All the major economic news from Nigeria in 5 minutes-31/7/2017

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

1. The Lagos State Water Corporation, (LWC), has begun the installation of pre-paid meters in Lekki, Victoria Island and other parts of the state.Link
2. No fewer than two million containers laden with various cargoes worth over N5 trillion are currently stranded at the Lagos port complex, due to the inability of importers to evacuate them. Link
3. The Nigeria Deposit Insurance Corporation (NDIC), has secured a landmark judgement to the tune of N556.49 million for the depositors of the defunct Lead Merchant Bank Limited. Link
4. The Central Bank of Nigeria (CBN) says it remains committed to the convergence of rates between the bureau de change and Nigeria Autonomous Foreign Exchange (NAFEX). Link
5. The Nigerian telecommunications industry is facing its hardest moment since the liberalisation of the sector in 2001 with over $68 billion investment facing threats. Link
6. The Federal Government has allayed fears and concerns raised by the Central Bank of Nigeria (CBN), that the nation’s economy may relapse into another recession, citing the N2.5 trillion budget deficit recorded by the government in six months and other factors as major threats to a economic recovery. Link
7. Union Bank of Nigeria Plc. says it has concluded arrangements to raise N50 billion in Tier 1 capital through a rights issue during the third quarter as it declared ₦N73.7 billion gross earning in the first quarter of the year. Link
8. The Federal Government has adopted the $11 billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Link
9. Months after the Acting President, Prof Yemi Osinbajo’s fact-finding tour of Niger-Delta, the Federal Government has come up with a two-year Strategic Implementation Work Plan, SWIP, involving the execution of 457 short, medium and long-term projects, to the tune of N2,065,140,035,959, across the nine states of the region, starting from this year. Link
10. CHIEF Executive Officer of Staco Insurance Plc., Dr. Sakiru Oyefeso, has said that the company is poised to capture a better share of the insurance market and create more value for its stakeholders using micro insurance concept as the growth driver. Link
11. COMMISSIONER for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Mohammed Kari, has called on the leadership of the Chartered Insurance Institute of Nigeria (CIIN) to reinvent the professional body and update its curriculum so as to adopt contemporary best practices for the overall benefit of the profession. Link
12. Last week, the Nigerian Stock Exchange, NSE, released the figure for domestic and foreign investors’ participation in the equities market which showed that investment was skewed in favour of the domestic retail investors. The level of domestic retail investors participation during the one month period rose by 46.92 per cent. Link
13. Newly appointed Director-General of Nigerian Insurers’ Association, Mrs. Yetunde Ilori, has promised to bring industry stakeholders, especially the various regulators, together as part of efforts to redefine the sector. Link
14. Custodian and Allied Plc., one of the leading non-bank financial institution quoted on the Nigerian Stock Exchange (NSE) with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses, has announced an impressive result for the half year ended 30th June 30, 2017. Link
15. Following the resolution of the board of directors, MRS Oil Nigeria Plc. has appointed Patrice Alberti as its chair. A letter signed by the company secretary, O.M. Jafojo, said that the change was made following the resignation of Alhaji Sayyu I. Dantata as the chairman of the board of directors of the company. Link
16. UnityKapital Assurance Plc. has reconstituted its Board of Directors, following the resignation of three non-executive directors – Mrs. Aisha A. Abraham, Mr. Bonaventure Okhaimo and Mr. Farouk L. Yola. Link
17. The management of IEI Anchor Pensions Limited said it had repositioned its company for massive growth with assets under management currently standing at N62 billion at the end of June 2017. The development has also reflected on its Retirement Savings Account (RSA) as the Pension Fund Administrator’s unit price has continued to record steady growth, according to a statement from the firm. Link
18. Top Pension Fund Administrator (PFA), Premium Pension Limited, has disclosed that it had paid over N128 billion to various classes of retirees since inception. Link
19. Shareholders of Niger Insurance Plc. last Friday commended the management for sustaining the company’s long standing business reputation and commitment to workers’ welfare. Link
20. Total Nigeria Plc. has recorded a 48 per cent drop in profit after tax for the second quarter ended June 30, 2017. According to the financial results released to the Nigerian stock Exchange (NSE), the oil firm recorded a profit after tax of N4.606 billion in H12017 as against N8.934 billion reported in 2016, accounting for a decrease of 48 per cent. Link
21. The National Insurance Commission (NAICOM) has approved the 2016 financial accounts of Universal Insurance Plc. Link
