FINANCIAL AND ECONOMIC NEWS
https://globaleconomic-trendsanalysis.blogspot.com/2017/05/financial-and-economic-news_49.html
Hello,
Here are some of the top business & economy & political stories in Nigeria today 22nd of May 2017.
1. The Central Bank of Nigeria (CBN’s) February report shows that the nation’s Deposit Money Banks suffered a 0.53 per cent decline in value by the end of February this year, just as the industry’s assets and liabilities settled at N32.1 trillion. The lost value, which is about N170.2 billion, showed a sharp contrast from about N32.29 trillion in January. This indicates how much the ongoing recession, increasing non-performing loans and declining Capital Adequacy Ratio are impacting the net-worth of the sector. Link
2. The cost of producing a barrel of oil in Nigeria at over $20 is very high and uncompetitive compared with what other oil-producing countries, the Group Chief Executive Officer of Oilserv Limited, Mr. Emeka Okwuosa, has said. He said oil production at above $20 per barrel couldn’t be profitable with appropriate cost management. He lamented that the cost of production per barrel in Nigeria is very high at above $20. Link
3. Today’s Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) meeting will push for exchange rates convergence and the shoring up of the naira’s value. Link
4. The government could generate over N12 billion from the commercial cultivation and export of yellow pepper in the next five years, the Managing Director and Chief Executive Officer of ABX World Nigeria Limited, Captain John Okakpu, has said. He added that the cultivation of yellow pepper fits into the government strategic agricultural promotion programme (APP), otherwise known as the Green Alternative ( 2016 – 2020). Link
5. For frequent borrowing from the Central Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017. Although some of the lenders kept their excess cash at CBN’s Standing Deposit Facility (SDF) within the period under review, others, including merchant banks continued to access the Standing Lending Facility (SLF). Link
6. The design and other requirements needed for the reconstruction of the Apapa road in Lagos State are ready, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. He also reiterated that the Apapa area was a priority to the Federal Government under the ministry’s programme to solve the issue of roads leading to critical ports in the country, adding that the amount needed to reconstruct the road was N100bn. Link
7. The Federal Government, the 36 states of the federation and the 774 local government areas have so far shared N1.4tn from the Federation Account, being revenue generated in the first quarter of this year. The total revenue shared in January by the three tiers of government was N430.16bn, with the Federal Government taking N168bn; states, N114.28bn; and local governments, N85.4bn. The federation grossed in N514bn in February and Federal Government’s share was N200.6bn; states, N128.4bn; and local governments, N96.52bn. However, in March, revenue generation dipped, grossing N466.9bn, from which the Federal Government got N180.5bn; state governments, N116.5bn; and local governments, N87.5bn. Link
8. In a bid to eliminate some bottlenecks in the nation’s capital market, the Securities and Exchange Commission, SEC, has commenced moves to ensure that the process of issuing new shares is completed within three to four weeks and at less cost to the issuers. Link
9. Medview Airline Plc has clarified the European Union (EU)’s operational restriction, which the public had misunderstood as a total ban on its United Kingdom operations. The airline in a statement signed by its Executive Director, Business Development and Commercial, Mr Isiaq Na’Allah said that the airline’s operations to London was in no way affected by the ban and had since been operating with her wet-leased aircraft. He explained that the ban fell under an exception rule in EASA, Annex A, where it states that “Air carriers listed in Annex A could be permitted to exercise traffic rights by using wet-leased aircraft of an air carrier, which is not subject to an operating ban”. Link
10. The Ebonyi State Governor, David Umahi, has paid N110m as counterpart fund for the Fadama III Additional Financing project of the Federal Government. A statement on Sunday said the N110m paid by Umahi was for 2015, 2016 and 2017. Link
11. The Federal Government has spent about N9tn on oil subsidy in the last 10 years, the Executive Director and Chief Financial Officer, Oando Plc, Mr. Femi Adeyemi, has said. He therefore advised the Federal Government to drop oil subsidy in order to enhance infrastructural development and economic growth. Link
12. The Federal Government is to seek alternative to recharging the Lake Chad basin through inter basin water transfer from Congo basin, a project that has been estimated to cost 15 billion dollars. The decision of the government to seek an alternative to save the basin is due to the high cost of the inter basin water transfer which a feasibility study had shown would cost about 15 billion dollars. Link
13. The Kano State House of Assembly on Monday stopped the investigation on the Emir of Kano, Muhammadu Sanusi II, over allegations of misappropriation of funds belonging to Kano Emirate Council. Link
14. Minister of state for Petroleum Resources Dr. Ibe Kachikwu said he will quit from the government if he fails to deliver on the promise to end fuel importation in Nigeria by 2019. Link
15. The Court of Appeal has fixed July 5, 2017 to hear the appeal filed by the wife of ex-President Goodluck Jonathan to challenge the interim order of the Federal High Court in Lagos which temporarily froze her Skye Bank account with a balance of $5.9m. Link
Here are some of the top business & economy & political stories in Nigeria today 22nd of May 2017.
