5 sacked PTAD deputy directors to refund salaries

The Pensions Transitional Arrangement Directorate (PTAD) has dismissed five deputy directors over alleged employment scam. The sacked deputy directors were Godson Ukpevo, in charge of Civil Service Pension department; Uloma Uruakpa, Customs, Immigrations and Prisons Pension department; Taiwo Ogundipe, Parastatals Pension department; Atiku Saleh, Police Pension department; and Roz Ben-Okagbue, Pension Support Service department. According…

Business experts urge FG to fast track harmonised tax policy

Some business experts on Tuesday called on the Federal Government to fast track the implementation of tax harmonisation policy to enhance growth of Micro, Small and Medium Enterprise (MSME) sector. They told the News Agency of Nigeria (NAN) in Lagos that harmonisation of tax policy would ameliorate negative economic challenges and expedite economic recovery from……

Fuel scarcity looms as indebted marketers are denied licence

The possibility of sustaining stable fuel supply chain in Nigeria looks gloomy as the Minister of State, Petroleum Resources, Ibe Kachikwu, has directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Nigerian National Petroleum Corporation (NNPC) not to renew import licence and loading of petroleum products to oil marketing companies indebted to government through…

NSE LIVE! Equities open with modest rally

After losing N71 billion last week, Nigerian equities opened this week with a tinge of bargain-hunting as investors sought out undervalued value stocks. All key indices at the Nigerian Stock Exchange (NSE) showed improved performance. With 17 gainers to 12 losers, average day-on-day gain stood at N11 billion, equivalent to 0.12 per cent. Aggregate market…

ABUJA AIRPORT: Re-construction remains 6 not 18 weeks, Minister Lai says

Nigerian Minister of Information and Culture, Alhaji Lai Mohammed, has said there was no truth in reports that the ongoing reconstruction of the runway of the Nnamdi Azikiwe International Airport, Abuja, has been extended from six to 18 weeks. A statement released by Senior Adviser to the minister, Segun Adeyemi, quoted Mohammed as stating this…

NEW FOREX POLICY: CBN forces banks to sell at N360/dollar

In its bid to stabilize and improve on recent gains made by Naira against the Dollar, the Central Bank of Nigeria (CBN) on Monday directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar. Said to have been authorized by…

BREAKING: Sell 1 dollar at N360 – CBN orders commercial banks

The Central Bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at N360 to the dollar. In a statement by the apex bank spokesperson, Isaac Okoroafor, all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical…

UBA grows Profit Before Tax by 32%, declares final dividend per share of 55 kobo

United Bank for Africa (UBA) Plc, the pan-African financial services group, operating in 19 African countries, has released its audited 2016 full year results, showing significant growth in gross earnings and profits, an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries. The Group recorded an…

Meet Kabir, the man who instigated Senate to probe N4tn leakage in Customs

Based on the move by the Senate Committee on Customs, Excise and Tariff to investigation how over N4 trillion was lost by the Nigeria Customs Service (NCS) between 2006 and 2016, Ripples Nigeria dug deeper to unearth why and how it reached the decision. Findings revealed that the decision to probe the government agency headed…

AMCON hands over Keystone Bank to new investors

Following the sale of Keystone Bank to Sigma Golf-Riverbank Consortium by the Asset Management Corporation of Nigeria (AMCON), the new investors have finally taken possession with a view to repositioning the bank. A statement from the bank management at the weekend said the handover took place after the Completion Board Meeting to consummate the acquisition…

AMCON hands over Keystone Bank to new investors

Following the sale of Keystone Bank to Sigma Golf-Riverbank Consortium by the Asset Management Corporation of Nigeria (AMCON), the new investors have finally taken possession with a view to repositioning the bank immediately. A statement from the bank said the handover took place last Friday after the Completion Board Meeting to consummate the acquisition and…

Nigeria to revive suspended EEG, clear over $670.25m backlog

The coast may be clear for Nigerian exporters of non oil products, as the Federal Government says it has concluded plans to settle the outstanding $670.25 million it owes the international body, Export Expansion Grant (EEG) by the end of March 2017. The EEG suspended Nigeria from all its activities since 2013 after the Federal…

Fashola reveals how FG plans to remove Nigeria from recession

The Minister of Power, Works and Housing, Mr Babatunde Fashola has revealed that the Federal Government is concentrating on infrastructure development to get the country out of its worse economic recession in 25 years. The minister said the plan, in line with President Muhammadu Buhari’s vision is to develop the nation’s infrastructure which will improve…

