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BUSINESS NEWS BRIEF – Monday, March 07, 2016

7
Mar

PUNCH

Again, Buhari rejects calls for naira devaluation
President Muhammadu Buhari has again rejected calls by the International Monetary Fund to lift foreign exchange restrictions and allow a more flexible exchange rate for the naira.[Read More…]

Investment inflow into Nigeria drops by N2.3tn
Over the past three years, the flow of investment into the country has been declining due to issues in the economy, which have made Nigeria not to be the darling of foreign investors again.[Read More…]

Oil workers kick against NNPC’s unbundling
Oil workers under the aegis of the Nigeria Union of Petroleum and Natural Gas Workers have expressed reservations about the plan to unbundle the Nigerian National Petroleum Corporation into 30 companies without following due process.[Read More…]

Federal secretariat: FG to pay Babalakin’s firm over N26.5bn
An arbitration panel has awarded N26.5bn to Resort International Limited over the Federal Government’s breach of an agreement for the redevelopment of the Federal Secretariat Phases I and II in Ikoyi, Lagos.[Read More…]

THISDAY

Buhari: FG Will Punish Banks, Importers Caught Round-tripping
President Muhammadu Buhari has said that banks, importers and individuals involved in round-tripping of dollars they buy from the Central Bank of Nigeria’s (CBN) official market and resell in the parallel market will be made to face the law when caught.[Read More…]

FG Proposes N39.41bn for Vehicles in 2016 Budget
The controversies trailing the 2016 budget resurfaced yesterday as it was discovered that the federal government budgeted a whopping N39.41 billion only for the purchase of cars in this fiscal year.[Read More…]

Sterling Bank, Innoson Motors Sign Auto Finance Deal
In line with the federal government’s desire to aggressively drive the patronage of made-in-Nigeria goods, Sterling Bank Plc said it has taken a bold step to champion the use of locally manufactured goods and services by going into a partnership with Innoson Motors to finance the purchase of locally made vehicles produced by the company.[Read More…]

Banks Delay Loan Repayments Due to Dollar Shortage
The Central Bank of Nigeria’s (CBN’s) restrictions on the flow of dollars to domestic lenders is forcing them to delay hard currency loan and trade repayments to foreign banks and increasing the risk of default, bankers said.[Read More…]

VANGUARD

Fuel scarcity: NNPC reopens Port-Harcourt refinery
The Nigerian National Petroleum Corporation, NNPC, weekend, said it has reopened the Port Harcourt refinery, about six weeks after it was shut down, while it also disclosed that it has stepped up efforts to bring the fuel scarcity currently witnessed across the country to an end.[Read More…]

DAILY TRUST

NSE delists 914 million Wema Bank shares
The Nigerian Stock Exchange (NSE) on Friday said it has delisted a total of 913,907,131 units of ordinary shares of 50 kobo each belonging to Wema Bank Plc.[Read More…]

THE GUARDIAN

Dangote Sugar secures global food safety certification
Dangote Sugar Refinery Plc has obtained the Food Safety Systems (FSSC 22000) Certification).[Read More…]

REUTERS

Asian shares hit two-month high after solid U.S. job growth
Asian shares hit two-month highs on Monday, extending sharp gains from last week, following upbeat U.S. jobs data, a rebound in oil and commodity prices and a flurry of reassurances from Chinese leaders that the economy would remain on sound footing.[Read More…]

BLOOMBERG

Oil Extends Advance Above $36 as U.S. Explorers Idle More Rigs
Oil extended gains above $36 a barrel as U.S. drillers cut the number of active rigs to the least in more than six years amid a global glut.[Read More…]

 

fake richard mille
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