Home Business News All the major economic news from Nigeria in 5 minutes-27/7/2017

All the major economic news from Nigeria in 5 minutes-27/7/2017

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

  1. The Economic and Financial Crimes Commission(EFCC) says its Kano Office has recovered N328,988,296,990.62 from nine major oil marketers across the country.Link
  2. Union of Bank of Nigeria Plc. has brought the famous Uber concept into banking with the unveiling of an innovative mobile app that allows customers to locate the bank’s closest sales agent and request cash pick up or withdrawals.Link
  3. Aside from its resolve to promote financial inclusion in Nigeria, Fidelity Bank Plc. says it is targeting increased earnings following its partnership with the world largest payment network, Visa, on its mVisa new payment solution.Link
  4. Coca-Cola announced plans Wednesday to launch a revamped “Coke Zero” in the United States as it expands offerings of low-sugar and non-carbonated beverages amid flagging demand for sweet sodas.Link
  5. Cadbury Nigeria Plc. has reported a pre-tax loss of N766.4m for the half-year ended June 2017.Link
  6. The internet users and data subscribers in Nigeria’s telecommunications networks marginally increased to 91.6 million in June.Link
  7. Acting President Yemi Osinbajo will visit Port Harcourt today to inaugurate the world’s biggest fertiliser plant built by Indorama Eleme Fertilizer and Chemicals Limited.Link
  8. The Nigeria Extractive Industries Transparency Initiative (NEITI)has advised the Federal Government to transfer all the country’s oil revenue savings of about $3.95bn to the Sovereign Wealth Fund.Link
  9. The Nigeria Customs Service (NCS) generated a revenue of N486 billion in the first half of the year, Mr Joseph Attah, the Public Relations Officer of NCS, has said.Link
  10. The National Industrial Court, Abuja, has ordered the striking Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE), to unblock the premises of the Corporate Affairs Commission,Abuja.Link
  11. The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said it has uncovered more than N115 billion tax liabilities established against Federal and States’ Ministries, Departments and Agencies (MDAs), and local government councils.Link
  12. Nigeria’s indigenous telecoms company, Globacom, continues its leadership position as second largest telecoms firm in Nigeria, after MTN.Link
  13. The Nigeria government, through the Nigerian Communications Commission (NCC), has taken measure to sanitise the satellites segment of the nation’s telecoms market by releasing the names of duly-licensed automated vehicular tracking service operators in the country.Link
  14. Nigerian stocks sustained its positive outlook for the 15th day, as the overall performance measures, NSE ASI and market capitalisation, rose further by 3.40 per cent each. Market watchers attributed development to renewed confidence following the expectation of good half year results and forex stability.Link
  15. The Bank of Industry (BoI) and Ebonyi State government have packaged a N4 billion counterpart funds to promote agriculture and setting up of new companies in Small and Medium Enterprises (SMEs) sector in the state.Link
  16. The Federal Government has set aside N1.6 billion for women empowerment programme called the National Women Empowerment Fund, NAWEF, under its Social Investment Intervention Programme known as the Government Enterprise and Empowerment Programme (GEEP).Link
  17. The Federal Government has emerged with a new National Petroleum Policy, targeted at bringing about restructuring, new legislation and value addition in the oil and gas industry.Link
  18. Despite being the fourth largest producer of Irish potatoes in Africa, Nigeria spends N76.4 billion ($250) million every year on importation of potato chips.Link
  19. Britain will ban the sale of petrol and diesel-fuelled cars from 2040 when all vehicles must be fully electric, British newspapers reported on Wednesday.Link
  20. The Public Complaints Commission (PCC) Office in Jigawa says it has trained 34 officers in the use Short Message Service (SMS) to report and track complaints from aggrieved members of the public.Link
  21. Samsung Electronics is now the world’ s largest maker of mobile phones, memory chips and most profitable tech firm , going by its record quarterly earnings released today.Link
  22. Shareholders of the Nigerian Aviation Handling Company (Nahco, Aviance) have called for the reinstatement and renegotiation of the management support services agreement with the Rose Hill Group (RHG).Link
  23. The Central Bank of Nigeria (CBN) will offer N229.14 billion in Treasury bills next week in a move to quickly counter the inflation-inducing power of N652.2 billion shared by the three-tier government.Link

 

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