Nigeria to rake in N14.67tn investments in 2017

If all things go well, Nigeria will rake in about N14.67tn into its economy from both foreign and local investors before the end of the 2017 fiscal year. This is according to statistics obtained from the Ministry of Budget and National Planning, at the weekend. Details of the projection showed that, when compared with 2016…

NSE RoundUp! Nigerian equities lose N71bn amidst global decline

Nigerian equities witnessed a reversal in the immediate past week as macroeconomic concerns dampened investors’ appetite for quoted shares. Despite increasing inflow of corporate earnings reports and dividend recommendations, most equities at the Nigerian Stock Exchange (NSE) still closed on the negative, reechoing the downtrend that marked global share prices during the week. The benchmark…

Profit taking: Market indices maintain downward slide on NSE

Transactions on the Nigerian Stock Exchange (NSE) on Friday for the fourth consecutive day ended on a negative trend, with the market indices dropping by 0.23 per cent. The News Agency of Nigeria (NAN) reports that the All-Share Index lost 59.1 points or 0.23 per cent to close at 25,454.93, against the 25,514.03 posted in……

Naira gains more grounds as CBN records unpurchased dollars return

There is an apparent glut in the foreign exchange market as the Central Bank of Nigeria (CBN), on Thursday, said of $100 million it supplied to meet the requests of wholesale customers, only $91 million was bought. The development was said to have been as a result of the apex bank’s consistent injection of dollars…

NSE LIVE! Equities close flat amidst bargain-hunting

Nigerian equities closed almost flat on Thursday after losses by highly capitalised stocks counterbalanced widespread bargain-hunting. With 20 advancers to 14 decliners, the market showed growing underlying bargain-hunting but losses recorded by large-cap oil and gas and banking stocks weighed against the rallying stocks. Aggregate market capitalisation of all quoted equities on the Nigerian Stock…

Aircraft, passengers’ lives exposed to danger at Kaduna airport –Reps

Nigeria’s House of Representatives has branded Kaduna International Airport as unsafe and said that both aircraft and passengers’ lives are exposed to danger. Reps members stated this during the plenary of the House on Thursday, adding that the airport has no safety standards for both domestic and international flights. The chairman, Committee on Media Loan,…

More troubles for Arik, as unions picket, stop supply of Jet A1

In what looked like a surprise action, four trade unions said they have embarked on indefinite occupation of the corporate headquarters of one of the local airlines, Arik Air. They insist they would not vacate the airline’s premises until its sacked workers are reinstated. The unions, comprising of United Labour Congress (ULC), National Union of…

Stanbic IBTC to pay five kobo dividend

The board of directors of Stanbic IBTC Holdings Plc on Wednesday announced that the bank would be paying a 5.0 kobo dividend per share for the 2016 business, opting to share N500 million to shareholders out of net profit of N28.5 billion. The audited report and accounts of Stanbic IBTC Holdings for the year ended…

Ogun leads Kogi, others in 43.5m tonnes solid minerals produced in Nigeria

Nigeria produced about 43.5 million tonnes of solid minerals in 2016, according to the National Bureau of Statistics (NBS) in its report on the performance of the sector released on Wednesday. The NBS’ data identifies Ogun State as having produced the highest volumes of the solid minerals among the 36 states and the Federal Capital…

Zenith Bank backs down on plan to raise N100bn

The board of directors and management of Zenith Bank on Wednesday stepped down the consideration for a new capital raising by the bank, putting a lid on the bid to raise N100 billion. While the resolutions to authorise the board of directors to raise the new capital were part of the annual general meeting’s notices…

Lafarge Africa to pay N5.47bn dividend on N22.8b pre-tax loss

The board of director of Lafarge Africa Plc on Wednesday played a bitter-sweet on shareholders of the cement company as it recommended payment of N5.47 billion as cash dividends for 2016 business year in spite of noticeable decline in the performance of the company. The board of Lafarge Africa announced that about N5.47 billion would…

Why Nigerian banks will experience difficulty in 2017 – Fitch

Renowned rating agency, Fitch on Wednesday explained why Nigerian banks will face further challenges in 2017, following an extremely difficult 2016. The organisation in its Peer Review reports said the slow economic growth, low risk appetite from banks to translate into subdued credit growth and weak core earnings generation in 2017 were likely things to…

