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BUSINESS NEWS BRIEF – August 27th,2015.



FG records N52.3bn shortfall in revenue
The drop in the prices of crude oil in the international market again took its toll on the federation account as the gross revenue into the account declined by N52.36bn from N485.
95bn received in June to N433.58bn in July.[Read More…]

Nigeria faces decline in oil demand from Europe
NIGERIA’S plan to increase its crude oil export in October may suffer setback as European refinery maintenance is expected to peak in that month, limiting the amount of crude oil they consume.[Read More…]

NNPC cancels crude oil delivery contracts to refineries
The Nigerian National Petroleum Corporation on Thursday announced the cancellation of the terms of contract for the delivery of crude oil to the refineries in Warri, Port Harcourt and Kaduna.[Read More…]

Equities value falls by N571bn in three days
The market capitalisation of the listed equities on the Nigerian Stock Exchange fell by N571bn or 5.57 per cent between Monday and Wednesday as investors, spooked by uncertainty about economic policies and the global sell-off in equities markets, dumped more shares.[Read More…]

Courteville assures shareholders of strong risk management, returns
Courteville Business Solutions Plc says it has taken major steps to ensure that it continues to achieve strong growth and create value for its shareholders.[Read More…]

Access Bank to raise additional capital
Access Bank Plc on Wednesday said it had plans to raise additional capital in the future.[Read More…]

BEDC to supply 100,000 prepaid meters per annum
The Benin Electricity Distribution Company says it has the target of supplying 100,000 prepaid meters to its numerous customers in Edo, Delta, Ondo and Ekiti states every year.[Read More…]


NNPC opens tender for 2015/ 2016 crude oil term contract
President Muhamadu Buhari has approved a tendering process for the 2015/2016 Crude Oil Term Contract and the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements.[Read More…]

Dangote, Chinese firm sign $4.34b deal for cement plants in 13 countries
Dangote Cement yesterday signed contracts with Chinese firm, Sinoma International to build cement factories in 13 countries – 12 in Africa and Nepal, an Asian country.[Read More…]

FBN Capital concludes Cross River bond issuance offer
CBN Capital Limited has announced the successful conclusion of the Series- One Bond Issuance offer for the Cross River State Government, under its N40 billion bond issuance programme.[Read More…]


Amnesty Office, CBN Resolve Payment of Tuition, Allowances to Ex-militants
The Office of the Special Adviser to the President on Niger Delta, under which the Presidential Amnesty Programme (PAP) is domiciled, has resolved with the Central Bank of Nigeria (CBN) the payment of tuition and allowances of the ex-Niger Delta militants, particularly the delegates studying in foreign institutions.[Read More…]

UBA Board Meets to Consider Audited Results, Interim Dividend
Shareholders of United Bank for Africa (UBA) Plc are to receive an interim dividend if the plan of the Board of the bank is approved.[Read More…]

Dokpesi Heads PDP Committee on Membership Registration
The  Peoples Democratic Party (PDP) has inaugurated committee to conduct a biometric registration of all members across the country.[Read More…]

CPC, Multichoice at Loggerheads over Probe into Abuse of Subscrisers
Following the move by the Consumer Protection Council (CPC) to investigate Multichoice Nigerian Limited, operators of DSTV,  the two are now at loggerheads as the company declined to participate in the investigation.[Read More…]


CBN, court approve Heritage, Enterprise Banks’ merger
The Central Bank of Nigeria (CBN) has granted final approval for the merger of Heritage Bank and Enterprise Bank. Furthermore,  the Federal High Court has sanctioned the scheme of merger and ordered the merger of both institutions.[Read More…]

FG reviews N117bn Second Niger Bridge contract
The Federal Government has asked the Ministry of Works to review the Second Niger Bridge contract and justify its actual cost.[Read More…]

Zamfara, Kwara get FG’s bailout money; others to follow
Two out of the 27 states that applied to Central Bank of Nigeria, CBN, for financial bailout,  Zamfara and Kwara, have received disbursement of funds to pay workers outstanding salaries.[Read More…]

W/Bank to disburse $140m to 26 states for community devt
The World Bank is now set to disburse $ 140   million (about N29 billion) to 26 states in Nigeria and the Federal Capital Territory, under the Community and Social Development Project, CSDP.[Read More…]


FG, States, LGs Share N511.799b For July
At the Federation Account Allocation Committee meeting held on Wednesday night, the Federal government, States and Local Government Areas shared the sum of N511.799 billion for the month of July, 2015.[Read More…]

Mobile Internet Users In Nigeria Hits 92.6 Million
Nigeria’s mobile Internet is gaining ground as mobile data subscriptions in Nigeria grew by 13.6 per cent in the first half of the year.[Read More…]


CBN, banks get legal backing in fight against electronic fraud
The Central Bank of Nigeria (CBN) as well as the banking industry now has legal backing that will assist in the fight against electronic fraud and related offences.[Read More…]


FBN Capital Raises N8bn Bond For Cross River State
FBN Capital Limited has announced the successful conclusion of the Series 1 Bond Issuance offer for the Cross River State Government amounting to N8 billion, under its N40 billion bond issuance programme.[Read More…]


Asia stocks take heart from Wall Street rally
Asian stocks rose on Thursday as a sharp rebound on Wall Street eased fears of a protracted global market rout, while the dollar steadied as risk appetite returned.[Read More…]

European shares end down after Syngenta slumps
European shares ended nearly two percent lower on Wednesday after a volatile session, hit by a late drop in Syngenta after Monsanto dropped its offer for the company.[Read More…]


Oil Industry Needs Half a Trillion Dollars to Endure Price Slump
At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it.[Read More…]


European stocks bounce up, tracking rallies in Asia, U.S.
European stocks climbed Thursday, tracking gains in Asian and U.S. markets overnight as investors appeared to latch onto the new round of stimulus from China’s central bank.[Read More…]

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