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BUSINESS NEWS BRIEF – August 26th,2015



Economic growth falls to 2.35%
Nigeria’s real Gross Domestic Product plunged to 2.35 per cent in the second quarter of 2015, compared to 6.54 per cent in the same period last year, the National Bureau of Statistics said on Tuesday.[Read More…]

FG agencies inflated contracts by N659bn – BPP
the Bureau of Pubic Procurement on Tuesday said it had saved the country a total of N658.88bn from inflated contracts submitted by contractors of the Ministries, Departments and Agencies of the Federal Government.[Read More…]

CBN grants national banking licence to Fortis MFB
The Central Bank of Nigeria has granted a national banking licence to Fortis Microfinance Bank Plc.[Read More…]

Power generation hits 4,748MW
Power generation for the first time in Nigeria has risen to an all-time high of 4,748.1 megawatts, sustaining the steady increase that has characterised the electricity generation in the past two months.[Read More…]

EU, UK, others invest N900bn in Nigeria’s agriculture
Nigeria’s key development partners under the New Alliance Cooperative Agreement Framework/Grow Africa initiative are committed to a funding equivalent of N100bn ($500m) for the country’s agricultural sector for a three-year period, the Federal Government has said.[Read More…]

A’Ibom owes banks N64.5bn – Commissioner
The Akwa Ibom State government has admitted owing commercial banks N64.5bn.[Read More…]


FG to slash Federal lawmakers’ salaries
Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, Mr. Elias Mbam, disclosed yesterday that the Commission had started the process of trimming down the pay packages of the President, Senators, members of the House of Representatives, governors and all the elected public officials to reflect current economic realities.[Read More…]

Banks in dilemma over idle $5bn deposits
Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults.[Read More…]

International, Local Investors To Invest $4bn In Agricultural Sector
The permanent secretary, Ministry of Agriculture and Rural Development, Sonny Echono, yesterday, said that international and local investors have stated their commitment to invest $4 billion into the agricultural sector.[Read More…]


Investors lose N353b in three days as equities drop to lows
Investors in Nigerian equities have lost some N353 billion to the latest bearish streak as emerging earnings failed to halt a mid-week downtrend that saw several stocks dropping to their lowest values by the weekend.[Read More…]

‘Falling oil price ‘ll worsen Nigeria’s economic woes’
The fall in the international prices of crude oil to $40 per barrel last week would further affect Nigeria that is grappling with paucity of fund due  to the glut in the oil market, former President, Nigerian Chapter, International Association of Energy Economics (IAEE), Prof Adeola Akinisiju has said.[Read More…]

Ecobank ordered to pay Skye Bank N629m APG
Ecobank Plc has been ordered to make good its obligation under the Advance Payment Guarantee No ENG/PH/GO394A as security for the release of the sum N629 million to Skye Bank Plc.[Read More…]

Fed Govt owes PFAs N35b pension contribution, says NLC
The Nigerian Labour Congress (NLC) yesterday accused the Federal Government of contravening the Pension Reforms Act by failing to remit its contributions and deductions from workers’ salaries to the various Pension Fund Administrators (PFAs).[Read More…]

Nigerians abroad remitted $20b in 2014, says Osinbajo
Diaspora Nigerians remitted home about $20b last year, the Federal Government said yesterday.[Read More…]

NERC denies abolishing meter fixed charge
The  Nigeria Electricity Regulatory Commission (NERC), has denied abolishing fixed charge on electricity consumers’ meters in the country.[Read More…]

‘Nigeria spends N16b yearly importing tomatoes’
The Federal Government yesterday said Nigeria spends N16 billion yearly on importing tomatoes.[Read More…]


Nigeria Rated High in Financial Inclusion Strategy
The Brookings’ 2015 Financial and Digital Inclusion Project (FDIP) report, which evaluates access to and usage of affordable financial services across 21 countries, has rated efforts by Nigeria to drive financial inclusion high.[Read More…]

SON Introduces e-Certifcation Platform to Combat Substandard Goods
To combat the preponderance of fake and substandard goods in thee country, the Standards Organisation of Nigeria (SON) has unveiled an e-certification platform in order  to integrate the agency’s e-certificate into the Nigeria Integrated Customs Information System (NICIS).[Read More…]

