The Nigerian Economy Today – 29/3/2017


Adeosun: Economic template being used for Nigeria’s recovery copied from Lagos – Kemi Adeosun, minister of finance, has said the economic template being used to foster the growth of Nigeria’s economy was copied from Lagos state. Source The Cable Read More

The Malabu Saga: Timeline Of Major Events – The controversy surrounding the Malabu Oil and Gas deal has been one interesting case keeping Nigerians entertained, as the constant twists and turns in the case remind one of a well-scripted television drama series. However, to those involved in this web of corruption, deception and theft, this is no drama, as billions of dollars are at stake. Source Nairametrics Read More

Nigerian Mortgage Lenders Strain as Loans Sour on Job Losses – Nigeria’s mortgage lenders are buckling under the weight of unpaid loans as job losses and inflation near a record high hinder the ability of customers to pay off their debts. Source Bloomberg Read More

States’ debt rises to N3.3tn, says NEITI – The Nigeria Extractive Industries Transparency Initiative on Tuesday said the debt burden of the 36 states of the federation rose to over N3.342tn at the end of 2016. Source Punch

NHIS removes 23,000 ghost enrollees from health insurance scheme – The National Health Insurance Scheme says it has removed 23,000 ghost enrolees, who have been enjoying the benefits of the insurance scheme, from it. Source Punch Read More

What Nigeria must do to attract US firms – Envoy – To attract more American companies to invest in Nigeria, the Federal Government needs to address challenges around access to foreign exchange, inconsistency in tax policies and unpredictable energy cost, the Consul-General, United States Consulate, Lagos, Mr. John Bray, has said. Source Punch Read More

W’Bank board meets on Nigeria’s $150m mining loan request – The Board of Governors of the World Bank is currently meeting to discuss the $150m loan that Nigeria is seeking from the institution to boost the fortunes of the mining sector, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Source  Punch Read More

Truecaller and Google Come Together to Improve Video Calling for Millions – Truecaller today announced a strategic agreement to integrate Google Duo, a high quality video calling service, within the Truecaller app. This will add a crucial communications layer that strengthens the value of Truecaller’s wildly popular dialer, caller ID, and spam blocking app already used by more than 250 million users globally. Source Nairametrics Read More

NAICOM begins enforcement of public building insurance – The National Insurance Commission will from today (Wednesday) begin the enforcement of Section 65 of the Insurance Act, 2003, which makes it compulsory for all public buildings to be insured by their owners. Source Punch Read More

Insurance firms owe N19.7b pension fund’- The Pension Transitional Arrangement Directorate (PTAD) yesterday accused insurance firms of failing to  remit pension funds totaling N19.7billion. Source The Nation Read More

Tax Evasion: FG Goes After Nigerian Billionaires – The Federal Government says it will soon clampdown on Nigerian millionaires and billionaires who evade payment of tax. Source PM News Read More

Lagos, Osun, Delta, Akwa Ibom lead states’ N3.4tr debt profile – Lagos, Delta, Osun and Akwa Ibom led the total debt profiles of state governments as at December 2016, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). Source Guardian Read More

Progress Report On Nigeria’s Ease of Doing Business Initiative – Nigeria ranked 170 out of 189 countries according to the World Bank Ease of Doing Business Report 2016. In this regard, the FG hopes that through the action plan policy it is able to move Nigeria 20 steps upwards in the World Bank Ease of Doing Business Index. This was the worst possible indicator for an economy trying to increase exports and attract Foreign Direct Investments (FDIs) as a way out of the recession. Source Nairametrics Read More

Nigeria, Norway rally investors on non-oil export promotion – To boost bilateral ties and increase inflows of foreign direct investments, stakeholders within Nigeria and Norway have sought opportunities in the non-oil sector in addressing economic challenges bedevilling the two nations. Source Guardian Read More

Nigeria saves N320bn yearly from shipping surcharge –Report – Port concession has saved importers and exporters $800 million (N320 billion) paid annually to shipping companies as congestion surcharge in Nigeria, New Telegraph has learnt. The amount was paid every year to shipping companies before the ports were concessioned to 25 terminal operators at the seaports in 2006. Source New Telegraph Read More 

NAICOM to Release Guidelines for Reactivation of Brokers’ Lapsed Licenses – The National Insurance Commission (NAICOM) has said it will at the end of this month, release the guideline for brokers to activate their lapsed licenses. This is as it said it has commenced the process of signing agreements with operators and regulators of insurance distribution channels for collaboration in deepening insurance penetration nationwide. Source Thisday Read More

Ministry plans to increase tax revenue to 15% in 4 years – The budget and national planning ministry says it plans to diversify revenue sources and increase tax revenues from six per cent to 15 per cent in the next four years. Source Daily Trust Read More 

Nigeria’s national assembly approves $500 mln Eurobond -finance minister – Nigeria’s national assembly has approved a $500 million Eurobond sale, the finance minister said on Wednesday, as the country seeks to plug a yawning budget deficit. Source Reuters Read More


Julius Berger Reports N3.8 billion Loss (2016 FY) – Julius Berger today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More

ALERT: CAP Plc Reports 8% Drop in Profit (2016 FY) – CAP Plc today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More 

Irish musician acquires Nigerian firm for $80m – A private equity firm with interest in agriculture and technology, 8 Miles, on Tuesday acquired minority stakes worth about $80m in the Nigerian biscuit company, Beloxxi Industries Limited. Source Punch Read More

Keystone Bank gets transitional board – Following the sale of Keystone Bank Limited to the Sigma Golf-Riverbank Consortium by the Asset Management Corporation of Nigeria, the new owners have announced the names of members of the lender’s transitional Board of Directors. Source Punch Read More

