News articles of interest

Rand Merchant Bank Nigeria Launches ₦80bn Commercial Paper Programme

2017-06
Rand Merchant Bank (RMB) Nigeria has received approval from FMDQ OTC Securities Exchange to register its N80 billion Commercial Paper (CP) Programme on the FMDQ platform.
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2017 budget: N1.58tn released for capital projects, says FG

2018-06-20
The Federal Government on Tuesday said it had released N1.58tn to its Ministries, Departments and Agencies for the execution of capital projects as contained in the 2017 budget.
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Govt opens battle to retrieve N138b trapped in 17 banks

2018-06-20
Over N138 billion National Insurance Health Scheme (NHIS) cash is trapped in 17 banks, financial companies and individual pockets from January 2011 to date, a Federal Government team has discovered.
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NNPC repairs pipeline, power generation increases by 1,304MW

2018-06-20
Power generation has risen to 3,876.9 megawatts after the Nigerian National Petroleum Corporation fixed the gas pipeline that was ruptured on Friday, which supplies gas to most thermal electricity generating plants in the country.
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Naira depreciates to N361.25/$ in I&E window

2018-06-20
The naira yesterday depreciated by 18 kobo to N361.25 in the Investors and Exporters (I&E) window.
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PenCom approves N1.8bn for enbloc, foreigners’ pension

2018-06-20
The National Pension Commission, PenCom, has granted approval for the enbloc payment of N1.81 billion to 3,403 retirees being the entire balances in their Retirement Savings Account, RSA, in the fourth quarter of 2017.
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PenCom lauds pensions reforms, N8 trillion record

2018-06-20
The National Pension Commission (PenCom) has commended the series of reforms in the sector, which has raised accumulations from contributors to N8trillion, as well as brighter hopes to retirees.
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Nigeria's Buhari to sign 2018 budget on Wednesday - presidency spokesman

2018-06-19
Nigeria’s President Muhammadu Buhari will sign the 2018 budget into law on Wednesday, a presidency spokesman said.
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NCC begins frequency transfer from Visafone to MTN

2018-06-19
The Nigerian Communications Commission has begun the process for the transfer of the licence of Visafone Communications Limited to digital mobile operator, MTN Nigeria Communications Limited, investigation has shown.
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Stakeholders want cargo base removed from Lagos port

2018-06-19
Stakeholders in the Nigerian maritime sector have suggested that instead of concentrating on the Apapa Port as the base for discharging cargoes, the cargoes should instead be moved in barges to other locations to avoid congestion at the port and the attendant costs being borne by operators.
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Revenue generation, key weakness for Nigeria – Moody’s

2018-06-19
An international credit rating agency, Moody’s Investors Service, has said the key issue for Nigeria will be improving its ability to generate revenue.
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Kachikwu Directs NNPC, Shell to Start $10bn Bonga South West Project Tuesday

2018-06-19
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence the tendering process for the execution of the $10 billion Bonga South West/Aparo (BSWA) deepwater project Tuesday, THISDAY’s investigation has revealed.
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RMB unveils plans to float, list bond on NSE

2018-06-18
Rand Merchant Bank Nigeria (RMB) has unveiled plans to float a bond programme that would be listed on the Nigerian Stock Exchange (NSE) this year.
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RMB Pledges More Support for Arts

2018-06-18
Rand Merchant Bank, a subsidiary of FirstRand Group in Nigeria has reaffirmed its resolve to supporting the Nigerian arts as well as the creative industry, even as it hailed the country’s business environment for being rewarding.
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Bank lifts creative industry with anniversary show

2018-06-17
In commemoration of its five years of doing business in Nigeria, Rand Merchant Bank (RMB) Nigeria, a subsidiary of South Africa’s FirstRand Bank Limited, recently held an art show. It had renowned and upcoming artists showcasing their works to an appreciative audience. The event, which ran for two days, was held at Oriental Hotel, Victoria Island, Lagos, and had top executives of the bank as well as customers, representatives of various financial institutions, musicians, and artists in attendance.
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Oil price fall to $75 pb on rising supply by US

2018-06-14
There are indications that the oil industry of the United States of America, USA, is now capitalizing on the recent upsurge in oil prices to pump-up volume in the market, leading to excess supply glut and slump in prices.
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Rand Merchant Bank Eyes Increased Activities in Nigerian Capital Market

2018-06-14
The Managing Director of Rand Merchant Bank (RMB) Nigeria, Mr. Michael Larbie wednesday said the company would increase its activities in the Nigerian capital.
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Soap maker PZ Cussons FY profit to be at lower end of view, hurt by tough Nigeria market

2018-06-14
Soaps and cosmetics maker PZ Cussons on Thursday said its full year pre-tax profit is expected to be at the lower end of the 80 million to 85 million pound range it previously provided, as trading conditions in Nigeria have tightened further.
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Soap maker PZ Cussons FY profit to be at lower end of view, hurt by tough Nigeria market

2018-06-14
Soaps and cosmetics maker PZ Cussons on Thursday said its full year pre-tax profit is expected to be at the lower end of the 80 million to 85 million pound range it previously provided, as trading conditions in Nigeria have tightened further.
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Nigeria inflation dips to lowest in more than two years in May

2018-06-13
Annual inflation in Nigeria slowed to 11.61 percent in May, its lowest level in more than two years and its 16th straight monthly drop, the National Bureau of Statistics said on Wednesday.
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Nigeria's Buhari to Sign 2018 Budget Next Week, Aide Says

2018-06-13
Nigeria’s President Muhammadu Buhari will sign the 2018 expenditure plan next week, after months of delays, presidency spokesman Femi Adesina told reporters in the capital, Abuja.
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Nigeria Gets Deal for Return of $500 Million of Stolen Funds

2018-06-13
Nigeria agreed a deal with some foreign countries for the return of $500 million in public funds stolen by officials, Justice Minister and Attorney General Abubakar Malami said.
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Yields to rise as world’s biggest Central Banks decide rates

2018-06-13
The cost of foreign borrowing by the Federal Government and corporates, as well as yield on fixed income securities may rise following the plan by the world’s three biggest Central Banks to update their monetary policy stance, this week Tuesday through Thursday.
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Forwards contracts lead CBN dollar sales with $11.2bn

2018-06-13
Foreign exchange, forex, sales by the Central Bank of Nigeria (CBN) was dominated in 2017 by Forwards contracts which accounted for $11.2 billion or 70 percent of total sales.
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CBN Injects $210m Into Forex Market

2018-06-13
The Central Bank of Nigeria (CBN) yesterday supplied the sum of $210 million into the foreign exchange market to meet customers’ requests in various segments of the market.
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National carrier to begin operation in December —NCAA

2018-06-13
The Director-General, Nigerian Civil Aviation Authority, Capt. Usman Muhtar, has confirmed December as the commencement date for the proposed national carrier.
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Naira depreciates to N361.30 /$ in I&E window

2018-06-12
The Naira, Tuesday, depreciated by 43 kobo to N361.30 per dollar in the Investors and Exporters (I&E) window.
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Naira depreciates to N361.5/$ in parallel market

2018-06-12
The Naira, yesterday, depreciated by 50 kobo to N361.5 per dollar in the parallel market.
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No Major Growth in ECA Despite Oil Price Surge, Experts Lament

2018-06-12
Nigeria has not made any significant deposit into her Excess Crude Account (ECA) between July 2017 and January 2018, when crude oil price began to rise, experts have observed.
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Reps approve N396bn promissory notes, bonds to reflate economy

2018-06-12
Nigeria’s House of Representatives has approved President Muhammadu Buhari’s request to issue promissory note and bonds worth N396 billion as payment of refunds to 19 states. The approval was granted to mark the third year anniversary of the 8th session of the House of Representatives.
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South Africa’s Absa Group targets Nigerian banking license

2018-06-12
South African financial services group ABSA, formerly the whole owned subsidiary of Barclays Africa Plc is considering getting a banking license in Nigeria after it begins trading on the Nigerian stock exchange by the end of July, as part of its plans to provide financial services to its international clients who are willing to get exposure to the Nigerian market and vice versa. ,” Garth Klintworth, head of markets for Barclays Africa Group, which was recently acquired by Absa told BusinessDay in a side interview at the Financial Times Summit in Lagos last week.
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Ghana, others to import fuel from Dangote’s refinery

2018-06-12
Ahead of the completion of the Dangote Oil Refinery, petroleum importing African nations and bulk oil distributors based in Ghana have expressed eagerness to patronise the Nigerian plant when production starts.
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Park Your Money in Nigeria, a Haven Amid Emerging-Market Mayhem

2018-06-12
Investors looking for a haven amid the rout in emerging markets over the past two months would have found one in Nigeria’s domestic debt.
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External Reserves Down to $47.42bn as Foreign Portfolio Investors Anticipate US Rate Hike

2018-06-11
Nigeria’s external reserves has maintained a sustained decline, albeit marginally in the past three weeks as foreign portfolio investors (FPI) continue to weigh the possibility that the United States Federal Reserve will raise interest rate at its meeting which holds this week.
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CBN, FMDQ, FMDA propel market confidence

2018-06-11
The Central Bank of Nigeria (CBN), FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange) and the Financial Markets Dealers’ Association (FMDA), the association of FMDQ Dealing Member (Banks), at the weekend introduced into the fixed income market – Straight-through-Processing (STP) for the settlement of fixed income trades.
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NSE Pledges to Lead Growth of Regional Capital Markets

2018-06-11
The Nigerian Stock Exchange (NSE) said it has a unique role to play in the sustainable growth of the domestic and regional capital markets as well as the broader economy.
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Inflation To Drop Further To 27-month Low

2018-06-11
Ahead of the release of consumer price index by the National Bureau of Statistics (NBS), analysts have projected a further decline in the rate at which prices of goods and services rise in the country to further decline in May.
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Budget Delays Cast Doubt on Nigeria Economic Growth Promises

2018-06-11
Nigeria’s promise of a pickup in growth, investment and jobs ahead of next year’s election is getting trickier to achieve because of a political stalemate over its record budget.
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States raise domestic debt by N1.64tn in three years

2018-06-11
The resort to borrowing by the country to finance virtually everything has become worrisome to many analysts, with the state governments increasing their exposure to the foreign and domestic debt markets at will, EVEREST AMAEFULE writes
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Election jitters to raise pressure on forex demand

2018-06-11
As elections draws near, the naira is seen at risk due to expected outflow in forex market amidst culminating pressures.
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Nigerian oil exports to fall to 2018 low in July

2018-06-11
Nigeria's oil exports are expected to fall in July to just 1.43 million barrels per day (bpd), loading plans showed on Monday, the lowest level so far this year.
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Nigeria eyes $1.3 bln from asset sales this year

2018-06-08
Nigeria expects to raise 400 billion naira ($1.3 bln) via asset sales this year, part of which would help finance its record 2018 budget, the head of the privatisation agency said.
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Onyema: NSE Demutualisation Process Still on Course

2018-06-08
The Chief Executive Officer of the Nigerian Stock Exchange(NSE), Mr. Oscar Onyema yesterday said the demutualisation process was still on course. Speaking to THISDAY after the 57th annual general meeting (AGM) of the NSE in Lagos, Onyema said the council and management were working with their advisors to fine-tune some aspect of the demutualisation project. According to him, they are waiting for the signing of the Demutualisation Bill to be signed into law to fast-track the process.
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External reserves fall by $169m in six days

2018-06-08
The nation’s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday.
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Rand Merchant Bank Conference: IMF outlines strategy to improve tax

2018-06-08
The International Monetary Fund (IMF), yesterday, said Nigeria must improve on its tax administration and policy in order to achieve the target of 15 percent tax revenue to Gross Domestic Product (GDP) ratio over a five year period, as stipulated in the Economic Recovery and Growth Plan (ERGP).
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CBN to Commence Bi-weekly Auction of Chinese Yuan

2018-06-08
Following the $2.5 billion bilateral currency swap agreement signed last month between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC), the CBN Thursday announced plans to start bi-weekly auctions of the Chinese yuan.
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Experts Harp on Increased Private, Public Sectors Collaboration

2018-06-08
The Chief Executive Officer of Rand Merchant Bank Nigeria (RMB Nigeria), Mr. Micheal Larbie, has stressed the need for enhanced collaboration between the private and public sector to boost economic growth.
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Commercial Papers market crosses N1trn mark

2018-06-07
Transaction value in Commercial Papers (CPs) market in Nigeria has risen to N1.06 trillion from zero level in 2013, raising fresh window of opportunity for businesses looking to tap the non-bank debt market for short-term capital and investors seeking to diversify their portfolios.
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OPEC, Trade Concerns Push Crude Oil Price to One-month Low

2018-06-07
Crude oil prices fell yesterday with the global benchmark, Brent crude heading towards its lowest finish in about one month after a report revealed a surprise weekly climb in the United States’ domestic crude inventories.
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Nigeria’s trade grew to N7.2tn in Q1 – NBS

2018-06-07
The country recorded an increase of N1.18tn in merchandise trade in the first quarter of this year to N7.21tn from N6.02tn in the fourth quarter of last year.
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Nigeria recovers $98 mln with tax evasion amnesty -finance ministry

2018-06-06
Nigeria’s government has recovered around 30 billion naira ($98 million) from individuals and companies through a tax amnesty scheme, the finance ministry said on Wednesday.
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Africa Oil Giant Needs $12 Billion to Avoid Missing LNG Boat

2018-06-06
On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan.
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Sharing risks, deals make banking in Nigeria sustainable, says Larbie

2018-06-05
Michael Larbie is the Managing Director and Chief Executive Officer of Rand Merchant Bank (RMB) Nigeria. He is the pioneer chief executive of the five-year old subsidiary of South Africa’s banking giant- FirstRand Group. In this interview with select journalists ahead of the bank’s fifth overstay in Nigeria, he speaks on the lender’s contribution to the economy and industry issues. CHIJIOKE NELSON was there.
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Naira sells at N360.5 to dollar at parallel market

2018-06-05
Barely eight hours after the Central Bank of Nigeria (CBN) reviewed the exchange rate of the Naira against the Dollar at the parallel market, it lost N50 kobo.
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Petrol Glut Hits Nigerian Market as NNPC Struggles for Buyers

2018-06-05
The efforts of the Nigerian National Petroleum Corporation (NNPC) to sustain the availability of petrol in the country with massive importation of product have led to a glut of petrol in the market, with the corporation struggling for buyers, THISDAY’s weekend market survey revealed.
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FG has no money to complete Ajaokuta steel – Minister

2018-06-05
Members of the House of Representatives and the Minister of State for Solid Minerals Development, Mr. Abubakar Bwari, disagreed on Monday over the fate of the Ajaokuta Steel Company Limited.
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Naira depreciates to N361.12/$

2018-06-05
The Naira, yesterday, depreciated by 27 kobo to N361.12 per dollar in the Investors and Exporters (I&E) window where the volume of dollars traded stood at $242.69 million.
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NSE to step up advocacy against bear run

2018-06-05
Worried by the heightened bear run on equities the Nigerian Stock Exchange, NSE, is set to initiate new measures that will favourably change the fortune of the stock market.
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Experts canvass sustainable foreign capital inflow

2018-06-05
Experts at the one-day conference organised by the Nigerian Stock Exchange (NSE) in Lagos have argued that Nigeria needs to adopt a holistic strategy that would unlock rapid development of transport infrastructure in Nigeria.
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Naira Pares Losses as CBN Reviews Dollar Rate for BDCs

2018-06-05
The naira appreciated Monday as the Central Bank of Nigeria (CBN) approved an upward review of the trading margin for Bureau de Change (BDC) operators in the country.
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Shell Says Nigeria Attacks Recur Even as Oil Output Recovers

2018-06-04
Nigeria’s oil wells may be flowing again, but the country’s largest operator says attacks continue to put a brake on output.
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External reserves fall by $177m in 2 weeks

2018-06-04
THE appreciation recorded by the naira in the various segments of the foreign exchange market last week is expected to persist this week, even as the external reserves continued on a downward trend, falling by $177 million in two weeks, due to increased dollar sales by the Central Bank of Nigeria, CBN, in its effort to stem the depreciation of the naira.
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SEC Proposes Fiscal Incentives for Listed Firms to Deepen Market Participation

2018-06-04
The Securities and Exchange Commission (SEC) has advocated some measure of fiscal incentives for listed companies on the Nigeria Stock Exchange (NSE) to mitigate their cost burden and encourage more entities to list shares on the bourse.
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RMB to launch stockbroking arm in Nigeria

2018-06-04
Rand Merchant Bank is set to launch its stockbroking arm in Nigeria, as part of its fifth anniversary celebration.
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Nigerian banks lead African peers on ROE, lag in valuations

2018-06-04
Despite having lower valuations compared to its peers in South Africa and Kenya, Nigerian banks performed better in terms of profitability and efficiency in making use of their operating funds in 2017.
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Ibeto Cement acquires U.S. oil firm

2018-06-04
IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company.
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Nigeria: Larbie - Few Banks Alone Can't Provide the Capital Required to Develop Nigeria

2018-06-01
The Managing Director of Rand Merchant Bank Nigeria, Mr. Michael Larbie reasons that in order to promote economic growth, Nigeria requires significant amounts of capital which a few banks alone cannot provide.
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Nigeria's Amcon Expects to Return to Profit as Losses Narrow

2018-06-01
The Asset Management Corp. of Nigeria, which was set up by the West African nation to buy bad debts from banks, said it could return to profit this year after losses in 2017 narrowed as the economy rebounded from its worst contraction in more than two decades.
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Naira appreciates to N360.97 in I&E window

2018-06-01
The Naira yesterday appreciated by 105 kobo to N362.97 per dollar in the Investors and Exporters (I&E) window even as volume of dollars traded rose by 11 percent.
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Nigeria's IPO market shows signs of life after drought

2018-06-01
More companies are lining up to list on the Lagos stock exchange, kick starting Nigeria’s IPO market after a long drought.
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Osinbajo, Enelamah, Others for RMB Nigeria Business Conference

2018-06-01
Rand Merchant Bank (RMB) Nigeria has concluded plan to organise a business conference as part of activities to mark its fifth-year anniversary celebrations.
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Larbie: Few Banks Alone Can’t Provide the Capital Required to Develop Nigeria

2018-06-01
The Managing Director of Rand Merchant Bank Nigeria, Mr. Michael Larbie reasons that in order to promote economic growth, Nigeria requires significant amounts of capital which a few banks alone cannot provide. He spoke with Obinna Chima
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Nigeria Bets on Oil to Get to Its 3.5% Economic Growth Goal

2018-06-01
Nigeria’s government insists the economy of Africa’s biggest crude producer is on track to expand by 3.5 percent this year due to increased oil revenue, even as growth missed expectations in the first quarter.
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OMO auction: CBN mops ups N800bn from the banking system

2018-06-01
The Central Bank of Nigeria (CBN) on Thursday mopped up excess liquidity in the banking system to the tune of N800 billion via Open Market Operation (OMO) with longer term instrument under subscribed.
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Nigeria’s economic outlook positive, says Udoma

2018-06-01
The Minister of Budget and National Planning, Senator Udo Udoma, has restated that Nigeria’s economic outlook for 2018 and over the medium-term is very positive.
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Nigeria’s export grows by 60 per cent

2018-06-01
Nigeria’s exports appreciated by 59.9 per cent between 2016 and 2017, the Federal Government said yesterday.
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Economic expansion persists but at slower pace — CBN

2018-06-01
Central Bank of Nigeria, CBN, yesterday, released its Purchasing Managers Index (PMI) Report for May, 2018 which indicated that though economic expansion persisted for the fourteenth month in manufacturing and non-manufacturing sectors, the rate of expansion has slowed down.
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FG still looking at selling stakes in oil joint ventures, signing AFCTA – Osinbajo

2018-06-01
Vice President Yemi Osinbajo has said that the federal government has not given up on its plans of selling down part of its stake in its joint venture with oil companies.
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Barclays Africa to join Nigeria's bourse in July -head of markets

2018-05-31
Barclays Africa plans to join the Nigerian Stock Exchange in July and is exploring opportunities in three other African countries, in a move to create access for foreign investors looking to tap into markets on the continent.
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Nigeria's Top Two Cement Makers Turn to Investors to Kick-Start Growth

2018-05-31
Nigeria’s two largest cement makers are turning to investors to help kick-start growth and take advantage of strengthening sub-Saharan African economies and infrastructure spending, including in their home market.
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External reserves drop further, lose $99m

2018-05-31
The nation’s foreign exchange reserves have declined further, losing $99m to close at $47.65bn on Monday, latest data from the Central Bank of Nigeria showed on Wednesday.
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Oil prices steady after shake-out on supply worries

2018-05-31
Oil prices steadied yesterday after slipping prices on concerns that Saudi Arabia and Russia will pump more crude in response to falling global crude inventories and rising consumer prices.
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Naira Appreciates as CBN Sustains FX Intervention

2018-05-31
The Naira appreciated to N362 to a dollar wednesday, stronger than the N366 to a dollar it was as at the close of business on Monday.
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Taxify closes $175m investment, targets expansion in Nigeria

2018-05-31
Ride-hailing company, Taxify, has said it is now working on expanding the platform’s availability to drivers and riders in Nigeria after completing an investment round of $175m.
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Naira comes under pressure, reserves drop to $47.75bn

2018-05-30
The naira has come under pressure against the United States’ dollar in recent days, falling to 366 to the greenback on the parallel market.
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Eko Atlantic Eyes 2023 Finish as Nigeria Economy Recovers

2018-05-30
A high-end seaside development in Nigeria’s megacity of Lagos could be fully operational in the next five years as the West African nation’s economy rebounds from its worst contraction in more than two decades, according to the project’s promoter.
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Nigeria central bank injects $210 mln into currency market

2018-05-30
Nigeria’s central bank said on Wednesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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New Entry Opportunities Beckon as Bears Depress Stock Prices

2018-05-30
As the bears continue to ravage the stock market, depressing prices of many stocks at the nation’s equities market, investment analysts have said the low prices are presenting opportunities for investors to invest in the market.
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MTN Ghana makes history with first mobile money-based IPO

2018-05-30
MTN Ghana, the largest telecom operator in Ghana opened a historic Initial Public Offering (IPO) in the country that will see it raise as much as US$743 million in fresh capital or an equivalent of N264 billion. The IPO is the largest ever undertaken by the country and if successful could set the stage for other companies to test the market.
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Oil price falls to $74, Nigeria’s exports suffer

2018-05-30
The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel.
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BDCs to access $48m from CBN Wednesday

2018-05-29
Bureau De Change Operators (BDCs) tomorrow, May 30, 2018 access foreign exchange to the tune of about $48 million from the Central Bank of Nigeria (CBN).
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MTN Ghana aims to raise nearly $750 million in IPO

2018-05-29
MTN on Tuesday launched an initial public offering for a 35 percent stake in its Ghana business, which it hopes will raise 3.47 billion cedis ($743 million).
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RMB Nigeria plans wider range of products to meet customers’ needs

2018-05-29
Rand Merchant Bank (RMB) Nigeria, which opened its doors in Nigeria as a merchant bank in April 2013, will continue to leverage its merchant banking license to develop new platforms to grow businesses in future, Michael Larbie, managing director/CEO said in an interview with journalists, Hope Moses-Ashike was there. Excerpt.
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Shareholders approve Forte Oil’s assets sales

2018-05-28
Shareholders of Forte Oil Plc have approved the company’s plan to restructure its operations by divesting from its upstream services and power generating businesses and the sale of its downstream business in Ghana. Forte Oil plans to streamline its operations and focus on its Nigerian downstream marketing business.
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Party congress, foreign investors’ repatriation put pressure on naira

2018-05-28
Nigeria’s currency is seeing sell pressure gradually building against it as a result of political activities and foreign portfolio investors repatriating their investment proceeds.
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Investors take profits in small cap bank stocks

2018-05-28
Nigerian Stocks have been steadily selling off since a January 19 peak as investors took profits on small capitalized banking stocks which lead the market in gains earlier in the year.
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Naira depreciation: CBN to intensify liquidity mop up, forex intervention this week

2018-05-28
Following the depreciation of the naira to its lowest level in eight months last week, the Central Bank of Nigeria, CBN, will this week, increase intervention in the foreign exchange market and intensify liquidity mop up in the interbank money market, in a bid to forestall further depreciation of the nation’s currency.
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ABCON Condemns CBN’s New Directive On Forex

2018-05-28
The Association of Bureau de Change Operators of Nigeria (ABCON), has described the Central Bank of Nigeria (CBN’s) directive for Bureau de Change operators to buy $20,000 three times a week as unreasonable and unachievable.
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Ibeto Cement shrugs off warning signs, inks $850mn Milost deal

2018-05-28
Two weeks after Japaul Oil and Maritime services backed out of a planned $350 million (N126 billion) deal with Milost, citing “numerous red flags associated with the proposed equity injection,” cement maker- Ibeto- said it inked a $850 million (N306 billion) deal with the purported US-based private equity firm.
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RMB Nigeria hosts forum, to discuss diversification

2018-05-28
Rand Merchant Bank (RMB) Nigeria will convene a business conference on June 7, as part of its fifth anniversary celebrations in the country, with the theme: “Connecting the Building Blocks to Drive Inclusive and Sustainable Growth: Investment and Economic Diversification”.
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RMB Nigeria Hosts Forum, To Discuss Diversification

2018-05-28
Rand Merchant Bank (RMB) Nigeria will convene a business conference on June 7, as part of its fifth anniversary celebrations in the country, with the theme: “Connecting the Building Blocks to Drive Inclusive and Sustainable Growth: Investment and Economic Diversification”.
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Offshore-Oil Hub Ladol to Consider Stock Listing in Nigeria

2018-05-28
Ladol, a logistics hub for the offshore oil industry in Lagos, Nigeria, is mulling a stock-market listing and corporate bonds to expand its facilities and get more business from major production companies.
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States to push for new revenue allocation formula

2018-05-24
Members of the Federation Accounts Allocation Committee have commenced discussions on the review of the current revenue allocation formula among the three tiers of government.
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FG, States, LGs share N701.022bn for April

2018-05-24
The Federation Accounts Allocations Committee (FAAC) distributed the sum of N701.022 billion to the three tiers of government for the month of April.
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Lafarge Africa to Boost Profit, Cut Debt Burden by 2020

2018-05-24
Lafarge Africa Plc, the continent’s second-biggest producer of cement, plans to cut debt in the next two years as it seeks to boost profit before resuming expansion, the company’s chairman said.
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CBN asks customers to report banks that refuse to sell BTA/PTA

2018-05-24
The Central Bank of Nigeria (CBN) has asked the intending pilgrims and other customers that faced difficulties from their banks to secure the Business Travel Allowance (BTA) and Personal Travel Allowance (PTA) to report to the apex bank with immediate effect.
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Nigeria's Trans Forcados crude oil pipeline ramping back -sources

