Lagos retains Fitch B+ outlook in 2016 despite recession

An international rating agency, Fitch Ratings, has stated that Lagos State’s long-term foreign and local currency Issuer Default Ratings (IDRs) outlook for 2016 was retained at B+, which the state also recorded in 2015, despite Nigeria’s recession. But Lagos, which Fitch Ratings uses as a benchmark for assessing Nigeria as a country on its index…

Nigeria suffers first loss over planned closure of Abuja Airport

An international conference meant to attract about $2.5 billion trade investment into Nigeria has suffered a three-month postponement due to the planned temporary closure of the Nnamdi Azikiwe International Airport, Abuja. Organisers of the Nigeria International Trade and Investment Conference (NITIC), in a statement signed by Mr Lukas Asimolokun on Friday said the event is…

WGB reward clients, agents with N10m cash, car, gifts items

Fastest growing sport betting company, Winners Golden Bet (WGB), has rewarded its clients and agents with the sum of N10m cash prices, brand new saloon car and various gift items during the occasion of its 3rd anniversary. Continue reading WGB reward clients, agents with N10m cash, car, gifts items at PM NEWS Nigeria.

Lagos charges industries to halt pollution

The Lagos State Government has charged big industries operating in the state to make pragmatic efforts to halt pollution. Continue reading Lagos charges industries to halt pollution at PM NEWS Nigeria.

Despite N330bn fine, we are grateful to NCC – MTN

MTN Group has said it has implicit confidence in its operations in Nigeria. Recall that the Nigerian Communications Commission, NCC, last year, slammed N330b fine on the telecommunication company. Despite the fine, MTN Group said it has injected over $16billion into the Nigerian operations. The Group Chairman/Chief Executive of MTN, Phuthuma Freedom Nhleko, made the…

Outrage as CBN reintroduces charges on cash deposits, withdrawals

In what looks like an anti people’s policy, the Central Bank of Nigeria (CBN) on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals. In a circular to all Deposit Money Banks, sighted by Ripples Nigeria, CBN said the decision to reintroduce the charges on cash deposits was part…

Bank directors responsible for 40% toxic debts –NDIC

The revelation that more than 40 per cent of Banks’ bad debts are caused by their directors has elicited some concerns among customers and other stakeholders. Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC) Umaru Ibrahim, had revealed that the banking industry indicated strong fundamentals in regulatory assessment and rating,as regulators were…

FG to float N20bn green bond in March, first in Africa

Acting President, Professor Yemi Osinbajo on Thursday affirmed that the Federal Government would next month float Africa’s first sovereign green bond to raise N20 billion debt capital for a basket of environment-friendly projects. Speaking at the investors’ conference on the green bond at the Nigerian Stock Exchange (NSE), Osinbajo, in company of many Ministers, said…

Nigeria not doing enough to eradicate extreme poverty, hunger –AfDB

More than 30 per cent of countries in Africa, including Nigeria, are lagging behind in eradicating extreme poverty and hunger in the last five years. This is as a result of lack of formulating or implementing enough sustainable economic growth policies. But Africa still leads as the world’s second fastest growing region in poverty reduction,…

SEC lifts suspension on Heritage Capital Markets

The Securities and Exchange Commission (SEC) Nigeria’s apex capital market regulator, has lifted the suspension on Heritage Capital Markets Limited and its directors, returning the firm to its position as a virile capital market operator. SEC in a circular, indicated it had “lifted the suspension of Heritage Capital Markets Ltd together with its directors and…

NSE LIVE! Bargain-hunting spurs equities to N56bn gain

The tenuous market situation at the Nigerian Stock Exchange (NSE) broke into a visible rally on Thursday as bargain-hunters increased demand for value stocks in the key sectors of the economy. Benchmark indices at the Exchange showed average gain of 0.63 per cent, equivalent to a net capital gain of N56 billion, the first major…

Nigeria’s economic reforms still below standard –IMF

In spite of what looks like Nigeria’s delisting of the International Monetary Fund (IMF) from creditor institutions for its current quest for loan facilities, its management has yet offered the country some advice on how to achieve early exit from the economic recession. The body said the reform so far executed by Nigeria falls below…

