Economy Titbit – December 11, 2017


Nigeria to rake in N240bn from cocoa exports – Indications emerged that Nigeria is expecting more than N240 billion as revenue from the sale of cocoa at the international market before the year runs out. Though, it was reported recently that Nigeria would see a bumper cocoa harvest in the coming season as late rains have helped boost pod production, a large chunk of cocoa had been exported this year. Credit: Daily Sun Read More

CBN’ll use BVN to blacklist loan defaulters –Emefiele The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system. Credit: Punch Read More

CIFM to unlock potentials in industry with new graduates – In a bid to further revolutionise the nation’s insurance industry through professionalism, the College of Insurance and Financial Management (CIFM) has graduated 14 diploma students in the institute that would strengthen human capacity needs in the industry. Credit: Guardian Read More

Weather: Flights may suffer cancellation, delay in coming days – The Nigerian Civil Aviation Authority has called on all air passengers to exercise restraint during adverse weather, which may hamper their travel plans in the coming days and months. Credit: Punch Read More

Proposed $1.8bn TAM for 4 refineries triggers an alarm: Reps call move wasteful – The move by the Nigerian National Petroleum Corporation (NNPC) to spend about $1.8 billion on the Turn Around Maintenance (TAM) of the Port Harcourt, Warri, and Kaduna refineries is to say the least mind boggling, especially at a time the country is going through financial challenges. Credit: Daily Sun Read More

Access Bank to Empower 30,000 Students in New CSR Initiative – Access Bank Plc through its Project LEAD, a new corporate social responsibility (CSR) initiative has concluded plan to empower 30,000 secondary school students across six geo-political zones in Nigeria. Credit: ThisDay Read More

Petrolex To Invest $6bn In Refinery, Power Plant, Others – An indigenous oil company, Petrolex said it would invest about $6 billion in the upstream by participating in the upcoming marginal field bid round, and in the midstream by building a gas lube plant and a refinery to penetrate the downstream sub sector as well as a power plant to fully concretize its vertical investment plan in the energy sector. Credit: Leadership Read More

Lagos State Government remits N78.59bn into Workers’ RSA’ – About 10 Pension Fund Administrators (PFAs) as at the end of the first quarter in March, received N78.593billion into the Lagos State employees’ Retirees Savings Accounts (RSA). This was asserted by Governor Akinwunmi Ambode, at a Public Lecture Award 2017, organised by the Peninscope Professional Warranty Limited, where he was conferred with the ‘Award for Excellence on Pension Matters. Credit: Guardian Read More

Multiple taxation, duties killing Nigerian manufacturers –Nebe, Pharmatex MD – Managing Director of Pharmatex Industries, Prince Christopher Obiora Nebe, was the sole representative of a multinational pharmaceutical company in Nigeria – Hovid Industries – before he ventured into drug manufacturing business, five years ago. Notwithstanding the harsh economic environment and unfriendly government policies, Nebe was determined to make his mark in his chosen profession with a view to saving lives and uplifting the society. Credit: Daily Sun Read More

FG Earned $7bn from Addax Petroleum Since 2009, Says Oil Firm – Addax Petroleum Development (Nigeria) Limited, which operates Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) PSC has produced 425 million barrels of crude oil and generated over $7 billion in revenue to the Nigerian government since 2009 when SINOPEC took over the company. Credit: THisDay Read More

Zenith Bank, UBA, 5 Others Pay N499bn On Income Tax Expenses – A total of seven Systematic Importance Banks (SIBs) of the Central Bank of Nigeria (CBN) have paid N499 billion on income tax expenses between 2011 and 2016, information gathered by LEADERSHIP has revealed. Credit: Leadership Read More

Buyout offers: Nigerian investors losing out as multinationals threaten indigenisation policy – Barely six years after the Nigerian Bottling Company (NBC) delisted from the Nigerian Stock Exchange (NSE), with Coca-Cola Hellenic (CCH) which has 66.4 per cent control, offering to buyout the minority shareholders, the board of 7Up Bottling Plc, makers of Pepsi Cola and Mirinda, among others, has also indicated its desire to buyout the minority stakeholders in Nigeria in a deal estimated at over N19.332 billion. Credit: Daily Sun Read More

