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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NSE suspends trading in shares of 6 listed firms

2018-11-02
The Nigerian Stock Exchange, NSE, yesterday suspended trading on the shares of six listed companies for failure to file their relevant financial accounts to the Exchange within the stipulated time.
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3 banks fail CBN’s liquidity ratio requirement

2018-11-02
Three banks failed to meet the 30 percent liquidity ratio requirement of the Central Bank of Nigeria, CBN, even as investigations revealed prevalence of major foreign exchange malpractices in the banking industry.
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Pressure piles on economy as CBN pursues naira stability at high cost

2018-11-02
The Central bank of Nigeria is showing it will do all it takes to keep the naira from weakening against the dollar even if comes at a cost of starving the private sector of credit or burning through the country’s external reserves at a record pace. Keeping the naira as strong as possible against the…
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NNPC Shores up Fuel Supply with BP Oil Deal

2018-11-02
The Nigerian National Petroleum Corporation (NNPC) Thursday said it had signed a six-month crude-for-product deal with BP Oil International Ltd, to supply Nigeria petrol ahead of the upcoming Yuletide and 2019 general elections.
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AFC to Finalise N36bn Investment in Nigeria’s Mining Sector

2018-11-02
Continental multilateral financial institution, Africa Finance Corporation (AFC) is on the verge of finalising a $100 million (N36.5 billion) investment deal in Nigeria’s mining sector.
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Nigeria’s Manufacturing Index Expands in 19th Consecutive Month

2018-11-01
The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) expanded to 56.8 points in October.
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W’Bank Forecasts Oil Prices to Average $74 in 2019

2018-11-01
The World Bank has predicted that oil prices will average $74 a barrel in 2019, marginally up from its projected average of $72 a barrel in 2018.
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BDC operators want CBN to enhance live exchange rate

2018-11-01
The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to enhance the operations of its live exchange rate website in order to improve transparency and stability in the nation’s foreign exchange market.
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FG shifts burden of TSA transaction cost to payers

2018-11-01
The Federal government has decided to shift the burden of the one percent service charge for payments into the Treasury Single Account (TSA) to payers.
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CBN Injects Fresh $210m into Forex Market

2018-10-31
The Central Bank of Nigeria (CBN) yesterday sustained its intervention in the foreign exchange (forex) market as authorised dealers in the wholesale segment received the sum of $100 million to meet the requests of their customers.
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CBN Issues Code Of Corporate Governance For MFBs, DFIs, BDCs

2018-10-31
The Central Bank of Nigeria (CBN) has released code of corporate governance for Microfinance Bank (MFBs), Development Finance Banks (DFBs), Finance Institutions (FIs) and Bureau de Change operators (BDCs). Full implementation of the code becomes effective from April 1, 2019.
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Oil Prices Dip More On Rising Supply Concerns

2018-10-31
Oil prices fell yesterday, dragged down by the ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports.
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Naira closes at N363.32 to dollar at investors’ window

2018-10-30
The naira on Tuesday closed at N363.32 to the dollar at the investors’ window.
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MTN Grows Subscriber Base to 225.4m, Pledges to List on NSE

2018-10-30
The MTN Group, Africa’s largest wireless carrier, increased sales from operations by 10 per cent from a year earlier and added 2.5 million subscribers in the third quarter despite regulatory pressures in its largest markets that have wiped out more than two-thirds of the company value in recent years.
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FG earned N1.16bn from rail in six months – NBS

2018-10-30
Between January and June this year, the Federal Government generated a total amount of N1.16bn from the rail transportation system.
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Nigeria Emerges 2nd After China In Global Refinery Capacity

2018-10-30
A new report by GlobalData, a data and analytics company has said that effort by Nigeria to revive its ailing refineries alongside other upcoming private refinery projects will place the country second in global refining capacity after China.
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Top banks struggle to grow earnings,profitability

2018-10-29
AVERSION for credit risk may have begun to take more serious toll on top banks in Nigeria, otherwise referred to as tier-1 banks.
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PenCom Unveils Guidelines on Voluntary Contribution

2018-10-29
The National Pension Commission(PenCom) has released official guidelines on voluntary contributions into the Contributory Pension Scheme (CPS).
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South Africa's MTN says relying on courts to end Nigeria dispute

2018-10-29
MTN Group, Africa’s biggest mobile operator, will keep engaging with Nigerian authorities to resolve a $10.1 billion dispute with the west African country, but is putting its faith in the courts to protect itself, its CEO said on Monday.
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Nigeria Expects OPEC to Hold Firm in December on $70 Oil

2018-10-29
OPEC and its allies are likely to keep oil-production policy steady when they meet in December as current prices near $70 a barrel suit all members, Nigeria’s oil minister said.
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Naira down to N360.5/$ in parallel market

2018-10-29
The Naira, Monday, depreciated to N360.5 per dollar in the parallel market. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N360.5 per dollar from N360 per dollar last week Friday, indicating 50 kobo depreciation of the naira.
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Nigeria aiming to resolve MTN dispute and soothe investor fears - minister

2018-10-26
Nigeria is confident of resolving a $10.1 billion dispute with telecoms firm MTN and sending a positive signal to foreign investors worried about the country’s demand for the money, its trade and investment minister told Reuters.
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Nigerians expect naira to appreciate, says CBN

2018-10-25
The Central Bank of Nigeria has said majority of consumers surveyed by it expect the nation’s currency to appreciate in the next 12 months.
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Emefiele: Forex Restriction on 41 Items Saved Nigeria’s Economy

2018-10-25
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, wednesday reiterated that the bank’s restriction of foreign exchange access to 41 import items, three years ago, was in national interest, explaining that it helped to save the economy from collapse.
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2019-2021 MTEF : FEC okays N8.7trn for 2019 budget

2018-10-25
The Federal Executive Council, FEC, yesterday, approved the 2019-2021 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP now to be sent to the National Assembly for its consideration and approval.
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Oil production from Nigeria, Iraq, Libya could reshape global oil market – analysts

2018-10-24
Nigeria, Iraq and Libya looks set to dictate the direction of global oil prices as capacity decline is expected from Iran following US sanctions billed to kick in on November 4 and as Saudi Arabia continues to battle the fallouts from the killing of Washinton Post Columnist Jamal Kashoggi. A crude oil loading programme seen…
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Nigeria's Diamond Bank directors quit, paving way for recapitalisation

2018-10-24
Four Diamond Bank directors quit with immediate effect, the bank said on Wednesday, paving the way for new investors to recapitalise the Nigerian mid-tier lender.
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Ahmed: $8.1bn MTN Sanction is Hampering Investors’ Confidence in Economy

2018-10-24
The federal government yesterday admitted that the recent $8.1 billion fine imposed on MTN Nigeria and four other banks by the Central Bank of Nigeria (CBN) over foreign exchange infractions has had negative impact on investor-confidence in the economy.
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CBN Raises MFBs’ Capital Base to N5bn

2018-10-24
The Central Bank of Nigeria (CBN) has raised the minimum capital base of microfinance banks (MFBs) in the country, giving them up to April 2020 to recapitalise.
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AMCON releases list of N906bn bad debtors

2018-10-24
The Asset Management Corporation of Nigeria has released the list of what it calls delinquent debtor firms who allegedly owe it N906,109,840,662.99 in total.
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FG to carve five firms out of NIPOST

2018-10-24
The Federal Government is set to carve out five companies from the Nigerian Postal Service, the Minister of Communications, Mr Adebayo Shittu, has said.
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NOIPolls consumer confidence index drops 7 points in Q3’18

2018-10-24
Nigeria’s Consumer Confidence Index (CCI) in the third quarter of 2018 (Q3’18) dropped by 7.0points to stand at 60points as against 66.95 points recorded in the second quarter (Q2’18).
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Revenue growth: Widen tax base, increase VAT compliance, IMF tells FG again

2018-10-23
Mission Chief and Senior Resident Representative of the International Monetary Fund, IMF, in Nigeria, Mr. Amine Mati, Tuesday, called for an urgent review of the country’s tax policies, with emphasis on taxing the richest three per cent of the country’s population, widening the tax base and increasing compliance on Value Added Tax, VAT.
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MTN says still in talks with Nigeria over $8.1 bln transfer row

2018-10-23
Telecoms firm MTN said on Tuesday that it was continuing to hold talks with Nigerian officials to find a mutually acceptable solution to a dispute over the alleged transfer of $8.1 billion of funds.
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Naira down to N360.5/$ in parallel market

2018-10-23
The Naira, yesterday, depreciated to N360.5 per dollar in the parallel market.
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Govt to add 4.2 gigawatts to national grid

2018-10-23
The Federal Government has commenced moves to deploy underutilised power assets to deliver incremental power to industrial centres and needy communities in the country by generating additional 4.2 gigawatts of power to the national grid in the next 12-18months.
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NNPC: Nigeria’s Gas Reserves Now 202trn Cubic Feet

2018-10-23
Nigeria’s current proven gas reserve has gone up to 202 trillion cubic feet (tcf) from the initial figure of 199tcf, the Nigerian National Petroleum Corporation (NNPC) has disclosed.
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Nigeria is seventh largest integrated market in the world – US Ambassador

2018-10-22
The United States Ambassador to Nigeria, William Symington, says that Nigeria is the seventh largest integrated market in the world, with more endowments than most countries.
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CBN Sets N6bn Minimum Capital Requirement for Mortgage Guarantee Companies

2018-10-22
The Central Bank of Nigeria (CBN) has set the minimum capital requirement of N6 billion for the operation of Mortgage Guarantee Companies (MGC) in the country.
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Concerns as MTN delays listing on NSE

2018-10-22
The inability of MTN Nigeria to list its shares on the Nigerian Stock Exchange (NSE) in July as earlier promised is a source of concerns to market stakeholders.
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Dangote refinery’ll boost downstream oil sector, says LCCI

2018-10-22
The Lagos Chamber of Commerce and Industry has said the Dangote Group’s oil refining and petrochemical project will lead to the transformation of the downstream sector of the nation’s oil and gas industry.
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SEC allays fears on market performance ahead of general election

2018-10-22
Acting Director General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk has assured investors in the Capital Market that there is nothing to fear on the performance of the stock market as the 2019 election approaches. Uduk spoke while responding to questions from journalists on the sidelines of the just concluded World Bank/IMF Annual Meetings in Bali, Indonesia.
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PFAs invest N1.49 trn in Treasury Bills

2018-10-21
The Pension Fund Administrators (PFAs) in the country have invested N1.49 trillion in Treasury Bills.
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Naira down to N364.33/$ in I&E window

2018-10-19
The Naira, yesterday, depreciated to N364.33 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded dropped by 78 percent.
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FG okays construction of 5,000-barrel Ikwe-Onna refinery, targets completion 2019

2018-10-19
The Federal Government, through the Department of Petroleum Resources (DPR), has approved the construction of Ikwe-Onna Refinery to be located in Ikwe, Onna Local Government Area of Akwa Ibom State.
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No Plan To Sell Ajaokuta Steel, Osinbajo Assures Kogi Gov

2018-10-19
Kogi State governor, Yahaya Bello yesterday met Vice President Yemi Osinbajo over speculations that the federal government is planning on selling Ajaokuta Steel.
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External reserves drop by $1bn in 13 days

2018-10-18
The nation’s foreign exchange reserves have dropped to a seven-month low, losing $1.02bn in the 13 days to Monday, latest data from the Central Bank of Nigeria showed on Wednesday.
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Naira up to N363.92/$ in I&E window

2018-10-18
The Naira, yesterday, appreciated to N363.96 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded rose by 60 percent.
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Kachikwu: Why Nigeria’s reserves grew by $20bn

2018-10-18
Nigeria’s foreign exchange reserves rose by about $20bn to the oil production exemption granted Nigeria in 2016 by the Organization of Petroleum Exporting Countries (OPEC) as well as the relative peace that has returned to the Niger Delta.
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Nigeria plans to cut 2019 budget and lower debt to boost revenues - budget minister

