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


  1. Barring further economic upheavals or exogenous shocks, the Nigerian economy is expected to exit the recession in 2018, the Statistician General of the Federation, Dr. Yemi Kale has said. In an interview with Economic Confidential in Abuja, Dr. Kale said that “if oil prices do not collapse and the Niger Delta remains stable, by 2018 we would recover”. Link
  2. To achieve the President Muhammadu Buhari administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy. According to the minister of State of Petroleum, Dr. Emmanuel Ibe Kachikwu, the expected benefits from the strategy include: foreign exchange conservation, job creation, ensuring stability of the market place in terms of pricing, stability of production as well as earning some credibility in OPEC as an oil producing country which successfully transited from importation to local processing. Link
  3.  The total pension assets under the Contributory Pension Scheme rose to N6.4tn at the end of April this year. Figures obtained by our correspondent from the National Pension Commission revealed that 55 per cent of the fund, totalling N3.6tn, was invested in FGN bonds. Link
  4. The Nigeria Railway Corporation has suspended the Lagos-Kano train operations for two weeks following the collapse of the Tatabu Bridge in the Mokwa Local Government Area of Niger State after a heavy rainfall, which affected the rail line. The Managing Director, NRC, Mr. Fidet Okhiria, stated this in Lagos, adding that the two-week break was to enable the corporation to erect a temporary bridge along the affected rail track that would facilitate the movement of trains. Link
  5. The Itakpe-Ajaokuta-Warri rail line currently under construction will be ready by December, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Link
  6. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has urged the reconstituted Quantity Surveyors Registration Board of Nigeria to develop a cost data bank to support the formation of cost estimates that will serve as a reference material for stakeholders in the construction industry. Link
  7. The Central Bank of Nigeria, CBN, has expressed concern over the low level of credit penetration in the country which is estimated at 5.3 per cent of the nation’s adult population.  Comparing credit penetration in Nigeria to that of other African countries, Head, Financial Inclusion Secretariat, CBN, Mrs. Temitope Akinfadeyi Akinfadeyi said: “Year-on-year biographic survey from EFiNA looks from 2010, 2012, to 2016 reveal that our credit is struggling. Link
  8. The Anti Counterfeit Collaboration has cautioned consumers against the purchase of counterfeit home appliances and other products. The Chairman, ACC, Mr. Desmond Adeola, explained that counterfeit home appliances and products were dangerous and could lead to building collapse. Link
  9.  Nigeria’s central bank plans to sell $100 million at a special foreign currency auction on Monday, the bank said as part of its efforts to improve dollar liquidity and reduce pressure on the local naira currency. Link
  10. Shareholders of quoted firms on the Nigerian Stock Exchange (NSE) in 2017 lost N166.86 billion in income, as dividend payment by 84 companies fell by 31 percent to N363.69 billion this year, compared with N530.55 billion paid in the 2016 dividend season. Link
  11. The move to enthrone a broadband-driven economy in the country has got a boost with the revelation at the weekend that about 60 firms are currently bidding for five Infrastructure Companies (InFraCo) licences in the telecommunications sector. Nigerian Communications Commission (NCC) has licensed two operators, MainOne Cables for Lagos and IHS for North Central region in 2015. The other five licences, which the commission is currently working on, will go to North East; North West; South East; South West and South South regions. Link
  12. Nigeria plans to auction 140 billion naira ($460 million) in bonds on June 21, the Debt Management Office said on Friday. The debt office will sell 40 billion naira of bonds due in 2021 and 50 billion naira each of bonds due in 2027 and in 2037, using a Dutch auction system. Link
  13. Ahead of the Sallah celebration by Muslim faithful, the Lagos state government will resume  sales of LAKE rice at approved retail outlets across the state from today. Link
  14. The 11 electricity distribution companies (DisCos) need to invest additional  $7.7billion to upgrade their assets to provide the services required of them,  the former Minister of Power, Prof Barth Nnaji, has said. Nnaji, also Chairman, Geometric Power Limited, said each investor would need at least $700 million, saying they require investment to the tune of seven times the cost of the purchase of the assets. Link
  15. A power sector shortfall of N931bn accumulated since 2015 has compounded the power outage issue in Nigeria, industry statistics and experts have noted. This is as 24 power Generation Companies (GenCos) are yet to be paid N340bn in the electricity market, thereby blocking further chances of getting enough gas to generate electricity. Link
