All the major economic news from Nigeria in 5 minutes – 26/6/2017


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

 

  1. The Minister of Finance, Mrs. Kemi Adeosun, has disclosed that tax defaulters in the country risk at least five years jail and asset forfeiture. Her warning is coming even as the Acting President, Prof. Yemi Osinbajo, will on Thursday, June 29, launch the Voluntary Asset and Income Declaration Scheme (VAIDS), a new tax reform programme of the Federal Government aimed at increasing tax awareness and compliance. Link
  2. The Federal Government has fixed July 1 for the take-off of a planned tax amnesty that it hopes will rake in US$1 billion in unpaid taxes. Link
  3. The Standards Organisation of Nigeria has said it will soon commence the certification of the services offered by the Micro, Small and Medium-scale Enterprises such as barbing, tailoring and masonry. Others are cobbling, events management, automobile maintenance, car wash and carpentry, among others. The Director-General, SON, Mr. Osita Aboloma, disclosed this in a chat in Abuja during the celebration of the 2017 African Day of Standardisation. Link
  4. Data from the National Bureau of Statistics show Nigerians spent a N11.3 trillion in the third quarter of 2016 as household consumption expenditure. This was a whopping N1.79 trillion higher than what was spent in the second quarter of the year. Link
  5. The Federal Government has issued a warning to the chief executive officers of all its Ministries, Departments and Agencies against inflating their personnel budgets for the 2018 fiscal period. Link
  6. Quest to make Nigerian goods competitive in the international market received a fresh boost on Friday, as the Nigerian Export Promotion Council (NEPC) and Nigerian Import-Export Bank (NEXIM) agreed to fast track the establishment of a regional maritime company. Link
  7. The total volume of crude oil produced in Nigeria has been reducing since January this year, leading to a cumulative loss of about N131.8bn, an analysis of various reports from the Nigerian National Petroleum Corporation has shown. Link
  8. The trade volume between Nigeria and Mexico has grown by 360 per cent from 166.5 million dollars in 2012 to 600 million dollars in 2016. The Mexican Embassy, Deputy Head of Mission, Rodrigo Tenorio said, “Though the figure may be small but in reality it is a huge transaction that we have in the last 15 years, which was then 45 million dollars.” Link
  9. The Chief Executive Officer of Emzor Pharmaceuticals, Dr Stella Okoli, on Monday said the pharmaceutical industry was in need of urgent government intervention, as it required injection of funds in the region of N30 billion. Link
  10. Shipping line agencies are to refund about N1.58 trillionbeing the charges they illegally imposed on imports into the country from 2006 till date. It was gathered that from the 5.96 million containers ferried to the ports between 2011 and 2016, a total of N1.58 trillion would be remitted to the Cargo Defence Fund. Link
  11. About N45 billion unclaimed dividends and millions of shares may be forfeited by investors who used fictitious names and other secret means to buy shares through public offers. A source at SEC said the Commission is determined to enforce the deadline September 1, 2017 imposed by the CMC for claimants to provide verifiable evidence and identifications to proof ownership of such unclaimed dividends and shares, after which such unclaimed dividends and shares will be forfeited to the proposed Nigerian Capital Market Development Fund. Link
  12. The Nigerian Customs Service (NCS) generated a total sum of N239.4bn in the first three months of this year, figures obtained from the Federal Ministry of Finance have revealed. Link
  13. The Lagos State Chapter of the Association of Master Bakers and Caterers of Nigeria has appealed to flour millers to reduce the price of flour to boost productivity and strengthen food security. Its chairman, Mr Jacob Adejorin advised millers to adjust the price of flour to reflect the present exchange rate of the naira to the dollar as well as the recent slash in the price of diesel by the Federal Government across the country. “We still buy a bag of flour for between N11,000  and N11,300. This was the price when the naira was being exchanged at N500 to the dollar.” Link
  14. Omoluabi Mortgage Bank has expressed its determination to transform from a state-based bank to a national mortgage bank, with a plan to expand to all parts of the country in its bid to becoming one of the leading players in the sub sector. Link
  15. The 13 banks that raised $1.2billion loan for mobile operator Etisalat Nigeria may press criminal charges against directors of Mubadala Development Company of the United Arab Emirates (UAE). It was gathered that the banks held a meeting at the weekend to consider engaging  a London-based counsel to assemble a team of lawyers to press charges against Directors of Mubadala for abdicating their contractual obligations. Link
  16. The Court of Appeal in Abuja has set aside a portion of an arbitral award got by Shell Nigeria Exploration and Production Limited (Shell) and Esso Exploration and production Limited (Esso) against the Nigerian National Petroleum Corporation (NNPC). By the portion of the award, made by an arbitration tribunal in Lagos on October 24, 2011, NNPC was ordered among others, to pay Shell and Esso over $2.5billion for abusing a Production Sharing Contract (PSC) between them in relation to the operation of oil filed identified as Erha Deepwater Project. Link
  17. Guinness Nigeria Plc has appointed Mrs Viola Graham-Douglas as its corporate relations director. Prior to her appointment, according to a statement from Guinness, she had served at Atlas Cement, a subsidiary of Lafarge as managing director and country communications director. Link
  18. The Bank of Industry (BOI) is shopping for additional lending fund to the tune of N1 trillion within the next two years to deepen its lending intervention to Small and Medium Enterprises (SMEs) in the country. Link
  19. Amid paucity of funds in the real estate sector, Lagos-based property development firm, Mixta Real Estate Plc has increased its liquidity with N5billion bond, which will be used to refinance existing debts and affordable housing projects. The Guaranteed Fixed Rate Bond was listed in the Nigerian Stock Exchange (NSE) and issued under its N30 billion medium term note programme to refinance loans taken from FBN Merchant Bank and Access Bank. Link
  20. The Bureau of Public Procurement (BPP) has urged a Federal High Court in Abuja to void a N1.786,287,040 contract awarded for the wind-up/liquidation of the Power Holding Company of Nigeria (PHCN), claiming it was illegal. Link
  21. The National Insurance Commission (NAICOM) has approved the 2016 financial account of Linkage Assurance Plc as well as that of Sovereign Trust Insurance Plc. With the approval, both underwriting firms have been certified to have met the regulatory requirements including International Financial Reporting Standards (IFRS) to enable them move a step further in their operation. Link
  22. Gov. Aminu Tambuwal of Sokoto State says over N1billion will be collected annually as education levy to be deducted from the salaries of civil and public servants in the state. Link

 

 

 

 

 

mudeerat olawunmi

Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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