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BUSINESS NEWS BRIEF – SEPTEMBER 15, 2015

15
Sep

 

THISDAY

External Reserves Fall to $30.794bn, Inflation Inches to 9.3%
Nigeria continued to reel from the impact of the decision by US investment bank JP Morgan & Chase to phase out Nigerian bonds from its indexes, as the country’s external reserves fell to $30.794 billion.[Read More…]

INEC Proposes Review of Electoral Act
The Independent National Electoral Commission (INEC) has said that it is working with the National Assembly to effect a review of the country’s Electoral Act in order to ensure improvement in the electoral system.[Read More…]

NNPC Issues Guidelines for Sale, Purchase of Nigeria’s Crude
In its renewed bid to ensure transparency in all commercial activities relating to petroleum operations in Nigeria, the Nigerian National Petroleum Corporation (NNPC) has released the guidelines for the participation of local and foreign companies in the sale and purchase of the various grades of Nigerian crude oil.[Read More…]

CBN to Monitor States, Abia, Niger, Ondo, Five Others Get Bailout Funds
The Central Bank of Nigeria (CBN) has set up a monitoring mechanism using its branches nationwide to ensure that the N338 billion special intervention fund it disburses to the 27 states of the federation to pay the backlog of workers’ salaries is not diverted by the state governments to other uses.[Read More…]

Licensing of 700MHz will Bring Dividends to Nigerians, NBC Insists
Contrary to allegations that the licensing of the country’s 700MHz spectrum to MTN by the National Broadcasting Commission (NBC) was illegal and that the deal must have denied other telecoms operators the legitimate right to bid for the spectrum, the commission has said the licensing will afford Nigerians the best option for the  provision  of  high  quality converged  broadcasting  and  telecommunications  services,  while enabling  the  funding  for  a  successful  Digital Switch Over (DSO),  which  would  free  up  more  spectrum  for sale.[Read More…]

FG Grants Patent Rights to 135 Indigenous Researchers in 16 Years
The Permanent Secretary, Ministry of Science and Technology, Mrs. Winifred Oyo-Ita, yesterday said government granted 135 patent applications for indigenous researchers, out of 596 applicants, who applied for patent rights between July 1999, till date.[Read More…]

FG to Extend Initial 5-year Period of Investment by Discos
There are indications that the initial five-year target given to the private investors that acquired the 11 electricity distribution companies in November 2013 to make a total investment of $1.8 billion for the upgrade and replacement of infrastructure would be extended, THISDAY has learnt.[Read More…]

Electricity Industry Operators Secure 50% of N213bn CBN Intervention Fund
The Nigerian Electricity Regulatory Commission (NERC) has disclosed that operators in the power sector have already accessed about 50 per cent of the N213 billion market-based intervention fund provided for the sector by the Central bank of Nigeria (CBN).[Read More…]

BPE Disburses N17bn to 68% of Defunct PHCN’s Retirees
The Bureau of Public Enterprises (BPE) has said a total of N17 billion has so far been disbursed in settlement of the retirement benefits of 68 per cent of the 4,307 retired workers of defunct state-owned electricity company, the Power Holding Company of Nigeria (PHCN).[Read More…]

PUNCH

Tax remittance will increase within one week – FG
The number of taxpayers across the country will increase within the next one week, the Federal Government has said.[Read More…]

THE GUARDIAN

MTN Nigeria, Arik, Sahara Group set to list on NSE
Efforts by the leadership of the Nigerian Stock Exchange (NSE) to further deepen the capital market appears to be yielding positive results, as Nigerian’s telecommunication giant, MTN Nigeria, Arik Air and the foremost energy group, Sahara Group have indicated interest to list on the Exchange next year.[Read More…]

Transcorp Says Power Generation Companies Owed N68.5b
He said this in his presentation to the senate ad hoc committee set up to investigate past expenditures made by previous governments in the country’s power sector.[Read More…]

LEADERSHIP

FIRS Bars Consultants From Collecting Taxes For FG
The new acting chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has barred tax consultants from assessing and collecting tax revenue on behalf of the federal government.[Read More…]

THE NATION

PenCom seeks Buhari’s intervention on N114b retirees’ pension arrears
The National Pension Commission (PenCom), has appealed to President Muhammadu Buhari to make available N114billion to settle accrued benefits and pension increases of about 12,000 Federal Government retirees.[Read More…]

VANGUARD

Electricity tariff hike set for October – FG
Despite resistance from Nigerians, the Federal Government, yesterday, insisted that the proposed increase in electricity tariffs would commence from October.[Read More…]

Treasury Single Account: MDAs rush to beat today’s deadline
TO escape the wrath of President Muhmmadu Buhari, some of the over 100 Ministries, Departments and Agencies of government (MDAs) were in a rush, yesterday, to beat the deadline to open Treasury Single Accounts, TSA, with the Central Bank of Nigeria (CBN).[Read More…]

DAILY INDEPENDENT

FG: 400 investors eye Nigeria’s power sector
The Federal Government is currently negotiating with 400 investors who are interested in investing in Nigeria’s power sector, the Permanent Secretary, Ministry of Power, Engineer God-knows Igali, said in Lagos yesterday.[Read More…]

CBN Directs Banks To Use e-Dividend Portal
The Central Bank of Nigeria (CBN) has directed all deposit money banks to use the e-dividend management system portal developed by the apex bank in collaboration with the Securities and Exchange Commission (SEC) and other relevant stakeholders.[Read More…]

REUTERS

Asian shares struggle, Bank of Japan holds steady
Asian shares struggled on Tuesday as caution reigned ahead of this week’s U.S. Federal Reserve decision on interest rates, while the yen rose after the Bank of Japan took no new policy steps.[Read More…]

Oil prices mostly steady, but weak Asian economy weighs
Brent crude oil prices edged down slightly on Tuesday as Asia’s economic weakness persisted, extending losses into a third session, while U.S. futures firmed following a report that indicated a drawdown in weekly inventory levels.[Read More…]

BLOOMBERG

China Stocks Sink Again as Growth Concerns Spur Investor Exodus
China’s stocks slumped for a second day in thin turnover amid concern government measures to support the world’s second-largest equity market and economy are failing.[Read More…]

 

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