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

 

NAIRAMETRICS BUSINESS & ECONOMY

Forex: CBN bars 16 banks from SME window – The Central Bank of Nigeria on Tuesday wielded the big stick on 16 Deposit Money Banks as it stopped them from participating in the Small and Medium-scale Enterprises window of the foreign exchange market. Source Punch Read More

CBN’s April PMI confirms economy recovering from recession – The Central Bank of Nigeria, CBN, yesterday, issued its Purchasing Managers Index, PMI, report for April, which indicated expansion in most subsectors of the economy during the month. Source Vanguard Read More

FG vows to revoke unused operating licenses of private refineries – The Federal Government on Wednesday said it would revoke licenses issued to individuals and corporate organisations for private refineries but which have remained unutilised. Source Punch Read More

Nigeria to auction 140 bln naira bonds on May 10, debt office says – Nigeria plans to auction 140 billion naira ($446 mln) in bonds on May 10, the Debt Management Office said on Wednesday. Source Reuters Read More

FG gets task force to prosecute electricity thieves – The Minister of Justice and Attorney General of the Federation, Abubakar Malami, has approved a special task force for the investigation and prosecution of electricity theft cases under the Electric Power Sector Reform Act, 2005. Source Punch Read More

Degrees worthless without access to electricity, says Fashola – The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the qualifications obtained by board members of the Rural Electrification Agency from tertiary institutions are meaningless if millions of Nigerians do not have access to electricity. Source Punch Read More

Nigeria’s foreign debt $11.4 billion, domestic N14.02 trillion by end 2016NBS – The total foreign and domestic debt stocks of the federal and the 36 states governments as at December 31, 2016 stood at about $11.41 billion and N14.02 trillion respectively, the National Bureau of Statistics, NBS, reported on Tuesday. Source Premium Times Read More

CBN, Lee Group, Jigawa to partner on sugar production – Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele yesterday in Dutse, Jigawa State said the apex bank is ready to partner with the Lee Group and Jigawa State government to ensure the establishment of a mulch-billion naira white refined sugar cane factory that will generate N60 billion yearlyy in the state. Source The Nation Read More

World Bank expects oil prices to hit $60 per barrel in 2018 – The World Bank has retained its forecast for crude oil prices this year at $55 per barrel, but its projecting a price increase of $60 a barrel by 2018, owing to production cutback of petroleum exporting countries. Source Guardian Read More

Reasons why the stock market is on a bull run – Nairametrics| In case you have not noticed, the stock market is on a bull run. The all share index has gained for three consecutive business days and 5 out of 6. As at yesterday, we had no new stock trading at their year lows but rather had some stocks trading at their new highs. Source Nairametrics Read More

Refined petroleum products imports to end 2019, says Baru – The 2019 deadline set by the Federal Government to end all forms of petroleun products imports shall be enforced, the Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, has said. Source The Nation Read More

Lagos Plans to Increase IGR to N50bn in 2018 – The Commissioner for Economic Planning and Budget,Lagos State, Mr. Akinyemi Ashade, has said that the state government plans to increase its Internally Generated Revenue (IGR) from N30 billion in 2017 to N50 billion next year. Source Thisday Read More

Extra-budgetary bailout for states hits N1.75 trillion – The Federal Government has in the last two years supported states financially to the tune of N1.75 trillion. The funds were, however, “extra-statutory,” as they were not captured in the budget. Source Guardian Read More

Selling recharge cards above price tag illegalNCC – The Nigerian Communications Commission (NCC) said it is illegal for retailers of GSM recharge cards to sell above the price tags on the cards, advising the subscribers to resist such exploitation. Source Daily Trust Read More

Auction: Customs set up committee, bar officers, family members from bidding – In a bid to ensure that the auctioning of seized goods is not compromised, the Nigeria Customs Service, NCS, has set up auction committees at various commands across the country just as it barred officers of the Service and their family members from the bid process. Source Vanguard Read More

NAIRAMETRICS COMPANY

Stock Exchange delists UTC, Beco Petroleum, two others – Authorities at the Nigerian Stock Exchange (NSE) yesterday delisted four companies that had repeatedly failed to meet corporate governance standards set by the Exchange. The four companies included UTC Nigeria Plc, Beco Petroleum Plc, MTECH Communications Plc and MTI Plc. Source The Nation Read More

Crude oil production now two million bpd, says Baru – The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Tuesday stated that oil production in the country had risen from 1.2 million barrels per day to two million barrels per day. Source Punch Read More

We make N75m refund to customers weeklyArik – The Asset Management Company of Nigeria-appointed management of Arik Air has said that as a result of the rot in the airline, it is being forced to make refunds of between N60m and N75m to dissatisfied customers on a weekly basis. Source Punch Read More

