All the major economic news from Nigeria in 5 minutes - 23/6/2017

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

The Lagos State Government has promised to grant prospective investors complete tax holiday from federal, state and local government taxes, rates customs duties and levies. The state’s Commissioner for Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye, said that the government had established one-stop approvals for all permits, operating licences and incorporation papers. Link
The Federation Account Allocation Committee (FAAC) yesterday shared N462.359 billion to the three tiers of government being revenue for May 2017. The total amount shared showed an increase of N46.629 billion compared to the N415.73bn shared for the month of April, 2017. Link
The depth of the changes the National Assembly made in the 2017 budget was revealed yesterday by Minister of Power, Works and Housing Babatunde Fashola. The lawmakers slashed N21billion off the N31billion vote for the Lagos –Ibadan Expressway and N5billion was also taken off the Second Niger Bridge. Link
The National Council on Privatisation (NCP) has since inception in 2000 successfully concluded the privatisation and reform of over 142 public enterprises, the Acting President, Professor Yemi Osinbajo, said during the inauguration of the fifth council on privatisation yesterday. Link
A total of 72 metric tonnes of yam will leave the shores of Nigeria for United Kingdom and the United States of America next week, the Federal Government has said. It stated that the commencement of the raw food exportation from Nigeria would be done through the Apapa Port in Lagos next Thursday. Link
The Federal Government on Thursday said it would mobilise the sum of N2.5bn annually as equity investment through qualified fund managers for Small and Medium Enterprises under the Youth With Innovation Entrepreneurship programme. Link
The newly resuscitated Osun State Cocoa Processing Industry in Ede has started processing cocoa in line with the industrialisation plan of the current administration in the state. The company, which was inaugurated on October 17, 1982, had stopped production in 2001 due to obsolete equipment and management issues. The Commissioner for Industries, Commerce, Cooperatives and Empowerment in the state, Mr. Ismail Alagbada, however, said the company was now processing 20,000 tonnes of cocoa on a daily basis. Link
Benedict Maduagwu, Assistant Director Currency Operations of the Central Bank of Nigeria (CBN) has said “between 2005 and 2010, the CBN spent about N192 billion on the maintenance of currency.” Link
The Nigeria Association of Auctioneers (NAA) has said the planned e-auction by the Nigeria Customs Services (NCS) scheduled to commence July 1 is illegal. The chairman of its caretaker committee, Salisu Garba said the NAA, being the only body constitutionally recognised to carry out auction in the country, is not expected to embark on the proposed e-auction of seized and condemned goods until the court ruled over the matter. Link
Nigeria is the 19th most attractive economy for investment in Africa says the latest Africa Investment Index 2016 by Quantum Global’s independent research arm, Quantum Global Research Lab. The report shows that in 2015 Nigeria attracted a net Foreign Direct Investment (FDI) of $3.1bn. Link
The Central Bank of Nigeria (CBN) has urged members of the public to desist from ill handling of the nation’s currency, the naira. The central bank stressed that the cost of maintaining the naira note was expensive, while also urging members of the informal sector to embrace the various e-payment options in the economy. Link
With the kick-start of 2017 budget implementation, the Lead Partner, Deloitte West Africa, Mr. Yomi Olugbenro, has called on the Federal Government to take step to increase capital expenditure to a minimum of 50 per cent of aggregate expenditure in the national budget. Link
About 29 disengaged casual workers of the of the Nigerian National Petroleum Corporation (NNPC) on Thursday besieged the National Human Rights Commission (NHRC) Abuja office to protest the non-payment of their severance pay-off. The aggrieved ex-workers said over N4 billion was owed them after working for 15 years at the corporation. Link
The Bayelsa Board of Internal Revenue (BIR), on Friday sealed off the Bayelsa office of Niger Delta Development Commission (NDDC), over alleged non-remittance of N336million Pay As You Earn (PAYE) tax liability. Link
Shareholders of CWG Plc yesterday in Lagos amended the memorandum of association of the company to include provision of telecommunication services in its portfolio of businesses. The amendment will allow CWG to provide value-added services in the vast telecommunication and digital business. Link
The Nigerian National Petroleum Corporation has finally offset its indebtedness of N450bn to the Federation Account. The Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, confirmed the development at a media briefing shortly after the Federation Accounts Allocation Committee meeting in Abuja on Thursday. Link
The Ibadan Electricity Distribution Company on Thursday stated that it would spend a total of N5bn to audit its assets and enumerate customers on its network, as part of measures to provide better services. Link
Julius Berger Nigeria Plc, the largest construction company in Nigeria by market value, plans to acquire oil assets and expand into the power industry as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. Link
The Okomu Oil Palm Company PLC, says it recorded a revenue of N14.3 billion in 2016, as against N9.7 billion recorded in 2015. The chairman of the company, Mr Gbenga Oyebode said that the positive result was achieved in 2016, mainly because of the devaluation of the naira and on-going cost cutting measures by the company’s management. Link
The Bayelsa Board of Internal Revenue (BIR) on Wednesday sealed off a Chinese company, Hilong Oil Services and Engineering Company Limited over alleged tax default of N109.5 million. Link
The board of directors of Access Bank Plc has announced the retirement of Mr. Emmanuel Chiejina as a Non -Executive Director of the company to be effective from June 23^rd His retirement follows the completion of the maximum term limit of 12 years on the board as allowed by the Central Bank of Nigeria’s Code of Corporate Governance for banks. Link
About 29 disengaged casual workers of the of the Nigerian National Petroleum Corporation (NNPC) on Thursday besieged the National Human Rights Commission (NHRC) Abuja office to protest the non-payment of their severance pay-off. The aggrieved ex-workers said over N4 billion was owed them after working for 15 years at the corporation. Link
Twelve commercial banks have rejected a $58.9 million offer by Etisalat Nigeria as full and final payment for the $588.6 million the telecom giant owes. The loan comprises N114 billion ($361.6 million) in local currency and $227 million in foreign currency, putting the total obligation to the banks at $588.6 million. Link
The Nigerian Communications Commission (NCC) has assured 21 million Etisalat subscribers that the telco’s N541 billion debt and brewing takeover will not, in any way, affect them negatively. Link
The board of directors of Regency Alliance Insurance Plc has announced the retirement of Mr. Akin Adelakun has the Executive Director of the company to be effective from June 30^th2017. Link

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