All the major economic news from Nigeria in 5 minutes-11/8/2017


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

  1. Zenith International Bank Plc. has declared a profit after tax of N75.32 billion for the half year ended June 30,2017 according to its half year result released at the Nigerian Stock Exchange (NSE) on Thursday. Link
  2. ZINOX Technologies has drawn notable foreign partners, including Intel Corp., Ashour, Tecsync Technology and Microsoft into the Nigerian mobile market, lining up an array of innovative devices that will hit the market soon. Link
  3. THE Management of APM Terminals has said that it is not responsible for controlling traffic in Apapa and hence cannot be held liable for the gridlock in the area. The company said that like other stakeholders, it was a victim of the menacing Apapa gridlock. Link
  4. The Group Managing Director/Chief Executive Officer of Chemstar Paints Industry Nigeria Limited, manufacturers of Finecoat and Shield Paints, Mr.  Aderemi Awode, says business environment has been very tough and challenging for the paints industry in Nigeria. Link
  5. Dizengoff Nigeria has announced the delivery of 50 units of 75HP CASE IH tractors to tractor service providers. It said that the first set of tractors was being delivered immediately while the second batch would be delivered by end of August. Link
  6. Heritage Bank has continued its push to rebuild the economy after it signed off on a deal worth N232 million to reinstate “Nigeria as the world’s largest palm oil producing county”. Heritage Bank’s managing director Ifie Sekibo joined Biase Plantations Limited on Friday to seal the deal. Link
  7. The federal government has announced L5 Lab, as the preferred vendor for the production and provision of technical support services for its proposed Presidential Enabling Business Environment Council (PEBEC) technology solution. Link
  8. Tantalizers Plc. has expressed business optimism regarding the efficiency of its on-going strategic initiatives aimed at reversing the recent declining profitability in the business. Link
  9. The University of Nigeria Nsukka (UNN) and Hightech System Limited are to partner in tractor assembling, manufacturing and other tractor value chain services as part of Higher Institution Tractorisation Initiative (HITI). Link
  10. Chi Limited was recognised as the ‘’Most Innovative Fast Moving Consumer Goods (FMCG) Company’’ at the Businessday Top 25 Most Innovative companies and Institutions in Nigeria Awards 2017. Link
  11. To establish common areas of collaboration, Grow Africa and Nigeria Agribusiness Group (NABG) have signed a Memorandum of Understanding (MoU) aimed at increasing private sector investments in agriculture. Link
  12. Two firms, Udemgaba and Associates and Mountain Quest Investment Services Ltd have challenged the federal government over the ownership of N2.2billion allegedly diverted by associates of Zamfara State Governor Abdulaziz Yari from the state share of Paris Club Refund. Link
  13. Jatropha Growers Processors and Export Association of Nigeria (JaGPEAN) says that it is ready to produce 20 percent bio-diesel locally by 2020. Link
  14. EMPLOYEE Assistance Programme is critical to boosting national productivity and enhancing the nation’s recovery from economic recession. President, Employee Assistance Professionals Association, EAPA, Nigeria Branch, Dr. Marcel Nwaogu, stated this in Lagos during a press briefing on the upcoming national conference of the association. Link
  15. A fresh round of controversy is trailing the nation’s Cabotage Vessel Financing Fund (CVFF) as stakeholders expressed fear that an estimated N51 billion may have been misappropriated NIMASA. Link
  16. Nigeria’s start-up scene is expanding rapidly, securing the most seed funding of any country in Africa and attracting increased international support. Since March three Nigerian tech start-ups have received $8.35m in seed capital from local and foreign investors: Wi-Fi provider Tzeti ($2.1m), e-commerce start-up Cars45 ($5m) and fintech firm Lydia ($1.25m). Link
  17. The Chairman of the Lagos District Society of the Chartered Institute of Taxation of Nigeria (LDS-CITN), Mrs. Oluwatoyin Campbell has said that the federal government’s recently launched Voluntary Asset and Income Declaration Scheme (VAIDS) would be more successful with proper accountability on the part of the three-tiers of government. Link
  18. The importers’ and exporters’ (I&E) foreign exchange (FX) window introduced by the Central Bank of Nigeria (CBN) about four months ago has attracted $4 billion from foreign investors between April and now, the Bankers’ Committee disclosed Thursday. Link