Zenith Bank shareholders approve N63.4bn dividend, hail performance

Shareholders of Zenith Bank Plc on Wednesday approved final dividend of N55.573 billion for the year ended December 31, 2016, bringing the total payout to N63.422 billion. The dividend, which translates to N1.77 per share, was paid out of N129.65 billion recorded for the year. The shareholders gave the approval at the Annual General Meeting…

FG okays N80bn for roads, bridges in Sokoto, Enugu, Oyo, 9 others

N8billion have been approved by the Federal Executive Council for the construction of roads and bridges across 12 states of the federation and the Federal Capital territory (FCT). The Minister of Power, Works and Housing, Babatunde Fashola, made this known to State House correspondents when he briefed them after FEC meeting on Wednesday presided over…

Senate okays FG’s plan for additional $500m Eurobond

The Senate, on Wednesday, approved the request of President Muhammadu Buhari to raise additional $500 million Eurobond from the international capital market to fund the 2016 budget. The Senate arrived at this decision after a brief debate on the loan request. Deputy President of the Senate, Ike Ekweremadu who presided over the day’s legislative business,…

Naira recovers dramatically, sells at 405 per dollar

The naira on Wednesday dramatically recovered to exchange for 405 per dollar. This is coming in less than 24 hours after the Central Bank of Nigeria, CBN, monetary policy committee, MPC, meeting. The naira is currently selling between 405 to 410 per dollar in Abuja, Nigeria’s capital, while in Lagos, the country’s commercial capital, traders…

FG develops software to track revenue and expenditures in states, LGs

The Federal Government has developed an International Public Sector Accounting Standards (IPSAS) compliant accounting software suite “OneBook”, to reduce financial leakages and improve Public Financial Management, aimed at enhancing efficiency, accountability, and transparency across all levels of Government. The Director of Information, Ministry of Finance, Salisu Na’inna Dambatta made this known in a statement on…

Nigeria records 60% growth in maritime sector in 2016 –NIMASA

Nigeria recorded above average in its maritime sector, having achieved about 59.5 per cent increase in vessel traffic at the various sea ports in 2016. The Director General of Nigerian Maritime Administration and Safety Agency, (NIMASA), Dakuku Peterside, who disclosed this in Lagos, on Tuesday, said a total of 370 vessels called at the ports…

Rates retention needed to sustain economic recovery- experts

Some financial experts on Wednesday said the retention of monetary policy rates by the Monetary Policy Committee (MPC) was necessary to reduce inflationary pressure and sustain current economic recovery drive. They made the observation in separate interviews with the News Agency of Nigeria (NAN) in Lagos while reacting to the outcome of the Monetary Policy……

Why Emefiele’s powers must be reduced – Finance Minister, Adeosun

Minister of Finance, Kemi Adeosun, has urged the National Assembly to reduce the powers of the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele. She pointed out that the extensive powers of the governors was responsible for the disconnect between Federal Government’s monetary and fiscal policies. Adeosun spoke yesterday while receiving members of…

FG, states, LGs share N429bn allocation for February

A total of N429.127 billion was distributed among the three tiers of government in Nigeria at the end of the Federal Account Allocation Committee (FAAC) meeting, which wad held on Tuesday in Abuja. When compared with the amount the three tiers shared in January 2017, FAAC has hiked the figure by about 7.4 per cent…

Peterside bows out from Stanbic IBTC Bank

Atedo Peterside, has resigned from the board of Stanbic IBTC Bank Plc as chairman, with effect from March 31, 2017. Peterside served as the Chief Executive Officer of the bank from its inception in 1989, until a merger that created Stanbic IBTC Bank Plc in 2007, as he transmuted from CEO to the chairmanship of…

Cadbury Nigeria records N296m loss

Cadbury Nigeria Plc on Tuesday released its audited report for the 2016 business year showing a net loss of N296.4 million. The audited report and accounts of Cadbury Nigeria Plc for the year ended December 31, 2016 released at the Nigerian Stock Exchange (NSE) indicated that total sales rose by eight per cent from N27.83…

NSE LUVE! Equities relapse with N21bn loss

After five days of consecutive positive trading session, Nigerian equities relapsed into the negative on Tuesday as investors sought to take profit from the recent rallies. With 24 losers to 13 gainers, the market became overtly bearish with momentum of activities slowing down below recent average. The All Share Index (ASI)-the value-based common index that…