CBN extends cashless policy to 30 more states

The Central Bank of Nigeria has extended the cashless policy on withdrawals and deposits to 30 more states across the federation. This resolution was taken at the Bankers’ Committee 493rd meeting held on Tuesday. A circular issued at the end of the meeting, noted that charges on deposits and withdrawals had been reintroduced. According to…

Unlike 2016, 2017 budget is not padded, Akabueze assures

Director-General, Budget Office of the Federation, Mr Ben Akabueze, has refuted allegations that figures were inserted into the 2017 budget proposal before the National Assembly Addressing the media in Abuja on Thursday, Akabueze said his office had been inundated with series comments suggesting that like the 2016 Budget, the current budget proposal for 2017 had…

MTN scared of reprisal attacks in Nigeria, alerts police

Palpable fear has gripped Nigerian based South African telecom company, MTN, over rumours of planned reprisal attacks by aggrieved Nigerian youths. This is as a result of the recent xenophobic attacks on some Nigerians in South Africa mid February 2017. The concern over the attack was expressed by a senior official of the company in…

Recession: Ekweremadu tasks Chamber of Commerce on solutions

The Deputy Senate President, Senator Ike Ekweremadu, has tasked the Chamber of Commerce, Industry, Mines and Agriculture in the country to look inwards and come out with innovations that will help move the country out of the present economic recession. This is even as he expressed the readiness of the National Assembly to provide adequate…

Why Osinbajo’s $500 million Eurobond request is necessary – Bismarck Rewane

Frontline economist, Bismarck Rewane, has called on the National Assembly to quickly grant necessary approval for the issuance of $500 million Eurobond requested by Acting President, Yemi Osinbajo, stressing why the loan request is in the best interest of the nation. He gave the explanation in Lagos while addressing the media through a Skype call….

Naira hits biggest appreciation in months

The Naira on Wednesday hit its biggest recovery in months. From N520/$1, the Naira moved up to N503/$1 on Wednesday. The 3.3 per cent appreciation was the highest. The development came 24 hours after the Central Bank of Nigeria carried out wholesale interventions in the interbank FOREX market by providing a total sum of $370,810,810.79…

Nigerian Envoy Visits Xenophobia Victims, Counts Losses

Nigeria`s Consul General in South Africa, Amb. Uche Ajulu-Okeke while visiting Nigerian victims of Xenophobia, has described the recent xenophobic attacks against Nigerians and other foreigners in that country as unfortunate. Ajulu-Okeke, who visited affected homes and businesses, told our correspondent on telephone from Johannesburg, South Africa, that Nigerians suffered heavy losses. “ The Consulate…

NSE LIVE! Equities on edge amidst selling pressure

Nigerian equities remained on a tight stretch on Wednesday amidst widespread selling pressure. With more than two decliners to every gainer, the market showed marginal decline of about N1 billion as continuing rally in breweries stocks moderated the decline. Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) slipped marginally from…

World Bank investment in South-West Nigeria hits N305.2bn

The World Bank Country Director for Nigeria, Mr Rachid Benmessaoud, said the bank’s combined investment in the South West region of the country was about N305.2 billion (1 billion dollars). Rachid, in a statement on Wednesday by the Senior Communications Officer, Nigeria, Mrs Olufunke Olufon, said the investments were in conjunction with the Ministry of……

Expect Changes in Nation’s Port, Business Visas, Others Soon – Osinbajo

*FG adopts 60-day national action plan on ease of doing business *Acting President Osinbajo joined by Saraki, Dogara, at 6th PEBEC meeting at Presidential Villa Committed to achieving its objective of creating a conducive business environment in Nigeria, the Presidential Enabling Business Environment Council (PEBEC) chaired by Acting President Yemi Osinbajo, SAN has approved a…

FG to commit $500m eurobond to finance N4tn budget deficit, writes NASS

Acting President Yemi Osinbajo on Wednesday sought formal approval from the National Assembly to commit a $500million Eurobond for the financing of the country’s 2017 budget deficit estimated at N4.023trillion. Hopes of bridging funding gaps in the 2017 budget were recently raised when a $1billion Eurobond issued by the Federal Government was oversubscribed. In his…

