Top Nigerian Business & Economic News – 31/3/2017

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


CBN Approves $10k Per Week FX Sale To BDC’s – The Central Bank of Nigeria (CBN) has slightly modified its forex operations with Bureau de Change (BDCs) operators in the country.  Source Nairametrics Read More

Key Highlights: IMF’s Latest Report On Nigeria And Its Economic Implications – The International Monetary Fund (IMF) released another report on Nigeria and its battle to escape the clutches of its first economic recession in over 25 years. Source Nairametrics Read More

CBN Net FX Inflows Drop For The First Time Since November 2016 – Official records of the CBN indicates that the external reserves as at March 29, 2017 currently stands at $30,296,992,832 . Gross external reserves was $30,340,326,322 as at the 24th of March 2017. Source Nairametrics Read More

CBN increases BDCs allocation to $10,000/week – The Central Bank of Nigeria CBN) will from Monday, April 3, 2017 commence twice weekly FOREX sales to licensed Bureaux de Change (BDCs) in the country. Source Daily Trust Read More

FG extends 2016 capital budget implementation to May 5 – The Federal Government on Thursday extended the implementation of the capital component of the 2016 budget from March 31 to May 5, or till the passage of the 2017 budget, whichever is earliest. Source Punch Read More

NCAA to fine airlines over ticket sales remittance – The Nigerian Civil Aviation Authority on Thursday said it would sanction airlines that fail to comply with its directive to automate the remittance of the statutory five per cent Ticket Sales Charge and Cargo Sales Charge after the expiration of the deadline today (Friday). Source Punch Read More

Revenue board seals Makurdi varsity over N2.3bn debt – The Benue State Board of Internal Revenue Service (BIRS) yesterday sealed the Federal University of Agriculture Makurdi (FUAM) over un-remitted Personal Income Tax amounting to N2.3 billion. Source Daily Trust Read More

Blueprint to end N’Delta militancy ready in four weeks – The blueprint being designed to end the militancy in the Niger Delta and push for economic development in the region will be ready in about four weeks’ time, the Federal Government has said. Source Punch Read More

FG appoints Okpanachi Devt Bank MD, names board – The Federal Government has appointed Mr Tony Okpanachi, as the pioneer Managing Director of the Development Bank of Nigeria (DBN). Source Daily Trust Read More

Union seeks repeal of old labour laws – The Association of Senior Staff of Banks  Insurance and Financial Institutions (ASSBIFI) is sponsoring  bills at the National Assembly to change labour  laws in the banks and other institutions, its President, Comrade Oyinkan Olasanoye, has said. Source The Nation Read More

Niger community signs $250m rice production contract – The Loguma community in Agaie Local Government Area of Niger State has signed a $250 million contract with Uzza Rice Mill in Kano State. Source The Nation Read More

CBN Reported N1.2trn Total Income For 2015 – The Central Bank of Nigeria (CBN) has reported a total income of N1.2 trillion for the financial year ended December 31, 2015. Source LEADERSHIP Read More


South Africa’s Tiger Brands ‘still interested in Nigeria’ – UAC’s CEO – South Africa’s Tiger Brands is still interested in investing in Nigeria despite pulling out of a flour milling business it acquired that never turned a profit, local conglomerate UAC said on Friday. Source Reuters Read More

Analysis: Capital Oil Needs Restructuring – Unconfirmed reports reveal that the MD/CEO of Capital Oil and Gas, Mr. Ifeanyi Ubah, has been arrested by officials of the Department of State Services (DSS). Source Nairametrics Read More

Analysis: Afriprud Registrars Changes Strategy – At its recently held Annual General Meeting (AGM), Afriprudential Registrars got the approval of its shareholders to change its name to Africa Prudential Plc. The company intends to expand beyond its core registrar activities to new areas, such as provision of software for cooperative societies as well as to other registrars. Source Nairametrics Read More

Dangote Rice Ready By December 2017 – The director in charge of the Dangote Group for the South East, Mr Tunde Mabogunje, announced that the Dangote Rice would be ready by December this year. He made this statement at the launching of a one-stop shop for the group’s products in the south-east. Source Nairametrics Read More