Nigeria equity market indices down by 0.44%

The Nigerian Stock Exchange (NSE) Market indicators on Tuesday downgraded by 0.44 per cent, amid losses posted by some highly capitalised stocks. The News Agency of Nigeria (NAN) reports that the market capitalisation lost N39 billion or 0.44 per cent to close at N8.842 trillion compared to N8.881 trillion recorded on Monday. In the same……

Why I resigned as Stanbic IBTC Chairman – Atedo Peterside

The Chairman of Stanbic IBTC Plc , Mr. Atedo Peterside, Tuesday, announced his resignation from the board of the bank after serving for 10 years. In a message to the board, Peterside, who set up IBTC at the age of 33 in 1989 said “this is the ideal time for me to move on”. His…

NNPC refunds N6.3bn as FG, States, LGs share N429bn February allocation

A total of N429.127billion has been distributed as Federal Allocation for the month of February, 2016 to Federal Government, State Governments and Local Government Councils. A communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held Tuesday in Abuja, indicated that the gross statutory revenue received…

Nigeria has moved out of recession – World Economics

World Economics says Nigeria’s economy has climbed out of recession. World Economics is an organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy. In a message on its website, the organization believed that things were turning around in Nigeria. It wrote, “March Sales Managers’ Index…

Naira continues to appreciate against dollar

The Naira has continued to appreciate against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency on Tuesday afternoon traded at N420 (buying rate) and N430 (selling rate), while the Pound Sterling and the Euro closed at N530 and N450 respectively. Trading on the floor of the Bureau…

FG to publish details of Parish club refunds to state –Adeosun

The Minister of Finance, Kemi Adeosun ha stated that the federal government would not hide anything in the amount of monies given to the states in the Paris club refunds. The minister reaffirmed the commitment of the Federal Government to publish all relevant information on the Paris club refunds, adding, that it will consistently comply…

CBN’s MPC retains lending rate benchmark at 14%

The Monetary Policy Committee (MPC), a creation of the Central Bank of Nigeria (CBN), after its Tuesday meeting in Abuja, announced that it has retained the monetary policy rate (otherwise known as interest rate) at 14 per cent. Briefing newsmen shortly after the end of the two-day meeting, the CBN Governor, Godwin Emefiele, explained that…

AMCON sells Keystone Bank to ‘unknown’ investors

The Asset Management Corporation of Nigeria (AMCON) has sold Keystone Bank, the former Bank PHB Plc, to a consortium of undisclosed local investors under two firms- Sigma Golf Nigeria Limited and Riverbank Investment Resources. A global search on the two firms did not reveal any existing profile or transaction beyond the deal with AMCON on…

Nigerian government blacklists 25 oil marketers over fraud

Petroleum Equalization Fund (Management) Board says it has blacklisted 25 oil marketers for defrauding the Nigerian Government. The fund, however, has not revealed names of the affected marketers. PEF listed theirs offences as changing of truck heads without getting clearance from the agency, tampering with tags affixed on trucks as well as presentation of trucks…

AMCON sells Keystone Bank at $25bn to local consortium

The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank, one of Nigeria’s commercial banks, to two outfits at the cost of $25 billion. In a statement signed by Jude Nwauzor, AMCON head of corporate communications, the bad debt bank said it “is pleased to announce Sigma Golf Nigeria Limited and…

NSE LIVE! Large-cap stocks boost equities to N4bn gain

Nigerian equities opened on Monday with widespread losses across the sectors but gains by highly capitalised companies sustained a modest positive overall market position. With 22 losers to 13 gainers, the pricing trend tilted heavily towards the downside but gains by large-cap stocks such as Guaranty Trust Bank, the most capitalised banking stock and Nestle…

AMCON finally sells Keystone Bank

The Asset Management Corporation of Nigeria (AMCON) has confirmed the sake of one of Nigeria’s commercial banks, Keystone Bank. AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium). Keystone is last of the three nationalised banks to be sold, after Mainstreet Bank…

Why Buhari released second tranche of Paris Club refunds to States – Adeosun

The Minister of Finance, Kemi Adeosun, has explained that President Muhammadu Buhari released the second tranche of London-Paris Club loan refunds to States, because of unpaid workers. In a statement released by her Special Assistant on Media, Festus Akanbi, Adeosun said the Federal Government had complied with all rules in the disbursement of the Paris…