2017 BUDGET: Defaulting MDAs to get zero allocations, Senate threatens

The Senate, on Wednesday warned that heads of MDAs who do not appear before the relevant committees for budget defence will have zero capital budget allocations. Spokesman of the Senate, Senator Abdullahi Sabi, issued the threat while speaking with newsmen after the day’s plenary. The Senate instructed Ministers and heads of Ministries, Departments and Agencies…

Nigeria adopts 60-day action plan on ease of doing business

A 60-day action plan on ease of doing business has been proposed by the Federal Government. If successfully implemented, the frustrations experienced by locals and foreigners in conducting their businesses might become a thing of the past. This indication emerged on Tuesday after a meeting of the Presidential Enabling Business Environment Council (PEBEC) chaired by…

Nigeria shuns IMF, seeks $3.6bn loans from W/Bank, China

For insisting that Nigeria must officially devalue its local cuurncy, the naira, the Federal Government has closed all intention of seeking for loan facilities from the international financial institution. The country has instead gone for a total loan package of $3.6bn from the World Bank and China’s Export-Import Bank, according to the Finance Minister, Mrs….

NSE LIVE! Breweries sustain modest rally at Stock Exchange

Nigeria’s two leading breweries, Nigerian Breweries (NB) Plc and Guinness Nigeria Plc braced up the overall market position at the Nigerian Stock Exchange (NSE) to a marginal gain of N1 billion after widespread selling sentiments nearly upset the positive market position that started the week. With nearly two decliners to one advancer, the underlying sentiment…

FG, states, LGs share higher revenue from federation account for January

A total of N465.15 billion, an increase of about 30 per cent from the last amount has been shared among the Federal, 36 states and local governments as allocation for January 2017, on Tuesday. A statement issued by the Federation Accounts Allocation Committee (FAAC) indicates that the gross statutory revenue received is N324.990 billion, which…

Forex: CBN injects $370m into market

Sequel to its promise to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) on Tuesday carried out wholesale interventions in the interbank FOREX market by providing a total sum of $370,810,810.79 to 23 banks to meet the visible and inviable requests of customers. Acting…

PEBEC approves 60-day national action plan for ease of doing business in Nigeria

The Presidential Enabling Business Environment Council (PEBEC) has approved a 60-day national action plan with the aim of aiding business in the country This resolution was made on Tuesday during the sixth meeting of the Presidential Enabling Business Environment Council (PEBEC) at the State House in Abuja. The meeting was presided over by Acting President,…

Nigeria begins aeronautical services audit to avert losing W’African hub

To avoid what looks like Nigeria’s loss of its West African hub, the Nigerian Airspace Management Agency (NAMA) has complied with the Federal Government’s directive that all aeronautical services in the country be audited. The agency has set up a committee to immediately review all the nation’s Aeronautical Information Procedure (AIP) in the past 10…

How Nigeria lost over $5.3bn due to govt’s lack of policy direction

For failing to record the actual volume of oil and non-oil export trade between June 2015 and January 2017, Nigeria has lost more than $5.3 billion, the Senate has been told. The worst case incidents were from June 2015 as there was a lull in government businesses as the newly inaugurated administration had no policy…

Why Nigeria doesn’t need IMF loan – Kemi Adeosun

The Minister of Finance, Kemi Adeosun, has said that Nigeria does not need loan from world financial body, International Monetary Fund, IMF. Featuring on CNBC Africa, the Minister said the programmes that come with IMF loan are currently being executed by the Nigerian government, and as such, the loan is not needed. Noting that the…

Discos mean business! Plunge Federal Secretariat into darkness over N350m debt

The power distribution companies may have carried out their threat to embark on massive disconnection of all government ministries, agencies and department owing them electricity bill. To that effect, greater part of Monday saw the Federal Secretariat in Garki, Abuja, in total darkness as information gathered showed that the complex was disconnected for owing the…