2018-05-23
Flows of crude oil along Nigeria’s Trans Forcados pipeline have started to ramp up again after an outage of almost a week, several trading sources said on Wednesday.
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Easing Inflation, Stable Naira Show Nigeria MPC May Be Right

2018-05-22
Nigerian central bank Governor Godwin Emefiele’s tight monetary-policy stance and system of multiple exchange rates may have paid off through slowing inflation and a stable Naira, and he’s not about to change that soon.
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IMF doubts Nigeria’s capacity to repay debts

2018-05-22
The International Monetary Fund on Monday expressed concern over Nigeria’s capacity to repay its debts and stressed the need for the Federal Government to mobilize more revenues domestically.
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Naira depreciates to N361.47/$ in I&E window

2018-05-22
The Naira, yesterday, depreciated by 62 kobo to N361.47 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Oil sector attracts $86m foreign capital in three months

2018-05-22
Foreign investment inflow into the Nigeria’s oil and gas industry rose by 259 per cent to $85.62 million in the first quarter of 2018, according to data obtained from the National Bureau of Statistics, NBS.
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Shell says force majeure still in place on Nigerian Bonny crude

2018-05-21
Royal Dutch Shell said on Monday a declaration of force majeure remained in place on shipments of Nigerian Bonny Light crude oil.
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Oil Prices Rise as US Puts Trade War with China ‘On Hold’

2018-05-21
Oil prices rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”.
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Nigeria's economic growth slows for first time since end of recession

2018-05-21
Nigeria’s economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the National Bureau of Statistics said on Monday.
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Analysts forecast average Q1 GDP of 2.36% ahead of official data

2018-05-21
Analysts expect the Nigerian economy to expand further in the first quarter of 2018, fueled by improved dollar liquidity, positive expansion in Purchasing Managers’ Index (PMI) and consecutive decline in inflation rate in the period under review.
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Rising US interest rates threaten capital flows into Nigeria

2018-05-21
Financial and economic experts have said the return of foreign portfolio investors to Nigeria is being threatened by the rising interest rates in the United States.
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MPC to retain policy rates as N266bn inflow boosts interbank liquidity

2018-05-21
Financial market analysts were, weekend, united in their projections about the outcome of the Central Bank of Nigeria’s 118th Monetary Policy Committee, MPC, meeting holding today and tomorrow. They argued that recent developments in the foreign exchange market and in emerging markets have eliminated the possibility of the MPC reducing the Monetary Policy Rate, MPR.
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Foreign investors rattle forex market

2018-05-21
Following the upsurge in demand for dollars last week by foreign investors, Nigeria’s foreign exchange market came under pressure with analysts in divergent views as to the impact on the market this week.
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MTN Nigerian shareholders say in the dark as IPO approaches

2018-05-21
The minority shareholders of MTN Nigeria have complained about being kept in the dark by the MTN Group as the listing of the Nigerian unit fast approaches.
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Government revenue on VAT from banks, other financial institutions drops 26% in Q1

2018-05-21
Government revenue from VAT, that comes from banks and other financial institutions declined (year-on-year) by 26.4 percent in the first quarter of 2018, according to the National Bureau of Statistics (NBS) report of the Sectorial distribution of VAT
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Nigeria central bank injects $293 mln into currency market

2018-05-18
Nigeria’s central bank said on Friday it had injected $293 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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Oil prices fall, Brent notches sixth week of gains

2018-05-18
Oil prices fell on Friday, but Brent crude marked its sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran.
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Fitch Affirms Nigeria’s ‘B+’ Rating, Negative Outlook

2018-05-18
Fitch Ratings has affirmed Nigeria’s long-term foreign-currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook.
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Pension fund rises to N7.94tn

2018-05-18
The total pension fund under management by pension operators rose to N7.94tn at the end of March this year, figures released by the National Pension Commission on Wednesday showed.
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Oil price hits $80 on Iran concerns

2018-05-18
International oil benchmark, Brent crude, climbed above $80 per barrel on Thursday for the first time since November 2014, on the back of concerns that Iranian exports could fall because of renewed sanctions by the United States.
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Naira depreciates to N361.22/$ in I&E window

2018-05-18
The Naira yesterday depreciated by 45 kobo to N361.22 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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FrieslandCampina WAMCO posts N140b turnover

2018-05-18
FrieslandCampina WAMCO Nigeria Plc, makers of Peak and Three Crowns milk brands, yesterday, announced a 13.2 per cent increase in turnover, from N123.75 billion in 2016 to N140.08billion in 2017.
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Devaluation takes toll as Nigerian Banks absent from S&P top 30

2018-05-17
The latest global bank rankings report from S&P Global Market Intelligence found that South African and Egyptian banks dominated the list of largest banks in Africa in 2017, accounting for (7) of the 30 largest banks in the Middle East and Africa region, collectively reporting N668.18 billion in assets at the end of 2017.
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Economy remains fragile despite productivity, growth indices, says LCCI

2018-05-17
Despite rise in growth and productivity indices, the Lagos Chamber of Commerce and Industry (LCCI) has stated that the economy remains fragile going by recurring challenges that continue to create concerns about prospects for sustainable poverty reduction.
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Crude Oil Price Drops as Demand Shows Sign of Weakening

2018-05-17
Crude oil price fell Wednesday even as the data released by the United States Energy Information Administration (EIA) showed that the US crude oil stocks fell last week as refineries hiked output, while petrol stocks decreased and distillate inventories fell.
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NSE says engaging SAHCOL, Fintech firms for IPO on exchange

2018-05-17
The Nigerian stock exchange (NSE), at the 9th annual Pan-Africa investor conference by Renaissance Capital yesterday, Wednesday 16 May 2018 said apart from the much anticipated MTN Nigeria Initial Public Offering (IPO), the exchange is in early talk with Skyway Aviation Handling Company Limited (SAHCOL) and some Fintech companies to get them listed on the bourse.
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Up to 10 corporate bond issuances expected in 2018 as borrowing costs ease

2018-05-16
There are indications up ten Nigerian corporates are currently in the process of raising bond compared to about five recorded in 2017. The yields on fixed income securities have fallen dramatically this year and the Central Bank of Nigeria (CBN) is committed to single-digit inflation.
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CBN injects $210m into interbank forex market

2018-05-16
The Central Bank of Nigeria on Tuesday said it injected the sum of $210m into the interbank foreign exchange market to boost liquidity in the system.
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N’Assembly Raises 2018 Budget by N500bn, May be Passed Thursday

2018-05-16
Six months after it was laid before a joint session of the National Assembly, the Senate and House of Representatives Committees on Appropriation Tuesday laid the report of the 2018 budget at plenary, increasing the federal government’s expenditure for the year by almost N500 billion to N9.120 trillion.
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Nigeria awards $7 bln rail project to Chinese state rail firm -Xinhua

2018-05-16
Nigeria has awarded a $6.68 billion contract to the China Civil Engineering Construction Corporation (CCECC) for work on a major segment of a railway linking the country’s commercial hub Lagos, in the southwest, and Kano in the north, Xinhua reported.
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Capital market mulls electronic IPO, public offers

2018-05-16
Stakeholders in the Nigerian capital market have begun preparatory process towards full automation of initial public offering (IPO) and other public primary offers in the Nigerian market.
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Banks under pressure to stay profitable

2018-05-16
Banks are under pressure to not only comply with the ever-changing regulations, but also to modernise their systems and remain profitable as competition with Financial Technology (FinTech) firms thickens, Senior Business Solutions Manager, Pre-Sales Risk Practice, SAS Charles Nyamuzinga, has said.
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Mutual funds’ net assets hit N551.7b

2018-05-16
The net value of all registered mutual funds in Nigeria has risen to N551.7 billion, according to latest data provided by the Securities and Exchange Commission (SEC). This represented significant increase of some 400 per cent over the past five years.
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Nigeria's parliament passes record 9.12 trln naira 2018 budget

2018-05-16
Nigeria’s parliament passed a record 9.12 trillion naira ($29.8 billion) budget for 2018 on Wednesday aimed at boosting growth in west Africa’s biggest economy nine months before the country’s next presidential election.
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Nigeria Inflation Slows for 15th Month, Expanding Rate-Cut Room

2018-05-15
Nigerian inflation eased for the 15th straight month in April, moving closer to the central bank’s target and expanding room for monetary-policy makers to consider trimming their key interest rate.
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How falling yields could reshape investing landscape

2018-05-15
Yields in the money market space and treasury bills in particular have continued to see a decline for the fourth consecutive week, leaving investors scratching their heads on alternatives to invest in or where to get favorable returns.
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NASS to present 2018 budget today

2018-05-15
Barring last minute changes, the 2018 budget will be laid today, Tuesday, 19th May, 2018 during plenary session, BusinessDay reliably gathered.
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Budget passage’ll boost liquidity, heighten inflationary pressures – FDC

2018-05-15
The Financial Derivatives Company Limited has said the passage of the 2018 budget will boost liquidity in the economy and lead to rising inflationary pressures.
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Oil Price Inches Towards $80pb As US Drilling Rises

2018-05-15
Oil price steadied below a three-and-half year highs yesterday as resistance emerged in Europe and Asia to United States sanctions against major crude exporter, Iran.
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Commercial Paper issuance hits N1trn on FMDQ reforms

2018-05-14
Following an extended period marked by a dearth of activity, significantly weakened issuer interest and diminished investor confidence, the Nigerian Commercial Paper (CP) market is cranking back to life, as registered CP Programmes on the FMDQ OTC Securities Exchange platform have crossed N1 trillion.
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CBN sustains liquidity mop up as N330bn inflow hits interbank

2018-05-14
The aggressive liquidity mop up operations conducted by the Central Bank of Nigeria (CBN) last week is expected to persist this week as inflow of N330 billion boost interbank money market liquidity.
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CBN Sells N454bn Treasury Bills in Liquidity Mop UP

2018-05-14
The Central Bank of Nigeria (CBN) last week sold treasury bills worth N454.16 billion via open market operations (OMO). But a report by analysts at Cowry Asset Management Limited that disclosed this at the weekend, pointed out that the outflows from the treasury bills sales were partly offset by a N296.61 billion in the matured fixed income instrument.
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Nigeria shows early resilience as investors pull funds from emerging markets

2018-05-14
Some $5.6 billion has been peeled off emerging market equity and bond markets in the last two weeks of April, according to data from the Institute of International Finance, confirming fears that the rise in the 10-year U.S. bond yield to 3 percent and a resurgent dollar would trigger a sharp downturn in portfolio flows to emerging markets.
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Q1’18: Unlisted Securities Index rise 112%

2018-05-14
NASD OTC Securities Exchange has recorded 112 percent growth in the Unlisted Securities Index, USI, in the first quarter, Q1 2018.
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Budget 2017: Nigeria’s capital spending exceeds N1.5 trillion – Adeosun

2018-05-13
As Nigerians await the passage of the 2018 budget by the National Assembly, the federal government says its capital expenditure for the 2017 fiscal year was in excess of N1.5 trillion.
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Crude Oil Prices Projected to Hit $100 in 2019

2018-05-13
Happenings around the world currently and those expected in the foreseeable future give an indication of a continuous rise in crude oil prices. Analysts from Bank of America Merrill Lynch project that the prices could hit $100 per barrel in 2019, while their counterparts at Goldman Sachs forecast the black gold could be sold at $82.50 per barrel by summer.
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Nigerian capital importation rises to $6303.63m – NBS

2018-05-12
The National Bureau of Statistics, NBS says Nigerian economy saw a continuous growth in total Capital Importation into Nigeria in the first quarter of 2018, the fourth consecutive quarterly increase since Q2 2017.
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Crude Oil Price Hits Record High as Iran Sanctions Tighten Supply Outlook

2018-05-12
Oil prices steadied near three and a half-year high yesterday at $77.47 a barrel as the prospect of new United States sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.
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Nigeria capital inflow hit $6.3 bln in Q1 driven by foreign investors

2018-05-11
Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalization of the currency for foreign investors and steps to tighten liquidity to attract offshore funds.
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Oil production rises to 2.07m barrels per day

2018-05-11
Nigeria’s oil production, including condensates, increased to 2.07 million barrels per day (bpd) last month from 2.02 million bpd in March.
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Zenith, FBN, 5 Other Top Banks’ Assets Hit N30.7trn

2018-05-11
Measured by total assets, loans to customers and deposit mobilised from customers, Zenith Bank Plc, FBN Holdings Plc and Ecobank Transnational are among the top seven banks in the country whose total assets hit N30.696 trillion last year.
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Nigeria records $24.1 billion foreign investment in 2 years

2018-05-10
Yewande Sadiku, the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), said Nigeria recorded a total of $24.1 billion foreign investment in the last two years.
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Nigeria naira bid-offer spread widens, suggesting pressure on currency

2018-05-10
The gap between Nigerian banks’ bids to buy and sell the Naira to investors is widening due to a tight supply of dollars in the market, traders said on Thursday, suggesting the currency is coming under international pressure even as government finances improve.
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Moody's Says Nigeria May Keep Several Naira Rates Until 2020

2018-05-10
Nigeria will probably maintain its system of multiple exchange rates, which the International Monetary Fund has long-urged it to scrap, until at least early 2020, according to Moody’s Investors Service.
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MTN May Struggle to Repatriate $237m Iran Funds Amid US Sanctions

2018-05-10
MTN Group has admitted that efforts to repatriate $237.15 million (about 200 million euros) from its Iranian unit, MTN Iran cell, will become tougher after U.S. President Donald Trump on Tuesday announced his country’s decision to withdraw from the Iran nuclear deal, and reinstated economic sanctions on the Islamic republic and companies doing business in the country.
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NSE strengthening listed firms’ corporate governance –Onyema

2018-05-10
The Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema, has said the bourse will continue to position itself as the Exchange of choice for African issuers and global investors.
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Oil price rise brightens hope for economy

2018-05-10
When crude oil price crashed to nearly $25 per barrel in January 2016, there was little hope that it would rebound. But, over two years after, the oil price has risen significantly. It hit $76.56 per barrel yesterday.
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Nigeria's parliament aims to pass major oil reforms by July -Senate President

2018-05-09
Nigeria’s parliament aims to pass a long-delayed bill to overhaul the oil sector by the end of July, Senate President Bukola Saraki told Reuters.
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MTN Plans to Raise $1.1 Billion in Debt in Nigeria This Year

2018-05-09
MTN Group Ltd. plans to borrow as much as 400 billion naira ($1.1 billion) in Nigeria this year as Africa’s largest wireless carrier by sales seeks to fund local investment and replace existing debt in the continent’s most populous country.
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IMF warns Nigeria, other African peers of rising debts

2018-05-09
Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund said on Tuesday.
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Moody's Says Outlook Stable For Nigerian Banks As Higher Oil Prices Moderate Foreign Currency Risks

2018-05-09
MOODY’S SAYS OUTLOOK STABLE FOR NIGERIAN BANKS AS HIGHER OIL PRICES MODERATE FOREIGN CURRENCY RISKS
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FX Market Gets Fresh $210m CBN Intervention

2018-05-09
The Central Bank of Nigeria (CBN) on Tuesday boosted the interbank foreign exchange (FX) market with another sum of $210 million.
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CBN to cut interest rate before year-end

2018-05-09
The Monetary Policy Committee of the Central Bank of Nigeria is expected to cut the Monetary Policy Rate, also known as the benchmark interest rate, before the end of the year.
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CBN: election spending threatens Naira stability

2018-05-09
The Central Bank of Nigeria (CBN) has warned that the economy faces inflation and financial stability risks over the short-to medium-term if expected huge election spending is not checked.
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DUFIL consolidates market position with acquisition of May&Baker noodles

2018-05-09
The Nigerian food business sector has continued to witness intense consolidation from major players in order to broaden their market share and improve profitability. This tide in mergers, and acquisitions continues to ebb and flow within the fast moving consumer goods (FMCG) sector with the latest acquisition by Dufil Prima Foods topping the list of the latest deals in the noodles sector.
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Banks’ credit to economy dropped by N136bn in Q1 – NBS

2018-05-08
The total credit from banks to the economy recorded a decline of N135.8bn from N15.74tn at the end of the fourth quarter of last year to N15.6tn in the first three months of 2018.
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Oil price hits four-year high at $76

2018-05-08
Reduced global supply— combined with the solid global economy—have helped push oil prices higher since they fell below $30 a barrel in early 2016.
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Capital Flight: Nigeria, Others Lose N2.89tn to Foreign Insurers

2018-05-08
Nigeria, Ghana and other regional insurance markets annually lose a whooping N2.89 trillion($8billion) to offshore insurance markets mainly in Europe and America, due to fragmented nature of African insurance markets.
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Nigeria naira eases as investors repatriate dividend

2018-05-08
Nigeria’s Naira eased to 362 to the dollar for investors on Tuesday as funds repatriate dividends abroad following the end of the earnings season and as forward currency contracts mature amid tight dollar liquidity, traders said.
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Naira weakens marginally against dollar at parallel market

2018-05-07
The Naira on Monday weakened marginally against the dollar at the parallel market in Lagos.
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NSE sanctions six more banks over financial reports

2018-05-07
The Nigerian Stock Exchange (NSE) has sanctioned more companies for failing to meet the deadline for the submission of their audited report and accounts for last year.
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Q1’18: Fragile economic recovery constrains companies’ profitability

2018-05-07
Banking, consumer goods sectors under-perform inflation Manufacturing entities still struggling.
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Record Bond Bonanza Awaits Nigeria as Firms Flock to Raise Debt

2018-05-07
Nigeria’s securities regulator is preparing for record bond issuance from companies seeking to benefit from lower interest rates and an economy on the mend.
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CBN demands N15b collateral from settlement banks

2018-05-07
The Central Bank of Nigeria (CBN) has asked settlement banks to provide a clearing collateral of not less than N15 billion worth of treasury bills to enable them perform settlement roles.
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NNPC seals $26.9b upstream deals

2018-05-07
The Nigerian National PetroleumCorporation (NNPC) has struck $26.9billion deals in the upstream segment, showing investors’renewed confidence in the oil industry, its Group Managing Director, Dr. Maikanti Baru, has said.
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RMB raises stake in Nigeria’s growth plan

2018-05-07
The subsidiary of South Africa’s banking group, RMB Nigeria, has raised its stake in the actualisation of the nation’s growth model – the Economic Recovery and Growth Plan (ERGP), with investments, financing and range of products and services, worth billions of Naira.
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MTN Nigeria Records Increase in Revenue, Subscriber Base in Q1

2018-05-04
MTN Nigeria Communications Limited has announced its quarterly results for the period ended 31 March 2018, with an increase in its revenue and subscriber number.
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Pencom begins multi-fund structure for pension assets July 1

2018-05-04
The National Pension Commission on Thursday said the implementation of the multi-fund investment structure for all active contributors under the Contributory Pension Scheme would commence on July 1 this year.
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Pension Assets Hit N7.8tn, FG to Clear Outstanding Obligations

2018-05-04
The National Pension Commission (PenCom) has put the net asset value of the contributory pension scheme (CPS) at N7.779 trillion as of February 28, just as it said that N54 billion released by the federal government last year would boost efforts aimed at clearing outstanding pension liabilities, especially the accrued rights of retiring government employees for 2017 and 2018.
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Reps to pass 2018 budget next Tuesday

2018-05-04
House of Representatives has slated next Tuesday for the laying of 2018 budget. The House may also pass the Appropriation Bill the same day.
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Nigeria, China Sign $2.4 Billion Currency-Swap to Lift Trade

2018-05-03
Nigeria and China agreed on a currency-swap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade.
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MTN Group Qtrly Active MTN Mobile Money Customers Increased By 3.9 pct

2018-05-03
QUARTER ACTIVE MTN MOBILE MONEY CUSTOMERS INCREASED BY 3,9% QOQ TO 22,7 MILLION
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Forte Oil to sell some Nigerian assets, pull out of Ghana

2018-05-02
Nigerian energy firm Forte Oil said it plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core fuel distribution operation at home.
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Naira down to N360.67/$, as CBN injects $210

2018-05-02
The Naira Wednesday depreciated further to N360.67 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market even as the Central Bank of Nigeria (CBN), injected $210 million.
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Revenue allocation to FG, others rise by 36% to N1.9trn

2018-05-02
Buoyed by increases in oil revenue, statutory allocations to the three tiers of government rose by 36 percent to N1.9 trillion in the first quarter of 2018 (Q1’2018) from N1.4 trillion in the corresponding period of 2017 (Q1' 2017).
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Envoy Targets $1tn Nigeria-South Africa Trade Volume

2018-05-02
The Consul-General of the South Africa High Commission, Mr. Darkey Africa, has disclosed plans to aggressively ramp up the trade volume between Nigeria and South Africa to $1 trillion.
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ERGP to Lift Nigeria’s Economy, Says RMBN Boss

2018-05-02
The Managing Director of Rand Merchant Bank (RMBN), Mr. Michael Larbie has expressed optimism that the implementation of the federal government’s Economic Recovery and Growth Plan (ERGP) will help stimulate economic activities in the country.
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Domestic Investors Lead as Nigerian Bourse Attracts N879bn in First Quarter

2018-05-02
Domestic investors dominated transactions on the Nigerian Stock Exchange (NSE) in the first quarter (Q1) ended March 31, 2018 as they traded N497.15 billion, compared with the N381.82 billion traded by foreign investors.
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Nigeria’s GDP growth is over two per cent, says World Bank

2018-05-02
The World Bank has said that since Nigeria emerged from recession, its Gross Domestic Product (GDP) growth in 2018 is expected to be a little over two per cent, and largely oil sector driven.
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Chairmen, CEOs of Union, Skye, Diamond, Others Risk Sanctions, Removal

2018-05-02
The recent Central Bank of Nigeria’s (CBN) announcement that the chairmen and chief executives of any licensed bank who fail to publish their financial statements will face sanction or be removed has put eight banks at risk.
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Envoy Targets $1tn Nigeria-South Africa Trade Volume

2018-05-02
The Consul-General of the South Africa High Commission, Mr. Darkey Africa, has disclosed plans to aggressively ramp up the trade volume between Nigeria and South Africa to $1 trillion.
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Naira down to N360.51/$ in I&E window

2018-05-01
The Naira commenced the week with a 10 kobo depreciation to N360.51 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.
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FG ‘ll continue to encourage entrepreneurs – Osinbajo

2018-05-01
Lagos – The Vice President, Prof. Yemi Osinbajo, has said that the Federal Government would create more jobs and continue to provide enabling environment for entrepreneurs to thrive.
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Nigeria’s foreign reserves hit $47.4b

2018-05-01
Nigeria’s foreign exchange reserves rose 2.9 per cent from a month ago to a five year high of $47.36 billion as of April 25, Central Bank of Nigeria (CBN) data showed yesterday.
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CBN raises 2018 money supply growth forecast to 10.98%

2018-04-30
THE Central Bank of Nigeria (CBN) last week released its Monetary, Credit, Foreign Trade and Exchange Guidelines for the 2018 and 2019 fiscal years, raising its money supply growth forecast for 2018 to 10.98 percent. The CBN had earlier projected a money supply growth of 10.29 percent for 2018.
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With $45bn Turnover, FX Stability Nigeria’s Prospect of Re-joining JP Morgan Index Brightens

2018-04-30
About 20 months after JP Morgan, the largest financial services holding company in the United States and world’s fifth largest bank, delisted Nigerian bonds from its Government Bond Index-Emerging Market (GBI-EM), the managers of the second largest economy in Africa tended to wake up to their responsibilities. Nigerian economic managers moved to restore sanity to the foreign exchange market.
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Nigeria oil export gets 75,000bpd boost from OML 30

2018-04-30
Nigeria’s crude oil production got a boost at the weekend as output from Oil Mining Lease (OML) 30 peaked at 75,000 barrels per day from zero level in March 2017.
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Foreign investors’ Q1 stakes on equities up by 80.9%

2018-04-30
Foreign investors almost doubled their stakes on equities in the first quarter.
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Trade Depot Secures $3m to Digitise FMCG Distribution in Africa

2018-04-30
TradeDepot, the innovative Software as a Service (SaaS) platform for Fast Moving Consumer Goods (FMCG) distribution in Africa, has announced a $3 million in funding to digitise FMCG distribution to informal retailers in Africa.
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Nigerians unofficially exporting $40bn goods annually, says NEPC

2018-04-29
The Nigerian Export Promotion Council has said Nigerians are exporting goods worth over $40bn informally every year.
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FAAC’s April disbursements dip by N20b

2018-04-27
The three tiers of government yesterday lost N20 billion at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja.
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N216b subsidy: Senate seeks sanction against NNPC officials

2018-04-27
The Senate yesterday resolved to demand sanction against officials of the Nigerian National Petroleum Corporation (NNPC) involved in illegal payment of fuel subsidy in 2017.
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SEC begins talks with MTN Group on $500m public offer

2018-04-26
The Securities and Exchange Commission (SEC) yesterday confirmed that MTN Group had commenced discussions with it on its proposed $500 million Initial Public Offering (IPO).
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BDC Operators Seek Integration into I & E Market

2018-04-26
The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to integrate its members into the Investors’ and Exporters’ (I & E) foreign exchange (forex) window.
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CBN To Raise Standards With Open Banking System

2018-04-26
As the banking system moves to deliver quality services to consumers in the 21st century driven by new technological advancements, the Central Bank of Nigeria (CBN) has declared its interest in Open Banking System (OBS) which grants bank customers easy access to their data and opening the financial system to applications and other services.
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CBN rolls out new anti money laundering sanction regime

2018-04-26
The Central Bank of Nigeria (CBN) has rolled out a tougher sanctions regime for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) which stipulates fines on banks, their directors and other key officials for 48 money laundering infractions.
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Naira appreciates marginally against dollar at investors’ window

2018-04-26
The Naira on Thursday appreciated marginally against the dollar at the investors’ window.
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Again, CBN Boosts FX Market Liquidity with $210m

2018-04-25
The Central Bank of Nigeria (CBN) on Tuesday intervened once more in the inter-bank segment of the foreign exchange (FX) market as it sold $210 million in the wholesale segment and other sectors.
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PMB Seeks Inclusion Of $496m Aircraft Fund In 2018 Budget

2018-04-25
President Muhammadu Buhari has requested the House of Representatives to input the sum of N151, 394, 421, 335.00 in the 2018 Appropriation Bill, which is currently being considered by the National Assembly.
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CBN Seeks End to Naira Mutilation

2018-04-25
The Central Bank of Nigeria (CBN) has said that it is working with market associations and other stakeholders to enhance the circulation of new Naira notes.
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Consumer Confidence Index Down in Q1

2018-04-25
The Consumer Expectations Survey (CES) for the first quarter (Q1) 2018 showed that the overall outlook of consumers deteriorated in the quarter, as fewer consumers were optimistic in their outlook.
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Nigeria’s LPG sector to record $10bn growth in 8 years — NLPGA