NNPC mulls $15bn investment to generate 4,000mw electricity

To help boost power generation in the country, the Nigerian National Petroleum Corporation (NNPC) has hinted of its plan to generate at least 4,000megawatts of electricity in the next three to 10 years. The NNPC said that it is aiming for an investment of about $15 billion which will assist in realising its plans to…

Naira extends gain against dollar, sells at N440-N445 per dollar

The Naira on Monday continued to extend its gains against the dollar at the parallel market, newsmen report. The Nigerian currency exchanged at N440 (buying rate) and N445 (Selling rate) to a dollar, from N445/N450 it traded on Friday, while the Pound Sterling and the Euro closed at N530 and N465. At the Bureau De…

FG may lose N57bn weekly as Agents’, NPA face-off threatens to shut ports

Reports suggest that the federal government may lose N57.4 billion weekly if the ongoing faceoff between clearing agents and the Nigerian Ports Authorities (NPA) leads to a shut down of the ports. An unresolved face off between the NPA on one side, and the Association of Nigerian Licensed Customs Agents (ANLCA) and the National Association…

Naira will appreciate further this week – CBN

The Naira is set to appreciate further this week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange into the market. CBN spokesman Isaac Okorafor, gave the assurance yesterday. Okorafor said the bank was committed to ensuring that authorised dealers got sufficient supply to meet the demands of authentic customers of…

NNPC owing Capital Oil millions of dollars – Ifeanyi Ubah

Ifeanyi Ubah, chairman of Capital Oil and Gas Industries Ltd, has debunked the allegation that his company is owing the Nigerian National Petroleum Corporation (NNPC). He said rather, the NPPC was indebted to Capital Oil to the tune of millions of dollars. NNPC had cliamed Ubah’s company could not account for 100 million litres of…

World Bank extends project duration in Delta to create more jobs

The State Employment and Expenditure For Results Project (SEEFOR), an interventionist project of the World Bank and the European Union (EU), has extended its activities in Delta by two years. The Project Coordinator in the state, Mr Benson Ojoko, disclosed this in an interview with the News Agency of Nigeria (NAN) in Asaba on Sunday.……

Nigeria will save $3.5bn annually if Ajaokuta Steel is revived –Fayemi

If Nigeria is able to bring back the Ajaokuta S teel Industry, the country will be saving at least $3.5 billion spent on importation of steel products, annually, so said the Minister of Mines and Steel Development, Dr. Kayode Fayemi. Addressing newsmen, after a meeting with stakeholders in the mining sector in Lagos, on Saturday,…

NSE RoundUp! Nigerian equities net N144bn gain amidst global equities rally

Nigerian equities sustained considerable rally on the back of a global equities’ resurgence last week as investors showed improved appetite for quoted shares across the markets. With increasing inflow of corporate earnings and the deadline for the peak of the earnings period drawing close, investors stepped up bargain-hunting for Nigerian equities, overriding the possible dampening…

Capital Oil, MRS to face EFCC, DSS over missing N17.44bn NNPC products

Two major oil companies in the country MRS Limited and Capital Oil and Gas Limited may soon go before the DSS, and the EFCC over NNPC’s products kept their care but allegedly sold without the corporation’s consent, or knowledge. The NNPC says it has reported to the anti-graft agency, and Nigeria’s secret police how both…

MALABU OIL DEAL: Court returns OPL 245 to Shell, ENI

The Oil Prospecting Licence 245, otherwise known as Malabu oil deal, one of Nigeria’s richest oil blocks has been returned to Shell and ENI. This came after an Abuja Division of the Federal High Court reversed its previous ruling which took away the ownership of the oil blocks from Shell and ENI. Following a motion…

BREAKING: Malabu Scandal: Court returns OPL 245 to Shell, ENI

An Abuja Division of the Federal High Court has reversed its previous ruling which retrieved the control of one of Nigeria’s richest oil blocks, OPL 245, from Shell and ENI. The court had on January 26, issued an order, based on a motion by the Economic and Financial Crimes Commission, retrieving the ownership of the…

BREAKING: Malabu Scandal: Court returns OPL 245 to Shell, ENI

An Abuja Division of the Federal High Court has reversed its previous ruling which retrieved the control of one of Nigeria’s richest oil blocks, OPL 245, from Shell and ENI. The court had on January 26, issued an order, based on a motion by the Economic and Financial Crimes Commission, retrieving the ownership of the…