2018-10-18
Nigeria plans to cut its 2019 budget to lower debt, its budget minister said on Thursday, a day after parliament approved a new $2.8 billion Eurobond issue but warned of a debt overhang.
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Nigeria’s Excess Crude Account stands at $2.09bn — NEC

2018-10-18
The National Economic Council (NEC) says Nigeria’s Excess Crude Account stood at over 2.09 billion dollars as at Oct. 16.
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FG to float 2nd tranche N100bn Sukuk bond by year-end – DMO

2018-10-18
Director-General, Debt Management Office, DMO, Ms. Patience Oniha, yesterday, indicated that the second tranche of N100 billion Sukuk bond would be floated before end of 2018.
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Oil Traders Consider Nigerian Proposal to Prolong Fuels Swap

2018-10-18
At least five oil consortiums said they were considering a proposal from the state-run Nigeria National Petroleum Corp. to prolong a crude-for-fuels swap program until the middle of next year, people familiar with the matter said.
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Senate frowns at ATM charges, N10,000 max withdrawal, others; summons CBN Governor

2018-10-17
The Senate on Wednesday asked its committees on Banking, Insurance & other Financial Institutions and Finance to invite the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to explain why its approved official charges are skewed in favour of banks as against ordinary bank customers.
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Nigeria's Senate Approves $2.8 Billion Eurobond-Sale Request

2018-10-17
Nigeria’s Senate approved President Muhammadu Buhari’s request to issue $2.8 billion of Eurobonds.
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Rising Inflation Triggers Fear of Interest Rate Hike

2018-10-17
The renewed inflationary pressure in the economy may compel the Central Bank of Nigeria (CBN) to raise interest rate just as it strives to maintain exchange rate stability, economists said yesterday.
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Naira down to N364.33/$ in I&E window

2018-10-17
The Naira, yesterday, depreciated to N364.33 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded rose by 224 percent.
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Construction of $4.3bn NLNG Train 7 to take place in Nigeria – FG

2018-10-17
The Federal Government, yesterday, said the engineering, procurement and construction of the planned $4.3 billion Nigeria Liquefied Natural Gas Limited (NLNG) Train 7 plant will be done in-country by mostly Nigerian companies.
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Nigeria central bank, MTN getting closer to settlement -minister

2018-10-17
Nigeria’s central bank and South African telecommunications firm MTN could soon strike a deal in their dispute over the repatriation of $8.1 billion, Nigeria’s information minister said on Wednesday.
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Nigeria's Senate to probe alleged $3.5 bln NNPC fuel subsidy fund

2018-10-16
Nigeria’s upper house of parliament plans to investigate an alleged $3.5 billion fuel subsidy fund at state-oil firm NNPC, lawmakers said on Tuesday.
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Dangote introduces new cement brand

2018-10-16
Dangote Cement Plc on Monday unveiled a new brand of its product known as the Dangote BlocMaster, a 42.5 grade cement.
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2017 Budget achieved 86% performance – Udoma

2018-10-16
The federal government 2017 budget recorded an 86 per cent implementation, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has disclosed.
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Trade between India, Nigeria hits $20b

2018-10-16
There are over 135 Indian companies with a networth in excess of over $10 billion in Nigeria. This, to India Minister of State for External Affairs Mr. Shri Akbar, shows that the long standing relationship between Nigeria and India is not only on the upswing but also gathering momentum.
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Equities pricing: Weak sentiments may prevail despite Q3 earnings expectation

2018-10-15
Investment analysts in the capital market have said that the negative sentiment that has pervaded the equities market for greater part of this year may continue despite expectation of release of quarter three, Q3, corporate earnings by quoted companies.
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SEC allays fears of stock market downturn

2018-10-15
The acting Director General, Securities and Exchange Commission, Ms Mary Uduk, has assured investors in the capital market that there is nothing to fear regarding the performance of the market as the 2019 election approaches.
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Further naira depreciation projected as external reserves fall by $955m in 10 days

2018-10-15
The depreciation of the naira in the parallel market and the Investors and Exporters (I&E) window last week is expected to persist this week, even as the nation’s external reserves maintained its downward trend falling by $955 million in the first ten days of October.
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Stable exchange rate best choice for Nigeria – Emefiele

2018-10-15
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said that maintaining stable exchange rate to avoid depreciation of the naira is better than building foreign reserve buffers.
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$72bn Debts: FG Allays Fears over Borrowing

2018-10-15
The federal government yesterday insisted that Nigeria was not in any way near a debt crisis.
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Nigeria to sell Ajaokuta, others for 2018 budget

2018-10-15
The Federal Government is ready to offer more of its assets for sale soon, under the ongoing privatisation programme aimed at raising more money to implement the country’s 2018 deficit-based budget.Just recently, the Nigerian Security Printing and Minting Company Limited Plc was offloaded, with the Central Bank of Nigeria (CBN), which already has a majority stake, emerging the preferred buyer, given the company’s security status.
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Foreign debt: Nigeria, other African countries vulnerable — IMF

2018-10-12
The International Monetary Fund, IMF, has listed vulnerability to foreign debt as one of the major threats to economic growth amongst African countries, especially in the Sub-Sahara group which includes Nigeria.
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Minister agrees with IMF on Nigeria’s debt weakness

2018-10-12
The Minister of Budget and National Planning, Senator Udo Udoma, on Thursday agreed with the International Monetary Fund on Nigeria’s debt vulnerabilities and stated that it was an issue that should be adequately monitored.
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Nigeria has no debt crisis, DMO says

2018-10-12
The Director General of the Debt Management Office (DMO), Patience Oniha, has refuted claim in some sections of the media suggesting that Nigeria has a debt crisis.
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Nigeria needs $1tn investment to fix energy – Osinbajo

2018-10-12
Vice-President Yemi Osinbajo on Thursday said Nigeria needed about $1tn investment to modernise its energy infrastructure in 29 years.
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Stockbrokers Renew Call for Constitution of SEC Board

2018-10-12
For the umpteenth time, stockbrokers, who are the middlemen between buyers and sellers of stocks, have called on the federal government to reconstitute the board of the Securities and Exchange Commission (SEC), saying this will give a boost to investor confidence in the market.
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Pension Fund assets hit N8.23tr

2018-10-12
The Director General of the National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has revealed that the Pension Fund Assets has hit over N8 trillion within a period of 14 years.
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Amcon Plans `Quick' Sale of Failed Nigerian Bank's Assets

2018-10-10
The Asset Management Corp. of Nigeria said it wants a quick sale of Polaris Bank, the lender created to take over the assets and liabilities of failed Skye Bank Plc, as the institution comes to the end of its life.
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Again, MTN Group’s Shares Slide as Officials Meet with CBN

2018-10-10
Shares in MTN Group, Africa’s biggest telecoms company, have dropped more than four per cent over the uncertainty about the outcome of yesterday’s meeting between the Central Bank of Nigeria (CBN), officials of CBN, and the four banks involved in the alleged MTN’s illegal repatriation of $8.134 funds from Nigeria.
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Cement manufacturers target hinterlands to boost market share

2018-10-10
Cement manufacturers are moving into hinterlands with the introduction of aggressive distribution network into remote areas in a bid to expand their market share.
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Nigeria's Amcon Says Some Local Airlines May Collapse Over Debt

2018-10-09
Some Nigerian airlines are facing the risk of collapse under the weight of huge debts, according to the country’s Asset Management Corporation of Nigeria, set up to rescue banks from bad loans.
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Helios to Enter South Africa Within the Next Year, Says CEO

2018-10-09
Helios Towers Plc wants to enter South Africa within the next year, helping the mobile phone tower operator build scale as it prepares for a stock market listing as early as 2019.
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Nigeria’s Crude Oil Output Rises to 2.158mbpd

2018-10-09
The Federal Ministry of Petroleum Resources has disclosed that Nigeria’s oil production, including condensates, in the month of September was 2.158 million barrels per day (mbpd).
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Oil price drops to $83 on signs of Iran’s exports

2018-10-09
Oilprice fell yesterday by 65 cents to $83.51 per barrel against $86.74 (four-year high) recorded at the close of the market last week.
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Naira down to N364.61/$ in I&E window

2018-10-09
The Naira, yesterday, depreciated to N364.61 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded in the window rose by 105 percent.
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IMF says Nigeria’s economy doing poorly, cuts growth projection

2018-10-09
The International Monetary Fund (IMF) has cut the growth projections made for Nigeria to 1.9 percent from 2.1percent, saying the country’s economy is doing poorly.
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Nigeria's Emefiele Is Said to Meet With MTN, Banks Tuesday

2018-10-09
Nigeria’s central bank governor, Godwin Emefiele, will meet with MTN Group Ltd. and four banks on Tuesday to negotiate a dispute over $8.1 billion the bank says was transferred illegally out of the country, two people familiar with the situation said.
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Dangote Cement IPO could involve BAML, StanChart - Dangote

2018-10-08
Bank of America Merrill Lynch and Standard Chartered could be among the banks organising the 2019 London public listing of Dangote Cement, chairman and CEO Aliko Dangote said on Monday.
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US Rate Hike to Push up FG’s Cost of Borrowing

2018-10-08
The federal government will have to take foreign loans at higher cost as it seeks to finance the 2018 budget, due to the interest rate hike in the United States.
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NSE, others to examine sustainable economic growth

2018-10-08
The Nigerian Stock Exchange and other stakeholders will converge on Lagos this week for the fourth edition of the NSE-Bloomberg CEO conference.
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e-IPO platform under-way, says NSE President Read more at: https://www.vanguardngr.com/2018/10/e-ipo-platform-under-way-says-nse-president/

2018-10-08
TheNigerian Stock Exchange, NSE, has commenced move towards introducing electronic-Initial Public Offering, e-IPO, in the Nigerian capital market, just as stock broking firms were charged to adopt technology in their services to clients to boost market participation.
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Nigeria central bank may reduce $8.1 bln MTN repatriation demand

2018-10-07
The Nigerian central bank may reduce the amount it has ordered South African telecoms firm MTN to repatriate as part of an ongoing disagreement, central bank governor Godwin Emefiele said on Sunday.
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Nigeria Central Bank Sees Oil Above $80, Tight Interest Rates

2018-10-07
Nigeria’s central bank doesn’t see the price of oil falling below $80 a barrel this year and expects to keep monetary policy tight until inflation returns toward its target, Governor Godwin Emefiele said.
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Experience Trumps Youth in Battle for Nigerian Presidency

2018-10-07
The election to lead Nigeria, Africa’s most populous and one of its most youthful nations, will come down to a battle between a pair of experienced septuagenarians: President Muhammadu Buhari and businessman-cum-politician Atiku Abubakar.
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NSE Proposes Rules to Facilitate Listing of Green Bonds

2018-10-05
As Green Bond issuance set to gain traction in the country, the Nigerian Stock Exchange (NSE) is proposing a set of rules that will guide the listing of those bonds on the exchange.
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CBN wants 15% interest on $8.1bn MTN refunds

2018-10-05
The Central Bank of Nigeria has asked the court not to grant an injunction that will stop the MTN Group from transferring the disputed $8.1bn back to the country, and wants the company to pay 15 per cent annualised interest on the sum until judgment is given, and 10 per cent from then until the whole amount is paid.
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EU-Nigeria trade volume hits N8.9trn

2018-10-05
The total trade volume between Nigeria and European Union Member States stood at 25.3 billion Euros (about N8.9 trillion) in 2017.
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Experts call for total deregulation of petrol prices over rising crude oil prices

2018-10-05
Some oil and gas experts have called for full deregulation of price of petroleum products in view of the rising prices of crude oil at the international market.
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All refineries to be fully functional before 2019 ending – Kachukwu

2018-10-04
The Minster of State for Petroleum, Ibe kachukwu, has said that it would be sad if the nation’s refineries are not functional by the end of 2019.
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CBN Intervenes with Fresh $210m

2018-10-04
The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the interbank foreign exchange market.
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Nigeria, S. Africa, Angola dampen Sub-Sahara Africa economic recovery — World Bank

2018-10-04
The World Bank has ascribed the slower pace of economic recovery in Sub Saharan Africa to equally sluggish expansion experienced in Nigeria, Angola and South Africa.
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Naira Weakens At CBN Forex Window

2018-10-04
As the foreign exchange reserves of the country continue to suffer a downward trend, the value of the naira has suffered a depreciation at the Central Bank of Nigeria (CBN) foreign exchange window.The 30 days moving average of the external reserves which had declined to $45.627 billion at the beginning of last month had dropped by 2.9 per cent or $1.322 billion to stand at $44.305 billion as at September 28, 2018 according to latest data released by the Central Bank of Nigeria.
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CBN lists measures to sustain banking sector’s growth

2018-10-03
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in banking sector have helped to stabilise the sector.
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When It Comes to Rates, What Are Central Banks Going to Do Next?

