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

  1. Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday said the federal government has suspended crude oil exploration in the Chad Basin until further notice.Link
  2. The Federal Government will avail itself of the opportunity being provided by global organisations like Google to train the teeming technology savvy youths in various level of ICT capacity development deployed by Google, as this will further open up the accessibility of turning around the nation’s economy and making ICT the mainstay.Link 
  3. Determined to make Nigerian seaports attractive to cargoes in West and Central Africa, the Nigerian Shippers’ Council has reiterated its resolve to curb excessive charges and undue delays that has made Nigerian seaports unattractive.Link 
  4. Nigeria’s former minister of finance, Dr Ngozi Okonjo-Iweala, has been named an independent non-executive director at Standard Chartered PLC.Link 
  5. The Managing Director of Niger Delta Development Commission (NDDC), Nsima Ekere, has pledged to bequeath a worthy legacy to the agency.Link
  6. As a fallout of World Bank’s $200 million grant to boost food production in the country, youths in 23 states across the country are currently being trained in different agro allied fields.Link 
  7. Foreign trawlers from Asia and Europe have cost Nigeria and other neighbouring countries’ economy about 300,000 in job losses and $2 billion in income through illegal fishing around the waterways.Link
  8. Nigerian underwriters (non-life) incurred general liabilities in the course of executing their businesses within a period of three years from 2013 to 2015.Link 
  9. The Nigeria Deposit Insurance Corporation (NDIC) has secured a landmark judgement to the tune of N556,493,034.16 in favour of depositors of Lead Merchant Bank Limited (inliquidation).Link
  10. Despite the poor outlook of the insurance industry and inability to garner the right mix for high penetration, general business underwriters spent N239.5 billion on management expenses within five years (from 2011 to 2015).Link
  11. The Federal Capital Territory, FCT, and its neighbouring states may be grounded in the next two weeks as the leadership of the National Union of Petroleum and Natural Gas Workers.Link 
  12. The Federal Government yesterday said it would mandate its Ministries, Directorates and Agencies, MDAs, to buy and read daily papers digitally. Link
  13. The Senate, yesterday, approved the $1.806 billion Federal Government 2016-2018 external borrowing (rolling) plan for Lagos-Kano railway modernization project and  reconstruction/rehabilitation of the North-East.Link
  14. The Nigeria Extractive Industries Transparency Initiative (NEITI), has called for the transfer of all oil revenue savings, totalling about $3.95 billion, to the custody of the Nigeria Sovereign Investment Authority (NSIA).Link 
  15. The Chairman of Dala Inland Dry Port Nigeria Limited Kano, Alhaji Ahmed Rabi’u, has said that commercial activities are expected to commence in earnest at port by January next year.Link
  16. The Acting President, Yemi Osinbajo, has presented a certificate for the Formal Release Ceremony to discharge Indorama Eleme Petrochemicals Limited (IEPL) from the mandatory five-year Monitoring Programme of the Bureau of Public Enterprises (BPE).Link
  17. The Minister of Transportation, Mr Rotimi Amaechi, on Thursday, took delivery of two double-end-drivers’-cabin standard gauge locomotive engines from the Peoples Republic of China.Link 
  18. Eight electricity generation plants in Nigeria generated zero megawatts per hour in five months, latest report from the National Bureau of Statistics has revealed.Link 
  19. Nigeria Customs Service (NCS) has seized mobile phones valued at N566 million, which were concealed alongside relief materials from foreign donors.Link
  20. Stanbic IBTC Bank has launched a fresh customer value proposition targeted at High Net Worth Iindividuals (HNIs) who desire an exclusive and differentiated banking service experience.Link 
  21. Sterling Bank Plc has reported gross earnings of N57 billion for the half year ended June 30, 2017, representing a growth of 14 per cent over the corresponding period of 2016.Link 
  22. eTRANZACT International Plc said it  recorded N620 million operating profit for the financial year ended December 2016.Link 
  23. The Indonesian Nexim bank has signed a pact with the Nigerian Export-Import Bank (NEXIM Bank) to enhance cooperation and forge stronger relationships in promoting regional and global trade and investment between the two countries.Link
  24. Total Nigeria Plc has signed a Solar Home Solution distribution agreement with Blackbit Limited. This solar product distribution partnership is aimed at facilitating seamless nationwide access to solar energy products to bridge the energy gap in homes and optimally ensure customer satisfaction.Link
  25. Google has pledged to invest $3 million as free equity funding in Africa before the end of this quarter,  and train 10 million Nigerians in the next five years in preparation for accessing a digital economy.Link
  26.  Pepsi 50cl plastic bottle is now sold at the price of N100. This has been revealed by Pepsi with a campaign themed No shakin’ Carry go which means we can now all carry go with the cool refreshment that Pepsi brings especially during these tough economic times.Link
  27. The Nigerian Civil Aviation Authority (NCAA) says plans have reached an advanced stage to get the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport scale through the International Civil Aviation Organisation (ICAO) safety and security certification.Link
  28. The Federal Government on Thursday said it would send the 2018 budget proposal to the National Assembly at the beginning of October this year.Link
  29. Lagos State Governor, Mr Akinwunmi Ambode on Friday in Zurich, Switzerland led a team of the State Executive Committee members to sign an agreement with Bühler AG (“Bühler”), a leading rice-mill producer in the world, for the acquisition of a 32 tonnes per hour Rice Mill.Link
  30. The Senate, yesterday, indicted the Minister of State for Petroleum Resources, Dr Ibe Kachikwu and the management of the Nigerian National Petroleum Corporation (NNPC), on claims that they were not transparent in the process seemingly being adopted to engage ENI/NAOC and Oando as financiers for rehabilitation and improved performance of Port Harcourt Refinery.Link
  31. The Senate, yesterday, mandated the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to review the present revenue allocation formula, to reflect the present and changing economic realities in the country. Link
  32. The Senate, on Thursday, approved external loans for 10 states totalling $750m for the purpose of financing various projects across the country.Link 

2 COMMENTS

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