The Nigerian Economy Today 13/4/2017

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


Official: Here Is How Much You Can Make For Whistle-blowing – Nairametrics| The Federal Government’s Whistle-blowing policy has been mired in some controversy lately, after news emerged that some whistle-blowers have been victimized. To allay concerns of potential whistle-blowers, the Minister of Communications, Alhaji Lai Mohammed has revealed that cases of those who have suffered victimization will be addressed by the government. Source Nairametrics Read More

CBN releases $250m for oil marketers, airlines, others – The Central Bank of Nigeria on Wednesday released additional $250m on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials. Source Punch Read More

Inflation rate falls again, but food prices stay up – The year-on-year inflation rate fell for the second time in 16 months, but food prices stay on the high side, the National Bureau of Statistics (NBS) has revealed. Source The Cable Read More 

India loses spot as Nigeria’s biggest oil buyer – For the first time in at least two years, India’s monthly import of Nigerian crude oil has fallen below six million barrels, the latest monthly report from the Nigerian National Petroleum Corporation has shown. Source Punch Read More

FG begins $5.1bn debt payment to IOCs – The Federal Government will by the end of this month begin payment of a $5.1 billion debt it owes five international oil companies (IOCs), Minister of State for Petroleum Resources, Ibe Kachikwu, has said. Source Daily Trust Read More

World Bank disburses $13.63bn loans, grants to Nigeria – The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. Source Punch Read More

Buhari nominates non-executive directors for CBN – President Muhammadu Buhari on Wednesday forwarded the names of five nominees to the Senate for confirmation as non-executive directors of the Central Bank of Nigeria. Source Punch Read More

Nigeria raises banks’ FX loan limits to resolve breaches -cenbank – Nigeria’s central bank has increased the limit on banks’ foreign currency borrowings to 125 percent of shareholders’ fund after some lenders breached its regulatory limit due to the recent fall in the naira. Source Reuters Read More

Ogun State government partners World Bank, AfDB on 500km road projects – The Ogun State Government in collaboration with the World Bank, and Africa Development Bank has concluded arrangements to construct 500 km rural roads to enhance social -economic activities of the people in the hinterlands. Source Guardian Read More

Nigeria will come out of recession by Q2, says NESG – In view of the series of economic interventions by the Federal Government, the Nigeria Economic Summit Group (NESG), projects that the country would exit from current recession in this second quarter. Source Guardian Read More

Nigeria sells less bonds than planned, raises 105.2 bln naira – Nigeria raised less money than it originally planned through a domestic bond auction on Wednesday after investors demanded higher yields to buy the debt, the Debt Management Office (DMO) said on Thursday. Source Reuters Read More

Landlord to insure old, new buildings – Lagos State government is  to introduce mandatory insurance for all existing and new buildings in line with the Insurance Act 2003 provisions. Source The Nation Read More

You Can Now Pay Your Tax Online, Says FIRSNairametrics| The Federal Inland Revenue Service (FIRS) has announced that individuals and corporate organisations in the country can now file their tax returns online.  Source Nairametrics Read More

Forex: Cost of funds hits 200% in interbank market – The huge dollar sales by the Central Bank of Nigeria, CBN, yesterday, caused intense scarcity of funds in the interbank money market, which prompted cost of funds to rise sharply to 200 per cent. Source Vanguard Read More


Seized $43m not mine, says ex-NNPC MD – A former Managing Director of one of the subsidiaries of the Nigerian National Petroleum Corporation, Esther Nnamdi-Ogbue, has denied social media reports linking her to the $43.4m, N23m and £27,000 recovered by the Economic and Financial Crimes Commission. Source Punch Read More

Reports: Arik Owes A Whopping ‘N387 billion’ And These 2 Banks Are Listed As Creditors –  Nairametrics| Nigeria’s nationalised airline, Arik is said to owe creditors a whopping N387 billion. According to reports from Leadership, Arik Accumulated N387bn debt Before FG Took Over via AMCON. Source Nairametrics Read More

AMCON Has Taken Over These 3 Firms Linked to Arik Boss – Nairametrics| Rockson Engineering Limited, Ojemai Investment Limited and Ojemai Farms, have been taken over by AMCON, according to the Head of Corporate Communications, Mr. Jude Nwauzor. The three companies are linked to the former Chairman of Arik Air, Sir Joseph Arumemi-Johnson Ikhide. Source Nairametrics Read More

2016: Dangote Flour Mills Returns to Profitability…Posts N12 bn Profit -According to the results released on the floor of the Nigerian Stock Exchange (NSE), the company has returned to profitability after four years of losses. Dangote Flour Mills has posted a profit before tax of N11.82 billion for its financial year ended December 31, 2016. According to the results released on the floor of the Nigerian Stock Exchange (NSE), the company has returned to profitability after four years of losses. Source Nairametrics Read More

