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BUSINESS NEWS BRIEF – Tuesday, March 08, 2016




Crude Theft: FG Sues IOCs over $12bn Missing Oil Revenue
In a move interpreted by industry watchers as a major step by the Muhammadu Buhari administration to curb the menace of oil theft in the country, the federal government has instituted civil suits against international oil companies (IOCs) operating in the country in a bid to recover over N2 trillion in alleged missing revenues from over 57 million barrels of crude oil shipments that were believed to have been declared or under-declared between 2011 and 2014.[Read More…]

Oil Prices Hit 2016 High, Rise Above $40/bl
The price of Brent crude monday rose for the sixth consecutive trading day in a row, hitting a 2016 peak of over $40 a barrel, as buyers were encouraged by talk that the Organisation of Petroleum Exporting Countries (OPEC) was targeting a higher anchor price after a sell-off that has lasted nearly two years.[Read More…]

NNPC’s Oil Revenue Remittance to FAAC Drops by N382m
The Nigerian National Petroleum Corporation (NNPC) monday said its monthly naira remittance to the federation account dropped by N382 million from N86,340,969,392 to N85,958,157,358 in the month of January.[Read More…]

GTBank Leads in Forex Allocation from CBN
The exit by foreign portfolio investors from the country, as revealed by bank returns on the utilisation of foreign exchange bought from the Central Bank of Nigeria (CBN), has continued to take its toll on the country’s stock and fixed income securities markets.[Read More…]


FG’ll exploit construction sector for economic growth – Fashola
The Minister of Power, Works and Housing, Babatunde Fashola, has said that the Federal Government will exploit the country’s construction sector to grow its economy.[Read More…]


MTN: No plans for Nigeria listing
Last week, the MTN Group held a media briefing to announce its financial results for the year ended 31 December, 2015 which showed that profits had plunged 51per cent  as Africa’s largest mobile operator battled poor economic conditions in South Africa, regulatory hurdles, a hefty fine in its largest market, Nigeria, and changes in its top management team.[Read More…]


Nigeria’s Purchasing Index Hits Record Low On Dollar Supply, Power
The country’s Purchasing Managers’ Index (PMI) has weakened to a record low of 45.5 in the month of February from the 47.2 in January for manufacturing sector, and equally slowed to 44.3 in February, down from 46.9 in January for the non-manufacturing sector.[Read More…]

We’ll Start Selling Forex To CBN By 2020 – Dangote
President of Dangote Group, Aliko Dangote, has projected that his conglomerate whould be selling foreign exchange to the Central Bank of Nigeria (CBN) by year 2020.[Read More…]


OPS needs N5.4trn to diversify economy— Iweta
The Federal Government has been called upon to inject N5.4 trillion (about $27 billion) every year for the next three years to the private sector in the country.[Read More…]


Fiscal agency moves to halt new revenue formula
Against the backdrop of dwindling state funds and the delay by the Presidency in working on the revised revenue formula for the federal, state and local councils, as well as the proposed pay package for political officers, the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) has moved to stop them.[Read More…]


Nigerian firms dominate bid for Uganda’s oil
Three Nigerian oil and gas  firms have submitted bids in the final round of Uganda’s first oil licensing.The government received seven bids for the six exploration blocks on offer, Ugandan newspaper, the Daily Monitor reported.[Read More…]


Weak Chinese data knocks down stock markets
Global stock markets fell on Tuesday after another batch of weak data from China reinforced persistent concerns about a possible slowdown in the global economy.[Read More…]


U.S. Futures Drop After Longest Gain Since October for S&P 500
U.S. stock-index futures signaled equities will halt their longest winning streak in five months as investors considered the outlook for global growth.[Read More…]

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