2018-04-24
PRESIDENT of the Nigeria Liquefied Petroleum Gas Association, NLPGA, Mr. Nuhu Yakubu, has predicted the nation’s LPG sector to record $10 billion growth in the next eight years.
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Naira appreciates against dollar at investors’ window

2018-04-24
The Naira on Tuesday appreciated to N360 to the dollar at the investors’ window, after depreciating for five consecutive days.
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Excess crude income hits $65.4m daily

2018-04-24
NIGERIA’s excess crude account is set to swell as the price of Bonny Light leaps towards $75 per barrel in the international market.
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World Bank: disapora remittances hit $22b

2018-04-24
Diaspora Nigerians sent $22 billion home last year, an African record and the fifth largest remittance by immigrants, the World Bank has said.
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Naira depreciates to N360.54/$ in I&E window

2018-04-24
The Naira commenced the week with 12 kobo depreciation to N360.54 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Nigeria not ready for post-oil economy, say Fashola, others

2018-04-24
Nigeria has not shown enough readiness to commence the journey into a post-oil economy, the Minister of Power, Works and Housing, Babatunde Fashola, has said.
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Survey Highlights Likely Effects of Higher Inflation Rate on Economy

2018-04-24
Respondents to a survey conducted by the Central Bank of Nigeria (CBN) believe the economy would end up weaker if prices of goods and services begin to rise faster than they are presently.
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SEC Moves to Halt De-listing of Quoted Companies

2018-04-23
Afraid of the potential threats de-listing quoted companies from the capital market could portend to Nigeria’s economy, the Securities and Exchange Commission (SEC) yesterday disclosed that it had initiated moves to halt the development and encourage listings by more multinational companies in the country.
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FGN Bonds Lead in PFAs Asset Allocation with N3.6tn

2018-04-23
Despite the yawning infrastructural gap in Nigeria, the Pension Fund Administrators (PFAs) in the country have continued to allocate majority of their assets in the Federal Government of Nigeria (FGN) bonds, staking over 50.1 per cent of its assets, N3.5trillion ($12.5 billion) in the instrument.
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Banks face lower profits on new CBN disclosure rule

2018-04-23
Deposit Money Banks are expected to report significantly lower profits in their first quarter financial results, which are due this week, as a new reporting standard introduced by the Central Bank of Nigeria becomes effective, OYETUNJI ABIOYE writes
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Nigeria will sustain positive growth outlook – Adeosun, Emefiele

2018-04-23
The Minister of Finance, Mrs. Kemi Adeosun, and the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Sunday stated that the country’s positive growth outlook would be sustained.
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Nigeria’s return to JP Morgan’s Index imminent as NAFEX attracts $45bn in 1yr

2018-04-23
The readimission of Nigeria into the J.P Morgan Government Bond Index-Emerging Market (GBI-EM) is imminent following the successful operation of the Investors and Exporters (I&E) window for one year with turnover of $45 billion.
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Crude Oil Price Rises to $74, Highest in Four Years

2018-04-20
With the declining United States crude oil inventories, the price of oil thursday hit $74 per barrel, its highest in nearly four years as Saudi Arabia moved to push for a price rise of $80 -$100 per barrel.
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Naira depreciates to N360.31/$ in I&E

2018-04-20
The naira yesterday depreciated by 15 kobo to N360.31 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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IMF warns of another melt down, as global debt rises to $164trn

2018-04-20
At the backdrop of increasing impressive performance of the global economy, the Managing Director of the International Monetary Fund, IMF, Mrs Christine Lagarde, has warned of some dangers in the horizon, as world debt rises to $164 trillion.
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MTN picks lead managers for Nigerian unit's IPO

2018-04-20
South African telecoms firm MTN has appointed Nigerian investment firm Chapel Hill Denham as lead manager for the initial public offering of its Nigerian business in Lagos later this year, two sources told Reuters on Friday.
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IMF Advises Nigeria to Deploy Borrowed Funds in High-return Investments, Infrastructure

2018-04-19
The International Monetary Fund (IMF) has stressed the need for fiscal adjustment in Nigeria as it urged the federal government to ensure it expends borrowed funds on high return investments and infrastructure.
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Nigeria to grow by 2.1% this year, says IMF

2018-04-19
The International Monetary Fund says Nigeria, the sub-Saharan Africa’s most-populous nation and top crude producer, will grow by 2.1 per cent this year, matching the lender’s estimate released in January.
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Surge in Nigerian Bonds Has Dragged Yields Down Below Turkey's

2018-04-18
Nigeria’s local-currency bonds are on a roll, rising for the last eight days and driving their yields below Turkey’s for the first time in more than two years.
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PenCom, LASPEC move to implement PRA 2014

2018-04-18
Lagos State is amending its pension laws to align with the provisions of the Pension Reform Act (PRA) 2014.
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NSE Premium Board Index Consolidates Position with N1.5tn Addition Capitalisation

2018-04-18
The Nigerian Stock Exchange (NSE) Premium Board Index is set to consolidate its lead on the Nigerian bourse following the migration of Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.
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Lagos remits N9.56b into workers pension accounts

2018-04-18
About N9.56 billion has been remitted by Lagos State Government as its workers’ pension contributions in the last one year, Governor, Akinwunmi Ambode, has said.
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Nigeria’s economy projected to grow 2.1% in 2018

2018-04-18
Nigeria’s economy is projected to accelerate to 2.1 per cent this year, up from the 0.8 per cent in 2017, riding on the back of exit from its worst recession in over two decades.
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Nigeria central bank injects $210 mln into currency market

2018-04-18
Nigeria’s central bank said on Wednesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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Wema Bank plans 20 bln naira bond deal by July, eyes equity sale

2018-04-18
Wema Bank plans to raise 20 billion naira from the bond market by July and aims to pay a dividend this year for the first time in a decade, paving the way for an equity sale next year, its chief financial officer said.
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Market Analysts Push for SEC’s Independence as Regulator

2018-04-17
Following the latest change in leadership at the Securities and Exchange Commission (SEC), market analysts have pushed for the independence of the commission, with some cautioning that the continuing changes may dampen investors’ confidence in the nation’s capital market.
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Naira depreciates to N360.09/$, I&E turnover surges by 333%

2018-04-17
The Naira commenced the week with a 23 kobo appreciation to N360.09 per dollar, as the Investors and Exporters (I&E) window recorded a 332 percent increase in turnover.
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Nigeria’s Brent crude crosses $72 mark, production hits 1.81mbpd

2018-04-17
Nigeria’s Bonny Light crude oil price touched it’s highest since 2014 at the weekend, supported by Organisation of the Petroleum Exporting Countries (OPEC) led production cuts, and likelihood of the United States taking military action in Syria increases.
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Photographer: George Osodi/Bloomberg Nigeria Ousts SEC Head Over Suspension of Oil Firm's Shares

2018-04-16
Nigeria’s Securities and Exchange Commission has lost two chiefs in less than five months in the wake of an investigation into Oando Plc, a Lagos-based oil producer that also trades its shares on the Johannesburg Stock Exchange.
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SEC Considers 10-year Capital Market Plan at Expanded C’ttee Meeting

2018-04-16
The Securities and Exchange Commission (SEC) yesterday said it would hold deeper discussions on the implementation of the 10-year capital market master plan as well as other initiatives for Nigeria’s capital market with stakeholders at its forthcoming Capital Market Committee (CMC).
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Shareholders demand Adeosun’s sack over Oando saga

2018-04-16
Three shareholders’ groups have call for the immediate sack of the Minister of Finance, Mrs. Kemi Adeosun, for her unwholesome interference on the affairs of the Securities and Exchange Commission (SEC).
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Fitch Warns about Debt Financing Risk in Nigeria, Others

2018-04-16
Fitch Ratings has noted that sub-Saharan African (SSA) sovereign debt levels were stabilising following their recent sharp increase.
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Konga, Yudala Announce Merger, to Rule E-Commerce, Organised Retail Sector

2018-04-16
Konga, Nigeria’s largest online mall, and Yudala, Africa’s pioneer composite e-commerce company, have officially announced a merger of their operations which will see them effectively become the biggest organised retail and e-commerce/marketplace outfit on the African continent.
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SEC Holds First Capital Market Committee Meeting

2018-04-16
The Securities and Exchange Commission (SEC) is set to host the First Capital Market Committee (CMC) meeting for 2018. The meeting is scheduled to hold in Lagos from Thursday April 19 to Friday April 20, 2018.
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NSE to migrate Access Bank, Lafarge, Seplat, UBA to premium board

2018-04-13
The Nigerian Stock Exchange (NSE) says it will migrate Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its premium board on April 16.
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Crude Oil Hits $72, Highest in Three Years over Middle East Tensions

2018-04-12
The price of crude oil Wednesday rose to $72 per barrel, its highest in more than three years, after Saudi Arabia said it intercepted missiles over Riyadh, worsening tensions in the Middle East.
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Result of Oando’s forensic audit out soon – SEC

2018-04-12
The Securities and Exchange Commission (SEC) said late on Wednesday night that Nigerians, particularly shareholders of Oando PLC, should expect the release of the primary findings of the forensic audit of the company soon.
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NPC Puts Nigerian Population at 198m, Seventh Largest in the World

2018-04-12
The National Population Commission (NPC) has put Nigeria’s current population at 198 million people with urban population growing at an average annual growth rate of about 6.5 per cent.
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Naira drops to 363/dollar

2018-04-12
The naira recorded marginal weakness at the parallel market on Wednesday, one week after the Central Bank of Nigeria’s Monetary Policy Committee retained the Monetary Policy Rate at 14 per cent.
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$2.5b Eurobond: Nigeria faces higher debt cost

2018-04-12
Nigeria’s debt service cost and refinancing risks will rise with issuance of $2.5 billion Eurobond in the first quarter, Fitch Ratings said yesterday.
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Stock Exchange delists two firms

2018-04-11
The Nigerian Stock Exchange (NSE) has delisted African Paints (Nigeria) Plc and Afrik Pharmaceuticals Plc from the secondary market, ending more than two decades of public quotation for the ailing firms.
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Teleology gets 90 days to pay $450m for 9mobile

2018-04-11
Teleology Holdings Limited (THL), the preferred bidder for 9mobile Limited, has paid the $50 million unrefundable deposit for its acquisition of the firm.
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DMO lists N100bn sovereign sukuk on NSE, FMDQ

2018-04-11
The Debt Management Office, DMO, yesterday listed the N100 billion sovereign sukuk bonds, simultaneously on the Nigerian Stock Exchange, NSE and the FMDQ Securities Exchange Plc.
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Abacha loot: FG confirms receipt of $322.5m from Switzerland

2018-04-11
The Federal Government on Tuesday confirmed the repatriation of the sum of $322.5m to Nigeria by the Swiss Government as part of funds looted by the late former military Head of State, Gen. Sanni Abacha.
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Nigerian regulator lifts suspension of shares in oil company Oando

2018-04-11
Nigeria’s stock exchange lifted a suspension on trading in shares in oil company Oando on Wednesday, following a directive from the Securities and Exchange Commission (SEC), the stock exchange said.
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South Africa's MTN expects IPO of Nigerian unit this year

2018-04-10
South Africa’s MTN aims to list its Nigerian unit in an initial public offering this year and has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa, its group chief executive said on Tuesday.
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N330bn fine: MTN has so far paid N165bn, says NCC

2018-04-10
MTN Nigeria Communications Limited has so far paid N165bn out of the N330bn imposed on it by the Nigerian Communications Commission, the Executive Vice Chairman, NCC, Prof. Umar Danbatta, has said.
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At $47.3bn, Nigeria’s Foreign Reserves Hit Five-year High

2018-04-10
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, Monday said the country’s foreign exchange (FX) reserves had risen to $47.3 billion as of April 5. The last time the country recorded FX reserves at this level was in July 2013.
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Nigeria stocks drop to 3-month low after Buhari eyes re-election

2018-04-09
Nigerian stocks dropped to a three-month low after President Muhammadu Buhari said he would seek re-election in 2019, ending months of speculation about his future after bouts of ill health.
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Nigerian President Buhari Will Seek Second Term in 2019

2018-04-09
Nigerian President Muhammadu Buhari has decided to run for re-election in February, ending months of speculation about whether the former military ruler would seek a second term.
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Naira depreciates to N360.21/$ in I&E

2018-04-09
The naira Monday commenced the week with a 32 kobo depreciation to N360.33 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.
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Naira depreciates to 360.45/$, I&E turnover surges by 236%

2018-04-06
The naira yesterday depreciated by 30 kobo to N360.45 per dollar, in the Investors and Exporters (I&E) window, even as the window recorded 236 percent upsurge in its turnover.
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GTB To Grow Loan Book By 10% In 2018

2018-04-06
The managing director, Guaranty Trust Bank, Mr. Segun Agbaje has said the financial powerhouse will grow its loan book by 10 per cent this year up from the nine per cent reduction recorded by the bank in 2017. Speaking at a parley with media executives yesterday, Agbaje said the bank hopes to improve its loan to deposit and borrowings from 58.9 per cent recorded in 2017 to 70 per cent by the end of 2018 as it looks forward to a 12 per cent growth in deposits.
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Investor Stakes $450m on New Free Trade Zone, to Build Ships in Nigeria

2018-04-06
The much needed investment that will spore activities in the maritime sector that stakeholders have been yearning for is set to materialise as promoters of the Tomaro Industrial Park, which was last year granted Free Trade Zone, have commenced work in the free zone.
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Experts kick as CBN retains 20 months old MPR at 14 per cent

2018-04-05
As the Central Bank of Nigeria (CBN) yesterday retained the Monetary Policy Rate (MPR), the rate at which the CBN lends money to commercial banks, at 14 per cent against industry watchers expectations, some economists are forecasting a continuous contraction in the real sector of the Nigerian Economy.
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Save now for the ‘rainy day’ – CBN tells FG, States

2018-04-05
As oil prices maintain a sustained recovery averaging $57 per barrel with consequent increase in oil revenue distributed monthly to the federal, states and local governments, the Central Bank of Nigeria (CBN) has warned of the consequences of not saving for the ‘rainy day’.
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Anxieties over 2019 election will slow capital inflows, pressure forex market — Salami

2018-04-05
An economic analysts and former member of the Central Bank of Nigeria, CBN Monetary Policy Committee, Dr. Doyin Salami, has said that anxieties over the 2019 elections will likely slow down capital inflows into the economy and increase demand pressure on the foreign exchange market.
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Naira appreciates to N360.15/$ in I&E window

2018-04-05
THE naira yesterday appreciated to N360.15 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.
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Domestic debt servicing gulps N3.72tn in three years

2018-04-05
The Federal Government has spent a total of N3.72tn to service local debts in the past three years, statistics available from the Debt Management Office have shown.
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OPEC’s March Oil Output Sinks to 11-month Low

2018-04-05
Crude oil production by the Organisation of Petroleum Exporting Countries (OPEC) fell in March to an 11-month low as a result of declining Angolan exports, Libyan outages and a further slide in Venezuelan output, thus increasing compliance with a supply-cutting deal by the oil producers to another record.
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Brent Crude Oil Prices Rise To $69.71pb On Crashing US Drilling

2018-04-03
Oil prices rose yesterday as U.S. drilling activity drops as well as by expectations that the United States could re-introduce sanctions against Iran.
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Failed Bank Buyout Deal Shows Perils of Investing in Nigeria

2018-04-03
It looked like a done deal between a Nigerian bank in need of funding and a U.S. private-equity firm keen to stump up the cash. But even after contracts were signed it fell apart, showing how tough the African nation can be for investors.
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Nigeria’s foreign reserves hit $46.2b

2018-04-03
Nigeria’s foreign exchange reserves gained 8.8 per cent as of March 28, to $46.2 billion compared to same period in February 2018, according to data from the Central Bank of Nigeria (CBN).
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Q2’18 in perspective: Rebound in investment grade stocks expected

2018-04-02
EVENTS of last three weeks would appear depressing to most investors in Nigerian Stock Exchange, NSE, especially those at the retail end. But a chat with some market operators indicated that almost all stakeholders were taken unaware by the huge bear run that pervaded the market at the backdrop of an equally huge positives in corporate financial reports for the full year 2017 (FY’17).
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Monetary policy: Experts reject IMF proposal, set agenda for reconstituted committee meeting

2018-04-01
Some experts have rejected the International Monetary Fund (IMF) proposal for the Central Bank of Nigeria (CBN) to further tighten the nation’s monetary policy rate (MPR).
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IPOs’ resurgence only option for capital market stability

2018-03-26
Apparently worried by the long wait for the return of Initial Public Offering (IPO) on the stock exchange, investors have stressed the need for government to develop focused strategies that will economically empower indigenous firms and multinationals, as well as stimulate their investments’ interest.
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CBN Pumps $18.1bn into FX Market in 13 Months

2018-03-26
The Central Bank of Nigeria (CBN) has injected a total of $18.067 billion into the interbank segment of the foreign exchange (FX) market since it started its forays into the market in February last year, figures compiled by THISDAY have shown.
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Banks borrow N52tr from CBN as liquidity pressure intensifies

2018-03-26
BANKS’ borrowing from the Central Bank of Nigeria (CBN) shot up by 80 percent to N52 trillion in 2017, from N29 trillion in 2016, due to pressure to survive the impact of high interest rate regime and ceaseless liquidity mop-up, driven by the tight monetary policy of the apex bank.
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Weakening Dollar Jacks Up Brent Crude To $69.65pbd

2018-03-23
Global oil prices rose yesterday, lifted by a surprise draw on U.S. crude inventories as well as ongoing dollar weakness which makes oil cheaper in global markets and potentially spurs demand.
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Senate confirms Buhari’s nominees for CBN dep govs, MPC

2018-03-23
The Senate has confirmed the appointments of Mrs. Aishah Ahmad and Mr. Edward Adamu as deputy governors of the Central Bank of Nigeria. It also approved nomination of three of the four members of the Monetary Policy Committee.
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NSE moves to forestall price decline in newly listed entities

2018-03-23
The Nigerian Stock Exchange, NSE, has commenced moves to curtail the usual free fall in the share prices of newly listed companies.
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MTN Raises Target for Ghana IPO to $787 Million

2018-03-22
MTN Group Ltd.’s Ghanaian unit lifted its target for an upcoming initial public offering by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter.
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House to Pass Budget April 24, Initiates Process to Override Electoral, Peace Corps, Other Bills

2018-03-22
The Speaker of the House of Representatives, Hon. Yakubu Dogara, wednesday hinted that the 2018 Appropriation Bill would be passed in the lower chamber on April 24.
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FirstBank strengthens foreign subsidiaries for higher returns

2018-03-22
First Bank of Nigeria Limited has strengthened its offshore subsidiaries.
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Dangote Cement to Sell N300bn Bonds

2018-03-22
Dangote Cement Plc wednesday disclosed that it has gotten approval from the Securities and Exchange Commission (SEC) and other regulators to raise N300 billion ($833 million) in local-currency bonds.
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Nigeria's Sahara Revives IPO Plan as It Looks to Pump More Oil

2018-03-21
Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day.
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Unity Bank Refutes Planned Investment by Milost

2018-03-21
Unity Bank Plc on Tuesday advised members of the public to disregard a media report that Milost Global Incorporated was considering injecting as much as $1billion to recapitalise the commercial bank.
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Oil price hits three-week high as glut drops

2018-03-21
Global oil benchmark, Brent crude, rose to its highest level so far this month on Tuesday, as tension in the Middle East and the possibility of further falls in Venezuelan output helped offset the negative impact of growing United States’ crude production.
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Naira appreciates further to N360.30/$ in I&E

2018-03-21
The Naira, yesterday, appreciated further by 15 kobo to N360.30 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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FG hopeful of outlook, targets seven per cent growth

2018-03-21
The Honourable Minister of Finance, Mrs. Kemi Adeosun, disclosed on Tuesday that the country’s economic outlook for the year 2018 and beyond was positive.
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CBN injects $210m as naira appreciates to N360.45/$

2018-03-20
The Naira yesterday started the week with a 12 kobo appreciation to N360.45 per dollar, in the Investors and Exporters (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.
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Selling pressure dominates T-bills market

2018-03-20
Selling pressure dominated the secondary market for Treasury Bills on Monday as the average T-bills yield advanced by 0.08 per cent to settle at 14.55 per cent. While the yields on the other tenors trended downwards, the positive sentiment towards the one-month tenor led to a 0.07 per cent drop in yield.
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Rising public debt as ticking time bomb

2018-03-20
THE rising debt profile as contained in the latest Debt Management Office (DMO) statistics is worrisome, some analysts have said. But the Federal Government has assured all that there is no cause for alarm.
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2017 corporate earnings: Stakeholders forecast mixed outcomes

2018-03-19
STAKEHOLDERS in the nation’s capital market have forecasted a mixed grill at the end of corporate earnings releases for the full year for 2017 even as preliminary results submitted to the Nigerian Stock Exchange, NSE showed significant improvement, beating analysts and operators’ expectations.
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Milost Plans $1 Billion Investment in Nigerian Bank

2018-03-19
Milost Global Inc. is looking to inject as much as $1 billion to recapitalize Nigeria’s Unity Bank Plc, which is struggling to build buffers after a slowdown in Africa’s biggest economy, according to two people familiar with the matter.
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CBN Fixes April 3 and 4 for MPC Meeting

2018-03-19
Following the concession made by the Senate to screen and confirm the nominees of President Muhammadu Buhari to fill the posts of deputy governors of the Central Bank of Nigeria (CBN) and the four members-designate of the Monetary Policy Committee (MPC), the CBN has said it will hold its first meeting of the MPC this year on April 3 and 4.
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NNPC Vows To Bring Refineries Back On Stream Soon

2018-03-19
The Nigerian National Petroleum Corporation (NNPC) said it would not relent in its quest to get the nation’s four refineries back to their optimal, nameplate capacities.
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FG Spends N1.47trn Servicing Domestic Debt

2018-03-19
With federal government’s domestic debt pegged at N12.589 trillion as at December 2017, the Debt Management Office (DMO) has said that a total of N1.476 trillion was spent in servicing the domestic obligations of the country between January and December last year.
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World Bank begins preparation for Nigeria’s $500m power distribution project

2018-03-19
The World Bank has commenced preparations for the $500m Nigerian Electricity Distribution Improvement Project.
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Govt eyes $40b investment from three fields, others

2018-03-19
The Federal Government is expecting investments worth $40 billion in the upstream segment of the oil and gas industry in the next five years, The Nation has learnt.
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I&E Window trades $1.4b as rising reserves calm market

2018-03-19
The autonomous foreign exchange (forex) market- Investors and Exporters (I&E) Window hit a daily transactions’ value of $1.4 billion at the weekend, riding on increased confidence over Nigeria’s resurging external reserves.
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Nigeria, Kenya inching closer to interest rate cuts

2018-03-16
Nigeria and Kenya will follow Ghana’s lead and cut rates in the third quarter, a Reuters poll found, as long as there is a Monetary Policy Committee quorum in Abuja and an easier commercial lending policy in Nairobi.
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CBN raises hope of MPC meeting

2018-03-16
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has raised the hope of a meeting of the Monetary Policy Committee (MPC) by the end of the month.
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PZ Cussons expected profit to drop in Nigeria, UK

2018-03-16
PZ Cussons says it expects profit for the full year to fall short of expectations, hurt by weakness in the United Kingdom and Nigeria.
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Naira appreciates to N360.06/$ at I&E

2018-03-15
The naira Thursday appreciated for the third time this week to N360.06 per dollar,even as the volume of dollars traded in the Investors and Exporters (I&E) window rose by 121 percent.
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Nigeria’s External Debt Rises to $18.9bn, Domestic Debt to N15.9tn

2018-03-15
Nigeria’s external debt rose to $18.91 billion (N5.787 trillion) as at the end of December 2017, while domestic debt rose to N15.937 trillion, bringing the total debt stock of the country to N21.725 trillion ($70.92 billion), data released wednesday by the Debt Management Office (DMO), has shown.
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Nigeria’s oil reserves drop by 961 million barrels

2018-03-15
Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies.
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CBN Reschedules MPC Meeting as Senate Begins Confirmation of D’Govs, Others

2018-03-15
In order to give the Senate time to conclude the process of screening and confirming President Muhammadu Buhari’s nominees for the post of deputy governors of the Central Bank of Nigeria (CBN) and members of the Monetary Policy Committee (MPC), the central bank has decided to postpone by a few days the meeting of the MPC originally slated for Monday and Tuesday next week.
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CBN Unveils Revised Regulation for Direct Debit Scheme

2018-03-15
The Central Bank of Nigeria (CBN) has issued the regulation for direct debit schemes in the country.
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Fed Govt to redeem N482b T-bills in Q2

2018-03-15
Federal Government plans to repay N482 billion of treasury bills (T-Bills) in the second quarter of this year.
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Nigeria’s inflation rate dropped to 14.33% in February – NBS

2018-03-14
Nigeria’s Inflation rate as measured by the Consumer Price Index (CPI) has further dropped from 15.13 in January to 14.33 per cent in February.
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Olam Invests $1bn to Boost Nigeria’s Agric Sector

2018-03-14
The Vice-President of Olam, Reji George has disclosed that Olam Nigeria Limited had invested about $1 billion (about N306billion) to boost Nigeria’s agricultural sector.
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Nigerian Inflation Slows for 13th Consecutive Month in February

2018-03-14
Nigeria’s inflation slowed for a 13th consecutive month in February, but may still be too high for the central bank to start cutting rates from a record.
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Senate May Confirm CBN, MPC Nominees This Week

2018-03-14
There are indications that the Senate may screen and confirm the two deputy governorship nominees of the Central Bank of Nigeria (CBN) as well as nominees of the Monetary Policy Committee (MPC) of the apex bank either today or tomorrow.
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Nigeria’s excise duties on tobacco, alcohol very low – IMF

2018-03-14
The International Monetary Fund has said that the excise duties being charged by the Federal Government on tobacco and alcohol are very low.
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Olam Invests $1bn to Boost Nigeria’s Agric Sector

2018-03-14
The Vice-President of Olam, Reji George has disclosed that Olam Nigeria Limited had invested about $1 billion (about N306billion) to boost Nigeria’s agricultural sector.
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Naira appreciates further to N360.25/$

2018-03-14
The Naira, Wednesday, appreciated further marginallyby 2 kobo to N360.25 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Nigerian govt to auction N70 billion bonds March 21

2018-03-13
The Federal Government has offered for subscription by auction N70 billion worth of bonds in its March 21 auction, says the Debt Management Office (DMO).
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Nigerian Stock Exchange Delists Seven-Up Bottling Company Plc

2018-03-13
The market capitalisation of Nigerian Stock Exchange (NSE) was reduced by N65.321 billion yesterday following the delisting of the shares of Seven-Up Bottling Company (SBC) Plc.
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CBN Injects Fresh $210m into Forex Market