Analysis: Look Deeper, It Goes Beyond Arik – Nairametrics| The Asset Management Company Of Nigeria (AMCON) yesterday took over three other companies belonging to Joseph Arumemi Johnson, founder of Arik Air Limited. The companies, Rockson Engineering Limited, Ojemai farms and Ojemai Investments Limited owe a total of N117 billion. AMCON also put Arik’s total debt to Nigerian banks at N387 billion. Source Nairametrics Read More

ExxonMobil to make fresh investment in power sector – ExxonMobil, an international oil company operating in Nigeria, has indicated interest to make fresh investment in the country’s power sector, making it the second IOC to declare such intention this year. Source Punch Read More

Govt owes multinationals $10b in crude oil over-lift – The Federal Government through the Nigerian National Petroleum Corporation (NNPC), is owing International Oil Companies (IOCs) about $10 billion in unpaid crude oil over-lift bills. Source The Nation Read More

Shell pays $29b to Fed Govt – Oil giant Royal Dutch Shell said its Nigerian subsidiary, Shell Petroleum Development Company Limited (SPDC) and Joint Venture (JV) partners, paid $29 billion to the Federal Government over the last five years. Source The Nation Read More

Aveon Offshore links 1,000 jobs to local content – Aveon Offshore Limited, an engineering and fabrication services company in the oil and gas industry, said the local content law had enabled it to employ and train over 1,000 Nigerians. Source Punch Read More

PENGASSAN, NUPENG picket Lagos, P/Harcourt GE offices – The Petroleum and Natural Gas Senior Staff  of Nigeria (PENGASSAN) yesterday shut down General Electric’s (GE’s) office at Bishop Aboyade Cole Street, Victoria Island over the its failure  to honour the agreement it signed with Arco Group Plc, a member of PENGASSAN  and  leading oil and gas servicing company. Source The Nation Read More

FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund – Some stakeholders have agreed to pool resources to tackle the housing problem headlong. This is by ensuring  improved access to credit facility and reducing development costs for low-income housing. Source The Nation Read More

Transcorp makes Top 500 – Transnational Corporation of Nigeria (Transcorp) is on the list of Africa’s top 500 companies recently released by The Africa Report (February 2017 issue). Source The Nation Read More

AXA Mansard, IFC, others plan new investment in Nigerian healthcare sector – AXA Mansard Insurance Plc is in the process of partnering with International investors including the International Finance Corporation (IFC)  to launch a new multi-billion Naira investment in the Nigerian healthcare sector. Source NSE Read More

Nigeria bribery scandal: We’re clean, says Eni – The giant Eni said Thursday it was “serene” in the face of allegations it had bribed Nigerian officials to seal an oil deal, insisting the company was squeaky clean. Source Punch Read More

Union Bank wins award for new brand identity – Union Bank has emerged winner in the Best Rebranding category in the maiden edition of the Corporate Communications Awards (CCA).  Source New Telegraph Read More

African Alliance Insurance Plc announces board changes African Alliance Insurance Plc announces the retirement of Mr. Alphone Okpor and the appointment of Mrs. Olufunmilayo Omo as the acting managing director of the company and also the resignation of Engr. Cyril Ajagu as the board chairman. Source NSE Read More

MoneyTrust MFB Commences Operations – MoneyTrust Microfinance Bank Limited (MFB), a newly licensed multi-purpose MFB approved by the Central Bank of Nigeria (CBN) that is located in Lagos, has commenced operation. Source Thisday Read More



Land Grab: Obaseki signs bill to prohibit forceful occupation of Edo lands – Governor Godwin Obaseki on Wednesday signed into law a bill prohibiting forceful and illegal occupation of landed property by community development associations, CDAs, in Edo State. Source Premium Times Read More

N4.7bn fraud: Court summons Oyo AG over Ladoja – Justice Mohammed Idris of the Lagos State High Court on Wednesday said he would not hesitate to order  the arrest of the Oyo State Attorney General and Commissioner for Justice,  Oluseun Abimbola, should he fail to honour a subpoena issued on him to appear in the criminal trial of a former governor of his state, Rashidi Ladoja. Source Punch Read More

$1.3bn Malabu scam: EFCC raids Adoke’s home – The Economic and Financial Crimes Commission on Wednesday raided the Kano home of the immediate past Attorney General of the Federation, Mr. Mohammed Adoke (SAN), as part of the investigations into the $1.3bn Malabu scam. Source Punch 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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