Economic News UpdateMarket Update

Economic News update: 2nd March, 2017

news-brief

CBN Releases Corporate Governance Code for Other Financial Institutions

In order to strengthen governance practices, the Central Bank of Nigeria (CBN) has developed distinct governance codes of corporate governance for Other Financial Institutions (OFIs) under its supervision.

These OFIs include primary mortgage institutions, microfinance banks, mortgage refinance companies, development finance institutions, bureau de change and finance companies.

Read More

FG approves N701bn payment guarantee for power firms

The Federal Government on Wednesday approved N701bn payment assurance guarantee for any energy produced by the electricity generation companies through the Central Bank of Nigeria in order to strengthen the Nigerian Bulk Electricity Trading Plc,

It also approved a short-term financing option for two ongoing projects, the Lagos-Ibadan Expressway and the Second Niger Bridge. These were some of the decisions taken at the Federal Executive Council meeting presided over by the Acting President, Prof. Yemi Osinbajo, at the Presidential Villa, Abuja.

Read More

NSE Partners DMO to List $1Billion FGN Eurobond

The Nigerian Stock Exchange (NSE) will today list the $1 billion Federal Government (FGN) Eurobond issued under Nigeria’s newly established Global Medium Term Note programme.

This 15-year domestic sovereign Eurobond priced at par and at a coupon of 7.875 per cent per annum is the first foreign currency denominated security to be listed and traded in the Nigerian capital market.

Read More

Govt to intensify public sector institutional reforms

The Federal Government has said it will intensify its reform in the public sector to enable the country to have one of the best civil service in the world by 2020. The Director-General, Budget Office of the Federation, Mr. Ben Akabueze, said this in Abuja at the opening of a one-day stakeholders’ forum on the National Strategy of Public Service Reform.

He said the reforms in the public sector, which commenced in 2008, needed to be fast-tracked in order to achieve a world class civil service that would place the country’s public sector among the best in the world in the next few years.

Read More

Again, Nigeria’s Manufacturing Index Declines in February

The Manufacturing Purchasing Managers’ Index (PMI) stood at 44.6 index points in February 2017, indicating decline in the manufacturing sector for two consecutive months after an incidence of expansion in December 2016.

The PMI is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.

Read More

Shale: Nigeria, others must lower costs, says Kachikwu

Members of the Organisation of the Petroleum Exporting Countries must lower production costs to compete better with shale oil producers, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.

Industry analysts have said the rising shale oil production in the United States could upend efforts by major producers including OPEC to bring global supply and demand for crude back into balance.

Read More

Customers Storm SMBC Micro-finance Bank, Demand Refund of Deposits

It was complete disappointment yesterday as customers of SMBC Micro-finance Bank were turned back when they stormed the bank to collect their money deposited with the bank
The customers numbering over 40 who stormed bank premises as early as 10am in Benin City, said the activities of the micro-finance bank became so suspicious since the building was taken over by the Economic and Financial Crime Commission (EFCC).

Read More

FrieslandCampina WAMCO Nigeria appoints Langat MD

Ben Langat has been appointed Managing Director of FrieslandCampina WAMCO Nigeria PLC with effect from March 13.  He will report to Roel van Neerbos, Chief Operating Officer, Consumer Products Europe, Middle East and Africa, and he will be located in Lagos, Nigeria.

Until June last year, Langat was the Managing Director of Nigerian Bottling Company Limited, Coca Cola Hellenic Bottling Company where he led major business transformation, route to market plan growing volumes and market share and delivered double digit growth despite economic challenges.

Read More

Conoil prepares Kaduna office for airport operations

Conoil, an oil marketing company, says it has beefed up its Kaduna aviation office to reinforce its operations following the Federal Government’s decision to shut down Nnamdi Azikiwe International Airport, Abuja, for six weeks to carry out repairs on its runway.

The company said in a statement that the reinforcement would involve the movement of its high-tech bowsers, dispensers and human capital from Abuja to strengthen its Kaduna operations.

Read More

CAC to end registration with fake identities

The Registrar-General, Corporate Affairs Commission (CAC), Bello Mahmud has said the era of using fake identity for registration of businesses will soon be over. He said it is no longer enough to put a name down in registering companies, identities must be behind the names.

Represented by his Special Assistant, Garba Abubakar during the Commerce and Industry Correspondent Round Table in Abuja yesterday, Mahmud said the Federal Government data base harmonisation is happening soon, which will confirm the authenticity of name and valid identity of citizens. For now who ever is registering any company must provide his drivers licence, international passport and valid identity card, he said.