BUA targets 250,000 mt of refined sugar – BUA Sugar Refinery Limited, operators of Lafiagi Sugar Company (LASUCO) in Kwara state, is expected to produce 250,000 metric tonnes of refined sugar per annum and 35 megawatts of electricity, the Managing Director, Alhaji Ibrahim Yaro, has said. Source The Nation Read More

FIRS shuts firms in Lagos, Owerri, P-Harcourt over N735m debt – The Federal Inland Revenue Service, FIRS, yesterday, sealed the premises of tax-defaulting companies in Lagos, Owerri and Port Harcourt.  Source Vanguard Read More

NNPC, Chevron, Total to build two power plants – The Nigerian National Petroleum Corporation has said it has engaged its joint venture partners, Chevron and Total, to build power plants in Obite and Agura. Source Punch Read More

Medview  operating cost rises to N6bn in Q’1 – Total operating cost of Medview Airlines in the first quarter of 2017 has increased significantly by 57.9 per cent to N6 billion from N3.8 billion it stood the same period last year. Source Daily Trust Read More

MTN sees revenue growth on strong data numbers – Africa’s biggest mobile phone operator MTN Group reported a 7.1 percent rise in group revenue for the first quarter of 2017, helped by a strong performance in its data services segment, the company said on Wednesday. Source New Telegraph Read More

P&G to cut $2bn off marketing spending – Procter & Gamble wants to cut a whopping $2 billion in marketing spending over five years, and for the first time is providing details on a broader $10 billion cost-cutting plan launched a year ago. Source Daily Trust Read More

IronWeaver to begin manufacturing in Nigeria – IronWeaver Limited, manufacturers of flow control equipment is set to begin operation in Nigeria, Source The Nation Read More

Firm to invest N20b in organic farming – CONTEC Global Agro Limited (CGAL), is to invest N20b on non toxic, biodegradable and chemical free agricultural products. The Abuja based company has designed a sustainable template to increase crop yields through production of only organic inputs for over 50,000 farmers. Source The Nation Read More

Dangote Sugar to raise N21 bn from capital market – Dangote Sugar Refinery, DSR Plc, has revealed plans to raise N21.2 billion through equity injection from the capital market to fund its backward integration project and also actualise the Dangote Sugar Master Plan. Source Vanguard Read More

SunTrust, ICD Sign Agreement To Establish Non-interest Banking Window – In a bid to diversify its product offerings, SunTrust Bank Nigeria Limited has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to establish a new non-interest banking window. Source LEADERSHIP Read More

Taxify Reduces Rates In A Bid To Snap Up Customers From Uber – Nairametrics| A new startup, Taxify, has revealed modifications to its pricing strategy with a view to improving services and changing the face of public transportation in Lagos State. As against the previous ₦360 base fare ₦81/km and ₦8 a minute, Taxify has lowered their rates to ₦200 base fare ₦55/km and ₦5.5 a minute. Source Nairametrics Read More

10 Banks Facilitate N26tn Investment in Currency, Fixed Income Securities – Access Bank Plc, Ecobank Nigeria Limited and United Bank for Africa (UBA) Plc led the top 10 banks that facilitated investment in fixed securities and currency worth about N37trillion on the FMDQ OTC Securities Exchange in the first three months of 2017, according to data released by FMDQ. Source Thisday Read More

‘Manufacturers spend N500b annually to run plants’ – The Managing Director, Arewa Metal Containers Limited, Engineer Daudu Joachim has observed that manufacturers have spent an estimated N500 billion annually to run and maintain their power plants. Source Daily Trust Read More

Yale Foods leads in N100bn biscuit market – Yale Foods Limited, manufacturer of Yale Bakers, Bira Snack, Butter Scotch and Coconut Cookies amongst other biscuit brands, is currently the leading producer of biscuits in Nigeria and is said to control 37 per cent of the market share, a report by KPMG has revealed last week in Lagos. Source Daily Trust Read More

Dangote Sugar to Invest N106 Billion on Expansion in Six Years – Dangote Sugar Refinery (DSR) Plc plans to invest N106 billion in the expansion of operations in the next six years and as it targets to produce 1.5 million tonnes of refined sugar from locally grown sugarcane during that period. Source Thisday Read More

JV debts: FG pays $400m to Shell, Chevron, ExxonMobil, others – The Federal Government has paid $800 million out of the $1.2 billion Joint Ventures (JV) debts to Shell, Chevron, ExxonMobil, Total and Agip within a year. Source New Telegraph Read More

NAIRAMETRICS POLITICS

Minimum Wage: Reps Committed To Payment Of SalariesDogara – The House of Representatives yesterday declared its support for the immediate review of the National Minimum Wage to reflect current realities of the country’s economy. Source LEADERSHIP Read More

Lawmaker denies disbursement of N1bn agric loan to politicians – Assemblyman Isiaku Aliyu-Adams, Chairman, Kwara House of Assembly Committee on Agriculture, on Wednesday denied the speculations that the N1billion Agric Loan, which the state secured, had been disbursed to politicians. Source The Nation Read More

 

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