The Nigerian Economy Today 18/4/2017

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



CBN denies knowledge of Ikoyi loot – The Central Bank of Nigeria (CBN) has washed its hands of the controversial N15 billion Osborne Towers, Ikoyi, Lagos cash haul. Source The Nation Read More

An Ugly Data Showed Up In March Inflation ReportNairametrics| The National Bureau of Statistics released its 2017 March Consumer Price Index showing inflation rate rose 17.26%. This is the second month in succession that the annual inflation rate will trend lower. For the government, this is proof that the economy might be turning the corner. Source Nairametrics Read More

Flashback: Emefiele’s 2015 FT Interview (Banks Still Full of Dollars)Nairametrics| In 2015, Central Bank Governor, Godwin Emefiele had an interview with the Financial Times. This was at the height of his FX policies which had just included the banning of 41 items from accessing the FX market. It was also at a time when there was pressure on him to depreciate the naira. Source Nairametrics Read More

Nigerian Pension Funds Post ‘Strong’ First-Quarter ReturnNairametrics| RSA Pension funds, on the average, returned 2.84% while Retiree Funds had an average return of 3.4% in the first Quarter of 2017. By contrast, the return of the Nigeria Stock Exchange’s Pension Index for Q1 2017 is negative -1.14%. It is important to add that only about 7.5% of total pension fund assets are invested in equity. Source Nairametrics Read More

NSE plans to restructure REITs, closed-end funds – The Nigerian Stock Exchange is proposing to change the framework regarding the trading of Real Estate Investment Trusts and closed-end funds listed on the Exchange. Source Punch Read More

Nigeria reopens Abuja airport after six-week shutdown – airport authority – Nigeria reopened the capital’s airport in Abuja on Tuesday, officials said, following a six-week closure for runway repairs that disrupted international air traffic to the country. Source Reuters Read More

Power firms oppose plan to centralise revenue accounts – The 11 electricity distribution companies in the country on Monday condemned the alleged plan by the Federal Government to escrow and centralise their revenue accounts over poor market performance with respect to their various monthly remittances to the Nigerian Bulk Electricity Trading Plc. Source Punch Read More

CBN introduces form X for SMEs naira closes at 410 – The Central Bank of Nigeria has introduced “Form X” for the Small and Medium-scale Enterprises seeking to purchase foreign exchange from the apex bank. Source Punch Read More

‘Government spends 80% of revenue as running cost’ – A former tax manager at Cooper & Lybrand, one of the world’s oldest accounting firms (now part of PricewaterhouseCoopers), Mrs. Morenike Babington-Ashaye, has said it is disturbing that about 80 per cent of government’s revenue is being utitilised as a running cost. Source Punch Read More

Lagos international airport’s new terminal to open Q4 – Indications have emerged that the new terminal at the Murtala Muhammed International Airport, Lagos will be open for operation in the fourth quarter of the year. Source Punch Read More

We’re ready to clear 2016 backlog of allowances – Amnesty Office – The Presidential Amnesty Office has said that it was ready to clear all outstanding stipends and allowances of 2016 to the ex-agitators. Source Vanguard Read More

Shareholders wary of SEC’s unclaimed dividend trust fund – Discordant tunes have continued to trail the Securities and Exchange Commission (SEC’s) move to establish Unclaimed Dividend Trust Fund (UDTF), even as capital market investors urge the regulators to simplify letters of administration for the families of deceased persons to facilitate access to dividend claims.  Source Guardian Read More

FG shifts Forcados, Bonga’s re-opening date to June, July – The Federal Government has announced new dates for re-opening of two major oil and gas installations in Nigeria-Bonga Floating Production Storage and Offloading (FPSO) and Forcados line. Source New Telegraph Read More

N60b UBE funds idle in CBN, says UBEC chief – About N60 billion Universal Basic Education (UBE) fund meant to be accessed and used for the growth of basic education by states is lying idle with the Central Bank of Nigeria, Executive Secretary, Universal Basic Education Commission Dr. Hamid Bobboyi has said. Source The Nation Read More