2018-03-13
The Central Bank of Nigeria (CBN), in its quest to guarantee the availability of forex for customers’ needs in various segments of the market, has injected another sum of $210 million into the inter-bank forex market.
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Naira remains stable at BDCs, parallel market

2018-03-13
The naira further remained stable at the close of trade on Monday, selling at N363 against the dollar at the Bureau De change (BDCs) and parallel market on Monday in Lagos.
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Moody’s: Lower Capital Will Constrain Nigerian Banks’ Capacity to Expand

2018-03-13
Analysts at Moody’s Investor Service have said that lower capital by Nigeria’s midsize banks will constrain the financial institution’s capacity to grow their business, harm their revenue and delay their capital recovery through profit retention.
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Nigeria earns N3.8trn from crude oil, gas export in 3 months

2018-03-13
Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017, according to latest data released by the National Bureau of Statistics, NBS.
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CBN stress test reveals weak capital signs in banks

2018-03-12
A Central Bank of Nigeria stress test has shown that only large banks will stay above the regulator’s capital adequacy ratio threshold if the non-performing loans levels of the Deposit Money Banks should rise by 50 per cent.
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External reserves hit $46bn, says CBN

2018-03-12
The nation’s external reserves hit $46bn on Friday, the Central Bank of Nigeria disclosed in a statement on Friday.
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Poor Asset Valuation Worries AMCON

2018-03-12
The Asset Management Corporation of Nigeria (AMCON) has expressed concern about the poor valuation of assets under its management.
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Nigeria increases excise duties on tobacco and alcohol

2018-03-11
Nigeria’s President Muhammadu Buhari has approved an increase in excise duties on tobacco and alcoholic beverages, the finance ministry said in a statement on Sunday.
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Modular Refinery Package Arrives, To Be Installed In Delta

2018-03-11
The Federal Government is making progress on the establishment of modular refineries with the arrival of one set of package shipment already in the country and undergoing Customs clearance.
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NPLs Rise To 15% As CARs Drop Further

2018-03-09
As the International Monetary Fund (IMF) raised questions over the rising non-performing loans (NPLs) in the Nigerian banking industry, the Financial Stability Report (FSR) from the Central Bank of Nigeria (CBN) for the first half of 2017 has shown that average non-performing loans in the industry has risen from 12 per cent to 15 per cent.
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CBN Intervention Fund Hits N1.18trn

2018-03-09
The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N1.181 trillion through its several intervention schemes in an effort to help grow the Nigerian economy which is recovering from a recession, triggered by a drop in oil income.
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FG Still Eyes Arik, Aero as Fulcrum for National Carrier

2018-03-09
Despite the process currently going on to create a national carrier, THISDAY has learnt that the federal government still hopes to establish the new airline on the foundation already laid by Arik Air with technical support from the maintenance section of Aero Contractors.
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Glut looms as buyers reject Nigerian crude

2018-03-08
Nigeria’s oil supply to the international market is facing glut as ample supply of light and medium grades from the North Sea and the Mediterranean are limiting buying interest for Nigerian crude, traders said. This is coming as Angola launches big oil block.
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South Africa's MTN cuts 2018 dividend to rein in debt, shares rise

2018-03-08
South African telecoms firm MTN Group cut its 2018 dividend on Thursday to cut debt but outlined increases in the next three to five years, lifting sentiment in the firm which some investors had expected to scrap this year’s payout.
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Nigeria gas reserves up by 4.067tcf, says report

2018-03-08
Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Charter (NNRC) has said.
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IMF Urges Confirmation of MPC Members, Directors of CBN

2018-03-08
The Director of the International Monetary Fund (IMF) has urged the Nigerian Senate to confirm the Monetary Policy Committee (MPC) members of the Central Bank of Nigeria (CBN), as well as the Bank’s deputy governors and non-executive directors who were nominated for the positions by President Muhammadu Buhari since last year.
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Nigeria’s economic recovery still fragile – IMF

2018-03-08
At the backdrop of several statistical releases by the National Bureau of Statistics, NBS, in recent times indicating a sustained recovery of the economy from recession, the International Monetary Fund, IMF, has warned that the recovery path was fragile while the banking sector is threatened by increasing Non-Performing Loans, NPL.
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Stock market records zero IPOs in 2 years - PwC

2018-03-08
The Nigerian Stock Exchange has not recorded any Initial Public Offerings (IPOs) for private companies to generate capital in the last two years, a report from PwC has said.
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External reserves hit $43.2bn, says CBN

2018-03-08
The nation’s external reserves hit $43.2bn on March 6, 2018, data obtained from the Central Bank of Nigeria showed on Wednesday.
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CBN must contain rising banking sector risks, says IMF …seeks more ambitious tax reforms, increase in excise duties

2018-03-08
The International Monetary Fund on Wednesday called on the Central Bank of Nigeria to contain rising banking risks in the country, while also commending the regulator for its recent decision to stop weak banks from paying dividends to shareholders.
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Naira appreciates to N360.17/$ in I&E

2018-03-07
The Naira Wednesday appreciated for the first time this week by 28 kobo to N360.17 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Finally, SEC Gives Deloitte Go Ahead on Forensic Audit of Oando

2018-03-07
Several months after the forensic audit of Oando Plc was suspended owing to lawsuits and the alleged interference by the Minister of Finance, Mrs. Kemi Adeosun, the Securities and Exchange Commission (SEC) Tuesday disclosed that it has directed the accounting firm of Deloitte to proceed with the forensic audit of the indigenous energy firm.
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NNPC’s crude, gas export receipts rise by N84.46bn

2018-03-07
The crude oil and gas export receipts of the Nigerian National Petroleum Corporation increased by $275.14m (N84.46bn at N307 to a dollar) in December 2017, the oil firm announced in its latest monthly financial and operations report released on Tuesday.
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Nigeria central bank injects $210 mln into currency market

2018-03-06
Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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NNPC cuts down crude production cost to $20/barrel

2018-03-06
The Nigerian National Petroleum Corporation on Monday announced that it had been able to reduce the cost of producing a barrel of crude oil to $20.
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Experts say efficiency of Nigeria’s debt worrisome

2018-03-06
Economists and experts have expressed worry over the utilisation of Nigeria’s growing debt profile.
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Nigeria’s 2019 General Election Our Major Priority – US

2018-03-06
The United States of America has said Nigeria’s 2019 general election and a peaceful transition remains its major priority in view of the country’s strategic position in Africa.
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Nigeria’s trade surplus skyrocketed to N4.04trn in 2017 - NBS

2018-03-05
Nigeria’s trade surplus skyrocketed to N4.04 trillion in 2017 from a trade deficit of -N290.1 billion recorded in 2017.
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Thailand to establish rice mills in Nigeria – Minister

2018-03-05
The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria.
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Free floats of shares: 14 companies may face Stock Exchange sanction

2018-03-05
THERE are indications that 14 companies may face sanction from the Nigerian Stock Exchange, NSE, following the companies’ inability to comply with the NSE’s minimum post-listing requirement with regards to free float of shares to the investing public.
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9Mobile: Smile Telecoms tackles Barclays Africa, seeks bid review

2018-03-05
Smile Telecoms, one of the telcos shortlisted in the bid process for 9Mobile sale, has described as “untidy” the manner in which Barclays Africa, financial advisors to the deal, has so far managed the transaction, and has called for a process review to ensure transparency.
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Naira stable at N360.1/$ in I&E

2018-03-05
The naira Monday started the week on a stable note in the Investors and Exporters (I&E) window and the parallel market.
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Nigerian Banks Seen as ‘Sleeping Giants’

2018-03-05
Nigerian banks have been described as “sleeping giants”, following the lower than expected banking penetration in the country, compared with the country’s demography which presents a massive opportunity for the sector to expand.
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Nigeria's Sticky Inflation Threatens to Frustrate Rate-Cut Hopes

2018-03-05
Nigeria’s long-awaited interest rate-cutting cycle risks being short-lived, if it starts at all.
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NAICOM directs weak insurers to seek mergers, acquisition

2018-03-05
NATIONAL Insurance Commission, NAICOM, has called on weak insurance companies to seek opportunities for mergers or acquisition.
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Nigeria redeems $413 mln T.bill from Eurobond proceeds

2018-03-02
Nigeria has paid off about 130 billion naira ($413 million) worth of treasury bills maturing this week instead of rolling over the debt as it has done in the past, traders said.
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Foreign investments rise 138.7% to $12bn

2018-03-02
The total capital importation into the country, comprising of both Foreign Direct Investments (FDI) and Foreign Portfolio Investments (FPI), more than doubled in 2017, surging by 138.7 percent year-on-year (YoY) to $12.2 billion from $5.1 billion recorded in 2016, a pointer to the soaring confidence of foreign investors in the Nigerian economy.
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Nigeria faces expulsion from Egmont Group

2018-03-02
The Senate and House of Representatives have differed over the passage of the bill establishing the Nigeria Financial Intelligence Unit as an independent entity.
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Oando delays financial results as FRC scrutinises books

2018-03-02
Oando Plc has said there will be a delay in the release of its financial results for the 12 months ended December 31, 2017 as the Financial Reporting Council of Nigeria has indicated interest in undertaking a more detailed review of the company’s audited financial statements.
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Barclays Africa lifts profit, looks to Nigeria for growth

2018-03-01
Barclays Africa Group, South Africa’s No.2 lender by market value, plans to extend its reach throughout the continent, it said on Thursday after posting annual profit up nearly 4 percent.
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Afreximbank plans $1 billion share sale over next five years

2018-03-01
The African Export-Import Bank plans to sell shares worth as much as $1 billion over the next five years to diversify its shareholders and add more private investors to its ownership, the trade bank told Reuters on Thursday.
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IMF warns Nigeria over falling real GDP per capita

2018-03-01
The International Monetary Fund (IMF) is sceptical of the growth being recorded in the Nigerian economy, a report by Reuters indicated.
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Afrexim To Raise $200m On NSE, Other Exchanges

2018-03-01
African Export-Import Bank (Afrexim) said it is planning to raise up to $200 million by selling its shares on the Nigeria Stock Exchange (NSE) as well as two other African countries to support lending and broaden its ownership base.
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Manufacturing index hit 56.3 points in February – CBN

2018-03-01
The Central Bank of Nigeria’s manufacturing Purchasing Managers’ Index hit 56.3 index points in February, the CBN’s PMI survey report showed on Wednesday.
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Nigeria gas reserves up by 4.067tcf, says NNRC

2018-03-01
Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Chapter (NNRC) has said.
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SEC’s free e-dividend registration ends

2018-03-01
The free e-Dividend registration exercise for shareholders of publicly-quoted companies in Nigeria has finally ended.
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AB InBev says new $250 mln Nigerian brewery starting operations soon

2018-03-01
Anheuser-Busch InBev (AB InBev), the world’s largest beer maker, expects its new $250 million brewery being built in Sagamu, Nigeria, to start production in the middle of this year, the head of its Africa operations said on Thursday.
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Nigeria Union Bank working with Citi on Eurobond, others to follow -sources

2018-03-01
Nigeria’s Union Bank is working with Citigroup and Renaissance Capital on a planned Eurobond sale, two banking sources told Reuters, following on from its $163 million share sale in the fourth quarter to boost lending.
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Teleology preferred bidder for Nigeria's 9mobile - sources

2018-02-28
Teleology Holdings Limited has emerged as preferred bidder for Nigeria’s fourth largest telecoms firm 9mobile and has been asked to pay a deposit of $50 million in March, two sources with knowledge of the deal told Reuters.
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Banks to raise Tier-1 capital over new divided rule

2018-02-28
Deposit Money Banks (DMBs) are expected to raise Tier-1 capital in compliance with the Central Bank of Nigeria’s (CBN’s) new dividend payout policy, The Nation has learnt.
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Buoyed by Non-oil Sector, GDP Sustains Growth at 1.92% in Q4 2017

2018-02-28
Buoyed by the non-oil sector, the Nigerian economy grew in real terms by 1.92 per cent in the fourth quarter (Q4) of 2017 (year-on-year), maintaining its positive growth trajectory since the emergence of the economy from recession in the second quarter (Q2) of 2017.
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Nigerian oil exports to rise to 1.85 mln bpd in April - programmes

2018-02-28
Nigeria's oil exports are expected to hit 1.854 million barrels per day (bpd) in April, loading plans showed on Wednesday.
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Oil Price Inches Up On Saudi Arabia Comment To Curb Exports

2018-02-27
Oil prices pushes up yesterday after comments by Saudi Arabia that it would continue to curb exports in line with the Organization of the Petroleum Exporting Countries (OPEC) led effort to cut global supplies.
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BPE visits SAHCOL over failure to list on NSE

2018-02-27
Officials of the Bureau of Public Enterprises visited the office of Skyway Aviation Handling Company of Nigeria Limited at the Murtala Muhammed International Airport, Lagos, on Friday, over the firm’s delay in listing on the Nigerian Stock Exchange, nine years after its privatisation.
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CBN injects $210m as Naira appreciates to N360.19/$

2018-02-26
The Naira started the week with a 51 kobo appreciation to N360.19 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.
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NSE’s corporate governance index to aid companies in raising funds – Oscar Onyema

2018-02-26
THE Nigerian Stock Exchange, NSE, said that the introduction of corporate governance index will aid companies rated ‘successful’ on corporate governance to easily raise capital either locally or internationally.
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MTN targets $1billion from Nigeria, Ghana listings

2018-02-26
Telecommunications, giant, MTN plans to raise $1 billion through its proposed listing on the Nigeria and Ghana stock exchanges later in the year.Chief Executive Officer of the Ghana Stock Exchange (GSE), Kofi Yamoah, said MTN Ghana would officially introduce 35 per cent of its capital into the GSE by the end of first quarter (Q1) 2018.
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Liquidity Rises As CBN Slows On Mop Up

2018-02-26
Liquidity at the money market fared better last week as overnight lending rates trended around single digit with a system liquidity that was in excess of N200 billion on the back of reduced mop up by the Central Bank of Nigeria (CBN) through Open Market Operations (OMO).
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US Investors Crowd Nigeria’s $2.5bn Eurobond

2018-02-26
The Debt Management Office (DMO) has released the details of the $2.5 billion Eurobond showing that the bulk of the bond had been picked up by assets managers from the United States of America.
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FG, World Bank in discussion for $1bn power loan

2018-02-26
The Federal Government and the World Bank are in the final stage of negotiation for the release of $1bn performance-based loan for Nigeria’s Power Sector Recovery Programme.
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Afreximbank Targets $1.5bn Financing for Trade, Infrastructure

2018-02-26
The African Export-Import Bank (Afreximbank) will attract $1.5 billion to Mauritania to finance development of trade and related infrastructure under the terms of a memorandum of understanding signed with the country recently, the Bank’s President, Benedict Oramah has announced.
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GDP data release, N369bn inflow to shape market activities

2018-02-26
FINANCIAL market activities will this week be influenced by the release of data for the country’s Gross Domestic Product (GDP) for Fourth Quarter 2017 (Q4’2017) and Full year 2017 (FY 2017) by the National Bureau of Statistics, inflow of N369 billion into the interbank money market as well as liquidity mop-up by the Central Bank of Nigeria (CBN).
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Liquidity Rises As CBN Slows On Mop Up

2018-02-26
Liquidity at the money market fared better last week as overnight lending rates trended around single digit with a system liquidity that was in excess of N200 billion on the back of reduced mop up by the Central Bank of Nigeria (CBN) through Open Market Operations (OMO).
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Dangote Group’s revenue exceeds $4.1bn in 2017; to invest $4.6bn in sugar, rice, others in 3 yrs

2018-02-23
President and Chief Executive, Dangote Group, Mr. Aliko Dangote, has said his companies annual revenue for 2017 exceeded $4.1 billion.
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Nigeria's First Bank Sees Faster Loan Growth as Economy Expands

2018-02-23
Nigeria’s biggest bank by revenue expects lending to accelerate and bad debts to drop this year as growth in Africa’s biggest economy picks up.
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FAAC: Federation revenue declines as federal, state and local govts share N635.55 billion

2018-02-22
The Federal, States and Local Governments on Thursday shared N635.55 billion as revenue generated in January which showed a decline of N19.6 billion when compared to what was generated in December.
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Nigeria Takes Steps to Avoid Repeat of Etisalat Collapse

2018-02-22
Nigeria’s telecommunications regulator said tougher financial-health checks on the country’s biggest mobile-phone companies could prevent a repeat of last year’s collapse of debt-laden Etisalat and help stabilize the industry.
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Naira records marginal gain, closes at 362/dollar

2018-02-22
The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market.
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Dollar Recovery Crashes Oil Price To $64.89 Per Barrel

2018-02-22
Oil prices crash further yesterday weighed down as the US dollar moved further away from three-year lows hit last week.US West Texas Intermediate (WTI) crude futures were at $61.37 a barrel down 42 cents, or 0.7 per cent, from their last settlement, while Brent crude futures had dropped 36 cents, or 0.6 per cent, from their last close to $64.89 per barrel.
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Japaul Nigeria to Receive $350 Million Funding From Milost

2018-02-21
Japaul Oil & Maritime Services Plc, a Nigerian oil-services company, said it signed an agreement with private equity firm Milost Global Inc. for $350 million in shares and loans for business expansion.
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PFAs invest N5.2tn of pension fund in FG securities

2018-02-21
Out of the total N7.52tn total pension assets as of December 31, 2017, about N5.29tn, representing 70 per cent of the entire fund, was invested in Federal Government securities by Pension Fund Administrators.
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Nigerian treasury yields drop after Eurobond helps pay off maturities

2018-02-20
Nigerian short-term treasury bill yields fell 50 basis points on Tuesday on expectations the government will sell less debt at auction in the second quarter after raising $2.5 billion from a Eurobond.
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Naira appreciates further to N360.25/$ in I&E

2018-02-20
The naira Tuesday appreciated further to N360.25 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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We’re expecting $40bn oil investments in five years – Kachikwu

2018-02-20
Nigeria would be expecting about $40bn worth of oil investments in the next five years, the Minister of State for Petroleum Resources, Ibe Kachikwu, announced on Monday.
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5 Banks May Not Declare Dividends In 2017 – Analysts

2018-02-20
Following the Central Bank of Nigeria (CBN) amended rules on internal capital generation and dividend payout ratio, capital market analysts have said five banks may not be able to declare dividend to shareholders for the financial year ended December 31, 2017.
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CBN Intervenes in Forex Market with Fresh $210m

2018-02-20
The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange (forex) market.
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Revenue from VAT rises by 19% to N968bn in 2017

2018-02-20
Federally collected revenue from Value Added Tax (VAT) rose to N968 billion in 2017, up by N156.7 billion or 19 percent from N811 billion recorded in 2016.
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Nigeria to sell assets seized in anti-graft probes to boost treasury, president says

2018-02-19
Nigeria will sell all assets seized by the government in anti-graft probes and use the funds to bolster the treasury, President Muhammadu Buhari said on Monday.
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Nigeria’s External Reserves Rise By 1.1% In 6 Days

2018-02-19
The 30-day moving average of Nigeria’s foreign external reserves last week accrued by $442.8 million or 1.07 per cent rising to $41.54 billion as at February 14, 2018 according to latest data on the website of the Central Bank of Nigeria (CBN).
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Eurobond: Nigeria external reserves to hit 54 months high of $45bn

2018-02-19
NIGERIA’s external reserves will rise to 54 months high of $45 billion this month following the conclusion of federal government’s $2.5 billion Eurobond this week. The Eurobond, which commenced last week with the announcement of its pricing on Thursday, will be concluded on Friday.
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Banks’ Borrowing From CBN Drops To N260bn

2018-02-19
Banks’ borrowing from the Central Bank of Nigeria (CBN) dropped to N260.12 billion last week as liquidity improved on the money market on the back of inflows from Open Market Operation repayment, and reduced mop up by the apex bank.
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MPC Stalemate: CBN to Maintain Forward Guidance as Policy Tool

2018-02-19
Following the Senate’s refusal to consider President Muhammadu Buhari’s nominees to fill the vacancies in the Monetary Policy Committee (MPC), the Central Bank of Nigeria (CBN) has decided to hold on to forward guidance to communicate its monetary policy intentions pending the resolution of the dispute between the legislature and the executive arms of government.
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Investors Upbeat as MTN Finalises Plans to Raise $500m Capital on NSE

2018-02-18
MTN, Nigeria’s leading telco, has dropped a hint that it would soon offload 30 per cent of its shares to Nigerian investors, after 16 years of making handsome profit in the economy. Though proceeds from the listing will be spent on paying fines slammed on the firm by the federal government, investors, who said the planned action was overdue, await the dawn of a new era on the Nigerian Stock Exchange.
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W’Bank Approves $486m Credit for Nigeria’s Power Sector

2018-02-17
The World Bank has approved a $486 million credit facility to Nigeria for electricity grid improvements, the lender said yesterday.
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Dangote Cement seeks $1bn from London IPO

2018-02-17
Dangote Cement Plc, owned by Africa’s richest man, Aliko Dangote, has revived plans for a share sale in London that could raise about $1bn, according to people familiar with the matter.
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FG releases pricing for $2.5bn fifth Eurobond

2018-02-16
The Federal Government on Thursday announced that it had priced its offering of $2.5bn aggregate principal amount of dual series notes under its Global Medium Term Note Programme.
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Tier-2 banks face capital shortfall on naira depreciation –Fitch

2018-02-16
A number of Nigeria’s tier-2 banks (banks with total assets less than N2tn) will fall below the capital adequacy ratio of the Central Bank of Nigeria should the naira depreciate to 450/United States dollar, Fitch Ratings has said.
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MTN has so far paid N110bn in fine – NCC

2018-02-16
MTN Nigeria Communications Commission has paid a total of N110bn into the coffers of the Federal Government out of the N330bn imposed on the telecommunications company by the Nigerian Communications Commission.
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Okomu Nigeria Sees Subdued 2018 for Palm Oil on Market Woes

2018-02-15
Okomu Oil Palm Plc, Nigeria’s second-largest producer of palm oil, expects its sales will probably slow for the rest of the year due to a supply glut and weak consumer demand.
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Foreign Reserves Rally to $42.8bn

2018-02-15
Nigeria’s external reserves rallied to a new high of $42.8 billion on Tuesday with confidence returning to the economy as the continuing intervention of the Central Bank of Nigeria (CBN) draws various exchange rates to convergence point.
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Inflation dropped to 15.13% in January – NBS

2018-02-15
The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the rate dropping year-on-year by 0.24 basis points from 15.37 per cent in December to 15.13 per cent in January.
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Indonesia-African forum to attract FDIs as trade with Nigeria hits $2.5b

2018-02-15
The International Trade Promotion Center (ITPC) Lagos has stated that the trade volume between Nigeria and Indonesia hit over $2.5 billion in 2016.
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Nigeria Rate-Cut Hope Dims as Fuel Dearth Keeps Inflation Sticky

2018-02-14
Hopes for Nigeria’s first rate cut since 2015 dimmed as higher fuel costs in January countered a drop in food prices and kept inflation well outside the central bank’s target.
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Nigeria raised 176 bln naira in treasury bills on lower yields

2018-02-14
Nigeria has raised 176 billion Naira ($576 million) worth of treasury bills at an auction on Wednesday, traders said.
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Naira depreciates to N360.37/$ in I&E

2018-02-14
The Naira Wednesday depreciated for the second time this week to N360.37 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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In New Sanction Regime, BOFIA Amendments Target Bank CEOs, Directors

2018-02-14
In what could be a litmus test with far-reaching implications for banking administration in the country, a proposed amendment to the Banks and Other Financial Institutions Act (BOFIA) has targeted individuals, including chief executive officers, managers and directors of banks, rather than the institutions, in one of the stiffest sanction regimes to hit the financial sector.
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Nigeria’s oil output rises to 1.736 mb/d in January

2018-02-14
Nigeria’s oil output increased by 167,000 barrels per day (b/d) or 10.6 percent to 1.736 million barrel per day (mb/d ) in the month of January 2018. The output was 1.569mb/d in December 2017, according to data from the Organisation of the Petroleum Exporting Countries (OPEC), Monthly Oil Market Reports, MOMR.
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Naira depreciates to N360.22/$ in I&E

2018-02-13
The naira Tuesday depreciated for the first time this week to N360.22 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Nigerian govt to auction N100 billion bonds February 21 – DMO

2018-02-13
The Federal Government has offered for subscription by auction N100 billion worth of bonds in its February 21 auction, the Debt Management Office (DMO) said.
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SEC estimates total amount of unclaimed dividend at N103 billion

2018-02-13
The Securities and Exchange Commission (SEC) has again stressed the need for capital market investors to enroll in the e dividend registration platform and stem the rising figure of unclaimed dividend in the market currently put at N103 billion as at December 2017.
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Nigeria’s oil, gas sales rose to N1.22trn in 2017

2018-02-13
Nigeria crude and oil gas sales rose sharply to N1.22 trillion in 2017, according to data obtained from the Central Bank of Nigeria, CBN.
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Nigeria central bank says injected $210 mln into currency market

2018-02-12
Nigeria’s central bank said on Monday it had injected $210 million into the interbank foreign exchange market, part of an effort to improve liquidity and alleviate the dollar shortages of the past few years.
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National Assembly approved $300m Diaspora Bond —DMO

2018-02-12
The Debt Management Office said the National Assembly approved the Diaspora Bond, which was used to borrow $300m from Nigerians in the diaspora.
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Nigeria to export 1m barrels of first oil from $16bn Egina project in January, 2019

2018-02-12
There are indications that the coming on stream of the $16 billion Egina project will enhance the revenue profile of Nigeria and other stakeholders as plans have been concluded to export one million barrels in January, 2019.
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7-Up seeks regulatory approval to delist shares from Exchange

2018-02-12
Seven-Up Bottling Company (7-Up) Plc has filed an application with the Nigerian Stock Exchange (NSE), seeking to delist its shares from the Exchange and end its 32 years as a publicly quoted company.
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NSE tightens control on block divestment, large trades

2018-02-12
The Nigerian Stock Exchange (NSE) will today begin the implementation of new rules that give market authorities greater surveillance and control over block divestment and voluminous deals.
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Britain to add Nigeria's naira to list of accepted trade currencies

2018-02-10
Britain’s export finance agency will add the Naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.
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Forex: CBN injects $325.64m into SMIS

2018-02-10
The Central Bank of Nigeria (CBN) has injected $325.64 million into the Retail Secondary Market Intervention Sales (SMIS).
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Nigeria central bank says injected $326 mln into currency market

2018-02-09
Nigeria’s central bank said on Friday it had injected $325.64 million into the interbank foreign exchange market as part of efforts to boost liquidity and reduce dollar shortages.
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Banks’ assets hit N34.6trn in 2017

2018-02-09
The total assets and liabilities of deposit money banks in Nigeria rose N34.6 trillion, in 2017.
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Signposting Confidence, Nigeria’s FX Inflow Hits $30.45bn in Q4