Afriland Properties gets shareholders nod to raise share capital to N686.95m – AFRILAND Properties Plc, yesterday, secured shareholders approval to increase its authorised share capital to N686.95 million from N675 million through the creation of additional 23.90 million ordinary shares. Source Vanguard Read More

Dangote: Nigeria’s on path of industrialisation – Nigeria is on track to realising its industrialisation target, Africa’s richest man said yesterday. Source The Nation Read More

Arik, Aero failed corporate governance test, says AMCON – The Asset Management Corporation of Nigeria (AMCON) has criticised previous managers of Arik Air and Aero Contractors for negligence of corporate governance principles in running the companies. Source The Nation Read More

Unity Bank partners World Wide Fund on environment – Unity Bank has partnered with World Wide Fund for Nature and Connected Development (CODE) to promote sustainable environment. The bank was praised for championing environmental sustain-ability initiatives aimed at reducing the impact of climate change. Source The Nation Read More

Another community threatens to shut Agip operations – Few weeks after a group known as the ONELGA Oil and Gas Landlords Families Association in Ogba/Egbema/Ndoni Local Government Area of Rivers State shut 37 oil wells belonging to the Nigerian Agip Oil Company, NAOC, another group is threatening to shut the company’s operations in the state. Source Sweet Crude Read More

Reps probe mortgage bank over N5.6bn non-remittance – The House of Representatives resolved to probe the Federal Mortgage Bank of Nigeria over allegations of non-remittance of N5.6 billion to the Federal Inland Revenue Service (FIRS). Source Daily Trust Read More

Diamond Bank seeks sale of Ilorin hotel over alleged loan default – The management of Diamond Bank has sought leave of an Ilorin High Court to sell a popular hotel in the Kwara state capital, Princess Luxury Hotel, over alleged failure to pay an outstanding N159 million loan with accumulated interest at N45.9 million. Source Nigerian Tribune Read More

Wema Bank Appoints Babatunde Kasali as Non-Executive Director –  The Board of Directors, Wema Bank Plc. has appointed Mr Babatunde Kasali as a Non-Executive Director of the Bank following the approval of the Central Bank of Nigeria.  Source NSE Read More

Why Bob Geldof Invested $80MN In Beloxxi – Bob Geldof and his private equity firm, 8 Miles LLP, may be unfamiliar names to the average Nigerian, even less known to the younger generation. Beloxxi and its products on the other hand are household names in the country. Beloxxi Cream Crackers are a fast selling food product in Nigeria. Source Nairametrics Read More

AFC Stuns With 51% Rise In Profits -Africa Finance Corporation (AFC), released its 2016 fiscal year results showing a net profit of $109.4 million up 51% year on year. Source Nairametrics Read More

In Amcon Distressed Companies Have A Companion – The Asset Management Company of Nigeria (AMCON) has revealed that Arik Air and AeroContractors both failed because of bad corporate governance. AMCON took over AeroContractors and Arik Air in February 2016 and February 2017 respectively. Both airlines had one of the biggest fleets in the country, and were established by Nigerian families: Arik by Arumemi Johnson-Ikhide and Aero by the Ibru family. Source Nairametrics Read More

FBN General Insurance Announces N2.2bn Premium – FBN General Insurance has announced gross premium of N2.2billion from its 2016 business activities. Source Thisday Read More

Stanbic IBTC Bank says has $24 mln exposure to Etisalat Nigeria – The Nigerian arm of South Africa’s Standard Bank, Stanbic IBTC Bank, has an exposure of $24 million to Etisalat Nigeria, it said on Wednesday, adding restructuring talks were “ongoing”. Source Reuters Read More


We bought bullet proof SUV for N62m, not N298m — Senate – The Senate on Tuesday admitted that it bought a bullet proof Range Rover Sports Utility Vehicle ( SUV ) as had been reported in the media. Source Daily Trust Read More

Saraki, Dogara give 2017 budget panels tomorrow deadline – Senate President Bukola Saraki has given the committees deliberating on the 2017 budget proposal a final deadline of tomorrow (Thursday) to submit their reports. Source Guardian Read More

Former Nigerian state governor given bail after graft convictionA former Nigerian state governor sentenced to five years in prison for corruption this month has been granted bail on medical grounds pending his appeal, his lawyer said on Tuesday, though prison officials queried the basis of the ruling. Source Reuters Read More

Nigeria’s president submits names of two ministerial nominees to senate – Nigeria’s President Muhammadu Buhari has submitted the names of two ministerial nominees to the senate, the upper house said on Wednesday, as he seeks to fill roles at the head of the labour and environment ministries. Source Reuters Read More

Senate dares Buhari, gives president ultimatum to sack Magu – The Senate, yesterday, sent a signal to President Muhammadu Buhari, to prepare for another round of battle, over the continued stay in office of the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, after the chamber rejected his confirmation for substantive appointment twice. Source New Telegraph Read More

Reps divided over use of card readers for elections – There was a division among members of the House of Representatives on Tuesday over the use of electronic card reader during  elections in the country. Source Nigerian Tribune Read More

N3bn loot: Court strikes out Yakubu’s N1bn suit against EFCC – The Federal High Court in Abuja, yesterday, struck out the N1 billion suit that former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu, who allegedly stashed over N3 billion at his guest house in Kaduna, filed Economic and Financial Crimes Commission, EFCC. Source Vanguard Read More

BREAKING: ‘Dokpesi got N2.1bn within three months for 2015 presidential campaigns’ – A relationship manager with First Bank Plc, Maitama branch, Abuja, Mrs. Zainab Ibrahim-Kokobili, on Wednesday gave details of how African Independent Televison’s founder, Chief Raymond Dokpesi, received N2.1bn from the Office of the National Security Adviser between January and March 2015. 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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