Read More

$530m injection: Forex intervention that relieved naira

The sustained appreciation of Nigeria’s national currency since last week’s ingervention by the Central Bank of Nigeria (CBN) has again rekindled the hope of most Nigerians in the ability of the apex regulator to manage the nation’s foreign exchange market against the vicissitudes of the global economy caused by collapse of commodity prices.

Before that intervention, most book makers had predicted the CBN was merely prodding the naira onward the Zimbabwean experiment where its national currency became so worthless that one needed a lorry load of currencies to buy a loaf of bread. But from last week when the first tranche of $370 million was sold at a special intervention, there has been no stopping the naira. On Tuesday, for instance, the  naira strengthened in value in the parallel market as it was sold for N425 to a dollar.

Read More

Reps issue deadline for Eurobond, Committee reports

The Speaker of the House of Representatives, Yakubu Dogara yesterday issued an ultimatum for the submission of reports on the request of the Federal Government for a resolution of the National Assembly for the issuance of $500 million Eurobond in the International Capital Market (ICM) for the funding of the 2016 budget deficit.

Speaking yesterday at plenary, Dogara  said the House Committee on Aids, Loans & Debt Management should submit the report on the  $500 million Eurobond request by  March 7 to enable members debate and if necessary adopt its recommendations.

Read More

Britain Insists on Robots, AI to Boost Economy

Britain is insisting that it will capitalise on the rise of robot machines and artificial intelligence (AI) to boost its economy, just as the country exits the European Union. Britain’s belief in robotics technology and artificial intelligence, is coming few weeks after Accenture’s report that was released simultaneously in Nigeria and other African countries, called for public and private sector participation in artificial intelligence in Nigeria.

The report, which predicted five significant technology trends that Nigerians must apply to disrupt businesses over the next three years, has the theme: “Technology for People”, which is a call to action for business and technology leaders to actively design and direct technology to augment and amplify human capabilities.

Read More

NNPC calls for tariff harmonisation of non-oil products

 Chief Operating Officer, Upstream, Nigeria National Petroleum Corporation (NNPC), Dr Bello Rabiu, has called for the harmonisation of tariffs on non-Economic Community of West African States (ECOWAS) goods to promote cooperation on non-oil exports.

Rabiu spoke during the panel session of West African International Petroleum Exhibition and Conference (WAIPEC) organised by the Petroleum Technology Association of Nigeria (PETAN) in Lagos.

Read More

W’Africa loses N530bn to multinationals’ tax evasion –WATAF

The Chairperson, West African Tax Administrators Forum (WATAF), Mrs. Elfrieda Thamba, has revealed that about N530 billion was siphoned from the region between 2003 and 2012 by multinationals who engaged in tax invasion, profit shifting, illicit flow of funds and other illegal activities.

This was as the President of West African Union of Tax Institutes (WAUTI), Dr. Teju Somorin, said a team of facilitators drawn from different sectors in the region has been assembled to identify the issues, pose questions, proffer solutions to bring about a professionalised and harmonised tax system.

Read More

Reps seek appropriate pricing for petrol

MEMBERS of the House of Representatives are looking at the pricing of petrol to ensure that marketers get real value for their investment. The Chairman, Ad-hoc Committee on the Review of Pump Price of Petrol, House of Representatives, Hon. Raphael Igbokwe, made this known during their tour of facilities of NIPCO Plc in Apapa, Lagos.

The lawmakers praised NIPCO for making the product available at regulated prices across the country. Igbokwe said users of the product  should get good value for their money. In a statement by NIPCO’s spokesman, Mr. Taofeek Lawal, Igbokwe said NIPCO was a case study of an indigenous firm in the hydrocarbon industry that started from a humble beginning to become a major player.

Read More

Crude oil, gas exports: Reps accuse Finance Ministry of breach in appointing consultants

The House of Representatives has mandated its  committees on Public Procurement and Finance to investigate allegations of abuse, breach and violation of the Public Procurement Act of 2007 in the engagement of consultants for pre-shipment inspection and monitoring of crude oil and gas exports from Nigeria.

Kolawole, in his lead debate, said the ongoing tendering process is fraught with allegations of abuses by vested interests in the Federal Ministry of Finance, who are selecting non-responsive companies that do not meet basic statutory requirements like possession of valid PenCom certificates as required by the Public Procurement Act.

Read More

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.