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BUSINESS NEWS BRIEF – Semptember 01,2015.

1
Sep

THISDAY

External Reserves Rise to $31.43 Billion
Nigeria’s foreign exchange reserves were $31.43 billion on August 27, up by 1.12 per cent from $31.08 billion a month earlier, data from the Central Bank of Nigeria (CBN) showed on Monday.[Read More…]

Ex-Depot Price of Petrol Drops as Oil Price Crashes
The slump in the price of crude oil in the international market has forced oil marketers to reduce the price of Premium Motor Spirit (PMS) or petrol at the depots in Lagos, THISDAY has learnt.[Read More…]

NERC Abolishes Imbalance Penalty against Distribution Companies
The Nigerian Electricity Regulatory Commission (NERC) has finally abolished a controversial regulation, which penalises electricity distribution companies (Discos) for taking electricity in excess of their daily allocation from the national grid.[Read More…]

SON to Launch New Coding System for MANCAP
Worried about the nonchalant attitude and abuse of local manufacturers towards the Mandatory Conformity Assessment Programme (MANCAP), the Standards Organisation of Nigeria (SON), has announced plans to launch a new coding system for MANCAP in the country.[Read More…]

FG Moves to Reduce Cost of Housing Delivery by 30%
The Permanent Secretary, Ministry of Lands, Housing and Urban Development, Mr. George Ossi, monday said government is developing a blueprint to reduce the cost of housing delivery by 30 per cent.[Read More…]

SIM Deactivation: NCC Fines Globacom, Etisalat N14.4m
Following the contravention of its directive on SIM card deactivation, the Nigerian Communications Commission (NCC) has sanctioned Globacom and Etisalat.[Read More…]

Bayelsa Guber Primary: Alaibe, Nine Others Obtain APC Nomination Forms
The race for the Bayelsa State governorship ticket on the platform of the All Progressives Congress (APC) has begun as the former Managing Director of the Niger Delta Development Commission (NDDC), Chief Timi Alaibe, was monday among the nine persons who procured the Expression of Interest and nomination forms to contest the governorship primary of the party in the state.[Read More…]

PUNCH

Naira drops to 218 as dollar demand rises
The naira dropped on Monday by 2.3 per cent to 218 against the dollar at the parallel market. The greenback was sold for 213 at the black market on Friday.[Read More…]

Oil slump: OPEC bows to pressure for negotiation
The Organisation of Petroleum Exporting Countries has finally surrendered to market pressure, expressing its willingness to open talks with other crude producers following the persistent drop in oil prices.[Read More…]

PENGASSAN tackles OICs over $7bn debts
The Petroleum and Natural Gas Senior Staff Association of Nigeria has urged the International Oil Companies operating in the country to resolve the $7bn they allegedly owe the Federal Government as stated by the Nigeria Extractive Industries Transparency Initiative.[Read More…]

Bailout funds not for contractors, CBN tells states
The Central Bank of Nigeria has barred states benefitting from bailout package from using part of the funds to pay contractors for any infrastructure project.[Read More…]

CPC summons power firms over ‘crazy’ bill
The Consumer Protection Council on Monday said it had summoned all electricity distribution companies to defend allegations of outrageous bills levelled against them by electricity consumers.[Read More…]

THE GUARDIAN

Nigeria exports N2.1tr petroleum products in second quarter
The Federal Government exported ₦2.1 trillion worth of petroleum products during the second quarter of this year, according to the National Bureau of Statistics.[Read More…]

BUSINESSDAY

Nigerian interbank rates ease on budget, T-bills cash inflows
Nigeria’s interbank lending rates fell sharply to 8.25 percent on average this week from 40 percent last week after budgetary allocations to government agencies on Thursday raised liquidity levels in the money market.[Read More…]

