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

  1. Pay TV Company, StarTimes, has extended the ongoing 2 months for 2 weeks free subscription promo till August 31. The company introduced the promo in May to reward its loyal subscribers across the country.Link
  2. The Federal Government is waiting on the completion of work on Dangote refinery to fulfil its promise to Nigerians to end fuel importation by December 2019, Minister of State Petroleum Ibe Kachikwu, said yesterday. Link
  3. OIL giant Oando Plc. has declared a N4.6 billion profit in its half year ended June 30, 2017. An analysis of the half-year results of oil and gas companies operating in the country revealed an increase in earnings. Link
  4. THE Police Special Fraud Unit (SFU) yesterday advised air travellers against using credit cards for the purchase of air tickets to avoid being defrauded. Link
  5. The Minister of Science and Technology, Dr. Ogbonnaya Onu and the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, met in Abuja on Monday on the implementation of a Presidential Order directing government Ministries, Departments and Agencies to give preference to locally-made goods and services in their procurement. Link
  6. The second runway for the Nnamdi Azikiwe International Airport, Abuja, will be ready before the end of the current administration in 2019, the Federal Government has said. Link
  7. Internet service provider, Spectranet, has developed a Freedom Mi-fi with 15GB free of Internet. The company said the new Mi-Fi was part of its product development strategy to improve the consumers’ Internet service experience. Link
  8. Access Bank Plc. has upgraded its mobile banking app with a set of new features. The additional features, according to the bank, allow customers to perform multiple functions including quick airtime top-up and funds transfer without signing on to the app. Link
  9. The Ondo State Government has begun four-week summer training for 100 secondary schoolgirls on the Information and Communication Technology in a bid to acquaint the pupils of the state with digital world. Link
  10. Canon Central and North Africa, an imaging and business solutions company, has said it is collaborating with three local service centres across three major cities in Nigeria to strengthen its in-country presence and drive its ‘closer to customer’ strategy of optimal customer satisfaction. Link
  11. A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency on Tuesday. According to the British Broadcasting Corporation, a group of insiders is unhappy with existing plans to speed up transaction times. Link
  12. The Nigerian Communications Commission working through its training arm, the Digital Bridge Institute, has trained 11,393 persons in advanced digital appreciation programme widely known as ADAPTI. Link
  13. The Vice-Chairman, Capital Express Global Holdings Limited, Mr. Tony Aletor, has advised investors to reconsider their stance on mutual funds. Link
  14. The agreement will enable FIIRO to the upscale the development of innovative cassava processing technologies to improve income for Nigerian micro, small and medium sized cassava processors and to create additional employment. Link
  15. An alleged confiscation of N3.9 billion received by Adamawa State from the Paris Club Loan Refunds has created anxiety among workers in the state. Link
  16. Capital market experts have warned of imminent liquidity crisis against deposit money banks following the 13.5 per cent coupon rate offer on government bond, against four per cent interest from commercial banks in Nigeria. Link
  17. Stakeholders in the capital market have endorsed a Bill by the National Assembly to reform the Nigerian Stock Exchange, (NSE) by de-mutualising it from a company limited by guarantee to a company limited by shares. Link
  18. International Oil Companies (IOCs) and their indigenous counterparts may soon be forced to halt operation, as the cost of producing a barrel of crude oil remains high. Link
  19. Olusegun Oshinowo noted that “as a nation we don’t seem to appreciate that time is productivity, productivity is money and productivity is translated to Gross Domestic Products (GDP). Nigeria lost at least N9.74 billion in 2016 as a result of multiple public holidays observed during the year. Link
  20. The UN has allocated over $10.5 million to help thousands of vulnerable in need of life-saving humanitarian assistance in the devastated Nigeria’s northeast. Link
  21. The Minister of State for Petroleum Resources, Mr.Ibe Kachikwu, yesterday, lamented that Nigeria lost over $300 billion worth of oil and gas investments in three years. Link
  22. Nigerian’s leading domestic airline, Med-View Airline, recorded a 27 per cent growth in profit in its half year period ended June 30, 2017 at N857.3 million from N671.5 million in 2016. Link
  23. Equities on the domestic bourse ended the last trading day of July with an over-hang of Friday’s decline as the NSE All Share Index (ASI), the key benchmark index dropping 2.77 per cent to settle at 35,844 basis points. Link
  24. The Central Bank of Nigeria (CBN) ended July with another $195 million injection into various segments of the foreign exchange market as part of its strategies to stabilize exchange rate. Link
  25. Nigeria’s airline operators have taken the Federal Government to task over its continued imposition of about 37 tax items on their operation in the face of the prevailing harsh economic environment. Link
  26. Nigeria’s leading oil palm producer, Presco Plc, has said it is targeting an additional one million hectares of oil plantation as part of efforts to expand its business and create more jobs for Nigerians. Link
  27. Anambra state executive council as led by Willie Obiano, governor of the state, has approved the proposal for the construction of export processing facility estimated to cost about $150million. Link
  28. About 90 per cent of Internet Service Providers (ISPs) in Nigeria are dead, the Nigerian Communications Commission (NCC), has said. Its Director, Licensing and Authorisation,  Ms Funlola Akiode who spoke yesterday in Lagos during a Stakeholders’ Forum on ISPs at Lagos Sheraton Hotel and Towers, Ikeja, lamented that only 10 per cent of the 103 licensed ISPs in the country has approached the regulator for licence renewal. Link
  29. DN Tyre and Rubber Plc (formerly Dunlop Nigeria Plc) has dragged Sterling Bank and Lagos church before Lagos State High Court, Ikeja over alleged illegal and forceful takeover of its property located at Oba Akran Avenue, Ikeja area of the state. Link

 

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