All the major economic news from Nigeria in 5 minutes-16/8/2017

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

1. Director- General of the Securities and Exchange Commission (SEC)  Munir Gwarzo has confirmed that the regulator is in discussion with MTN about its listing on the Nigerian Stock Exchange(NSE). Link
2. Law Union & Rock Insurance Plc.’s profit after tax has risen by four per cent from N307.33m in 2016 to N318.74m, while gross claims paid stood at N622.51m in the half-year period of 2017. Link
3. The Lagos Chamber of Commerce and Industry has honoured Custodian and Allied Insurance Limited as the ‘Insurance Company of the Year’ at its recent annual award ceremony held in Lagos. Link
4. Staco Insurance Plc. Profit After Tax fell from N240 million in Q1 2017 to N202 million in H1 2017, despite an increase in gross premium written. Link
5. CWG Plc., a technology-      solution provider has launched a new Innovation Hub to deliver efficient technological solutions to its clients. Link
6. Ethiopian Airlines (ET) has unveiled its medium term growth plan with projected annual revenue of $25 billion by 2025. Its 2016/2017 unaudited revenue stands at $2.71 billion. Link
7. The Transmission Company of Nigeria (TCN) said it has secured $1.55 billion from multilateral agencies to revive some critical projects and expand the transmission grid. Link
8. PROMASIDOR Nigeria Limited, PNL, has appointed Mr. Anders Einarsson as Managing Director. Link
9. GOTV has launched additional three Free-to-Air, FTA, channels on its platform. Link
10. Dangote Industries limited (DIL) has signaled interest in selling another stake in Dangote Cement Plc. Link
11. The Nigerian Shippers Council (NSC) said, it is collaborating with the Nigerian National Petroleum Corporation (NNPC), NEXIM Bank and other investors to build world-class Truck Transit Park ( TTP) in Ogun State to boost the economy and generate more revenue for the government. Link
12. The Chairman of Ibeju Lekki Local Government Area of Lagos State, Olorunkemi Surakat, has kick-started the rehabilitation of bad roads on Ajah-Epe Expressway. Link
13. AGAINST the backdrop of increased interest and investments in Mutual Funds in Nigeria, Nigeria’s Securities and Exchange Commission (SEC) announced that total Asset Under Management (AUM) of mutual funds in Nigeria has crossed N300 billion mark. Link
14. HOSTILITY over Practitioners’ Operations Fee (POF) levied on licensed customs agents appears to have been stepped up as the Association of Nigerian Licensed Customs Agents, ANLCA, has dragged terminal operators into the feud between it and Federal maritime authorities. Link
15. The Minister of Finance, Kemi Adeosun, has said that the Federal Government recovered N11.6 billion so far from the tips they received since the Whistleblower Policy was launched in December 2016. Link
16. The National Stakeholders Working Group of the Nigeria Extractive Industries Transparency Initiative (NEITI Board) has ratified the appointment of indigenous company, Haruna Yahaya & Co to conduct the audit exercise of the oil and gas industry for 2015. Link
17. The Director of Agriculture at the Kano office of the Federal Ministry of Agriculture, Muhammad Adamu said Nigeria now produces 15million Tonnes of local rice annually. Link
18. The Republics of Benin and Niger have paid $159 million as part settlement for electricity supplied by power generation companies in Nigeria. Link
19. The Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mr Isaac Okorafor said on Tuesday that CBN has injected $364 million in the Inter-bank market to sustain liquidity in the Forex Market. Link
20. Director-General of the National Identity Management Commission (NIMC), Aliyu Abubakar Aziz said tripartite efforts of World Bank, the European Union and the commission are under way to issue all Nigerians with the identity card by 2022. Link
21. The Federal Government has begun preparation for a post crude oil era as the country is now looking beyond sale of black gold as a source of revenue. Link
22. Niger State Government yesterday signed a Memorandum of Understanding (MoU) with the All States Investment Limited in collaboration with a Chinese firm worth $3.2billion in fishery. Link
23. Nigeria may have lost its South Korean oil market to the United States (U.S.) as the Asian country buys its first crude oil from America. Link