22. Following the execution of a Memorandum of Understanding (MoU) with the Bank of Industry (BoI), Unity Bank Plc. is set to partner with the BOI in the execution of the Government Enterprise and Empowerment Programme (GEEP), one of the social intervention programmes of the Federal Government of Nigeria. Link
23. Dangote Sugar Plc. has reported 131 per cent increase in profit after tax for the half year ended June 30, 2017. In a filing to the Nigerian Stock Exchange (NSE), the unaudited results of the company showed that Profit after tax grew to N17.101 billion as against N7.381 billion recorded in 2016, accounting for a growth of 131 per cent. Link
24. Financial Derivative Company Limited (FDC) has said that an inclusion of Nigeria in the MSCI Frontier Index will have multiple effects on the Nigerian equities market as inflows from foreign portfolio investors’ are expected to substantially affect market trend. Link
25. There are indications that the Central Bank of Nigeria (CBN) may be able to sustain its intervention in the foreign exchange market in the short to medium term at least, as latest data from its website show that the nation’s external reserves gained $403million in just 17 days. Link
26. Diamond Bank plc. is on the table with Ivorian insurance group, NSIA, to offload its Diamond Bank Benin, according to Jeune Afrique Business+, the business news platform of Jeune Afrique Media Group. Link
27. Fidelity Bank Plc. has again demonstrated its desire to continuously improve on customer service with the introduction of a personalized self-service feedback system on its flagship Instant banking product *770#. Link
28. Guaranty Trust Bank Plc. on Friday, celebrated its 10th anniversary of listing on the London Stock Exchange (LSE). The lender became the first Nigerian bank to be listed on the LSE, the first to dual list on an international exchange and the first Nigerian company to raise international capital using listed Global Depositary Receipts (GDR). Link
29. The activities on the floor of the Nigerian Stock market extended rally on the positive as both the NSE All-Share Index and Market Capitalisation appreciated by 8.36 per cent to close last week at 36,864.71 and N12.705 trillion respectively. Link
30. The Board of UAC of Nigeria Plc. (UACN) has elected Abdul Akhor Bello to succeed Larry Ettah as its group managing director/chief executive officer. Already, Ettah, according to a statement, has informed the board of his decision to retire on 1st January, 2018, after 11 years in the saddle. Link
31. Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Lawrence Olusegun Aina, has been elected as the pioneer chairman of Global Council of the Global Banking Education Standards Board (GBEStB). Link
32. Telecoms regulator, the Nigerian Communications Commission (NCC) and the mobile network operators ((MNOs) are heading for a thunderous clash over the charges imposed on telecoms subscribers for Subscriber Identity Module (SIM) swap or replacement. Link
33. Private jet owners operating foreign registered airplanes are in panic mode as the Nigerian Civil Aviation Authority (NCAA) will not allow them to operate their equipment after six months grace given to them to deregister them. Link
34. Instant Pay has continued to enjoy wide patronage among bank customers in the country as over N13 trillion worth of transactions were done through the platform in just three months. Link
35. The Nigerian economy is expected to take a great leap with the construction of the N40 billion Atlantic Resort project commencing in November this year.The project, which will provide over 25,000 direct jobs is expected to draw multi-billion dollar investments to the ailing economy on completion of the first phase next year. Link
36. The Nigeria Insurers Association (NIA) has announced the appointment of Mrs. Yetunde Ilori as the new Director General of the association. Also in the same vein, the Managing Director/CEO of NEM Insurance Plc, Mr. Tope Smart, was elected Deputy Chairman of the association. Link
37. Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. Link
38. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has given a 21-day ultimatum to some oil and gas employers over their anti-labour practices. Link
39. The Central Bank of Nigeria has asked commercial banks to implement the International Financial Reporting Standard 9 on or before January 1, 2018 deadline. Link
40. The Central Bank of Nigeria (CBN) has granted operational license to two non-interest microfinance banks (NIMBs) with the third awaiting final approval. Link
41. Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25. Link
42. A Chinese firm, Shanghai Golden Monkey Group, is investing N10 billion in Osun State.The company is investing in cocoa processing and production. Link
43. The Federal Government on Sunday night unveiled plans to support talented youths in the arts sector with N300 million start-up loans. The Minister of Information and Culture, Alhaji Lai Mohammed, made the disclosure at the “Spoken Words Open All White Finale’’, a poetry and music platform to encourage talents that held at Onikan, Lagos. Link
44. The Treasury Single Account (TSA) policy has enabled the Federal Government to save N4billion monthly from charges that banks collected on its numerous accounts, it was learnt at the weekend.Besides, more than N7 trillion has been remitted by banks to the government’s TSA account in compliance with the policy. Link