  19. The UBS Wealth Management’s Chief Investment Office (CIO) in a report has affirmed that with a stronger economic outlook, Nigeria creditworthiness has improved. Link
  20. The Buhari Media Support Group (BMSG) on Thursday in Abuja said the alleged stolen funds traced to former Petroleum Minister, Diezani Alison-Madueke, could fund infrastructure development in the country. It erroneously added that the N47.2 billion and $487.5 million in cash and property purportedly traced to Alison-Madueke by the Economic and Financial Crimes Commission (EFCC) were also enough to complete the Lagos-Kano and Lagos-Calabar rail lines. Link
  21. The Nigerian Communications Commission (NCC) has stopped Globacom Nigeria’s plans to offer free data to all its subscribers on Friday, August 11, 2017. Link
  22. The Nigerian Meteorological Agency (NiMet), has signed a Memorandum of Understanding (MoU) with Trans-African Hydro-Meteorological Observatory (TAHMO) of The Netherlands to develop a robust network of Automatic Weather Stations (AWS) in the country. Link
  23. The Tertiary Education Trust Fund (TETFund), has disbursed N1.72billion to finance research works in different thematic areas in tertiary institutions in the country. Link
  24. For operating illegally, no fewer than three courier operators in the country have been shut down by the Courier Regulatory Department, an arm of the Nigerian Postal Service (NIPOST). Eleven other companies received sanctions for various violations of the law guiding their operations, in a renewed exercise by the Agency. Link
  25. In its determination to clean up the nation’s voters’ register, the Independent National Electoral Commission (INEC) has ordered the removal of 190 non-Nigerians from the Register of Voters’. Similarly, the Commission has decentralised the on-going nationwide Continuous Voters’ Registration (CVR) Exercise in Anambra state to the Registration Areas, ahead of the governorship election in the state scheduled for Saturday November18, this year. Link
  26. THE Federal Government has said following the need for diversification and sustainability of economic growth in the country, it has the sense of emergency to solve problems of manufacturers in a way that can benefit all Nigerians. Link
  27. IN spite of the persistent pressure on the food inflation, the headline inflation rate has been forecast to drop by about five points to 15.96 percent for the month of July 2017 from 16.10 per cent recorded in the preceding month. Link
  28. Nigerian Brands Carnival, a trademark platform of Brands Carnival Project Development Nigeria Limited is to partner the Ministry of Industry, Trade and Investment to promote Made-in-Nigeria goods. Link
  29. The Lagos State Government yesterday said it will be raising N50 billion from investors to enable it achieve cleaner environment through effective waste management system. Link
  30. German Development Agency (GIZ) has trained 230,000 small farmers in Nigeria, Côte d’Ivoire, Ghana, Togo, and Cameroon. Link
  31. To stimulate its economic and tourism potentials, the Lagos State government is set to host the maiden edition of the “Nigeria Beer Festival” from September 25 to October 1, 2017. Link
  32. In furtherance of an approval and authorisation granted by its shareholders at the 46th Annual General Meeting (AGM) held on 5th May 2016 in Lagos, AIICO Insurance Plc. has opened discussions with an investor on a non-binding basis for investment in the company. Link
  33. Fourteen underwriters that provided insurance cover for airlines in Nigeria paid N500 million as claims for losses suffered by the operators. Link
  34. The enormous financial losses suffered by Nigerian underwriters especially in the maritime sector have continued to generate concern among industry stakeholders, leading to over N10 billion annual losses in premium. Link
  35. Mr. Femi Falana, has called on state governments to challenge the laws restricting them from generating electricity in their states. Link
  36. Three policemen, who allegedly joined a dismissed colleague to hijack a truck loaded with 33,000 litres of petroleum product, have been dismissed. The dismissed policemen, Christopher Onyegho F/No. 375631, Nwakem Ebonzim F/No. 413318) and Michael Chima F/No. 441254, were attached to the Delta State Command. Link
  37. Members of electrical appliances dealers at the Alaba International Market, Lagos has been challenged on patriotism and the possible way of contributing to National Development. Link
  38. Rural Access and Mobilization Project (RAMP) said it is targeting 900km roads to construct in Abia rural communities across the state valued at about $60 million (about N20 billion). Link