2018-10-03
Global central banks are gradually withdrawing easy monetary policy a decade since they began racing to the rescue of a world economy skidding into recession.
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CBN, AMCON spend N3.83 trillion rescuing sick banks since 2009

2018-10-03
The Central Bank of Nigeria (CBN) and the Asset Management Corporation of Nigeria (AMCON) has spent as much as N3.83 trillion since 2009 rescuing sick banks, BusinessDay analysis has shown. The big bank bailout started in 2009 when the CBN pumped N620 billion into 10 sick banks to prevent them from dying. The then CBN
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September PMI reading justifies CBN’s fears over economy

2018-10-03
Purchasing Managers Index (PMI) reading for September, which shows slower expansion in manufacturing activity in the country, has justified the fears expressed by the Central Bank of Nigeria (CBN) about the economy. The PMI of the manufacturing sector of the economy released by the CBN on Tuesday stood at 56.2 index points in September, represents…
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As oil price hit US$85/barrel, concerns rise over NNPC subsidies

2018-10-03
The Nigeria National Petroleum Corporation (NNPC) is about to see a considerable spike in the subsidies it is paying on imported petroleum products following a sharp rise in crude oil prices in the international markets. Crude oil prices crossed US$85 per barrel yesterday, which will boost the country’s oil dependent revenues but would also raise…
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Naira down to N363.88/$ in I&E window

2018-10-03
The Naira, yesterday, depreciated to N363.88 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded on the window dropped by eight percent.
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UK, Nigeria partner to strengthen Nigerian capital market

2018-10-03
Nigeria has become the first capital market to benefit from United Kingdom’s (UK’s) initiative aimed at strengthening the African capital market by unlocking opportunities and building investor’s confidence through improved regulations and compliance with international standards.
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May & Baker Nigeria floats N2.45b rights issue

2018-10-02
Directors of May & Baker Nigeria Plc and professional advisers to the healthcare company have signed off the offer documents for the company’s recapitalisation, paving the way for application list for the offer to open.
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Nigeria’s small banks go big on loans as big banks slow down

2018-10-02
The country’s small bank, often referred as Tier-II banks are growing their loan books even as the big banks keep a tight lid on theirs. Data compiled by Business Day show that while the big banks, often referred to as Tier-I banks largely cut back on loans and advances to customers in the first half
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External reserves drop by $1.45bn in one month

2018-10-02
The nation’s foreign exchange reserves fell by $1.457bn in September, the latest data from the Central Bank of Nigeria showed on Monday.
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Oil prices hit $84 mark per barrel

2018-10-02
Oil price on Monday breached the $84 mark per barrel, the highest since 2014, following expectations the sanctions on Iran will test OPEC’s ability to replace the shortfall, despite the group agreeing in June to pump more after pressure from US President Donald Trump. The higher oil price is good news to Nigeria which is…
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Nigeria exports N7.3trn crude oil in six months

2018-10-02
Nigeria’s crude oil export appreciated by 17.38 per cent to N7.308 trillion in the first six months of 2018 from N6.226 trillion recorded in the last six months of 2017, according to data obtained from the National Bureau of Statistics (NBS).
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NNPC posts N18.12bn trading surplus in one month

2018-10-02
The Nigerian National Petroleum Corporation on Monday announced a trading surplus of N18.12bn for May 2018, a performance that was relatively higher than the N17.16bn recorded in the preceding month.
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Mini-Refineries Race Billionaire to Fix Nigerian Fuel Crisis

2018-10-02
In the race to solve a fuel-import crisis in Nigeria, Africa’s richest person faces competition from a swarm of tiny challengers.
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MTN Mulls Scrapping Nigeria IPO, Seeks Options as Spat Hurts

2018-10-01
MTN Group Ltd., the wireless carrier facing a combined $10 billion in claims from authorities in Nigeria, said it may no longer seek to raise capital through an initial public offering on the country’s stock exchange.
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Banks Raise Credit Allocation to Corporates, CBN Survey Reveals

2018-10-01
The Central Bank of Nigeria’s (CBN) Credit Condition Survey for the third quarter (Q3) has revealed that the overall availability of credit to the corporate sector increased in the period under review.
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CBN sells $3.93bn FX to dealers in August

2018-09-28
The Central Bank of Nigeria (CBN) sold a total of $3.93 billion foreign exchange to authorised dealers in the month of August, which was 7. 96 percent below $3.64 billion sold in the preceding month. The CBN on Friday, released its economic report for the month of August, which revealed that aggregate foreign exchange inflow
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Nigerian oil exports to hit six-month high in November

2018-09-28
LONDON, Sept 27 (Reuters) - Nigeria's oil exports will reach their highest in six months in November, led in part by an increase in supply of the country's four largest crude grades, according to loading programmes.
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Oil price hits $81.69 per barrel

2018-09-28
Oil price, yesterday, reached $81.69 per barrel; suggesting that the price may reach $82 per barrel soon in the event that the price continues its upward movement. This followed allegation by United States President, Donald Trump that Organisation of Petroleum Exporting Countries (OPEC), is behind the rise in price of crude for its member state, amid sanctions on Iran by US.
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Naira up to N363.74/$ in I&E window Read more at: https://www.vanguardngr.com/2018/09/naira-up-to-n363-74-in-ie-window/

2018-09-28
The Naira, yesterday, appreciated to N363.74 per dollar in the Investors and Exporters (I&E) window due to a 36 percent increase in the volume of dollars traded on the window.
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Dangote Refinery jetty receives first ship

2018-09-28
The Dangote Oil Refinery jetty located at the Lekki Free Trade Zone in Lagos, on Sunday, received its first ever ship call. The ship named “BBC Naples” berthed at the new jetty on Sunday evening to deliver essential equipment for ongoing construction work at the Dangote Refinery.
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Nigeria's Multiple Exchange Rates Are Starting to Look Like Two

2018-09-27
Investors and the International Monetary Fund have long called on Nigeria to merge its multiple exchange rates. It’s starting to look like that’s happening.
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Concerns in Nigeria, Others over US Fed Interest Rate Hike

2018-09-27
The United States Federal Reserve wednesday raised interest rates again at the end of its Federal Open Market Committee (FOMC) meeting, raising concerns of increased turmoil in emerging markets (EMs).
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CBN to revoke 154 microfinance banks’ licences, 28 others

2018-09-27
The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country.
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Nigeria Sees `Happy' Resolution to $8.1 Billion MTN Dispute

2018-09-26
After coming out all guns blazing, Nigeria’s central bank surrendered some ground in its tussle with MTN Group Ltd., pledging that a dispute over the repatriation of $8.1 billion in dividends from the country will soon be resolved.
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AfDB, Boeing, others ready to invest in Nigeria Air

2018-09-26
Despite suspending the planned commencement of Nigeria Air, the Federal Government on Tuesday announced that the proposed carrier still had ready investors.
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Declining reserves, rising inflation to dominate MPC considerations Read more at: https://www.vanguardngr.com/2018/09/declining-reserves-rising-inflation-to-dominate-mpc-considerations/

2018-09-25
AS the nation’s external reserves continued its downward trend for the tenth consecutive week last week, with month-to-date decline of $948 million, the ten man Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will meet for the 263rd time today to brainstorm on policy measures to address the economic headwinds of declining external reserves, rising inflation and slowdown in economic growth Read more at: https://www.vanguardngr.com/2018/09/declining-reserves-rising-inflation-to-dominate-mpc-considerations/
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CBN to review our $2.63bn penalty – Stanbic IBTC

2018-09-25
The Central Bank of Nigeria has said it will review its decision on the $2.632bn regulatory fine it imposed on Stanbic IBTC Bank Plc on the basis of the Certificates of Capital Importation to MTN Nigeria Communications Limited. Stanbic IBTC Holdings Plc, in a statement to the Nigerian Stock Exchange on Monday, said the CBN confirmed that its banking subsidiary would not be debited for the $2.632bn, being the portion of the remittances the bank had made on the basis of the CCI.
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Nigeria Seeks $797 Million From Fourth-Quarter Assets Sale

2018-09-25
Nigeria will offer 10 state-owned companies for sale to selected investors and the public in the fourth quarter to raise 289 billion naira ($797 million) toward funding the 2018 budget, the country’s privatization agency said.
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Crude Oil Price Hits Four-year High after OPEC Rebuffs Trump

2018-09-25
Crude oil prices jumped more than two per cent to a four-year high yesterday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by United States President Donald Trump for action to raise global supply.
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Naira now N364.28 per dollar Read more at: https://www.vanguardngr.com/2018/09/naira-now-n364-28-per-dollar/

2018-09-25
The Naira on Monday weakened against the dollar at the investor’s (I&E) window, exchanging at N364.28, weaker than N363.68 traded on Friday. Market turnover at the I &E window stood at 191.92 million dollars. Read more at: https://www.vanguardngr.com/2018/09/naira-now-n364-28-per-dollar/
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Interest Rate Hike Looms as MPC Meets

2018-09-24
The two-day Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting, which commences today will be closely watched after the country’s emerging market peers – Turkey and Russia- recently raised interest rate.
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2019 polls: Foreign investors withdraw N435.41bn from stock market

2018-09-24
According to the latest data from the Nigerian Stock Exchange, a total of N435.41bn was withdrawn from the market from January to July this year, compared to an outflow of N236.32bn in the same period in 2017.
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Skye Bank: Another blow to investors’ confidence

2018-09-24
There had been much enthusiasm around Skye Bank’s shares recently. In the last trading session on Friday, few hours before the Central Bank of Nigeria (CBN) announced its decision to liquidate the bank, Skye Bank was one of the top 10 highest gainers, rising by 4.05 per cent to close at 77 kobo. The bullish trading at the weekend rounded off a week-long positive sentiment that saw the bank closing last week with a week-on-week gain of 14.93 per cent, the seventh highest for the week and exceedingly above the average of 0.66 per cent for the entire equities market. The price appreciation underscored the increase in momentum of transactions on the bank’s shares. Skye Bank has been one of the more active stocks.
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MTN repatriation: NSE reviews Stanbic IBTC, Diamond Bank governance

2018-09-12
The Nigerian Stock Exchange (NSE) and other stakeholders have launched an engagement process to review the compliance of Stanbic IBTC Holdings Plc and Diamond Bank Plc to high-level corporate governance standards expected of top-rated quoted companies.
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Pension asset hits N8.5tr

2018-09-12
Nigeria’s pension assets are currently worth over N8.5trillion, the Acting Director General, National Pension Commission (PenCom), Hajia Aisha Dahir-Umar, has said.
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PenCom recovers N14.38bn unremitted pensions from employers

2018-09-12
The National Pension Commission says it has recovered N14.38bn from employers who had been deducting the pension contributions of their employees but refused to remit the funds into the workers’ Retirement Savings Accounts with their respective Pension Fund Administrators.
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AfDB approves $15m equity fund for SMEs

2018-09-12
The Board of Directors of the African Development Bank has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high growth middle market companies in Anglophone West Africa including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia.
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Naira appreciates to N363.07/$ in I&E window

2018-09-12
The Naira, yesterday, appreciated to N363.07 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded dropped by 62 percent.
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US Sanction on Iran Pushes Crude Oil Price to $78

2018-09-12
Crude oil price on Tuesday rose to over $78 per barrel as United States sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.
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MTN: Standard Chartered Bank speaks on CBN fines

