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Nigeria’s Spending Splurge With Borrowed Cash Spells Bond Pain ……. BLOOMBERG

Naira-evens

Record government spending — and having to borrow to fund almost half of it — spells trouble for investors in the bonds of Africa’s biggest oil producer. Nigeria’s naira debt has lost 3.6 percent in dollar terms this year, the most after Russia, Colombia and Mexico’s local bonds among 31 emerging nations tracked by Bloomberg. Average yields have climbed 119 ...

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Kaduna Refinery Resumes Production

Port Harcourt Refinery

 Nigerians would soon find lasting relief from the perennial shortage of petroleum products in the country, especially petrol, if the ongoing reforms of government are sustained. This follows the declaration by the state-owned oil company, the Nigerian National Petroleum Corporation (NNPC), on Wednesday, February 10, 2016, that the Kaduna Refining and Petrochemical Company (KRPC) in Kaduna State has resumed production, ...

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MTN Nigeria Rolls Out New Mobile Authentication Service

MTN

MTN Nigeria in a bid to settle its problem with by the Nigerian Communications Commission (NCC) over violation of SIM Card registration directive is to provide LinqUs Mobile ID Platform to its estimated 70 million subscribers. The new service operated for MTN in SaaS mode by Gemalto Allynis Services would position MTN as the country’s foremost provider of secure digital ...

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Naira Drops To 313.5 As Dollar Shortage Persists

Naira-evens

The naira dropped further to 313.5 against the United States dollar at the parallel market on Tuesday as shortage of foreign exchange, especially the greenback, persists in the forex markets. The local currency had traded for 310 to a dollar on Monday.

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Etisalat Sues MTN Over Use Of Frequency In Nigeria – REUTERS

MTN and ETISALAT

Etisalat Nigeria has filed a court case against rival MTN over the use of a new frequency band which MTN acquired when it bought internet provider Visafone, it said on Monday. South Africa’s MTN bought the privately held Nigerian firm Visafone last month to improve its broadband services in its biggest market, giving it access to the use of 800 ...

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EITI May Suspend Nigeria Over Audit Reports

NEITI

The global Extractive Industries Transparency Initiative on Monday declared that there was a high probability of suspending Nigeria’s membership of the body, because the country had failed to meet the deadline to publish the 2013 audit reports for its extractive sector due to the absence of a board to approve the already completed reports. This is coming as the Nigeria ...

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MTN Must Pay Fine, Says Government

MTN

Mobile giant MTN must pay substantial part of the N780billion fine imposed on it for subscriber identity module (SIM)registration guideline infractions before any out of court settlement could honoured, the Federal Government said yesterday. The Minister of Communications and Technology, Mr. Adebayo Shittu, said the telco violated extant laws for which it accepted responsibility and wrote a letter of apology, ...

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CBN Backs Real Sector With N1.3tn

Godwin Emefiele, CBN Governor

The Central Bank of Nigeria says it has supported the real sector of the economy to the tune of over N1.3tn as part of its efforts to tackle the challenges facing the economy. The support, according to the CBN, includes the N300bn Real Sector Support Facility; N220bn Micro-Small and Medium Enterprises Development Fund; N75bn Nigeria Incentive-Based Risk Sharing System for ...

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Dangote Slashes Cement Price

Dangote Cement

As a result of its economy of scale occasioned by the recent introduction of new production lines in Okpella Edo State and Itori in Ogun State worth nine million  metric tonnes, Dangote cement has slashed the price of its cement varieties. In a statement, the firm stated that the price cut from N1800 to N1300 was to ensure the product ...

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Nigerian Refineries Receive 9.5m Barrels Of crude In 2015

Seplat Petroleum Company

At a period refining operations averaged 26 per cent, three of Nigeria’s five refineries received about 9.5 million barrels of crude oil in 2015, but processed about 7.2 million barrels, data from the Ministry of Petroleum Resources have shown. This leaves a shortfall of about 2.3 million barrels that were not processed, which the Nigerian National Petroleum Corporation, NNPC, said ...

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Bank Customers Kick Against Current Account Maintenance Fee

Godwin Emefiele, CBN Governor

Bank customers have kicked against the introduction of Current Account Maintenance fee by the Central Bank of Nigeria, saying that this amounts to legalising illegality. Speaking under the aegis of Bank Customers Association of Nigeria (BCAN), bank customers said that the implementation of the fee will erode the confidence bank customers have in CBN as an unbiased regulator; Affect negatively ...

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Dangote To Construct New Cement Plants In Itori, Okpella

Dangote

Dangote Cement Plc has announced that it will be building new cement plants in two communities in the country. The new plants are expected to add 9 million metric tonnes per annum (mmtpa) to the company’s current local output of 29.25mmtpa, raising it to a total 38.25mmtpa. The company stated that the communities in which it is setting up the ...

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NAICOM May Prosecute Ex-Directors, For Alleged Fraud In Goldlink

naicom1-e1446377591751

Following the allegations of fraud by KPMG against former directors of Goldlink Insurance Plc, the National Insurance Commission (NAICOM) may prosecute those indicted, The Nation has learnt. NAICOM on November 1, 2012 took over the management of Goldlink when it became clear that there were anomalies and misstatements in the audited financial statements of the company for the year ended ...

