many user friendly features.  Link
  15. The National Union of Petroleum and Natural Gas Workers, NUPENG, says it would resist the bid by Oando Plc to take over the Port Harcourt Refinery, accusing the company of being unfriendly to workers. The Federal Government is planning to hand over the refinery to the company under a repair, operate and maintain, ROM, deal following a Memorandum of Understanding, MOU, to that effect between it and the government. But NUPENG said it was totally opposed to the arrangement. “Oando Plc is not a worker-friendly organisation as it detests unionisation in all its subsidiaries and companies. Link
  16. Leventis Motors, a division of A.G Leventis (Nigeria) Plc, has sealed a deal with Lovol Heavy Industries Company Limited of China for the distribution of the Lovol brand in Nigeria. Link
  17. Boulos Enterprises Limited recently released its new Suzuki Super Carry, a one-tonne truck, for a two-day test drive to a number of motoring journalists in Lagos. The mini-truck, which was assembled by Boulos in its Lagos plant, was offered for the extensive test drive ahead of the product launch and sale. Link
  18. TVS Motor Company of India has unveiled a new tricycle, King Delux, in Nigeria, which it hopes will raise its market share from 58 per cent to 70 per cent. Wandel International Nigeria Limited, a subsidiary of the Simba Group, which is the sole distributor of the TVS brand in Nigeria, described the tricycle as a trailblazer as it came with a built-in music system (MP3 player) and FM radio. Link
  19. Three new core investors have emerged at Staco Insurance Plc after the insurance company completed a N1.6 billion special private placement. The three investors, that collectively control about 34.2 per cent equity stake, are Imperial Assets Managers Limited, Electron Energy and Ventry Development Limited. Link
  20. Jaiz Bank on Wednesday said that its cash and balance with the Central Bank of Nigeria (CBN) was N21.5billion. The money, according to the bank’s annual report and 2016 accounts that were presented to its investors in Abuja, in the year under review, hit N2.58billion cash the at hand, the current account of  N6.3billion and deposit of N12.6billion, totalling N21.5billion. Link

Summary of the top business, economic and political news in Nigeria today 23/5/2017.


  1. The Federal Government on Monday approved a new interest rate spread on tax liabilities for the 2017 fiscal period. A statement from the Federal Ministry of Finance said the new interest rate was approved by the Minister of Finance, Mrs. Kemi Adeosun. The minister, according to the statement, said the new interest rate on unpaid tax would now be five per cent over the Central Bank of Nigeria’s Minimum Rediscount Rate for 2017. The CBN Monetary Policy Rate currently stands at 14 per cent, thus implying that with the five per cent spread, tax defaulters would now have to pay an interest rate of 19 per cent on tax debts. Link
  2. The Central Bank of Nigeria (CBN) yesterday injected $205 million into the foreign exchange market even as the naira depreciated to N379 per dollar in the parallel market. Link
  3. The Corporate Affairs Commission on Monday announced the closure of the manual process for company registration in five states and the Federal Capital Territory. The announcement was made by the Registrar-General, CAC, Mr. Bello Mahmud, during a media briefing held at the commission’s headquarters in Abuja. Mahmud, who gave the states as Enugu, Kaduna, Kano, Lagos, Rivers and the FCT, said the move was part of efforts to improve the business environment and make Nigeria an easier place for businesses to thrive. Link
  4. The Nigerian Shippers’ Council (NSC) is ready for settlement with shipping lines and terminal operators accused of arbitrary charges at the ports, its Executive Secretary, Alhaji Hassan Bello, has said. Link
  5. The Nigerian Stock Exchange (NSE) and the Nigerian Export Promotion Council (NEPC) yesterday committed to mutual cooperation and collaboration towards achievement of the economic diversification agenda of the government. Link
  6. Potential investors have been called upon to collectively invest in the construction of new refineries because of high cost of construction estimated at $259 million. Speaking at a panel session, former Executive Secretary of Petroleum Products Pricing Regulatory Agency, PPPRA, Reginald Stanley, said investors should collaborate and invest in developing refineries in the country. Link
  7. According to data released by the Central Bank of Nigeria, CBN yesterday, Nigeria earned N224.9 billion from petroleum profit tax (PPT) and royalties from the oil and gas sector in January and February 2017. Link
  8. The price of cooking gas has risen by 100 per cent in Nigeria’s domestic market between April 2016 and April 2017 as a result of increased demand, supply disruptions and foreign exchange issues. A market survey over the weekend showed that the price of the 5kg rose from N1, 000 in April, 2016 to over N2, 000 in April, 2017. It showed that the prices of 10 kg and 12.5 kg which stood at N2, 000 and N2, 500 in April 2016 have risen to N4, 000 and N5, 000 respectively. The market survey showed that the 25 kg and 50 kg which prices stood at N5, 000 and N10, 000 in April 2016 have hit the roof at N10, 000 and N20, 000 respectively. Link
  9. Nigeria’s economy shrank by 0.52 percent year on year in the first quarter, having contracted 0.67 percent in the same quarter of 2016, the statistics office said on Tuesday. Link
  10. Market Operators in the power sector have cited the non-recovery and unpaid 100 per cent of its invoices as one of the major liquidity problems confronting the sector and hindering it from efficient service delivery. Executive Director, Market Operator, Moshood Saleeman and the Head, Independent System Operations (ISO), Musa Gumel, identified these problems while speaking at a stakeholders forum organised by Market Operators. Link
  11. Power generation companies have put the outstanding debt being owed them at N504bn and demanded that it be paid for them to continue generating electricity. This is coming as power distribution companies have also called for the implementation of a cost-reflective electricity tariff for end users as captured in the last tariff review carried out by the Nigeria Electricity Regulatory Commission. The Discos often argue that a cost-reflective tariff will be about N68 per kilowatt-hour, as against the N25/KWh that the largest percentage of electricity consumers across the country currently pay. Link
  12. The Association of Nigerian Electricity Distributors has said that it may adopt a whistle-blowing policy as part of efforts to address energy theft in the country. It said that the increasing rate of energy theft in the country had made it difficult for electricity distribution companies to pay for what they received from the generation companies. Link
  13. Nigeria LNG Limited (NLNG) has reached another major milestone with the exportation of its 4000th cargo of Liquefied Natural Gas (LNG) from its Bonny Island Terminal in Rivers State to Mamara LNG Terminal in Turkey, which also received the Company’s historic 3000th cargo, three years ago. Link
  14. The power Generation Companies, GENCOs, have called on gas marketers to sell the product to them in Naira denomination against the current practice of indexing price in US dollars. Link
  15. Royal Dutch Shell chairman, Holliday says company does not see basis to prosecute Shell or Shell employees with regards to Nigeria licence OPL 245 . Link
  16. Lagos State government has terminated its contract with investors for the building of the proposed N844billion Fourth Mainland Bridge. Commissioner for Waterfront and Infrastructure Development Adebowale Akinsanya, addressing reporters yesterday in Alausa, Lagos, said the government was considering proposals from foreign investors in the United States of America and Britain to accelerate the commencement of the project. Link
  17. The Federal Mortgage Bank of Nigeria (FMBN) says it has disbursed N2.3 billion to 3,104 beneficiaries under its housing renovation loans scheme nationwide. Link
  18. International Rating Agency, Standard and Poor’s (S&P) assigned  its ‘B’ long term and ‘B’ short term global scale counterparty credit ratings to the United Bank for Africa Plc (UBA). Link
  19. After months of agitation by workers of the Nigerian Aviation Handling Company plc (NAHCO aviance), the board of the company has approved  management’s request for salary increase with different percentage increases across board. The lower cadre staff got 12 percent salary increase while those in senior management got between one to two percentage increases while officers and supervisors got between five and eight percentage increase. LinkThe United Bank for Africa has announced that it plans to launch up to $500 million senior unsecured medium-term debt notes, according to a statement released by the Nigerian Stock Exchange on Tuesday. Link 
  20. Philip Morris Limited (PML), a subsidiary of Philip Morris International (PMI) in Nigeria, has partnered with International Tobacco Company Limited (ITC) to manufacture one of PMI’s leading brands in Nigeria. The event was held recently at ITC’s factory at Ilorin, Kwara State.The managing director, (PML) Coskun Kagan Dicle, noted that PML will be investing in technology and capacity building at ITC’s factory, creating additional employment opportunities and contributing to the local as well as national economy of Nigeria. Link
  21. Members of the House of Representatives Committee on Public Petitions yesterday threatened to get Minister of Sports, Mr Solomon Dalung arrested over alleged N30million bribery scam and his deliberate refusal to appear before the committee after seven invitations were communicated to him. Link
  22. The Senate during plenary on Tuesday agreed to discuss the billing system of all distribution companies in the country. The decision of the Senate followed a motion by Senator Dino Melaye who relied on a point of order to accuse the AEDC of astronomical billing. Melaye said officials of the Abuja Electricity Distribution Company came to his residence and changed his prepaid meter to a new one, which they also came to remove three weeks after. He alleged that the company then placed his house on estimated billing, which he described as “astronomical and unfair.” Link
  23. The board of directors of UACN Property Development Company Plc has announced the appointment of Mrs. Folake Temitope Kalaro as new company Secretary of the company. Link

Summary of the top business, economic and political news in Nigeria today 22/5/2017.

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  1. The Central Bank of Nigeria (CBN’s) February report shows that the nation’s Deposit Money Banks suffered a 0.53 per cent decline in value by the end of February this year, just as the industry’s assets and liabilities settled at N32.1 trillion. The lost value, which is about N170.2 billion, showed a sharp contrast from about N32.29 trillion in January. This indicates how much the ongoing recession, increasing non-performing loans and declining Capital Adequacy Ratio are impacting the net-worth of the sector. Link
  2. The cost of producing a barrel of oil in Nigeria at over $20 is very high and uncompetitive compared with what other oil-producing countries, the Group Chief Executive Officer of Oilserv Limited, Mr. Emeka Okwuosa, has said. He said oil production at above $20 per barrel couldn’t be profitable with appropriate cost management. He lamented that the cost of production per barrel in Nigeria is very high at above $20. Link
  3. Today’sCentral Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) meeting will push for exchange rates convergence and the shoring up of the naira’s value. Link
  4. The government could generate over N12 billion from the commercial cultivation and export of yellow pepper in the next five years, the Managing Director and Chief Executive Officer ofABX World Nigeria Limited, Captain John Okakpu, has said. He added that the cultivation of yellow pepper fits into the government strategic agricultural promotion programme (APP), otherwise known as the Green Alternative ( 2016 – 2020). Link
  5. For frequent borrowing from theCentral Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017. Although some of the lenders kept their excess cash at CBN’s Standing Deposit Facility (SDF) within the period under review, others, including merchant banks continued to access the Standing Lending Facility (SLF). Link
  6. The design and other requirements needed for the reconstruction of the Apapa road in Lagos State are ready, theMinister of Power, Works and Housing,  Babatunde Fashola, has said. He also reiterated that the Apapa area was a priority to the Federal Government under the ministry’s programme to solve the issue of roads leading to critical ports in the country, adding that the amount needed to reconstruct the road was N100bn. Link
  7. The Federal Government, the 36 states of the federation and the 774 local government areas have so far shared N1.4tn from the Federation Account, being revenue generated in the first quarter of this year.  The total revenue shared in January by the three tiers of government was N430.16bn, with the Federal Government taking N168bn; states, N114.28bn; and local governments, N85.4bn. The federation grossed in N514bn in February and Federal Government’s share was N200.6bn; states, N128.4bn; and local governments, N96.52bn. However, in March, revenue generation dipped, grossing N466.9bn, from which the Federal Government got N180.5bn; state governments, N116.5bn; and local governments, N87.5bn. Link
  8. In a bid to eliminate some bottlenecks in the nation’s capital market,the Securities and Exchange Commission, SEC, has commenced moves to ensure that the process of issuing new shares is completed within three to four weeks and at less cost to the issuers. Link
  9. The management of Okomu Oil Palm Company in Edo, said on Sunday, that it had spent N20m on whistleblowers who saved the company from incurring losses. The company’s Managing Director, Mr Graham Hefer, said in Benin that the company had adopted whistleblowing policy for over 10 years now. He added that the company adopted the policy to prevent theft of its produce such as palm fruits and rubber as well as prevent its staff from illicit operations within and outside the company. Link
  10. The Federal Government is to seek alternative to recharging the Lake Chad basin through inter basin water transfer from Congo basin, a project that has been estimated to cost 15 billion dollars. The decision of the government to seek an alternative to save the basin is due to the high cost of the inter basin water transfer which a feasibility study had shown would cost about 15 billion dollars. Link
  11. Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Wokson International Limited in Asaba and Warri in Delta State over a staggering indebtedness of over N5billion. Link
  12. An international rating agency, Moody’s, has assigned a B2, stable rating to Sterling Bank Plc for its resilient deposit funding base and stable local currency liquidity. It noted that Sterling Bank’s strength is balanced against Nigeria’s challenging operating environment, which takes into account the strong growth potential of the system, institutional and structural weaknesses and low foreign currency liquidity buffers. Link
  13. Shareholders of FBN Holdings Plc have charged its Board of Directors to quickly recover  debts owed the company’s subsidiary bank, First Bank of Nigeria Limited, which led to a credit losses of N226 billion. Link
  14. African Alliance Insurance Plchas appointed Mrs Funmilayo Omo as the Managing Director/Chief Executive Officer of the underwriting firm. In a statement, the firm’s Corporate Communication Manager, Stella Osanebi, said Omo’s appointment Okayed by the Board of Directors, had been confirmed by the regulatory body, the National Insurance Commission (NAICOM). Link
  15. Eighty-five dependants of deceased Lagos State Local Government and Primary School Teachers from the Lagos State Government State Universal Basic Education Board (SUBEB) staff have received N171 million insurance death benefits fromLASACO Assurance Plc. Managing Director, LASACO Assurance, Segun Balogun, while presenting the cash to the beneficiaries at the Ministry of Local Government and Community Affairs, Alausa, Ikeja, Lagos, praised the government for instituting the Group Life Insurance Scheme (GLIP) for its workers in 2009. He said 174 relations of the deceased staff benefited from the scheme between 2013 and last year. Link
  16. The Federal Governmentis to receive $296,143 as dividend from the profit earned by the Islamic Development Bank for the 2016 financial period. The development was confirmed in a statement issued on Sunday by the Director of Information in the Ministry of Finance, Salisu Dambatta. The statement said that public financial institutions that own shares in the bank would receive dividend payments in cash amounting to $1.56m, payable within three months from the date of the resolution. Link
  17. C&I Leasing Plc plans to raise additional $100 million to expand its operations. The Group’s Chief Finance Officer (CFO), Mr. Alex Mbakogu, disclosed this at the firm’s investors’ forum in Lagos. According to him, while exploring cheaper sources of funds, the company also plans redemption of $12.4 million loan stock from Abraaj. Link
  18. The board of directors of Unity bank Plc announces the resignation of its Managing Director, Mr. abubakar Abba Bello. His resignation follows his appointment as the new Managing Director of Nigerian export-Import bank (NEXIM) by the President of the federal Republic of Nigeria. Link
  19. The Nigerian Civil Aviation Authority has ordered Ethiopian Airlines to stop taking deportation charges from Nigerians travelling to South Africa. According to the NCAA, the refundable deportation fee that the airline charges passengers without valid South African visa or a return ticket is illegal and unauthorised. The NCAA said in a statement signed by its General Manager, Public Relations, Mr. Sam Adurogboye, that its investigation found that all outbound passengers to South Africa from the Murtala Mohammed International Airport, Lagos, and Akanu Ibiam International Airport, Enugu, transiting through Addis Ababa, were liable to pay $75 or $150 if their transiting time was 24 hours. Link
  20. Medview Airline Plc has clarified the European Union (EU)’s operational restriction, which the public had misunderstood as a total ban on its United Kingdom operations. The airline in a statement signed by its Executive Director, Business Development and Commercial, Mr Isiaq Na’Allah said that the airline’s operations to London was in no way affected by the ban and had since been operating with her wet-leased aircraft.  He explained that the ban fell under an exception rule in EASA, Annex A, where it states that “Air carriers listed in Annex A could be permitted to exercise traffic rights by using wet-leased aircraft of an air carrier, which is not subject to an operating ban”. Link
  21. The Ebonyi State Governor, David Umahi, haspaid N110m as counterpart fund for the Fadama III Additional Financing project of the Federal Government. A statement on Sunday said the N110m paid by Umahi was for 2015, 2016 and 2017. Link
  22. The Federal Governmenthas spent about N9tn on oil subsidy in the last 10 years, the Executive Director and Chief Financial Officer, Oando Plc, Mr. Femi Adeyemi, has said. He therefore advised the Federal Government to drop oil subsidy in order to enhance infrastructural development and economic growth. Link
  23. The Chief Executive Officer,Glenwood Property Development Company, Mrs. Noimot Olatunji, has said that investors should take advantage of the development currently ongoing in the Ibeju-Lekki area of Lagos State as it promises huge returns on investment. “Investment in the Ibeju-Lekki axis of Lagos State, including the Lekki Free Trade Zone, will create over 300,000 direct and indirect jobs in the next three years. The direct consequence will be huge pressure on existing infrastructure and a surge in demand for housing at all levels; and the available and proposed housing stock in the area is unlikely to meet the anticipated demand,” she said.  Link
  24. Justice Kezziah Ogbonnaya of FCT High Court, Kubwa on Monday ordered the British American Tobacco Company to pay N25,000 cost to the FCT Minister for seeking unnecessary adjournment. The plaintiff filed the suit against the FCT Minister, Federal Capital Development Authority (FCDA) and Abuja Development Control over a land dispute. According to her, asking the court to adjourn a matter that was ripe for hearing since January to September would not be tolerated in any country. Link
  25. The Kano State House of Assembly on Monday stopped the investigation on the Emir of Kano,  Muhammadu Sanusi II, over allegations of misappropriation of funds belonging to Kano Emirate Council. Link
  26. The Court of Appeal has fixed July 5, 2017 to hear the appeal filed by the wife of ex-President Goodluck Jonathan to challenge the interim order of the Federal High Court in Lagos which temporarily froze her Skye Bank account with a balance of $5.9m. Link
  27. Minister of state for Petroleum Resources Dr. Ibe Kachikwu said he will quit from the government if he fails to deliver on the promise to end fuel importation in Nigeria by 2019. Link


