All the major economic news from Nigeria in 5 minutes – 29/6/2017


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

 

  1. Acting President, Prof. Yemi Osinbajo, on Thursday signed an Executive Order to Back the Voluntary Asset and Income Declaration Scheme.  He said the scheme to be jointly executed by the Federal and State Governments, would concentrate on the obligations of all Nigerian companies and citizens to pay their taxes, wherever their income is earned, wherever they reside and no matter how rich they are. Link
  2. The Central Bank of Nigeria (CBN) is planning to raise N177 billion ($562 million) of short-dated treasury bills at an auction on July 5, the regulator said yesterday. The bank said in a public notice it planned to sell N35 billion of three-month debt, N22 billion of six-month bills and N120 billion of one-year notes at the auction, using a Dutch auction system. Link
  3. The Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday stated that the country’s three refineries were embroiled in confusion, but added that there was no approval to sell the plants or give them out to private investors as concessions. Link
  4. The Securities and Exchange Commission (SEC) has extended the deadline for  stoppage of issuance of physical dividend warrants in the nation’s capital market to Dec. 31, 2017. Link
  5. The Nigerian Postal System will on Monday begin the implementation of its four-year reform programme without the passage of the Nigerian Postal Service Reform Bill, which is currently in the National Assembly. Link
  6. The Central Bank of Nigeria (CBN) has said that banks do not need licences to operate agency banking. It’s Head, Financial Inclusion, Temitope Akin-Fadeyi clarified that retail banks only needed approval from CBN to perform agency banking. Link
  7. The Cross River State government has expressed its readiness to commence the construction of another 26MW gas-powered plant in Tinapa in addition to the ongoing 21 megawatts plant in the state. Link
  8. The 2017 Resource Governance Index, which was unveiled on Wednesday by the Natural Resource Governance Institute, ranked Nigeria 55th among 89 assessments, lagging behind Ghana and 15 other African counterparts. Link
  9. The Securities and Exchange Commission, SEC, yesterday, said that investors in the Nigerian capital market with multiple subscriptions for public offers of any firm quoted on the Nigerian Stock Exchange, NSE, may forfeit their investments.  Link
  10. The Nigerian Importers Integrity Association (NIIA) has warned that no fewer than 20,000 jobs in the Niger Delta region could be lost as a result of the face-off between Nigerian Ports Authority (NPA) and oil and gas logistics giant INTELS Nigeria Limited. Link
  11. Fresh move to unveil a new gas master plan to drive Nigeria’s industrial growth is underway, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. Link
  12. The Petroleum and Natural Gas Senior Association of Nigeria, PENGASSAN, will holds national election today (Thursday) to choose new officers to pilot its affairs. Link
  13. The Federal Executive Council (FEC) yesterday gave approval for the establishment of six cashew-processing factories ‎ for export. These factories, Council said would be cited in the cashew belt areas of Enugu, Imo, Benue, Kogi, Kwara and Oyo states ‎to meet the export demand of 130,000 tons valued at $7 billion per annum. Link
  14. The Minister of Budget and National Planning, Senator Udo Udoma, on Wednesday explained why Nigeria and other African countries could not achieve the targets set in the Millennium Development Goals, blaming the development on the continent’s over reliance on foreign aids. He said, “We have not made as much progress as we had hoped for partly because of poor implementation mechanisms and excessive reliance on development aid. “Another factor is the failure of many African countries to mainstream the MDGs into their national economic plans, policies and budgets. Added to these is the fact that many African countries lack relevant data and mechanisms to monitor progress.” Link
  15. The London Stock Exchange has welcomed Nigeria’s first Diaspora bond to start trading on the main market. The LSE, in an emailed statement on Thursday, said the proceeds from the five-year, 5.625 per cent bond would be used to fund infrastructure projects in the country. Link
  16. The commencement of yam export from Nigeria will not result in the depletion of the commodity domestically, the Federal Government has said. Link
  17. The price of maize, a staple food in Nigeria, has soared in the country, amid increase in the global prices of the commodity and other grains, an outlook review by Novus Agro Nig. Limited, an agro commodity price tracker, has revealed. There is over 83 per cent price increase, as a metric ton of maize now sells for N183,130 in Lagos, as against N100, 000 sold last year. Link
  18. At least 524 megawatts of electricity will be added to the quantum being generated in the country before the end of this year, the Federal Government has said.  It stated that four power plants would produce the 524MW, adding that more electricity would be generated by two other plants in the first and second quarters of 2018. Link
  19. Acting President Yemi Osinbajo has offered nine months grace period to tax payers to regularise their tax status or face criminal prosecution for tax offences. He said the scheme would cover all federal and state taxes such as companies’ income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax. “The scheme will be operated from July 1, 2017 to March 31, 2018.” Link