2018-02-09
In a mark of rising confidence in the Nigerian economy, aggregate foreign exchange (FX) inflow into the economy grew to $30.45 billion in the fourth quarter (Q4) of 2017, indicating an increase by 14.5 per cent, compared to the preceding quarter.
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Nigeria’s budget not threatened as oil prices crashes to $65

2018-02-09
Crude oil prices yesterday were close to their lowest levels this year with soaring United States, US, output undermining Organization of Petroleum Exporting Countries, OPEC’s efforts to tighten markets and prop up prices.
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DMO: Proceeds of $2.5bn Eurobond Will Reduce Debt Service-to-Revenue Ratio

2018-02-09
The planned $2.50billion Eurobond will help to reduce Nigeria’s debt service-to-revenue ratio, the Debt Management Office (DMO) has said.
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$2.5bn foreign borrowing’ll not increase total debt – DMO

2018-02-09
The planned borrowing of $2.5bn from foreign sources will not increase the nation’s total debt commitment, the Debt Management Office has assured Nigerians.
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FG Targets $24bn Investments through Policy

2018-02-09
The federal government has said that its newly launched Economic Recovery Growth Plan (ERGP) focus lab would help the country attract$24 billion worth of investments, saying 80 per cent of the amount is expected to come from the private sector of the economy.
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MTN Plans$500m Share Sale in Nigeria

2018-02-08
The MTN Group plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter.
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Pension fund assets hit N7.5trn in 2017 — NBS

2018-02-08
Nigeria Bureau of Statistics (NBS) yesterday said that the nation’s pension fund assets grew by N351 billion to N7.5 trillion in the fourth quarter of 2017 (Q4 2017).
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Fed Govt: we’ll invest N1.3tr yearly on infrastructure

2018-02-08
In order to attract investors to the country, the Federal Government has said it will continue to invest about N1.3trillion yearly on capital projects to bridge the infrastructure gap.
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Nigeria to redeem 762.5 bln naira T. bill with planned Eurobond sale

2018-02-07
Nigeria plans to redeem 762.5 billion naira ($2.5 billion) worth of treasury bills from the proceeds of a planned $2.5 billion Eurobond, to lower borrowing costs for the government, Finance Minister Kemi Adeosun said on Wednesday.
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Naira appreciates to N360.21/$ in I&E

2018-02-07
The Naira Wednesday appreciated to N360.21 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Oil, Gas Investment: Local, foreign investors consider opportunities in Nigeria

2018-02-07
Local, foreign investors consider opportunities New petroleum policy excites investors Lull in oil market, budget cut, militancy constitute new threats Stakeholders to propose alternative funding, other measures as NIPS opens in Abuja.
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We are ready to bend over backwards to accommodate feedback from private sector, investors – Osinbajo

2018-02-07
Vice President Yemi Osinbajo has launched the Economic and Growth Recovery Plan (ERGP) Focus Laboratories on power, agriculture and manufacturing to fast track economic growth.
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Naira may depreciate to 386/dollar in H2 —PwC

2018-02-07
The Naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said.
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Forex: Bankers Committee cancels commission on BTA, PTA, others

2018-02-07
The Bankers Committee yesterday decided that banks should no longer charge commission on foreign exchange transactions for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), payment of medical bills and school fees.
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US firms invest $8.1bn in Nigeria – Envoy

2018-02-07
The United States Consul-General in Lagos, Mr. John Bray, has said that the private investments of US companies in Nigeria are more than $8.1bn.
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CBN to increase minimum capital requirement for MfBs

2018-02-06
The Central Bank of Nigeria, CBN, is set to increase the minimum capital requirement for Microfinance Banks, MfBs with a view to enhancing their performance.
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Nigeria's president signs order to boost local production, employment

2018-02-06
Nigeria’s President Muhammadu Buhari on Monday signed an executive order aimed at boosting the local production of goods and create jobs in the west African country.
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Nigeria expected to enter growth cycle

2018-02-06
Nigeria could be entering the beginning of a growth cycle, suggests research from RMB Nigeria Stockbrokers (RMBNS). Cement consumption has been forecast to increase by seven per cent in 2018, compared with a 17 per cent decline recorded in 2017. Concrete roads and a housing deficit may lead to a 53Mt and 24Mt increase, respectively by 2020.
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FG to Launch Fresh Initiative on ERGP to Boost Job Creation Today

2018-02-06
The federal government said on Monday that it would today inaugurate what it termed Joint Working Group for the Economic Recovery and Growth Plan (ERGP) Focus Labs in the State House, Abuja to boost economic growth.
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FG Hosts New Oil Summit to Revive Africa’s Oil Industry

2018-02-06
The federal government has given reasons why it is hosting a new oil and gas summit – the Nigeria International Petroleum Summit (NIPS) in Abuja this February.
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Nigeria Risks Ban From Int’l Financial Transactions Over Egmont Threat

2018-02-06
There are indications that Nigerians with domestic debit and credit cards will be constrained from carrying out financial transactions abroad in less than a month.
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CBN injects $210m as naira appreciates to N360.25/$ in I&E

2018-02-05
The Naira started the week with a 40 kobo depreciation to N360.25 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.
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Nigeria cement to witness positive outlook in 2018

2018-02-05
One of Nigeria’s leading research franchises, RMB Nigeria Stockbrokers, RMBNS has predicted a positive outlook for Nigeria Cement Sector in 2018, even as it urged Investors to overweight Dangote Cement at N271/share.
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Rise in cost of funds to persist as CBN mops up N275bn

2018-02-05
THE sharp increase in cost of funds in the interbank money market last week will persist this week, following the N275 billion liquidity mop up by the Central Bank of Nigeria (CBN).
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Nigeria ranks lowest in industrial GDP, says AfDB

2018-02-05
Nigeria may have lost her position as the biggest economy on the continent, according to a report by the African Development Bank (AFDB).
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CIS Council approves new qualifications for stockbrokers

2018-02-05
The Governing Council of the Chartered Institute of Stockbrokers has approved the newly introduced Specialised Professional Certifications called the Stand-Alone-Programme.
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Nigeria cement to witness positive outlook in 2018

2018-02-05
One of Nigeria’s leading research franchises, RMB Nigeria Stockbrokers, RMBNS has predicted a positive outlook for Nigeria Cement Sector in 2018, even as it urged Investors to overweight Dangote Cement at N271/share.
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Production of Nigeria's Bonga oil ramping up after shutdown -Shell Nigeria

2018-02-05
Production of Nigeria’s Bonga crude oil is “being ramped up gradually” after brief shutdown, a spokesman for Shell Nigeria Exploration and Production company (SNEPCo) said on Monday.
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Oil prices extend declines

2018-02-05
Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.
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FG targets $5bn annual investment in power, rail

2018-02-03
The Federal Government could invite as much as $5bn of annual investment to improve the country’s creaking transportation and power networks once regulatory restrictions are removed, an adviser to Vice President Yemi Osinbajo, Chidi Onyia, has said.
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RMBN Stockbrokers sees growth in cement sector

2018-02-02
RMB Nigeria (RMBN) Stockbrokers, in its research, has forecast a positive outlook for the nation’s cement sector and believes 2018 could be the beginning of the next growth cycle for cement consumption in the country.
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Naira to remain stable as dollar demand weakens

2018-02-02
The Naira is likely to remain stable against the United States dollar next week as demand for the greenback weakens whenever the unit trades below 360 per dollar.
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2019 polls may push up inflation, says MPC

2018-02-02
As preparations for the 2019 general elections thicken, Monetary Policy Committee (MPC) members have projected that increased spending could raise inflation figures.
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Nigeria Can Earn $500bn from Privatisation, Economic Diversification in Five Years

2018-02-02
Economic experts on Wednesday proffered solutions to Nigeria’s short, medium and long term economic recovery and suggested how the country can raise $500billion within the next five years.
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Our N39.9b rights issue will lead to better growth, says Flour Mills

2018-02-02
The board of Flour Mills of Nigeria Plc has assured the investing public that the ongoing rights issue by the food-focused company will lead to more sustainable growth and better returns.
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Oil Price Gains On Strong OPEC Supply Reduction Pact

2018-02-02
Crude oil price extended gains yesterday as Organization of Petroleum Exporting Countries (OPEC’s) strong compliance with a supply reduction pact o set news that U.S. production topped 10 million barrels per day for the first time in nearly half a century.
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Nigeria, Niger republic to build oil refinery

2018-02-01
The Federal government on Thursday announced plan to build an oil refinery by Nigeria and neighboring Niger Republic.
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Nigeria has become investors’ destination – Lai Mohammed

2018-02-01
The Minister of Information and Culture, Alhaji Lai Mohammed says that with the right policies of government and favorable economy indices, Nigeria has become an investors destination.
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Naira depreciates to N360.57/$ in I&E

2018-02-01
The naira Thursday depreciated to N360.57 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Nigeria’s Manufacturing Index Expands for 10th Consecutive Month

2018-02-01
The Manufacturing Purchasing Managers’ Index (PMI) stood at 57.3 index points in January indicating an expansion in the manufacturing sector for the 10th consecutive month.
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OPEC January oil output rises, led by Nigeria

2018-02-01
Crude oil production from the Organisation of Petroleum Exporting Countries rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact.
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IPMAN To Commence Building $3bn Refinery

2018-01-31
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states in the federation.
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Nigeria's state oil company calls for private investment to help build pipelines

2018-01-31
The head of Nigeria’s state oil company called on Wednesday for private investment to help the group repair and build more pipelines across the country.
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Naira appreciates to N360.00/$ in I&E

2018-01-31
The naira Wednesday appreciated to N360.00 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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Nigeria records 40% local content with $3.3bn Egina FPSO – NAPIMS

2018-01-31
National Petroleum Investment Management Services (NAPIMS) said that Nigeria achieved about 40 percent local content with the Total’s $3.3 billion Egina Floating, Production, Storage and Offloading (FPSO).
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Naira depreciates to N360.39/$ in I&E

2018-01-31
The naira yesterday depreciated to N360.39 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
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World Bank working with Nigeria to increase revenue generation

2018-01-31
The World Bank is currently working with Nigeria to increase the country’s revenue-to-Gross Domestic Product ratio, which is currently put at six per cent.
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FG to start building $5.8bn Mambila power plant

2018-01-31
The Federal Government plans to start building a $5.8bn hydropower plant in the eastern Mambila region this year, after it agrees on loan terms with China’s Export-Import Bank.
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Lagos Assembly passes N1.046t 2018 appropriation bill

2018-01-31
The Lagos State House of Assembly yesterday passed the state’s 2018 Appropriation bill of N1, 046 trillion into law.
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MTN Sees Return to Profit for 2017

2018-01-30
The MTN Group, Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017, recovering from a $1 billion fine it paid for its Nigerian business in the prior period.
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$1bn Inflow Catapults Nigeria’s Stocks to Among World’s Best

2018-01-30
Nigeria’s stocks have been rated among the world’s best-performers in the past four months, and foreign investors are a big reason for that, Bloomberg reported Monday.
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Oil Prices Firms Up On Strong Market Demand And OPEC Supply Restraint

2018-01-30
Oil prices firmed up yesterday on account of strong demand, a weak dollar and ongoing supply cuts lead by Organization of Petroleum Exporting Countries, OPEC, and Russia.
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America interested in Nigerian economic growth, says envoy

2018-01-30
The United States of America (USA) has reiterated its commitment to continue working with Nigeria towards building a strong private sector and achieving economic growth through bilateral partnership.
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9Mobile Sale: CBN, NCC To Decide On Buyer – Experts

2018-01-30
With the alleged consent given to Teleology Holdings as the preferred bidder for 9Mobile by the interim board of the company, all eyes are now on the Central Bank of Nigeria (CBN) and telecom industry regulator Nigerian Communications Commission (NCC) to authenticate or disavow the said sale.
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CBN sells $210m as naira closes at 364/dollar

2018-01-30
The Central Bank of Nigeria on Monday injected another $210m into various segments of the inter-bank foreign exchange market.
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Shareholders fault intervention in Oando crisis

2018-01-30
Some shareholders have advised the Emir of Kano, Muhammadu Sanusi, to discontinue further intervention in the case between Oando Plc and some of its major shareholders.
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DMO Raises N196m Through FGN Savings Bond

2018-01-30
The Debt Management Office said it raised N196.3 million through the first auction of the Federal Government Savings Bond issued in the second week of January. The auction results released yesterday show a decline in the level of subscription despite the higher rates when compared to the December 2017 auction.
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Reps Passed Bill Demutualising NSE To Reduce Inequality – Dogara

2018-01-30
The Speaker of the House of Representatives, Yakubu Dogara, has explained that the decision to demutualise the Nigerian Stock Exchange was borne out of the need to open up the capital market to make it more attractive to investors, and to ensure that it conforms to global best practices.
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Nigeria-India trade volume hits $9.4 billion

2018-01-30
The value of trade between Nigeria and India has hit $9.4billion, just as the two countries prepare to mark 60 years of diplomatic relations in 2018, since the establishment of such relations in 1958.
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NSE implements new kobo-based pricing rules

2018-01-29
The Nigerian Stock Exchange (NSE) will today begin the implementation of its amendments to the pricing methodology and par value rules, which remove the stopgap that has supported stocks at their nominal value and will allow shares of quoted companies to trade as low as one kobo.
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Nigeria’s external reserves hit 4-year high of $40.3bn

2018-01-29
NIGERIA’s external reserves rose to $40.33 billion last week, the highest in four years.
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Forex Market Sees $2.36bn Inflow As Naira Expected To Firm

2018-01-29
A total of $2.356 billion dollars flowed into the Nigerian foreign exchange market last week through the Investors’ and Exporters’ window as well as the two interventions of the Central Bank of Nigeria (CBN) as the value of the naira is expected to inch upward this week.
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Nigerian Breweries lists 67.8m scrip shares

2018-01-29
Nigerian Breweries has listed 67.8 million ordinary shares of 50 kobo each, increasing its outstanding issued shares from 7.929 billion ordinary shares to 7.997 billion ordinary shares. The additional shares further strengthened Nigerian Breweries’ position as the third most capitalised company at the Nigerian Stock market.
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Banks’ Deposit With CBN Drop To N160.7bn

2018-01-29
Banks deposit with the Central Bank of Nigeria (CBN) dropped last week by 45 per cent to N160.77 billion as against N296.41 billion that was deposited with the apex bank the previous week as they borrowed N112.45 billion to cover their financial shortfalls, data on the CBN website have shown.
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Forex market intervention: ‘CBN spends $15.9b’

2018-01-29
The Central Bank of Nigeria (CBN) has spent $15.9 billion in nine months in its weekly intervention in the foreign exchange (forex) market, Managing Director, Afrinvest Securities, Ayodeji Ebo, has said.
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CBN Pumps Fresh $304.4m into Forex Market

2018-01-29
The Central Bank of Nigeria (CBN) at the weekend intervened in the Retail Secondary Market Intervention Sales (SMIS) of the interbank foreign exchange market to the tune of $304.4 million.
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BDC Operators Hail Moves to Return Nigeria to JP Morgan Index

2018-01-29
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the federal government’s plan to open talks with JPMorgan Chase & Co. for their reinstatement in the local-currency emerging-market bond index will bring great benefits to the economy.
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CBN to Auction N253bn Treasury Bills

2018-01-29
The Central Bank of Nigeria (CBN) will this week auction treasury bills worth N252.7 billion.
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Mining: Fed Govt to spend N20b on exploration

2018-01-26
The Federal Government plans to spend N20b more on data exploration, the Minister of Mines and Steel Development Dr Kayode Fayemi has said.
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Investors Oversubscribe First FGN Bond for 2018

2018-01-26
Investors have oversubscribed the first Federal Government of Nigeria (FGN) Bond auction conducted by the Debt Management Office (DMO) in 2018, demonstrating a continuing strong desire for government bonds.
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Oil price up $71

2018-01-26
Brent crude oil hit $71 a barrel yesterday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. crude inventories and a weaker U.S. dollar. The WTI crude oil climbed to $66.44, also the highest since early December 2014. “The continuous fall in U.S. oil inventories and the prolonged weakness in the U.S. dollar have done the trick,” said Tamas Varga of broker PVM, referring to oil hitting a new high.
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Rand assets steady as Ramaphosa talks up S’Africa

2018-01-26
South African assets were little changed on Thursday, with the rand strengthening slightly as the leader of the ruling African National Congress talked up the prospects for foreign investment at the World Economic Forum in Davos.
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9mobile takeover looms as advisers evaluate bids —Report

2018-01-26
Barclays Africa is examining takeover bids from five prospective buyers for debt-laden 9mobile, two banking sources have said.
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Naira down to N360.54/$ in I&E

2018-01-25
The naira Thursday depreciated to N360.54 per dollar in the Investors and Exporters (I&E) window.
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Nigeria to pump additional 200,000 BD of crude with Total’s new ship

2018-01-25
A gigantic oil tanker arrived in Nigeria as part of a multi-billion dollar project that should allow one of Africa’s biggest crude producers to pump out an additional 200,000 barrels a day.
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Nigeria Plans $2.5 Billion Eurobond Sale in First Quarter

2018-01-25
Nigeria may sell $2.5 billion of Eurobonds in the first quarter to refinance domestic debt and wants to start talks with JPMorgan Chase & Co. about being reinstated in its local-currency emerging-market bond index, according to a government official.
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Finance ministry, BoI move to recover NERFUND’s N17.5bn loan

2018-01-25
The Bank of Industry has signed an agreement with the Ministry of Finance to recover the N17.5 billion outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund.
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Africa to witness economic pickup in 2018 - UN

2018-01-25
Africa’s economy is expected to grow 3.5 per cent in 2018, an increase of 0.3 percentage points from 2017, a UN official said Thursday.
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President Taps Edward Adamu New CBN Deputy Gov

2018-01-25
President Muhammadu Buhari has tapped Mr. Edward Lametek Adamu, a Christian from Gombe State, as the new deputy governor of the Central Bank of Nigeria (CBN) to replace Mr. Suleiman Barau who retired last month.
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NNPC Says It Earned $239m from Crude Sales in Nov

2018-01-25
The Nigerian National Petroleum Corporation (NNPC) wednesday said it earned $239.10 million from its sale of crude oil and gas in the month of November 2017.
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World Bank hails Nigeria’s interest in social investment

2018-01-25
The World Bank said Nigeria is showing renewed interest in social investment with increased commitment to the bank’s assisted projects; Community and Social Development Project (CSDP) and Youth Employment and Social Support Operations (YESSO).
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Oil prices getting higher, hit $80

2018-01-25
Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.
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Total’s 200,000 b/d capacity Egina FPSO arrives Nigeria

2018-01-25
The Nigerian National Petroleum Corporation (NNPC), Total Upstream Nigeria Limited, (TUPNI) and her partners yesterday announced the arrival of the Egina Floating, Production, Storage and Offloading unit (FPSO) to the shores of Nigeria from South Korea.
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Naira stables at N360.25/$ in I&E

2018-01-24
The naira Wednesday stabilized at N360.25 per dollar in the Investors’ and Exporters’ (I&E) window. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, known as Nigerian Autonomous Foreign Exchange, NAFEX, remained unchanged at N360.25 per dollar.
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FAAC allocates N655bn to FG, states, LGs

2018-01-24
The Federation Account Allocation Committee on Tuesday distributed the sum of N655.17bn to the three tiers of government as statutory allocation for the month of December 2017.
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Nigerian lawmakers pass bill for exchange to become publicly listed

2018-01-24
Nigeria’s lower house of parliament passed a bill on Wednesday that will allow the stock exchange to become a publicly listed company that can issue shares to investors.
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Nigeria May Cut Interest Rates Before July, Emefiele Says

2018-01-24
Nigeria’s central bank could start cutting interest rates in the first half of the year as inflation eases, Governor Godwin Emefiele said.
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NNPC To Pick Financiers For Moribund Refineries

2018-01-24
The Nigerian National Petroleum Corporation (NNPC) would soon announce financiers for the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited.
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Afrinvest Harps on Structural Reforms in Nigeria

2018-01-24
Afrinvest (West Africa) Limited has reiterated the need for structural reforms in Nigeria, in order to build long-term macroeconomic stability in the country.
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Nigeria’s Manufacturing Sector Ready For International Investors – Osinbajo

2018-01-24
The Buhari administration working with the Private Sector, is determined to boost the Nigerian manufacturing sector and will be engaging with international partners and friendly nations to realize that goal, according to Vice President Yemi Osinbajo, SAN.
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AfDB Will Raise Nigeria’s Loan Portfolio To $8bn

2018-01-24
The African Development Bank (AfDB) has said it plans to increase its loans to Nigeria by over $8 billion next year with investments in energy, infrastructure and agriculture.
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Indonesia Set To deepen Trade Relations With Africa

2018-01-24
As part of its efforts to increase business cooperation with Africa, Indonesia has decided to host African countries on a two-day “Indonesia-Africa forum” billed to take place on 10 – 11 April, 2018 in Bali Nusa Dua Convention Centre, Nusa Dua, Bali, Indonesia.
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NSE moves to sustain investors’ renewed interest in capital market

2018-01-24
To sustain investors’ renewed interest in the nation’s capital market and entrench high level of corporate governance in the affairs of listed firms, the steering board of the Corporate Governance Rating System (CGRS) has announced the names of 25 companies that have successfully passed its governance rating test, having scored the required pass mark of 70 per cent whilst 87 others are at various stages of completion of the process. The Nigerian Stock Exchange (NSE), in partnership with The Convention on Business Integrity (CBi) designed and roll-out the initiative.
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Nigerian state oil firm's board to decide on refinery investors this month

2018-01-23
The Nigerian National Petroleum Corporation’s (NNPC) board will decide on the investors for its three major refineries this month, the state oil company said on Tuesday.
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Africa remains stable as global FDI falls to $1.52 trillion

2018-01-23
Although global Foreign Direct Investment (FDI) fell from $1.81trillion in 2016, to an estimated $1.52trillion in 2017, investment into Africa, and other developing countries stood almost firm, latest investment trends monitor by the United Nations has shown.
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$3.3bn Egina oilfield FPSO to arrive Nigeria today

2018-01-23
There are indications that Nigeria’s oil and gas industry is set to record another milestone as the $3.3 billion Floating Production Storage Offloading (FPSO) vessel for the 200,000 barrels per day capacity Egina deepwater oilfield will arrive Nigeria from South Korea on Tuesday (today).
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African Development Bank to Add $2 Billion to Nigeria Loans

2018-01-23
The African Development Bank plans to increase its loans to Nigeria by more than $2 billion next year with investments in energy, infrastructure and agriculture, its President Akinwumi Adesina said.
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Global solar investment up by 18% to $160.8bn in 2017 - Report

2018-01-23
World clean energy investment totalled $333.5bn last year, up three per cent from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5tn, a new Bloomberg Energy Finance report has stated.
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MTN Targets 60m Mobile Money Subscribers In 4 Years

2018-01-23
MTN, the biggest mobile network in Africa said it is targeting to increase its mobile money subscribers from the current 21 million to 60 million in the next three to four years across the continent.
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CBN injects $210m as naira depreciates to N360.67/$ in I&E

2018-01-22
The naira, Monday, depreciated by 57 kobo to close at N360.67 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.
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IMF January 2018 forecasts for global growth

2018-01-22
The IMF, in its update Monday of its World Economic Outlook, revised its global growth forecast up to 3.9 percent for this year and next, amid the solidifying recovery and stimulus from the US tax reform.
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FG Inaugurates New Revenue Generation, Collection in Mining Sector

2018-01-22
Following the approval of the National Economic Council (NEC), the federal government Monday inaugurated a new model of revenue generation and collection in the mining sector.
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Money Supply Hits 17-year High At N24trn

2018-01-22
In a bid to curb inflation and achieve stability in the nation’s economy, broad money rose to 17-year high of about N24 trillion in 2017, data obtained by LEADERSHIP from the Central Bank of Nigeria (CBN) has revealed.
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Senate’s stance on Magu leads to cancellation of Nigeria’s Monetary Policy Committee meeting

2018-01-22
The first meeting of the Monetary Policy Committee, MPC, for 2018 scheduled for Monday and Tuesday has been cancelled due to inability of members to form a statutory quorum.
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With Equities Market Sustaining Gains, Elumelu Confident of Nigeria’s Economic Recovery

2018-01-22
On the eve of his departure for the World Economic Forum (WEF) in Davos, Switzerland, the Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, has expressed confidence in Nigeria’s economic recovery on the back of fiscal and monetary policies that have steered the country in the right direction.
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PIGB’ll reduce N200bn oil revenue losses – NEITI

2018-01-22
The Nigeria Extractive Industries Transparency Initiative on Sunday welcomed the decision by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill and stated that it would help reduce the country’s over N200bn oil sector revenue losses.
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Crude oil: NNPC account in red as petrol landing cost nears N180/litre

2018-01-22
The account of the Nigerian National Petroleum Corporation (NNPC) is increasingly over-burdened as the landing cost of Premium Motor Spirit (PMS), otherwise called petrol, has risen following the recent surge in global oil price, analysts have said.
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Expert cautions NSE, operators on introduction of derivatives

2018-01-22
OPERATORS and regulators in the Nigerian capital market have been advised to be cautious about the proposed introduction of derivatives market.
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Operators mull building Nigeria’s LPG market to $10b

2018-01-22
Players in the Nigeria’s Liquefied Petroleum Gas (LPG) subsector are putting measures in place to grow the LPG market to $10 billion in the next five years.
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CBN to slow liquidity mop-up as DMO kick-starts bond issuance with N110bn offer

2018-01-22
THE Debt Management Office (DMO) will, this week, offer N110 billion worth of FGN bonds in commencement of its 2018 bond issuance programme, prompting expectations of reduced liquidity mop-up operations by the Central Bank of Nigeria (CBN).
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Special forex window, others attract N7.406tn investments to stocks

2018-01-22
Nine months after the Central Bank of Nigeria introduced the foreign exchange window for investors and exporters, the equities market has witnessed an unprecedented growth by N7.406tn, which has led to the near doubling of the Nigerian Stock Exchange’s market capitalisation.
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Top Nigeria Sugar Maker Sees Sales Boost as Economy Recovers

2018-01-22
Reviving economic activity in Africa’s most populous nation means Nigerians are indulging their sweet tooth again.
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Nigeria's Oando and key shareholder settle long-running dispute

2018-01-22
Nigerian oil company Oando said on Monday it had settled a squabble with a key shareholder and was working on resolving remaining shareholder disputes and getting a suspension of its shares lifted.
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Nigeria's Political Deadlock Threatens Economic Rebound

2018-01-22
Nigeria’s central bank has fallen victim to a battle between President Muhammadu Buhari and his parliament.
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Nigeria's central bank says won't hold interest rate meeting, rate to be held at 14 pct

