The Nigerian Economy Today – 28/3/2017

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


BDCs to boycott $25m CBN auction over pricing – Bureaux de Change (BDCs) operators said they will not participate in today’s $25 million weekly dollar auction by the Central Bank of Nigeria (CBN). Source The Nation Read More

Buhari insists on completion of rail projects – President Muhammadu Buhari has insisted that all rail projects across the country awarded by previous administrations must be resuscitated and completed before the end of 2019. Source  Punch Read More

Reps doubt scheduled completion of Abuja airport runway – Members of the House of Representatives on Monday expressed worry over the speed of work on the runway of the Nnamdi Azikiwe International Airport, Abuja, as they expressed fears that the rehabilitation exercise might not be completed on schedule. Source Punch Read More

Probe uncovers massive fraud in YouWin programme

An ongoing probe, ordered by the Minister of Finance, Mrs. Kemi Adeosun, has uncovered a massive fraud in the Federal Government Youth Enterprise With Innovation In Nigeria programme. Source Punch  Read More

FG Bans Importation of Packaged Tomato Paste – The federal government, through the Ministry of Industry, Trade and Investment, yesterday banned the importation of tomato paste, powder or concentrate, and increased the tariff on importation of tomato concentrate among others from five to 50 per cent in order to revive the tomato sector. Source Thisday Read More

Customs Seizes N242.6m Drugs, Ali Accuses Officers of Aiding Smugglers – The Nigeria Customs Service (NCS) yesterday announced that it intercepted trucks loaded with smuggled drugs worth over N242,688,000. Source Thisday Read More

FG denies indebted oil marketers import license – The Minister of State for Petroleum Resources, Ibe Kachikwu, has directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Nigerian National Petroleum Corporation (NNPC) to deny import license and loading of petroleum products to oil marketing companies indebted to government agencies. Source Daily Trust Read More

5 directors sacked, staff redeployed at PTAD – The Pension Transitional Arrangement Directorate has sacked five directors over employment irregularities and redeployed some staff back to the office of the Accountant General of the Federation. Source Daily Trust Read More

UniJos now paying N23 million monthly for electricity – Management of university of Jos yesterday stated that as part of the huge expenditure it incurs in its effort to provide a conducive learning environment, it was now saddled with a monthly electricity bill of N23 million. Source Daily Trust Read More

CBN introduces financial education curriculum in primary, secondary schools – Official – The Central Bank of Nigeria (CBN) has developed and introduced a Financial Education Curriculum for basic and senior secondary schools, to educate children on how to use financial services responsibly. Source Premium Times

Reps summon GMD NNPC, CNS, Lubcom MD over crude lifting – The House of Representatives Ad-hoc Committee on Review of Pump Price of Petroleum Products, yesterday, summoned Group Managing Director of Nigerian National Petroleum Corporations, NNPC, Dr. Maikanti Baru; Chief of Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas and Managing Director of Lubcon Oil to appear before it April 7 to explain issues concerning foreign exchange claims and lifting of crude oil by some companies not qualified to do so. Source Vanguard Read More

Nigeria, India trade hits $643.3 bn in one year

The Indian High Commission has said that the total trade between Nigeria and India in the past one year has hit $643.3 billion. Source Vanguard Read More

Oil: Nigeria records slight increase in rig count – Nigeria’s oil rig count slightly increased to 26 in February, from the 25 recorded in January, this year, Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries, OPEC, secretariat data shows. Source Vanguard Read More

Nigeria’s crude oil exports to rise in May – loading plans – Nigeria’s crude oil exports are set to rise to 1.66 million barrels per day (bpd) in May. Source Reuters Read More

Nigeria stock market deals fell 22 pct last month amid naira crisis – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Source  Reuters Read More


Stock Exchange suspends trading on Unic Insurance – The Nigerian Stock Exchange (NSE) has placed UNIC Insurance Plc on full suspension, following approval of the scheme of arrangement that will lead to a restructuring of the insurance company under an investment holding company. Source The Nation Read More

MRS Oil: We Never Expropriated NNPC’s Products – MRS Oil and Gas Limited has described as false, malicious and unfounded, the allegation that it expropriated petroleum products kept in its terminal by the Nigerian National Petroleum Corporation (NNPC) on throughput arrangement, saying the allegation was a misrepresentation of the workings and processes of the downstream operations. Source Thisday Read More

Aiteo pays $202m for under-delivered crude oil – NNPC – With respect to its recovery efforts for crude swap under-deliveries, the Nigerian National Petroleum Corporation on Monday announced that it had now reached a final settlement with the Aiteo Group. Source Punch Read More

Sterling Bank obtains $15m ICL facility – Sterling Bank Plc says it has attracted a $15m facility from the Islamic Corporation for the Development of the Private Sector, a multilateral development financial institution and a part of the Islamic Development Bank Group. Source Punch Read More

Crown Natures records 60% revenue growth – The revenue of Crown Natures Nigeria Plc rose by 60 per cent between 2015 and 2016. Source Punch Read More

Whistleblower Accuses Shell of Concealing Data on Nigerian Oil Spills – A whistleblower and former Project Director of the Bodo Mediation Initiative (BMI), Mr. Kay Holtzman, has accused Shell Petroleum Development Company (SPDC) of concealing data on the health effects of two major oil spills on Nigerian communities. Source Thisday Read More

RT Briscoe Announces Developments on Petition for Winding up – Source NSE Read More

Standard Chartered wins Euromoney awards – In Euromoney’s 14th annual private banking survey, Standard Chartered Private Bank jumped to first place in Africa, winning the most number of awards for the continent. 2017 marks the 14th year of Euromoney’s Private Banking and Wealth Management Survey – the industry’s leading barometer of the world’s best service and product providers to the world’s wealthy. Close to 700 institutions took part in the survey, with 2,951 valid responses, a 12.8 per cent increase over last year. Source Vanguard Read More

Arik airline shareholders file new suit against AMCON, NCAA over takeover – Shareholders and directors of Arik Air Limited have dragged the Asset Management Corporation of Nigeria and the Nigerian Civil Aviation Authority before the Lagos Division of the Federal High Court, accusing the federal authorities of mismanagement. Source Premium Times Read More



National Assembly may pass 2017 budget before May – The 2017 Appropriation Bill may be passed before May 2017. Chairman, Senate Committee on Appropriation, Senator Danjuma Goje, who disclosed this yesterday warned heads of Ministries, Departments and Agencies (MDAs) to desist from the practice of “mopping up” of funds at the end of March, 2017. Source Guardian Read More

Customs seal Kano senator’s house, seize 13 vehicles – The Comptroller-General of Customs Compliance Task Force, says it has impounded 223 vehicles 13 of which belong to a senator in Kano State. Source Punch Read More

Suswam, two others diverted N9.8bn SURE-P, police funds –FG – The Federal Government, on Monday, accused a former Governor of Benue State, Gabriel Suswam, and two others of diverting the sum of N9.79bn, part of which was meant for police reform programme and Subsidy Reinvestment and Empowerment Programme. Source Punch Read More

Judge’s absence stalls Ladoja’s N4.7bn fraud case – The trial of a former Governor of Oyo State, Chief Rashidi Ladoja, for an alleged fraud of N4.7bn was stalled on Monday due to the absence of the judge presiding over the case, Justice Mohammed Idris. Source Punch

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.

What's your say?