Shame On The nation: Indian- Packaged Garri Sold In Nigeria Supermarkets

Nigerians on Monday expressed outrage after it emerged that Indian-packaged garri was being sold in the country. The garri is packed in a 500g bag, which has the picture of a lady and an inscription, ‘TRS’ (Asia’s Finest Foods) on it, with a price tag of N450. The Executive Director, Natural Nutrient Limited, Sola Adeniyi,…

Recession: Senate tasks professional bodies on economic recovery

The President of the Senate, Dr Bukola Saraki, on Monday urged professional bodies in the country to channel their competencies to economic recovery and the sustainable development of the country. He made the call while declaring open a public hearing organised by the Senate Committee on Establishment and Public Service in Abuja. The committee had…

SEC shuts down ‘ponzi firm’ Tine God Networks over fraud

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has sealed off the premises of Tine God Networks Limited as part of efforts to curb activities of illegal operators of fraudulent investment schemes. SEC in a public notice stated that Tine God Networks had been claiming to be an investment company that engages in…

Naira hits 520/dollar

The naira tumbled to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the exchange rate in a free fall mode. The naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively. Experts said demand for dollar…

Nigerian Breweries’ profit drops by 27%

One of Nigeria’s largest breweries and second most capitalised quoted company, Nigerian Breweries (NB) Plc witnessed significant decline in its profitability in 2016 as the brewing giant struggled with rising costs. Audited report and accounts of NB for the year ended December 31, 2016 indicated that turnover rose from N293.91 billion in 2015 to N313.74…

NSE LIVE! Consumer goods lift equities to N29bn gain

Nigerian Breweries led three other fast-moving consumer goods companies (FMCGs) to override the negative impact of widespread selling sentiments that opened the stock market on Monday. With nearly two losers to every gainer, the market showed stronger underlying negative sentiment but the gains by Nigerian Breweries, PZ Cussons Nigeria, Nascon Allied Industries and Guinness Nigeria…

CBN yields to pressure, modifies forex policy

The Central Bank of Nigeria (CBN) may have finally succumbed to the hue and cries of many Nigerians who have continued to demand for modification in its foreign exchange policy. The CBN on Monday announced adjustment in its foreign exchange policy with the reduction of the tenor of its forward sales from the current maximum…

Stakeholders endorse TSA at anniversary retreat

Stakeholders drawn from all spheres of the Nigerian economy have pledged their support for the Federal Government’s Treasury Single Account (TSA) policy which has since its September 15, 2015 implementation returned over N5.2 trillion to the national Treasury. At the conclusion of a recent 2-day retreat in Abuja tagged ‘One Year Anniversary of TSA: Benefits,…

Buhari shuns Jonathan’s $3.5bn national e-ID card

The apparent loss of interest by the President Muhammadu Buhari-led administration may have put a final nail on the coffin of the $3.5 billion so far spent on the electronic national identity card (National e-ID) project. Sources inform that the Presidency has been unable to resolve a series of crises that have been stalling the…

Buhari’s Govt. Is Bent On Making Life Harder For Nigerians – Fayose

The Ekiti state governor, Ayodele Fayose has faulted the Federal Governments plan to ban commercial motorcycle popularly known as Okada in the country. The Chairman of the Peoples Democratic Party, PDP, Governors’ Forum described the plan as wicked and vowed not to be a part of such move aimed at further paralyzing citizens. Fayose said:……

Zimbabwe, Ethiopia, Angola displace Nigeria in China-Africa trade

Ethiopia and Angola are among African countries that have revved up their trade partnership with China, thereby displacing Nigeria to fourth position in its partnership with China. The Chinese Ambassador to Nigeria, Zhou Pingjian who made the disclosure, however noted that the relationship between the African country and Asian giants had a lot of potential,…

NSE RoundUp! Equities close with N38b gain

Nigerian equities ended the largely bearish trading sessions this week with a gain of N38 billion at the last trading session on Friday at the Nigerian Stock Exchange (NSE). After several days of negative trading sessions that had seen prices of several value stocks dropping to recent lows, bargain-hunters appeared to return fully to the…

US gives Nigeria conditions to support its power sector with $1bn

Though Nigeria has been listed as one of the priority countries to benefit from United States $10bn-assisted power project for Africa, the USAID-funded Energy Initiative (UEI) said the country should indicate the most important areas of the sector that need urgent attention for it to draw $1 billion support from the total fund in 2017….