PenCom Approves Payment of N77 .1 Billion to Deceased Employees’ Relatives
The National Pension Commission (PenCom) has since the inception of the ongoing Contributing Pension Scheme (CPS), approved the payment of N77.18 billion to closest living blood relatives of 27,321 deceased employees.[Read More…]

USAID, NIPC Mull $55m Project on Agro Business
The United States Agency for International Development Nigeria (USAID | NIGERIA) in collaboration with the Nigerian Investment Promotion Commission (NIPC) is currently implementing the Nigeria Expanded Trade and Transport (NEXTT) Project, which is expected to promote investments, trade, and the economic well – being of Nigerians.[Read More…]

NCC to Adopt ITU Parameters to Address Dwindling Telecoms Service
The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, Tuesday said the commission would address the dwindling quality of service in the telecommunications sector using the internationally acceptable standards as set by the International Telecommunications Union (ITU) parameters used in regulating telecommunications service delivering.[Read More…]

NEPC: EU Food Export Ban, Bad Omen for Nigeria
The recent  decision of the European Union (EU) to embargo selected food commodities and fish products from Nigeria has been described as a bad omen for the country.[Read More…]


Credit To Private Sector Rises To N18.7tr – CBN
Credit to private sector increased from its level in December 2014 by N464.01bilion or 2.56 percent to N18,711.7 billion at the end of March 2015, the Central Bank of Nigeria (CBN) said in its Statistical Bulletin for the first quarter of 2015.[Read More…]

CBN Orders Banks To Resolve Customers’ Complaints Within Six Years
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks, discount houses and other financial institutions to ensure that customers’ complaints are resolved within a period of six years, effective from the date of transaction.[Read More…]

Court Restrains Eko DISCO From Operating Parallel Account
The Federal Court sitting in Lagos on Tuesday restrained the Eko Electricity Distribution Company (EKEDC) from operating a parallel account under the Credit Advance Payment Meters Implementation (CAPMI) agreement with Moman System Nigeria Limited.[Read More…]


Nigeria’s light sweet crude sells below $39 per barrel
NIGERIA’S light, sweet crude futures for delivery in October dropped below $39 a barrel on the New York Mercantile Exchange on Monday, representing a 5.66 per cent decrease.[Read More…]

Agro-processing accounts for 80% of BoI’s N903.4m facility for SMEs in Gombe
Managing Director of BOI, Rasheed Olaoluwa
THE Bank of Industry (BoI) has put the loan approval for the development of Micro, Small and Medium Enterprises (MSMEs) in Gombe State at N903.4 million, out of which 80 per cent will be specifically dedicated to agro-processing.[Read More…]

Nigeria records N858b loss to vandalism, oil theft
AT an average price of $97.59 per barrel, Nigeria lost $3.9 billion (N858 billion) between January 2013 to April 2015 to the activities of pipeline vandals and crude oil theft, the Nigerian National Petroleum Corporation (NNPC), has said.[Read More…]


NNPC To Rework PIB In One Year – Kachikwu
Group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu, has said the corporation will require no less than one year to fine-tune and re-present the Petroleum Industry Bill (PIB).[Read More…]


Nigeria cancels crude-products swap deals between NNPC, traders
Nigerian President Muhammadu Buhari has approved the cancellation of offshore processing and crude swap deals for refined oil products between state-oil firm NNPC and oil traders, the presidency said on Tuesday.[Read More…]

Nigeria to start oil reforms before new industry law
Nigeria will start reforming its oil industry using existing laws before it can pass a long-awaited Petroleum Industry Bill (PIB), which will take a while to fine-tine, the new head of the state-oil company NNPC said on Tuesday.[Read More…]

Asian shares wobble as China rate cut fails to calm nerves
Asian shares struggled on Wednesday as investors feared fresh rate cuts in China would not be enough to stabilize its slowing economy or end a collapse in Chinese stocks that is wreaking havoc in global markets.[Read More…]


Oil Fluctuates Below $40 as U.S. Supplies Seen Worsening Glut
Oil swung between gains and losses in New York amid speculation U.S. crude stockpiles expanded for a second week.[Read More…]


China’s central bank to pump 140 bln yuan into economy in fresh easing bid
The People’s Bank of China moved to ease the economy further on Wednesday, saying it will inject 140 billion yuan ($21.80 billion) into the financial system through a short-term liquidity adjustment (SLO) operation.[Read More…]

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