Summary of the top business, economic and political news in Nigeria.
Inflation: Terminal operators’ earnings drop by 22% – Report published by the top global accounting and audit firm, Deloitte, has revealed that terminal handling charges, the main revenue stream of terminal operators in the country, declined by 22.4 per cent between 2006 and 2016 as a result of depreciation of the naira and inflation.
109 Lagos retirees get N582m pensions – The Lagos State Government has released N582.19m for the payment of 109 retirees’ entitlements for the month of March.
No going back on strike today – NUPENG – The planned indefinite strike by the Petroleum Tanker Drivers arm of the Nigeria Union of Petroleum and Natural Gas Workers will commence as scheduled today, the union said on Sunday.
Tools traders inaugurate N3.56bn shopping complex – More than 2,550 members of the Tools and Hardware Dealers Association of Nigeria have relocated from the Agarawu Street Tools Market, Idumota to a permanent N3.56bn mall at the Lagos International Trade Fair Complex.
AfDB approves $450m trade finance deal for Afreximbank – This composite facility will help to expand Afreximbank’s risk bearing capacity for the confirmation of letters of credit and to support more trade through the provision of increased liquidity to local financial institutions and corporates in Africa.
US Nigeria Council targets more investments – A new business organisation, US Nigeria Council, is set to advance diversification, job creation and increased investment in Nigeria.
CBN warns bank CEOs over forex – Bank chiefs caught frustrating efforts by the Central Bank of Nigeria (CBN) at getting more dollars to end-users risk severe punishment, the apex bank warned yesterday.
Fire Service to inspect insurance certificate for public buildings – The Federal Fire Service has indicated that it would begin inspection of public buildings for compliance with its compulsory with its policy on public building insurance.
Oil theft: Military halts Kachikwu’s drone deployment plan – The military has halted plans by minister of state for petroleum resources, Dr. Ibe Kachikwu, to tackle pipeline vandalism with drones’ deployment, which cost Nigeria $7 billion annual loss.
Osaisai ends tenure at Atomic agency after 11yrs – The Chairman/CEO of National Atomic Energy Commission (NAEC), Dr. Franklin Erepamo Osaisai, has ended his tenure after spending 11 years as the pioneer head.
New land survey fees begin in Lagos, threaten homeownership – Hopes of cheaper construction cost and land ownership for prospective property developers may still be a pipe dream going by fresh increase in land survey fees in Lagos area by the Nigerian Institution of Surveyors (NIS).
FMDQ OTC records N20. 99tn transactions in two months – The FMDQ OTC Securities Exchange recorded N22. 99tn worth of transactions in fixed income and currency markets in the first two months of 2017.
Nigeria’s debt burden to hit N19.3tn by December – Analysts have cautioned the government against plunging the nation into another debt trap, even as there are plans to raise funds from external sources to finance critical infrastructure.
Using new passport? You need NDLEA backing to obtain visa – Nigerians with new passports seeking to travel to Indonesia will need to present a certificate of recommendation from the National Drug Law Enforcement Agency, among other documents, to process their visas.
Nigerian central bank offers $150 million in currency forwards – Nigeria’s central bank said on Monday that it had offered $150 million in currency forwards, as it sold dollars to try to narrow the spread between the naira’s official and black market exchange rates.
Tiger Brands Got It Right With UAC Foods – Tiger Brands Got It Right With UAC Foods Despite losing over $200 million in its acquisition of Dangote Flour Mills, South Africa’s Tiger Mills is still keen on investing in Nigeria. Its partnership with UAC Foods is profitable, and the company is keen on more opportunities.
MultiChoice hikes DStv, GOtv subscription rates – MultiChoice on Sunday announced that it would effect a price adjustment of five per cent on all its DStv and GOtv packages from May 1, 2017.
Access Bank lists priorities for 2017 as shareholders applaud N18.8b dividend – Access Bank Plc has outlined a three-point priority for the 2017 business year as shareholders commended the board and management of the first tier bank for its resilient performance and dividend payout. About N18.8 billion was paid out for the 2016 business year.
Agip set to receive tenders for $13.5bn project – The Nigerian Agip Exploration Limited will begin to receive commercial proposals this month for the development of its Zabazaba deepwater project, which is estimated to gulp $13.5bn.
Union Bank plans N50b rights issue in Q2 – Union Bank of Nigeria (UBN) Plc is concluding arrangements to float a rights issue of N50 billion this quarter as the first-generation bank moves to accelerate its business growth.
Shell hires Dormalong, others for Bonga TAM – Shell Nigeria Exploration and Production Company (SNEPCo) has hired some indigenous service firms, including Dormanlong, to work on its Bonga facility, FPSO (the floating production, storage and offloading vessel), undergoing turnaround maintenance (TAM).