How NNPC debt to oil majors is re-igniting tension in Niger Delta

It took police pleading and cajolling to avert what could have been a return to violence in Port Harcourt, the main oil community in Nigeria’s Niger Delta region on Thursday, as youths barricaded operation offices of Italian firm, Eni. The restive region has been enjoying some relative peace, following the visit in February 2017 by…

Your business needs a unique selling proposition urgently

What is a unique selling proposition?   Fact: You’re most likely not the only one selling what you’re selling.   Your business has competitors, maybe even a lot, and in a world where customers have easy access to several options, it is difficult to convince them that you are the best option for them. A…

Etisalat, creditor-banks’ peace meeting deadlocked

Last minutes exchange of briefs between Etisalat and a consortium of banks, which lent it about $1.23 billion in 2013, has led to postponement of a planned parley aimed at resolving the impasse that has been trailing repayment of the loan. At the instance of the Nigerian Communications Commission (NCC) and the Central Bank of…

NSE LIVE! Equities’ rally gathers momentum with N41bn gain

Nigerian equities continued on the uptrend on Thursday, rallying N41 billion in net capital gains as investors showed increased appetite for several stocks across many sectors. In the third consecutive positive trading session, gainers again outstripped losers and most sectoral indices closed on the upside. Aggregate market value of all quoted equities on the Nigerian…

Aero sacks 60% ‘redundant’ staff

In what the management of Aero Contractors of Nigeria Limited has described as a “business decision”, letters of redundancy are being served to about 3,000 out of its 5,000 workforce, representing about 60 per cent. This is to affect all categories of its workers, irrespective of years of experience. In a statement, dated March 14,…

Aero Contractors Reportedly Lay Off 60% Of Its Workforce

A new report has indicated that the management of distressed airline, Aero, may have laid off up to 60 percent of its workforce in a bid to balance its dwindling operations. Reports show that the airline’s workers which were more than 1,000 got served with letters of redundancy over the week in a bid to……

Naira appreciates further against dollar

The Naira on Thursday consolidated its gains against the dollar at the parallel market. The Nigerian currency gained two points to exchange at N455 to a dollar, from N457 it posted on Wednesday, while the Pound Sterling and the Euro traded at N550 and N480, respectively. At the Bureau De Change window, the Naira traded…

Buhari okays release of 2nd London-Paris refund to governors

President Muhammadu Buhari has sanctioned payment of a second release of London-Paris refunds to governors to enable them settle unpaid salaries and pension liabilities of their workers as well as ease other financial hardship. The President on Thursday directed the Minister of Finance, Mrs. Kemi Adeosun and the governor of the Central Bank of Nigeria,…

CBN approves Dollar sale to additional 110 Bureau-de-Change operators

The Central Bank of Nigeria (CBN) has cleared 110 more Bureau-de-Change operators to take part in the weekly dollar sale to boost liquidity and support the naira which is weak on the black market. According to the president of Nigeria’s bureau de change operators, Aminu Gwadabe, “the central bank has cleared a total 3,124 operators…

Diageo reduces interest in Guinness Nigeria by 15%

Fear that the parent company of Guinness Nigeria, Diageo, has concluded plans to reduce its share holding in the company became clearer on Wednesday as it confirmed that its application is before the Nigerian Stock Exchange for approval to sell off about 15 per cent of its equity holding, worth about $130 million. Guinness chief…

Lagos IGR beats 33 states combined, rises by N33bn — NEITI

The internally generated revenue (IGR) of Lagos State has maintained its lead over what the totality of 33 other states realise, haven risen by about N33 billion in one year from 2015 to 2016. A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) on Wednesday, said the state recorded an IGR of N301.19 billion,…

NSE LIVE! Equities sustain modest rally with N5bn gain

Nigerian equities continued on the uptrend on Wednesday as investors sustained bargain-hunting amidst indications that several quoted companies may announce their earnings report and dividend recommendations in the next few days. Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose marginally by N5 billion from N8.751 trillion to close at…

CBN targets retrieving 65% liquidity from the system with cashless policy

The Central Bank of Nigeria says it’s new policy of re-introduction of charges on cash withdrawals is aimed at further reducing the volume of liquidity in the system. The bank is already increasing the tempo in sale of financial instruments, including bonds and treasury bills, as the already known means of reducing the volume of…