2018-09-11
Standard Chartered Bank Nigeria Limited on Tuesday reacted to the sanction imposed on it and three other banks by the Central Bank of Nigeria (CBN).
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Persistent Bear Run Pushes Nigerian Stock Market to 15-Month Low

2018-09-11
The Nigerian equities market slumped to 15-month low yesterday on continuing bear run with the Nigerian Stock Exchange All-Share Index (NSE ASI) falling 1.25 per cent to close at 33,611.69, while market capitalisation shed N155.6 billion to close at N12.27 trillion.
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FG, states, LGs share N2tn in three months

2018-09-11
Increase in crude oil price, as well as domestic oil production, raised the nation’s revenues from oil, which made the three tiers of government to share N2tn in the second quarter of this year, the Nigerian Extractive Industry Transparency Initiative has said.
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NSE to sanction seven banks, 21 firms for poor governance

2018-09-10
The Nigerian Stock Exchange (NSE) may sanction 28 companies for failing to meet post-listing requirements, timely release of operational reports and financial statements.
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Moody’s: Nigerian Banks May Resume Expansion in Africa

2018-09-10
Following an improvement in their asset quality as well as the increased foreign currency liquidity in the banking sector, Nigerian banks may soon resume their strategic expansion into some African countries to diversify their operations and tap into opportunities in those countries.
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CBN to Sell N1.024 Trillion Treasury Bills in Q4

2018-09-10
The Central Bank of Nigeria (CBN) is to auction treasury bills worth N1.024 trillion in the fourth quarter of this year.
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FIRS to raise tax-to-GDP contribution by 20%

2018-09-10
The Federal Inland Revenue Service has expressed its commitment to increase government’s revenue through taxation by 20 per cent before the end of the 2018 financial period.
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Total’s $16bn Egina first oil under threat as Ladol sacks Samsung from dockyard

2018-09-10
The production of first oil from Total’s $16 billion Egina project is being threatened as the management of Lagos Deep Offshore Logistics, LADOL, banished Samsung Heavy Industries, SHI, from its dockyard.
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MTN Seeks Nigeria Court Injunction in $10 Billion Payment Spat

2018-09-10
MTN Group Ltd. applied to Nigeria’s Federal High Court to stop the government enforcing $10 billion in claims against the mobile phone company, buying itself some time as it tries to defuse the dispute.
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South Africa ready to intervene in MTN-Nigeria disput -minister

2018-09-10
The South African government is ready to intervene in a dispute between telecoms company MTN Group and the Nigerian government, if MTN asks for help, South Africa’s Telecommunications Minister Siyabonga Cwele told Reuters.
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https://www.vanguardngr.com/2018/09/totals-16bn-egina-first-oil-under-threat-as-ladol-sacks-samsung-from-dockyard/

2018-09-07
The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, said on Thursday that the government would sell properties built and developed in corporate names across the country on which taxes were not being paid.
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CBN Debits Four Banks over N5.87 Billion Fines

2018-09-07
Following a fine of N5.87 billion the Central Bank of Nigeria (CBN) recently imposed on Stanbic IBTC, Standard Chartered Bank Nigeria, Citibank and Diamond Bank, the banking sector regulator has finally debited the accounts of the respective banks.
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FG Rakes N3.5tn Taxes in Eight Months

2018-09-07
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, thursday disclosed that the federal government realised N3.5 trillion from various taxes in the first eight months of 2018.
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Stanbic IBTC offers 211.7m shares option for interim cash dividend

2018-09-07
The board of directors of Stanbic IBTC Holdings Plc yesterday indicated that the holding company could issue up to 211.7 million ordinary shares of 50 kobo each as scrip dividend shares if shareholders opt to receive their first half interim dividend in shares.
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Stock market: Foreign transactions drop by N66.24bn

2018-08-28
The Nigerian Stock Exchange recorded a decline of N66.24bn in foreign portfolio transactions last month amid political uncertainties and rise in interest rates in the United States.
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40 million Nigerians denied access to Internet – NCC

2018-08-28
Coverage gaps in 200 communities across the country deprive more than 40 million people access to the Internet, the Nigerian Communications Commission has said.
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Lafarge Africa to create 10b new shares

2018-08-28
Lafarge Africa Plc plans to create additional 10 billion ordinary shares of 50 kobo each to increase its authorised share capital to 20 billion ordinary shares. The cement company will thereafter float a rights issue to raise N90 billion.
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30,000T of cocoa stuck on Lagos port roads, say exporters

2018-08-28
About 30,000 metric tons (Mt) of cocoa are trapped on their way to ports in Lagos as roads in a state of disrepair delay access to ships, the cocoa exporters body said.
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We Cannot Recover N72bn Investment in Our Networks, Discos Say

2018-08-28
The electricity distribution companies (Discos) in Nigeria’s power sector have cautioned the federal government against unilaterally investing N72 billion to upgrade their distribution networks, stating that they may not be able to recover it from the current tariff they charge for distributing power to consumers.
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Notore Industries’ listing: How more listing will boost depth of stock market

2018-08-20
Following the Federal Government’s effort to boost the economy through its various policies reforms to attract both local and international investors, more companies have been admonished to take advantage of these reforms initiatives to list on the Nigerian Stock Exchange in order to boost the depth and liquidity in the Nigerian stock market.
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ADVERTISE WITH US BANKING AND FINANCEInterim Dividend Payout Fails To Rebound Stocks Market

2018-08-20
Nigerian equities market indicators have continued to decline despite impressive interim dividend declared by Guaranty Trust Bank, Zenith Bank and Stanbic IBTC Groups.
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MTN Nigeria names new COO

2018-08-20
MTN Nigeria says its new Chief Operating Officer, Mazen Mroue, will provide leadership and direction to the commercial and technical functions of the company.
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Pension Sector Contributing to Economic Growth

2018-08-20
The Nigerian Pension sector, with an accumulated asset recently put at N8.23 trillion by the National Pension Commission (PenCom) has advanced from its immediate objective of ensuring safety and security of the funds to playing a role in the growth of the economy.
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Nigeria yet to recover from economic recession – Kale

2018-08-20
The Statistician-General of the Federation, Yemi Kale, has said Nigeria’s economy has not recovered from the 2016 recession.
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NNPC’ to list 40% of shares on NSE

2018-08-17
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said 40 per cent of the shares of the Corporation would be floated on the Nigerian Stock Exchange (NSE) when the Petroleum Industry Governance Bill (PIGB) gets Presidential Assent.
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Nigeria’s External Debt Servicing Cost Down By 10.2%

2018-08-17
As the external debt stock of Nigeria rose slightly from $22.071 billion in the first quarter of the year to $22.083 billion as at June 2018, the amount the country spends in servicing its external debts has dropped by 10.2 per cent. As against $225.25 million which was spent servicing multilateral, bilateral, commercial and euro bonds in the first three months of the year, the federal government spent $202.37 million servicing its external debts in the second quarter of the year. According to data released by the Debt Management Office (DMO), while the amount spent on servicing commercial debts and euro bonds obligations rose, however, what was spent on servicing multilateral and bilateral obligations went down. The highest increase was from bond obligations which saw a significant increase of 132 per cent from $45.63 million in the first quarter to $105.93 million in the second quarter. The federal government obligations at the Eurobonds market totals $8.8billion which is inclusive of the $300 million Diaspora bond.
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CBN orders banks to give loans to agric, manufacturers at 9%

2018-08-17
The Central Bank of Nigeria (CBN) will be refunding Cash Reserve Ratio (CRR) to banks that fund projects in agriculture and manufacturing sectors, its Director of Banking Supervision, Abdullahi Ahmad, has said.
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Return 5% lump sum to retirees, PenCom orders PFAs

2018-08-17
The National Pension Commission has directed the Pension Fund Administrators to pay additional five per cent lump sum to retirees that were initially paid 20 per cent of total balance in their Retirement Savings Accounts on retirement.
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Investors Take Refuge in Commercial Papers as Stock Market Bleeds

2018-08-16
Investors are fleeing the battered Nigerian stock market and are seeking safety in the Commercial Papers (CPs) market, findings by THISDAY has shown.
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MTN Is Said to Mull Sale of Shares in $1 Billion-Rated Jumia

2018-08-16
MTN Group Ltd. is exploring a sale of shares in African online retailer Jumia and values the company at as much as $1 billion, according to people familiar with the matter.
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MTN Nigeria signs N200bn loan agreement with 12 banks

2018-08-16
MTN Nigeria on Wednesday signed a seven-year N200bn medium-term loan facility with a consortium of 12 banks, with FBN Quest acting as the facility agent.
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Nigerian stocks extend losses as emerging markets tumble

2018-08-15
Nigerian stocks extended losses for the ninth session on Wednesday as investors sold off shares from the relatively liquid local banking and consumer goods sectors.
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Investors Injects $74m Into Nigerian Startups In Q2

2018-08-15
No fewer than 30 local and foreign investors has injected about $73.68 million in value to the Nigerian Startups in the information and communications technology (ICT) sector in the second quarter of the year, which is about 800 per cent of the first quarter.
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CBN, NIBSS, Banks to Take BVN Enrolment LG Councils

2018-08-15
As part of efforts to aggressively accelerate financial inclusion in the country, the Central Bank of Nigeria (CBN), the Nigeria Interbank Settlement System (NIBSS), commercial banks and mobile operators are currently working on modalities to take the Bank Verification Number (BVN) enrolment to the head offices of the 774 Local Government Areas (LGAs) in the country.
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CBN injects fresh $210m into forex market

2018-08-15
The Central Bank of Nigeria on Tuesday injected $210m into the interbank foreign exchange market.
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Nigerian inflation dips in July but remains above single-digit target

2018-08-15
Annual inflation in Nigeria slowed to 11.14 percent in July, its lowest level in more than two years, the National Bureau of Statistics said on Wednesday, but it remained above the central bank’s single-digit target.
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Nigeria auctions 100 bln naira of 5-, 7-, 10-year bonds

2018-08-15
Nigeria’s debt management office auctioned 100.9 billion naira ($327.8 million) of five-, seven- and 10-year bonds on Wednesday, it said in a statement.
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Nigeria's state oil company considers refinery partnerships

2018-08-14
Nigeria’s state oil company could allow private investors to install two refineries on two of its sites, it said on Tuesday.
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Nigeria, two others push OPEC oil output higher

2018-08-14
Crude production from the Organisation of Petroleum Exporting Countries rose in July on the back of increased output recorded by Nigeria, Kuwait and the United Arab Emirates, the latest report obtained on Monday showed OPEC’s output averaged 32.32 million barrels per day in July, up 41,000bpd from June, the group said in its monthly oil market report, citing secondary source figures.
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Equities hit new low as return worsens to -7.41%

2018-08-14
Total market value of Nigerian equities dropped for the seventh consecutive trading session to N12.928 trillion yesterday as benchmark indices at the Nigerian Stock Exchange (NSE) indicated average year-to-date return of -7.41 per cent.
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Nigeria’s economy attracts N8.5tn investments in three years

2018-08-14
The Nigerian economy attracted a total investment inflow of $27.9bn between July 2015 and March this year.
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Naira depreciates to N362.20 /$ in I&E window

2018-08-13
The Naira, Monday, depreciated to N362.20 in the Investors and Exporters (I&E) window even as the volume of dollars traded rose marginally by 93 percent.
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11Plc shareholders get 800k dividend

2018-08-13
Shareholders of 11PLC (Formerly Mobil Oil Nigeria Plc) have approved N2.6billion for payment as dividend translating to 800 kobo per share for its shareholders for the financial year ended 31 December 2017.
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Stanbic IBTC Holdings lists 64.21m scrip shares

2018-08-13
Stanbic IBTC Holdings Plc has listed about 64.21 million ordinary shares of 50 kobo each to raise its total outstanding shares to about 10.114 billion ordinary shares of 50 kobo each at the weekend.
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Foreign investors’ apathy towards FGN Bonds to persist

2018-08-13
Foreign investors’ apathy to FGN bonds, which sent yields to eight months high last week is expected to persist this week.
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Nigeria’s foreign commercial loans rise to $8.8bn

