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BUSINESS NEWS BRIEF – August 25th,2015.



2016 Budget: Senate Frets over FG’s Unpreparedness to Submit MTEF
The Senate is becoming uncomfortable with the perceived unpreparedness of the Muhammadu Buhari administration to submit to the National Assembly the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP) ahead of the presentation of the 2016 budget.[Read More…]

Ban Ki-moon Asks Buhari to Address Economic Causes of Insurgency
The United Nations Secretary General, Mr. Ban Ki-moon, has pledged the UN’s full support for the federal government’s fight against terrorism even as he advised President Muhammadu Buhari to address the underlying causes of insurgency in the country.[Read More…]

PPMC Slashes Cost of Demurrage on Imported Fuel Cargos
The Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) successfully reduced the high cost of demurrage on imported fuel vessels from $135.94 million in 2010 to $73.25 million in 2014, representing a decrease of 45 per cent.[Read More…]

NERC Bars Discos from Connecting New Customers without Meters
The Nigerian Electricity Regulatory Commission (NERC) has placed an embargo on connection of new electricity consumers without adequate metering facilities by Distribution Companies (Discos).[Read More…]

Digitisation: NBC to Raise N100bn from Sale of Spectrum Bands
The National Broadcasting Commission (NBC) has concluded plans to raise the funds required to bankroll the digitisation process through the sale of broadcasting spectrum bands.[Read More…]

Marketers Shun PPPRA, Sell Kerosene above Market Price
Major and independent marketers of petroleum products at the weekend experienced acute scarcity of Dual Purpose kerosene (DPK), thus encouraging high level of profiteering among the marketers, THISDAY has learnt.[Read More…]


Nigeria loses $2.9bn to corporate tax waivers –Report
Nigeria loses a whopping $2.9 bn (N577 bn) annually to top the highest losers chart of the $9.6 bn lost by West Africa yearly to corporate tax waivers, a report entitled “The West African Giveaway: Use and Abuse of Corporate Tax Incentives in ECOWAS”, has revealed.[Read More…]

‘Nigeria needs $100bn to address infrastructure deficit’
Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Engr. Mohammed Sani Haruna has said Nigeria needed $100 billion to address its infrastructure deficit in the areas of road, rail and oil and gas..[Read More…]

50% of naval ships are grounded – CNS
Fifty per cent of ships in the inventory of the Nigerian Navy are presently grounded, the Chief of Naval Staff (CNS), Vice Admiral Ibok Ekwe-Ibas, said.[Read More…]


Capital inflow drops by 0.20% in 1st half
The value of capitalimported into the country in the second quarter of the year stood at $2,666.36 million, representing a marginal drop of $5.24 million or just 0.20% quarter on quarter Capital importation thus remained relatively unchanged from the $2,671.59 million recorded in the opening quarter of 2015, suggesting that this new, lower level will be maintained as long as an uncertain economic environment remains.[Read More…]

CBN sets up centres in North America, Asia, others to facilitate BVN registration
The Central Bank of Nigeria, CBN has named twelve approved centres across Europe, North America, Asia, Middle East and Africa to facilitate the Bank Verification Number, BVN registration exercise for Nigerian banks’ customers in the Diaspora[Read More…]


Bank Lending To Govt Rose By 187.6% In Q1 –CBN Report
The Central Bank of Nigeria (CBN) says net credit to government by the nation’s banking sector soared by 187.57 per cent between January and March 2015, representing 151.52 percentage points above the provisional programmed target of 36.05 per cent for fiscal 2015. The figure also represents 32.07 over the level achieved 12 months ago.[Read More…]


Nigeria ’ll Be Self-sufficient In Sugar, Rice By 2019 – Dangote
Alhaji Aliko Dangote, the Chairman of Dangote Group yesterday said Nigeria will be self-sufficient in rice, sugar and other commodities in the next four years.[Read More…]

We Are Not Responsible For Chams’ Misfortune – NIMC
The management of the National Identity Management Commission (NIMC) has denied the allegations by the managing director of Chams Plc, Mr Demola Aladekomo, who claimed that the Chams City Project, spread across Abuja, Port Harcourt, Benin City, and Lagos, are folding up, having gone bankrupt because its intellectual property and technical partners have allegedly been stolen by the NIMC.[Read More…]

NCC, Telcos To Deepen N6.4trn Telecom Investments
Stakeholders in the Information and Communication (ICT) industry will this month converge for a seminar in Lagos to discuss the way forward in deepening investment inflow into the nation’s ICT industry which has an investment profile of over N6.4 trillion ($32 billion) in Nigeria.[Read More…]


Fed Govt seeks establishment of national cooperative fund
The Federal Government is seeking the establishment of National  Cooperative Development Fund in  line with  the recommendations  of  the National Cooperative  Development Policy  (2002)  to  guarantee  access  to  finance  by  the  Cooperative Societies for its members.[Read More…]


Oil price falls $10 below budget benchmark
For the first time in six and a half years, the global oil benchmark Brent crude on Monday traded around $43 per barrel, $10 lower than Nigeria’s oil benchmark for this year’s budget.[Read More…]

11 states to pay 14.83% interest on bond
The Debt Management Office in Monday said that the 11 state governments whose commercial debts were recently restructured into bonds would pay an interest rate of 14.83 per cent of the value.[Read More…]

NERC directs TCN to operate single account
The Nigerian Electricity Regulatory Commission has directed the Transmission Company of Nigeria to maintain a single account for the payment of electricity funds.[Read More…]

FG inaugurates committee on national airline
The Federal Government has inaugurated a 13-member committee to consult with international partners for the establishment of a national airline for Nigeria.[Read More…]

Chevron contract workers protest non-payment of dues
Two groups of contract workers with the Chevron Nigeria Limited have protested against the non-payment of their “terminal dues” by the company at the expiration of their previous contracts.[Read More…]


Dollar scarcity forces MTN to delay $500 million debt repayment in Nigeria
naira dollarRIPPLES of the Central Bank of Nigeria’s (CBN) policies around dollar issuance amidst other monetary policies seem to have started reverberating, as MTN Group claims it cannot get foreign exchange to pay its debt in Nigeria.[Read More…]


European stocks lose nearly 450 bln euros in value after China rout
European stocks plunged on Monday after a rout in Chinese markets, wiping hundreds of billions of euros off their value and sending one benchmark index to a seven-month low.[Read More…]

Asian shares move off three-year lows while China’s suffering goes on
Volatile global markets showed tentative signs of a respite from the recent blood-letting on Tuesday as bargain hunters helped Asian stocks off three-year lows, though share markets in China, epicenter of the rout, suffered another big sell-off.[Read More…]


Commodity Meltdown to 16-Year Low Pauses as Bears Take Breather
Flush from a collapse in everything from oil to copper and even gold, commodity bears are taking a break.[Read More…]

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