Why common roaming tarrif is impossible in ECOWAS countries

Despite efforts by the Economic Community of West African State (ECOWAS) to ensure that a common and affordable roaming tariff is achievable within member states, there are hurdles making such a dream possible. According findings by Ripples Nigeria, a lack of cooperation among mobile phone operators is the main reason. With almost all 14 members…

Senate moves to scrap PPPRA, DPR, others

Senators, on Friday, revealed that the Petroleum Industry Bill (PIB), currently before the Red Chamber will give room to the creation of a new commission which is expected to administer and enforce policies relating to all aspects of petroleum operations in the country. The new commission which will be called Nigeria Petroleum Regulatory Commission (NPRC),…

We reduced 2017 budget due to recession – State House

State House Permanent Secretary, Mr. Jalal Arabi on Thursday said the budget has been reduced from N16.6billion in 2016 to N13.6 billion in 2017 due to economic recession. While defending the State House 2017 budget proposal before the Senate Committee on Federal Character and Intergovernmental Affairs on Thursday in Abuja, he explained that the management…

Exchange rates no longer acceptable – FG, Governors warn CBN

The National Economic Council, NEC, has directed the Central Bank of Nigeria, CBN, to fix the worrisome state of foreign exchange rate. NEC stated this yesterday at its first meeting of the year, presided over by Vice President Yemi Osinbajo, SAN. NEC is composed by all the 36 State Governors, the FCT Minister and the…

Naira may hit N1000 to $1 – Henry Boyo

An economic expert, Mr. Henry Boyo, has predicted that the naira will hit 1000/dollar on the parallel market in 2017 if the Central Bank of Nigeria, CBN, fails to review its monetary policy framework immediately. The expert gave the warning as the nation’s currency plummeted to N516 to the greenback on Thursday. Reuters quoted Boyo…

Nigeria’s debt profile rises to $57.4bn, may hit $80bn soon

The Director-General of the Debt Management Office, Dr. Abraham Nwankwo, has disclosed that Nigeria’s external and internal debt profile as at December 31, 2016, was $57.4bn. He made this known when defending the agency’s 2017 budget before the Senate Committee on Local and Foreign Debts in Abuja on Thursday. Nwankwo said the amount included domestic…

Nigeria’s debt profile is N17.36tln – DMO

The Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo said that the nation’s total debt profile as at December 31, 2016 was 57.39 billion dollars (N17.36 trillion). He made this known when defending the agency’s 2017 budget before the Senate Committee on Local and Foreign Debts in Abuja on Thursday. Nwankwo said the…

Forex sale:‎ Emefiele was not queried by AGF – CBN

The Central Bank of Nigeria (CBN) says its attention has been drawn to a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria (CBN), Godwin Emefiele, over issues relating to the sale of foreign exchange. Isaac Okorafor,…

PHOTOSCENE: Osinbajo presides over NEC meeting

The Acting President, Yemi Osinbajo on Thursday presided over the National Economic Council (NEC) meeting at the Council Chambers, State House, Abuja. Present at the meeting, were the ministers, and state governors. RipplesNigeria ….without borders, without fears The post PHOTOSCENE: Osinbajo presides over NEC meeting appeared first on Ripples.

Inflation hits 18.72 percent

National Bureau of Statistics (NBS), says Consumer Price Index (CPI), which measures inflation in the country increased to 18.72 percent in January. This latest figure is an increment from the 18.55 percent recorded in December 2016. The CPI, which measures the average change over time in prices of goods and services consumed by people for…

Fitch lowers Bank of Industry rating from B+ to B

One of the international rating agencies, Fitch Ratings, has lowered the rating of the Nigerian-based Bank of Industry (BOI) from B+ to B category. In the agency’s latest report published on Wednesday, it stated that the negative assessment of the bank’s Long-Term Issuer Default Rating (IDR) from B+ to B was a function of many…

Power generation improves from 3,528MW, to 4,102.7MW in February -TCN

There is hope of improved electricity supply in the country following the rise in gas supply, which has seen power generation also improve from 3,528MW, to 4,102.7MW between February 1 and 15. This was revealed by the daily power statistics from Nigerian Electricity System Operator (SO), a section of the Transmission Company of Nigeria (TCN)….