Summary of the top business, economic and political news in Nigeria today 19/5/2017.

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  1. The Chairman of the Board of the Nigerian Economic Summit Group (NESG) Mr. Kyari A. Bukar has said Nigeria should technically be out of recession by the end of the third quarter of this year. He listed stability in global oil price and increase in crude oil production due to peace in the Niger Delta region as key contributors to this growth. Link
  2. The Federal Government has directed all relevant ministries, departments and agencies operating at the nation’s airports and seaports to harmonise their operations into a single interface station. While those at the airports have 30 days to merge, those operating at seaports must do so within 60 days. This is one of the highlights of an ‘Executive Order on the Promotion of Transparency and Efficiency in the Business Environment’ signed by the Acting President, Prof. Yemi Osinbajo, on Wednesday. Link
  3. The Minister of Transportation, Rotimi Amaechi yesterday said work has commenced on the $1.5 billion Lagos-Ibadan rail line. He said the government is making efforts to complete all outstanding rail projects in due time to give relief to congestion of the roads from cargo and human traffic. Other projects, he assured will be completed include Southeast rail which he indicated will be addressed as the government raise funds. Link
  4. The Minister of Power, Works and Housing, Babatunde Fashola, has declared that eligible power consumers are now free to purchase electricity directly from power generation companies. Link
  5. The Minister of Transportation Rotimi Amaechi has said yesterday that private sector players in Nigeria are 99 per cent dependant on government, saying they are not reliable as investors. He said government had in the past provided funds for the private sector but such funds were either misused or diverted. Link
  6. The Federal Government has said it will review the Public Procurement Act to promote the patronage of locally-made products in the country. The Minister of Information and Culture, Alhaji Lai Mohammed, stated this at the press launch of the campaign for the patronage of made-in-Nigeria products. He said the need to amend the Act was borne out of the conviction that the government needed to encourage companies to produce what the country needed, while at the same time boosting local production of goods and services. Link
  7. The 2016 unaudited accounts of the Nigerian Ports Authority (NPA) is currently stalling the release of the 7.0 percent surcharge paid on imports for the development of the ports. Disclosing this in Lagos, the Managing Director of the authority, Ms. Hadiza Bala Usman, said that the account of the agency was last audited in 2015 adding that the 2016 audit was yet to be done. Link
  8. The Federal Government on Thursday called on the Islamic Development Bank to provide funding support for the implementation of the country’s Economic Recovery and Growth Plan. The Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, stated this at the 42nd annual meeting of the bank in Jeddah, Saudi Arabia. He called for more intervention from the bank in the area of infrastructure in order to stimulate economic recovery and reduce the level of poverty in the country. Link
  9. Stakeholders at the public hearing on some bills at the Kwara State House of Assembly have advocated for the increment of mobilisation fee from 15 to 30 percent for public procurement. They stressed that the inclusion of threshold in the bill would go a long way in reversing the phenomenon of abandoned projects and enhance quick completion of government projects. Link
  10. The Niger Delta Development Commission (NDDC) said a total of 708 projects valued at N86.3bn had been awarded in Edo State since the inception of the commission. The Chairman of the Commission, Senator Victor Ndoma-Egba said the projects include 233 on-going, 130 yet to commence, 131 completed but not inaugurated while 173 were completed and inaugurated. Link
  11. The Nigerian National Petroleum Corporation, NNPC, will today, sign a $6 billion crude oil swap agreement with 10 groups of oil trading firms for the exchange of 330,000 barrels per day of crude oil for premium motor spirit, PMS, also known as petrol, and diesel. According to a report, the NNPC had already signed the agreements with four of the 10 groups, while the rest will be signed today. Link
  12. The monthly remittance of the 11 electricity Distribution Companies (DisCos) is now at 35 per cent just as the Market Operator (MO) section of the Transmission Company of Nigeria (TCN) has vowed to enforce compliance and penalties for defaulters. The Executive Director of MO, Mr Moshood Saleeman who disclosed this at a participants and stakeholders meeting in Abuja yesterday, said, “We now experience a marginal increase of 35 per cent in the remittances of the DisCos but we are not yet there; it is improving gradually.Link
  13. Total Nigeria Plc has reiterated its commitment to providing better energy with the deployment of solar hybrid solutions in strategic service stations across Nigeria. The company said it is meeting the energy needs of Nigerian homes through its solar home solutions designed to combat unstable power supply and provide constant electricity. Link
  14. The Cross River State Governor, Prof. Ben Ayade, has said the Calabar Garment Factory is now producing in commercial quantity including for export. The governor, who spoke in Calabar after the first rollout of the first set of clothes from the garment factory such as blazers, jeans trousers and shirts, added that starting from June 2017, he would not be wearing clothes not made from the firm. Link
  15. Shareholders of Berger Paints Nigeria Plc, yesterday, charged its Board of Directors to consider the backward integration strategy as a means of addressing the high cost of importing raw materials. Link
  16. Shareholders of AshakaCem Plc, a subsidiary of Lafarge Africa Plc, have unanimously endorsed a dividend payment of 15 kobo on every ordinary share in issue for the 2016 financial year, totalling N336 million. The Chief Finance Officer of AshakaCem, Mr Bruno Bayet, said the overall performance of the company had improved. “We have improved on sale and prices have improved as well,” he said. Link
  17. Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, the Pan-African banking group has signed an agreement with OiLibya, a Pan-African oil and gas downstream company, for the distribution of digital financial services. Link
  18. Infinity Trust Mortgage Bank Plc posted a 19 per cent increase in its profit before tax (PBT) in 2016 as the company unveiled its annual financial accounts Thursday. It also recorded a 45 per cent growth in its loan portfolio from N1.672 billion in 2015, to N2.417 billion in 2016. The Chairman of the company, Dr. Adeyinka Bibilari, disclosed that the bank recorded a profit before tax of N312,706,202— an increase of 19 per cent over the preceding year’s (2015) figure of N262,430,085. This, according to him, meant that the bank had consistently been profitable for the past 11 years. Link
  19. The Acting President, Yemi Osinbajo, has on Friday, formally received the 2017 Budget -Appropriations bill. The Senior Special Assistant to the Acting President, Mr. Laolu Akande, confirmed this on his Twitter handle, @Akandeoj. “2017 Budget -Appropriations bill now officially received in the Acting President’s office and undergoing very prompt and diligent consideration,” he wrote. Link
  20. New executive order signed May 18 by Acting President Yemo Osinbajo now compels all airport officials to be in uniform and always wear their identification cards. Officials are no longer allowed to appear in mufti while on official duty. The order also mandates that no airport and security official should provide bag carrying services for non-designated persons. Link


Summary of the top business, economic and political news in Nigeria today 18/5/2017.



  1. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said a number of steps have been taken to maintain the pump price of Premium Motor Spirit (petrol) at N145 per litre despite significant challenges in the downstream sector. He stated, “We are also working very hard with the NNPC to reduce some of the charges on products such as the usual five per cent provision on proforma invoices as allowed for ship-to-ship operations. “We are doing all these to help manage and maintain the current price ceiling of N145 per litre in the face of very significant challenges.” Link
  2. The Central Bank of Nigeria (CBN) yesterday released a list of items that can source foreign exchange (forex) from the market. The list, sent to all authorised dealers, Nigeria Customs and the public, has 36 categories. It is endorsed by Director, Trade and Exchange, W.D Gotring. The items that made the list include animal or vegetable fats and oils fractions, hydrogenated- not including palm oil/ olein and margarine; prepared glues and adhesive based polymers of headings 39.01 to 39.13 or on rubber; other plates, sheets, film, foil, and strip of polymers of ethylene printed- only for pharmaceutical and manufacturing. Link
  3. The Federal Executive Council (FEC) on Wednesday approved additional N46.15 billon for Kashibilla dam in Taraba state. The Minister of Water Resources, Suleiman Adamu, disclosed this at the end of the FEC meeting. According to him, the project which was started in 2017 and still ongoing has attained 90 percent completion. “The dam was impounded in February. We expect the dam to reach supply level this month or June and it will be ready for commissioning. “ Link
  4. Nigeria is to launch Africa’s first nanosatellite (an artificial satellite with a wet mass between one and 10 kg 2.2–22 lb) into the orbit, the Director-General of National Space Research and Development Agency (NASRDA), Prof Seidu Mohammed, has said. He explained that nanosatellite is a scientific satellite that is to study environmental parameters and it will would be launched “within the window of May 23 and 27” from the launch base at Miami, Florida, U.S. Link
  5. The Nigerian National Petroleum Corporation on Wednesday announced that it had re-commissioning its Kano depot so as to boost the supply of petroleum products in the northern region. The Kano depot is part of the NNPC’s System 2D pipeline network, but was knocked down three-and-half years ago by vandals. Link
  6. Geogrid LighTec Limited and the Manufacturers Association of Nigeria are on course to make available alternative power supply to manufacturers, amid inadequate supply from the national grid. The Chairman, Geogrid LighTec, Mr. Emmanuel Ocholi, on the sidelines of a meeting with MAN on Tuesday in Lagos, said the company had the capacity to generate 30MW of electricity, adding that 10MW could be made available to the manufacturers. Link
  7. The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has faulted the Memorandum of Understanding, MOU, entered into between the Federal Government and Oando Plc for the management of the Port Harcourt Refinery under a repair, operate and maintain, ROM arrangement. In a statement by its General Secretary, Joseph Ogbebor, NUPENG described the arrangement as faulty, lacking in transparency and not involving other stakeholders, especially the two oil workers unions, NUPENG and Petroleum and Natural General Senior Staff Association of Nigeria, PENGASSAN. Link
  8. General Electric (GE) plans to launch a gas turbine assembly plant in Nigeria next year and has invested over $100 million as it seeks to tap growing demand for gas-fired power plants in Africa’s biggest economy, its local CEO said on Thursday. Link
  9. Another estate has joined the growing property business in Lekki, Lagos, known as Royal Residence, it is the brainchild of Obika Realtors Limited. It is on a 10-acre land at Eluju Town in Ibeju-Lekki  Local Government Area of the state. Its Managing Director, Mrs. Ekamma Ufot explained that the estate has 54 plots, 20 of which would be allocated under the first phase and that a subscriber cannot buy more than four plots which must be developed within five years. Link
  10. The Islamic Development Bank is planning to make Nigeria its regional operational hub in Africa. The President, IDB, Dr. Bandar Hajjar said the move to make Nigeria a regional hub was part of a five-year reform package, which would see the bank decentralise its operations. Link
  11. The Kaduna State Internal Revenue Service (KDIRS) has threatened to seal all banks operating in the state which failed to pay its communication mast and Signage fees as required by law. Kozah explained that the Kaduna State Tax Codification and Consolidation Law 2016 provided that all bank branches operating in the state with communication mast and synergy were to pay certain fees. He, however, said that with the exception of UBA, most of the banks have failed to pay, particularly for 2016 and 2017. Link
  12. Shareholders of Med-View Airlines have described as exuberant, the payment of N3.7 billion as statutory charges by the Airline to Nigerian Civil Aviation Authority (NCAA), Federal Airport Authority (FAAN) and the Nigerian Airspace Management Agency (NAMA). The National president of Independent Shareholders association, Mr Boniface Okezie raised the observation at the 2016 Annual General Meeting (AGM) in Lagos yesterday. “we think the amount is too much and the regulatory authorities need to seriously reconsider the growing concern around excessive charges to airline operators.” Link
  13. Managing director/CEO of Nigerian Aviation Handling Company Plc, Norbert Bielderman, has submitted to the company notice of his resignation. Bielderman, who gave three months’ notice, would formally disengage from the co on Aug. 31. Link
  14. Ongoing efforts of President Muhammadu Buhari’s administration to increase the revenue generation gained a boost on Wednesday as the House of Representatives passed the bill for an Act to amend the Deep Offshore and Inland Basin Production Sharing Contracts, 2004 through third reading. The bill seeks to extend Royalty regime for petroleum and gas to areas in excess of 1,000 meters water depth. With the new amendment to section 5 of the Principal Act, three percent royalty is to be paid by the companies involved in exploration activities in excess of 1,000 meters depth. Link
  15. Acting President Yemi Osinbajo has cleared all doubts about who will sign the 2017 budget recently passed by the National Assembly into law. Osinbajo said he would sign the budget into law after vetting by the Presidency. Link
  16. The Plateau Government will give priority to the completion of ongoing projects in its 2017 budget of N139.49 billion, Mrs Tamwakat Weli, the Commissioner for Finance, has said. She added that because of the premium placed on the completion of projects initiated by the last administration, the sum of N70.13 billion representing 50.28 per cent of the total budget, had been allotted to capital expenditure. Link
  17. Gov. Umaru Al-Makura of Nasarawa State has approved the payment of the shortfalls of October and November 2016 salaries of workers and other demands of the Nigerian Labour Congress (NLC). According to hin, the approval of the demands of the NLC is to strengthen the relationship between government and the labour union and prove to them that the current administration prioritises the welfare of workers. Link