2018-08-13
The nation’s foreign commercial loans have risen to $8.8bn, an analysis of data obtained from the Debt Management Office has shown.
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Forex: CBN injects $327m, CNY 69m into Retail SMIS

2018-08-13
The Central Bank of Nigeria (CBN) has injected $327.4 million into the interbank retail Secondary Market Intervention Sales. This is in addition to the sale of CNY 69,707,333.39 in the spot and short-tenored forwards.
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Banks review foreign currency holdings

2018-08-13
Commercial banks are revaluing their foreign currency holdings and paying off debts ahead of timeline as dollar liquidity improves, The Nation has learnt.
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FG, others got N3.5trn FAAC funds in H1’18

2018-08-13
With the distribution of N668.9 billion for the month of June 2018, as indicated in the report of the National Bureau of Statistics, NBS, Monday, the three tiers of Nigerian government have shared a total of N3.5 trillion as statutory allocations in the first half of 2018, H1’18.
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SEC gives Dec 31 deadline for multiple accounts’ regularisation

2018-08-13
The Securities and Exchange Commission (SEC) has said that investors who bought shares of the same company using different names during public offers have an extended deadline of December 31 2018 to consolidate their multiple subscriptions into a single account and equally regularise their shareholding.
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PenCom restores 25% lump sum payment to retirees

2018-08-10
The National Pension Commission has suspended the payment of 20 per cent lump sum to retirees under the Contributory Pension Scheme and directed all Pension Fund Administrators to revert to the old template of 25 per cent.
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Bear Market Hits Nigeria as Politics, EM Woes Deter Traders

2018-08-10
Nigeria’s stocks entered a bear market as worsening political tensions and an emerging-market sell-off caused foreign investors to shun assets in Africa’s biggest oil producer.
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Sell off leaves NSE 30 Index P/E at lowest since 2009

2018-08-09
The recent equity market selloff has left the benchmark NSE 30 index trading at the lowest price to earnings (P/E) multiple in a decade.
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Nigerian Exchanges unite for devt

2018-08-09
Securities Exchanges in Nigeria yesterday launched the Association of Securities Exchanges of Nigeria (ASEN) as a common front to champion the development of Nigerian capital market and the economy generally.
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Naira appreciates to N362.08/$ in I&E window

2018-08-09
The Naira, yesterday, appreciated to N362.08 in the Investors and Exporters (I&E) window despite the 49 percent decline in volume of dollars traded.
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Settlement banks to keep N15b T-Bills at CBN

2018-08-09
The Central Bank of Nigeria (CBN) has asked settlement banks to provide clearing collateral of not less than N15 billion worth of treasury bills for them to perform settlement roles.
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Nigerian stocks drop to 9-month low on mixed earnings, political risk

2018-08-09
Nigerian stocks dropped to a more than nine-month low on Thursday, hurt by mixed second-quarter earnings and worries about political risk in the run-up to next year’s presidential election.
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Naira depreciates to N362.19/$ in I&E window

2018-08-09
The Naira, Thursday, depreciated to N362.19 in the Investors and Exporters (I&E) window.
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W. Africa Crude-Buyers rush in as Nigerian differentials slide

2018-08-09
Differentials for Nigerian cargoes slid again on Thursday, but the decline in prices has helped end a weeks-long deadlock between sellers and buyers and key grades such as Forcados and Bonny Light were seeing a steady flow of trade.
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Crude Oil Price Rises above $74 as US Sanctions on Iran Take Effect

2018-08-08
Oil prices rose Tuesday with the global benchmark crude, Brent soaring above $74 per barrel as the United States revived sanctions against Iran, a major producer, tightening supply to the international market.
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FG Deepens Ease of Doing Business Reforms

2018-08-08
Positively reinforced by its numerous achievements in the past 24 months, the Presidential Enabling Business Environment Council (PEBEC) has continued to accelerate its efforts to ensure even better public service delivery and an improved business environment for MSMEs.
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CBN injects $210m into forex market

2018-08-08
The Central Bank of Nigeria (CBN) yesterday injected $210 million into the inter-bank Foreign Exchange (forex) Market. The move was meant to boost forex availability and also meet customers’ requests in various segments of the market.
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Nigerian Central Bank ‘in the Mood for Tightening,’ Nnanna Says

2018-08-07
The Nigerian central bank is “in the mood” for tightening and will increase its main interest rate if inflation doesn’t slow, Deputy Governor Joseph Nnanna said.
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Mutual Funds net asset value hit N607.7 billion in H1, 2018

2018-08-07
Mutual funds net asset value (NAV) in the nation’s capital market recorded improved performance at the end of first half of the year, and stood at N607.7 billion.
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NNPC, international banks sign $3bn finance deals

2018-08-07
Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, said, yesterday, that the corporation had signed a third party financing deals with international banks to the tune of $3 billion for the development of oil and gas industry.
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Oil Prices Rise Amidst US-China Trade War

2018-08-07
Stocks across Asia advanced yesterday as China’s efforts to stop sharp declines in its currency and capital flight gained wider sentiment in the region.
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Naira appreciates to N361.96/$ in I&E window

2018-08-07
The Naira, yesterday, appreciated to N361.96 in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window dropped marginally to N361.96 per dollar yesterday from N362.67 per dollar last week Friday, indicating 71 kobo appreciation of the naira.
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AB InBev Plans Additional Breweries in Mozambique, Nigeria

2018-08-07
Anheuser-Busch InBev NV is readying new African operations as the world’s largest brewer continues its expansion on the continent after the blockbuster takeover of SABMiller.
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Economic Reforms Suffer as Politics Take Centre Stage

2018-08-06
The elevated political tension observed in the country ahead of the 2019 general election is negatively affecting major reforms expected to drive growth in the economy, analysts have warned.
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Dangote refinery to save Nigeria $7.5bn FX – Official

2018-08-06
The construction of the 650,000 barrels of crude oil per day by Dangote Refinery is expected to help Nigeria save over N2.7 trillion ( $7.5 billion)through import substitution.
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SEC fails corporate governance test

2018-08-06
The Securities and Exchange Commission (SEC) has not published its yearly reports and accounts for four years, The Nation discovered at the weekend.
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Cost of funds declines as N452bn inflow aggravates excess liquidity

2018-08-06
The downward trend in interbank interest rates will persist this week, as inflow of N452 billion aggravates the prevailing excess liquidity in the interbank money market.
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Dangote refinery’ll boost Nigerian crude oil sale – Edwin

2018-08-06
The Group Executive Director, Dangote Industries Limited, Devakumar Edwin, has said the oil refinery being built by the company will provide a ready market for the nation’s crude oil.
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CBN moves to disburse lower currency denominations

2018-08-06
The Central Bank of Nigeria, CBN, has begun a process that would make the country’s lower currency denominations available to Nigerians.
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HOPE: Nigeria to become 3rd world largest exporter of gas

2018-08-04
The Nigeria Liquefied Natural Gas (NLNG) Ltd., says its ongoing plans to reach a Final Investment Decision (FID) on its Train-7 project by December will make Nigeria the 3rd World largest gas exporter.
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Naira appreciates to N362.33/$ in I&E window

2018-08-02
The Naira, yesterday, appreciated to N362.33 in the Investors and Exporters (I&E) window in spite of 52 percent decline in the volume of dollars traded.
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CBN asks banks, large corporates to do the impossible

2018-08-02
On Tuesday last week, Central Bank of Nigeria called on banks and large corporate organisations to issue new debt at single digit in an investment environment where the risk-free rate is around 13 percent.
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CBN revises banks’ clearing system rules

2018-08-02
The Central Bank of Nigeria said on Wednesday that it had revised the clearing system rules for Deposit Money Banks.
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Nigeria’s debt composition now 30% external, 70% domestic – DMO

2018-08-02
Nigeria’s debt composition is now 30% external and 70% domestic (30-70), the Director-General of the Debt Management Office of Nigeria, Ms. Pat Oniha, disclosed in a business programme on national television.
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Investors lost N457bn in July amid bearish sentiments

2018-08-01
The market capitalisation of equities listed on the Nigerian Stock Exchange fell by N457bn in July as bearish sentiments continued to put pressure on the bourse’s performance.
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Investors ignore MPR as treasury yields track inflation

2018-08-01
For years, the monetary policy rate (MPR) has been the anchor that has influenced interest rates in the country but no more. Since the second quarter of 2017, the correlation between treasury yield and MPR broke as the monetary authorities chose to hold interest rate at 14 percent despite the steady monthly drop in inflation since Q1 2017.
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Again, Manufacturing PMI Maintains Expansion

2018-08-01
The Manufacturing Purchasing Managers’ Index (PMI) stood ay 56.8 index points in July, indicating an expansion in the manufacturing sector for the 16th consecutive month.
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CBN injects $210m into forex market, supports SMEs

2018-08-01
The Central Bank of Nigeria on Tuesday injected $210m into the foreign exchange market to meet customers’ requests in various segments of the market.
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Naira down to N362.40/$ in I&E window

2018-08-01
The Naira, yesterday, depreciated by 62 kobo to N362.40 in the Investors and Exporters (I&E) window as the volume of dollar traded increased by $90.01 million (89 percent).
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Nigerian Stocks Fall Most in Six Weeks as Earnings Disappoint

2018-08-01
Nigeria’s benchmark stock index fell the most in six weeks Wednesday, as earnings from some of the country’s biggest companies proved disappointing and some investors opted to move money out of equities.
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FBN Holdings, Sterling Bank Post Improved Six-month Profits

2018-07-31
FBN Holdings Plc and Sterling Bank Plc have announced their results for the half year (H1) ended June 30, 2018, showing higher profits.
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Tighter Supply Outlook Shores up Crude Oil Prices to $75

2018-07-31
Crude oil prices rose Monday with the global benchmark, Brent crude settling at $75 per barrel, as traders kept the focus on global supply disruptions and the effects of the United States’ sanctions on Iran.
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N840bn Inflow To Drive Liquidity At Money Market

2018-07-31
With over N840 billion expected to hit the financial system this week through inflows from matured bills and Federal Accounts Allocation Committee (FAAC), liquidity in the system would drive down rates in the money market, analysts have said.
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Nigeria's central bank auctions Chinese currency in first yuan sale

2018-07-30
Nigeria’s central bank sold yuan at a range of 49-51 naira at its first auction of the Chinese currency, traders said, two months after it agreed a $2.5 billion swap with Beijing.
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Naira weakens marginally against dollar at parallel market

2018-07-30
The Naira on Monday weakened marginally against the dollar at the parallel market.
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Recapitalisation: Low Stock Prices Expose Insurance Firms to Hostile Takeover

2018-07-30
Following the recapitalisation timeline announced last week by the National Insurance Commission (NAICOM), fears of hostile takeover has gripped some owners of insurance companies due to their low share prices on the Nigerian Stock Exchange (NSE).
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FMDQ shareholders approve N5bn capital raise, name change

2018-07-30
Shareholders of FMDQ OTC Plc have approved the plan by the Board of Directors to raise N5 billion fresh capital to further boost its operation.
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Pension fund assets hit N8.14tn — PenCom

2018-07-30
The National Pension Commission said on Sunday that the total pension fund assets stood at N8.14tn as of May this year, the News Agency of Nigeria reported.
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Excess liquidity to persist as over N1trn hit interbank

2018-07-30
TH excess liquidity prevailing in the interbank money market will persist this week due to inflows of over N1 trillion expected from matured treasury bills and statutory allocation to the three tiers of government.
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Transactions on e-payment platforms hit N38.4 trn

2018-07-30
Reports of the Nigerian Interbank Settlement System, NIBBS, have indicated that Nigeria’s electronic payment (e-payment) services recorded N38.5 trillion transactions in the first half of 2018, H1’18, about 38.4 percent higher than the N27.8 trillion in the corresponding period of 2017, H1’17.
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Kachikwu to Launch Downstream Petroleum Infrastructure Rebirth Plan

2018-07-27
The Minister of State for Petroleum, Dr. Ibe Kachikwu, would soon launch a new plan to revive operational infrastructure in Nigeria’s downstream petroleum sector and open them up for private sector investments across their value chains, his aide Thursday disclosed to THISDAY.
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CBN sustains forex intervention with $210m injection

