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Business News Brief – July 23, 2015



Naira tops agenda as MPC meets Thursday – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), which commences its 245th meeting this Thursday is expected to take critical decisions that would determine the fate of the naira, which has been under intense pressure at the parallel market in the past few weeks.[Read More…]

FBN Holdings records N52bn Profit Before Tax in six months –  FBN Holdings Plc on Wednesday unveiled its financial results for the half year ended June 30, 2015, showing  profit before tax of N52.1 billion.[Read More…]


Flour Mills full-year profit drops by 6% – Flour Mills of Nigeria Plc posted a full-year profit before tax of N7.72bn, down by six per cent from N8.22bn the previous year.[Read More…]

Presco declares N1bn dividend, posts N2.6bn profit – Presco Plc on Wednesday received the approval of its shareholders to pay the sum of N1bn as total dividend proposed by the company for the year ended December 31, 2014.[Read More…]

Nigeria spends N1tn on food imports annually – FG – The country spends N1tn every year to import rice, sugar, wheat and fish, translating to over N10tn from 2005 till now, the Federal Government has said.[Read More…]

CBN sets aside N252bn for women-owned businesses – About N252bn has been set aside by the Central Bank of Nigeria as credit to support businesses owned by women in the country.[Read More…]

Fitch assigns ‘BBB-‘rating to Wema Bank – Global rating agency, Fitch Ratings, has assigned a long-term Issuer Default Rating of ‘B-’ with a stable outlook to Wema Bank Plc.[Read More…]

Nigeria’s gas reserves to last 79 years – DPR – Nigeria’s gas reserve life index stands at 79 years as of January 1, 2015, according to the latest data from the Department of Petroleum resources.[Read More…]


Naira falls across markets as CBN adjust clearing rate to N197 – The nation’s currency, naira on Wednesday depreciated in valued against the US dollar, across all market segments as the Central Bank of Nigeria (CBN) adjusted its clearing rates to N197/$ from N196.65k/$.[Read More…]


Customs generates N119bn in 5 months – The Nigeria Customs Service (NCS) has generated as much as N119.33 billion as revenue in the first five months of 2015.[Read More…]

Dredging of Calabar Port: FG paid N20bn to mystery firm, shippers’ council alleges – Nigerian Shippers Council, Cross River State chapter, has alleged that the Federal Government paid a whopping N20 billion to a firm with no known address.[Read More…]


GENCOs: Three banks under probe over N50b in escrow accounts – The Presidency is probing three banks for short-changing the Federal Government in the management of the N50 billion escrow accounts interest yield for seven Electric Power Generation Companies (EPGC).[Read More…]

Crude price rises by 12 per cent in Q2, says World Bank – The World Bank is nudging up its 2015 forecast for crude oil prices from $53 in April to $57 per barrel after oil prices rose 17 per cent in the April-June quarter, according to the Bank’s latest Commodity Markets Outlook, a quarterly update on the state of the international commodity markets.[Read More…]

Total begins production from Dalia field – Total said it has started production from Dalia Phase 1A, a new development on the offshore operated Block 17, located 83 miles off the coast of Angola.[Read More…]


South Africa index falls 2 pct as mining stocks tumble –  South African stocks fell two percent on Wednesday weighed down by a slump in mining shares such as AngloGold Ashanti after the price of gold slipped to a five-year low.[Read More…]

Asian shares slip on weak data, dollar strong – Asian shares edged lower on Thursday as mixed regional data and overnight declines on Wall Street prompted investors to take profits, while the dollar held steady as expectations for a rise in U.S. interest rates were strengthened by buoyant home sales.[Read More…]

European stocks hit by ripple effects from Apple – European shares dropped on Wednesday, dragged down by tech stocks after Apple Inc’s revenue forecast fell short of estimates, as the quarterly earnings season gathered pace in Europe and on Wall Street.[Read More…]


Taiwanese stocks slide to 9-month low as Apple suppliers tumble – Taiwan’s stocks extended declines to a nine-month low, led by technology companies that bore the brunt of the losses after disappointing results from Apple Inc.[Read More…]


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