The Nigerian Economy Today 17/5/2017


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

  1.  Over $163.7m was spent to hire pre-shipment agents to monitor Nigeria’s oil and gas exports between 2009 and 2016, an investigation by the House of Representatives uncovered on Tuesday. The money was signed out by the Federal Ministry of Finance from a pool of funds domiciled in the Central Bank of Nigeria. However, lawmakers said the payments were made without appropriation by the National Assembly in breach of Sections 80/81 of the 1999 Constitution (as amended). Link
  2.  The nation’s external reserve dropped $30.78 billion on Monday, the lowest in ten days, even as the naira remain stable at N385 per dollar in the parallel market exchange rate. This represents decline of $100 million when compared with the closing level of $30.88 billion Friday last week. Link
  3. In spite of increase in federally-collected revenue, buoyed by increase in crude oil price, the Federal Government recorded a deficit of N404 billion for the month of February, 2017. The Central Bank of Nigeria, CBN, disclosed this in its economic report for February posted on its website, yesterday, indicating another threat to the budget. Link
  4. The Minister of Labour and Employment, Senator Chris Ngige, has tasked the newly appointed executive management of the Nigeria Social Insurance Trust Fund to vigorously pursue the full implementation of the Employee Compensation Act.  “The Employee Compensation Act is a national law and not meant for the Federal Government alone, hence all employers in both the public and organised private sectors must key into the Act,” he stated. Link
  5. The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, says the Federal Government is planning to enhance economic growth by granting tax breaks and export incentives. According to him, a key Trade Facilitation Agreement signed by Nigeria and over 100 other countries with the World Trade Organisation is expected to provide the nation’s manufacturing industry with a major boost. Link
  6. The federal government is disturbed over high cost of local rice in the country, which it said is now above the price of imported rice. The Minister of Agriculture and Rural Development, Audu Ogbeh, while responding to questions at a Town Hall meeting in Abuja yesterday, said the situation was disturbing, considering government’s efforts at encouraging local production of rice in the country. He explained that the imported rice arrive at about N9,000 per bag and were then sold at about N13,000 per bag to consumers unlike the local rice sold at about N16,000 per bag. Link
  7. Business activities at the Lagos Port Complex (LPC) and the Tin-Can Island port in Lagos were again, brought to a halt yesterday, as clearing agents and the truck drivers continued with their strike over the deplorable state of the roads leading to the ports. The Nigeria Customs Service (NCS), has already lost over N3billion at Lagos port to the two-day strike. Also, terminal operators, shipping companies and other government agencies at all the ports, would also lose billions should the strike extend beyond tomorrow. Link
  8. The President, Rice Farmers Association of Nigeria, Aminu Goronyo, says annual rice production in Nigeria has increased from 5.5 million tonnes in 2015 to 5.8 million tonnes in 2017. Link
  9. Chinese Economic and Commercial Counselor, Mr Zhao Linxiang, has said his country promised $6.7 billion to develop Nigeria’s agriculture through training of hundreds of Nigerians to achieve food sufficiency. Link
  10. Nasir-El Rufai, governor of Kaduna state, plans to privatize about four state owned enterprises to create jobs, the 57 year-old said in an interview with BusinessDay. “There is a privatisation programme; I think we have three or four companies, industrial enterprises that we inherited that we have already put out for privatisation,” El-rufai said. Link
  11. The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government could not address the country’s huge infrastructure deficit with budgetary allocations alone in the next 10 years. Link
  12. Thirty-eight statutory agencies of the Federal Government are yet to submit their budget proposals for the 2017 fiscal year. These agencies, which include the Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN) and Bureau of Public Enterprises (BPE), have continued to make huge extra-budgetary expenditure in breach of the Fiscal Responsibility (FRA) Act 2007. This was disclosed by the Senate yesterday during a legislative session. Link
  13. The Federal Government has saved over $30 million as a result of the switch to Compressed Natural Gas (CNG) from diesel, as well as a reduction of 76 million kilogramme of CO2 emissions. Link
  14. A whooping $2 billion investment by the terminal operators has massively turned around operations at Nigerian seaports since the commencement of the concessioning programme about 11 years ago. The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, who disclosed this recently, commended the Federal Government for its foresight in instituting the programme. Link
  15. Executive vice chairman, Nigerian Communications Commission (NCC), Professor Umaru Danbatta yesterday confirmed that the Nigerian telecommunication sector has so far contributed about N15 trillion to the Nigerian economy since the liberation of the sector and inception of digital mobile communications nearly 17 years. Link
  16. The net asset value (NAV) of mutual funds in the Nigerian capital market grew by 159 per cent from N102 billion in December 2012 to N264 billion in April 2017, according to data from the Securities and Exchange Commission (SEC). Data from SEC indicated that the NAV of the funds have grown by N162 billion in almost five years. However, despite the 159 per cent growth, the relative size of the NAV to gross domestic product (GDP) remains low and relatively unchanged over the period at 0.2 per cent in 2012 and 0.3 per cent in 2016. Link
  17. Acting President Yemi Osinbajo said on Tuesday that the federal government is investing some hundreds of billions of naira in an assurance scheme that would provide the much needed liquidity in the power sector and attract additional investments. Link
  18. The Inequality report released by Oxfam International, on Wednesday, revealed that the combined wealth of five richest Nigerians put at $29.9bn could end extreme poverty in the country. The report, entitled ‘Inequality in Nigeria, Exploring the Drivers and obtained in Abuja, exposed the large and growing gap between the rich and poor in Nigeria. It revealed that the benefits of the nation’s economic growth had been captured by a few wealthy elite at the expense of the ordinary Nigerians. Link
  19. The Nigerian Communications Commission (NCC) yesterday assured that rift between Etisalat Nigeria and the consortium of lenders that provided facility of $1.2billion to the telco will soon be over soon. Its Executive Commissioner, Stakeholders Management, Mr Sunday Dare said the likelihood of a takeover of the telco by its lenders have been ‘put in abeyance’, adding that there is light at the dark end of the tunnel. Link
  20. Coronation Asset Management Limited, the asset management arm of Coronation Merchant Bank Limited, is planning to float initial public offerings (IPOs) to raise funds for new collective investment schemes, otherwise known as mutual funds. Link
  21. Mr. Atedo Peterside who spoke at a ceremony at the Nigerian Stock Exchange (NSE) yesterday to mark his retirement from the board of directors of Stanbic IBTC Holdings Plc, has faulted certain provisions in corporate governance and regulatory codes that stipulate tenures for founders, directors and top management of companies as antithetical regulations that could be counterproductive and inimical to the success of the company. Link
  22. Mixta Real Estate Plc has obtained regulatory approval to list its N4.5 billion 17 per cent Guaranteed Fixed Rate Bond on the Nigerian Stock Exchange (NSE). The bond listing will pave for investors to trade on the bond. GuarantCo Limited, a multilateral development finance company, is the guarantor for the bond issue. Link
  23. The London Stock Exchange (LSE) in its recent ‘Companies to Inspire Africa’ report unveiled in Lagos recently, listed Erisco Foods Limited amongst fastest growing private businesses in Africa. Erisco Foods was amongst the identified 343 companies in 42 African countries, out of which 58 Nigerian companies made it to the list of the most exciting and promising companies, including small businesses. Link
  24. Nigeria’s Medview Airline has been banned from the EU Air Safety List over safety reasons, also banned are all air carriers from Benin and Mozambique. Link
  25. Ailing Ijora container terminal concessioned to Lilypond Container Depot Nigeria Limited (LCDNL) in 2006 by the Nigerian Ports Authority (NPA) is to be designated as export terminal. It was gathered that 2.3 million tons of non-oil would be shipped through the terminal yearly. Link
  26. The Senate has asked Federal Government to present the budgets of corporations, agencies and parastatals to the legislature in two weeks. The lawmakers issued the ultimatum at the plenary on Wednesday. The Senate has barred the affected corporations and parastatals from capital expenditure until their budgets had been passed by the legislature. Link
  27. Even with Professor Yemi Osinbajo in the saddle as Acting President of the Federal Republic of Nigeria in the absence of President Muhammadu Buhari, the Presidency is still confused about who would assent to the 2017 budget. Fielding questions from State House correspondents at the Federal Executive Council, FEC meeting at the Presidential Villa, Abuja on Wednesday, the Minister of Information and Culture, Lai Mohammed said that the decision on who signs the Appropriation Bill into law would be decided when the document is finally transmitted to the Presidency. Link
  28. Leader of the South-East caucus in the Senate, Senator Enyinnaya Abaribe, has protested against the alleged exclusion of the eastern rail line from the ongoing rail projects by the Federal Government. In his motion at the plenary on Tuesday, he alleged that the South-East would not benefit from the projects for which the government was obtaining a loan of $5.851bn from China Exim Bank. Link


The Nigerian Economy Today 16/5/2017

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

  1. The Central Bank of Nigeria has 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
  6. 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
  11. 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
  15. 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
  17. 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 (, 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
  20. 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