1. The Central Bank of Nigeria (CBN’s) February report shows that the nation’s Deposit Money Banks suffered a 0.53 per cent decline in value by the end of February this year, just as the industry’s assets and liabilities settled at N32.1 trillion. The lost value, which is about N170.2 billion, showed a sharp contrast from about N32.29 trillion in January. This indicates how much the ongoing recession, increasing non-performing loans and declining Capital Adequacy Ratio are impacting the net-worth of the sector. Link
2. The cost of producing a barrel of oil in Nigeria at over $20 is very high and uncompetitive compared with what other oil-producing countries, the Group Chief Executive Officer of Oilserv Limited, Mr. Emeka Okwuosa, has said. He said oil production at above $20 per barrel couldn’t be profitable with appropriate cost management. He lamented that the cost of production per barrel in Nigeria is very high at above $20. Link
3. Today’s Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) meeting will push for exchange rates convergence and the shoring up of the naira’s value. Link
4. The government could generate over N12 billion from the commercial cultivation and export of yellow pepper in the next five years, the Managing Director and Chief Executive Officer of ABX World Nigeria Limited, Captain John Okakpu, has said. He added that the cultivation of yellow pepper fits into the government strategic agricultural promotion programme (APP), otherwise known as the Green Alternative ( 2016 – 2020). Link
5. For frequent borrowing from the Central Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017. Although some of the lenders kept their excess cash at CBN’s Standing Deposit Facility (SDF) within the period under review, others, including merchant banks continued to access the Standing Lending Facility (SLF). Link
6. The design and other requirements needed for the reconstruction of the Apapa road in Lagos State are ready, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. He also reiterated that the Apapa area was a priority to the Federal Government under the ministry’s programme to solve the issue of roads leading to critical ports in the country, adding that the amount needed to reconstruct the road was N100bn. Link
7. The Federal Government, the 36 states of the federation and the 774 local government areas have so far shared N1.4tn from the Federation Account, being revenue generated in the first quarter of this year. The total revenue shared in January by the three tiers of government was N430.16bn, with the Federal Government taking N168bn; states, N114.28bn; and local governments, N85.4bn. The federation grossed in N514bn in February and Federal Government’s share was N200.6bn; states, N128.4bn; and local governments, N96.52bn. However, in March, revenue generation dipped, grossing N466.9bn, from which the Federal Government got N180.5bn; state governments, N116.5bn; and local governments, N87.5bn. Link
8. In a bid to eliminate some bottlenecks in the nation’s capital market, the Securities and Exchange Commission, SEC, has commenced moves to ensure that the process of issuing new shares is completed within three to four weeks and at less cost to the issuers. Link
9. Medview Airline Plc has clarified the European Union (EU)’s operational restriction, which the public had misunderstood as a total ban on its United Kingdom operations. The airline in a statement signed by its Executive Director, Business Development and Commercial, Mr Isiaq Na’Allah said that the airline’s operations to London was in no way affected by the ban and had since been operating with her wet-leased aircraft. He explained that the ban fell under an exception rule in EASA, Annex A, where it states that “Air carriers listed in Annex A could be permitted to exercise traffic rights by using wet-leased aircraft of an air carrier, which is not subject to an operating ban”. Link
10. The Ebonyi State Governor, David Umahi, has paid N110m as counterpart fund for the Fadama III Additional Financing project of the Federal Government. A statement on Sunday said the N110m paid by Umahi was for 2015, 2016 and 2017. Link
11. The Federal Government has spent about N9tn on oil subsidy in the last 10 years, the Executive Director and Chief Financial Officer, Oando Plc, Mr. Femi Adeyemi, has said. He therefore advised the Federal Government to drop oil subsidy in order to enhance infrastructural development and economic growth. Link
12. The Federal Government is to seek alternative to recharging the Lake Chad basin through inter basin water transfer from Congo basin, a project that has been estimated to cost 15 billion dollars. The decision of the government to seek an alternative to save the basin is due to the high cost of the inter basin water transfer which a feasibility study had shown would cost about 15 billion dollars. Link
13. The Kano State House of Assembly on Monday stopped the investigation on the Emir of Kano, Muhammadu Sanusi II, over allegations of misappropriation of funds belonging to Kano Emirate Council. Link
14. Minister of state for Petroleum Resources Dr. Ibe Kachikwu said he will quit from the government if he fails to deliver on the promise to end fuel importation in Nigeria by 2019. Link
15. The Court of Appeal has fixed July 5, 2017 to hear the appeal filed by the wife of ex-President Goodluck Jonathan to challenge the interim order of the Federal High Court in Lagos which temporarily froze her Skye Bank account with a balance of $5.9m. Link