NSE LIVE! High-cap stocks lift equities to N34bn gain

The Nigerian stock market broke away from its recent streak of consecutive losses on Wednesday as bargain-hunters sought to take advantage of attractive prices of some highly capitalised stocks. After six consecutive negative trading sessions, quoted equities recorded a net capital gain of N34 billion on Wednesday, equivalent to average return of 0.39 per cent….

CBN governor, Emefiele, may face probe over alleged Forex racketeering

Arising from petitions that have flooded the office of Abubakar Malami, Attorney General of the Federation (AGF), the presidency may seek special probe of Forex dealings at the CBN which is under the supervision of Godwin Emefiele. Ripples Nigeria gathered Wednesday that Malami has already invited the CBN governor to address some of the issues…

Despite CBN policy, Nigeria’s inflation keeps rising, hits 18.72%

Despite the claim by the CBN Monetary Policy Committee announcement that it had put a policy in place to check the steady rise of Nigeria’s consumer price index , also known as inflation, the report of the National Bureau of Statistics (NBS) on Wednesday indicated a rise from 18.55 percent in December to 18.72 percent…

Arik Air owes N312bn, $81m, AMCON tells Senate

The Asset Management Corporation of Nigeria (AMCON), on Wednesday, made shocking revelations on the financial state of the leading airline in the country. Recall that AMCON, had last Thursday, announced the sack of the management of Arik Air and replaced it with a new one. According to AMCON, Captain Roy Ukpebo Ilegbodu, a veteran aviation…

Shell, Agip fight to regain OPL 245 grabbed by FG over $1.2bn Malabu deal

The order of the Federal High Court which granted Federal Government interim ownership of the disputed Oil Prospecting License, OPL, 245, has been challenged by two multinational oil giants, Shell Nigeria Exploration & Production Company Ltd and Nigeria Agip Exploration Ltd. An Abuja Federal High Court presided over by Justice John Tsoho, had on January…

Anxiety returns as crude price sheds 2.5% in int’l market

There is fresh anxiety among government officials as the news of a sharp drop in the prices of crude oil hit the airwaves. Observers at the international oil market said the gains of January and early February 2017 were eroded by a drop of 2.5 per cent in price of Brent crude, on Thursday through…

NSE LIVE! Equities lose N74bn as sell pressure mounts on FMCGs

For the sixth consecutive trading session, Nigerian equities closed Tuesday on a negative note over concerns on possible constrained earnings of major fast moving consumer goods (FMCGs) companies. While the market appeared to show sign of imminent rally with more gainers than losers, sell pressure on leading FMCGs overshadowed the overall market situation. Aggregate market…

Arik Air suspends London, Jo’burg routes

Troubled Arik Air on Tuesday announced that it was suspending its flights to London and Johannesburg. The development is believed to be one of the immediate steps being taken by the Asset Management Corporation of Nigeria (AMCON), new managers of Arik Air, to restructure the operations of the ailing airline. Head, Corporate Communications, AMCON, Jude…

AMCON takes custody of another airline, OAS Helicopters

Emerging reports indicate that another airline, OAS Helicopters, may have fallen into the custody of the Asset Management Corporation of Nigeria (AMCON). Signs that the airline had gone the way of Arik Air emerged Tuesday when officials of AMCON left an order at the premises of OAS Helicopters which read, “, “Possession taken today 14/2/17…

FG tells TSA success stories, records N5.24trn through policy

The Accountant General of the Federation, Ali Ahmed Idris, on Tuesday in Abuja, described the implementation of the Treasury Single Account (TSA) as one of the success stories in the management of public finances. According to him, the government through it has recorded N5.24 trillion. According to Idris, beginning from September 2015 when the TSA…