The Nigerian Economy Today 15/5/2017

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


  1. The Association of Housing Corporations of Nigeria and the Central Bank of Nigeria has commenced the structuring of a N500bn intervention fund to facilitate mass housing construction across the country. The President and Chairman of Council, AHCN, Mr. Mohammed Adamu said, “…the association has decided to create an off-takers’ database throughout Nigeria in partnership with Value Chain Project Consultant Limited, and we have commenced the process of structuring a N500bn revolving housing intervention fund from the CBN to facilitate mass housing construction for Nigerians.” Link
  2. A Federal Capital Territory (FCT) High Court in Maitama, Abuja has issued a garnishee order directing the Central Bank of Nigeria (CBN) to remove N11,270,000 from account of police. The money is to pay the Incorporated Trustees of Peace Corps of Nigeria (PCN) and its National Commandant, Ambassador Dickson Akoh, as judgment debt against the police. Link
  3. A professor of animal and product nutrition, Gbenga Onibi has warned Nigerians against eating imported frozen meat, which he described as unsafe and dangerous to health. He also called for proper legislation against the display of fresh and frozen meat in unrefrigerated counters across in the markets to safeguard the health of the populace. Link
  4. Nigeria has been identified as one of the top five countries for growth acceleration for 2018. Other countries in the group include Kuwait, Oman, Kazakhstan and Tunisia. The Global Chief Economist at Renaissance Capital, Charles Robertson, who made this forecast in a report titled: “Africa 2017,” urged investors to take advantage of the opportunities in these countries.  He said Nigeria still has a very positive demography, pointing out that the country’s working age population has been growing at 15 per cent over the past five years. Link
  5. An Italian firm, Management Environmental Finance (MEFIN), has expressed interest in establishing wastes recycling plant in Calabar with an investment package totalling 40 million Euros. Link
  6. Determined to put an end to the incessant power outage experienced at the state secretariat and other government establishments, the Ogun State Government is soon to commission a 10 mega watt mini power plant, located at Onijoganjogan, Ewekoro Local Government Area of the state. Link
  7. The sharp drop in the price of cocoa beans in West Africa has affected government revenue and exporters’ earnings in Nigeria since the beginning of this year. The country is experiencing this challenge at a time the retail market for chocolate candy is valued at $143 billion in 2017.  The price of the commodity is said to have fell within the last seven months from $2,019 per metric ton to $1,457 per metric ton in May 2017. Already, exporters of cocoa beans have stopped shipping the commodity through the Port and Terminal Multi-service Limited, Tincan Island Port, since last April, as buyers were offering lower prices for cocoa beans. Link
  8. The Capital Market Committee (CMC) has given investors who joggled their names for the purpose of multiple subscription a forbearance period of six months within which they can lay claims to both their shares and accruing dividends. Director General of SEC, Mounir Gwarzo who made these disclosures in Lagos said investors involved failing to establish their identity within the stipulated time will have such shares and accruing dividends transferred to the Nigerian Capital Market Development Fund (NCDMF). Link
  9. The Group Managing Director of Obijackson Group, Mr. Ernest Azudialu-Obiejesi, has stated that one of the group’s subsidiaries, Neconde Energy, is still indebted to over 10 banks for the $558 million paid by the company for the acquisition of Oil Mining Lease (OML) 42 from Shell Petroleum Development Company (SPDC) and its partners. Link
  10. General Electric (GE) has stated that it is delivering on its commitments to collaborate with the federal government, investors and private sponsors of projects to ensure the realisation of 10,000 megawatts of incremental power in Nigeria, in line with the power Memorandum of Understanding (MoU) signed with the federal government in March 2012. Link
  11. Nigerian oil firm Oando said on Monday it was in talks to work with Italian energy company Eni to rehabilitate one of the West African nation’s four refineries. Oando said talks were expected to lead to a final agreement by the end of July. Link
  12. A likely merger and conversion of assets of Arik Air and Aero Contractors is one of the options being considered by the Federal Government (FG) in the buildup to a new national carrier for the country. The conversion plan, though already faulted by some stakeholders, will further reduce private domestic operations to six airlines, with the attendant debt burden and legal issues for the prospective national carrier. Link
  13. The Board of Directors of Lafarge Africa has submitted to the Nigerian Stock Exchange a Notice of its 58th Annual General Meeting (AGM) at which it will propose a Rights Issue for an amount up to N140 billion for approval by the shareholders of the Company. Also on the AGM agenda is a proposal to shareholders to approve the merger of Unicem into Lafarge Africa. The AGM is scheduled to be held in Lagos on Wednesday, June 7th, 2017. Link
  14. Unilever Plc, United Kingdom (UK), to inject about N38 billion into its Nigerian subsidiary, Unilever Nigeria Plc under a new capital raising programme approved by the shareholders of the fast moving consumer goods company last week. Unilever UK holds 60.06 per cent majority equity stake in Unilever Nigeria through its Unilever Overseas Holdings BV. Stanbic Nominees Nigeria Limited holds the second largest equity stake of 10.43 per cent in Unilever Nigeria. Link
  15. The Federal High Court in Lagos has ordered Skye Bank Plc to take over a five-star hotel, Intercontinental Hotel, located at Plot 244 and 245 (now 52) Kofo Abayomi Street, Victoria Island, Lagos. The bank had dragged Milan Industries Limited, owner of the 361-room Intercontinental Hotel, to court over an alleged debt. Skye Bank claimed to have granted loan facilities of $29.8m and N3.8bn to Milan Industries Limited to construct the hotel. Link
  16. The FMDQ OTC Securities Exchange Board’s Listings, Markets and Technology Committee have approved the registration of the Stanbic IBTC Holdings Plc N20bn Commercial Paper Programme on its platform. Issues from this programme are to be quoted on the OTC Exchange. Link
  17. The Senate has begun investigation into activities of some banks for allegedly colluding with some International Oil Companies, IOCs, to defraud Nigeria.  This is as over $62,909,716,417 was said to have been taken out of the country between August 2009 and December 2014 in suspicious circumstances. Link
  18. Sigma Pensions has been identified as the only Pension Fund Administrator that is listed on the London Stock Exchange list of promising companies. A statement by the pension firm said the LSE listed Sigma Pensions among the fastest growing private businesses in Africa. “This report was a laudable accolade as Sigma Pensions was the only pension fund manager listed among the identified 343 companies in 42 African countries, out of which 58 Nigerian companies made the list of the most exciting and promising companies, including small businesses.” Link
  19. Allianz Global Corporate & Specialty, a global insurance company, has achieved a revenue growth of 122 billion euro in 2016, Chief Executive Officer, Thusang Mahlangu has said. According to him Allianz Global Corporate & Specialty has been in Africa for over 100 years, the company achieved an operating profit of €10.8 billion in the same year. He further said the company has over 140,000 employees worldwide. Link
  20. Consolidated Hallmark Insurance Plc is paying N120 million as dividend, having received the nod of the shareholders at its 22nd Annual General Meeting (AGM) at the weekend in Lagos. The firm’s profit for the year was N195 million and profit before tax, N368.13 million. Link
  21. The Board of Directors (“the Board”) of Stanbic IBTC Holdings PLC (the Company) has announced the election of Mr. Basil Omiyi as the Chairman of the Board with effect from 15 May 2017 following the receipt of all required regulatory approvals. Mr. Omiyi succeeds Mr. Atedo Peterside CON as the Chairman of the Board following Mr. Peterside’s resignation as a Non-Executive Director and Chairman of the Board on 31 March 2017. Link
  22. The Managing Director, Alpha Mead Facilities and Management Services Limited, Mr. Femi Akintunde, says that in furtherance of the company’s objectives of expanding the profession of facility management in Nigeria and Africa at large, the firm has decided to take the World Facility Management Day celebration to Accra, the capital city of Ghana. Link
  23. The Securities and Exchange Commission (SEC) has dissolved the board of Ikeja Hotels and approved the appointment of an interim Board Chairman, Chief Anthony Idigbe, for the company. A statement from SEC explained that the decision was taken because of the unresolved internal crisis, involving majority shareholders of company. Link
  24. Yudala, one of Nigeria’s fastest growing composite e-commerce outfit, has announced the strategic appointment of Mr. Wole Ogundare as the new Chief Executive Officer. The appointment takes effect from May 1st 2017. Link
  25. Smile, a Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania and the Democratic Republic of the Congo, has appointed the former Chief Executive Officer of MTN Nigeria, Mr. Ahmad Farroukh to its Board as Executive Director, Operations, effective, May 1 2017. Link
  26. A new Chief Executive Officer, Gbenro Dara, has been appointed by Cheki is a business of One Africa Media (OAM). It operates in Kenya, Nigeria, Uganda, Tanzania and Ghana, and runs sites in several other countries in Africa focused on the importation of cars from Japan, the United States and Europe. Link
  27. Some financial analysts including the Centre for Social Justice have faulted the huge amount allocated for debt service in the 2017 budget proposal and the increase in the National Assembly’s allocation by N10bn. The Lead Director, CSJ, Mr. Eze Onyekpere, stated in a preliminary review of the budget that “dedicating 24.73 per cent of the overall budget proposal to debt service is an indication that Nigeria’s debt profile is becoming unsustainable.” Link
  28. The Nigeria Governors’ Forum has denied media reports that the Governor of Adamawa State, Abdulaziz Yari, is building a $3m hotel in Lagos with monies stolen from the Paris London Club refunds to state governments. Barkindo quoted Yari as having said that the claims that he diverted to personal use the various sums of $3m, N500m and another N2.2bn from the N19bn paid his state were false and libelous. Link

The Nigerian Economy Today 12/5/2017

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


  • A team from the Enforcement Department of the Federal Inland Revenue Service on Wednesday continued its shutdown of tax defaulting firms across the country. In Ibadan, the FIRS team sealed ISO Glass Industries Limited located at Block E, Plot 17, Oluyole Industrial Estate, Ring Road, over an alleged tax debt of N12,037,416.99, accumulated since 2011. In Umuahia, Abia State, the team sealed nine firms for tax default. Some of the affected firms are the Michael Okpara University of Agriculture’s Guest House, which allegedly owes N3.5m; De-Latino Concert Limited, N6,677,221; and Hotel Macbeck Limited, N273,313.40. Others are Ohama Suites Limited, with tax debt of N1,153,500; Onyems Classic Pharmacy, N400,000; and Otubraco Nigeria Limited, N540,437:50. Link


  • The Nigerian Export Promotion Council is currently evaluating strategies that will enable the Federal Government to mitigate any negative impact of the planned exit of the United Kingdom from the European Union. Following a 2016 referendum to leave the EU, the UK government triggered the withdrawal process on March 29, 2017, setting the date for its exit from the union at April 2019. Link


  • The Bank of Industry has donated High Powered Liquid Chromatography equipment worth over N45m to the National Agency for Food and Drug Administration and Control. The Managing Director, BoI, Mr.  Waheed Olagunju, stated that the equipment would reduce time wasting and enhance efficiency during sample test for NAFDAC regulated products. Link


  • In an effort to improve Nigeria’s position in the International Budget Partnership, IBP, index, plans are underway by the Federal Government to launch a citizens budget portal to ensure openness and transparency of the budget process, Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said. Link


  • Fish farmers in Nigeria have lamented on the consistent hike in the cost of fish feeds, linking this to the rise in the cost of catfish. The Catfish Farmers Association of Nigeria, which disclosed this on Thursday in Port Harcourt during the unveiling of Aqualis Fish Feed, a product of Crown Flour Mill Limited, said the high cost of feeds was affecting fish farmers and consumers. The Rivers State Chairman of CFAN, Mr. Clapton Ogolo stressed the need for the expansion of fish farming in the country in order to reduce fish importation, averred that about 70 per cent of fish consumed in Nigeria was imported. Link


  • More than 70 per cent of drugs in circulation is fake, the Executive Director, Fidson Health Care Plc, Bola Adebayo, has said. Adebayo regretted that the National Agency for Food, Drug Administration and Control (NAFDAC) has failed to curtail the circulation of fake drugs. He also blamed the situation on the abscence of genuine drugs manufacturers in the hinterland, as many are concentrated in big cities. Link


  • GBfoods, one of the leading multinational food company headquartered in Barcelona and Helios Investment Partners, a premier Africa- focused private investment firm, have partnered to create one of Africa’s largest FMCG businesses. GBfoods Africa Holdco B. V., the joint venture owned by GBfoods and Helios, according to a statement, has acquired assets from different African companies including leading brands such as Jumbo (bouillon), Gino and Pomo (tomato paste), and Jago (milk powder and mayonnaise), as well as Bama (mayonnaise) distribution rights for Africa, in Ghana and Nigeria, and incorporates more than 600 workers from different nationalities. Link


  • The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has said that the World Bank’s statistics on the ease of doing business in Nigeria is only a visible indicator but not perfect. Speaking on the topic, ‘Ease of doing business in Nigeria’, Enelamah explained that surveys conducted for countries were a function of the quality and the number of the responses the bank received. Link


  • The Kogi State Government has appealed to the World Bank to assist it to achieve its aim of becoming the largest producer of rice in the North-Central. According to a statement on Wednesday, the state’s Commissioner for Agriculture, Mr. Kehinde Oloruntoba, made the appeal when the Mid-Term Review Mission Team of the World Bank/Federal Government paid a visit to him in his office. The commissioner said that if assisted by the World Bank, Kogi State could become the largest rice-producing state. Link


  • Premium Pension Limited, one of the Pension Fund Administrators (PFAs) in the country has appointed Architect Yunusa Yakubu as the Chairman of its Board of Directors. A statement by the company’s Head, Corporate Communications, Paddy Ezeala, said his appointment was ratified at the company’s recent Annual General Meeting (AGM). He takes over from the out gone Chairman of the Board, Mr. Aliyu Abdulrahman Dikko. Link


  • Newly-appointed Director General of the Nigerian Tourism Development Corporation (NTDC), Folorunsho Folarin-Coker, has said that the marketing of Nigerian tourism is better driven via the platform of new technologies provided by the social media. He said social media has the capacity of reaching millions in one single message, hence his resolve to leverage on it to promote and market the country’s attractions. Link


  • The chief operating officers of the five autonomous business units and two directorates of the Nigerian National Petroleum Corporation on Thursday signed a performance bond with the oil firm’s Group Managing Director, Dr. Maikanti Baru. The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, said in a statement issued in Abuja that the bond would serve as key business objective that each of the units would pursue and was expected to achieve. Link


  • The Federal Government has entered into a Memorandum of Understanding (MoU) with Nigeria’s largest indigenous energy group, Oando Plc to manage the Port Harcourt Refinery under a repair, operate and maintain (ROM) arrangement. Chief executive officer, Oando Plc, Mr. Wale Tinubu said the group has received approval of the government to oversee the Port Harcourt Refinery. “We plan to increase the refinery capacity from 30 per cent to a 100 per cent, subsequently to 120 per cent”. Link


  • The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the Federal Government to embrace dialogue to resolve the lingering impasse between the management of Capital Oil and Department of State Security (DSS). There has been disagreement between Capital Oil and DSS over the former’s alleged illegal sale of petroleum products stored in its tank farm by the Nigerian National Petroleum Corporation (NNPC). Link


  • The General Manager, Ethiopian Airlines Nigeria, Mr. Solomon Begashaw, says the airline will begin flight operations to Singapore from June 1 to link Nigeria and other African countries with the South-East Asian country. Link


  • Adama Beverages Limited, producers of Faro Water, ‎has recorded N4.6 billion turn over in 2016. The chairman of the company’s board of directors, Akin Kekere-Akun, ‎stated this at the Annual General Meeting held yesterday in Yola. He noted that the development ‎was attributable to the ongoing expansion project that would see the installation of new plant with capacity to produce 40,000 bottles per hour. Link


  • Wema Bank Plc. announces the resignation of its Chairman, Mr. Adeyinka Asekun from the Board on 10th May, 2017. Mr. Asekun was recently nominated as an Ambassador of the Federal Republic of Nigeria and has had his appointment confirmed by the Senate. Link


  • In line with government’s agricultural transformation drive and need to boost revenue, stakeholders in the oil palm production sector have stated that the country has over $45 billion yearly potential earnings untapped from the sector.  To this end, fairs and exhibitions organising company, BKG Exhibitions Limited, has unveiled plans to explore opportunities in the sector by showcasing the sector’s investment potential to stakeholders. Link