2018-07-27
The Central Bank of Nigeria (CBN), yesterday sustained foreign exchange supply in the inter-bank Foreign Exchange market with the sum of $210 million.
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Nigeria's 9mobile takeover nears as regulator finalises review

2018-07-26
Nigeria’s telecoms regulator is finalising its review of investment firm Teleology Holdings’ planned takeover of 9mobile and the deal is expected to close in about a week, two sources told Reuters on Thursday.
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Multi-Fund Structure To Align Risk, Return Expectations On N8trn Pension Assets

2018-07-26
The National Pension Commission (PenCom) has said that the purpose of the recent commencement of multi-fund structure on N8trillion pension assets was meant to align risk with return expectations in the investment of the pension funds.
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DMO raises N66.9b at bond auction

2018-07-26
The Federal Government raised N66.9 billion at its bond auction yesterday, as part of moves to finance the 2018 budget.
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Again, Oil Prices Rise after US Crude Inventories Fall

2018-07-26
Crude oil prices rose for a second day Wednesday after data showed United States crude inventories fell more than expected, easing worries about oversupply that have dogged the oil market in recent weeks.
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NAICOM Raises Capital Base for Insurance Sector

2018-07-26
The National Insurance Commission (NAICOM) has raised the capital base for firms from N2 billion to N6 billion operating in the insurance sector, with effect from January 1, 2019.
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NEXIM approves N25bn loan in support of Nigerian exporters

2018-07-26
The Nigerian Export-Import Bank (NEXIM) has approved the disbursement of loans totaling about N25billion in support of various projects in the non-oil export sector.
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Nigeria, Niger Republic Sign MoU On $2bn Refinery Project

2018-07-25
The federal government yesterday took a bold step towards resolving the challenge posed by the continued importation of refined petroleum products as it signed a memorandum of understanding (MoU) with the Republic of Niger on a project that will facilitate the construction of a 100,000 – 150,000 barrels capacity refinery to be located in Katsina State.
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PenOp, NSE strategise on multi-fund structure

2018-07-25
The Pension Fund Operators Association of Nigeria (PenOP) members have met the Nigerian Stock Exchange (NSE) to discuss how the capital market can be developed, especially in light of the Multi-Fund Structure that was kicked off by the pensions industry recently.
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CBN plans real sector single digit borrowing

2018-07-25
To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the banks.
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Nigeria's central bank holds benchmark interest rate

2018-07-24
Nigeria’s central bank kept its main interest rate on hold at 14 percent on Tuesday to counter inflationary risk and introduced an initiative aimed at increasing liquidity to businesses, its governor said.
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Increase in FPI Outflow Weighs down External Reserves

2018-07-24
The increasing outflow by foreign portfolio investors (FPIs) is taking its toll on Nigeria’s external reserves, which has fallen to $47.388 billion as of last Friday.
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Our economic policies’ll attract foreign investments – Osinbajo

2018-07-24
Vice-President Yemi Osinbajo has assured investors that the President Muhammadu Buhari-led administration is committed to implementing strategies and policies that will encourage foreign direct investments and economic development.
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Africa's richest man arranges $4.5 bln of financing for oil refinery

2018-07-24
Africa’s richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.
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Naira stable at N358/$

2018-07-24
The naira Tuesday was stable at N358 per dollar in the parallel market.
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Naira appreciates to N358/$

2018-07-24
The Naira, yesterday, appreciated by 50 kobo to N358 per dollar in the parallel market.
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NSE opens market to non-interest debt securities

2018-07-23
The Nigerian Stock Exchange (NSE) will today begin the implementation of a regulatory framework for listing of non-interest debt securities on the stock market.
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Declining Credit to Private Sector Tops MPC Agenda Today

2018-07-23
As members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) commence their two-day meeting in Abuja today, the sustained decline in the level of credit to private sector will be a major concern to the committee.
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Nigeria Inflation Slows to Lowest Rate in 2 1/2 Years in June

2018-07-23
Nigeria’s consumer prices rose at the slowest pace in 2 1/2 years in June as food costs climbed the least since March 2016.
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FMDQ: Investors Splash N17.23trn on Fixed Income, Currency Instruments in June

2018-07-22
Investors, who earn a living from short-and medium-term instruments offered in the money market, increased their spending by 20.53 per cent in June as total investments in the Fixed Income and Currency (FIC) markets rose to N17.23trillion.
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Nigeria to devise green bond issuance programme by end 2018

2018-07-20
Nigeria’s debt office will devise a green bond programme before the end of 2018 to raise funds for environmental projects, a junior minister for the environment said on Friday.
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CBN commences Chinese Yuan sales

2018-07-20
The Central Bank of Nigeria (CBN) flagged off its intervention in the sale of foreign exchange in Chinese Yuan (CNY), Friday, signaling the consummation of the Bilateral Currency Swap Agreement (BCSA) signed with the People’s Bank of China (PBoC) on April 27, 2018.
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Nigerian Stock Exchange to List FGN N10.69bn Green Bond

2018-07-20
The Nigerian Stock Exchange (NSE) will today list the FGN N10.69 billion Green Bond on the Exchange, as part of efforts to make Nigeria one of the favoured investment destinations in Africa.
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Naira down to N361.91/$

2018-07-20
The Naira, yesterday, depreciated by 22 kobo to N361.91 per dollar in the Investors and Exporters window.
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FMDQ lists Dangote Cement’s N50bn commercial papers

2018-07-20
FMDQ OTC Securities Exchange yesterday listed Dangote Cement Plc’s N50 billion commercial papers, CPs, the biggest CP programme so far on the Nigeria debt capital market on its platform.
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Egyptian firm eyes Nigerian capital market

2018-07-20
EFG Hermes, a leading financial services corporation in frontier and emerging markets, plans to set up operations in Nigeria to further drive its global expansion. EFG Hermes has entered into a definitive sale and purchase agreement (SPA) to acquire 100 per cent stake in Primera Africa, a top-ranked stockbroking firm in Nigeria. EFG Hermes expects to complete the acquisition of Primera Africa by August 31, 2018.
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Brexit, trade war pose risk to eurozone, IMF warns

2018-07-19
The International Monetary Fund on Thursday warned of a number of potential risks to economic growth in the euro area, such as the trade war with the United States, as well as a “lack of progress” in Brexit negotiations.
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Moody’s: Pressure Mounts Cement Producers to Reduce Emissions

2018-07-19
Amid efforts to decarbonise the global economy, pressure is increasing on energy-intensive cement producers to reduce greenhouse emissions, Moody’s Investors Service stated in a new report released thursday.
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Naira appreciates to N358.5/$

2018-07-19
The Naira, yesterday, appreciated by 70 kobo to N358 per dollar in the parallel market.
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Illegal deductions: CBN returns N65bn to bank customers

2018-07-19
The Central Bank of Nigeria says it has recovered over N65bn from commercial banks in the country for wrongful deductions and charges from customers’ deposits and other transactions in the last six years.
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Dangote Remains Africa’s Richest Man With $12.4bn Net Worth

2018-07-18
Despite a nearly $2 billion drop in his net worth, Chairman of Dangote Group of Companies, Alhaji Aliko Dangote remained Africa’s richest person with a $12.4 billion fortune.
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SEC advises investors on shares, warns against ponzi schemes

2018-07-18
The Securities and Exchange Commission (SEC) has again warned against investment in ponzi schemes and assured Nigerians that it would strengthen the capital market toward an enhanced investors’ value.
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Nigeria Seeks Foreign Help for 30-Plane, 80-Route Airline

2018-07-18
Nigeria revealed plans for a new national airline and said a majority stake could be available to an overseas backer as it seeks know-how and cash to help the startup avoid the fate of former flag carriers.
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FIRS collects N7.7 trn in 3 yrs, records N2.5trn for H1 2018

2018-07-18
The Federal Inland Revenue Service (FIRS) has collected taxes worth N7.7 trillion in the last three years of its operations, its chairman, Mr Babatunde Fowler, has said.
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Naira depreciates to N358.7/$ as CBN injects $210m

2018-07-18
The Naira, yesterday, depreciated by 70 kobo to N358.7 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the inter-bank forex market.
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Ethiopian Air in Talks to Help Nigeria Create a Flag-Carrier

2018-07-17
Ethiopian Airlines Enterprise, Africa’s biggest airline, said it’s in discussions to back the Nigerian government’s plans for a new national carrier.
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Osinbajo Calls For Reduction in Cement Price, Commissions $350m BUA Cement Plant

2018-07-17
Vice President Yemi Osinbajo on Thursday called for a reduction in the price of cement, while inaugurating the 350 million dollars BUA Cement Plant at Kalambaina, Sokoto State.
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Adopt new measures to deepen Nigeria’s capital market — SEC DG

2018-07-17
The Securities and Exchange Commission, SEC, has charged operators to ensure that they adopt best practices to deepen the capital market in order to achieve increased economic development in Nigeria.
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Adopt new measures to deepen Nigeria’s capital market — SEC DG

2018-07-17
The Securities and Exchange Commission, SEC, has charged operators to ensure that they adopt best practices to deepen the capital market in order to achieve increased economic development in Nigeria.
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Naira depreciates to N361.85/$

2018-07-17
The naira yesterday depreciated by 23 kobo to N361.85 per dollar in the Investors and Exporters (I&E) window.
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IMF upgrades Nigeria’s 2019 GDP growth forecast to 2.3%

2018-07-17
The International Monetary Fund (IMF) yesterday upgraded its growth rate forecast for Nigeria’s Gross Domestic Product (GDP) in 2019 to 2.3 percent, while retaining 2.1 percent for 2018, citing improved crude oil prices.
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Oil price tumbles to $72 per barrel

2018-07-17
Global oil benchmark, Brent crude, fell further on Monday amid talk of a possible release from global crude reserves, according to data from the International Monetary Fund showing a slowdown in global economic growth and the potential for United States waivers on Iran oil sanctions.
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Nigerian Lender Sees Credit Surge as Banks Sign Up for Loans

2018-07-17
Development Bank of Nigeria Plc, a state-owned lender set up to improve access to credit in Africa’s largest economy, expects loans to small businesses to surge after the number of banks signing up to disburse the facilities more than doubled.
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Unclaimed dividends hit N130b

2018-07-16
Unclaimed dividends have risen to its highest level of N129.62 billion. Shareholders have alleged deliberate efforts by registrars and company secretaries to frustrate the recovery of the unclaimed dividends and payment of new ones.
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Seplat eyes acquisition opportunities in corporate, govt assets

2018-07-16
SEPLAT Petroleum Development Company Plc, has revealed its intention to acquire valuable asset in the oil and gas sector from either corporate or government owned asset to consolidate its business organically and contribute its part in growing the economy.
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Excess liquidity to persist as N608bn inflow hits interbank

2018-07-16
The interbank money market will this week, receive inflow of N608 billion from maturing treasury bills, aggravating the excess liquidity which prompted cost of funds to fall last week.
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Currency in circulation falls to N1.93tn

2018-07-16
The currency in circulation fell for the third consecutive month in June, with economic experts describing it as a positive trend for the nation’s inflation.
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Trading in Chinese Renminbi to Commence Before End of July, Says CBN

2018-07-16
The Central Bank of Nigeria (CBN) yesterday disclosed that trading in the Chinese Renminbi would commence before the end of this month.
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China willing to invest $3 bln in Nigerian oil operations -NNPC

2018-07-15
China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
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Shell confirms end to force majeure on Nigerian Bonny Light crude exports

2018-07-14
Royal Dutch Shell confirms it lifted force majeure on Nigerian Bonny Light crude oil exports on Friday
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Nigeria’s economic recovery still challenging – IMF

2018-07-14
The International Monetary Fund (IMF) says Nigeria’s economic outlook for 2018 remains challenging as private sector lending remains low and foreign exchange inflows are mostly short-term.
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Africa's richest man signs $650 mln Afreximbank loan for oil refinery

2018-07-14
Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.
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AMCON’s Huge Obligation of N4.8tr Must Be Recovered