  16. Daily turnover on Nigeria’s new foreign exchange window for investors has reached eighty million dollars and the vast improvement is now encouraging players to bet on the convergence of rates that should bring in more investment in stocks and bonds. Link
  17. The Director General of the National Broadcasting Commission, Mallam Is’haq Modibbo Kawu, has said that Nigeria will adopt phased implementation of switch over from analogue to digital broadcasting (Digital Switch Over) (DSO), beginning with six states. According to Kawu, the six states that have been chosen include Enugu in the Southeast, Kaduna in the Northwest; Gombe in the Northeast; Kwara in the North Central; Delta in the South-South and Osun in the Southwest. Link
  18. Nigeria has moved down by five places to 119 out of 127 economies ranked in the 2017 Global Innovation Index from the 114th position it attained in 2016. A report on the ranking stated that Nigeria performed poorly in the areas of political stability and safety, rule of law, ease of paying taxes, and innovation linkages. Link
  19. The foremost rating agency, Agusto & Co, has assigned the ‘A’ (PFM) rating to CrusaderSterling Pensions Limited. Link
  20. The Group General Manager, Public Affairs Division of the Nigerian National Petroleum Corporation, NNPC, Ndu Ughamadu, on Sunday said it had crushed the price of diesel by 42 per cent. He said in a statement in Abuja that diesel had a huge downslide over the last six months, following key strategic interventions by NNPC. Link
  21. Global manufacturing giants have indicated interest in injecting about N300 billion into their operations to consolidate their market share in the key sectors of the economy. The Nation’s check at the weekend showed a pipeline of about six major equity investments by foreign majority core investors in six quoted companies, with nearly half of the transactions already undergoing issuance. LafargeHolcim, world’s leading building material company, plans to inject N102 billion in its Nigeria-based pan-African operations, Lafarge Africa Plc. Unilever Plc, United Kingdom, will inject N38 billion in Unilever Nigeria Plc. Diageo Plc, United Kingdom, plans to take up additional N21 billion in Guinness Nigeria. Heineken BV was said to be considering injecting more than N15 billion in Nigerian Breweries while world’s largest brewer, Anheuser-Busch InBev plans to invest some N125 billion in its Nigerian operations. Link
  22. The formal announcement of the exit of Mubadala Development Company as the largest shareholder of Etisalat Nigeria Limited and a new ownership structure is being delayed to allow investment, debt and regulatory issues to be resolved, those briefed about the talks have said. Link
  23. The Lagos State Government has signed a Memorandum of Understanding with Messrs Brains and Hammers Limited for the provision of housing units in the state. The Commissioner for Housing, Mr. Gbolahan Lawal, said the government had set a target to deliver 200,000 housing units annually in the next five years in order to bridge the state’s housing deficit of three million. Link
  24. The Minister of Power, Works and Housing, Mr Babatunde Fashola on Saturday signed a N4.34 Billion Memorandum of Understanding (MoU) with Dangote Group and other stakeholders for the rebuilding of Apapa Wharf Road. The project is to be funded by AG Dangote Construction Company Ltd, an arm of the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria. Link
  25. Rand Merchant Bank Nigeria Limited has received approval from FMDQ OTC Securities Exchange to register its N80bn commercial paper programme on the FMDQ platform. This programme positions RMB Nigeria to easily and quickly raise short-term finance from the debt market. Link
  26.  The board of directors of Julius Berger Plc announces the appointment of Mrs. Gladys Olubusola Talabi and Mrs. Belinda Joke Disu as the new Non Executive Directors of the company effective from June 30th 2017. Link
  27. Paul Gbededo, group managing director of Flour Mills Nigeria plc, has put the contribution of Apapa to the national economy at about N20 billion daily. Link
  28. Ecobank Group, at the weekend received shareholders’ approval to raise $400 million in convertible bond to boost the Group’s capital position. Link
  29. Nigeria’s fast rising airline, Air Peace has acquired another aircraft, bringing to 13 the number of aircraft in its fleet. Link
  30. The Delta State House of Assembly at the weekend approved the state government’s request for a N1 billion loan to enable it access the Universal Basic Education Fund. Link
  31. Former Plateau Governor, Joshua Dariye, on Monday begged an FCT High Court in Gudu to adjourn his trial over alleged N1.1 billion scam on medical grounds. Link




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