Summary of the top business, economic and political news in Nigeria.
BUSINESS & ECONOMY
CBN to Raise Dollar Supply to BDCs to $40,000 Weekly – The Central Bank of Nigeria (CBN) has resolved to raise dollar supply to Bureau De Change (BDC) operators to $40,000 weekly from next week, up from the $20,000 it sold to the currency dealers this week.
Do BDCs Actually Need The 400% Rise in Dollar Supply? – There are indications suggesting that the Central Bank of Nigeria (CBN) would raise the dollar supply to Bureau de Change (BDC) operators in the coming week to $40,000, ThisDay claims. If this holds true it will represent a 100% increase over the $20,000 each BDC received this week and a whopping 400% increase over the $8,000 per week supply they were limited to last week. The move is in line with its aggressive bid to achieve exchange rate convergence and stability.
Surveyors review guidelines, raise survey fee by 300% – Nigerian Institution of Surveyors (NIS), Lagos State branch, has announced a 300 percent increase in the cost of land survey.
CBN Increases Borrowing Cap To 125% of Shareholders’ Funds – The Central Bank of Nigeria, on Thursday, increased the cap on foreign borrowings available to commercial banks from 75% to 125%, according to reports from Reuters. According to the CBN, this decision became necessary due to the recent fall in the naira. As a result, some commercial banks had inadvertently surpassed the earlier prevailing 75% cap.
Politicians’ Hoarding Of Dollars Responsible For Naira’s Fall – BDC – Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the discovery of huge sums of money in Lagos has vindicated its members.
Forex policy has killed 200 factories, claims MAN – The foreign exchange (Forex) of the Central Bank of Nigeria (CBN) banning importation of 41 items has forced more than 200 factories to close down in the last two years, the Manufactueres Association of Nigeria (MAN) has said.
FG reduces documents for import, export – The Federal Government has approved a reduction in the number of documents needed for both exports and imports in furtherance of its Enabling Business Environment initiative.
Lagos eyes 3000Mw electricity – Lagos State Government said it plans to build about 3000megawatts (Mw) of electricity power plant that would boost the state’s economy.
House prices fall 28% in Lagos, 58% in Abuja – House prices have continued to nosedive in some locations in Lagos and Abuja despite efforts to revamp the economy by the Federal Government.
MAN wants postponement of 50% tariffs on tomato paste – The Manufacturers Association of Nigeria (MAN), has urged the Federal Government to allow for more time before executing the 50 per cent tariff on imported tomatoes concentrates.
Cote D’Ivoire, Senegal, others beat Nigeria on global trade Logistics Index – COTE D’Ivoire, Senegal and Sao Tome have beaten Nigeria to the fourth position in the World Bank new global trade Logistics Performance Index (LPI) for the year 2016.
Buhari fires PenCom, CPC, BPE bosses, 20 others – President Muhammadu Buhari on Thursday relieved the heads of 23 Federal Government agencies of their appointments and approved the appointment of their replacements.
Abuja runway 96% ready as airport reopens next Wednesday – All appears set for the reopening of the Nnamdi Azikiwe International Airport (NAIA), Abuja, after six weeks of runway rehabilitation exercise.
Enugu govt earmarks N23 million for traffic lights restoration – Determined to ensure the effective operation of traffic lights in Enugu State, the state government has approved N23,584,224.00 for the building and installation of underground vandal-proof controller panel protection to forestall the ugly activities of hoodlums who had been vandalizing and stealing vital equipment that power traffic lights within the metropolis.
Farmers to benefit from $100m GES loans – A digital payment service provider, Cellulant, said that it had arranged a consortium of financial sector actors that had agreed to offer $100m to small-scale farmers as micro loans.
Nigeria, Israel to strengthen bilateral trade ties – Nigeria and the Israel have entered into a partnership to strengthen their bilateral trade relation.
Confusion As Intelligence Agency Claims Ownership Of N13b Ikoyi Money – The National Intelligence Agency (NIA) is claiming ownership of the $43,449,947, £27,800 and N23, 218,000 seized Wednesday by the Economic and Financial Crimes Commission from Osborne Towers, a luxury residential complex in Ikoyi, Lagos, owned by Mr. Adamu Muazu, a former governor of Bauchi state and ex-National Chairman of the Peoples Democratic Party (PDP).
Hyundai slashes prices of Nigeria-made vehicles – Hyundai Motors Nigeria Limited says it has cut the prices of its locally made vehicles in the B-segment, in a move expected to increase the number of brand new small vehicles on the nation’s road.
Firm initiates contempt proceedings against firm’s boss – A firm, AOS Orwell Ltd, has initiated contempt proceedings against the Chairman of Seplat Petroleum Development Company Plc, Dr Ambrose Orjiako, for allegedly violating court orders.
‘Lucozade does not contain benzoic acid’ – Suntory Beverage & Food Nigeria Limited, manufacturers of Lucozade, has assured its consumers that its product does not contain benzoic acid and as such is safe and healthy for human consumption.
Mobil acquisition: Nipco assures investors of benefits – The Group Managing Director of Nipco Plc, Mr. Venkataraman Venkatapathy, has said the recent acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria will benefit investors.
Firm woos Obasanjo as guarantor for $50bn investment – An international financial group, Money Maker Management, has approached former Nigerian President, Chief Olusegun Obasanjo, to serve as collateral to invest about $50 billion into the country’s financial, tourism and real sectors.
Transcorp guaranties growth of shareholders’ wealth – The investments, according to it, included the increase in available capacity of the Ughelli Power Plant to 850 megawatts by the end of 2017; the $100m renovation of the Transcorp Hilton Abuja (to be completed in 2017); and the conclusion of exploratory drilling of Transcorp’s oil well before the end of 2017.
POLITICS
At Last, Ex-PDP Chairman Opens Up On Recovered $43m – At last, former chairman of the People’s Democratic Party (PDP) Adamu Mu’azu has opened up on the $43,449,947, £27,800 and N23,218,000 found in an apartment on Osborne Towers Ikoyi Lagos by the Economic and Financial Crimes Commission (EFCC). He stated that he was previous owner of the tower which he built 9 years ago from a loan he obtained from GTB and that the apartments in the tower has long been sold, so he isn't the owner of the building.
Wike: Amaechi Withdrew N53bn from State’s Coffers without Due Process – Rivers State Governor, Nyesom Wike, has accused the administration of former Governor Chibuike Amaechi of withdrawing N53 billion from the state’s stabilisation fund without the following due process.
PDP Crisis: Sheriff Accuses Wike of Bankrolling S’Court Case with $6m – The Senator Ali Modu Sheriff-led faction of the Peoples Democratic Party (PDP) has accused the Rivers State Governor, Nyesom Wike, and his Ekiti State counterpart, Ayodele Fayose, of recruiting former President, Dr. Goodluck Jonathan, into a ‘fake” peace effort predetermined to scuttle Governor Seriake Dickson’s peace committee plan.
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