Addax plans $5billion fresh investment in Nigeria – Addax Petroleum Development (Nigeria) Limited, said it is planning a fresh investment of up to $3-5billion in the country over the coming years, as part of efforts to optimise its oil and gas operations in the country, and increase production from its existing assets, both onshore and offshore. Credit: Guardian Read More

Fuel scarcity persists in Abuja despite FG’s order – Okechukwu Nnodim and Olaleye Aluko The queues for Premium Motor Spirit, popularly called petrol, persisted on Sunday in Abuja and some states despite the order by the Federal Government to the Minister of State for Petroleum Resources, Ibe Kachikwu, to end the scarcity. Credit: Punch Read More

NIBSS, banks, PFS partner on new clearing system, process N5tr cheques – The Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) have collaborated to unveil a new National Automated Clearing System (NACS), which allows all the Deposit Money Banks in the country to clear cheques within hours. Credit: Guardian Read More

577 Firms Bid For NNPC Insurance Renewal Programme – The Nigerian National Petroleum Corporation (NNPC) said that 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets. In a statement signed by Mr Ndu Ughamadu, Group General Manager, Group Public Affairs Division, on Sunday on Abuja, it said the bidding was part of corporation effort to ensure transparency. Credit: Leadership Read More

Poultry farmers to generate over N1.2trn yearly – Though smuggling and high feed costs are part of several challenges facing Nigeria’s poultry industry, there are still opportunities for growth, with abundant social and economic potential, which can contribute one of the highest percentages to the nation’s Gross Domestic Product (GDP). Credit: Daily Sun Read More


Forex restriction on 41 items good for economy, says CBN – The Central Bank of Nigeria (CBN) has said that restriction of access to foreign exchange (forex) on the 41 items has had a positive impact on the economy. CBN Acting Director, Corporate Communications Department, Isaac Okorafor stated this on at the CBN Fair, a sensitisation programme, held at the Cultural Centre in Calabar, Cross-River State at the weekend. Ctredit The Nation Read More

CBN Reviews Stringent Criteria For Accessing MSMEs Funds, Cuts Rate To 5% – The Central Bank of Nigeria has expressed concern that “not a penny” of the N26 billion Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) has been disbursed nearly one year after its establishment, even as it expects the fund to hit N60 billion by the end of the year. Credit: Leadership Read More


Stock Exchange expels 90 stockbrokers from the capital market – Authorities at the Nigerian Stock Exchange (NSE) has revoked the operating licence and expelled Midland Capital Markets Limited from the capital market, bringing to 90 the number of stockbrokers so far expelled from the market this year. A regulatory document obtained by The Nation indicated that the decision to revoke the operating licence and expel Midland Capital Markets Limited was taken by the National Council of the Exchange, the highest administrative organ of the NSE. Midland Capital Markets Limited has… Credit: The Nation Read more

Forex market gets $514m boost ahead of Yuletide – The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity. Credit: Guardian Read More

SEC, DMO, Others Move To Deepen Capital Market – Securities and Exchange Commission (SEC), Debt Management Office (DMO) and other stakeholders have said that for the nation’s capital market to grow, there must be mechanism for efficiency, accountability and transparency across major economy players including the Central Bank of Nigeria (CBN). Credit: Leadership Read More

Operator lists gains of digital currency – Paxful Chief Technology Officer, Artur Schaback has listed the gains of digital curency to the economy. Speaking at the Lagos Blocknight 2017 edition of the Nigerian Blockchain Alliance Conference , he explained how the coming of the company has helped to ensure that bitcoin technology is used to help people that cannot carry out online transactions. Credit: The Nation Read More

Flour Mills to raise N39.9b new capital from shareholders – Flour Mills of Nigeria Plc at the weekend submitted formal application to the Nigerian Stock Exchange (NSE), seeking to raise N39.9 billion in new equity funds from existing shareholders. A regulatory filing at the NSE at the weekend indicated that Flour Mills of Nigeria plans to raise N39.85 billion through a rights issue of 1.476 billion ordinary shares of 50 kobo each at N27 per share. Credit: The Nation Read More


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