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‘Nigeria Can Generate N5tr Yearly From Solid Minerals’

Fayemi

Nigeria can generate at least N5 trillion annually from mining and exporting of its vast solid mineral deposits, with several multiplier effects on job creations, state development and social infrastructure that could make the solid minerals sector as the main catalyst for the national development. At a press briefing at the weekend in Lagos, the Association of Metal Exporters of ...

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Manufacturing Sector To Grow By 5% In Four Years –MAN

MAN

THE Manufacturers Association of Nigeria, (MAN) says it expects Nigeria’s manufacturing sector to grow by 5 percent per annum within the next four years. MAN is currently collaborating with Manufacturing Partnerships for African Development (MPAD) to hold an Expo in Lagos, next month, where it hopes to meet thousands of industry experts as a way of realizing that dream.

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Sanusi: Buhari’s Forex Policy Encourages Corruption

Sanusi

Muhammad Sanusi II, the emir of Kano and the immediate past governor of the Central Bank (CBN), says President Muhammadu Buhari’s endorsement of the CBN foreign exchange policy encourages corruption. Lauding Buhari’s removal of “wasteful and corrupt fuel subsidies”, Sanusi said the current forex policy endorsed by the president encourages similar rent seeking and corruption which trailed the subsidy regime.

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Banks Threaten E-Dividend Registration, Says SEC

SEC

THE Securities and Exchange Commission (SEC) has raised the alarm that banks are threatening the success of the e-dividend registration launched to have unclaimed dividends paid to investors. It was gathered that the SEC has evidence that some banks were charging as high as N1,050 to stamp and sign the e-dividend forms that would allow investors migrate from the old ...

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Twelve Million Nigerian Motorists Carry Fake Insurance Papers

Vehicles-on-a-Lagos-road

Only about 4.3 million of the vehicles plying Nigerian roads have valid insurance certificates. Most motorists are endangering the lives of other road users by driving vehicles on Nigerian roads without appropriate insurance certificates, investigation has revealed.

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States’ External Debt Rose By N270bn In Five Years – Debt Management Office

Adeosun

The 36 states of the federation and the Federal Capital Territory grew their external debts by $1.37bn (N270bn at the current interbank exchange rate of N197 to a dollar) in five years, investigation has shown. Statistics obtained from the Debt Management Office on Sunday showed that the external indebtedness of the subnational governments as of December 31, 2010 stood at ...

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Federal Government To Raise $5bn Via Eurobond, Others To Plug Budget Deficit

Adeosun

THE Minister of Finance, Mrs. Kemi Adeosun, has said that the Federal Government would raise about $4.5 billion from multiple external sources, including the Eurobond market, to plug its budget deficit. The Minister speaking over the weekend at the KPMG CFO Forum held at Eko Hotel in Lagos said the aim was to overcome the country’s worst economic crisis in ...

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Nigeria-China Trade Hits $13 billion – Diplomat

Chinese-President-Xi-Jinping-300x200

China has revealed that its trade volume with Nigeria exceeded $13 billion in 2015, making Africa’s biggest economy one of Beijing’s main trading partners on the continent. The Chinese Ambassador to Nigeria, Mr Gu Xiaojie, told a reception marking 45 years of diplomatic relations between the two countries in the Nigerian capital on Saturday that Beijing and Abuja had strengthened ...

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Stanbic IBTC Pension’s Assets Hit N1tr

stanbic ibtc

Stanbic IBTC Pension Managers Limited, a Pension Fund Administrator (PFA), has recorded over N1trillion worth of assets in 10 years, the Chief Executive of the company, Eric Fajemisin has said. In a statement in Lagos, he said the company has emerged as Nigeria’s leading PFA with over one million retirement savings account holders under management.

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OPEC Meeting: Oil Rises Above $35/b

OPEC

Oil extended a rally above $35 a barrel this week, adding to the previous session’s 7 per cent jump, as support from a weaker dollar offset concern about ample supply and record-high U.S. inventories. Crude rebounded from an earlier decline after an Iranian official was quoted as saying Tehran supported a meeting between OPEC and other oil producers – raising ...

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Tomato Paste Importers Seek Review Of Forex Policy

tomato paste

Some importers have called on the Federal Government to review the Central Bank of Nigeria forex policy banning them from accessing foreign exchange from the official window just as indigenous producers are saying that the restriction is a welcome development in restoring agriculture as the main stay of the economy. Labour union officials in some of the local tomato processing ...

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O’odua Group: New Dawn For Regional Economy As Lagos Gets Listed

oodua

THE O’odua Investment conglomerate with an asset base worth over N70b, may have acquired the Lagos State Investment Company, Ibile Holdings Ltd., with the recent admission of the latter into the corporation. Lagos State was admitted into the business group as part of an agenda to integrate states in the Southwest geo-political zone economically, socially and culturally.

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