Stallion to produce 1.5 million tonnes of rice – A farm division of Stallion Conglomerate, Popular Farms and Mills Limited, says it plans to increase its locally farmed rice from 450,000 metric tonnes to 1.5 million tonnes annually, using integrated rice value chain and enhanced milling activities. Source Punch Read More

Dangote eyes 700m investment in Nasarawa – Dangote Group is planning to invest $500 million in establishing a sugar processing facility in Nasarawa State, Nigeria. Source New Telegraph Read More

Calendar: Scheduled Dates For MTN’s Fine Payment – MTN Nigeria has paid the second installment of N30 billion ($98 million) as part payment to the Federal Government, of the N330 billion fine imposed on it by the Nigerian Communications Commission (NCC) for failing to disconnect about 5.1 million unregistered SIM cards. Source Nairametrics Read More

PZ Cussons gets ISO certification – PZ Cussons Nigeria Plc has been awarded an ISO 9001:2015 certification by Standards Organisation of Nigeria. Source Punch Read More

EFCC arraigns directors, firm over N735m subsidy scam – The Economic and Financial Crimes Commission on Thursday arraigned one Mr. Adetoye Adegbite and Abiodun Ponnle along with Origin Oil and Gas Limited before Justice Silvanus Orji of the Federal Capital Territory High Court, Apo, Abuja, on 11 charges bordering on fraud and abuse of Petroleum Support Fund to the tune of N735m. Source Punch Read More

Shoprite to sell more made-in-Nigeria products – Shoprite Nigeria has introduced ‘Made-in-Nigeria’ initiative through a monthly meeting with local suppliers and manufacturers of products aimed at increasing the number of local products it sells. source Punch Read More

SON certifies Babcock bread, table water – Babcock University’s wheat and white bread and bottle water have received the Mandatory Conformity Assessment Programme of the Standards Organisation of Nigeria. Source Punch Read More

Adulterated products from vandalised pipelines in circulation – NNPC – The Nigerian National Petroleum Corporation has advised consumers of petroleum products across the country to be mindful of the quality of products they buy. Source Punch Read More

Chi Farms begins training of 1,000 fish farmers – Chi Farms Limited says it has concluded the training and certification of a pilot group of smallholder fish farmers. Source Punch Read More

Seven Energy gets new boss – Seven Energy Finance Limited has appointed Manish Maheshwari as its new Chief Executive Officer. Source Daily Trust Read More

Reps Investigate Planned Relocation Of Shell Petroleum To Lagos – Speaker of the House of Representatives, Yakubu Dogara yesterday demanded a thorough investigation into the planned relocation of Shell Petroleum Development Company (SPDC) from Rivers  to Lagos state. Source LEADERSHIP Read More

FCMB says has $15 mln loan exposure to Etisalat Nigeria – Nigerian mid-tier lender FCMB has an exposure of 4.5 billion naira ($14.7 million) to Etisalat Nigeria and about 500 million naira to contractors working with the telecom firm, it said on Friday. Source Reuters Read More

Shell says SPDC shuts down NCTL to remove oil theft point – current exercise aims to remove a significant number of oil theft connections and repair any leaks on pipeline.’ -managing director of Shell Petroleum Development Company (SPDC) & Country Chair, Shell Nigeria.  Source Reuters Read More

Alert: Union Bank Declares N15.4 billion Profit (2016 FY) – Union Bank today released audited results for the financial year ended 31 December 2016. Source Nairametrics  Read More

Alert: UAC of Nigeria Reports 10% Increase in Profit (2016 FY) – UAC today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More 

Alert: Dangote Sugar Reports N14.4 billion Profit (2016 FY) – Dangote Sugar today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More

CHAMS Plc Releases 2016 Annual Report – Source NSE Read More

NPF Releases 2016 Annual Report – Source NSE Read More

Courteville Plc Releases 2016 Annual Report – Source NSE Read More


Senator in trouble over N4b contracts, 20 bank accounts – A senator is the subject of a massive probe for not executing N4 billion contracts awarded by the government of Delta State. Source The Nation Read More

Buhari deploys ambassadors – President Muhammadu Buhari has deployed four of the newly approved ambassadors to some critical foreign missions. Source Premium Times  Read More

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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