DAILY INDEPENDENT

Manufacturing Sector In Recession, Says RenCap
he Nigeria’s manufacturing sector which accounts for 10 per cent of Gross Domestic Product (GDP) contracted for a second consecutive quarter, by 3.8 per cent year-on-year in the second quarter of 2015, just against 14.0 per cent a year earlier.[Read More…]

VANGUARD

Lack of fiscal directives behind current economic woes—CBN
THE Central Bank of Nigeria, CBN),has indicated that fiscal policy gaps and other factors outside its control have constrained the ability of its policies to have an impact on price stability in the economy.[Read More…]

Africa’s richest man Dangote plans Zimbabwe investments –
Africa’s richest man, Aliko Dangote, said Monday that he planned mining and power generation projects in investment-starved Zimbabwe as well as to set up a large cement factory.[Read More…]

Alliance For Affordable Internet Names Omobola Johnson As New Chair
The Alliance for Affordable Internet (A4AI) has today announced that Dr. Omobola Johnson, the immediate past Minister of Communication Technology of Nigeria, has joined A4AI as its Honorary Chairperson.[Read More…]

LEADERSHIP

Stakeholders Decry 10% Broadband Growth, Paltry $6bn Inflow
Experts in the information and communications technology (ICT) have criticised the poor implementation of the National Broadband Plan Policy (2013-2018) which has resulted in just 10 per cent of broadband penetration and a paltry $6 billion of foreign direct investments (FDI) in the last three years as inadequate to meet targeted plans.[Read More…]

Mandatory Use Of NIN: NIMC Shifts Take-off To Jan
The National Identity Management Commission (NIMC) yesterday shifted the take-off date for banks, Ministries, Departments and Agencies (MDAs) of federal government to commence mandatory use of the National Identification Number (NIN) for identification, from September 1, 2015 to January 9, 2016.[Read More…]

DAILY TRUST

Electricity distribution in Nigeria, a major obstacle – Symbion boss
Paul Hinks, CEO of Symbion Power, has had a 30-year career in the energy sector, the last five focused on Africa. The independent power producer and engineering contractor builds, owns and operates electricity infrastructure. Since 2012,[Read More…]

MTN Nigeria to go public in 2016
MTN Nigeria will become a Public Liability Company (PLC) in 2016. Accordingly, the company will list its shares on the floor of the Nigerian Stock Exchange (NSE) by way of public offer for purchase by interested members of the investing public.[Read More…]

Navy destroys 200 illegal refineries, 80 vessels
The Nigerian Navy says it has destroyed no fewer than 200 illegal refineries located in the Niger Delta region from 2014 till date.[Read More…]

TCN, Manitoba sued over transmission contract extension
The consortium of Atlantic Engineering and Construction Company and Powergrid Corporation of India has sued the Federal Government’s agencies that handled the contract extension of the transmission project of the power sector in favour of Manitoba Hydro International Limited.[Read More…]

REUTERS

South Africa seals mining jobs deal, proposes platinum plan
South Africa’s mining industry, unions and the government signed a broad plan on Monday to stem a wave of job losses triggered by falling commodity prices and soaring costs.[Read More…]

Initial investment in Eni mega gas field in Egypt about $3.5 bln: EGAS
Egypt said that the initial investment in a mega gas field discovered off its coast by Italian energy group Eni will amount to about $3.5 billion.[Read More…]

BLOOMBERG

Oil’s Three Big Days Wipe Out a Month of Losses
The Energy Information Administration changed the way it calculates how much oil comes out of the ground, using a survey of producers in key states instead of relying on data from state agencies and computer models. As a result, 13.2 million barrels of oil production vanished with a government blog post.[Read More…]

MARKET WATCH

Opinion: Energy stocks have shown you the dangers of investing in a ‘value trap’
The stock market’s wild trading recently has raised the specter of a bear market emerging from hibernation. That means it’s time for investors conditioned to buy all declines to be mindful of the “value trap” — a declining stock, sector, or index that appears cheap after a selloff but keeps declining.[Read More…]

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