2018-01-21
Nigeria’s central bank said on Monday a key interest rate setting meeting intended for January 22-23 will not be held due to an inability to form a quorum, adding that the benchmark rate will be maintained at 14 percent.
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African Devt Bank Forecasts 2.1% GDP Growth for Nigeria in 2018

2018-01-21
Nigeria is in a good position for growth this year, so says the African Development Bank. In its economic outlook for 2018, AfDB says despite slow and difficult recovery from recession and paltry Gross Domestic Product growth in 2017, rising oil prices and output as well as growing agricultural performance stand Nigeria in good stead and place it well to grow in 2018.
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Leverage for Monetary Policy Easing as Inflation Inches Down

2018-01-21
There are signs that the standard of living of Nigerians may get better in the days ahead as the consumer price index (CPI) recorded a huge drop in December 2017.
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FG to borrow N385bn via local bonds

2018-01-20
The Federal Government is planning to borrow between N315bn and N385bn ($1bn-$1.26bn) in the first quarter of the year through sales of naira-denominated bonds, the Debt Management Office has said.
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DMO to raise N385bn bonds in Q1 of 2018

2018-01-19
The Debt Management Office has said it will raise between N315billion to N385billion from the federal bonds issuance in the first quarter of 2018.
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AfDB will invest $2bn in Nigeria by 2019 – Adesina

2018-01-19
The level of investments in Nigeria by the African Development Bank (AfDB) will grow to $8billion from the present $6 billion, the President of the Bank, Akinwumi Adesina has said.
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SEC extends free e-dividend registration till Feb 28

2018-01-19
The apex regulator of the Nigerian capital market, the Securities and Exchange Commission has announced an extension of the period for the free e-Dividend registration exercise till February 28, 2018.
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NSE Fines 31 Listed Firms N425m For Failure To File Financial Statements

2018-01-19
The Nigerian Stock Exchange (NSE) has fined 31 quoted companies the sum of N424.9 million for failure to file their financial statements after the regulatory due date in 2017.
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Nigeria passes major oil reform bill after 17 year struggle

2018-01-18
Nigeria has moved closer to turning an oil industry bill into law after a 17 year struggle to complete the legislation which aims to increase transparency and stimulate growth in the country’s oil industry.
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Nigeria’s balance of $2.32b in ECA as at Jan. 15 – Adeosun

2018-01-18
Finance Minister, Mrs. Kemi Adeosun, has said that Nigeria has a balance of $2.32b in the Excess Crude Account, ECA, as at January.
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Naira depreciates further to N360.70/$ in I&E as external reserves gain $405.5m

2018-01-18
The naira Thursday appreciated to N360.70 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $405.5 million increase Week-on-Week.
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NSE indices hit N16tr mark, up 1.9 per cent

2018-01-18
Transactions on the Nigerian Stock Exchange (NSE), sustained rising profile, following heavy price gains recorded by virtually all the highly capitalised stocks, causing market indices to hit N16trillion mark yesterday.
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AfDB Foresees Stronger Naira in 2018

2018-01-18
The African Development Bank Group, (AfDB) has stated that it expects a stronger naira in 2018, just as it applauded the measures taken by the Central Bank of Nigeria to ensure price stability.
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Growth, digitisation, innovation top priority for banks in 2018 – EY Report

2018-01-18
Banks in Nigeria and across the world are expected to shift priorities towards growth, digitalisation, and innovation as top priorities in 2018 to be able to remain in business and make remarkable profit.
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Increased shale production threatens oil price ramp, OPEC cuts

2018-01-18
The rising oil price has not only brought market stability to the global oil industry but joy to oil producing countries, especially those whose economies depend on oil proceeds for survival but this joy is being threatened increased output from shale.
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FG To Boost National Grid With 2000MW To National Grid

2018-01-18
Power outages may soon become a thing of the past as the federal government has approved a framework of investments to add another 2000mw to the national grid.
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Naira depreciates to 360.56/$ in I&E

2018-01-17
The naira Wednesday depreciated to N360.56 per dollar in the Investor and Exporter window, in spite of 98 per cent increase the volume of dollars traded.
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NSE Boss Explains 2017 Impressive Performance, Bullish on 2018

2018-01-17
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema yesterday said the Nigerian stock market recovered from the macroeconomic overhang to become the third best performing market in 2017 globally.
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2018 budget contains N460bn wasteful expenditure – Group

2018-01-17
The Centre for Social Justice on Tuesday picked holes in the 2018 budget proposals presented by President Muhammadu Buhari to the National Assembly, stating that the fiscal document contained over N460bn “frivolous, inappropriate, unclear and wasteful” expenditure.
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Investors stake N1.27tr on equities in 2017

2018-01-17
Turnover at the Nigerian equities market rose by 121 per cent to N1.27 trillion as quoted equities rebounded from a three-year consecutive downtrend with average return of 42.3 per cent.
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Savings Bond opens grassroots investment window

2018-01-17
For investors, both local and foreign, returns on investments remain key consideration at all times. The high yields that come with investing in the monthly Federal Government Savings Bond have continued to excite investors interested in building sustainable wealth.
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Inflation rate drops for 11 consecutive months to 15.37%

2018-01-17
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate dropping from 15.9 per cent in November to 15.37 per cent in December 2017.
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Oil propels Nigerian shares to 9-year peak

2018-01-16
Nigerian stocks have jumped to a nine-year high as Africa’s biggest economy emerges from its worst recession in 25 years, buoyed by the high price of oil at $69 a barrel.
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Nigerian Rates Easing Still Some Way Off Even as Inflation Slows

2018-01-16
The slowdown in Nigeria inflation to a 20-month low may not be enough to prompt the central bank to start easing just yet.
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Nigeria expects $700 mln from international sources -DMO

2018-01-16
Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.
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Power: AfDB to invest $30m in off-grid energy

2018-01-16
The African Development Bank (AfDB) has formed partnerships with Calvert Impact Capital (CIC), Global Environment Facility (GEF) and the Nordic Development Fund (NDF) to drive investments in off-grid energy across Africa.
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CBN Injects Fresh $210m into Forex Market

2018-01-16
The Central Bank of Nigeria (CBN) on Tuesday injected another sum of $210 million into the interbank foreign exchange market, to meet customers’ requests in various segments of the market.
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Fed Govt targets more tax revenue from VAIDS

2018-01-16
The Federal Government expects to net considerable tax revenue this year through the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme, an initiative of the Federal Ministry of Finance that provides a time-limited window for taxpayers with undisclosed income and assets to regularise their tax status.
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Asset reallocation triggers N1.43trn decline in fixed income market

2018-01-16
Activities in the fixed income market fell by N1.43 trillion in December, 2017 following asset reallocation by investors hunting for better returns offered in the stock market.
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Stock market maintains upward trend as investors gain N79bn

2018-01-16
The Nigerian stock market yesterday continued its upward trend with investors gaining additional N79 billion, in the first trading day of the week.
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Naira Closes N360.65 At I & E Fx Window

2018-01-16
The Investors and Exporters (I&E) foreign exchange window depreciated by 0.07 per cent on Monday to close at N360.65 amid Central Bank of Nigeria (CBN) sustained injection.
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Crude oil prices now $70

2018-01-15
The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America.
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PFAs invest 70% of N7.41tr pension assets in FG securities

2018-01-15
PENSION Fund Administrators (PFAs) have invested N6.28 trillion out of the N7.41 trillion pension assets in Federal Government’s securities, as at the end of November 2017.
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Nigeria attracted $6.8bn investments in nine months – NBS

2018-01-15
The nation attracted $6.85bn worth of investments in the first nine months of 2017; while some state governments took advantage of portfolio investors’ appetite for the Nigerian market, others allowed the opportunity to slip, IFEANYI ONUBA writes.
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116 quoted companies to fall under one-kobo pricing rules

2018-01-15
More than two-thirds of quoted companies will come under the pricing band of one kobo. The Nigerian Stock Exchange (NSE) is set for the implementation of new pricing rules that will remove the current stop-gap that has supported stocks at their nominal value and allow shares of quoted companies to trade for as low as one kobo.
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Nigeria’s World-Beating Stocks Are Riding on Oil

2018-01-15
The world-beating rally in Nigerian stocks may not be over yet.
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All indicators point to brighter economic outlook this year — Udoma

2018-01-15
The economy will be significantly better in 2018, going by the consistent positive trend of key indicators since the country emerged from recession in the second quarter of last year, Minister of Budget and National Planning, Senator Udoma Udo Udoma, has predicted.
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Equities Gain N1.5tn on Sustained Rally

2018-01-15
The Nigerian equities market recorded an unprecedented surge of 10.2 per cent last week against the backdrop of rising oil prices and strong portfolio flows. The Nigerian Stock Exchange (NSE) All-Share Index(ASI) hit a 10-month high of 42,898.90, while market capitalisation added N1.5 trillion to close higher at N15.368 trillion. Having recovered from a three-year decline last year, the market has remained bullish in 2018, recording gains in the first two weeks on sustained positive sentiments.
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Forex: CBN releases $262.5 to retail market

2018-01-15
In its first Retail Secondary Market Intervention Sales (SMIS) for the year, the Central Bank of Nigeria (CBN), on Friday, intervened in the inter-bank Foreign Exchange Market (FEM) with the total sum of $262,500,000.
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Oil Marketers Canvass for Total Deregulation of Petroleum Downstream Sub-sector

2018-01-15
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry.
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9Mobile Sale Hits Rock, As Court Nullifies Appointment Of Interim Board

2018-01-14
The planned sale of 9moblie may have ran into troubled waters, as Justice Ibrahim Buba of the Federal High Court in Lagos has nullified the appointment of an interim board for Emerging Markets Telecommunications Service (EMTS), owners of the company.
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With Foreign Reserves’ Steady Rise, CBN Policies Yielding Fruits

2018-01-14
Following the significant accumulation of external reserves to $40.4billion, the highest since 2014, Kunle Aderinokun and Bamidele Famoofo examine factors responsible for the quantum leap and the benefits to the economy.
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Oil's Path to $70 Defied Pressures That Still Threaten Prices

2018-01-12
Oil’s rise to $70 a barrel for the first time in three years had clear triggers as supplies tighten and demand climbs, yet it still surprised many traders because there were so many reasons for prices to falter.
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W/Bank, TCN agree on $486m loan for power transmission

2018-01-12
The Interim Managing Director (IMD) of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, says they have completed negotiations with the World Bank for $486 million loan to improve transmission infrastructure under the Nigeria Electricity Transmission Project (NETAP) last December.
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FMN to begin N39.86bn share sale on Monday

2018-01-12
Flour Mills of Nigeria Plc plans to start marketing a share sale to existing investors aimed at raising N39.86bn ($130m) on January 15, 2018, the Nigerian Stock Exchnage said on Thursday, after granting approval.
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Buying pressures prevail in T-bills market

2018-01-12
Bullish sentiments prevailed in the secondary market for Treasury bills on Thursday as the average T-bills yield declined by 0.13 per cent to close at 14.51 per cent.
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Total pension assets rise to N7.4tn

2018-01-12
The total pension assets under the Contributory Pension Scheme rose to N7.4tn as of the end of November 2017.
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Shareholders approve 7-Up’s takeover by Affelka

2018-01-12
Shareholders of Seven-Up Bottling Company Plc have approved the scheme of arrangement by which the majority shareholder, Affelka S.A. will acquire the outstanding 26.8 per cent shares of the company.
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Stock market hits 9year high as investors gain N1.7tr in 8days

2018-01-12
The Nigeria Stock Exchange, NSE yesterday continued its record breaking performance with total market capitalisation rising by N437 billion, thus extending investors gain to N1.7 trillion in the first eight trading days of the year.
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Edo, Chinese firms sign 5,500bpd modular refinery deal

2018-01-11
The Edo State Government on Wednesday said it had signed a Memorandum of Understanding with a Chinese consortium for the construction of a modular refinery in the state.
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Oil price hits $70 per barrel, raises hope for N8.6trn 2018 budget

2018-01-11
THE price of crude oil has risen from $68 to $70 per barrel in the international market as a result of rising demand, thus raising hope for the implementation of the nation’s N8.6 trillion 2018 budget.
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Naira appreciates to N360.43/$ in I&E as external reserves gain $664m

2018-01-11
The naira Thursday appreciated to N360.43 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $664 million increase in the first ten days of the year.
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No anointed bidder for 9Mobile – NCC

2018-01-11
The Nigerian Communications Commission (NCC) on Thursday dismissed reports alleging that a preferred bidder has been anointed for the acquisition of telecom giants, 9Mobile.
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Nigeria’s manufacturing index may feed into global forecast

2018-01-11
Nigeria’s improving manufacturing and non-manufacturing sectors’ indices may feed into the latest global growth forecast of the World Bank Group, if sustained.
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Budget: Crude oil prices above 2018 benchmark by $22/b

2018-01-11
With the crude oil price crossing $69 per barrel yesterday, the federal government has recorded $22 per barrel extra above its 2018 budget benchmark.
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NNPC seeks 1.46 million MT of petrol for January-April

2018-01-11
In a sign that the scarcity of petrol in Nigeria could be more widespread than first expected, the Nigerian National Petroleum Corporation has issued a spot tender seeking 1,480,000 metric tonnes of petrol from January to April, on top of the existing term volumes it imports.
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NIPS to attract new oil, gas investors to Nigeria

2018-01-11
With about 37 billion barrels of oil reserves and 192 trillion standard cubic feet of gas reserves, there is no doubt that Nigeria remains a major petroleum producing and exporting destination in the Gulf of Guinea, the Project Director, Nigerian International Petroleum Summit (NIPS), Mr. James Shindi, has said.
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Investors’ wealth appreciates further by N517 billion in one day

2018-01-11
The bulls strengthen their hold on the equity sector of the Nigerian Stock Exchange (NSE), yesterday, as more blue chip stocks joined the league of gainers, causing market capitalisation to soar significantly by N517 billion.
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India Targets $100bn Investment, Nigeria Eyes Knowledge Economy Revenue

2018-01-11
India’s telecoms regulator TRAI, has opened a public consultation into a four-year plan designed to propel the country into being a front-runner in the fourth industrial revolution.
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Naira depreciates to 360.73/$ in I&E

2018-01-10
The naira Wednesday depreciated to N360.73 per dollar for the first time this week in the Investor and Exporter window, prompted by a 16 percent decrease in dollar supply.
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Seven-Up acquisition: Majority shareholder increases offer price by 11%

2018-01-10
The majority shareholder of Seven up Bottling Company, SBC Plc , Affelka S.A. has increased the proposed acquisition offer price by 11 percent to N125 per share from N112.70 per share initially proposed, in a bid to lure minority shareholders to sell their shares.
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Foreign portfolio inflows rise to $3.32b

2018-01-10
Foreign portfolio inflows reached an all-time high of $3.32 billion during the third quarter of 2017, a report by FBN Capital, has shown.
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Average T-bills yield settles at 14.64%

2018-01-10
Bearish sentiments characterised the secondary market for Treasury bills on Tuesday, as the yield on all tenors advanced.
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Nigeria’s oil production hits 2.5mb/d

2018-01-10
Nigeria’s crude production now stands 1.8 million barrel per day without condensate, and 2.5million per day with condensate, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) , Dr. Maikanti Baru, has said.
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Oil rises above $68, highest since May 2015

2018-01-10
Global oil benchmark, Brent crude, extended its gains on Tuesday, trading near $69 per barrel on the back of production cuts led by the Organisation of Petroleum Exporting Countries and expectations that the United States’ crude inventories had dropped for an eight-week low.
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Afreximbank promotes trade financing

2018-01-10
The African Export-Import Bank (Afreximbank) has reiterated its commitment to promote and finance intra-and extra-African trade, its President, Benedict Oramah, has said.
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World Forecasts 2.5% Growth for Nigeria in 2018

2018-01-10
The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.
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Crude Oil Prices Are Up 49%, and It’s Not All Thanks to OPEC

2018-01-10
OPEC may get the credit for the longest winter decline in U.S. crude stockpiles in a decade, but other factors are also at play, including strong refining margins, frigid weather and robust foreign demand.
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Nigeria’s Bonny light rises towards $70 per barrel

2018-01-09
THE price of Bonny Light, Nigeria’s premium crude oil grade has risen to $68.03 from $67 per barrel, $23 in excess of the $45 per barrel benchmark price of the 2018 budget.
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Nigeria political parties to select presidential candidates by Oct. 7

2018-01-09
Nigeria’s political parties must select their candidates for the country’s 2019 presidential election between Aug. 18 and Oct. 7 this year, the electoral commission said on Tuesday in a timetable of the polling process.
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NSE All-Share Index Hits 40,362.97 After 3 Years

2018-01-09
The Nigerian Stock Exchange (NSE) on Tuesday crossed over 40,000 mark for the first time after October 2014 following sustained gains by blue chips.
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Naira appreciates to N359.38/$ as I&E records $26bn turnover in 2017

2018-01-09
The naira Tuesday recorded its biggest daily appreciation of N1.76 in the Investors and Exporters (I&E) window.
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Solid minerals contributed N3.5bn to Federation Account in 2017

2018-01-09
The solid minerals sector contributed N3.5bn to the Federation Account between January and November 2017, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said.
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Trading on CBN Investors &Exporters FX window hits $26bn

2018-01-09
The Central Bank of Nigeria’s Investors and Exporters foreign exchange window recorded approximately $26bn transactions in 2017, the FMDQ OTC Securities Exchange data revealed on Monday.
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External Reserves Hit Four-year High of $40.4bn

2018-01-09
Nigeria’s external reserves have risen to $40.4 billion, the Central Bank of Nigeria (CBN) revealed Monday, making it the first time in exactly four years since the country’s reserves hit the $40 billion mark.
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BDCs Seek Forex Rate Convergence

2018-01-09
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for an emergency meeting of its members to discuss critical issues in the foreign exchange (forex) market.
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Dangote Cement, Mobil lift NSE’s indices, as market cap hits N14tr mark

2018-01-09
Investors’ expectations that the rally witnessed in the stock market in 2017 would be sustained this year heightened yesterday, as heavy share price gains recorded by major highly capitalised stocks, especially Dangote Cement and Mobil Oil pushed market capitalisation significantly to N14trillion with N330billion increase when compared to last Friday’s figure.
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Uncertainty Looms over Inflation, Growth as MPC is Placed on Hold

2018-01-08
Strong indications emerged Sunday that the Senate may not budge on its resolve not to consider President Muhammadu Buhari’s nominees for the vacant positions on the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), with just two weeks left to the first meeting of the committee this year.
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Trading Turnover In I&E Window Hits N7.8trn In 9 Months

2018-01-08
Since its commencement in April, 2017, total turnover trade on Investors & Exporters (I&E FX) foreign exchange window has increased to N7.8 trillion or $25.65 billion in nine months of 2017.
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NSE begins direct flow of information to stock market

2018-01-08
The Nigerian Stock Exchange (NSE) ha launched the auto-flow mechanism in its trading engine. This allows companies to send their corporate earnings’ reports and other information directly to the trading engine on a real time basis.
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Naira Closes Flat At N363/$

2018-01-08
The naira at parallel market closed flat at N363 against the dollar over slow business activities last week.
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Nigeria's Union Bank raises $163 mln via share sale to boost buffers

2018-01-08
Nigeria’s Union Bank has raised 49.7 billion naira ($163 mln)through a rights issued which it said was 120 percent subscribed.
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Stock Market: 14 companies raise N340bn in Rights Issue boom —Lafarge Africa,Unilever, 3 others lead with 94%

2018-01-08
PROMPTED by increased investor confidence in the Nigerian economy, especially in the stock market, positive economic growth outlook, fourteen companies quoted on the Nigerian Stock Exchange, NSE raised N340.6 billion via Rights Issues in 2017, in preparation for boom in economic activities in the post recession era.
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Forex liquidity exceeds $42b

2018-01-08
Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may have materialised.
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AfDB, GEF, others in $55m off-grid energy investment

2018-01-08
A consortium comprising the African Development Bank Group (AfDB), Nordic Development Fund (NDF); multilateral donor trust fund, Global Environment Facility (GEF); and investors, Calvert Impact Capital (CIC), are partnering to invest $55 million into off-grid energy.
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Nigeria’s Corporate Eurobonds Sustain Positive Sentiment

2018-01-08
Following a largely positive 2017 for Nigerian corporates, sentiments on the corporate Eurobonds remained strong in the first trading week of the year. Consequent on the bullish sentiment, average yield on all corporates fell week-on-week.
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Flour Mills to open application for N39.9b rights issue

2018-01-08
Flour Mills of Nigeria Plc has rounded off pre-offer processes and signed off documentation for its N39.9 billion rights issue, setting the stage for the opening of the application list for the new capital raising.
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FG makes N909bn from VAT in one year

2018-01-07
Between October 2016 and September 2017, the federation account received a total inflow of N908.9bn in Value Added Tax receipts from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed.
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Naira to hit 360/dollar at investors’ forex market

2018-01-06
The naira is expected to firm slightly to 360 per dollar at the Central Bank of Nigeria’s Investors and Exporters Foreign Exchange window next week as trading picks up after the Christmas and New Year holidays.
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Morison Industries closes application for N502.2m rights issue

2018-01-05
Morison Industries Plc will today close the application list for its ongoing rights issue. Morison Industries is raising about N502.2 million in new equity funds through new share sale to existing shareholders.
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Banks credit to agric sector drops by N34bn – NBS

2018-01-05
The total amount of credit granted by Deposit Money Banks to the agricultural sector declined by N34.45bn from October 2016 and September 2017, an analysis of the banking sector credit report by the National Bureau of Statistics has revealed.
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Oil Hits $68, Boosts Nigeria’s Revenue, But Petrol Imports Hurt Finances

2018-01-05
The price of crude oil rose further Thursday exceeding $68 per barrel, its highest since May 2015, supported by unrest in Iran and raising concern about risks to supplies, cold weather in the United States boosting demand, and output cuts led by the Organisation of Petroleum Exporting Countries (OPEC).
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NCC: Jan 16 Deadline for Conclusion of 9mobile Sale is Sacrosanct

2018-01-05
Contrary to reports making the rounds that the date for the planned sale of 9mobile has been shifted from January 16 to February 16, 2018, the Executive Commissioner, Stakeholders Management, Nigerian Communications Commission (NCC), Mr. Sunday Dare, said there would be no shifting of date, insisting that the sale must be concluded January 16 this year, and 9mobile will be handed over to its new owner on that same date.
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Moody’s Foresees Oil Price Range of $40-$60 in 2018

2018-01-05
Oil prices will remain at $40-$60 per barrel in 2018 despite the extension of OPEC-led production cuts through the end of the year, Moody’s Investors Service has stated in in its 2018 trend report for the global oil and gas industry.
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Slowdown in Treasury Bills Issuance to Hurt Banks’ Profits

2018-01-05
Fitch Ratings thursday stated that Nigerian banks may find it more difficult to sustain their profitability this year, given the decline in net treasury bill issuance by the federal government this year.
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CBN to make Nigeria global rice giant

2018-01-05
The Central Bank of Nigeria (CBN) said it is determined to make Nigeria one of the largest rice producer and exporter in the world, making her less dependent on petroleum money.
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Nigeria raises 162 bln naira at treasury bill auction

2018-01-04
Nigeria raised 161.54 billion naira ($513.64 mln) at a treasury bill auction on Wednesday after it received subscriptions for more than twice the amount on offer, traders said on Thursday.
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PMI hits one-year high at 59.3 points, says CBN

2018-01-04
The Central Bank of Nigeria’s Purchasing Managers’ Index increased to 59.3 index points in December, the highest in 2017, PMI Survey Report released by the CBN on Wednesday showed.
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Oil hits new two-and-a-half year highs

2018-01-04
Oil prices rose yesterday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran.
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NSIA facilitates N10bn for infrastructure development

2018-01-04
The Nigeria Sovereign Investment Authority has facilitated the sum of N10bn to finance infrastructure development in the country.
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Total Deposits With CBN Rise To N20.6trn

2018-01-04
The Central Bank of Nigeria (CBN) has revealed that total deposits by the federal, state governments, financial institutions, among others increased by 4.7 per cent to N20.6 trillion in November from N19.67 trillion in October 2017.
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Niger, Ekiti, Delta’s N79bn bond to mature this year

2018-01-04
Niger, Ekiti and Delta states’ N79 billion bond which was raised in the nation’s capital market in 2011 for infrastructural development is due for maturity this year.
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FG grants marketers special FX to resume fuel import

2018-01-04
The Federal Government has agreed to grant oil marketers further concession to access Foreign Exchange (FOREX) at a rate below the official N305 per dollar to enable them resume importation of petrol, Daily Trust has learnt.
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Nigeria agrees $550 mln satellite deal with China

2018-01-03
Nigeria has agreed a $550-million deal to buy two Chinese communications satellites and hopes to sign the contract before the end of the month, the communication minister said on Wednesday.
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CBN’s N161.5b primary market auction opens

2018-01-03
The Central Bank of Nigeria (CBN) will today, recommence the Primary Market Auction (PMA) for the year.
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SEC: Electronic-Dividend Registration to Continue

2018-01-03
The Securities and Exchange Commission (SEC) on Tuesday said the electronic-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31, 2017 free registration deadline.
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FG rakes in N7.3bn from savings bond

2018-01-03
The Federal Government raised a total of N7.3bn from the FGN Savings Bond in 2017, the Debt Management Office data showed on Tuesday.
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FMDQ records N130.17t turnover in 11 months

2018-01-03
FMDQ OTC Securities Ex change recorded a turnover of N130.17 trillion in the first 11 months of 2017, according to provisional data provided by the over-the-counter platform for debt securities.
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Oil starts year above $60 mark, highest since 2014

2018-01-03
Oil prices posted their strongest start to a year since 2014 yesterday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia.
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NBS: India Remains Highest Importer of Nigerian Crude

2018-01-03
India has continued to remain the largest importer of Nigeria’s crude oil, purchasing oil valued at N550.88 billion from Nigeria in the third quarter of last year, a report released Tuesday by the National Bureau of Statistics (NBS) has indicated.
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Private equity-backed Viathan issues Nigeria's debut 10-year guaranteed naira bond

2018-01-03
Private equity-backed Viathan Group has issued Nigeria’s debut 10-year corporate infrastructure bond in local currency to raise 10 billion naira ($32 million) at a yield of 16 percent to fund power assets.
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Nigeria’s Bonny Light crude oil hits $67.10 a barrel

2018-01-03
The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC).Apart from Bonny Light crudes, other Nigeria’s oil grades such as Brass River and Qua Iboe also appreciated in value to sell at $65.32 and $61.22 per barrel respectively yesterday at the international market.
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Tin Can records 150% increase in agro exports

2018-01-03
A total of 161,285.72 metric tonnes of agricultural products were exported through Tin Can Island Port in 2017, representing over 150 per cent increase from the 55,000 metric tonnes processed through the port in 2016.
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Investors, exporters forex window records $1b weekly turnover