Controversy trails judgement on consumption of Fanta, Sprite with Vitamin C

There is controversy surrounding a suit filed at the Lagos High court for which judgment was recently delivered involving the Nigerian Bottling Company (NBC) Limited, makers of Coca Cola, Sprite and Fanta. The revelation of the suit has got many Nigerians panicky about consuming Fanta and sprite, two bottled minerals from the NBC stable which…

FG agrees to pay N59.3bn MDA debts to DISCO’s

The federal government has indicated it’s readiness to pay about N59.3 billion debts owed by its ministries, departments and agencies (MDAs) to electricity distribution companies (DISCOs) in the country. The payment by the government comes amid calls by key players in the power sector to address the N809bn revenue shortfall in the industry. The Federal…

Customs makes U-turn, suspends car import duty payment policy

The Nigeria Customs Service (NCS) has “put on hold” the controversial import duty payment on cars which has generated a lot of controversy for the service. The decision to put the implementation on hold was contained in a statement signed by the Acting Public Relations Officer of the NCS, Joseph Attah, on Wednesday morning. Attah…

$1.2BN LOAN: Etisalat to know fate March 16

A crucial meeting between the GSM operator Etisalat and a consortium of banks, which loaned it the sum of $1.23 billion in 2013 has been fixed for Thursday, March 16. The meeting described by the Central Bank of Nigeria (CBN) as a make or mar parley is to be held at the apex bank’s Abuja…

Transcorp Power eyes 25% national power generation capacity

Transcorp Power Limited plans to generate 25 per cent of Nigeria’s total power capacity before the end of the 2018. Transcorp Power Limited, a subsidiary of Transcorp Plc, on Monday commissioned 115MW Gas Turbine 15 at the Transcorp Power Limited’s Ughelli Power Plant, bringing its total operating capacity of the plant to 620MW. Speaking at…

NSE LIVE! Equities rally N52b gain amidst bargain-hunting

Nigerian equities broke into a major rally on Tuesday as investors upped demand for value stocks across major sectors of the economy. With nearly two advancers to a decliner, investors showed more appetite for quoted equities with turnover volume and value rising by 68 per cent and 36 per cent respectively. Aggregate market value of…

Economic Recovery Plan: Union urges FG to involve small-scale businesses

The National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), has urged the Federal Government to involve small-scale businesses in driving its new Economic Recovery and Growth Plan (ERGP). The union’s General Secretary, Mr Isah Aremu, made the call at the inauguration of the Abuja branch of the Union on Tuesday in Abuja.……

Dangote Salt and NAFDAC collaborate to sanitize the food market

The management of Dangote Salt and the National Agency for Food and Drugs Administration and Control (NAFDAC) have expressed their readiness to collaborate and corroborate efforts to rid the food market of unwholesome practices by unscrupulous traders. The two managements resolved to work together closely to monitor the quality of products that are delivered to the market……

FG recorded N3.1bn revenue shortfall in 2015 – FRC report

The Fiscal Responsibility Commission (FRC) says the Federal Government recorded a revenue shortfall of N3.1 billion at 33.34 per cent of its gross federally-collected revenue in 2015. This was contained in the 2015 Annual Report and Audited Accounts of the commission made available to the News Agency of Nigeria (NAN) on Tuesday in Abuja. It……

NSE LIVE! Equities lose N35bn in tight trades

Nigerian equities opened this week to a tight market situation with a tit-for-tat pricing trend that held the price changes to a balance. With equal number of gainers and losers, the market showed cautious bargain-hunting but the losses suffered by Dangote Cement weighed in on the overall market position. With 12 gainers and advancers each,…

FG tells CBN to extend BVN to Micro-Finance Banks

The Minister of Finance, Mrs Kemi Adeosun, has asked the Central Bank of Nigeria (CBN) to extend Bank Verification Number (BVN) requirement to account holders in Microfinance Banks (MFBs). She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates….

Insurance sector to shed 45% load over recapitalisation

Almost 20 per cent of the 100 registered insurance companies in Nigeria may go out of business, with about 25 per cent to be acquired. Also, about 55 per cent may go for merger before the end of 2017, to remain in business, going by feelers from the sector. This is to be part of…

Domestic borrowing: FG offers new retail savings bond

The Debt Management Office (DMO) has opened bidding for a new two-year savings bond targeted at retail investors. According to DMO, the savings bond which carries a coupon of 13.01 percent, will help broaden the funding base for 2017 budget. DAILYPOST gathered that the retail bond will be available for purchase on a monthly basis…