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Business News Brief – August 05, 2015




Naira Drops to N225/$ As Dollar Demand Resumes

After gaining value on Monday on the back of banks’ refusal to accept dollar deposits, the pressure on the naira resumed yesterday at the black market, selling at N225 to the dollar.
The value of the naira had appreciated to N215 to the greenback, up from N240 which it sold earlier last week.[Read More…]


PenCom Approves N4.44b Benefits To Next-of-Kins

The National Pension Commission (PenCom) says it has approved N4.44 billion as death benefits to the next- of- kin (NOK) of deceased employees nationwide in the first quarter of 2015.This was contained in a report from the commission and obtained by the News Agency of Nigeria (NAN) in Abuja on Tuesday.[Read More…]


NNPC: Refineries to Operate at 90% Capacity after TAM

The General Manager, Services, of the Nigerian National Petroleum Corporation (NNPC), Mr. Abubakar Muhammed,  has said the nation’s four refineries would operate at 90 per cent capacity on completion of the ongoing Turn Around Maintenance (TAM).[Read More…]

Seplat Petroleum Seeks Domestic Energy Security

The London-listed Seplat Petroleum Development Company (SPDC) Plc has stated that domestic energy security was key to Nigeria’s future development, stressing that this could be achieved in the next five years.[Read More…]

FG Reads Riot Act to Illegal Miners

President Muhammadu Buhari has warned that the federal government will no longer tolerate illegal mining and other improper activities that have inhibited the growth of Nigeria’s solid minerals sector.[Read More…]

MDAs Owe Six Discos N31bn

The various Ministries, Departments and Agencies (MDAs) of both the federal and state governments in the country are from a recent electricity debt report profile of six electricity distribution companies (Discos) owing over N31 billion in electricity bills already consumed by them since November 2013.[Read More…]

Recapitalisation: 15 Operators Move to Reclassify, Merge Operations

About  two months to the  September 30, 2015  recapitalisation deadline for capital market operators, over 15 stockbroking firms have applied to  the Securities and Exchange Commission (SEC) either  to merge or reclassify their businesses, THISDAY checks have revealed.[Read More…]


Major oil firm, MRS, owes FCMB N6.2bn

The Central Bank of Nigeria-initiated name and shame campaign of banks’ delinquent debtors gained further momentum on Wednesday as First City Monument Bank Limited and Ecobank Nigeria published their lists.[Read More…]


N26bn debt: DISCOs disconnect police, military barracks, others

The Association of Nigerian Electricity Distributors, ANED, comprising of the 11 Distribution Companies, DISCOs, has threatened to commence the disconnection of power supply to military and police barracks as well as ministries, departments and agencies across the country, over accumulated N26billion.[Read More…]


NAICOM slams restriction order on IGI, UnityKapital

The National Insurance Commission (NAICOM) in exercise of its regulatory powers has issued regulatory orders on the Industrial and General Insurance Plc and Unitykapital Assurance Plc.[Read More…]


Greek bank shares plunge for third day, stock market down 1.3 percent

Greek bank shares sold off sharply pressure for the third day in a row on Wednesday with the bank sector share index .FTATBNK losing 14.8 percent in early deals.[Read More…]

National Bank of Egypt postpones bond issue, to repay $600 mln: CEO

National Bank of Egypt will postpone a new bond issuance and repay $600 million of earlier bonds on Wednesday, its chief executive said.[Read More…]


Asia Bonds Drop as Fed Bets Propel Dollar; European Futures Rise

Bonds in Asia declined as speculation U.S. interest rates may be raised as soon as next month underpinned the dollar. Copper fell as European equity futures rose and shares in Asia slipped. Crude oil rallied.[Read More…]

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