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Business News Brief – July 30, 2015



FG to borrow N195bn via Treasury bills-The Federal Government is planning to sell N195.17bn ($981m) worth of three-month, six-month and one-year Treasury bills on August 5, the Central Bank of Nigeria has said.[Read More…]

Oil worth $13.7bn stolen under NNPC, says NEITI-The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hajiya Zainab Shamsuna-Ahmed, on Wednesday said between 2009 and 2012, about 160 million barrels of oil valued at $13.7bn was stolen under the watch of the national oil giant, Nigerian National Petroleum Corporation.[Read More…]

NSE: House to ensure telecoms, oil firms’ listing-The Speaker of the House of Representatives, Mr. Yakubu Dogara, said on Wednesday that the House would pass a legislation compelling telecommunications and oil companies operating in the country to list on the Nigerian Stock Exchange.[Read More…]

Banks seized debtor states’ share of NLNG dividend – Yari-The Chairman, Nigerian Governors’ Forum, who is also the governor of Zamfara State, Abdulazeez Yari, has said that banks have withheld the share of the $2.1bn Nigeria Liquefied Natural Gas Company’s dividend due to some states of the federation.[Read More…]

High tariff: Car imports drop by 70%-Automobile importers and dealers are currently experiencing a tough time as the implementation of the 70 per cent import tariff on cars is taking a heavy toll on their business.[Read More…]

P’Harcourt, Warri refineries begin crude production – NNPC-The Nigerian National Petroleum Corporation has announced the successful re-streaming of the Port Harcourt and Warri refineries after nine months of phased rehabilitation conducted by its in-house engineers and technicians.[Read More…]


Crude oil prices freeze N44tr oil, gas investments-Oil and gas investors around the world may have decided to put over $200 billion (about N44 trillion) investment on hold due to the declining crude oil prices.[Read More…]

Nigeria’s economy, a volcano waiting to erupt, says CBN-THE Central Bank of Nigeria (CBN) has described the nation’s economy as “a volcano waiting to erupt” had the foreign exchange pressure been left unchecked.[Read More…]


CBN Sets Aside N252bn For Women-owned Businesses-The Central Bank of Nigeria (CBN) has set aside about N252 billion as credit to support businesses owned by women in the country.[Read More…]

Backlog Of Cash Call Worsens Investment – PENGASSAN-The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has sought government’s intervention in the settlement of cash call in the joint venture (JV) operations with the international oil companies (IOCs).[Read More…]


N80b Unclaimed Dividend: SEC, CBN, NIBSS To Tackle Menace-The solution, the commission said, is the electronic-dividend payment platform initiated in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS).[Read More…]

Currency In Circulation Rises To N1.818tr-The latest Central Bank money and credit statistics obtained on Wednesday also showed that broad money (M2), which generally is made up of demand deposits at commercial banks and moneys held in easily accessible accounts increased to N19.142 trillion as at March, from N18.871 trillion at the end of February.[Read More…]


Telcos Spend over N16 Billion Yearly on Diesel-The poor electricity supply in Nigeria has brought untold hardship to the telecoms industry as investigations revealed that telecommunication operators spend as much as N16 billion yearly on diesel generators that power each Base Transceiver Station (BTS), commonly known as base stations.[Read More…]

Rice Investors Decry Customs Action on Retrospective Duty-Rice investors and importers in the country are unhappy with the action of the Nigeria Customs Service (NCS), who sealed their warehouses over alleged non-payment of N23.60 billion importation levy.[Read More…]


Delta State faces perpetual deficits as debt now N773bN-Nigeria’s oil rich Delta State is deep in debt, as N773 billion in outstanding liabilities from the previous administration, along with monthly expenditure which far outstrips earnings, leave the state with prospects of perpetual deficits.[Read More…]

NPA ‘OWES CALABAR CHANNEL N300M’-The Nigerian Ports Authority (NPA) is owing the Calabar Channel Management $12.5m (about N300m) for the dredging of ports in the country, Managing Director of the company, Mr Bart Van An Eenoo, has said[Read More…]


Power transmission peaks at 4662Mw-The Management of Transmission Company of Nigeria (TCN) yesterday announced  that the National Grid Transmission has recorded another peak of 4662megawatt (Mw) of electricity.[Read More…]


Asian shares, dollar up on Fed’s optimism; earnings in focus-Asian stocks tiptoed higher on Thursday and the dollar consolidated recent gains after the U.S. Federal Reserve painted a relatively bright picture of the economy, but a deepening sell-off in commodities kept gains in check.[Read More…]

Ghana’s producer price inflation rises to 23.1 pct in June-Ghana’s annual producer price inflation rose sharply to 23.1 percent in June from a revised figure of 18.8 percent the previous month, driven by currency depreciation and higher cement prices, the national statistics office said on Wednesday.[Read More…]


Europe Stocks Rise on Earnings as Dollar Strengthens; Gold Falls-Stocks in Europe and Asia rose amid better-than-estimated corporate earnings. The dollar gained for a second day after the Federal Reserve said the job market is improving, while gold slumped.[Read More…]


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