  • The Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade Ojo, has lamented the poor vehicle sales recorded in the country in the first quarter of the year which fell to an all time low of 2,000 compared to 5,500 vehicles sold within the same period in 2016. He forecast that given the way the industry was going, it would be difficult for all the car companies to sell 9,000 vehicle before the end of the year. Link


  • The first phase of Ajaokuta Steel Company will provide 500,000 upstream and downstream jobs when operational, the Federal Government has said. The company’s Sole Administrator, Mr. Isah Onobere, said it would cost $400 million to complete the Steel project, which had reached 98 per cent completion. He however, denied rumours that the company’s equipment were obsolete. Link


  • In its bid to give its business a national outlook, Omoluabi Mortgage Bank Plc is in the process of transforming to National Mortgage Bank. The transformation will necessitate a fund raising to further solidify the bank while a consortium of Investment Banks led by MorganCapital Group has been appointed to handle the process. Link


  • Fitch Ratings has assigned Nigeria-based Zenith Bank PLC’s (Zenith) upcoming issuance of USD500 million, five-year senior unsecured notes an expected rating of ‘B+(EXP)‘. The Recovery Rating is ‘RR4’, which denotes average recovery prospects in the event of default. Link


  • On the heels of the announcement of the successful sale of Keystone Bank Limited and the promise of the new investors to take active steps towards turning around its operations in order to become more competitive in the sector, it appears the management of the Bank has proceeded on a drive to give a face-lift to its various branches across the country as part of the post- divestment repositioning. Link


  • The National Assembly has increased its own budget from N115 billion as contained in the 2016 national budget to N125 billion in the 2017 budget. A breakdown of the lawmakers’ budget indicates that the management got N6,714,696,986 for personnel with overhead cost of N6,193,052,825 and capital cost of N2,011,315,202, totalling N14,919,065,013. The Senate got N1,856,510,517 for personnel; N25,111,332,147 for overheads and N4,430,923,222 for capital; totalling N31,398,765,886.The House of Representatives got N4,923,743,127 for personnel; N39,635,756,179 and N4,493,244,677; totaling N49,052,743,983, among others. Link


  • The National Assembly yesterday passed the 2017 appropriation bill of N7.441 trillion into law. It jerked up the figure by N143 billion against N7.298trillion proposed by President Muhammadu Buhari in December last year when he laid the budget document before the federal legislature. This is even as the $42.50 oil price benchmark proposed in the budget submitted by the president was also hiked to $44.50 to cater for the N143billion increase. Link


The Nigerian Economy Today 11/5/2017

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


  • The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has urged the public to ignore rumours of financial distress in some banks. He said the NDIC had continued to closely monitor the challenges facing the industry in order to further safeguard depositors’ interest in the banking system. He listed challenges affecting the banking industry to include poor corporate governance, insider loans and non-performing loans.  Link


  • As the 2016 budget closes, the Federal Ministry of Finance says N1.2 trillion capital releases have been made in line with government’s increased focus on capital expenditure. “The following releases were made: Power, Works and Housing received the largest allocation of N307.4 billion. “This is followed by Defence and Security, N171.9 billion and Transport and Aviation, N143.12 billion. “Other sectors were Agriculture and Water Resources; and Education and Health,” it stated. Link


  • The apex regulator of the Nigerian capital market, the Securities and Exchange Commission, has said shareholders who buy shares with fake and unverifiable names and cannot provide clear proof of ownership, will lose their entire holdings covered in the deals. Link


  • The Federal Government on Wednesday at an auction raised N110 billion worth of bonds to mature in 2021, 2027 and 2037, the Debt Management Office, DMO, said in Abuja. According to DMO’s auction result obtained from its website on Thursday, fewer bonds were sold at the auction than the N140 billion anticipated. The website stated that subscriptions from investors for the July 2021 bond, stood at N17.29 billion, while that of March 2027, which was reopened, stood at N52.5 billion. Also, subscriptions for the April 2037 bond, which was also re-opened stood at N91.67 billion. Link


  • Direct cash payment is now compulsory for all investors in the capital market effective from September 1st 2017. This verdict was given yesterday by the Capital Market Committee (CMC), the umbrella body of all capital market stakeholders under the leadership of the Securities and Exchange Commission (SEC). Once those shares are sold, payment is made directly into the client’s account. This is in contrast to the current practice where proceed from sale of securities is paid directly into the stockbroker’s account and the stockbrokers then deduct transaction fees and remit the balance to the client’s account. Link


  • Nigerian telecoms regulator, the Nigerian Communications Commission (NCC) will soon develop a regularly-published ranking index for telecoms companies as part of measures to firm up healthy competition among telecoms firms.  Link


  • Securities and Exchange Commission, SEC, yesterday, disclosed that it has set aside N5 billion as seed capital for the take off of the proposed Nigerian Capital Market Development Fund, NCMDF.  Link


  • Nigeria’s dollar liquidity constraints are likely to persist for the foreseeable future, despite the recent improvements in foreign exchange earnings and availability, Moody’s Investors Service has said. “Oil prices are highly unlikely to return to the $100 per barrel level that would lead to greater foreign exchange inflows,” Moody’s Vice President (Senior Credit Officer and co-author of the report), Aurélien Mali, said. Link


  • The N2 billion long-term facility Heritage Bank Plc and Central Bank of Nigeria under the Commercial Agriculture Credit Scheme (CACS) gave to Triton Aqua Africa Limited (TAAL) has continued to boost job creation. The fund was disbursed to enable TAAL expand its aquaculture businesses- nursery/hatchery for the production of fingerlings and brood stock in Ikeja; and earthen ponds for catfish and tilapia in Asejire, Iwo and Gambari towns in Oyo. Link


  • The Bank of Industry (BoI) has reduced its interest rates for corp members under its Graduate Entrepreneurship Fund (GEF) programme, to zero per cent interest charge from 9%, as part of measures to encourage entrepreneurship and aid business growth. According to the BOI, the GEF scheme being implemented by it in partnership with the National Youth Service Corps (NYSC) Directorate is currently on the second edition and has recorded over N262.9 million disbursements to 177 successful candidates. Link


  •  Three subsidiaries of a Nigerian oil and gas conglomerate, Obijackson Group – Nestoil, Energy Works Technology (EWT) and B&Q Dredging have been listed on the London stock exchange. Link


  • Barely a few months after Zenith bank shareholders rejected the proposed capital raising exercise, the bank has come up with another method of raising capital. In a note to the Nigerian Stock Exchange (NSE), the bank signified its intention to raise$500 million in the second tranche of its Global Medium Term Note Programme. Link


  • The board of directors of Capital Hotels Plc has announced the appointment of Chief Victor C N Oyolu has the new Chairman of the Company following the retirement of Mr. G.M. Ibru and also the appointment of Mr. Robert Itawa as the new Executive Director of the Company. Link


  • Unilever Nigeria Plc., has declared a dividend of N378 million following the approval of the company’s shareholders at the 92nd Annual General Meeting of the Company held in Lagos on Thursday, May 11 in Lagos. The dividend declared amidst a challenging operating year and environment translates to a dividend payout of 10 kobo gross per share to the shareholders Link


  • Shareholders at the  48th Annual General Meeting  of Union Bank Plc plans to  launch a rights issue in the second quarter of 2017 to raise up to Fifty Billion Naira (N50 billion) in Tier 1 capital as it looks to accelerate business growth and position as a leading commercial bank in Nigeria. Link 


  • The Ogun State government has signed a Memorandum of Understanding (MoU) with the a private firm, Sino-African Investment Free Trade Zone Company, for the construction of a four-lane, 10- kilometre Lusada-Igbesa Ogun Quangdong Free Trade Zone road in Ado-Odo Local Government Area. Link


  • Oyo State Government Thursday said it has terminated its contract of 400 registered Private Waste Contractors in the state for lack of capacity to undertake the job awarded to them.The government said the termination of contract awarded in 2013 took effect from May 5, 2017. He said it was sad that the contractors were getting money from the public, but failed to render the services. Link


  • The State of Osun received the least allocation from the Federation Account Allocation Committee between January and March, collecting N1.19bn. An infographics released by BudgIT on Thursday indicated that the Rauf Aregbesola-led state got the amount after debt deductions and other obligations amounting to N7.22bn. However, Akwa Ibom got the highest allocation for the first quarter, after deductions for debts and other obligations. It received N34.88bn ahead of Rivers’ N26.83bn;  Bayelsa received N22.97bn;  Delta got N21.54bn; N19.03bn was allocated to Lagos, while Kano received N14.02bn. Link


  • The Bill for an Act to amend the Pension Reform Act to provide for definite percentage a retiree can withdraw from his Retirement Savings Account passed second reading at the Senate on Wednesday. The bill was meant to ameliorate the sufferings of retirees who found it difficult to withdraw their benefits after retirement. It would enable retirees to withdraw 75 per cent of their benefits as lump sum after retirement rather than the current provision which allowed for withdrawal of only 25 per cent. Link


The Nigerian Economy Today 10/5/2017

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


  • The importation of sugar for local consumption would soon be a thing of the past, the Minister of State for Industry, Trade and Investment, Aisha Abubakar , has assured. The Minister asserted that “The government is fully prepared to support genuine investors to succeed in their investment anywhere in Nigeria. “Nigeria is getting into agriculture development proper as the abundance in the past was not well handled, which is the reason for the current hardship the country is presently facing.” Link 


  • An International Monetary Fund (IMF) report on Sub-Sahara Africa economic outlook has projected that Nigeria will maintain a 0.8% growth post-recession in 2017. The IMF also insisted that the growth is premised on a higher oil production subject to maintenance of peace in the Niger Delta and strong agricultural production. Link 


  • Nine states in the country would participate in a new World Bank supported $200 million agricultural programme, an official said in Kaduna on Wednesday. The team leader said 40 per cent of the amount would go to projects to support youth and women in the participating states. He said that Kano, Kaduna, Lagos, Cross River, Kogi and Enugu have been selected to participate in the programme while the remaining three states would be announced after fulfilling set conditions. Link 


  • The Federal Government on Tuesday unveiled a 10-year food security and nutrition strategy for the country’s agricultural sector. The government said the document, which was titled: ‘Agricultural Sector Food Security and Nutrition Strategy 2016-2025’, would mainstream nutrition into all the value chains of agriculture in Nigeria. According to the Government, nutrition will be considered before production of food products are embarked upon. Link 


  • President Muhammadu Buhari has asked the Nigeria Export Processing Zone Authority (NEPZA) to make Calabar Free Trade Zone a pilot industrial city in the country, the new managing director Emmanuel Jime announced this in Calabar, capital of Cross River State. The government wanta Calabar to be the first of six cities that will be designated as industrial cities in Nigeria.  Link 


  • The Nigerian National Petroleum Corporation and its partners on Tuesday came up with a scheme to increase gas supply for domestic consumption by 285 per cent from 1.3 billion standard cubic feet per day to five billion scf/d by 2020. They plan to achieve thought Seven Critical Gas Development Projects. The projects are said to include Assa North-Ohaji South Field Development; Oil Mining Lease 24 and OML 18 Joint Development and Shell Petroleum Development Company Joint Venture/Nigeria Agip Oil Company Joint Venture Unitized Gas Fields. Others are NPDC’s OML 26, 30, 42 and Chevron Nigeria Limited’s OML 49 Makaraba Cluster Development; SPDC JV Gas Supply to Brass Fertiliser Company; OML 13 Cluster Development and Cluster Development of Okpokunou/Tuomo West (OML 35/62). Link 


  • Nigeria’s Minsiter for Transport, Rotimi Amaechi has said that Nigeria will enter negotiations with General Electric over a railway project. GE was the sole bidder in a $2 billion railway project connecting northern cities to the south of the country Link


  • The Nigerian National Petroleum Corporation, NNPC, says it is working to upgrade the combined capacity of its four refineries in Warri, Kaduna and Port Harcourt from the present 445,000 to 700,000 barrels per day under the planned repair programme for the plants. The repair work on the refineries, expected to commence after the selection of the contractors by September this year, is expected to put the them in a position to attain optimum performance. Link


  • Alhaji Muneer Bankole,  Chief Executive Officer, Medview Airline Plc, on Tuesday said the airline would begin flight operations on the Lagos-Dubai route on July 4. Link


  • The Senate on Tuesday received the report of the Joint Committee on Appropriation and Finance on the 2017 Appropriation Bill (2017 Budget). The bill is expected to be passed on thursday.  Link 


  •  The Nigerians Liquefied Natural Gas (NLNG) amendment Bill scaled through third reading at the lower chamber of the National Assembly yesterday. The bill is contentious and includes provisions that many believe will impact negatively on the operations of the company. For example, the National Assembly seeks to end the company’s status as dollar-denominated. Link


  • The Senate on Tuesday has insisted on going ahead with its planned probe into the alleged fraud amounting to over $4,926,464,100 against Chevron Nigeria Limited, despite the request by a petitioner, Dr George Uboh of Panic Alert Security System, PASS, who had written to inform the Senate Committee on Public Petitions of his decision to withdraw his petition. Link 

The Nigerian Economy Today 9/5/2017

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



Niger, Benin Republic pay $159.8m for power in Nigeria – As Nigerians battle with unstable power supply, two countries, Niger and Benin Republics have paid $159.8million for power in Nigeria just as the Association of Nigerian Electricity Distributors (ANED)has been accused of misleading the public. Source The Sun Read More

Nigerian oil sales slow as uncertainty surrounds DSDP – Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017. Source Punch Read More

CBN injects $81.2m for invisibles – Following last Friday’s injection of $389 million into the retail segment of the forex market, the Central Bank of Nigeria (CBN) on Monday, May 8, 2017, intervened with the sum of $81.2 million in the invisibles and Small and Medium Enterprises (SMEs) segments. Source Daily Trust Read More

Fed Govt to DisCos: nobody forced you to buy power assets – Power, Works & Housing Minister Babatunde Fashola was unsparing yesterday in Jos as he told the 11 DisCos to sit up. Source The Nation Read More

FG, Islamic Devt Bank Seal Deal on Research Findings Commercialisation – The federal government on Monday said the Islamic Development Bank‎ in Saudi Arabia has agreed to help Nigeria in the Commercialisation of research findings. Source Thisday Read More

