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Business News Brief – August 06, 2015



Senate summons CBN governor over naira depreciation

The Senate on Wednesday passed a motion directing the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to appear before it to brief members on the state of the nation’s economy, especially the alarming naira depreciation.[Read More…]

Unveil your economic plan now, LCCI urges Buhari

The Lagos Chamber of Commerce and Industry says it is not comfortable with the present approach of the Federal Government to economic issues, which has continued to diminish investors’ confidence.[Read More…]

Lagos releases 11bn for pension payment

The Lagos State Government has released N11bn to offset pension liabilities in arrears in the state since 2010.[Read More…]

Buhari fires eight NNPC group executive directors

Twenty-four hours after the Federal Government replaced the Group Managing Director of the Nigerian National Petroleum Corporation, it announced the sacking of all the eight executive directors of the corporation.[Read More…]

CBN, MTN in talks over $600m debt repayment

MTN Group Limited is in talks with the Central Bank of Nigeria about the early repayment of almost $600m of debt to reduce exposure to the naira, which has weakened against the rand this year.[Read More…]


NLNG Faults NEITI on Non-Remittance of $11.6bn to Federation Account

The Nigeria LNG Limited (NLNG) has faulted the Nigerian Extractive Industries Transparency Initiative (NEITI) over a report credited to the transparency watchdog that the company has not remitted about $11.6billion (N2.32trillion) to the Federation Account.[Read More…]

Customs Rakes in N5.8 Billion in Four Months

With the assumption of office of a new Controller for the Nigeria Customs Service, Oyo/Osun Area Command, Muhammed Suleman Bawa in March this year, the command said it generated more than N5.8 billion between the period and July, with a promise to do more in the area of enforcement and income generation.[Read More…]

PenCom Recovers N6.73 Billion Outstanding Contributions, Fines from Defaulting Employers

The National Pension Commission (PenCom) has said it recovered outstanding pension liabilities valued at N540.94 million, representing principal contributions of N145.85 million as well as N359.09 million from defaulting employers under the Contributory Pension Scheme (CPS) during the first quarter of the year (Q1 2015).[Read More…]

Zenith Bank Adopts Strategy for Half-year Financial Reporting

Zenith Bank Plc has adopted a new financial reporting policy, with the bank set to release its audited half-year results in the coming days.[Read More…]

Investors in Afren Set to Be Wiped out

Investors expecting to retrieve any value from their holdings in Afren, the scandal-hit oil explorer that entered administration last week, are likely to be sorely disappointed.[Read More…]


Buhari grants guarantee for Azura’s 500mw project

Construction work on the widely acclaimed 500MW Azura thermal power plant in Edo state is expected to commence next month, after the intervention of President Muhammadu Buhari in what analysts say shows the new leader will have a central place for the private sector investment in pushing his economic agenda.[Read More…]


Naira gains N16, closes at N215/dollar

 The naira appreciated, yesterday, against the US dollar in the parallel market, closing at N215 to a dollar. This represents an appreciation of N16 from Tuesday when a dollar exchanged for N231 in Lagos and Kano, and N230 to a dollar in Abuja.[Read More…]

BoI grants solid minerals sector N24.6bn loan

The Bank of Industry on Wednesday put its total loan portfolio in the solid minerals sector of the economy at N24.6 billion. The Managing Director, BoI, Mr Rasheed Olaoluwa, said this in Abuja at the opening session of the bank’s one day Solid Mineral Sensitisation Forum tagged “ investment opportunities in the solid minerals sector’’.[Read More…]


Reps Order Probe Of Stallion Group For Alleged N15b Tax Evasion

Five months after it called for investigation of companies involved in rice importation including Stallion Group and two others for exceeding their approved quota and evading payment of N43 billion import duties to the Federal Government, the House of Representatives, on Wednesday, ordered another probe of the group for alleged evasion of N15 billion tax.[Read More…]


‘Nigeria needs N137b to revive textile industry’

The committee on resuscitation of cotton, textile and garments set up by the Federal Ministry of Agriculture and Rural Development (FMARD) yesterday said Nigeria needs N137.2billion to revive the textile industry.[Read More…]

NLNG: it’s not our duty to remit cash into Federation Account

The Nigeria Liquefied Natural Gas Limited has faulted the Nigeria Extractive Industries Transparency Initiative’s (NEITI’s) claim that it has not remitted about $11.6billion (N2.32trillion) to the Federation Account.[Read More…]


Asia shares drop, dollar firm; data supports expectations for Fed hike

Asian shares fell and European markets were set to follow suit on Thursday, while the dollar held firm after strong U.S. data and comments from a Federal Reserve governor fanned expectations of an interest rate hike in September.[Read More…]

Dollar edges down but close to highs, sterling awaits BOE update

The dollar inched lower against a basket of currencies while staying near a more than three-month high on Thursday, after U.S. data provided more evidence that the U.S. Federal Reserve could hike interest rates as early as next month.[Read More…]


China Stocks Extend $3.4 Trillion Tumble as Turnover Plummets

China’s stocks fell for the fifth time in six days and turnover plummeted as unprecedented government intervention fails to stop a $3.4 trillion rout.[Read More…]

Japan Stocks Climb as Aussie Drops on Jobs; Europe Futures Fall

Japanese stocks advanced, with the Topix near the highest in eight years as a weaker yen boosted earnings prospects. Bets the Federal Reserve will boost interest rates as soon as next month hit bonds, while the Aussie slid after unemployment matched the highest since 2002.[Read More…]

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