2018-07-13
The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Adebayo Ibrahim, has said that Nigeria can be made great again, if the legislature as a matter of urgency empowers the Asset Management Corporation of Nigeria (AMCON) to go after recalcitrant obligors.
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External reserves drop by $102m in six days

2018-07-13
The nation’s foreign exchange reserves have pared some of the gains recorded last month, falling by $102m in the six days to Wednesday.
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Foreign investment outflows from NSE rise by 125%

2018-07-13
Foreign portfolio investment outflows from the nation’s stock market rose by 125 per cent in May, with the market capitalisation of listed equities losing N1.146tn as it fell to N13.802tn.
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FAAC suspends meeting indefinitely

2018-07-13
The monthly Federation Account Allocation Committee (FAAC) meeting has been suspended indefinitely.
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A $15 Billion Oil Bet Is Tough Challenge for Richest African

2018-07-13
Aliko Dangote has made a fortune out of cement and food processing. Now, Africa’s richest person is embarking on a bigger challenge: a $15 billion investment in oil, gas and petrochemicals that could, if he pulls it off, transform Nigeria’s economy.
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Nigeria Opens First Phase of $824 Million Abuja Metro Rail

2018-07-12
Nigerian President Muhammadu Buhari opened the first phase of a new metro-rail service in Abuja, the capital, for public use eight years after the project was initiated.
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SEC approves NSE rule on nominal transfer of shares

2018-07-12
The Securities and Exchange Commission, SEC has approved the Nigerian Stock Exchange, NSE amended rule 15.34 which relates to Nominal Transfer of shares of listed companies in the capital market.
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Afreximbank Invests $17bn in Nigeria

2018-07-12
The Africa Export-Import Bank (Afreximbank) disclosed yesterday that its investment in the Nigerian economy stands at over $17 billion.
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Austria, Germany, Switzerland foresee more foreign investments in Nigeria

2018-07-12
Representatives of Austria, Germany and Switzerland have reiterated commitment to expanding business activities and workforce in Nigeria, following the recent ranking by the World Bank Ease of Doing Business index which placed the country among the 10 most improved economies.
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Oando, Shell, Agip sign $3.7b gas supply contract with NNPC

2018-07-12
Oando Plc, Nigeria Agip Oil Company (NAOC), Shell Petroleum Development Company (SPDC), other indigenous and international oil companies in partnership with the Nigerian National Petroleum Corporation (NNPC) have signed agreement to implement gas projects worth $3.7 billion.
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Nigeria Takes First Step in $12 Billion LNG Expansion Plan

2018-07-11
Nigeria is taking its first steps to expand its liquefied natural gas capacity by a third, outlining a $12 billion program to help it keep up with the world’s biggest producers of the fuel.
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Naira appreciates to N361.91/$

2018-07-11
The Naira, yesterday, appreciated slightly by nine kobo to N361.91 per dollar in the Investors and Exporters (I&E) window due to 30 percent increase in the volume of dollars traded.
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RMB, Standard Bank lead on fees, says Reuters report

2018-07-11
Thomson Reuters, a source of intelligent information for businesses and professionals, yesterday released the Investment Banking Sub-Saharan Africa (SSA) region review which showed that Rand Merchant Bank (RMB) and Standard Bank led on fees collection in the first half of this year.
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Forex Market Gets $210m Intervention from CBN

2018-07-11
The interbank foreign exchange market on Tuesday received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.
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CBN, Others Back Removal of President’s Power on Assets Forfeiture

2018-07-11
The Central Bank of Nigeria (CBN) and other stakeholders Tuesday backed the ongoing moves by the National Assembly to amend the Currency Conversion (Freezing Orders) Act, 2004 to remove the power of the president on assets forfeiture and transfer it to judges of the High Courts.
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Despite Drop in NPLs, Banks Still Cautious about Lending

2018-07-10
The Central Bank of Nigeria (CBN) has revealed that the level of banking sector non- performing loans (NPLs) has declined from as high as 16.21 per cent it was in February 2018, to 14.15 per cent as of April 2018.
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Firms’ confidence in economy grows to 64.9 points — CBN report

2018-07-10
A Central Bank of Nigeria (CBN) survey has shown that the confidence of private sector operators on the macro economy stood at 64.9 index points in July, 2018.
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Inflation rate faces risks, say Emefiele, others

2018-07-10
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the nation may see a reversal of the decline in inflation rate if the risks threatening favourable macroeconomic conditions are not addressed.
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Power: NNPC starts seven gas projects to generate 15,000MW

2018-07-10
The Nigerian National Petroleum Corporation announced on Monday that it had commenced a technical framing workshop and subsequent project signing ceremony of the seven critical gas development projects to deliver about 3.4 billion standard cubic feet of gas per day to bridge the medium-term supply gap by 2020.
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Oil production in June drops to 1.89b/d – FG

2018-07-10
Nigeria’s crude oil and condensate production has remained far lower than projected in the 2018 budget for the last two months, data released by the country’s petroleum ministry has shown.
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Dangote Promises Loyal Cement Customers Refinery Distributorship Licenses

2018-07-09
For their continued loyalty, Dangote Cement Plc, at the weekend, announced cash and kind rewards and also a priority distributorship license for the loyal cement customers as soon as Dangote’s refinery project comes on stream next year.
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Moody’s: Nigeria’s 2018 Capital Budget Unrealisable

2018-07-09
As the federal government prepares to commence the implementation of its 2018 budget, Moody’s Investors Services Limited, one of the leading global rating agencies, has stated that the capital expenditure portion of the fiscal plan is unrealisable.
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Turnover in I&E rises 24% to $29.7bn in H1’18

2018-07-09
The volume of dollars traded in the Investors and Exporters, I&E, window rose by 24.2 percent to $29.7 billion in the first half of the year, H1’18, from $23.9 billion traded in 2017.
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Nigeria’s Oil and Gas Reserves Stagnate as Oil Majors Reduce Investment

2018-07-09
Oil and gas industry experts have expressed deep concern over the drop in investment in oil and gas projects to lowest level in recent years, leading to the stagnation of the country’s oil and gas reserves.
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National Airline Takes off in December, Says FG

2018-07-09
The federal government yesterday said the proposed national airline for the country would be unveiled in December, 2018.
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MTN Nigeria yet to file IPO application, securities regulator says

2018-07-08
MTN Nigeria is yet to file its application for an initial public offering (IPO), Nigeria’s securities regulator said on Sunday, a much-anticipated share listing that could value the business at around $5 billion and help revitalise the local stock market.
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Naira Appreciates to N357/$ as External Reserves Sustain Gains at $48bn

2018-07-06
The sell rate of the naira appreciated significantly to N357 to a dollar on the parallel market Thursday, from the N359 to a dollar it was the previous day, as demand for the United States currency continued to weaken.
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Ambode: Lekki Zone export flow’ll hit over $6b

2018-07-06
Lagos State Governor, Akinwunmi Ambode yesterday said the export inflow at the Lekki Free Zone (LFZ), is projected to hit over $6billion (about N2.159trillion) by 2020.
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Nigeria's Dangote to Consider London Cement Listing After Elections

2018-07-06
Dangote Cement Plc, Africa’s biggest producer of the building material, may carry out its long-planned listing of shares in London after Nigerian elections early next year, as it considers expansion through takeovers.
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Oil Prices Fall,As OPEC Cuts Prices

2018-07-05
Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude.
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Iran to Trump: oil will cost $100 per barrel, and it is your fault

2018-07-05
Oil will soon cost $100 per barrel due to supply disruptions caused by U.S. President Donald Trump, Iran’s OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russia would help bring down prices were in vain.
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Court Orders N’Assembly to Commence Buhari’s Impeachment

2018-07-05
Justice Maurine Onyetenu of the Federal High Court sitting in Osogbo Wednesday ordered the National Assembly to immediately commence the process for the impeachment of President Muhammadu Buhari.
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Nigeria’s Longest Concrete Road Ready Dec – Dangote

2018-07-05
Nigeria’s longest concrete road project would be delivered by December, the company handling the project-AG Dangote-has assured. Meanwhile, commercial activities have started springing up along the Obajana-Kabba road in Kogi State. Project director of AG-Dangote Construction Company Limited, Olatunbosun O. Kalejaiye said so far 29km has been completed.
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We Have Strategy To Manage N22trn Debt – DMO

2018-07-05
The Debt Management Office (DMO) yesterday spurned report suggesting that the office does not have a debt management strategy despite the nation’s debt stock.
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CBN Woos Importers to Trade Chinese Yuan

2018-07-05
The Central Bank of Nigeria (CBN) is wooing local businesses importing goods from China to use the yuan instead of the US dollar in its effort to support its naira currency and boost reserves.
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World Bank, NNPC, finance ministry probe petrol consumption figure

2018-07-05
The World Bank, Federal Ministry of Finance and the Nigerian National Petroleum Corporation have commenced investigations to determine the actual volume of Premium Motor Spirit, popularly known as petrol, being consumed in the country.
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Nigeria to offer 12.7 bln naira mining contract to eight firms

2018-07-04
Nigeria will offer a 12.7 billion naira ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate.
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NNPC to raise fund from capital market for projects

2018-07-04
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru, said the corporation would raise funds from the capital market to finance seven new oil and gas projects in the country.
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10 Banks Facilitate N52tr on Investment in Fixed Income Securities, Currency

2018-07-04
Stanbic IBTC Bank Plc, Access Bank Plc, and the United Bank for Africa Plc led the top 10 banks that facilitated investment in fixed securities and currency valued at N69.16 trillion on the FMDQ OTC Securities Exchange between January and May 2018, according to data made available to THISDAY.
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Naira appreciates to N359/$ as CBN injects $210m

2018-07-04
The Naira, yesterday, appreciated by N1to N359 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the forex market.
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PenCom recovers N14bn unremitted contributions to pension accounts

2018-07-04
The National Pension Commission (PenCom), has recovered unremitted contributions with interest penalty from the private sector amounting to N14billion.
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Nigeria PMI expands 15 consecutive months to 57% in June 2018

2018-07-03
Nigeria’s Purchasing Managers Index (PMI) expanded marginally in the month of June to 57.0 percent. This is 0.5 percentage points higher than the 56.5 percent reported for May.
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$3.3bn Total’s Egina FPSO Departs to Offshore Field in Few Weeks

2018-07-03
The $3.3 billion Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels per day capacity Egina Deepwater oilfield, which arrived in Lagos in January this year from South Korea, will finally depart to the Egina oilfield in the coming weeks, THISDAY has learnt.
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NEITI assists FG to recover $3bn from oil firms

2018-07-03
The Nigeria Extractive Industries Transparency Initiative says it has assisted the Federal Government to recover over $3bn from oil and gas companies operating in the country.
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Nigeria mortgage agency seeks approval for $1.4 bln debt programme

2018-07-02
Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to 440 billion naira ($1.44 billion), the state-backed mortgage agency said on Monday.
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Naira stable at N360/$ at parallel market

2018-07-02
The Naira maintained N360 to the dollar at the parallel market on Monday in Lagos.
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Stock Exchange begins trading on new structure

2018-07-02
The Nigerian Stock Exchange (NSE) opens today with a new market structure aimed at creating an optimal market design that facilitates improved market depth, liquidity provision and price efficiency.
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Manufacturing Index Expands for 15th Consecutive Month

2018-07-02
The Manufacturing Purchasing Managers’ Index (PMI) for June stood at 57.0 index points, indicating expansion in the manufacturing sector for the 15th consecutive month.
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Domestic gas supply shortfall to hit 2.9bscf/d

2018-07-02
Gas supply to the domestic market has been predicted to record a shortfall of 2.9 billion standard cubic feet per day (bscf/d) by 2020, equivalent to about 21 trillion standard cubic feet reserves, available data from the industry has shown.
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Nigeria to earn $5.60 billion from new oil deal, says NNPC