NBMA, Customs, others collaborate to detect GM foods – The National Biosafety Management Agency, Nigeria Customs Service, Federal Ministry of Justice, Standards Organisation of Nigeria, and others on Monday commenced inter-agency collaboration to detect and prevent the dumping of genetically modified organisms in the country. Source Punch Read More

FG sets up committee on N200bn pension debt – The Minister of Finance, Mrs. Kemi Adeosun, on Monday inaugurated an inter-ministerial committee to review all pension liabilities of the Federal Government and come up with strategies to offset them. Source Punch Read More

FG disburses N9.08 billion to Southeast farmers – The Bank of Industry (BOI) has said that the N9.08 billion injected into agriculture in the Southeastern part of the country was in line with Federal Government’s food programme for the country. Source Guardian Read More

FCTA Disburses N2.12bn to Six Area Councils – The six area councils in the Federal Capital Territory (FCT) and other stakeholders have received N2.12 billion from the FCT Administration as share of statutory allocation for the month of March. Source Thisday Read More

‘MMA2 processed 20m passengers, 400,000 flights in 10 years’ – Managing Director and Chief Executive Officer (CEO) of Bi-Courtney Aviation Services Limited (BASL), Captain Jari Williams has disclosed that the Murtala Mohammed Airport two (MMA2) processed 20m passengers in 10 years. Source Daily Trust Read More

Fashola: DisCos’ poor remittance nearly collapsed power sector – The Minister of Power, Works and Housing, Mr Babatunde Fashola has scolded the Distribution Companies (DisCos) saying their poor remittance nearly collapsed power generation before the N701.9 billion intervention fund from the Central Bank of Nigeria (CBN). Source Daily Trust Read More

Rainstorm destroys flour processing mill, buildings in Katsina State – Rainstorm has destroyed properties and equipment worth N30 million at Abarka maize flour processing mill in Kankara Local Govertnment Area of Katsina State. Source The Nation Read More

Nigeria Seeks $5.2 Billion From World Bank for Electricity – Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. Source Bloomberg Read More


Etisalat Nigeria loan talks stall as banks try to avoid provisions – Talks between the Nigerian arm of Abu Dhabi’s Etisalat and its lenders to renegotiate the terms of a $1.2 billion loan have reached deadlock after the telecoms firm missed a payment Source Reuters Read More

Eni to build crude oil refinery in Nigeria -oil minister – Italian oil company Eni plans to build a crude refinery in Nigeria with capacity of 150,000 barrels a day through its Agip subsidiary, the country’s oil minister said on Tuesday. Source Reuters Read More

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm – The Nigerian National Petroleum Corporation (NNPC) has awarded the construction of Ajaokuta- Kaduna-Kano Gas pipeline to a Chinese company-China Petroleum Group Engineering Co., Ltd (CPGE). Source Daily Trust Read More

TCN tops Lagos Ajah sub-station capacity by 60MVA – The Transmission Company of Nigeria (TCN) has added 60 Mega Voltage Ambiance (MVA) to the Ajah substation in Lagos State. Source New Telegraph Read More

Uber drivers protest against 40 per cent fare reduction – Uber drivers in Lagos yesterday took to the street to protest against 40 per cent fare reduction that the taxi service company introduced recently, a burden, which they claim is being passed on to the drivers. Source Guardian Read More

GE donates 200 wagons, 20 locos to Nigerian railway – An American multinational corporation, General Electric, is set to deliver 20 free locomotive engines and 200 wagons worth over N30bn to the Nigerian Railway Corporation to boost rail services in the country. Source Punch Read More

Agip to build $15billion refinery in Port Harcourt – The Federal Government and Italian Oil giant, Agip have reached an agreement to build a brand new $15billion refinery in Rivers, in the South South part of Nigeria. The refinery will have a refining capacity of 150,000 barrels and will be located either in Port harcourt or Brass. Source BUSINESSDAY Read More

Fidelity Bank records zero default SME loans, interest income buoyed 29% – Fidelity Bank plc has recorded no default on loans given to Small and Medium Enterprises (SMEs) from the N220 billion Micro Small and Medium Enterprise Development (MSMED) fund of the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More

Nigerian Breweries Announces Appointment of MD/CEO – The board of Directors of Nigerian Breweries Plc announces the appointment of Mr. Johan Antonie Doyer as the company’s Managing Director/ CEO. Source NSE Read More

Shopping: Recession hits The Palms, Ota – Four months after an elaborate ceremony to commission The Palms Mall at Ota in Ogun State, over 75 per cent of the stores are still vacant. Source New Telegraph Read More

First Bank targets 30m customers, 70% digital transactions by 2019 – First Bank Nigeria Limited has said that it will achieve 30 million customer base and 70 per cent digital banking transactions by 2019. Managing Director/Chief Executive, FirstBank Limited, Dr. Adesola Adedutan disclosed Source Vanguard Read More

Over 40% of electricity diverted, stolen – Abuja DisCo – Abuja Electricity Distribution Company (AEDC) has said over 40 per cent of the energy generated is diverted and stolen by some disreputable individuals. Source Daily Trust Read More

FG to Unveil New Investors for NNPC’s Refineries – The federal government will in September this year, reveal the new investors that will manage the state-owned refineries – Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemicals Company (WRPC), and Kaduna Refining and Petrochemicals Company (KRPC), the Minister of State for Petroleum, Dr. Ibe Kachikwu has said. Source Thisday Read More

Yudala acquires Yes Mobile – Nigeria’s pioneer composite e-commerce company, Yudala, has acquired Yes Mobile, a cosmopolitan high-value retail outfit with a multiplicity of stores in Lagos. Source The Nation Read More

Gas Supply: Ghana still owing Nigeria—WAPCo – The West African Gas Pipeline Company, WAPCo, has revealed that, Ghana has not yet settled outstanding debts owed the Nigeria Gas Company, NGC, contrary to earlier reports that all outstanding debts had been fully settled. Source Vanguard Read More

Aiteo clears air on $1.2bn oil swap deal – Integrated energy group Aiteo, says it is not subject of an inquiry by the House of Representatives over an alleged payment of $1.2billion into the Central Bank of Nigeria’s (CBN) Petroleum Profit Tax (PPT) account and involvement in questionable crude oil transactions from 2011 through 2014. Source Daily Trust Read More

NAPIMS, Shell, Total, Agip disagree over selection of gas projects for $10bn LNG trains 7, 8 – The National Petroleum Investment Management Services (a subsidiary of the Nigerian National Petroleum Corporation), Shell, Total and Agip – have disagreed over the selection of new gas projects for the $10 billion Liquefied Natural Gas, LNG trains 7 and 8. Source Vanguard Read More

NNPC restates commitment to 40bn barrels reserve by 2020 – The Nigerian National Petroleum Corporation, NNPC, has restated its resolve to bring Nigeria’s oil reserve to 40 billion barrels (bbl) by 2020, its Group Manageing Director, Dr. Maikanti Baru, has stated. Source Vanguard Read More

Courier Plus Opens in Nairobi, Kenya – Courier Plus Limited, a wholly owned Nigerian company has launched its operations in Nairobi Kenya. Located at Unit 26, Ground Floor, Vision Plaza, Mombasa Road, Nairobi , the company will provide world class services to corporate organisations, government agencies and individuals in the East and Central Africa. Source Thisday Read More


Finally, National Assembly to disclose own budget after years of secrecy – The leaders of Nigeria’s federal legislature have finally agreed to make the 2017 National Assembly budget open to the public, ending eight years of secrecy. Source Premium Times Read More

National Assembly raises 2017 budget by N143bn – The House of Representatives on Tuesday received the report of 2017 N7.30tn Appropriation Bill from its Committee on Appropriation for final consideration. Source Punch Read More

Enugu former governors, deputies to earn pensions for life – All former governors and deputy governors in Enugu State would, henceforth, receive pensions for life, according to a law passed by the Enugu State House of Assembly on Tuesday. Source Punch Read More

Court to Jonathan’s wife: prove $15.591m is yours – The Federal High Court in Lagos yesterday refused to grant Mrs. Patience Jonathan’s request to release her accounts holding $15.591million. Source The Nation Read More

Senate meets NLC, finance, labour ministers over unpaid salary arrears – The Senate leadership yesterday met with the ministers of Finance, Kemi Adeosun, her Labour and Productivity counterpart, Chris Ngige to find ways of addressing the huge salary arrears owed federal workers. Source Guardian Read More



The Nigerian Economy Today 8/5/2017

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



Flash: May 2017 FGN Savings Bond offered at higher interest – Nairametrics| The Debt Management Office has announced a new round of FGN Savings Bond set for May 8 2017 and will close May 12 2017. The 2 year bond will be offered at an interest of 13.189% and 14.189% for a 3 year bond compared to 12.794% and 13.794% offered respectively in the last auction. Source Nairametrics Read More

Nigeria Loses N400bn On Importation Of Paper Products – Due to the moribund state of the three existing paper mills in the country, Nigeria loses over N400 billion annually to importation of paper products. Source LEADERSHIP Read More

Ogun demolished structure owners get N1bn compensation – The Ogun State Government has announced the payment of over N1bn as compensation to owners of structures demolished to pave way for the development of the state. Source Punch Read More

Lagos State earned N20.7 billion from title perfection, C of O etc. in 2016 – Nairametrics| The Special Adviser to Governor Akinwunmi Amobode on Urban Development, Mrs. Yetunde Onabule, over the weekend, briefed journalists on the performance of the State Lands Bureau over the past one year. Source Nairametrics Read More

BoI approves N300m for creative industry – The Bank of Industry has sealed a Memorandum of Understanding with the National Council for Arts and Culture to provide N300m in loans to the creative industry operators. Source Punch Read More

Power firms struggling to repay $1.42bn loans – Strong indications have emerged that investors who acquired the nation’s electricity distribution firms in 2013 are still struggling to service the loans they took from financial institutions to finance the acquisition. Source Punch Read More

Lagos boosts infrastructure with N291bn – The Lagos State Government spent the sum of N291bn on infrastructural development projects in the 2016 fiscal year, the Commissioner, Ministry of Economic Planning and Budget, Mr. Akinyemi Ashade, said. Source Punch Read More

Lagos to prioritise pensions, salaries – Despite the financial and economic constraints in the country, the Lagos State Government says it has been up to date with the payment of pensions and salaries. Source Punch Read More

Help communities along Lekki shoreline, stakeholders tell govt – The Lekki Urban Forest and Animal Sanctuary Initiative has called on the Federal Government and the Lagos State Government to help fight sea erosion currently threatening communities along the Lekki shoreline of the Atlantic Ocean. Source Punch Read More

S’ East Govs Vow to Find Solution to Power Problem – Governors of the five South-east states rose from a meeting in Enugu yesterday with a pledge to find a lasting solution to the problem of power supply in the zone in order to kick-start the economy of the area. Source Thisday Read More

World Bank boosts Abakaliki rice with financial aid – To further boost food production in Nigeria, the World Bank, under its Growth and Employment (GEM) scheme, has provided business support for the production of Abakaliki rice. Source The Sun Read More

Task force pulls down 120 shops, others in Lekki – The Lagos State government’s Task Force on Environment has dismantled more than 120 shops and illegal structures in Itedo area of Lekki Phase 1. The task force boss, Olayinka Egbeyemi, a Superintendent of Police, led the exercise. Source Guardian Read More

297 roads under construction in A-IbomNDDC – Niger Delta Development Commission, NDDC’s Director of Commerce and Industrial Development, CID, Mr Anietie Usen has disclosed that the commission was currently embarking on the construction of 297 roads in Akwa Ibom State. Source Vanguard Read More

Lekki Free Zone: Lagos invests $4bn on infrastructure – The Lagos State Government on Monday said that the net value of infrastructure at the Lekki Free Zone stood at $4bn. Source Punch Read More

Domestic flight operations decline by 67% in first quarterNCAA – The Nigerian Civil Aviation Authority on Monday said domestic flight operations declined by 67 percent in the first quarter of 2017, compared to the same period last year. Source Punch Read More


Bi-Courtney to Fed Govt: pay N200b debt for ‘failure to hand over airport terminal’ – Airport terminal operator Bi-Courtney Aviation Services Limited (BASL) has urged the Federal Government to pay over N200 billion to it for failing to hand over old domestic terminal, otherwise known as General Aviation Terminal (GAT), Lagos. Source The Nation Read More

Dangote dissociate self from “Happy World Meal Gate” ponzi scheme – The Dangote Group has raised alarm over a Ponzi scheme in circulation alleging partnership between the “Dangote brand, Nestle, PZ Cussons and other reputable food processing companies” in launching a multi-level marketing initiative that intends to “fight hunger, poverty and stop recession” by paying participants in food. Source Daily Trust Read More

Stanbic IBTC emerges best performing stock on NSE – Stanbic IBTC Holdings Plc has emerged the best performing stock in percentage terms on the Nigerian Stock Exchange in April. Source Punch Read More

Govt considers three options for Ajaokuta Steel privatisation – The Federal Government is considering three options for the privatisation of the Ajaokuta Steel Company Limited. Source Punch Read More

Chinese firm wins $949m gas pipeline project from the NNPC – The China National Petroleum Corporation Engineering Co., Ltd reports that it has won a Natural Gas pipeline project in Nigeria. Source Nairametrics Read More

Dangote Group moves into road construction; Possible benefits – Nairametrics|The Dangote group seems to be an expansion drive this year. From the kick off a truck assembling plant in Lagos, the company has moved into road construction. Source Nairametircs Read More

Court restrains CBN from transferring Keystone Bank shares – The Federal High Court sitting in Abuja has restrained the Governor of the Central Bank of Nigeria, CBN, Godwin Emefelie, and the management of Keystone Bank from the transfer of the bank’s shares to those it was purportedly sold to, pending the determination of the motion on notice before the Court of Appeal. Source Vanguard Read More

Meyer gets N155.4m new equity funds from undersubscribed rights – Meyer Plc received total new fund of N155.4 million from its recent rights issue, about 29 per cent short of the N218.6 million target of the new capital raising. Source The Nation Read More

Custodian pays 25k dividend – Custodian and Allied Insurance Plc has sustained payment of dividend to shareholders by paying a total dividend of 25 kobo per share in respect of the results of the 2016 financial year. Source The Nation Read More