2018-01-03
The Investors’ & Exporters’ (I&E) Forex Window launched by the Central Bank of Nigeria (CBN) in April last year now attracts weekly transaction volume worth $1 billion, a report released yesterday by FBN Capital, said.
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Nigeria’s monthly oil export to US rises by 56%

2018-01-03
The export of Nigerian crude oil to the United States rose by 56 per cent to 13.67 million barrels in October last year, the highest level since February 2013.
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Nigeria earns N398bn from LNG, cooking gas exports

2018-01-02
Nigeria earned N397 billion from the export of Liquefied Natural Gas, LNG and Liquefied Petroleum Gas, LPG, also known as cooking gas, in the third quarter of 2017, data obtained from the National Bureau of Statistics, NBS, has revealed.
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Buhari inaugurates Nigeria’s first inland dry port Thursday

2018-01-02
President Muhammadu Buhari will on Thursday inaugurate Nigeria’s first inland dry port in Kaduna State.
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Shettima presents N170.3billion budget for 2018

2018-01-02
Governor Kashim Shettima of Borno State has presented a N170.3billion budget to the State House of Assembly (BOSHA), for appropriation for the 2018 fiscal year.
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France invests N150 billion in Nigeria

2018-01-02
The Ambassador of the Federal Republic of Nigeria to France, Dr. Modupe Irele, on Tuesday announced that France invested about N150 billion ( 350 million euros ) in Nigeria in 2017.
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Naira depreciates to N361 in I&E

2018-01-02
The naira Tuesday depreciated by 67 kobo to N361 per dollar in the Investors and Exporters (I&E) window.
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FITCH predictes growth for Nigeria’s economy in 2018

2018-01-02
Fitch Ratings, an international rating agency, has predicted that Nigeria’s economy will grow in 2018 by 2.6 per cent.
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Kachikwu: FG to Review NNPC’s $6bn Oil Swaps

2018-01-02
Apparently scandalised by the acute petrol scarcity, which marred the Yuletide celebrations, the federal government is set to review the $6 billion Direct Sale-Direct Purchase (DSDP) contracts of the Nigerian National Petroleum Corporation (NNPC). The objective is to blacklist some oil traders whose failure to meet their petrol supply obligations plunged the country into the fuel crisis.
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NSE Reviews Composition of Market Indices

2018-01-01
The Nigerian Stock Exchange (NSE) has review of the NSE-30, and the seven sectoral indices of the exchange. They are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.
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FG saves N30bn from MDAs’ payroll audit

2018-01-01
The Federal Government has said it has saved a total of N30bn through an audit of its 181 Ministries, Departments and Agencies conducted by the Presidential Initiative on Continuous Audit.
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External reserves appreciate by $10.5bn, Oil closed 2017 at $66.8/b

2018-01-01
The external reserves have appreciated by about $10.5billion in the year 2017, according to the figures by the Central Bank of Nigeria.
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ECOWAS to spend $29bn on devt projects in W/Africa

2017-12-29
Economic Community of West African States, ECOWAS, has said it had concluded plans for sub-regional development projects worth $29.66 billion for the period 2018 to 2022.
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CBN’s interventions to keep naira stable in 2018

2017-12-29
The naira will be stable next year as the Central Bank of Nigeria (CBN) continues its regular dollar injections into the foreign exchange market, traders said.
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Power sector records new national peak of 5,222.3Mw

2017-12-29
The nation’s power generation has peak of 5,222.3Megawatts (Mw), according to a statement from the Transmission Company of Nigeria (TCN).
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Power sector records new national peak of 5,222.3Mw

2017-12-29
The nation’s power generation has peak of 5,222.3Megawatts (Mw), according to a statement from the Transmission Company of Nigeria (TCN).
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Foreign debt servicing gulped $197.29m in Q3 – DMO

2017-12-28
Nigeria spent a total of $197.29m to service foreign debts in the third quarter of this year, the Debt Management Office said on Wednesday.
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Fed Govt approves LPG extraction plant for Green Energy

2017-12-28
The Federal Government has approved the establishment of a liquefied Petroleum Gas (LPG ) extraction plant at Ikuru Town, Rivers state for Green Energy International Limited, the Operator of the Otakikpo marginal field in OML 11.
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Kaduna refinery produced 236m litres of PMS in first quarter

2017-12-28
The Kaduna Refining and Petrochemical Company (KRPC) says it produced over 236.48 million litres of Premium Motor Spirits (PMS), otherwise known as petrol, for domestic consumption in the first quarter of 2017 amid technical challenges.
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FG Raises N7bn From Savings Bond In 10 Months

2017-12-28
The federal government has raised a total sum of N7.3 billion in the past 10 months from its savings bond introduced in March 2017 to boost domestic investors’ participation in the bond market.
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CBN suspends new clearing rules for banks

2017-12-28
The Central Bank of Nigeria (CBN) has suspended a review settlement banking arrangement to all clearing sessions for banks and merchant banks, expected to begin January 2.
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Naira appreciates to N360.6/$ in I&E

2017-12-28
The naira Thursday appreciated further by 10 kobo to N360.6 per dollar in the Investors and Exporters (I&E) window, buoyed by 76 percent increase in volume of dollars traded.
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Afreximbank stresses importance of intra-Africa trade

2017-12-27
African Export-Import Bank has emphasised the importance of intra-Africa trade, saying it has potential to transform the economy.
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Rivers State , Shell Nigeria Gas sign MoU on gas supply to industries

2017-12-27
The Rivers State Government and Shell Nigeria Gas (SNG) have signed a Memorandum of Understanding (MoU) for the distribution of gas to industries operating in Port Harcourt area and its environs.
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MPC May Not Meet Due to Lack of Quorum

2017-12-27
Following the refusal of the Senate to consider President Muhammadu Buhari’s nominees for the vacant positions in the Monetary Policy Committee (MPC), its first meeting for 2018, scheduled for the third week of January, might not hold due to lack of quorum.
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ITFC, Afreximbank support African trade with $100m, 50m Euros

2017-12-27
The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution, have signed a $100 million and a 50 million Euros agreements to support financing exports among African countries and the rest of the world.
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Remittances dip 6.1% to $33b over slow economic growth

2017-12-27
World Bank Statistics have shown that remittances to African countries have declined by an estimated 6.1 per cent to $33 billion.
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NSE plans new derivatives to stem price fluctuations

2017-12-25
The Nigerian Stock Exchange (NSE) plans to introduce the Exchange Traded Derivatives (ETDs) into the stock market as part of efforts to widen investment instruments and to address some underlying causes of volatile price fluctuations.
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IMF Projects 2.1% Growth In Nigeria’s GDP In 2018

2017-12-25
The International Monetary Fund (IMF) has projected Nigeria’s Gross Domestic Product (GDP) growth of about 2.1 per cent in 2018 due largely to dependency on oil revenues.
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Nigeria’s First Agritech Start-up Firm Secures $1m Seed Funding

2017-12-23
Nigeria’s first and leading digital agritech start-up company, Farmcrowdy, said it had secured $1 million seed funding from a range of international and local investors. A release by the company said the investors included Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital, Right-Side Capital, Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV, and Dr. Christof Walter.
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Customs generates N1.01trn revenue for 2017, exceeds N770.5bn target

2017-12-22
The Nigeria Customs Service (NCS) has generated N1.012 trillion as revenue, exceeding the N770.5 billion target it set for 2017 by about 23.9 per cent.
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FG earmarks N20bn for minerals exploration

2017-12-22
The Federal Government has earmarked N20bn for exploration activities in the solid minerals sector in 2018.
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Dangote Disputes BUA’s Claim to Mine Ownership

2017-12-22
The management of Dangote Industries Limited has again vehemently rejected the many assertions of BUA Group on its claim to being the rightful owner of Mining Lease No 2541.
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Emefiele Reiterates 5% Interest Rate to Boost Agric Processing

2017-12-22
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele thursday reiterated the central bank’s readiness to make cheap funding available to farmers in the country at five percent for the procurement of agricultural processing equipment.
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FG kick starts gold purchase scheme…

2017-12-21
The Federal Government has announced plans to commence a Gold Purchase Scheme early next year, aimed at increasing revenue accruable from the country’s abundant gold deposit.
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Sokoto budgets N220b for 2018 fiscal year

2017-12-21
Governor Aminu Waziri Tambuwal on Thursday presented a budget estimate of N220 billion to the State house of Assembly.
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DMO Lists $300m Diaspora Bank, $3bn Eurobonds on NSE, FMDQ OTC

2017-12-21
The Debt Management Office (DMO) wednesday announced that it will list the $300 million Diaspora Bond and $3 billion Eurobonds on the Nigerian Stock Exchange and Financial Market Dealers Quotation Over-the-Counter (FMDQ OTC) Securities Exchange respectively today.
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Huawei canvasses investments, education to lift sector

2017-12-21
With fresh investments and improve standard of education in the Information and Communications Technology (ICT) sector, Nigeria’s economy can witness a major turn around.
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NSIA commits to invest in Nigeria infrastructure debt fund

2017-12-20
The Nigeria Sovereign Investment Authority, NSIA, on Wednesday announced that it will invest in the Nigeria Infrastructure Debt Fund, NIDF.
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Bauchi signs $1 billion investments MoU with China

2017-12-20
Bauchi state government has signed a $1 billion memorandum of strategic cooperation on investment potentials with Chinese investors.
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Bauchi signs $1 billion investments MoU with China

2017-12-20
Bauchi state government has signed a $1 billion memorandum of strategic cooperation on investment potentials with Chinese investors.
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PFAs pay N4b to 12,464 disengaged workers from pension contributions

2017-12-20
A bout N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs).
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UACN to close application for N15.4b rights issue Friday

2017-12-20
Nigeria’s largest and oldest conglomerate, UAC of Nigeria (UACN) Plc is scheduled to close the application list for its ongoing N15.4 billion rights issue this Friday, giving shareholders some 48 hours to pick their rights.
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NIRSAL plans N1.8tr investment in agric

2017-12-20
The Nigeria Incentives Risk Based Sharing for Agricultural Lending (NIRSAL), is to mobilise investments of about $6 billion (N1.83 trillion) annually into the agricultural value-chain as well as other sectors of the economy.
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Naira further depreciates to N361.91 as volume drops by 86%

2017-12-20
The naira Wednesday suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.
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Debt Servicing: FG Now To Focus On External Borrowings – DMO

2017-12-19
The director-general of the Debt Management Office (DMO), Patience Oniha, yesterday said the federal government would focus more on external borrowings, to reduce debt servicing.
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CBN, Stakeholders Harp On N500bn Non-oil Intervention Fund

2017-12-19
With its determination to boost the nation’s economy through diversification, the Central Bank of Nigeria (CBN) has mapped out plans to revive moribund firms in the non-oil export business through its N500 billion export stimulation facility.
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Naira appreciates to N360.94 in I&E

2017-12-18
The naira Monday appreciated by two kobo to N360.94 per dollar in the Investor and Exporter (I&E) window, while the volume of dollars traded rose slightly to $113.58 million.
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Lafarge Africa closes application for N132b rights issue

2017-12-18
Lafarge Africa Plc at the weekend closed application list for its N131.65 billion rights issue, rounding off the subscription to its major capital raising aimed at deleveraging its balance sheet and rebuilding a more supportive capital base.
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$2.8bn pipeline contract’ll change Nigeria’s energy landscape – Presidency

2017-12-18
The Presidency on Sunday said the nation’s energy landscape was set for a major change with the award of a $2,809,522,548.36 gas pipeline contract approved by the Federal Executive Council as proposed by the Ministry of Petroleum Resources.
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$2.8bn pipeline contract’ll change Nigeria’s energy landscape – Presidency

2017-12-18
The Presidency on Sunday said the nation’s energy landscape was set for a major change with the award of a $2,809,522,548.36 gas pipeline contract approved by the Federal Executive Council as proposed by the Ministry of Petroleum Resources.
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Naira depreciates to 365/dollar despite CBN interventions

2017-12-18
The naira depreciated marginally by 0.55 per cent at the parallel market week-on-week to close at N365 on Friday.
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DMO to List Green Bond for Easy Trading and Liquidity

2017-12-18
Investors staking their funds in the Federal Government maiden N10.69 billion Green Bond have been assured of liquidity as the Debt Management Office (DMO) said the bond would be listed on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange. Green Bonds are debt instruments tied to environmental projects to address climate change. The first tranche of the green bond will open for subscription today and close on December 22.
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FG Reiterates Commitment to Building Word Class Ecology of Mineral, Mining

2017-12-18
The Minister of Mines and Steel Development, Dr. Kayode Fayemi has reiterated government’s determination to turn around the mining sector by building a world class ecology of mineral and mining in the country.
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Nigeria needs $6bn to fix gas supply gap — Operators

2017-12-17
Gas supply challenges abound in various sectors of the Nigerian economy, as the country needs about two billion standard cubic feet of gas to meet its gas demand, operators in the industry have said.
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FG to make Calabar carnival a foreign exchange earner — Minister

2017-12-17
The Federal Government says it will make the annual Calabar carnival a major foreign exchange earner for Nigeria.
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Fixed Income Market remains toast of investors as yields fall

2017-12-17
Global Markets: Global markets traded mixed this past week, with investors focused on announcements from various central banks as well as economic data. U.S. markets began the week on a positive note, driven by positive sentiment around tech and energy stocks coupled with optimism around the proposed tax reforms.
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Treasury bills extend rally as sell-off weigh

2017-12-17
Yields on Nigeria’s mid-dated Treasury bills have risen nearly by one percentage point to 12 per cent, extending a three-day rally as a sell-off, which started last week continued, traders said.
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Treasury bills extend rally as sell-off weigh

2017-12-17
Yields on Nigeria’s mid-dated Treasury bills have risen nearly by one percentage point to 12 per cent, extending a three-day rally as a sell-off, which started last week continued, traders said.
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World largest brewer concludes merger of Nigerian subsidiaries

2017-12-15
Anheuser-Busch InBev-world’s largest brewer yesterday completed the merger of its Nigerian businesses with the listing of the consolidation shares on the Nigerian Stock Exchange (NSE).
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EU pledges €25m for Nigeria’s power transmission expansion

2017-12-15
The European Union has pledged to support the expansion of Nigeria’s power transmission infrastructure with a grant of €25m (N7.6bn at the official exchange rate of N305 to one Euro).
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Naira depreciates to N364/$ in parallel market

2017-12-14
The naira, Thursday, depreciated to N364 per dollar in the parallel market, thus ending its eight day stability against the United States currency in the market.
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9mobile sale: Dec 31 handover is sacrosanct – NCC

2017-12-14
The Nigerian Communications Commission (NCC) has reiterated that the December 31 deadline for the handover of 9mobile to the preferred bidder is sacrosanct.
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9mobile sale: Dec 31 handover is sacrosanct – NCC

2017-12-14
The Nigerian Communications Commission (NCC) has reiterated that the December 31 deadline for the handover of 9mobile to the preferred bidder is sacrosanct.
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Revenues from VAIDS to hit N23b by year-end

2017-12-14
About N6 billion more is expected from the Voluntary Assets and Income Declaration Scheme (VAIDS), bringing the total revenues from the scheme to N23 billion by the end of the year, it was learnt yesterday.
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Nigerian economy attractive to investors, says IMF

2017-12-14
The International Monetary Fund (IMF) said yesterday that Nigeria was still on international investors’ radar despite currency controls being implemented in the country. It however, said worries about repatriating funds out of Nigeria following currency controls last year still dominates investor fears.
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Nigerian economy attractive to investors, says IMF

2017-12-14
The International Monetary Fund (IMF) said yesterday that Nigeria was still on international investors’ radar despite currency controls being implemented in the country. It however, said worries about repatriating funds out of Nigeria following currency controls last year still dominates investor fears.
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FG Set to Issue Debut Green Bond in Domestic Market

2017-12-14
The Debt Management Office (DMO) has announced that as part of the preparations towards the issuance of the first Sovereign Green Bond, it would sensitise prospective investors in the Bond through a Roadshow in Abuja and Lagos on December 14 and 15, 2017.
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Nigeria’s export value rises 13.19% to N3.57bn in Q3

2017-12-13
The National Bureau of Statistics has said that Nigeria’s total exports in the third quarter of 2017 stood at N3.57bn, showing 13.19 per cent increase over the amount recorded in the second quarter.
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Foreign investors’ inflow into stock market decreases by N9bn

2017-12-13
Foreign investors inflow into the nation’s capital market decreased by 18.30 per cent from N48.42 billion in September 2017 to N39.56 billion in October 2017.
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Nigeria on course to economic recovery, says Osinbajo

2017-12-13
Vice-President Yemi Osinbajo says from credible, independent and third party evidence, Nigeria is on track to economic recovery.
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IMF Harps on Economic Diversification for Nigeria, Others

2017-12-13
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde on Tuesday stressed the need for Nigeria and other African countries to ensure that they diversify their economies in other to be able to withstand shocks.
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Nigeria seeks to amend deep offshore oil act to raise crude revenue

2017-12-13
Nigeria is seeking to amend a law on deep offshore oil exploration and drilling, aiming to increase government revenue from crude sales when prices exceed $20 a barrel, the country’s oil minister said on Wednesday.
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BDCs should access dollars from I&E Forex Window

2017-12-13
The establishment of Investors’ & Exporters’ Forex Window by the Central Bank of Nigeria (CBN) in April has stabilised the naira and the economy. The Bureaux de Change (BDCs), which have been supporting the CBN’s development agenda, believe they should be able to access dollars from the window as seen in the International Money Transfer Operators (IMTOs) inflows. Association of Bureau De Change Operators of Nigeria (ABCON) President Aminu Gwadabe says such practice will boost dollar liquidity. He speaks with COLLINS NWEZE on the naira’s outlook in the New Year and the role of BDCs in national development.
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Dangote Cement in N23b shares deal as equities recover

2017-12-13
Investors struck two cross deals for the transfer of about 94.7 million shares of Dangote Cement valued at N23.12 billion yesterday, in another transactions that highlighted the widening ownership structure of Africa’s largest cement producer.
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Equities appreciate marginally despite 23 decliners

2017-12-13
The Nigerian equities market recorded N4bn marginal appreciation despite 23 stocks closing in the red amid 21 gainers.
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Nigeria's one-year T-bill yield rises more after Tuesday's dive

2017-12-13
Nigeria’s one-year treasury bill yield rose about a percentage point to 10 percent on Wednesday, continuing a rebound from the previous day’s dive to 7 percent after the government said it would repay 198 billion naira of debt this month to cut its costs.
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Naira appreciates to N360.41 in I&E

2017-12-13
The naira Wednesday depreciated by four kobo to N360.41 per dollar in the Investor and Exporter (I&E) window, while the volume of dollars traded fell sharply by 80 percent.
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Nigeria, 37 others seal economic pact on investment, trade

2017-12-12
Nigeria joined 37 other members and non-members of Friends of Investment Facilitation for Development, FIFD, to adopt a joint ministerial declaration on economic cooperation on investment facilitation.
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Nigeria’s trade balance exceeds N1 trillion for first time since 2014 – Report

2017-12-12
The value of Nigeria’s trade balance, for the first time since 2014, reached N1.23 trillion in the third quarter of 2017 due to a continued increase in exports and a decline in imports.
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2017 Budget: FG to Release Another N750bn Capital Vote

2017-12-12
The federal government is set to release another N750 billion to its ministries, departments and agencies (MDAs) as part of the capital component of the 2017 budget.
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CBN Urged to Recapitalise BOA, NAIC

2017-12-12
An urgent plea has been made to the Ministry of Finance and Central Bank of Nigeria to recapitalise the Bank of Agriculture (BOA) and the Nigerian Agricultural Insurance Corporation (NAIC) to enable the two institutions effectively play their roles as catalysts for the development of agriculture in the country.
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Profit-taking halts equities’ rally, shaves off N119b

2017-12-12
Nigerian equities market reopened yesterday to a considerable sell pressure as most investors sought to monetise capital gains from the recent rally. With two losers for every gainer, quoted equities lost N119 billion within the five-hour trading session.
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Managing reputational risk, compliance and governance

2017-12-12
The Executive Director and Chief Risk Officer of Rand Merchant Bank (RMB) Nigeria Limited, Peter Blenkinsop has said that effective management of both organisational and personal reputational risk is key to sound compliance and corporate governance in Nigeria’s and the banking sector.
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Oil gains on pipeline shutdown, blast

2017-12-12
Oil prices rose yesterday, reversing earlier declines, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York.
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Nigeria central bank injects $210 mln into currency market

2017-12-12
Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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Nigerian Breweries Gets Substantive MD/CEO, Two New Executive Directors

2017-12-12
Nigerian Breweries Plc on Tuesday notified the Nigerian Stock Exchange (NSE) of the appointment of the new managing director/chief executive officer, Mr. Jordi Borrut Bel. The appointment takes effect on January 22, 2018 and he will succeed Mr. Johan Doyer, who has served as MD/CEO on an interim basis since June 16, 2017.
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Oil price jumps above $65

2017-12-12
Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.
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CBN Mulls Reducing CRR for SME-friendly Banks

2017-12-11
As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks.
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Foreigners taking over Nigerian insurance industry

2017-12-11
Foreign investors have been beaming their searchlights on the juicy firms in the Nigerian insurance industry and substantially taking over ownership of many of them in recent years.
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FX Window Records $1.11bn Transactions in One Week

2017-12-11
The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week.
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Managing Risk Key to Corporate Governance, Says RMB Boss

2017-12-11
The Executive Director and Chief Risk Officer of Rand Merchant Bank (RMB), Nigeria Limited, Peter Blenkinsop has stressed that effective management of both organisational and personal reputational risk was key to sound compliance and corporate governance for banks in Nigeria as well as any other country.
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Petrolex To Invest $6bn In Refinery, Power Plant, Others

2017-12-11
An indigenous oil company, Petrolex said it would invest about $6 billion in the upstream by participating in the upcoming marginal field bid round, and in the midstream by building a gas lube plant and a refinery to penetrate the downstream sub sector as well as a power plant to fully concretize its vertical investment plan in the energy sector.
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Forex market gets $514m boost ahead of Yuletide

2017-12-11
The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.
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Addax plans $5billion fresh investment in Nigeria

2017-12-11
Addax Petroleum Development (Nigeria) Limited, said it is planning a fresh investment of up to $3-5billion in the country over the coming years, as part of efforts to optimise its oil and gas operations in the country, and increase production from its existing assets, both onshore and offshore.
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Naira depreciates to N360.5 in I&E

2017-12-11
The naira, Monday, depreciated by nine kobo to N360.5 per dollar in the Investor and Exporter (I&E) window.
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CBN Plans Revival of Moribund Manufacturing Companies with N500bn

2017-12-10
Determined to significantly boost the contribution of the non-oil sector to Nigeria’s Gross Domestic Product (GDP), the Central Bank of Nigeria (CBN) has said it plans to revive moribund firms in the non-oil export business through its N500 billion export stimulation facility.
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Nigerian capital market issuances hit N1.55 trillion in September — SEC

2017-12-10
The Securities and Exchange Commission, SEC, on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September.
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How FG’s Forex Policy is Boosting Reserves, Local Manufacturing

2017-12-10
CBN’s policy that restricts access to foreign exchange for importation of 41 items is forcing manufacturers to look inwards, thereby boosting local manufacturing and conserving reserves, writes Obinna Chima
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Nigeria's Seven-Up seeks shareholder vote in $61.5 mln takeover bid

2017-12-08
Nigeria’s Seven-Up Bottling Company will hold a meeting of shareholders in January to approve a bid by majority investor Affelka to buy out minorities in a 19.33 billion naira ($61.5 mln) takeover.
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Helios, others bid for Nigerian telecoms firm 9mobile -sources

2017-12-08
Private equity firm Helios Investment Partners has submitted a bid to acquire Nigeria’s 9mobile under a sale process aimed at finding new investors for the debt-laden telecoms firm, one person fimilar with the matter told Reuters.
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Sterling Bank Revives Bond-Sale Plan as Nigerian Rates Ease

2017-12-08
Sterling Bank Plc revived a plan to sell bonds to shore up its capital levels on expectations that Nigerian borrowing costs will ease.
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Flour Mills of Nigeria plans $127 mln share sale

2017-12-08
Flour Mills of Nigeria has filed application to the stock exchange to raise 39.86 billion naira ($127 million) via a share sale to existing shareholders, the bourse said on Friday.
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FAAC:Federation revenue declines by N25.3bn in Oct

2017-12-08
The Federal, States and Local Government in the month of October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.
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Total Direct Remittance To CBN Hits N1.8trn In 9 Months

2017-12-08
Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, a data obtained by LEADERSHIP has revealed.
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Total Direct Remittance To CBN Hits N1.8trn In 9 Months

2017-12-08
Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, a data obtained by LEADERSHIP has revealed.
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FG approves ‘partial’ sale of NIPOST

2017-12-08
The Federal Government has approved a partial sale of the Nigerian Postal Service (NIPOST), the Minister of Communications Adebayo Shittu has said.
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W’Bank Board to consider $1bn for Nigeria’s power sector

2017-12-07
Federal Government officials and their World Bank counterparts on Wednesday agreed on the necessary steps to be taken before the presentation of Nigeria’s request for $1bn for consideration by the executive board of the institution.
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Managing reputational risk key to corporate gov in banks – RMB Merchant Bank

2017-12-07
Executive Director and Chief Risk Officer Rand Merchant Bank (RMB) Nigeria Limited, Peter Blenkinsop has said that, “effective management of both organizational and personal reputational risk is key to sound compliance and corporate governance in the banking sector”.
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Naira depreciates to N360.93 in I&E

2017-12-06
The naira, Wednesday, depreciated to N360.93 per dollar in the Investor and Exporter (I&E) window while the volume of dollars traded rose by 62 per cent.
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Q3: Foreign Portfolio Investments Jump 259% on Renewed Demand for Equities

2017-12-06
Foreign Portfolio Investment (FPI) jumped by 259.2 per cent in the third quarter(Q3) ended September 30, 2017 to $2.77 billion, which is a consolidation on the increase recorded in second quarter of 2017 (Q2-17). The figures are the highest since the $5.13 billion recorded in Q3 of 2014. However, the sizable increase in FPI was mostly driven by a monumental 860.7 per cent year on year(y/y) surge in equities (214.6 per cent q/q) to $1.93 billion, accounting for 70 per cent of total FPI, and a grand leap (105.6 per cent y/y and 630.2 q/q to $719 million in capital investments in the form of money market instruments.
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SEC to Resume Oando Forensic Audit from Wednesday

2017-12-06
In a nod to the U-turn made by the Minister of Finance, Mrs Kemi Adeosun, to allow the forensic audit into the activities of Oando Plc to go ahead, the Securities and Exchange Commission (SEC) Tuesday said that the audit will resume from Wednesday in the company’s office.
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Senate plans to pass 2018 budget this month

