All the major economic news from Nigeria in 5 minutes - 20/6/2017

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

The federal government has unveiled the ownership structure of the modular refineries it proposed to build in the states of the Niger Delta region, explaining that the states, host communities and private investors would jointly own and operate the refineries. Link
The Minister of Finance, Mrs Kemi Adeosun has said that the government will soon release N350 billion, being the first tranche for capital votes implementation of the 2017 budget. “We are ready, we are having a cash-plan meeting very soon and after that, N350 billion will be released as first tranche of capital releases for the 2017 budget,’’ she said. Link
Despite the Federal Government’s plan to produce 200,000 metric tonnes of sugar yearly, its importation rate has risen. Findings revealed that between April this year and this year about 1.3 million tonnes of sugar worth N190.3 billion ($501 million) were imported from Brazil. Link
The Nigeria Customs Service (NCS) Apapa Area Command has handed over the seven imported containers of fake pharmaceutical products from China to the National Agency for Food and Drugs Administration and Control (NAFDAC) in Lagos. Link
The Standards Organisation of Nigeria (SON) has uncovered over N8billion worth of cloned cables at two residential buildings in the Ajangbadi area of Lagos. Its enforcement team uncovered the warehouses, where 20 different brands of cloned cables were kept. Made-in-Nigeria cables and other brands like NOCAN, Surecan, Necaco, Kablemex, Purecan and Nigertin, among others, were cloned in China. Link
A mortgage firm has returned to the Economic and Financial Crimes Commission (EFCC) the N500 million said to be part of the Paris Club refund kept with it by a governor. Link
The Oyo State government will install close circuit television (CCTV) cameras in strategic locations across the state, Governor Abiola Ajimobi said yesterday.The move, the governor said, would place Oyo among the league of states and communities under the “safe city project”. Link
The Federal Government has unveiled a $300 million World Bank facility to support a new housing scheme known as the National Housing Finance Programme (NHFP). The initiative, according to the Deputy Director, Other Financial Institutions at the Central Bank of Nigeria (CBN), Mr. Adedeji Adesemoye is a Public Private Partnership (PPP) programme, designed to improve more access to financing housing projects in the country. Link
INTELS Nigeria Limited has kicked against the decategorisation of port terminals by Nigerian Ports Authority (NPA) because it is not in the interest of the nation. The firm also warned that while it is a violation of the port concession agreement sealed and signed with the government, the action will lead to huge revenue loss to the Federal Government. Link
Forte Oil Plc has said it is planning to sell shares worth N20bn to institutional and high net worth investors, and has applied for regulatory approval for the transaction. It said its core investor, Zenon Petroleum and Gas Limited, owned by billionaire, Femi Otedola, with a total stake of 62.97 per cent in the company, would not participate in the offer. Link
The Akwa Ibom State government is determined to drag Total E&P Nigeria Limited to court over a tax liability of N25bn. A revenue consultant to the state government and Chief Executive Officer of Rom Flex Networks Limited, Mr. Eyo Bassey, said on Tuesday that TEPNG has been found to be serially negligent on its tax liabilities to the state government, noting that tax evasion is a criminal case. Link
The vandalism of oil pipelines in the downstream sector of the petroleum industry recorded a drop of 12.77 per cent in April 2017, the monthly financial and operations report of the Nigerian National Petroleum Corporation has showed. Link
Julius Berger Plc has announced its strategic partnership and joint investment with Petralon Energy Limited for the acquisition and development of oil fields in Nigeria. Link
The House of Representatives Ad-hoc Committee on Shell Petroleum Development Company (SPDC) Relocation has praised the management of INTELS Nigeria Limited for sustaining high standards in its operations. INTELS implements international standards such as ISO 9001, ISO 14001, OHSAS 18001 and ABS Quality, which are unmatched in the maritime and oil and gas industries. Link
Shell is considering whether to invest in a gas project in Nigeria’s southern Niger Delta energy hub, the managing director of the local unit said on Tuesday. Osagie Okunbor, managing director of Shell Petroleum Development Company of Nigeria (SPDC), said it was “on the verge of making a final investment decision” on a project in the city of Asa that would have a capacity of 300 million cubic feet. Link
Etisalat has been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed, the Abu Dhabi telecoms company said on Tuesday. Link
The transport section of Dangote Cement Ibese Plant has intercepted one of the company’s truck loaded with contrabands in Ibadan, and handed the drivers over to the Nigeria Customs Service for proper investigation and possible prosecution. Link
The peace accord signed by the Federal Government and the Indian firm, Global Infrastructure Nigeria Limited, for the resolution of the Ajaokuta Steel Company’s legal tussle has been threatened by fresh demands by the GINL. Link
Sinoma International Engineering Co Ltd has signed cement production contract worth $249.4 million with Nigeria’s Dangote Cement Plc. Link
The Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has disclosed that the corporation’s recent assessment of obligors as at December 31, 2016 identified 350 accounts with a current exposure of N2.5 trillion, representing about 80 per cent of AMCON’s total obligor debt. Link
The Acting President, Yemi Osinbajo, on Tuesday said the Federal Government would soon release a second batch of the N701bn intervention fund to the Nigeria Bulk Electricity Trading Plc. Link
Dr. Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited has been released from DSS’s detention. Sources said the oil mogul was released yesterday night unconditionally by the Department of State Services after a “No Case” was established, following a tedious investigation by the DSS in his rift with the NNPC. Link
United Capital Asset Management, a subsidiary of United Capital Plc, yesterday listed two billion units of the United Capital Wealth for Women Fund and 100,000 units of United Capital Nigerian Eurobond Fund on the Nigerian Stock Exchange (NSE). Link
The federal government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget. The Minister of Budget and National Planning, Udoma Udoma, said the total revenue projected was N5.08 trillion, with 11 per cent (about N559 billion) coming from the recoveries made. Link
The Chairman, House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri, has said the House will not be lured into supporting the deceptive plot orchestrated by some people to lure Asset Management Corporation of Nigeria (AMCON) to purchase new debts from Deposit Money Banks (DMBs) in the country. Link
The Speaker, Kano State House of Assembly, Kabiru Rurum, has denied a media report that he received N100m bribe to suspend the probe of Emir of Kano, Mallam Muhammad Sanusi II. Link

No Result