We’ve reduced gas flaring by 26% – NNPC – The Nigerian National Petroleum Corporation on Sunday said it had succeeded in reducing gas flaring by 26 percentage points in the last 10 years from 36 to 10.
Naira devaluation drags Japaul into loss – Japaul Oil and Maritime Services Plc has said its loss after tax of N22.5bn recorded for the year ended December 31, 2016 was largely due to the devaluation of the country’s currency.
NIPCO takes over ExxonMobil’s 60% stake in Mobil Oil Nigeria – NIPCO Investments Limited, a subsidiary of NIPCO Plc, at the weekend took over the 60 per cent majority equity stake of ExxonMobil Oil Corporation in Mobil Oil Nigeria Plc.
Rosabon Emerging Enterprise Fund launched – Rosabon Financial Services has launched Rosabon Emerging Enterprise Fund (REEF) to empower the small and medium scale enterprises, SMEs in Nigeria.
Linkage introduces new third party policy to address economic crunch – Linkage Assurance Plc has introduced a new motor third party insurance policy where the insured’s vehicle is guaranteed a maximum of N250,000 cover.
Unity Bank supports Nigerian Immigration Service – Unity Bank Plc has upgraded the Nigerian Immigration Service (NIS) lounge in Festac Town, Lagos. The facility, the bank said, would make it easier for people to obtain and renew their international passports at the NIS office.
FG, Shell, Agip to Sign FID for $13.5bn Zabazaba Deepwater Project in Q2 2017 – The federal government, Shell and the Nigerian Agip Exploration Limited (NAE) will sign the Final Investment Decision (FID) for the $13.5 billion Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245 in the second quarter of this year.
Group Signs MoU with Dangote – Bontus Group of Companies has signed a Memorandum of Understanding (MoU) with Dangote Group as part of efforts to promote its dynamic nature in the production of essential commodities in the economy.
UBA to Expand to Six More African Countries – The United Bank for Africa Plc (UBA) has said it plans to extend its presence in Africa from 19 countries, Nigeria inclusive, to 25 countries by 2024.
FMBN invests N2.3bn on 624 houses in Oyo –The acting Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Richard Esin, at the weekend said that the bank had invested N2.303 billion to finance construction of 624 housing units in Oyo State. He said that the bank had also funded 527 housing project units through different developers in Ibadan.
Access Bank appoints executive director – Access Bank has appointed Dr. Gregory Ovie Jobome as its executive director, risk management division.
Seplat Retirement Of Executive Director – Seplat announces the retirement of Mr. Stuart Connal as the Chief Operating Officer and Executive Director of the Company, effective 30 March 2017.
ALERT: Seplat Reports N45 billion Loss (2016 FY) – Seplat today released audited results for the financial year ended 31 December 2016.
ALERT: Jaiz Bank Reports 66% Drop in Profit (2016 FY) – Jaiz Bank today released audited results for the financial year ended 31 December 2016.
Omoluabi Releases Audited 2016 Annual Report
Med-View Airline Plc Releases Audited 2016 Annual Report
Meyer Plc Releases Audited 2016 Annual Report
Wema Bank Plc Releases Audited 2016 Annual Report
Rep seeks 20-year jail term for financial crimes –The House of Representatives wants persons convicted of economic and financial crimes to be jailed for 20 years.
$1.1 billion Malabu deal: EFCC wants former Attorney General, Adoke, arrested – The Economic and Financial Crimes Commission, EFCC, has approached the Abuja Division of the Federal High Court, with a request to compel former justice minister, Mohammed Adoke, to attend his ongoing trial for alleged fraud.
DSS Clears Saraki, Others over Alleged N310m Theft – The Department of State Services (DSS) has cleared Senate President Bukola Saraki and members of the National Assembly over what it described as “malicious falsehood’’ being spread around by one of its dismissed officers, Abdulrasheed Maigari, who recently claimed that he and other security personnel, including an army captain stole N310 million from the Senate President while guarding his house in Maitama, Abuja.
Maku knocks Al-Makura for N6.1bn airport project – The candidate of All Progressives Grand Alliance in the 2015 governorship election, Labaran Maku, has condemned the alleged approval of N6.1bn for the construction of Kwandare-Lafia Airport by the state executive council.
BREAKING: Court unfreezes Ozekhome’s account – The Federal High Court in Lagos on Monday lifted the order barring a Senior Advocate of Nigeria, Chief Mike Ozekhome, from accessing his Guaranty Trust Bank account into which he received N75m legal fee from the Ekiti State Governor, Ayodele Fayose.
No comments:
Post a Comment