2017-12-06
The Senate yesterday raised hopes of passing the 2019 budget before the end of the year. It has however raised the $45 oil benchmark price to $47 just as the document passed the second reading.
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Foreign direct investment rising, says Emefiele

2017-12-06
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the restriction of foreign exchange access for 41 items has led to massive foreign capital inflow.
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Umana: Notore’ll attract $5b FDI, create 25,000 jobs

2017-12-06
The Managing Director, Oil and Gas Free Zones Authority (OGFZA), Mr Umana Okon Umana, has said Notore Oil and Gas Free Zone will attract more than $5 billion in foreign direct investment (FDI) into the country and create 25,000 jobs with its new status as a free zone developer.
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CBN pumps $210m into forex market

2017-12-06
The Central Bank of Nigeria (CBN) yesterday injected $210 million into the foreign exchange market to sustain its liquidity.
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Reserves hit $38.2b as FDI crosses $10 billion

2017-12-06
Nigeria’s foreign exchange (forex) reserves jumped from $23 billion in October 2016, to $38.2 billion yesterday, a development that signals the country’s return to favourite international deals destinations and enhanced confidence.
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Lafarge Africa’s N131bn right issue biggest in NSE history

2017-12-06
Lafarge Africa Plc has announced its plan to raise N131.65 billion through right issue of N3,097 billion ordinary shares of 50 kobo each at N42.50 per share on the basis of 36 new shares for every nine ordinary shares held.
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Nigeria Refining Push Prompts $3.6 Billion Petrolex Plan

2017-12-06
Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry.
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Nigeria’s balance sheet remains exposed to further shocks – Moody’s

2017-12-05
Barely one month after one of the global rating agencies, Moody’s Investors Service, downgraded Nigeria’s sovereign debt rating, the agency has said the country’s balance sheet remains exposed to further shocks.
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Ericsson sees one billion 5G subscriptions

2017-12-05
Ericsson has said there will be one billion 5G subscriptions for enhanced mobile broadband by 2023. This prediction is among the key statistics presented in the November edition of the Ericsson Mobility Report.
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Rates parity likely as N307 exchanges for dollar

2017-12-05
The Central Bank of Nigeria (CBN) has weakened the naira marginally, selling the dollar at N307 for the first time on the official interbank market. To traders, this could signal a gradual move to merge the CBN’s multiple exchange rates.
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Lafarge Africa assures’ investors of enhanced growth, profitability

2017-12-05
Lafarge Africa Plc has assured shareholders of its commitments towards sustainable growth that will deliver improved returns to all stakeholders.
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FG to begin implementation of 2017 revised import, export guidelines next month

2017-12-05
The Federal Government said it will commence the implementation of the 2017 Revised Import and Export Guidelines in January 2018, in efforts to enhance the ease of doing business in the Nigerian economy.
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European Investment Bank grants €100m credit line to Afreximbank

2017-12-05
European Investment Bank (EIB), has granted the African Export-Import Bank (Afreximbank), a line of credit agreement amounting to €100 million. The agreement took place last week in Abidjan, Côte d’Ivoire, on the sidelines of the African Union-European Union Summit.
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Stock Exchange’s market capitalisation appreciates marginally by N11 billion

2017-12-05
For the first trading day in December, equity transactions re-opened in an upbeat yesterday, following price gains recorded by major highly capitalised stocks, as market capitalisation inched up marginally by N11billion.
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Foreign Reserves Increases To $34.8bn In November – CBN

2017-12-05
The Central Bank of Nigeria (CBN) has said nation’s foreign exchange reserves added at $991 million in November to close at $34.8 billion as of November 29, 2017.
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Nigeria To Save N127bn In Forex With Cassava Bread

2017-12-05
With over $6 billion spent annually on the importation of wheat, the director general of Federal Institute of Industrial Research (FIIRO), Prof. Gloria Elemo, has said Nigeria can save up to N127 billion in foreign exchange through the adoption of cassava bread.
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FG Issues Last Savings Bond For 2017

2017-12-05
The federal government savings bonds which debuted in March, 2017 has opened its last leg of subscription for this year which will close December 8, 2017. This subscription comes up once every month and it has traded in the past eight months with a total of N6.694 billion been raised so far. The bond is meant to encourage increased participation of low and middle income earners in the bond market.
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Swiss to return $321 mln in stolen funds to Nigeria

2017-12-04
Switzerland will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank on Monday, the Swiss government said.
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FG releases N5bn to local miners

2017-12-04
BIRNIN KEBBI—FEDERAL Government, Monrday, said it has given out N5 billion to local miners to boost the mining industry in the country.
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Nigeria’s debt service ratio falls to 45%

2017-12-04
The nation’s debt-service-to-revenue ratio has recorded a new decline from about 66 per cent to 45 per cent, courtesy of the improving revenue mobilisation from both domestic and foreign sources.
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Nigeria eyes over N240b from cocoa export

2017-12-04
Nigeria is expecting over N240 billion revenue from the sale of cocoa this year as demand for the product soars in the global market.
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Market Awaits N32bn Inflow from Maturing Treasury Bills

2017-12-04
Maturing treasury bills valued at a total of N32.23 billion is expected to hit the market this week.
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Why we are raising N131.65b, by Lafarge Africa

2017-12-04
Lafarge Africa Plc has urged shareholders to fully participate in the ongoing capital raising exercise by the cement company in order to support the realisation of its strategic growth objectives.
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9mobile Denies Speculations of Barclays Withdrawal as Financial Adviser

2017-12-04
Contrary to the rumour making the rounds that Barclays Africa has pulled out as the financial adviser to 9mobile investment process that will lead to the sale of the telecoms company to a willing and credible investor, the Board of Directors of Emerging Markets Telecommunication Services, trading as 9Mobile, has allayed the rumour, describing it as false information.
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CBN Injects $14.2bn into FX Market in Nine Months

2017-12-04
The Central Bank of Nigeria (CBN) has injected a total of $14.184 billion into the interbank segment of the foreign exchange (FX) market since it started its forays in the market in February this year, figures compiled by THISDAY have shown.
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Agric sector, others to attract N1.8tn investments from NIRSAL

2017-12-03
The Nigeria Incentives Risk-based Sharing for Agricultural Lending is working at mobilising a total investment of $6bn (N1.83tn) annually into the agricultural value chain as well as other sectors of the economy.
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Association of Stockbroking Houses Unfold New Investment Strategy

2017-12-03
Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Patrick Ezeagu has unfolded investment strategy to assist existing and potential investors make optimal investment decision despite the inclement business environment.
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FG to implement new import-export guidelines Jan 1 – Adeosun

2017-12-01
The Federal Government is to commence the implementation of the 2017 Revised Import and Export Guidelines on January 1, 2018, as part of its policy of enhancing the ease of doing business in the country.
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Equities’ index gains 1.5%, hits three-month high

2017-12-01
The Nigerian equities market maintained a significant bullish trend this week as the All-Share Index appreciated by 1.5 per cent week-to-date to close at a three-month high of 37,944.60 basis points.
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Stakeholders chart path to FDI growth in Nigeria

2017-12-01
For Nigeria to attract increased flow of Foreign Direct Investments (FDIs), deliberate multi-agency efforts have been identified as a necessity that will bring about the needed reforms and development required by the nation.
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Nigeria’s Manufacturing Index Expands for Eighth Consecutive Month

2017-12-01
The Manufacturing Purchasing Managers’ Index (PMI) increased to 55.9 index points in November, indicating an expansion in the manufacturing sector for the eight consecutive months.
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How Nigeria will meet 2018 budget target despite OPEC oil cap – Kachikwu

2017-12-01
Last Thursday’s Organization of Petroleum Exporting Countries, OPEC, resolution extending by another nine months its 2017 output cut agreement will not affect the Nigerian government’s revenue projections in the 2018 Budget, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.
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Shareholders insist on interim management for Oando

2017-11-30
As the crisis rocking Oando Plc continues, the company’s shareholders have advised the current management under the leadership of Mr Wale Tinubu to step down in the interest of all stakeholders.
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Fitch Releases Ratings on Two Nigerian Banks

2017-11-30
Fitch Ratings has retained its ‘AAA’ national rating on Stanbic IBTC Holdings Plc as well as Stanbic IBTC Bank Limited.
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Eurobond: FG to reduce debt servicing by N90bn in 2018 — Adeosun

2017-11-30
Minister of Finance, Mrs. Kemi Adeosun, yesterday, said that the federal government’s debt service obligation would be reduced by N90 billion in 2018 through the Eurobond issuance programme.
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Budget 2018 at risk as OPEC mulls capping Nigeria’s output at 1.8m bpd

2017-11-30
Today’s meeting of the Organisation of Petroleum Exporting Countries (OPEC) will debate whether or not to cap Nigeria’s output at 1.8million barrels per day, a source close to the meeting said yesterday.
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Nigeria suspends SEC chief during misconduct investigation

2017-11-29
Nigeria’s finance minister has suspended the director of the Securities and Exchange Commission while it investigates allegations of financial impropriety against him, a ministry statement said on Wednesday.
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Naira now N360.02/$ at NAFEX

2017-11-29
THE Naira, Wednesday, appreciated by 35 kobo to N360.02 per dollar in the Investor and Exporter (I&E) window prompted by 10 percent increase in the amount of dollars traded in the window.
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Nigeria's Lafarge Africa aims to cut debt with first equity sale in decade

2017-11-29
Lafarge Africa will use part of the proceeds of a 131.65 billion naira ($415 million) rights issue to cut debt by around $270 million, almost halving its foreign currency exposure, the cement maker said in its offer document.
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Stock Exchange begins trading on Lafarge Africa’s N132b rights issue

2017-11-29
The Nigerian Stock Exchange (NSE) has begun trading in the rights of Lafarge Africa Plc, giving renouncing shareholders opportunity to trade on their shares. Lafarge Africa is trading at the NSE at N50 per share; about 18 per cent gain on the rights’ offer price of N42.50 per share.
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Year-to-date Growth Hits 39.6% as Stock Market Rebounds

2017-11-29
The stock market returned to positive territory yesterday as it reversed the negative performance of the first trading day of the week. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 0.68 per cent to close higher at 37,503.73, driving the year-to-date (YTD) growth to 39.6 per cent.
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Capital import doubles to $4.15bn in Q3 - NBS

2017-11-29
The capital importation into Nigeria in the third quarter of this year recorded a substantial increase compared to the past few quarters, as the economy continued to recover from recession.
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UACN eyes mergers, acquisitions with new equity capital

2017-11-29
With 10 subsidiaries in key sectors of the Nigerian economy, Nigeria’s largest and oldest business conglomerate, UAC of Nigeria (UACN) Plc will consider new acquisitions and mergers to further optimise the values of its existing businesses and take advantage of emerging opportunities in other sectors.
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Nigerian, Moroccan stockbrokers sign MoU on inter-connectivity

2017-11-29
In a strategic move to establish a seamless relationship between the Nigerian Stock Exchange (NSE) and its Casablanca counterpart, the two exchanges’ operators, under the aegis of Association of Stockbroking Houses of Nigeria (ASHON) and Association Professionnelle des Sociétés de Bourse (APSB) of Morocco have signed Memorandum of Understanding (MoU).
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Pension fund hits N7.2tr

2017-11-29
Nigeria’s pension fund assets under the Contributory Pension Scheme (CPS) have hit N7.164 trillion– as at September from the N7.094 trillion recorded in August.
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CBN injects $210m as naira depreciates to N360.37/$

2017-11-28
However, the naira depreciated by 5 kobo in the Investors and Exporters (I&E) window, while the amount of dollars traded dropped by 13 percent.
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NSE market capitalisation improves by N89 billion

2017-11-28
Market capitalisation on the Nigerian Stock Exchange (NSE) on Tuesday increased by N89 billion amid gains recorded by some highly capitalised equities.
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Naira maintains N362.5 to dollar at parallel market

2017-11-28
The Naira on Tuesday maintained N362.5 to the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.
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Global Spectrum listing of shares boosts market capitalisation by N4bn

2017-11-28
The listing of 800 million shares of Global Spectrum Energy Services Plc on the Nigerian Stock Exchange, NSE, yesterday, boosted market capitalisation by N4 billion.
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Banks’ bad loans rise by 50% to N2.4tn

2017-11-28
The economic challenges in the country made the level of non-performing loans in the Deposit Money Banks to rise by 50 per cent from N1.639tn in December 2016 to N2.424tn by September this year, according to the Nigeria Deposit Insurance Corporation data.
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Oil Revenue Has Exceeded 2017 Budget Benchmark by 18%, Says NNPC

2017-11-28
The Nigerian National Petroleum Corporation (NNPC) has stated that oil revenue in the first ten months of the year has exceed the 2017 budget oil benchmark of $44.50 per barrel by 18 per cent, revealing that oil has sold at an average of $52.49 per barrel between January and October.
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Economy attracted $4.14bn investment in third quarter – NBS

2017-11-28
The Nigerian economy attracted a total investment inflow of $4.14bn in the third quarter of this year, the National Bureau of Statistics has said.
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Fitch Rates Nigeria’s $3bn Eurobond ‘B+’

2017-11-28
One of the leading rating agencies, Fitch Ratings has assigned Nigeria’s $1.5 billion 6.500% senior unsecured notes due 28 November 2027 and the $1.5 billion 7.625% senior unsecured notes due 28 November 2047 a final rating of ‘B+’.
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Foreign investment rises 147% to $4bn in Q3

2017-11-28
In apparent confirmation of rising confidence in the Nigerian economy, foreign investment into the country shot up by 147 percent year-on-year (YoY) to $4.1 billion in the third quarter (Q3 2017) from $1.82 billion in Q3 2016.
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Import Ban On 41 Items Attracted $10bn Investment – Emefiele

2017-11-28
The Governor of Central Bank, Godwin Emefiele has said that Nigeria has attracted investment worth $10 billion following the import prohibition policy imposed on 41 items.
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Shell resumes all-cash dividend as oil price recovers

2017-11-28
Royal Dutch Shell on Tuesday announced plans to resume all-cash shareholder dividends, as group profitability improves thanks to recovering oil prices and cost-cutting.
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FIRS hits 79.35 per cent of 2017 collection target in 10 months – Fowler

2017-11-27
The Federal Inland Revenue Service (FIRS), on Monday in Abuja, said it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.
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Nigerian capital inflows more than doubled in Q3 to $4.2 bln

2017-11-27
The total value of capital imported into Nigeria more than doubled in the third quarter to $4.15 billion, after the economy emerged from a recession, the National Bureau of Statistics (NBS) said on Monday.
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Fitch Rates Nigeria's USD Notes 'B+'

2017-11-27
Fitch Ratings has assigned Nigeria's USD1.5 billion 6.500% senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625% senior unsecured notes due 28 November 2047 the final rating of 'B+'.
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$9b interventions strengthen naira, forex market

2017-11-27
Dollar injections into the economy estimated at $9 billion since February have helped the Central Bank of Nigeria (CBN) to achieve long-term naira stability and curb volatility in the foreign exchange (forex) market.
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Nigeria spends N116b on palm oil importation

2017-11-27
Despite the high exchange rate and its price, Nigeria has imported 450,000 tons of crude palm oil valued at N116.3billion ($323.1 million) since the beginning of the year, it was learnt at the weekend.
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Reserves inch up to $34.5b as CBN sells $498m in five days

2017-11-27
The nation’s foreign exchange (forex) reserves sustained its more than 12-month weekly winning streak, though in slow pace, as it added about $100 million, shoring it up to $34.5 billion.
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CBN liquidity mop up to persist as N170bn hits interbank

2017-11-27
Efforts by the Central Bank of Nigeria (CBN) to mop up idle cash (liquidity) is expected to persist this week, even as N170 billion inflow hit the interbank money market.
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Stockbrokers call for forex discount window

2017-11-27
For the capital market to witness improved liquidity that would spur activities in the nation’s bourse and attract more investments, operators unanimously stressed the need for the Central Bank of Nigeria (CBN) to grant stockbrokers access to foreign exchange discount window.
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Attractive TB Yields Threaten Banks’ Savings Mobilisation

2017-11-27
Although Nigerian banks have been aggressive in their savings deposit mobilisation strategies in recent times, a review of their financial results has shown that the response from customers has not been impressive.
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PenCom releases new guidelines for voluntary contribution withdrawal

2017-11-27
New guidelines to regulate Additional Voluntary Contributions’ withdrawals by workers have been released by the National Pension Commission.
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AfDB to invest $500m in Dev’t Bank of Nigeria

2017-11-27
The African Development Bank (AfDB) said it is investing about $500 million in the Development Bank of Nigeria (DBN).
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CBN calls for banks, fintech firms collaboration

2017-11-27
The Central Bank of Nigeria has called on banks to collaborate with financial technology companies to improve the level of financial inclusion in the country.
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US, Nigeria sign MOU on commercial investment

2017-11-26
The United States of America and the Nigerian government have signed a Memorandum of Understanding (MoU) on Commercial Investment Dialogue (CID) to strengthen bilateral investments and promote private sector involvement in the bilateral commercial relationship.
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CBN releases $288m as naira weakens to 364/dollar

2017-11-25
The Central Bank of Nigeria on Friday injected $287.89m into the currency market to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages.
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Court strikes out Oando’s suit to stop forensic audit

2017-11-24
A Federal High Court sitting in Lagos has struck out a case filed by Oando PLC against the Securities and Exchange Commission (SEC) seeking to stop SEC from conducting a forensic audit on the company and also lift a technical suspension placed on its shares.
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Naira gains 38kobo as reserves increase by $123.8M

2017-11-24
The naira, yesterday, appreciated by 38 kobo to N360.27 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window, even as the external reserves recorded a $123.8 million increase in nine days.
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FG Approves N28.8bn Budget Support Loan Facility for States

2017-11-24
The federal government has approved the disbursement of N28.8 billion as budget support loan facility to the 36 states of the federation.
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Value Added Tax rises to N251bn in Q3- NBS

2017-11-24
The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 1.73 per cent in the third quarter, Q3’17 to N250.6 billion.
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Refineries won’t work despite govt’s spending – Marketers

2017-11-24
Oil marketers on Thursday declared that the country’s refineries would not work as expected despite the billions of dollars being spent by the Federal Government on rehabilitating the facilities.
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NEPC, ITC build women’s capacity in global trade

2017-11-24
The International Trade Centre and the Nigeria Export Promotion Council have collaborated to build capacity among women entrepreneurs in global trade.
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AfDB invests $500m in Development Bank of Nigeria

2017-11-24
The African Development Bank has announced that it was investing about $500m in the Development Bank of Nigeria.
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Appetite weakens for Treasury bonds, stocks gain marginally

2017-11-23
Bearish sentiments were witnessed in the secondary market for Treasury bonds on Wednesday as the yields on eight instruments trended upwards while only one instrument was bullish.
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Nigerian Stock Exchange Bullish on Exchange Traded Derivatives Market

2017-11-23
Nigeria will soon witness a robust Exchange Traded Derivatives (ETD) market that can support the growth of country’s ambitions, the Nigerian Stock Exchange (NSE) has said. An ETD is a financial instrument whose value is based on the value of another asset, and that trades on a regulated exchange. Futures and options are two of the most popular ETDs. The NSE is planning to launch its ETDs. Speaking at the a training seminar on the ‘Legal and Risk Aspects of Derivatives and Central Counterparty Clearing (CCP) Transactions, in Lagos, General Counsel and Head of Regulation at the NSE, Tinuade Awe said that Nigeria’s ETD initiative will eventually develop into a robust market place that can support our growth ambitions as a nation, using South Africa as an example of Africa’s first derivative market.
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AB InBev to grow investment in Nigeria

2017-11-23
Global brewing company, AB InBev, has said it will continue to grow its investment in Nigeria for a very long time.
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Refineries: NNPC eyes 445,000 bpd output by 2019

2017-11-23
The Nigerian National Petroleum Corporation (NNPC) will not renege on its plans to return the four state-owned refineries – Port Harcourt 1&2, Warri and Kaduna – to their installed capacity of 445,000 barrels per day (bpd) by 2019, its Group Public Affairs Manager, Ndu Ughamadu, has said.
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2018 budget: Why December target is unrealistic – Senate

2017-11-23
The Senate yesterday said the lackadaisical attitude of top government functionaries towards invitations on 2018 budget may frustrate its passage by the end of next month.
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Address Fiscal Challenges, Despite GDP Growth, World Bank Tells Nigeria

2017-11-23
The World Bank has stated that notwithstanding Nigeria’s positive economic growth in the third quarter (Q3) of 2017, the country needs to address what it identified as the many fiscal challenges at the different levels of government.
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CBN ‘on course’ to meet single digit inflation rate next year – Emefiele

2017-11-22
The Central Bank of Nigeria, CBN, is on course to realise its target of bringing the country’s inflation rate down to single digits by next year, its governor, Godwin Emefiele, said on Wednesday.
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Naira depreciates to $360.65/$ in NAFEX

2017-11-22
The Naira, Wednesday, depreciated for the first time this week to N360.65 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
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Fed Govt submits revised MTEF to Senate

2017-11-22
The Federal Government yesterday submitted a revised version of the 2018 to 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.
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Nigeria as global financial hub

2017-11-22
The world is rapidly changing, embracing technology and redefining the payment system. The need to get Nigeria onto the same wavelength as the rest of the world prompted the Central Bank of Nigeria’s (CBN’s) inauguration of the Financial System Strategy 2020 (FSS 2020) 10 years ago.
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Nigeria’s GDP Seen Growing at 2% in 2018

2017-11-22
Analysts at Renaissance Capital have predicted that Nigeria’s Gross Domestic Product (GDP) will grow by 2 per cent in 2018.
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Rising investors’ confidence lifts external reserves to $34.9bn

2017-11-22
The Central Bank of Nigeria (CBN) yesterday said that the nation’s external reserves have risen to $34.9 billion, the highest in 30 months, driven by increased investor confidence in the Nigerian economy.
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9mobile to get new investor by year-end — Emefiele

2017-11-22
The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the intervention of the apex bank and the Nigerian Communications Commission in the 9mobile loan repayment saga, was due to the systemic importance of the company.
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Kachikwu: Involving Communities in Oil Activities, Solution to End Crisis in Niger Delta

2017-11-22
The Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachukwu, has said for a lasting peace to be achieved in the Niger Delta region, oil bearing communities must be involved in oil and gas exploitation in their areas.
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Nigeria holds main lending rate, calls recovery "fragile"

2017-11-21
Nigeria’s central bank held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile.
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GDP growth boosts market capitalization by 0.24%

2017-11-21
The equities market, yesterday, rose by 0.24 per cent following the release of a positive Gross Domestic Product,GDP, figure by the National Bureau of Statistics, NBS, indicative of further expansion in the economy.
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Nigeria Floats US$3bn Dual-tranche Eurobond

2017-11-21
Nigeria has announced the floating of a $3 billion Eurobond, offering an aggregate principal amount of dual series notes under its US$4.5 billion Global Medium Term Note programme (increased from US$1.5 billion).
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CBN Raises Forex Injection to $210m

2017-11-21
The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange (forex) market to the tune of $210 million, higher than the $195 million it offered the preceding week.
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Nigerian Stock Exchange Index Gains 0.24% as Market Opens on Bullish Note

2017-11-21
The Nigerian equities market opened for the week on a bullish note as investors reacted to the positive Gross Domestic Product (GDP) growth rate in the third quarter (Q3) 2017. The country’s GDP grew by 1.40 per cent in Q3, 2017 higher than the revised growth rate of 0.72 per cent recorded in Q2, 2017.
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Nigeria and Kenya Stock Exchanges Discuss Measures to Enhance Liquidity

2017-11-21
On the second day of the largest investor conference in the UK, the 7th Annual EFG Hermes London Conference, Ali Khalpey, EFG Hermes Frontier CEO, joined by Geoffrey Odundo, CEO of the Nairobi Securities Exchange; Haroon Askari, Acting Manager Director of the Pakistan Stock Exchange and Oscar Onyema, CEO of the Nigeria Stock Exchange, and current President of ASEA, for a panel discussion that looked at measures to enhance liquidity in frontier markets that are looking to grow investment.
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Nigeria earns N271.77bn from solid minerals in eight years

2017-11-21
Nigeria earned a total of N271.77 billion from 2007 to 2015, according to the latest data from the Nigeria Extractive Industries Transparency Initiative (NEITI).
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FG excited as GDP grows by 1.4%

2017-11-21
The National Bureau of Statistics on Monday released the Gross Domestic Product growth rate for the country with the economy recording a 1.4 per cent increase in the third quarter of this year.
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As MPC Meets, Marginal Drop in Inflation May Delay Interest Rate Cut

2017-11-20
As members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) commence their last meeting for the year Monday, the marginal drop in October inflation released recently might make the committee members to retain interest rate at 14 per cent.
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NNPC, Chevron sign final phase of $1.7bn deal

2017-11-20
The Nigerian National Petroleum Corporation and Chevron Nigeria Limited have executed the second and final phase of an alternative financing agreement expected to increase crude oil production in the country by about 39,000 barrels per day from the Sonam and Okan fields located in the OML 90 and 91 of the Niger Delta.
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NNPC, Chevron sign $1.7bn deal to increase crude, gas production

2017-11-20
Nigerian National Petroleum Corporation ( NNPC ) and Chevron Nigeria Limited (CNL) have executed the final phase of an Alternative Financing Agreement to increase crude production by about 39,000 barrels per day.
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Latest GDP growth, proof of steady economic recovery — Presidency

2017-11-20
The Presidency on Monday hailed the latest report that the country’s gross domestic product, GDP, grew by 1.40 per cent in real terms in the third quarter of 2017, saying the new figure highlights the ”steady recovery of the economy.”
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Oil market rebalancing on track, deal extension a possibility

2017-11-19
Global Markets: Global markets were mixed this week, with investors focused on corporate earnings, down trending commodity prices and economic data. U.S. markets opened the week strong, with the Dow closing higher on news of M&A activity across select large cap stocks.
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Nigeria targets N945bn revenue from non-oil sector in 2018

2017-11-19
The Federal Government plans to raise the sum of $3.1bn (N945.5bn) from the country’s non-oil export sector through value addition from 11 agricultural products.
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Capital market infractions drop by 88% in 18 months

2017-11-19
The number of reported cases of infractions in the Nigerian capital market has reduced by over 87.6 per cent from 291 in the first quarter of 2016 to 36 in the third quarter of 2017.
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IMF: debt service may consume 60% of govts’ revenues

2017-11-17
The International Monetary Fund (IMF) has warned that Nigeria and other oil producing countries in Africa may be overburdened with the high cost of debt servicing.
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Germany’s €32.9m renewable energy projects fund coming

2017-11-17
The German Development Bank, and the African Trade Insurance Agency (ATI ) has announced a new instrument to support renewable energy projects that targets small- and mid-scale (up to 50 Mw) green power renewable energy projects in sub-Saharan Africa.
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