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

  1. The Federal Executive Council( FEC), yesterday, approved a new policy that bars foreign professionals from practicing in Nigeria unless they were registered and certified by all the necessary regulatory bodies. Link
  2. THE International Monetary Fund (IMF), yesterday, said Nigeria is expected to emerge from recession this year with an economic growth of 0.8 percent, but warned that threats to recovery remained elevated, and that the economy will not grow enough to reduce unemployment and poverty. The IMF, therefore, advised the Federal Government to pursue a policy of fiscal consolidation through higher non-oil revenues, to ensure stability in growth. Link
  3. The recent ambush on the oil  exploration team in the North-East Nigeria by Boko Haram has put a damper on the nation’s drive to tap its highly under-explored inland basins, industry experts have said. Link
  4. The Federal Executive Council on Wednesday approved the inclusion of 27 enterprises to the list of pioneer industries and products that would enjoy pioneer status under the Industrial Development Income Tax Relief Act. The pioneer status incentive is a tax holiday given to companies for a period of time to encourage the growth and development of the Nigerian economy. A new company or an existing one with an expansion plan may apply for a certificate of pioneer status, which lasts for three years and is renewable upon application for two years. Link
  5. The Minister of Finance, Kemi Adeosun, said on Wednesday that the volume of trade between Nigeria and Singapore reached N846bn from 2011 to 2015 while the absolute balance of trade was N222 billion in favour of Nigeria. Link
  6. The Federal Government, yesterday, approved N39.17 billion for the supply of electricity meters to the Electricity Generation Companies, GENCOs. Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this while briefing State House correspondents after the weekly Federal Executive Council, FEC,   meeting at the Council Chamber l, Presidential Villa, Abuja. Link
  7. The Senate Joint Committee on Customs, Excise and Tariff, and Marine Transport, on Wednesday threatened to issue bench warrant against the Chief Executive Officer of Glo Mobile and other firms who failed to honour its invitation on alleged complicity in the N30tn revenue loss by Nigeria. Link
  8. From the beginning of 2017 to date, the Nigerian equities market has appreciated by 37.32 per cent. The bourse closed up for the second day running as the Nigerian Stock Exchange All-Share Index advanced by 0.50 per cent, bringing the year-to-date return to 37.32 per cent. Link
  9. The Executive Secretary, Nigerian Shippers’ Council, Mr. Hassan Bello, has advised exporters to register with the Cargo Defence Fund, an advocacy platform, established by the council to aid exporters and importers with legal services in the course of their business. Link
  10. Stakeholders in the maritime sector have recommended urgent upgrade of the industry’s infrastructure to make it more productive. They spoke separately during the 2017 African Day of Seas and Oceans in Lagos. The Managing Director, Nigerian Waterways Authority, Mr. Boss Mustapha, in his presentation drew attention to the condition of Nigerian roads, saying that many of them had become too weak to carry the weight of trucks and other articulated vehicles plying them. Link
  11. Transactions on the Nigerian Stock Exchange (NSE) on Wednesday maintained the upbeat trend with the All-Share Index rising by 0.50%. The index which opened at 36,720.62, appreciated by 184.44 points or 0.50 % to close at 36,905.06. Link
  12. An analysis by FBNQuest has revealed that the net foreign Currency (fx) flows through the Central Bank of Nigeria (CBN) were negative by US$760m in May but positive over the 12-month period to the tune of US$5.12bn. Link
  13. Siemens has announced the addition of a new solution, SGT-A45 TR mobile unit, to its gas turbine portfolio to address the growing market for power generation. The company said in a statement that the aero derivative gas turbine was packaged for rapid deployment and could be installed in less than two weeks, with an electrical generating capacity of up to 44 megawatts. Link
  14. Total Plc. has highlighted the importance of better access to energy to the growth and development of individuals and societies. The company said more than 10 million people from around the world had so far benefitted from its recently introduced solar lamps. Link
  15. MTN Group, Africa’s biggest mobile phone operator, says it has moved away from a turbulent 2016 that highlighted the risks of the company’s emerging markets strategy to a profit-making firm. MTN said on Thursday in Johannesburg that its earnings for first-half of the year had rebounded. It said that its headline earnings came in at 3.9 billion rand ($294.40m, or 212 cents per share, in the six months to end June compared with a loss of 4.9 billion rand, or 271 cents per share, a year earlier. Link
  16. Konica Minolta, manufacturers of Konica Minolta office documentation and print production machines, and its partner and sole distributor in Nigeria and Ghana, Skysat Technologies, has formerly introduced a highly efficient and productive digital printing machine, the Accurio Press C2070, into the Nigerian market as a successor to the highly functional BizHub Press C1070. Link
  17. Telecommunications Company, 9mobile, in partnership with the Enterprise Development Centre of the Pan Atlantic University has bolstered the growth of local small and medium scale enterprises (SMEs) by hosting budding entrepreneurs in Abuja and adjoining states at the 17th edition of the company’s Market Access Forum. Link
  18. Britain’s Unilever will subscribe to a N58.85bn ($162m) share sale by its Nigerian unit in cash and will not convert a shareholder loan to equity for the rights issue, Unilever Nigeria Plc said on Wednesday. Link
  19. Oriental Energy Resources Limited has performed the ground-breaking for the construction of a N700 million ultra-modern residential estate of 100 units in Enwang, Mbo Local Government Area of Akwa Ibom State. Link
  20. The African operations of Indian telecommunications giant, Bharti Airtel, has fetched it about $52million profit in quarter one (Q1), against $78million losses a year ago. The rise in profit has been helped by the growth in data customers and consumption. Link
  21. Releaf, a Nigerian-American based organisation has secured a $120,000 investment from Y Combinator, the world’s leading early startup investor, to upscale its solution in Nigeria. Link