2018-07-02
The Nigerian National Petroleum Corporation (NNPC) has said that a new financing and technical services pact between corporation, First E&P Joint Venture and Schlumberger for the Anyalu and Madu Oil Field will enable Nigeria generate about $5.60 billion taxes and royalties.
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FMDQ OTC, S&P Dow Jones Indices Brand Nigeria’s Sovereign Bond Index

2018-07-02
The FMDQ OTC Securities Exchange and S&P Dow Jones Indices, a global provider of financial market indices have commenced co-branding of indices.
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Low Forex Inflow Weakens Naira At I&E Window

2018-07-02
The value of the naira at the Nigeria Autonomus Foreign Exchange (NAFEX) market weakened last week compared to what it closed the previous week as inflow from the window dropped to $796.02 million.
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Nigeria’s LPG market gets $120m ship building contract

2018-07-02
The quest to increase local supply of Liquefied Petroleum Gas (LPG) has attracted a major boost as Temile Development Company Limited, an indigenous shipping company operating in the Nigerian oil and gas industry, signed a ship building contract with South Korean shipbuilder; Hyundai Heavy Industries Limited to build one firm and one optional LPG carriers.
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World Bank approves $2.1bn loan for seven Nigerian projects

2018-06-29
The World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.
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Nigeria’s solid mineral revenue hits N262b in nine years

2018-06-29
Total revenue from the solid mineral sector in Nigeria in the past nine years stands at about N262 billion, maintaining a slow rise from N8.1 billion in 2007 to N65.7 billion in 2015.
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Nigeria’s solid mineral revenue hits N262b in nine years

2018-06-29
Total revenue from the solid mineral sector in Nigeria in the past nine years stands at about N262 billion, maintaining a slow rise from N8.1 billion in 2007 to N65.7 billion in 2015.
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CBN set to issue guidelines to regulate FinTechs

2018-06-29
The Central Bank of Nigeria (CBN) is currently drafting guidelines that would enable the regulation and supervision of the activities of Financial Technology Companies (FinTechs) in Nigeria.
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Our mining policy is showing positive results, says Buhari

2018-06-29
President Muhammadu Buhari has said that the Federal Government’s key policy objective of rejuvenating the mining sector was being realised as witnessed by the diversification of the economy and broadening of the country’s revenue base.
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Naira appreciates to N360/$ in parallel market

2018-06-28
The Naira, yesterday, appreciated by 50 kobo to N360 per dollar in the parallel market.
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Nigeria earns N3.2tr from PPT, royalties in three years

2018-06-28
The Federal Government received N3.211 trillion as Petroleum Profits Tax (PPT) and Royalties from the third quarter of 2015 to third quarter of 2017, according to the Economic Report of the Central Bank of Nigeria (CBN).
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Intra-African trade gets $1 billion push

2018-06-28
The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa SOC Limited (ECIC), yesterday, Johannesburg, unveiled a $1billion financing programme to promote and expand trade and investments between the country and the rest of Africa.
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Nigeria LNG to restart fifth unit in July after shutdown

2018-06-28
Nigeria Liquefied Natural Gas’ (LNG) fifth production unit, or train, is set to resume production in July after it shut down for maintenance on May 25, the company said in a statement to Reuters.
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Dangote Cement to raise N150b new capital

2018-06-28
Dangote Cement Plc-Nigeria’s most capitalised quoted company and Africa’s largest cement producer, plans to raise N150 billion in new debt capital to finance its business operations.
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Investors Oversubscribe FGN Bond Auction

2018-06-28
Investors oversubscribed the FGN Bond Auction for June 2018, which held wednesday, at which bonds in three tenors – five years, seven years and 10 years were offered.
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Again, CBN Intervenes in FX Market with $210m

2018-06-27
The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange (FX) market. The CBN, in its quest to meet demands in the various segments of the market offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got boosted with the sum of $55 million.
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Nigerian Content: Aveon Offshore Delivers Egina’s OLT Buoy

2018-06-27
The Nigerian Content Development and Monitoring Board (NCDMB) has expressed satisfaction with Aveon Offshore Limited for the successful fabrication of an Offshore Loading Terminal (OLT) Buoy, the first ever to be made in Nigeria and the first to be delivered ahead of schedule and launched on a dedicated slid way.
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TCN Raises N540bn To Expand, Stabilise National Grid In 2yrs

2018-06-27
The managing director/ chief executive officer of the Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed has disclosed that the company has raised $1.57 billion (N540billion) in the past two years.
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Shell to deliver 624MW to power grid

2018-06-27
The Afam VI power plant in Rivers State, owned by Shell Petroleum Development Company of Nigeria Limited, is set to deliver its net dependable capacity of 624 megawatts to the national grid, barring any restrictions from the regulator of the power market.
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World Bank pledges support for NEWMAP, FADAMA

2018-06-27
The World Bank has pledged support for Nigeria’s environment and agriculture, especially the FADAMA programme (FADAMA III AF).
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NPA set to begin dredging of Warri Port

2018-06-27
The Nigerian Ports Authority has concluded plans to commence the dredging of Escravos Channel, Warri Port.
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Nigeria eyes $2.8 bln debt from offshore sources -debt office

2018-06-27
Nigeria plans to raise $2.8 billion of debt offshore as part of its 2018 budget and will explore all options to lower costs, the head of the Debt Management Office (DMO) told Reuters.
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Nigeria Manufacturing Body Opposes African Free Trade Area

2018-06-26
Nigeria’s main manufacturing body said it will oppose plans for an African free trade area until the government has done more studies on its impact.
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SEC assures foreign investors

2018-06-26
The Securities and Exchange Commission (SEC) has assured foreign investors of the safety of their investments in the Nigerian capital Market.
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NNPC: $5bn JV Debt Repayment Restoring Investors’ Confidence in Nigeria

2018-06-26
The Nigerian National Petroleum Corporation (NNPC) has said its repayment of the about $5 billion negotiated joint venture cash call debts owed to International Oil Companies (IOCs) over the years was now stirring the confidence of investors in Nigeria’s upstream oil sector.
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US Firm to Boost Nigeria’s Power Generation

2018-06-26
The federal government’s policy initiatives in the power sector have continued to attract Foreign Direct Investment (FDI) as United States power firm, Bussbar Energy, has pledged to invest in the country’s power sector in order to be a significant producer of sustainable and environmentally friendly power.
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Oil dips on OPEC output increase

2018-06-26
Brent crude oil fell by more than one percent yesterday as investors prepar ed for the extra one million barrels per day (bpd) output increase the Organisation of Petroleum Exporting Countries (OPEC) and its partners including Russia agreed to bring to the market after their meeting on Staurday in Vienna, Austria.
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Naira appreciates to N360.85/$ in I&E window

2018-06-26
The Naira yesterday appreciated by 19 kobo to N360.85 per dollar in the Investors and Exporters (I&E) window.
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India, Netherlands spend N1.7trn on Nigerian crude oil in 3 months

2018-06-26
Three countries, India, The Netherlands, and the United States of America, USA emerged the highest importers of Nigerian crude oil grades, spending N1.71 trillion in the first quarter of 2018, Q1’18.
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Nigerian Low-Cost Mortgage Lender Set for $1.4 Billion Boost

2018-06-25
Nigeria’s government plans to inject 500 billion naira ($1.4 billion) into its low-cost mortgage lender over the next five years in an effort to spur home ownership that has failed to take off in Africa’s most-populous nation.
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Interbank lending falls as govt redeems N444 billion T-Bills

2018-06-25
I&E Window transacts $900m, as reserves stagnate at $47.6 billion There was near excess in the quantity of money in circulation last week, save for the increased mop up exercise by the Central Bank of Nigeria (CBN), following the repayments of N66.7 billion and N377.6 billion worth of Treasury Bills (T-Bills) and Open Market Operations.
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Despite US Rate Hike, CBN Says No Cause for Alarm

2018-06-25
Regardless of the United States Federal Reserve’s recent hike of its benchmark short-term interest rate by a quarter percentage point as well as its signalling of two more increases this year, the Central Bank of Nigeria (CBN) has said there is no cause for the alarm.
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External debt servicing may pose a problem ? Rewane

2018-06-25
The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has raised concern over the nation’s ability to service its foreign debts.
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Stock Exchange improves equities efficiency with new trading structure

2018-06-25
The Nigerian Stock Exchange (NSE) will next week launch a new market structure aimed at creating an optimal market design, which facilitates improved market depth, liquidity provision and price efficiency.
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Regional Integration: Nigeria, West Africa, Morocco to connect gas resources – Presidency

2018-06-23
The Presidency Saturday said that President Muhammadu Buhari’s recent visit to the Kingdom of Morocco has far reaching positive results, as it will foster regional integration and development.
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NNPC Signs $3bn Oil, Gas Devt Deal – Baru

2018-06-22
The group managing director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, said the corporation had signed over $3billion oil and gas development deal to ensure development in the sector. Baru disclosed this while speaking on investment in the Oil and Gas Industry at the ongoing 7th OPEC International Seminar on Thursday in Vienna, Austria. He said that the deal was a third party financing deals with international banks adding that oil revenue remained vital for building the nation’s economy. He said the NNPC recognised the challenge as well as the opportunity oil demand growth presented for the country. “The balance of objectives requires that we undertake a paradigm shift in our business model to ensure that we attract capital and sustain flow of investment. “Much more, the recent fiscal challenge experienced by the nation places a burden for change; hence we have undertaken to broaden the base of investment sources outside traditional government funding. “To encourage the existing players in the industry, particularly the traditional JV partners, we undertook to settle all outstanding cash call arrears amounting to 5 billion dollars. “This has restored confidence in the Nigerian oil and gas industry. “We have also signed third party financing deals with international banks on new oil and gas development worth over 3 billion dollars,” he said.
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SEC seeks financial inclusion for Nigerians

2018-06-22
The Securities and Exchange Commission (SEC) yesterday said it hopes to reach 80 per cent of the population by 2020 in its financial inclusion initiative.
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Revenue from car importation drops by 20% — NPA

2018-06-22
The Nigerian Ports Authority said on Thursday that revenue on car importation into the country dropped by 20 per cent this year, a fallout of the Federal Government’s Automobile Policy.
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AMCON recovers N731bn from bank debtors in seven years

2018-06-22
The Asset Management Corporation of Nigeria recovered N731bn from bank debtors since its inception in 2010 to December 2017.
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NNPC Extends $6bn Oil Swap Contracts to End of 2018

2018-06-22
The Nigerian National Petroleum Corporation (NNPC) has rolled over its crude for oil products contracts worth about $6 billion by six months until the end of the 2018, the Group Managing Director of the corporation, Dr. Maikanti Baru, has said.
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How FG’ll raise N9.1tn to fund 2018 budget – Udoma

2018-06-22
The Minister of Budget and National Planning, Udo Udoma, has explained how the N9.1tn revenue to finance the 2018 budget will be raised by the Federal Government.
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OPEC inches closer to reach strategic oil deal

2018-06-21
The Organisation of the Petroleum Exporting Countries (OPEC) is approaching today the conclusion of agreements in favor of its trade strategies which will allow for stability in the crude oil markets.
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Naira Gains as CBN Injects $210m into FX Market

2018-06-21
The naira appreciated to N359.5 to a dollar on the parallel market yesterday, compared with the N360 to a dollar it closed on Tuesday.
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Finally, Buhari Signs 2018 Budget with Reservations

2018-06-21
Amid lamentations and outright displeasure, President Muhammadu Buhari Wednesday in Abuja signed the 2018 Appropriation Bill into law.
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Nigeria’s debt rises to N22.7tn —DMO

2018-06-21
The nation’s total public debt increased by 4.52 per cent in the first three months of the year, data from the Debt Management Office showed on Wednesday.
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Delayed Results: 17 Insurance Firms Get N62m NSE, NAICOM Fine

2018-06-21
The Nigerian Stock Exchange (NSE) has fined 17 insurance firms for the delay in the submission of their 2017 full year results, THISDAY learnt Wednesday.
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Buhari, Nigerien President to sign refinery construction pact

2018-06-21
The Presidents of Nigeria and the Republic of Niger will next month sign the Memorandum of Understanding for the construction of a new 100,000 barrels per day refinery that will be located in the border town of the two countries.
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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