Summary of the top business, economy and political news in Nigeria.
BUSINESS & ECONOMY
Official: Here Is How Much You Can Make For Whistle-blowing – 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.
CBN releases $250m for oil marketers, airlines, others – The Central Bank of Nigeria on Wednesday released additional $250m on 7 to 30-day forwards for agriculture, airlines, petroleum products and raw materials.
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.
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.
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.
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.
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.
Nigeria raises banks’ FX loan limits to resolve breaches – 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.
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.
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.
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.
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.
You Can Now Pay Your Tax Online, Says FIRS – The Federal Inland Revenue Service (FIRS) has announced that individuals and corporate organisations in the country can now file their tax returns online.
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.
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.
Reports: Arik Owes A Whopping ‘N387 billion’ And These 2 Banks Are Listed As Creditors – 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.
AMCON Has Taken Over These 3 Firms Linked to Arik Boss – 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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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).
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.
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.
POLITICS
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.
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.
$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.
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