The Nigerian Economy Today 04/04/2017

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


Tanker Drivers Got What They Wanted And Call off Nationwide Strike – Nairametrics| Nigeria just averted another fuel scarcity crisis. The Petroleum Tanker Drivers (PTD) division of the Nigeria Union of Petroleum and Natural Gas (NUPENG) had initiated a nationwide industrial strike last week (scheduled to begin yesterday) to draw the attention of the government and other stakeholders to some unresolved issues, including the welfare of workers, poor remuneration, insecurity, poor state of roads in the country and the alleged excesses of some security agencies. Source Nairametrics Read More

FG begins online registration of unemployed persons tomorrow – The Federal Government will tomorrow begin online registration of unemployed persons in the country as part of its quest to keep a robust data base for job creation. Source Daily Trust Read More

NUPENG calls off strike, FG raises bridging cost to N7.20 – The Nigeria Union of Petroleum and Natural Gas employees has announced the immediate suspension of the nationwide industrial action embarked upon by its Petroleum Tanker Drivers division. Source Punch Read More

Pros And Cons Of Franchising In Nigeria – Nairametrics| Franchising is the practice of the right to use a firm’s business model and brand for a prescribed period of time. The owner of the franchise is called a franchisor. The person or company that acquires a franchise is called a franchisee. Source Nairametrics Read More

UK to reveal property, accounts, houses owned by Nigerian public officials soon – The British Government will give the Federal Government information about Nigerians who own property in that country next year, a presidential aide has said. Source Vanguard Read More

Certification: SON gives gas tank owners ultimatum – The Standards Organisation of Nigeria has issued a two-week ultimatum to owners of uncertified Liquefied Petroleum Gas storage tanks across the country to get the standardisation and certificates for the facilities or have them shut down. Source Punch Read More

FG to integrate SDGs with economic recovery plan – The Federal Government on Monday said it would integrate the Sustainable Development Goals with the recently unveiled Economic Recovery and Growth Plan. Source Punch Read More

Refinery: FG urged to consider tax holiday for private investors – The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG)  has implored the Federal Government to consider tax holidays and free land for investors who want to establish private refineries  in the country. Source Daily Trust Read More

Niger targets N1bn IGR – The Niger State Government said it planned to increase its internally generated revenue (IGR) to N1 billion monthly from the current sum of about N500 million. Banking on a landmark Initiative with key technology consultants, the state is hoping to reclaim tax revenues purportedly paid by Niger State border residents to the Federal Capital Territory, (FCT) Abuja instead of Niger State. Source New Telegraph Read More

High revenue : IEA dashes Nigeria’s hope – The International Energy Agency (IEA) has dashed hope of high crude price by Nigeria, declaring that the glut in the global market would neutralise supply cut by the Organisation of Petroleum Exporting Countries (OPEC). Source New Telegraph Read More

Suspend Automation Of Revenue Remittance By Airlines, AON Tells FG – The Airline Operators of Nigeria (AON) has called for the suspension of automation of revenue remittance by airlines to the Nigerian Civil Aviation Authority (NCAA) until the parameters that constitute the five per cent Ticket and Cargo Sales Charge are clearly and properly defined. Source LEADERSHIP Read More

Earnings of port terminal operators drop by 22.4 % in real terms — Akintola Williams – Despite the 151.2 percent increase in Terminal Handling Charges (THC) over the 10-year concession period (2006-2016), concessionaires have been reported to have recorded a 22.4 per cent drop in real earnings within the period. Source Vanguard Read More

NEITI wants Nigerian govt. to recover unremitted $21.8 billion oil funds from NNPC – The Nigerian Extractive Industries Transparency Initiative, NEITI, has urged the Nigerian government to recover over $21.8 billion (about N7.2 trillion) unremitted oil revenue from the Nigerian National Petroleum Corporation, NNPC. Source Premium Times Read More

China offers Nigeria $4.5 bln loan for farm machinery – Nigerian state governor – China has offered Nigeria a $4.5 billion loan for agricultural machinery and infrastructure, a Nigerian state governor said on Tuesday. Source Reuters Read More


Suntrust Bank Cannot Be Everything – Nairametrics| Suntrust Bank, Nigeria’s premier Fintech bank recently released its financial statements. Profit after tax grew from N121.8 million in 2015 to N212.7 million in 2016. The bank also grew its deposit base massively by 432% to N4.2 billion, a big achievement for a bank operating in a niche space. The bank focused its lending on SMEs, retail consumers and emerging corporates. In short, all the spaces the regular banks are playing in. Source Nairametrics Read More

NIPCO to rename Mobil Oil, completes acquisition – Following the completion of the acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, Nipco Plc has said it will change the name of MON to 11Plc while retaining the Mobil brand. Source Punch Read More

SunTrust Bank grows profit by 160% – SunTrust Bank has grown its customer deposits by 432 per cent to N4.2bn, making it possible for the bank to declare a profit before tax of N343m in the 2016 financial year. Source Punch Read More

Oando Plc Declares N3.5 billion Profit (2016 FY) – Oando today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More

Access Bank’s shareholders approve 40kobo final dividend – The shareholders of Access Bank Plc unanimously approved the 40 kobo final dividend proposed by the Board of the bank for 2016, having  paid a 25kobo interim dividend earlier. Source The Sun Read More

Seven Energy Initiates Legal Proceedings against NPDC over OMLs 4, 38, 41 – Seven Energy Finance Limited with its parent company, Seven Energy International Limited, has announced that it has taken legal steps to protect its rights under the Strategic Alliance Agreement (SAA) between its wholly owned subsidiary, Seven Exploration and Production Limited and Nigerian Petroleum Development Company Limited (NPDC) on Oil Mining Leases (OMLs) 4, 38 and 41 being operated by Seplat Petroleum Development Company Plc. Source Thisday Read More

FG, Shell Lose $250m Deferred Revenue to Closure of Bonga Oil Field – The federal government and Shell Nigeria Exploration and Production Company Limited (SNEPCo) have lost about $250 million since March 4, when the oil giant commenced the turnaround maintenance of the Bonga deepwater oilfield, where statutory activities are being executed to ensure continuous optimum operations at the field. Source Thisday Read More

Dana: We’ve implemented safety recommendations – DANA Air said it has implemented the safety recommendations of the Accident Investigation Bureau ( AIB) after its June 3, 2012 crash in which over 150 persons died. Source The Nation Read More

PayPorte suspends ‘payment on delivery’ services – The Managing Director of PayPorte, Mr Bassey Eyo said that the online store, has suspended Payment On Delivery as part of its payment options. Source Punch Read More

NNPC gets $100m bank guarantee reprieve from UK Supreme Court – Nigerian National Petroleum Corporation, NNPC, Tuesday, said it has been granted a reprieve in a unanimous judgment by the Supreme Court of the United Kingdom over a $100 million Bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. Source Vanguard Read More


Suswam files N10bn suit against DSS, seeks unconditional release – Detained former Governor of Benue State, Gabriel Suswam, on Tuesday filed a N10bn fundamental human rights enforcement suit against the Department of State Services, its Director-General, Mr. Lawal Daura, and the Attorney-General of the Federation, Mr. Abubakar Malami. Source Punch Read More 

Funds diversion: FG withdraws charge against Orubebe, others – The Federal Government on Tuesday withdrew a six-count charge brought against a former Minister of Niger-Delta Affairs, Godsday Orubebe and some others over their alleged complicity in the purported diversion of N1.97 billion released by government for the East-West Road dualisation project. Source The Nation 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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