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BUSINESS NEWS BRIEF – Wednesday, May 25th, 2016

25
May

 

PUNCH

CBN adopts flexible forex policy as reserves dip to $26.6bn
The Monetary Policy Committee of the Central Bank of Nigeria has directed the management of the apex bank to adopt a flexible exchange rate policy in the inter-bank forex management structure.[Read More…]

Reps to probe N571bn loss to tax waivers
The House of Representatives said on Tuesday that the country was losing an estimated $2.9bn (N571.3bn) yearly to tax waivers granted to multinational corporations and indigenous companies operating in Nigeria.[Read More…]

FG saves N220bn through integrated payroll system
The Federal Government on Tuesday said it had recorded savings of about N220bn since April 2007 when it commenced the implementation of the Integrated Personnel Payroll Information System.[Read More…]

Terminal operators lost N58.9bn in eight years – Report
Terminal operators at Nigerian seaports have in the last eight years lost N58.9bn, a report by Akintola Deloitte has revealed.[Read More…]

THE NATION

PenCom partners EFCC against defaulting employers
The National Pension Commission (PenCom) has approached the Economic and Financial Crimes Commission (EFCC) to prosecute companies deducting pension contributions from the emoluments of their employees and not remitting same.[Read More…]

THE GUARDIAN

Nigeria ranks 64th on minority shareholders’ interest index
Finance Minister, Kemi Adeosun, yesterday, described as gladdening Nigeria’s 64th ranking among 140 countries on the protection of minority shareholders interest, comparing favourably with China, 71st; Brazil, 78th; and Russia 116th respectively in the latest World Economic Forum ranking index of 2013/2016.[Read More…]

LEADERSHIP

Oil Marketers Will still Make Profit At N320/$ Exchange Rate –CBN
Despite calls by oil marketers for access to the Central Bank of Nigeria foreign exchange window, the apex bank has maintained that they source forex from the parallel market.[Read More…]

DAILY TRUST

Oil marketers to source FX from upstream arms
Major Oil Marketers Association of Nigeria(MOMAN) yesterday said they would  source for foreign exchange for their upstream divisions to get dollars to finance importation of fuel into the country.
The association said the development was necessary due to the non-availability of foreign exchange at official exchange rate of N197 to a dollar.[Read More…]

Nigeria requires N3bn to power CCTV annually – Panel
The House of Representatives Committee on the Close Circuit Television Cameras (CCTV) has disclosed that about N3 billion is required to fuel base stations across the country.[Read More…]

Africa inching towards debt crisis – AfDB president
For African countries to continue to remain resilient, they must not get into a debt crisis, the President of the African Development Bank, (AfDB), Dr Akinwumi Adesina, has said.[Read More…]

THISDAY

UPDC Plans Fresh Capital Injection, to Focus on Retail Market
The Chairman of UACN Property Development Company (UPDC) Plc, Mr. Larry Ettah has said that the company plans to inject fresh capital to boost its operations.[Read More…]

Power Output Seen at 20% of 2016 Peak After Attack
Power output in Nigeria plunged to a fifth of this year’s peak after attacks on natural gas pipelines cut supplies of the fuel to electricity producers, according to Egbin Power Plc, the country’s largest generator.[Read More…]

CAR: CBN Extends Deadline for Systemically Important Banks
The Central Bank of Nigeria (CBN) has extended the deadline for the implementation of higher capital adequacy ratio (CAR) requirements for systemically important banks (SIBs), a report has shown.[Read More…]

VANGUARD

Japaul plans to raise fresh funds as foreign investors indicate interest
There are plans by Japaul Oil & Maritime Plc to raise fresh funds to boost its business, even as it cleans its balance sheet for the year 2015. Vanguard gathered that there are foreign investors that have indicated interest in the company and are ready to inject millions of dollars as a result of the intricate value seen in the company, more so that the company has cleaned up its books for profitability.[Read More…]

REUTERS

Oil prices push closer to $50, U.S. crude hits highest in 7 months
Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.[Read More…]

BLOOMBERG

Global Stocks Rally With Won, Oil on U.S. Optimism; Gold Falls
Global equities rose to a two-week high after U.S. housing data spurred optimism the world’s largest economy can withstand higher interest rates. Oil advanced and gold fell amid a retreat in the dollar.[Read More…]

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