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TODAY’S BUSINESS NEWS BRIEF – Thursday, November 3rd, 2016

Home   /   TODAY’S BUSINESS NEWS BRIEF – Thursday, November 3rd, 2016

PUNCH

AfDB approves $600m loan for Nigeria
The African Development Bank’s Board of Directors on Wednesday approved a $600m loan for Nigeria, several months after the Federal Government had approached the lender for a budget-support facility.[Read More…]

Buhari’ll resend $30bn loan request to Senate, says minister
President Muhammadu Buhari will resubmit the request for his administration to borrow $29.96bn from external sources to the Senate despite the setback the borrowing plan suffered at the upper legislative chamber on Tuesday.[Read More…]

Despite N’Delta talks, militants bomb crude export pipelines
A yet-to-be identified militant group in Niger Delta on Tuesday reportedly brought down two major crude oil delivery lines supplying the Trans Forcados Export trunk line in Burutu Local Government Area of Delta State.[Read More…]

PIB passes second reading at Senate
The process to unbundle the Nigerian National Petroleum Corporation moved a step closer on Tuesday as the Petroleum Industry Bill passed second reading at the Senate.[Read More…]

NNPC posts N127.73bn loss in eight months
The Nigerian National Petroleum Corporation recorded a total loss of N127.73bn between January and August this year, its latest group financial report released on Wednesday showed.[Read More…]

Nigeria, seven others to introduce special insurance policies
Nigeria and seven other African countries are considering the introduction of some special policies for micro-insurance to enhance development.[Read More…]

Pension assets rise to N5.9tn
The total assets under the Contributory Pension Scheme rose to N5.9tn as of the end of September.The Director-General, National Pension Commission, Mrs. Chinelo Anohu-Amazu, disclosed this during a seminar in Abuja on Wednesday.[Read More…]

IBEDC spends N5.5bn on metering, network development
The Managing Director, Ibadan Electricity Distribution Company Plc, Mr. John Donnachie, said the company had spent a total of N4.5bn on metering and N1bn on equipment for network development.[Read More…]

Power firms, others owe gas producers N110bn
Gas producers in Nigeria are not happy about the rising debts of their clients with respect to making payment for supplied gas, particularly power firms.[Read More…]

Shareholders’ group rejects corporate governance code
A group of investors in many blue-chip companies in the country under the aegis of the Independent Shareholders Association of Nigeria has rejected the National Code of Corporate Governance for the private sector, saying it amounts to overregulation of corporate organisations.[Read More…]

THISDAY

EU Commits €712m Grant to Nigeria’s Power Sector
The European Union (EU) wednesday disclosed that it had committed a total of €700 million grant to support Nigeria’s power sector between 2014 and 2020.[Read More…]

THE NATION

NNPC remits $180.93m to Federation Account
The Nigerian National Petroleum Corporation (NNPC) yesterday said it remitted $180.93million into the Federation Account in August.[Read More…]

Govt, NAPE push for exploration in frontier basins
The Federal Government and the Nigerian Association of Petroleum Explorationists (NAPE) are in discussion to woo investors into exploring for oil and gas in the frontier basins in Nigeria.[Read More…]

CBN releases $300m to foreign airlines
To cushion the effect of the cash squeeze affecting foreign airlines flying into Nigeria, the Central Bank of Nigeria (CBN) has released $300 million out of the $600 million airlines fund stuck in the country.[Read More…]

THE GUARDIAN

CBN settles manufacturers’ $330m demand as production declines
The Central Bank of Nigeria (CBN) yesterday reduced manufacturing sector’s backlog of foreign exchange demand by $330.09 million (about N105.6 billion) as real sector records persistent decline.[Read More…]

Government earns N500m from renewal of 668 telecoms licences
The Federal Government through the Ministry of Communications has earned about N500 million from the issuance and renewal of spectrum licenses between November 2015 and September 2016.[Read More…]

Electricity generation drops by 740MW
Nigeria’s electricity generation has dropped by over 740 Mega Watts (MW) from the 4,202.7MW recorded in September to 3,462.1MW, according to data from the Transmission Company of Nigeria (TCN).[Read More…]

Oil company tasks SMEs on succession plan
Concerned by the high rate of collapse of small and medium scale businesses Nigeria, the management of Italian oil giant, Nigeria Agip Oil Company (NAOC), has resolved to focus on developing and building of capacities in the sectors as well as community content and sustainability.[Read More…]

DAILY TRUST

Total to build solar plants in Nigeria, begins Alaoji gas supply
Oil giant Total has announced plans to construct solar power plants in Nigeria as part of efforts to deliver affordable and clean energy to the people.[Read More…]

VANGUARD

Banks’ outstanding loans rise to N13.8tr against sluggish deposit growth
Outstanding banking industry loans to the economy as at end of third quarter 2016 (Q3’16) escalated by N2.1 trillion to N13.8 trillion, about 17.9 per cent rise against N11.7 trillion recorded in the corresponding period of 2015.[Read More…]

Oyo, Chinese conglomerate seal N636bn investment pact
Oyo State Government and a Chinese conglomerate, China Polaris, have sealed a partnership agreement estimated at about N636bn ($2bn) for the establishment of a free trade zone for the manufacturing of automotive products, solar power generation, among others.[Read More…]

REUTERS

Asia stocks subdued, dollar slips on U.S. election tension
Asia shares joined the U.S. dollar on the defensive on Thursday as the nail-biting U.S. presidential race saw the S&P 500 suffer its longest losing streak in five years as investors sailed to safer harbors.[Read More…]

BLOOMBERG

Gold Climbs as Vote Jitters Hit U.S. Stock Futures, Mexican Peso
Investors are becoming more jittery amid a tightening race for the U.S. presidency, sending gold higher for a sixth day while weighing on equities and the Mexican peso. Egypt’s currency tumbled as the central bank switched to a freely floating exchange rate.[Read More…]

 

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