Fuel prices rise by over 50.39 per cent in one year – Prices of some petroleum products, especially Automotive Gas Oil (AGO) popularly called diesel, and household kerosene (HHK or kerosene) have increased by over 50.44 per cent and 39.50 per cent in the last one year, according to the National Bureau of Statistics (NBS). Source Guardian Read More

Whistle-Blowers Guide To The $43.6 million EFCC DramaNairametrics| A whistle blower is defined as someone who raises concerns about a wrongdoing they know about in their workplace, another organization or somewhere else. Whistle blowing has been in practice since the 7th century when the Qui Tam Act in England provided for private citizens to expose any wrongdoing, in exchange for a reward. Source Nairametrics Read More

The Bancassurance Model Is A Big Boost For Insurance FirmsNairametrics| Commissioner of Insurance and head of the National Insurance Commission (Naicom) Alhaji Mohammed Kari at a training workshop in Lagos announced the commencement of the bancassurance scheme. He also gave the various guidelines for the scheme and the fees for application and licensing at N500,000 and N2.5 million respectively. Source Nairametrics Read More



NNPC didn’t remit $81.2bn in four years – Reps’ panel – The House of Representatives believes that the Nigerian National Petroleum Corporation did not remit a total of $81.2bn crude oil proceeds to the Federation Account in four years. Source Punch Read More

‘Dangote’ll be largest rice exporter in five years’ – The President, African Development Bank, Dr. Akinwumi Adesina, says billionaire businessman, Aliko Dangote, may become the largest exporter of rice in the world by 2021. Source Punch Read More

MD Western to increase output by 253%  – The nation’s indigenous companies may meet their output target of 500,000 barrels per day, bpd, up from the current level of about 300,000 bpd by 2018, as MD Western concludes plans to raise output by 253 per cent. Source Vanguard Read More

LPG market to grow by 12,000 tonnes in Q2 – The Liquefied Petroleum Gas, LPG, market is expected to hit an additional storage capacity of about 12,000 metric tonnes, says the president, Nigeria Liquefied Petroleum Gas Association (NLPGA), Dayo Adeshina. Source Vanguard Read More

NIPCO outlines steps to improve fortunes of Mobil Plc – The Group Managing Director, NIPCO Plc, Mr Venkataraman Venkatapathy, has outlined measures being put in place by the majority shareholders of the newly acquired ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc. Source Daily Trust Read More

Arik’s revival may take years, say aviation experts – Experts in the aviation sector have said that it may take the Asset Management Corporation of Nigeria several years to revive Arik Air due to the rot in the airline’s system. Source Punch Read More

Air Peace resumes Abuja flights Wednesday – Air Peace Airlines says it will resume flight operations at the Nnamdi Azikiwe International Airport, Abuja, on Wednesday. Source Punch Read More

Brief: Ecobank’s 2016 FY Results – Ecobank today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More

Presco Plc Releases 2016 Audited Result – Source NSE Read More



Seized N13bn cash: Amaechi demands N2bn from Fani-Kayode, Fayose’s aide – Minister of Transportation, Mr. Rotimi Amaechi, has written to a former Minister of Aviation, Chief Femi Fani-Kayode, and an aide to Governor Ayodele Fayose of Ekiti State, Mr. Lere Olayinka, citing character defamation over the allegation that he (the minister) owns the $43m (about N13bn) seized by the Economic and Financial Crime Commission in Ikoyi, Lagos. Source Punch Read More

Obasanjo gave N50m to each legislator for 3rd term bid, says ex-Rep member – A former member of the House Representatives from Borno state, Dr. Haruna Yerima has said a former President, Chief Olusegun Obasanjo gave N50m bribe to each member of the National Assembly that supported his third term bid. Source The Citizen 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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