All the major economic news from Nigeria in 5 minutes 21/7/2017

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

The Lagos Chapter of the Chartered Institute of Bankers of Nigeria (CIBN) has announced it would hold its annual bankers and stakeholders’ night next week and deliberations would surround the theme: “The new world Economic order: Imperative of A National Policy Rethink,” next week.Link
The Chief Consultant, B. Adedipe Associates Limited (BAA Consult), Dr. ‘Biodun Adedipe has stressed the need for increased patronage of goods and services made in Nigeria in order to stimulate economic activities and attain sustainable growth.Link
In line with the federal government and National Assembly’s recent resolution to return to the January-December budget cycle, the National Executive Council (NEC) on Thursday began consideration of the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).Link
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio, has said Nigeria will remain vulnerable and still depend heavily on borrowing except she develops the culture of saving her earnings from the sales of crude oil.Link
U.S. prosecutors trying to recover proceeds from an alleged $1.7 billion Nigerian fraud perpetrated by one of the directors of Atlantic Energy Drill Concept and Atlantic Energy Brass Development Ltd (AEBD), Mr. Kolawole Akanni Aluko, may have to wait their turn.Link
Ten months after the Central Bank of Nigeria (CBN) suspended nine commercial banks from trading in the interbank foreign exchange (IFEX) market for failing to remit a total of $2.33 billion belonging to the Nigerian National Petroleum Corporation/Nigerian Liquefied Natural Gas Company to the federal government’s Treasury Single Account (TSA), a Federal High Court in Lagos yesterday ordered seven of the banks to temporarily remit a total of $793.2 million allegedly still domiciled with them in contravention of the TSA policy. Link
The Senate has recommended the concession of N200 to $1 by the Central Bank of Nigeria (CBN) to intending pilgrims embarking on the 2017 Hajj, to bring the cost of the pilgrimage down to a bearable level.Link
On the heels of recent allegations that some personnel of the Niger Delta Development Commission (NNDC) were demanding kickbacks from contractors before making contract payments, the federal government Thursday expressed its resolve to sanitise the interventionist agency.Link
Ijaw Youth Council (IYC) has demanded that 70% of licences to operate modular refineries should be issued to people of Niger Delta extraction.Link
It is no longer news that the federal government has released the third tranche of the Paris Club fund to state governments, as the Imo State Governor, Chief Rochas Okorocha, thursday confirmed receiving N7 billion for the state’s own share of the latest tranche. Also, the Ondo State Government thursday confirmed the receipt of N7.03 billion as its own share of the second tranche of the Paris Club refund.Link
The senate in its commitment to accelerate the establishment of an autonomous Nigeria Financial Intelligence Unit (NFIU), a bill seeking the establishment of the NFIU Agency passed through first reading on Thursday.Link
Two of the banks – Fidelity and Sterling – last night defended their integrity, saying they were not involved in any TSA deal.Link
The National Economic Council (NEC) yesterday approved a policy to harmonise right of way charges payable by telecommunications companies and related public utility infrastructure on Local Governments, States and Federal Highways.Link
Governor Akinwunmi Ambode, will anytime from now launch a world class bus terminal, first of its type in Nigeria, in Ikeja, capital of Lagos state.Link
Despite efforts by the Federal Government to reposition and restructure Bank of Agriculture (BoA), the bank appears trapped in serious debt amounting to N40 billion as a result of financial recklessness of its former management.Link
Acting President Yemi Osinbajo has written to the House of Representatives seeking for a virement of N135, 643,018,749 in the 2017 budget to enable the government fund its priority projects and programmes in the 2017 fiscal year.Link
NLC’s battle with the Federal Government over review of the current minimum wage from N18,000 to a set target of N56,000 has refused to die down specifically because government, which is regarded as the biggest employer and in charge of the nation’s resources, has not given convincing reasons why it cannot meet the demand of workers.Link
The Federal Ministry of Agriculture and Rural Development (FMARD) has said that it will lead a delegation including members of the All Farmers Association of Nigeria (AFAN) to hold talks with the Central Bank of Nigeria (CBN) and banks on ways to reduce the high lending rate farmers are being charged in the country.Link
The organised labour in Nasarawa state has suspended its two months old industrial action after reaching an agreement with the state government.Link
Meristem Securities Limited yesterday upgraded the recommendation on Forte Oil Plc to ‘buy’ from hold. The securities firm raised the target price to N77.41 from N64.09, implying a 68 per cent increase from the last close.Link
The Central Bank of Nigeria (CBN) said it had disbursed over N473 billion under its Commercial Agricultural Credit Scheme.Link
Wema Bank Plc plans to raise equity next year to bolster its capital ratio and cut its operating costs as its new digital strategy gains traction.Link
Following series of fraud and armed robbery attacks on banks and individual policyholders, a total of N450.38 million was paid out as claims to victims by insurance firms within a space of two years.Link
The projection to grow Nigeria’s insurance industry asset base to an estimated N16 trillion in the next three years is currently on a bumpy path following the slight growth recorded in two years – between 2014 and 2015.Link
Commissioner, Accident Investigation Bureau (AIB), Akin Olateru said all what the AIB relies on to survive and to meet its enormous challenges of accident investigation is allocation of three per cent from the Ticket Sales Charge (TSC) and five per cent of the Passenger Service Charge (PSC) recently approved by the Minister of State for Aviation, Hadi Sirika. Link
Worried by the high rate of unemployment in his state, the Ondo State Governor, Mr Oluwarotimi Akeredolu, has taken some steps to create jobs and wealth through agriculture.Link
The Rice Farmers Association of Nigeria (RIFAN) is seeking collaboration with Competitive African Rice Initiative (CARI) and other African countries to increase rice production and export within the continent.Link
International and domestic airlines operating in Nigeria are gradually losing passenger traffic to Ethiopian Airlines over the East African carrier’s relatively cheaper fares, easy connectivity and most recently, concerted efforts by the country at becoming a one-stop-shop for tourists in Africa.Link
Manufacturers Association of Nigeria, MAN, has proposed the expansion of the scope of Central Bank of Nigeria’s Anchor Borrowers Programme (ABP) to further boost production of key commodities and stabilize inputs supply to agro processors.Link
In a bid to improve transparency and accountability in contracts entered into by public and private enterprises in the country, the Federal Government says it is initiating a contract disclosure portal.Link
The House of Representatives, on Thursday decried rising electricity tariff in the country.The lawmakers said that the increase was unjustified considering the commitment of N213 billion to the operators in the power who had failed to boost supply to Nigerians.Link
The Management of Diamond Bank Plc has shut its Creek Road, Apapa, Lagos branch following a mob attack on the branch on Wednesday.Link