  22. The Group Executive Chairman of Jagal, Mr. Anwar Jarmakani, has been honoured with the Business Legacy Award by the Lagos Chamber of Commerce and Industry in recognition of his contributions to nation building and socio-economic development. Link
  23. The National Inland Waterways Authority (NIWA), yesterday told boat operators, dredgers and other stakeholders operating on the waterways in Lagos to ignore the recent ultimatum slammed on them by the Lagos State government. Link
  24. The Manufacturers Association of Nigeria has said it will partner ASB Valiant Company Limited to develop a 30-megawatts independent power plant to provide electricity to its member companies. The plant, which will be located along the Lagos-Ibadan Expressway, is expected to supply power to MAN members and industries on the Makun corridor. Link
  25. The Association of Nigerian Electricity Distributors (ANED), the Economic and Financial Crimes Commission (EFFC), the Police and other security agencies, are collaborating to rid the power sector of corrupt officials, it was learnt. Link
  26. The Nigerian National Petroleum Corporation (NNPC), yesterday, said the West African Gas Pipeline, WAGP, would be extended from Ghana to Cote d’Ivoire. According to a statement by the NNPC, the planned extension of the pipeline was part of the Federal Government’s West African energy integration policy. Link
  27. Manufacturers  Association of Nigeria (MAN), has called on the federal government to put in place energy-saving policy to compel consumption of compact fluorescent lamp, CFL, saying this can generate savings of $49 million (about N18 billion) annually for the economy. Popularly known as energy-saving bulb, CFL is a fluorescent lamp designed to replace the incandescent lamp; it fits into light fixtures normally used for incandescent lamps. Link
  28. The Bank of Agriculture (BoA) says it is targeting about 15 million smallholder rice farmers in the next two years, the bank’s Managing Director, Kabir Adamu, has said. Speaking while playing host to the Director General of National Orientation Agency (NOA), Dr. Garba Abari, during a working visit to BoA headquarters in Abuja, Adamu disclosed that the bank was partnering relevant agencies to open branches in all local government areas of the federation to enable it meet the target. Link
  29. Foreign airlines have $175million  ticket sales proceeds trapped in Nigeia, the International Air Transport Association (IATA) said yesterday. But the organisation applauded the  Central Bank of Nigeria (CBN) for reducing the debt, which could not be paid due to the dearth of foreign exchange, from $600 million in June 2017 to $175m this year. Link
  30. The House of Representatives recently mandated its committee on Petroleum Resources (Downstream) to investigate allegations of the disappearance of N11 billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC), following the adoption of a motion titled: “Need to Investigate the Disappearance of Eleven billion Naira worth of Petroleum Products belonging to the Nigerian National Petroleum Corporation (NNPC)”, sponsored by Tajudeen Yusuf. Link
  31. The Budget Office of the Federation yesterday commenced training for 4,250 workers of over 800 Ministries, Departments and Agencies (MDAs) on how to prepare budgets electronically using the online Government Integrated Financial Management Information System (GIMFIS). Link
  32. The Federal Government has commenced consultations with stakeholders in the oil and gas sector, aimed at re-activating Shell Nigeria Exploration and Production Company Limited (SNEPCO), the Bonga oilfield. Link
  33. Barring unforeseen circumstances, stockbrokers in Nigeria may soon have the flexibility of trading in the United Kingdom, and many other countries following the special training being organised by the Chartered Institute of Stockbrokers (CIS), in collaboration with the Chartered Institute of Securities and Investment (CISI), in the United Kingdom. Link
  34. The Federal Government has listed roads and bridges captured for construction as contained in the 2017 Budget. The Minister of Power, Works and Housing, Babantunde Fashola, in a statement, reiterated that the intention is to connect states, drive economy, move fuel, food and import and export of goods. Link
  35. The Nigeria National Petroleum Corporation (NNPC) and local arms of Chevron and Shell have signed alternative financing deals for key projects expected to boost Nigeria’s oil and gas reserves, improve power supply as well as support government’s effort to cut gas flaring. Link
  36. The Lagos State government has paid N515 million to 252 pensioners just as it advised retirees not to put their retirement fund into ventures that they could not manage. Governor Akinwunmi Ambode, who was represented by the Commissioner for Establishments, Training and Pensions, Akintola Benson at the 41st Retirement Bond Certificate Presentation Ceremony in Lagos, said the continuous payment of retiree’s entitlements was to ensure that they do not live in poverty. Link
  37. Following indiscriminate dumping of refuse across the state, Lagos State Governor, Akinwunmi Ambode has directed the new  57 council chairmen to embark on daily evacuation of waste in their locality, pending official kick off of Cleaner Lagos Initiative, CLI, next month. Link
  38. From today, bus conductors in Lagos will start wearing uniform as part of efforts to promote the Smart City Initiatives, SCI, of the state government. Link
  39. Lagos state governor, Mr. Akinwunmi Ambode, on Wednesday said that work on the proposed expansion and reconstruction of the Oshodi-International Airport Road would commence next month. Link
  40. Lagos State government has commenced moves aimed at harmonising collection of taxes, levies and fees by all revenue generation agencies at both the state and local government levels. This came just as stakeholders in table water production in the state assured the state government of generating N1billion revenue annually from water vendors if a well harmonised tax system is put in place. Link
  41. The Federal Executive Council (FEC) yesterday approved N20.6 billion for road contracts in Plateau and Kwara states. Minister of Power, Works and Housing Babatunde Fashola briefed State House correspondents at the end of the FEC meeting chaired by Acting President Yemi Osinbajo at the Presidential Villa, Abuja. Link
  42. The National Identity Management Commission (NIMC) has said that minors cannot obtain the National Identification Cards (NIC), until they are 16 years.Link

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