  20. To achieve the objectives set out in the Nigerian Gas Master Plan, at least $10 billion yearly investment is required over two to four years period, the President of the Nigerian Gas Association (NGA) Dada Thomas, has said. Link
  21. Odu’a Investments Limited and the Development Agenda for Western Nigeria (DAWN) Commission are working with the Nigerian Investments Promotion Council (NIPC) to boost investments in the  Southwest. The bodies met at the Cocoa House, Ibadan headquarters of Odu’a yesterday to explore. Link
  22. The National Hajj Commission of Nigeria, NAHCON, will pay about N2.4 billion to acquire Metro Plaza Abuja which will serve as its permanent headquarters. Link
  23. The Manufacturers Association of Nigeria (MAN) says it will save billions of dollars on importation of raw materials through partnership with professionals in the chemical sector in the country. Link
  24. The President/Founder of AFCO, Prince Chukwunwike Esiole, at the formal unveiling of the firm in Lagos over the weekend, said there is a need for the company to address deficit of over 17million housing in the country, hence his organisation is planning by targeting about 5.5 million low and affordable housing units in the next 10 years. Link
  25. Petralon Energy Limited has appointed Mr. Constantine ‘Labi Ogunbiyi as Strategic Adviser to its board. Ogunbiyi founded First Hydrocarbon Nigeria Limited (FHN), where he served as chief executive officer between 2009 and 2014.  Before he started FHN, he served as deputy head of American law firm Cadwalader, Wickersham & Taft LLP’s Africa Practice. Link
  26. The Federal Government, yesterday, stated that the management of the country’s refineries would remain within the purview of the Nigerian National Petroleum Corporation, NNPC, irrespective of whatever model the government adopts to revamp and upgrade them. Link
  27. Unilever Nigeria Plc yesterday said it plans to raise about N58.86 billion by selling new ordinary shares to existing shareholders.  In a regulatory filing at the Nigerian Stock Exchange (NSE), Unilever Nigeria indicated that it plans to float a rights issue of 1.962 billion ordinary shares of 50 kobo each at a price of N30 per share. Link
  28. Nigeria Breweries Plc has said that it has achieved 57 percent local content for brewing its beverages while the target is to source 60 per cent by 2020. Link
  29. CHAMS Plc has announced the appointments of two Non Executive Directors, Pastor Ituah Ighodalo and  Mr. Wim Tappij Gielen and two new Executive Directors, Mrs. Mayowa Olaniyan and Mrs. Funke AlomoOluwa to its board members. Link
  30. The managing director, Psaltery International Company Limited, Mrs Oluyemisi Iranloye,  has said that the country has started benefiting from its investment as the import substitution policy of the federal government in cassava starch has earned it $4 million (about N1.22 billion) in the financial year ended 2016. Link
  31. Sterling Bank Plc has announced the appointment of Temi Dalley, as its Chief Human Resource Officer, just as the bank announced the promotion of 457 employees across all cadre to the next grade level. Link
  32. The National Industrial Court, Abuja, has fixed Sept.26, to hear the case of Felix Adariku and 256 other disengaged workers’ of the Total Exploration and Production Company. Link
  33. Chellarams Plc signs joint venture agreement with DMK Group, a German dairy co‍​‍​. to establish new company, Chellarams DMK Ltd. The primary goal of the new venture will be to manage production, marketing, sales, distribution of full range of dairy products across Nigeria‍​. Link
  34. In an attempt to absolve themselves of criminal and civil liability for the non-payment of a $1.2 billion loan taken from 13 Nigerian banks, the directors of Etisalat Nigeria, save for its chairman, Hakeem Belo-Osagie, have resigned en masse from the seven-man board of the network operator. Link
  35. In what has turned out to be the world’s first, Nigeria is pioneering a new solar electricity service that is capable of providing full electricity supply across Nigeria, through the support of the mobile phone. Designed and operated by Lumos Mobile Electricity Service, the Y’ello Box provides electricity to customers 24 hours a day, and seven days in a week, which people pay for using their MTN mobile phone. Link
  36. The Governor of Ebonyi State, David Umahi, has faulted the demand by the Nigeria Labour Congress for an increase in the minimum wage from the current N18,000 to N56,000 monthly. The governor explained that with the current economic realities in the country, which had made it difficult for many states to the N18,000 minimum wage, increasing the amount to N56,000 would put the states under immense financial burden. Link
  37. Kaduna and Akwa Ibom states in 2016 fiscal year boosted their PAYE revenue by 57 percent and 50 percent, respectively, and thus emerged as the states with the highest growth in PAYE for the period. This is against the 10 percent nationwide increase in PAYE by 20 states that the National Bureau of Statistics (NBS) made available, the components of their internally generated revenue (IGR) particularly for 2015 and 2016, respectively. 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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