  39. Retired staff of the 30 Local Government Councils in Osun state have said that the state owes them a year of pensions, explaining that non-payment of their entitlements had worsened their living conditions, making life unbearable for many of them. Link
  40. After years of unfulfilled promises and false starts, electricity supply has begun to return to Magboro and other communities in Ogun State, leaving many residents surprised as they claimed to have lost hope. Link
  41. The Minister of Budget and National Planning, Udo Udoma, on Thursday promised that the Federal Government would do everything in its power to ensure that the 2018 Appropriation Bill is submitted to the National Assembly in October as earlier promised. Link
  42. A faceless group that goes about defrauding entrepreneurs under the guise of assisting them with loans has been exposed. The Special Adviser on Media to the Permanent Secretary in the ministry, Mr. Babajide Iletogun, said the group was operating through a scheme tagged, “Federal Government 2017 empowerment loan for entrepreneurs (nationwide),” to defraud unsuspecting members of the public. Link
  43. The Bankers Committee of the Central Bank of Nigeria on Thursday inaugurated a board to facilitate the disbursement of the N26bn equity fund meant for the growth of agriculture and small businesses in the country. Link
  44. The Dangote Group has announced the signing of a Memorandum of Understanding with the Kano State Government for the proposed 100 megawatts Dangote-Black Rhino solar power plant. Link
  45. The Nigeria Police Force, in partnership with two indigenous property development companies, has commenced the construction of 40,000 housing units for officers and other interested persons across the country. Link
  46. The Nigerian equities market dropped by N14bn at the close of trading on Thursday as Forte Oil Plc., Oando Plc., Nascon Allied Industries Plc., Morison Plc. and Dangote Sugar Refinery Plc. topped the losers’ chart. Link
  47. To achieve rice sufficiency, Kebbi State is partnering WACOT Rice Limited on the commodity production. WACOT Rice, a member of TGI Group, is helping Nigeria to regain its status as a top rice producer. It has invested in rice processing plants. To this end, the company is supporting the Kebbi government to roll out sustainable agricultural standards and practices throughout its rice-production value chain. Link
  48. Abia has received $60m (about N21bn) for the execution of the World Bank-assisted Rural Access and Mobility Project in the state, Gov. Okezie Ikpeazu, has said. Link
  49. Kano State Government, Dangote Group of Companies and Black Rhino Group on Thursday in Kano signed a $150 million Memorandum of Understanding on Solar Power project. Link
  50. The Peoples Democratic Party said in Abuja on Thursday that it was expecting those it described as “high-profile “ defectors to join its fold within the next three weeks. The Chairman of the party’s Special Non-Elective National Convention, who is also the Governor of Delta State, Ifeanyi Okowa, stated this in a chat with journalists. Link
  51. Jigawa State has announced that it used the released first and second tranches of Paris Club refund amounting to N21.3 billion for the payment of contractual obligations. The state’s Commissioner for Finance, Umar Namadi, told journalists that in December 2016 the Federal Government released N14,215,333,413.52 as first tranche of the Paris club refund to the state, while the state was allocated with N7,107,666,706.76 in the second. Link
  52. The federal government is considering reviewing its bilateral relations with some African countries that have refused to approve the operations of Nigerian airlines to destinations in their places, while they are allowed to fly to Nigeria, the Nigerian Civil Aviation Authority (NCAA) has disclosed. Link
  53. Despite the federal government’s ban on importation of vehicles through land border, the volume of cars smuggled into the country from Cotonou through Seme, Idiroko and other land borders has risen astronomically in the past four months. Link
  54. The All Progressives Congress (APC) has generated more than N60 million from the sales of the nomination and expression of Interest forms, even as the National Working Committee (NWC) held a closed door meeting with the aspirants. Link
  55. Comptroller of Immigration, Anambra State Command, Ekpedeme King, has announced the retrieval of several voter cards, National Identity Cards and Anambra State Identity Cards from some foreigners in the state. Link
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