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BUSINESS NEWS BRIEF – SEPTEMBER 16, 2015

16
Sep

 

THISDAY

Osinbajo: FG to Adopt Zero-based Budgeting for 2016
The federal government has planed to use a zero-based budgeting format for its 2016 budget planning, the Vice-President Yemi Osinbajo (SAN) has declared.[Read More…]

Forte Oil Begins Sale of Kerosene at N50 Per Litre
A leading major oil marketing company, Forte Oil Plc, has commenced the sale of kerosene for N50 per litre in line with the aspiration of the federal government for the product to be available at subsidised price.[Read More…]

ICPC Warns State Govs Not to Tamper with Bailout Funds
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has warned state governments not to tamper with or divert the bailout funds released for their respective states by the Central Bank of Nigeria (CBN) for the immediate payment of workers’ salaries.[Read More…]

Food Company to Invest $450m in Nigeria, Others
Kellogg Company, an American multinational food manufacturing company headquartered in Battle Creek, Michigan, United States,  is setting up a joint venture with the African arm of Singapore’s Tolaram Group to bolster its breakfast and snack food offerings in West Africa.[Read More…]

Shareholders Approve Flour Mills’ Subsidiaries Merger with HoldCo
Shareholders of Flour Mills of Nigeria Plc (FMN) have endorsed the company’s bid to merge five of its subsidiaries with its holding company.[Read More…]

PUNCH

FG plans special fund for roads, power
The Federal Government is planning to set up an infrastructure fund in order to facilitate easy funding for critical areas of the economy.[Read More…]

Agric sector attracts N1.58tn investment –NEXIM Bank
Nigeria’s agricultural sector has received $8bn (N1.576tn) worth of investment commitments between 2011 and now, the Nigerian Export Import Bank has said.[Read More…]

BPE, NBET differ on $146.8m Yola Disco refund
Two government agencies are at loggerheads over the refund of about $146.8m to Integrated Energy Distribution and Marketing Company, which had acquired and relinquished the Federal Government’s 60 per cent equity in the Yola Electricity Distribution Company Plc.[Read More…]

Sovereign Trust records N7.2bn gross premium
Sovereign Trust Insurance Plc said it recorded N7.2bn gross premium in its 2014 financial period.[Read More…]

Northern leaders demand fresh national conference
NORTHERN leaders, mainly former political office holders from the zone, on Tuesday canvassed against the implementation of the recommendations of the 2014 National Conference convened by ex-President Goodluck Jonathan.[Read More…]

BoI, FIIR to boost economic growth with research
The Bank of Industry says it will collaborate with the Federal Institute of Industrial Research to boost the level of industrial development in the country.[Read More…]

NNPC to review production agreements with oil companies
The Nigerian National Petroleum Corporation says it is set to revisit the fiscal terms of the existing Production Sharing Contracts entered into by it with some international oil and gas companies with a view to seeking favourable benefits to the country based on prevailing realities in the industry.[Read More…]

DAILY INDEPENDENT

FG Owes N8.396tr In Domestic Debt
The Federal Government, on Tuesday, lamented the nation’s burgeoning debt profile once more and the need to ensure it does not become unsustainable, necessitating another debt relief like in 2005, when the Paris Club of creditors wrote off $18 billion or 60 per cent of the nation’s $30 billion debt.[Read More…]

VANGUARD

TSA: Banks move N1.2 trn to CBN
Banks were, yesterday, busy with the transfer of an estimated N1.2 trillion of public sector funds to the Central Bank of Nigeria in compliance with the Federal Government directive on Treasury  Single Account, TSA.[Read More…]

BUSINESSDAY

Fidelity, Wema head to OTC debt market for liquidity on N38.15bn instruments
Two Nigerian lenders, Fidelity Bank plc and Wema Bank plc, have concluded plans to join their counterparts at the Over-The-Counter (OTC) platform of FMDQ plc in search for liquidity on issued/ tradable instruments, BusinessDay can authoritatively disclose.[Read More…]

LEADERSHIP

TSA: Interbank Interest Rate Skyrockets To 91%
Overnight lending rates among banks skyrocketed yesterday as government funds flowed out of the banking system following the implementation of the Treasury Single Account (TSA) as directed by the President Muhammadu Buhari-led government.[Read More…]

Gov Mimiko Disburses N402m Loans To SMEs
The Ondo State governor, Dr. Olusegun Mimiko, has disbursed the sum of N402.5million as loans to Micro, Small and Medium Scale Enterprises in the state.[Read More…]

THE NATION

Foreign portfolio flow hits N778b in eight months
Foreign portfolio transactions totalled N777.59 billion in the first eight months of this year as foreign investors continued to dominate transactions at the Nigerian capital market.[Read More…]

REUTERS

Shares rise, dollar frozen ahead of Fed rate decision
World share markets rose on Wednesday, albeit in thin volume, and short-term U.S. bond yields held near 4 1/2-year highs as investors braced for the possibility of the first interest rate hike in the United States in almost a decade.[Read More…]

Oil rises on U.S. stockpile drawdown ahead of Fed decision
Oil rose on Wednesday after an unexpected drawdown in U.S. stockpiles and an increase in U.S. gasoline prices, but concerns remained about a global surplus, falling Asian demand and whether the Federal Reserve would raise interest rates.[Read More…]

BLOOMBERG

China Stocks Jump in Last Hour of Trading on State Support Signs
China’s stocks surged after the Shanghai Composite Index slid below the key 3,000 level, with gains coming in the last hour of trading in a pattern that’s become associated with state support. A gauge of small-company shares rose by a record.[Read More…]

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