NASS to blame for poor budget implementation, Lai asserts

Minister of Information, Culture and Tourism, on Tuesday, blamed the lack of smooth implementation of the 2016 budget on its late passage by the National Assembly. He said the late passage has greatly affected the implementation of programmes and projects of government. Speaking on when he appeared before the Senate Committee on Culture and Tourism…

Nigerian succumbs to IMF, targets $17bn from nat’l assets sale

There is now every indication that Nigeria has accepted to divest Federal Government equity holdings and shares in most national assets as it has targeted raking in about $16.5billion from the sales. A machinery to that effect has been set in motion following acceptance of an ad-hoc committee by the Presidency to look into the…

FG, states on collision course over N522bn Paris Club loan refund

Governors of the 36 states in Nigeria, have set the ball rolling for a possible rift with the Federal Government over the fallout on how the states spent the N522 billion Paris Club loan granted them. The loan, which was guaranteed by the government at the centre, was shared to the states between December 2016…

$3.6bn aviation debt: More local airlines may go under

The takeover of the debt-ridden Arik Airline, and Aero Contractors by Assets Management Company of Nigeria (AMCON) may not be the last of government’s intervention in the sector. The weight of accumulated debt burdens, totaling over $3.6 billion among other issues, is currently causing concerns among major operators, with fears that other indigenous airlines may…

Why Naira keeps crashing – Osinbajo

Acting-President, Yemi Osinbajo has explained that corruption and the vandalization of pipeline facilities in the Niger-Delta region were responsible for the reduction in the volume of Dollar reserved with the Central Bank of Nigeria (CBN). He said such was responsible for the continuous fall of the Naira against the dollar. He stated this in Port-Harcourt…

Akwa Ibom accuses Total of sharp practices, announces N180bn loss

Akwa Ibom State Local Content Compliance Monitoring Committee says the state government lost N180 billion revenue following non-compliance of oil firms with Local Content Act 2010. The LCCMC Secretary, Eti-mbuk Essien, made this allegation in a letter addressed to the Managing Director, Total E & P Nigeria Limited. He lamented that the company’s contractors had…

NSE LIVE! Equities suffer N33b loss as pressure mounts on Nigerian Breweries

Nigerian equities suffered a loss of N33 billion on Monday, continuing a losing streak that had seen investors losing N122 billion last week.   The decline on Monday, the fifth consecutive negative trading session, was driven majorly by substantial decline in share price of Nigerian Breweries, the second most capitalised company on the Nigerian Stock…

Nigeria’s Buhari speaks to Trump on phone

President Muhammadu Buhari on Monday afternoon from London spoke to President Donald Trump on telephone at the request of the American President. The conversation was cordial and President Buhari congratulated Trump on his election as President of the United States, and on his cabinet. According a statement by Mr. Femi Adesina, Special Adviser to the…

BUDGET 2017: N’Assembly won’t succumb to blackmail, Saraki, Dogara vow

President of the Senate, Bukola Saraki and Speaker of the House of Representatives, Yakubu Dogara, on Monday, said the National Assembly will resist any form of blackmail from heads of Ministries, Departments and Agencies (MDAs), ahead of the passage of the 2017 budget. The two who spoke at the opening ceremony of the 2017 national…

Nigeria targets raising foreign reserves, naira value with Eurobond

One of the targets of the recently marketed Eurobond deal is to use the goodwill to shore up the Nigeria’s depleted foreign reserves and increase the naira value, according to the Central Bank of Nigeria (CBN). The anticipation is that at the time all allotments from the bond are fully paid up, the proceeds would…

Inject more money into the economy – Gov.Tambuwal tells FG

The Sokoto state governor, Aminu Waziri Tambuwal has called for more money to be injected into the economy by way of buildings, road constructions and other capital projects to enable Nigeria get out of recession. Tambuwal said this in an interactive session with some journalists at the weekend. He revealed that governors had been discussing…

Is AMCON’S move ploy to convert Arik Air to national carrier?