Ford partners Riders for Health to improve healthcare – Ford Motor Company has delivered two Ford Rangers to Riders for Health (Riders) in Nigeria as part of the motor company’s Project Better World, which provides support to grassroots efforts to drive sustainable community innovation around the globe. Source The Nation Read More

Fidelity Bank’s shareholders harp on CBN penalty – Shareholders of  Fidelity Bank Plc have frowned at the high penalty fee imposed on banks for committing various offences   by the Central Bank of Nigeria, CBN,   even as they approved the bank’s proposed N4.1 billion dividend for the financial year 2017. Source Vaanguard Read More

“We pay N70m in ticket refund every week” Arik CEO – The interim management of Arik air under the Asset Management Corporation (AMCON) has said the Airline is making ticket refund of between N60 to N75 million on a weekly basis to customer who bought advance ticket on the routé that were cancelled. Source Daily Trust Read More

Dangote to establish $450m Sugar refinery in Niger – The nation’s drive towards self sufficiency in Sugar production will soon receive a boost as Dangote conglomerate  plans to establish a $450 million Sugar refinery plant in Niger State. Source Vanguard Read More

Lafarge Africa plans to raise equity after 2016 losses – Lafarge Africa wants to raise 140 billion naira ($445.9 million) in fresh equity and convert some loans into shares as part of a planned rights issue after it reported losses last year. Source Reuters Read More

Stanbic IBTC Introduces Online Account Opening Service – Stanbic IBTC Holdings Plc has introduced an instant online account opening service. The bank said the initiative was in line with its goal of helping to digitise banking in Nigeria for convenience and seamless service delivery. Source Thisday Read More

TCN Set to Site $200m Power Transmission Project in Ogun – The Transmission Company of Nigeria (TCN) is to construct a $200million power transmission project in Ogun State,  the Managing Director of the company, Mr. Usman Gur Mohammed, has disclosed. Source Thisday Read More


US Embassy to relay Abacha loot letter to Trump – The Embassy of the United States of America in Nigeria has promised that it will forward Socio-Economic Rights and Accountability Project, SERAP, letter requesting official attachment and release of $500 million proceeds of alleged corruption traced to former late Head of State, General Sani Abacha. Source Vanguard Read More

$43m Ikoyi Cash: Amaechi Lambasts Wike For Failing To Go To Court – Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, has lambasted Rivers State governor, Chief Ezebunwo Nyesom Wike for failing to fulfill his threat of going to Court to claimed the $43 million recovered at Osborne Towers, Ikoyi, Lagos. Source LEADERSHIP Read More



The Nigerian Economy Today 5/5/2017

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



Ban on 41 items stays, says CBN – The Central Bank of Nigeria (CBN) yesterday refuted claim that it has reversed part of its policy on the non-eligibility of some import items for forex sale on the interbank forex market. The apex bank said it has not reversed its policy on the ineligibility of the 41 items for forex sale through the interbank forex market. Source The Nation Read More

W’Bank to assist Nigeria strengthen audit process – The World Bank Group on Thursday unveiled plans to assist the Federal Government to strengthen the audit process in the public sector. Source Punch Read More

Prioritise corporate governance code review, FG tells FRC board – The Federal Government on Thursday inaugurated the board of the Financial Reporting Council of Nigeria. The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, who inaugurated the board in Abuja, charged it to prioritise the review of the National Code of Corporate Governance. Source Punch Read More

Adeosun: FG Will Spend on Infrastructure to Exit Recession – The Minister of Finance, Mrs. Kemi Adeosun has said the federal government plans to boost agricultural production and spend billions of dollars upgrading dilapidated infrastructure that will help drag Africa’s top oil producer out of recession this year. Source Thisday Read More

Customs Moves to Reform Import, Export Processes – In a bid to ensure trade facilitation at the nation’s ports and all entry points in line with the federal government’s ease of doing business in Nigeria agenda, the Nigeria Customs Service (NCS) has taken steps to modify import and export processes. Source Thisday Read More

We need manufacturing plants, not finished products, Adeosun tells Japan – Minister of Finance, Mrs Kemi Adeosun, has urged  Japanese Trade and Investment Mission  to invest in Nigeria by setting up manufacturing plants, instead of shipping-in finished products.  Source Vanguard Read More

N200bn unpaid salaries: Federal civil servants threaten indefinite strike – The Association of Senior Civil Servants of Nigeria has threatened to embark on an indefinite strike to protest the non-payment of their N200bn promotion and salaries and death benefits. Source Punch Read More

Why consumer goods are still under-performing despite lower exchange rates – Nairametrics| The Central Bank of Nigeria has, through about 22 initiatives, battled the dwindling value of the Naira over the course of about 3 months. This battle, which has resulted in the strengthening of the Naira from about N525/$1 to $380/$1, has however not impacted positively on prices of consumer goods. Source Nairametrics Read More

Nigeria to export $100bn pigeon pea to India – The National Agricultural Quarantine Service says Nigeria has secured an offer from the Indian government to export pigeon pea worth $100bn to the country. Source Punch Read More

Farmers count losses as cocoa price drops 50% – Nigeria’s cocoa farmers who have been enjoying a 13 month roller coaster good fortune, on the back of the ailing naira and fair produce prices, are now in a quandary as the market endures a glut and the local currency strengthens against its US benchmark. Source BUSINESSDAY Read More


In response to Taxify, Uber slashes Lagos fare by 40% – Ride sharing app, Uber has announced a 40% reduction in its taxi fare in Lagos. The reduction is effective, Thursday 4th May 2017. Source Nairametrics Read More

SEC dissolves Ikeja Hotels’ board over lingering crisis – The Nigerian capital market apex regulator, the Securities and Exchange Commission, has dissolved the Board of Directors of Ikeja Hotels Plc due to unresolved internal crisis involving some majority shareholders of the company. Source Punch Read More

Japanese firms plan $30bn investments in Nigeria, others – The Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, on Thursday said businessmen from his country would be investing about $30bn in Nigeria and other African nations. Source Punch Read More

Canon targets Nigeria as top investment destination – Japanese digital imaging and optical products manufacturing company, Canon, says Nigeria ranks top among its targeted countries for investment in the next few years. Source Punch Read More

Pipeline explosion: N’Delta village sues Eni in Italian court – A Nigerian village has filed a lawsuit in Milan against an Italian oil company, Eni, demanding compensation for damages caused by an oil pipeline explosion in 2010, an Italian lawyer representing the village said on Thursday. Source Punch Read More

BUA to invest N92bn in sugar production, refining – The Managing Director, BUA Sugar Refinery Limited, Ibrahim Yaro, has said that the firm, which operates the second largest sugar refinery in Sub-Saharan Africa, will invest $300m (about N92bn at N305.7/$ official exchange rate as of Thursday) in sugar production and refining. Source Punch Read More

Shoprite opens centres for local products – Shoprite Nigeria has commenced a made-in-Nigeria campaign by dedicating some departments of its 24 outlets nationwide to locally produced products. Source Punch Read More

NASCON promises better future as shareholders get N1.85b dividend – NASCON Allied Industries Plc would be making new investments in its major lines of operations to improve overall efficiency and market share in continuation of ongoing efforts to ensure long-term growth and returns to shareholders. SourceThe Nation Read More

GBfoods, Helios collaborate on Pan-African food – GBfoods, multinational food company with its headquarters in Barcelona, and Helios Investment Partners, a premier Africa-focused private investment firm, have partnered to create one of Africa’s largest fast-moving consumer goods firms. Source Punch Read More

Golden Guinea Brewery Gets $10m Life Line from NEXIM – The moribund Golden Guinea Brewery Umuahia is set to bounce back after 16 years of inactivity following a lifeline of $10 million it obtained from the Nigeria Export and Import Bank (NEXIM). Source Thisday Read More

ExxonMobil Suspends Workers over Dec 2016 Violent Protests – Mobil Producing Nigeria Unlimited, an affiliate of ExxonMobil, has suspended some workers who allegedly threatened the lives of other staff and damaged the company’s property in the December 16, 2016 protest. Source Thisday Read More

UBA Introduces Mobile Banking Solution – In line with its determination to dominate Africa’s mobile banking space with the introduction of cutting edge technology-driven products and services, United Bank for Africa (UBA) Group has introduced a full-fledged banking platform, tagged ‘UBA Magic Banking’ which is enabled by dialling *919# within Nigeria. Source Thisday Read More

Airtel, SOLO, Renmoney Offer Low-cost Smartphones to Nigerians – Airtel Nigeria, SOLO and RenMoney, have announced a joint partnership deal to offer telecoms consumers across the country an opportunity to own premium, quality smartphones for as low as N4,150, which is as good as free of charge. Source Thisday Read More

Fidelity Bank pays N4.1bn dividend – Shareholders of Fidelity Bank Plc have been rewarded with N4.056 billion representing 14 kobo per ordinary share as dividend in the bank for the financial year ended 31 December, 2016 upon approval at the bank’s 29th annual general meeting held in Lagos yesterday. The dividend was unanimously approved by the shareholders at the meeting. Source Daily Trust Read More

Dairy firm shifts to Nigeria after Europe ban – After it suffered 25 per cent loss in revenue in the first quarter of 2017, Seklam for Dairy Industries, a subsidiary of Al Mansour Group, is exploring a new market in Nigeria this year to sell its dairy products. Source New Telegraph Read More

Air Peace gets IOSA certification, enters codeshare pact – Leading local carrier in Nigeria, Air Peace, has been listed on the registry of the International Air Transport Association’s Operational Safety Audit (IOSA) after successful completion of its safety audit and found compliant with global standards. Source Guardian Read More


2017 Budget delay: FG to run on 25% of recurrent provisions – The Senate yesterday said the 2017 Appropriation Bill would be laid for deliberation and passage next  Tuesday. Source vanguard Read More

APC targets N1.2bn monthly from members – The All Progressives Congress is putting finishing touches to plans to raise an average of N1.2bn monthly from its 12 million registered members.  Source Punch Read More

River Niger Dredging: Jonathan paid N34 billion, but it’s being executed by Buhari for N100 million – Amaechi – The Minister of Transportation, Rotimi Amaechi, on Thursday accused former President Goodluck Jonathan of wasting N34 billion on the dredging of the River Niger. Source Premium Times Read More


The Nigerian Economy Today 4/5/2017

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


Nigeria’s total debt now N17.5tn –NBS – The National Bureau of Statistics has said that the country’s foreign and domestic debts stood at $11.41bn (N3.49tn) and N14.02tn as of December 2016. Source Punch Read More

FG appoints transaction advisers for national carrier, airports – The Federal Government has approved the appointment of transaction advisers for the proposed national carrier and concession of the nation’s airports. Source Punch Read More

Govt. Approves $250m multilateral loans and will be used as follows  Nairametrics| The Federal Executive Council (FEC) yesterday approved a $150 million soft loan from African Development Bank (AfDB) and $100 million from African Development Finance (ADF) to finance some basic services. According to a memo presented to the Council by the Minister of Finance, Mrs Kemi Adeosun, the funds will be used for the following Source Nairametrics Read More

CBN Reverses Ban On 48 Items – Nairametrics| In yet another step towards a deregulation of the foreign exchange market, the Central Bank of Nigeria (CBN), has removed the 48 items from the banned list. Source Nairametrics Read More

Customs revenue fell by N216.5bn in 2016Ali – The revenue target of the Nigeria Customs Service for 2016 fell by N216.5bn, the Comptroller-General of Customs, Col. Hameed Ali (retd), told the House of Representatives on Wednesday in Abuja. Source Punch Read More

[email protected]: Ambode commissions 10 roads, three bridges, other projects – The Lagos @ 50 celebrations took a new dimension this week as the State Governor, Mr. Akinwunmi Ambode embarked on commissioning of several infrastructural projects across the State. Source The Nation Read More

Nigeria lifts FX ban for imports of up to $20,000 per quarter Central bank – Nigeria’s central bank has lifted a ban on currency allocation for importers bringing in goods worth up to $20,000 per quarter, the bank said in a circular seen by Reuters on Thursday. Source Reuters Read More

CBN Readmits These 3 Previously ‘Banned’ Banks Into The Forex MarketNairametrics| The Central bank of Nigeria (CBN) has readmitted three of the previously banned banks into the into the spot and wholesale forwards segment of the foreign exchange market after the banks provided ‘proof’ of selling forex to Small and Medium Scale Enterprises (SMEs) since the introduction of the special window for small businesses. Source Nairametrics Read More

$13.5bn Zabazaba project to continue despite Malabu scandal Kachikwu – The federal government and its joint venture partners will proceed with the $13.5 billion Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245 despite the controversies that have rocked the oil block. Source Daily Trust Read More

Nigeria’s Balance of Trade Projected to Hit $3.8bn Next Year – Nigeria’s balance of trade is expected to improve from -$0.5 billion to $3.8 billion before the end of next year, the Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, has said. Source Thisday Read More

FRC set to release template on MDAs operating surplus to curb fraud – To enforce compliance of financial discipline and curb corruption in public life, the Fiscal Responsibility Commission has concluded plans to set template and timelines for all revenue generating agencies on the payment of operating surpluses to the Federation Account of the Nigerian Federation. Source Guardian Read More

Buhari approves $186million to combat criminalities on waterways – President Muhammadu Buhari has approved $186million to combat and stem the cycle of criminalities on the Nigerian waters. Source The Nation Read More

Lagos ranks world’s second cheapest city to live in  – Lagos, Nigeria’s largest commercial city is the world’s second cheapest city to live in while Almaty, a city in Kazakhstan is the cheapest to live in, a new survey by the Economist Intelligence Unit (EIU) reveals. Source BUSINESSDAY Read More

Domestic gas supply increases to 40%, says DPR – Domestic Gas Supply Obligation (DSO), an initiative of the Federal Government to meet national demand, is achieving the desired result with the level of compliance by oil producing firms rising to 40 per cent this year. Source The Nation Read More

Port efficiency: NPA inaugurates four tugboats worth over N9.16b – The Nigerian Ports Authority (NPA) has acquired four tugboats at the cost of over N9.16 billion to improve port efficiency. Source The Nation Read More

‘Illegal miners ‘ll not benefit from $150m fund’ – The Federal Government has said illegal mining firms  will not benefit from the $150 million grant given by the World Bank to support the Ministry of Mines and Steel Development. Source The Nation Read More

