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BUSINESS NEWS BRIEF – SEPTEMBER 08, 2015

8
Sep

PUNCH

Naira drops to 223 as dollar demand grows
The naira weakened by 1.13 per cent against the dollar at the parallel market on Monday amid rising demand for hard currencies.[Read More…]

FG approves new petrol import permits
The Federal Government has issued supplementary import permits to oil marketers for the importation of petrol due to the poor output from the country’s refineries.[Read More…]

TSA: Buhari gives MDAs Sept 15 deadline
President Muhammadu Buhari has given all Ministries, Departments and Agencies of the Federal Government up till September 15 to either comply with the instructions on the opening of a Treasury Single Account at the Central Bank of Nigeria or face sanctions.[Read More…]

High charges: Consumer council probes power firms
The Consumer Protection Council on Monday began an investigative hearing into allegations of indiscriminate charges levelled by consumers against electricity distribution companies in the country.[Read More…]

VANGUARD

Nigeria earns N3.8trn from crude export in six months
Nigeria earned N3.797 trillion from the export of crude oil in six months, between January and June 2015, data obtained from the National Bureau of Statistics, NBS, has revealed. The amount earned from crude oil export is 84.57 per cent of the country’s 2015 budget of N4.49 trillion passed by the National Assembly.[Read More…]

Price slump: Seven Energy records N11bn losses
The low price of crude oil has taken a toll on the finances of Seven Energy International Limited, as the company posted a loss after tax of $53 million, about N10.6 billion in six months, between January and June 2015.[Read More…]

DISCOs, GENCOs not ready for TEM – TCN
Seven months after the take of the transitional electricity market, TEM, generation and distribution companies, GENCOs and DISCOs are yet to meet the contractual terms for the implementation, the Transition Company of Nigeria, TCN, has said.[Read More…]

THISDAY

NNPC Now Supplies 876mscuf of Gas Per Day to Power Generators
A preliminary report on recent activities at the Nigerian National Petroleum Corporation (NNPC) submitted to President Muhammadu Buhari by the Group Managing Director (GMDz) of NNPC, Dr. Ibe Kachikwu, has shown that the corporation now supplies up to 876 million standard cubic feet (mscuf) of gas per day to the country’s power sector.[Read More…]

NMRC Increases Share Capital to N8.5bn
The Primary Mortgage Banks that are shareholders of the Nigeria Mortgage Refinance Company (NMRC) have approved an increase of its share capital from N1 million to N18 billion.[Read More…]

FHA Floats Subsidiary to Maintain its Estate
The Federal Housing Authority (FHA) will no longer be responsible for the sale and maintenance of its estates nationwide, organisation’s Managing Director, Professor Mohammed Al-Amin has said in Abuja.[Read More…]

LEADERSHIP

Epic Gets Licence To Build $30bn 107,000 bpd Refinery In Bayelsa
The federal government has given licence to Epic Refinery and Petrochemical Industries Limited to build a refinery in Okporoma, a riverine town about 20 kilometres from Yenagoa, the Bayelsa state capital.[Read More…]

THE GUARDIAN

NAICOM partners anglophone countries to strengthen insurance supervision
The National Insurance Commission (NAICOM) has signed a Memorandum of Understanding (MoU) with some Anglophone countries to strengthen cross border insurance supervision in West African countries.[Read More…]

THE NATION

Sahara Group to raise $1.4b in London, Lagos stock markets
Sahara Group, a Nigerian energy company, plans to raise as much as $1.4 billion through a dual listing of its oil and gas unit in London and Lagos along with a debut dollar bond sale.[Read More…]

Customs realizes N30b
The Nigeria Customs Service (NCS), Apapa Area Command, generated N30.1 billion last month.The amount is over N5 billion higher than the N24.5 billion it collected in July. The revenue is the second highest it generated after it made N32.4 billion in March.[Read More…]

REUTERS

Asian stocks hold gains after China data in volatile trade
Asian stocks rose on Tuesday after a six-day losing streak and the dollar firmed against the safe-haven Japanese yen, but gains were capped as a slump in China’s imports raised fears of a more severe slowdown in the world’s second biggest economy.[Read More…]

Nikkei turns negative on year, defensive shares badly hit
Japanese stocks fell on Tuesday, taking the benchmark Nikkei index into negative territory for the year to date, after soft trade data out of China added to concerns over the economic health of one of Japan’s main trading partners.[Read More…]

BLOOMBERG

China’s Stock-Rescue Tab Surges to $236 Billion, Goldman Says
China’s government has spent 1.5 trillion yuan ($236 billion) trying to shore up its stock market since a rout began three months ago, according to Goldman Sachs Group Inc.[Read More…]

 

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