Insinuations that the Federal Government, through the Asset Management Corporation of Nigeria (AMCON), may have had some other clandestine motives for the take-over of Arik Air are beginning to fly in the air. One such allegation gained attention on Monday as the Association of Concerned Aviation Professionals (ACAP) formally voiced its opposition to AMCON’S intervention…

NSE RoundUp! Nigerian equities buck global rally with N122b loss

With two decliners for every advancer, Nigerian equities traded largely in the negative in the immediate past week, bucking a global rally that saw equities on the upswing from Europe to America, Asia and other parts of Africa. The benchmark indices at the Nigerian Stock Exchange (NSE) indicated average week-on-week decline of 1.79 per cent,…

Aviation workers threaten govt over Abuja Airport closure

The last may not have been heard of the mirage of voices against Nigeria’s planned closure of Abuja Airport for six weeks to enable repairs on its runway. The latest group to oppose the move is the National Union of Air Transport Employees (NUATE) which has threatened withdrawing services at Kaduna Airport unless the Federal…

SAHCOL to lose N480m on Abuja Airport closure, says management

Managing director, Skyway Aviation Handling Company Limited (SAHCOL) Mr. Rizwan Kadri says that the firm will lose at least N480 million, for the six-week period the Abuja Airport will be closed. This avoidable loss is to come from the unplanned personnel costs and other logistics, which the closure would subject the cargo handling company to….

Tension mounts at NERFUND over fears of mass sack

Workers of the National Economic Reconstruction Fund (NERFUND) now live in fear of the unknown as the situation bedevilling the agency’s activities has taken a new dimension. A greater part of last week saw some senior members of staff being edgy as rumours of government winding up the activities of the body spread. Trouble began…

Rehabilitation of Abuja airport not captured in 2016, 2017 budget –Saraki

Senate President, Dr. Bukola Saraki, has revealed that the proposed rehabilitation work on the runway of the Nnamdi Azikiwe International Airport is not captured in either the 2016 or 2017 budget. According to him, “one will be wondering how such kind of decisions are arrived at.” He made the disclosure while receiving the Niger State…

Nigeria makes PwC list of 32 powerful economies by 2030

Though still smarting from the worst economic recession in its history, Nigeria has been listed among the 32 countries that will be leading the world, economically by 2030. According to one of the international economic growth monitoring and professional-services firms, Pricewaterhouse Coopers, of more than 150 counties surveyed, Nigeria was ranked among 20 other developing…

Naira weakens to 506 per Dollar

The free fall of the Naira against the Dollar appears unstoppable as the Nigerian currency traded for N506 to $1 down from N500 recorded on Thursday, February 9, 2017. Against the British Pounds Sterling and the European Euro, the Nigerian Naira weakened to N617 and N531 respectively down from the N615 and N530 recorded the…

Nigeria’s $1bn Eurobond over-subscribed amid investors’ worries

Nigerian officials on the country’s $1bn Eurobond road show are currently facing fresh challenges from a campaign by some interest groups to raise a set of fresh demands on the ongoing sale of the bond across Europe and America. This is coming on the heels of news that the bond has been oversubscribed by potential…

Senate says telcos relocating operations centres to India

The Senate has drawn the attention of the Federal Government to a security challenge which may likely threaten the security of the country due to undermining activities of telecommunication firms operating in Nigeria. At a budget defense session of the Ministry of Communications, chairman of Senate committee on Communications, Senator Gilbert Nnaji, who spoke on…

NNPC loses N12.5bn from products theft in Kaduna Refinery

A disturbing revelation has come out from the Nigerian National Petroleum Corporation, (NNPC) that about 45 per cent of refined products from the Kaduna Refinery have been stolen by unknown persons. This accounts for total loss of about N12.5 billion revenue in five years by the Kaduna Refining and Petrochemical Company (KRPC), a subsidiary of…

Jaiz Bank shares now trade on Nigerian Stock Exchange

Shares of Jaiz Bank Plc have been Listed on the floor of the Nigerian Stock Exchange (NSE) and trading on then commenced on Thursday. The Bank’s Managing Director/CEO Hassan Usman officially rang the NSE’s bell to open the 29,464,249,300 Ordinary Shares to the public. He was supported by its Chairman Alhaji (Dr.) Umaru Abdul Mutallab,…