The week drawing to an end has been an eventful one in the political and economic spheres with several talking points. In the middle of all these, it could be easy to miss out on some. Once again, Nairametrics brings you the top ten news items.
Former VP and Minister of Women Affairs warned off by APC
Alhaji Inuwa Abdulkadir, the All Progressives Congress (APC)’s National Vice Chairman (North West), while speaking to news men in Abuja, warned the former Vice President, Atiku Abubakar , the Minister of Women Affairs, Aisha Alhassan and a few other party leaders to cease making statements capable of raising controversy in the party.
This statement was made in response to the claims of Atiku that the Party had used and dumped him after they won 2 years ago. Alhaji Abdulkadir stated in no uncertain terms that the former VP was being unfair in his claims that he was not being consulted. As for Aisha, he simply asked her to step aside.
Central Bank of Nigeria (CBN) raises total intervention for the week
Mr. Isaac Okorafor, the CBN spokesman, disclosed in a statement in Abuja that the CBN raised total intervention for the week from $195 million (last week) to $547 million (this week). Mr. Okorafor claims that the intervention would not only uplift the Nigerian exchange rate but also boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions. Meanwhile, Naira has remained strong against Dollar and Euro at the parallel market. Naira closed at N365 to a dollar, N470 to a pound, and N430 to a Euro.
Naira slips against pound and euro at parallel market
Naira managed to maintain its place against dollar at the parallel market for the fourth time this week but slipped against Euro and Pound. Despite the CBN’s intervention which was raised from 195milllion dollars the previous week to 547 million dollars this week, Naira closed at N365 to a dollar while Naira closed to N472 per Pound and N432 per Euro.
FIRS collects N2.5 trillion in 8 months
Revenue is on the increase in all sectors it seems, as The Federal Inland Revenue Service collected total revenue of N2.5 trillion in the last eight months. The highest source of the revenue collected, according to reports, came from the petroleum profit tax. The petroleum profit tax generated revenue of N1.7 trillion, while the balance of N876.4 billion was generated from the other non-oil taxes.
Babatunde Fowler, the FIRS Chairman, while speaking on the projection performance recently, said that the agency recorded a 14% increase of N224 billion from January to June 2017 in relation to the corresponding time in 2016.
Fidelity Bank mid-year results up by 66%
The audited results released at the Nigerian Stock Exchange (NSE) shows that Fidelity Bank gross earnings rose by 22.1% from N70.3 billion the first half of 2016 to N85.8 billion the first half 2017. Profits also increased by 66.7% going from N6.1 billion in 2016 to N10.2 billion in 2017.
Mr. Nnamdi Okonkwo, the CEO Fidelity Bank, said that the growth in earnings and profits this first half of the year could be attributed to the disciplined execution of the Banks Medium term strategy focused on deepening market share in the Small and Medium Enterprises (SME), Retail and Digital Banking business segments.
Professor Ajibola; new CIBN President
Professor Segun Ajibola was sworn in as the nineteenth president and chairman in council of the Chartered Institute of Bankers of Nigeria during its annual general meeting.
In his acceptance speech, Professor Ajibola promises that for the duration of his 2 years in office, he would provide a platform through which the identified skills and knowledge gaps at all levels will be bridged. Ajibola also said that he would focus on the ‘7c’s Mandate’. The 7c’s refer to; capacity building, certification, codification, constructive engagements, communication, creativity, and consolidation. This 7c’s Mandate would be initiated as a means to touch every aspect of the institute’s life as a frontline professional body and revered institution in Nigeria.
Privatisation of Afam power plant approved by NCP
The National Council on Privatisation (NCP) approved the privatisation of the Afam Power Plant alongside seven other projects. NCP, chaired by the Vice President Yemi Osibanjo, is the apex body charged with the overall responsibility of formulating and approving policies on privatisation and commercialization.
The approved projects besides the Afam Power Plant include;
- pursuit of an out-of-court settlement involving the privatisation of Aluminum Smelter Company of Nigeria (ALSCON)
- amendments to Work plan for the conclusion of the transaction for the concession of Terminal B Warri old Port
- immediate revocation of the concession of the Lagos International trade Fair Complex
- the partial commercialization of Nigeria’s National parks using three National Parks as pilot projects
- The restructuring and recapitalization of the Bank of Agriculture.
- immediate commencement of a fresh privatisation of Yola Electricity Distribution Company
- Immediate commencement of reform and commercialization of the River Basin Development Authorities to revitalize irrigation.
Union Bank Of Nigeria Plc’s N50 billion rights issue approved by SEC
The Securities and Exchange Commission, SEC, approved the N50 billion rights issued by Union Bank of Nigeria Plc. Mr. Emeka Emuwa, the CEO of Union bank, said in his statement regarding the approval;
“The approval by SEC brings us to the final stages of this important transaction for Union Bank which is critical to our short to medium term business objectives. The capital raised from the rights issue will support our strategy to accelerate business growth and position Union bank as a leading commercial bank in Nigeria.”
Petrol price down to N142 per litre nationwide
There has been a significant reduction in the price of petrol in Nigeria from N145 per liter to N142-N143 per liter. The report says that independent marketers are selling petrol at N142 per liter while NNPC mega and affiliate stations are selling at N143 per liter. This reduction also affected the price of cooking gas nationwide as the price drops from N2, 500.00 to N2, 215.96 for refilling per 5kg cylinder.
This discovery was made after a survey held by the oil and gas forum and disclosed by Mr. Ndu Ughamadu, the group general manager, public affairs division of the Nigerian National Petroleum Corporation (NNPC). This reduction in price has been attributed to the timely intervention of NNPC in the supply and distribution of petroleum products.
FG projects $10.38 billion from liquefied petroleum gas (LPG) in year 2018
The Federal Ministry of Petroleum Resources stated in the recently approved National Gas Policy that an estimate of about $10.38 billion could be generated in 2018 for the economy. This, he said, could be achieved if 50% of the current kerosene and firewood users switch to the use of cooking gas (LPG).
Beyond the increase in the economy, this policy would be creating job opportunities in various segments of the LPG supply chain. The switch from using firewood and kerosene to LPG could also be beneficial to the citizens with regards to their health and safety of the environment from pollution.