CBN documents expose diversion of $141m for PMS importation – The House of Representatives’ Adhoc Committee investigating the review of price of Premium Motor Spirit (PMS) on Wednesday uncovered the diversion of $141 million special intervention forex allocation and 50,000 Metric Tonnes of premium motor spirit (PMS). Source BUSINESSDAY Read More

Power Generation Hits One-month Daily Peak of 4,553.9MW – After several weeks of low power supply in the country, power generation finally hit a daily peak of 4,553.90 megawatts, the highest since March 23 when the daily peak generation was put at 4,452 megawatts, according to yesterday’s operational report by the Nigerian Electricity System Operator, an arm of the Transmission Company of Nigeria (TCN). Source Thisday Read More

CBN directs banks to diversify portfolios, fund MSMEs – The Central Bank of Nigeria has advised commercial banks and other financial institutions to diversify their portfolios and provide more funding for the Micro, Small and Medium Enterprises in order to enhance economic growth. Source Punch Read More


NNPC wants to raise $16.5b for these projects – The Group Managing Director of NNPC, Dr Maikanti Baru has disclosed that it will be shopping for about $16.5 billion to embark on several oil and gas projects lined up for execution. He said the corporation was seeking to raise about $13 billion to $16.5 billion over the next five years for the following projects. Source Nairametrics Read More

$6bn needed to fix refineries, says NNPC – About $6bn worth of investment is needed to adequately rehabilitate and revamp the country’s refineries, the Nigerian National Petroleum Corporation has said. Source Punch Read More

PayPal’s SME lending tops $3bn, launches new tools – Paypal’s small-business financing unit has announced that it has topped $3 billion in financing more than 115,000 businesses worldwide. Source Vanguard Read More

Dangote Group Partners GAC Motor, Buys Company’s Vehicles for Its Operations – With an eye on its expansion drive in the Nigerian economy, GAC Motor, one of the brands under the Choice International Group (CIG) in Nigeria, recently marked a milestone when it signed a new business partnership deal with the largest conglomerate not only in Nigeria but in Africa, the Dangote Group, to supply vehicles to the Nigerian conglomerate. Source Thisday Read More

Govt completes 22MW Ajaokuta power plant – Towards the rehabilitation of the Ajaokuta Steel Complex, the Federal Government has completed the first phase of the ACSL thermal power plant. Source Punch Read More

NNPC shops for $16b to grow upstream, refining sectors – The Nigerian National Petroleum Corporation (NNPC) said it is looking for $16 billion to grow its upstream operations and increase oil refining from 445,000 barrels per day (bpd)  to 700,000 bpd within the next few years. Source The Nation Read More

ExxonMobil workers begin warning strike – Workers of Mobil Producing Nigeria Limited, a subsidiary of ExxonMobil Corporation, yesterday commenced a 3-day warning strike over the company’s incessant sack of Nigerians and replacement with foreign expatriates. Source Daily Trust Read More

Shell profit rise by $2.2bn, to invest $25bn in Nigeria, others – The net profit of Royal Dutch Shell more than doubled in the first three months of 2017, surpassing predictions by analyst as rebounding oil prices and refining gains helped to boost the company’s revenue. Source Daily Trust Read More

Ashaka Cement Announces Resignation of Chairman – The Board of Directors hereby announce the resignation of Mallam Suleiman Yahyah, OON as the Chairman of the Board of Directors of the Company with effect from May 2, 2017. Source NSE Read More

Nigerian Breweries Announces Resignation of MD – Nigerian Breweries Plc announces that its Managing Director/CEO, Nicolaas Vervelde will complete his assignment with the Company on June 16, 2017 to  take up new role within heineken group outside Nigeria. Source NSE Read More


Alleged false asset declaration: Prosecution closes case in Saraki’s trial – The prosecution on Thursday closed its case in the ongoing trial of the Senate President, Bukola Saraki. Mr. Saraki is facing 18 counts of false asset declaration-related charges. He is being tried at the Code of Conduct Tribunal, Abuja. Source Premium Times Read More

N’Assembly Increases Its Budget to N150bn, Lays 2017 Appropriation Bill Thursday – Owing to rising inflation and the depreciation of the naira, the National Assembly, which for years has faced criticism over the lack of transparency and accountability over its budget, has increased its 2017 budget in this year’s Appropriation Bill to N150 billion from the initial proposal of N120 billion. Source Thisday Read More

The Nigerian Economy Today 3/5/2017

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



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 2016NBS – 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 illegalNCC – 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 weeklyArik – 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 SalariesDogara – 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


The Nigerian Economy Today 2/5/2017

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



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 $50bnKachikwu – 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 lowAdeosun – 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


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 stream​line 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 NigeriansNNPC 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


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

The Nigerian Economy Today 1/5/2017

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



Currency Speculators Powering the Black Market, Says CBN – The acting Director Corporate Communication, Central Bank of Nigeria (CBN), Mr. Isaac Okorafor, has stated that currency speculators and corruption money have been powering the black market and not demand, stressing that this was discovered after an intelligence survey on the market. Source Thisday Read More

Forex: CBN’s intervention to hit $4.6bn amidst apprehension over investors’ window – The intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market will this week rise to $4.6 billion, with foreign exchange (forex) operators apprehensive over the new forex window for investors and exporters. Source Vanguard Read More

Graft: Immigration withdraws 518 officers from 5 airports  – Comptroller-General of Nigeria Immigration Service, Muhammad Babandede, has announced the withdrawal of 518 officers and men of the service from five international airports as part of efforts to curtail sharp practices of the personnel. Source Vanguard Read More

Consumer good firms debts rise 71% to N543bn on weaker naira – Fast Moving Consumable Goods Firms (FMCGs) have seen their debt and other obligations spike up by 71 percent in one year, due to a weaker naira and rising operating costs, BusinessDay analysis of the financial statements of some of the big players in the sector has shown. Source BUSINESSDAY Read More

CBN sells $292.5m as NAFEX closes at N379.04/$ – Central Bank of Nigeria (CBN) continued its supply of US dollars in the FX markets, selling a total of $292.57 million through several interventions conducted for the week-ending April 28, 2017. Source BUSINESSDAY Read More

Discos: We Buy Electricity at N305 Per Dollar, Sell at N198.98 – The electricity distribution companies in the country have blamed the liquidity crisis in the power sector to the inadequate payment made by consumers for power distributed. Source Thisday Read More

Nigerian Quoted Companies Report Corporate Profits Of N766 billion In FY 2016 – Nairametrics| Corporate profits for the financial year ended December 2016 contracted for select companies on the Nigerian Stock Exchange, according to data compiled by Nairametrics. Data reveals the 50 companies on our list reported a combined pre-tax profit of about N853 billion, representing a 4% contraction from the N889.7 billion reported in 2015. Source Nairametrics Read More

What Commercial Banks Did To Warrant N200 Million Fines – Nairametrics| The Central Bank of Nigeria has slammed fines worth about N200 million on three commercial banks for various infractions they committed during the 2016 financial year. Source Nairametrics Read More

Nigeria loses $850m to gas flaring in 2015- DPR – The Department of Petroleum Resources said that Nigeria, the ninth largest gas producing nation in the world, lost over 850 million dollars to gas flaring in 2015. Source Punch Read More

Low cost carrier, decongested ports vital to economic revival Quest – Popular anchor of CNN International Business round up, Quest Means Business, Richard Quest has said  revamping the Nigerian economy goes beyond relying on oil prices. He said the government needs to provide the enabling environment that can trigger real investment. Source Daily Trust Read More 

Stakeholders seek ban on manual block production – Stakeholders in the construction industry have called for a ban on the use of manually produced blocks for building construction in order to check the menace of structural failures and collapse. Source Punch Read More

Power system collapsed twice in AprilReport – Nigeria’s power grid collapsed again on April 26, 2017, making it the second time the system crashed last month. Source Punch Read More

FG downgrades 2020 crude production target to three million barrels daily – The Federal Government has scaled down the 2020 crude oil production target to three million barrels daily, due to the $2 billion annual investment deficit in the industry. Source New Telegraph Read More


Why EuroGlobal Foods Is Expanding To 30 Nigerian States – Nairametrics| EuroGlobal Foods has stated that it would expand to 30 states and beyond within the next two years. It also stated that 80% of its raw materials were sourced locally. The company is a subsidiary of Sona Breweries which makes other beverage products like beer and ale. Source Nairametrics Read More

Caverton PBT spikes to N215m on cost efficiency – Caverton Offshore Support Group Plc (Caverton) has seen a 19 per cent upturn in first quarter revenue to N5 billion, with efficient cost management growing earnings by 73 per cent. Source BUSINESSDAY Read More

Export Fund: FCMB shareholders kick against 5% deduction – Shareholders of FCMB Group Plc have kicked against deduction of five per cent of banks’ net profit and crediting of same to the Export Fund of the Central Bank of Nigeria, CBN. Source Vanguard Read More

Sona Agro Allied Foods to Boost Capacity with New Plants – Determined to meet the growing demands for its range of products in Nigeria, the management of Sona Agro Allied Foods Limited has concluded plans to boost capacity through an additional two biscuit plants. Source Thisday Read More

WACL opens showroom in Osogbo – The West African Ceramics Limited has opened a showroom in Osogbo, Osun State, the sixth since the firm commenced its showroom deployment drive last year. Source Punch Read More

Dangote Sugar targets N106bn investment in 4 yrs – The chairman of Dangote Sugar Refinery, DSR Plc, Alhaji Aliko Dangote, has said that the company will invest up to N106 billion in the next four years to bolster its operations. Source Vanguard Read More

Dangote Sugar shareholders endorse N7.2b dividend – Shareholders of Dangote Sugar Refinery (DSR) Plc, have approved a total N7.2 billion dividend proposed by the directors for the 2016 financial year. Source Guardian Read More

AMCON parley AMPs over 12,000 bad loan accounts – Asset Management Corporation of Nigeria (AMCON) has said that it will ensure the success of the Asset Management Partners (AMP) programme. Source Vanguard Read More

Mouka Listed Among Companies To Inspire Africa – Mouka Nigeria Limited, Nigeria’s foremost manufacturer of mattresses and other bedding products has been recognised by London Stock Exchange Group’s (LSEG) inaugural ‘Companies to Inspire Africa’ report, a landmark report that identifies the fastest-growing and most dynamic businesses across Africa. Source Thisday Read More

Dangote Cement’s offshore plants boost revenue by 74% – Sales recorded by Dangote Cement Plc plants across Africa significantly impacted on the revenue of the company for the first quarter ended March 31, 2017 by 74 per cent to N208.2bn. Source Punch Read More

Bank Of Industry Posts 44% Increase In Profit Before Tax In 2016 – The Bank of Industry (BOI) posted an operating profit before tax of N17bn in 2016 which represents a 44% increase over the N11.9bn that was recorded in 2015. Source LEADERSHIP Read More

Prestige Assurance: We paid $14m on Dana crash – The management of Prestige Assurance Plc has reaffirmed its commitment to prompt payment of claims to any policyholder whose loss has been verified. Managing Director of the company, Mr. Balla Swamy made the assertion in Lagos last week. Source New Telegraph Read More

Family Challenges AMCON Takeover Of Onitsha Estate – A family has challenged the takeover of an estate formerly occupied by the defunct Nigerian Mineral Water Industries Limited, manufacturers of Limca, by the Asset Management Corporation of Nigeria. Source Punch Read More


Gombe promises to implement N56, 000 minimum wage – Governor Ibrahim Dankwambo of Gombe State, has assured the state civil servants that his government would immediately implement the proposed N56, 000 national minimum wage, if the Federal Government approves it. Source The Nation Read More

How LGs shared N1.3bn Paris Club refund in BayelsaCommissioner – Dr Agatha Goma, Commissioner for Local Government Administration, Bayelsa, said the eight local government areas in the state shared N1.3 billion from the N14.5 billion Paris Club refund remitted to the state by the Federal Government. Source The Nation Read More

Why increasing workers salary has become necessaryDogara – The Speaker, House of Representatives, Mr Yakubu Dogara on Sunday said that increasing workers’ salary had become necessary in view of the rising cost of living in the country. Source Punch Read More


Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG



international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.


The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

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It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 



Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.


All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

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Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.


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Economy & Politics

FG asks UK court for more time to appeal $9.6 billion arbitration judgement

Malami stated that the Evidence of P&ID’s highly orchestrated scam had only recently come to light. 



FG asks UK court for more time to appeal $9.6 billion arbitration judgement

The Federal Government has approached a UK court to appeal for more time to appeal the $9.6 billion arbitration award against it over the breach of contract with Process & Industrial Development (P&ID) Ltd.

Nigeria has said that it needs more time to pursue its argument that the 2010 gas supply contract with Process & Industrial Development Ltd was a sham.


The legal dispute with P&ID is coming against the backdrop of the huge drop in the country’s revenue due to the collapse in oil prices globally. Nigeria had applied to US courts in March seeking for documents from 10 banks which includes Citigroup Inc. and JPMorgan Chase & Co, in a bid to prove its corruption allegations.

P&ID, however, has denied any wrongdoing in the whole transaction, arguing that Nigeria missed its opportunity to appeal.

The Nigerian Lawyer, Mark Howard, on Monday, the first morning of a 2-day hearing, said ‘’It is very unusual in a fraud case to discover a single smoking gun. By its very nature, fraud is conducted in secret, which makes it hard to detect and justifies an extension.’

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READ MORE: The effect of the United States’ Shale Oil on Nigeria?

The legal representatives for Nigeria are seeking another hearing for the judge to decide whether any misconduct has taken place and whether it justifies overturning the contract

The Attorney General and Minister for Justice, Abubakar Malami in a statement said, ‘’Evidence of P&ID’s highly orchestrated scam had only recently come to light.’’

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It can be recalled that last year, a UK judge upheld an earlier arbitration award to P&ID, which had accumulated to about $9.6 billion. The arbitration decision was over a failed contract to build a gas processing plant in the Southern city of Calabar.

The Nigerian lawyers disclosed that they have uncovered alleged bribes to government officials and their family members dating back to 2009.

Malami in his court filing on March 24, submitted that ‘’There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria.’’

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