CBP Business News Headlines – Friday, July 08, 2016
Global
oil benchmark, Brent crude, fell by five per cent to a two-month low on
Thursday after the United States government reported a weekly crude draw
within analysts’ forecasts, disappointing market bulls who had expected
larger declines. Brent, against which half of the world’s oil is priced, was
down by $2.35 to $46.45 per barrel as of 7:35pm Nigerian time. The session
low was $46.27, the lowest since May 11, according to Reuters… Read More...
An
American firm, GO EB5 Investment for Green Card, is wooing entrepreneurs from
Nigeria who have money to invest and desire to secure a future for their
families in the United States with a promise of American green cards. A
statement by the Director of Investment Relations at the Chicago branch of
the firm, Jessica Carrillo, called on entrepreneurs with $500,000 and above
to invest in different fields of the US economy and secure a future for their
families… Read
More...
ABCON to
partner CBN on flexible forex policy
The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, says the association is ready to partner the Central Bank of Nigeria to sensitise its members on the newly-introduced flexible foreign exchange policy. He said ABCON believed the new forex regime would achieve its objectives if carefully and effectively implemented… Read More...
The
over 25 foreign airlines flying into Nigeria have lost a combined sum of
$240m (N67.2bn) following the adoption of a new foreign exchange policy by
the Central Bank of Nigeria, investigations by our correspondent have
revealed. The International Air Transport Association, the global trade
body for about 260 airlines, had in May put the unremitted ticket sales
proceeds in Nigeria by international airlines at $600m… Read
More...
Despite
the economic crunch of 2015, the total advertising spend in the country rose
to N97.9bn last year, according to the 2015 Mediafacts, which was released on
Thursday. Mediafacts is a key media resource for marketing professionals
in West and Central Africa, which is produced annually by mediaReach OMD, a
specialist company that provides media planning, buying, control and… Read
More...
Hope is
fading gradually and steadily for Nigerians looking to become home owners
through mortgage, as loans and advances from primary mortgage banks (PMBs)
have declined, limiting access through that window considerably. The Nigeria
Deposit Insurance Corporation (NDIC) says loans and advances extended by
these PMBs declined by a steep 31.87 percent to N168.96 billion in 2015… Read
More...
The
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)
said on Thursday it had begun a gradual withdrawal of workers from the
offshore loading bays and flow stations’ in the oil and gas industry. This
comes as a meeting called for Thursday, among Chris Ngige, minister of labour
and employment; Ibe Kachikwu, minister of state for petroleum and the
leadership of PENGASSAN, to discuss concerns raised by labour and other
lingering issues in the… Read
More...
The
Presidency yesterday denied alleged secret recruitment of children and
cronies of government functionaries at the Central Bank of Nigeria (CBN),
Federal Inland Revenue Service (FIRS) and other agencies and parastatals of
government, describing such reports as “inaccurate”.
This is even as it gave reasons behind the exclusion of the private sector in the current Economic Management Team (EMT) headed by the Vice President, Yemi Osinbajo, saying the President Muhammadu Buhari administration considers managing the economy its responsibility. Recent media reports had alleged that cronies of officials of the present government including President Muhammadu Buhari and his vice, are being secretly employed in government agencies described as lucrative… Read More...
The
Federal Government has urged China to reduce the 5 per cent tariff placed on
Nigeria’s agricultural exports to the country. This is as the current trade
between the two countries averaged $5.9 billion in the last five years. The
volume of trade between the two countries rose from $6.37 billion in 2009 to
$14.94 billion in 2015 due to China’s increased investment in a number of
sectors. Minister of Budget and National Planning, Senator Udoma Udo Udoma,
said this at the 6th session of the Economic Trade and Technical Cooperation
Joint Commission held between Nigeria and China in Abuja recently… Read
More...
Prince
Rotimi Ogunleye, Lagos State Commissioners for Commerce, Industry and
Cooperatives, has big plans for Miro, Small and Medium Enterprises operating
in the state. He restated state government’s commitment to make Lagos the
business hub of the country which would be achieved with massive incentives
to entrepreneur. Ogunleye also spoke on the benefit of the recent trade fair
held for Micro, Small and Medium Enterprises, noting that this was the time
to put MSMEs on the forefront of the state economy. Excerpt… Read
More...
The
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)
yesterday said it did not hold any meeting with representatives of the
federal government over its planned national strike, saying the industrial
action will go ahead. PENGASSAN stated in Abuja that
no meeting was held yesterday between it and the government at the instance
of the Ministries of Petroleum Resources and Labour and Employment as… Read More...
After
ten months under the stewardship of Dr. Ibe Kachikwu as the Group Managing
Director of the Nigerian National Petroleum Corporation (NNPC), the state-run
oil firm finally turned the corner, reporting an operating profit of N273.74
million for the month of May and reversing the losses of N35 billion made by
NNPC over the last 15 years. A copy
of NNPC’s monthly financial and operations management report obtained
exclusively by THISDAY yesterday showed that… Read
More...
The
Nigeria Civil Aviation Authority (NCAA) has directed domestic airlines to
increase the fares payable on air tickets to ensure safe and efficient
services to air travelers.
Specifically, the NCAA, which is the regulatory body for aviation in Nigeria, urged the airlines to make sure that airfares are in tandem with cost of operation, factoring in the high prices of aviation fuel, charges and other expenses incurred by providing service to passengers… Read More...
As
Nigeria continues to grapple with the problem of Boko Haram insurgency, the
federal government has been urged to adopt stringent measures to resolve the
security issues, which have adversely affected the economy. A financial
expert, Professor Godwin Chigozie Okpara made the call during the 22nd
inaugural lecture he delivered at the Abia State University, Uturu (ABSU). He
observed that “insurgency distorts the flow of the economy” hence the urgent
need to tackle it… Read More...
For the
first time on Thursday, the presidency addressed the non-inclusion of the
private sector in the federal government’s Economic Management Team headed by
Vice-President Yemi Osinbajo, as was the case in the Goodluck Jonathan
administration, stating that the decision was taken to prevent conflicts of
interest. It equally denied reports alleging secret recruitment of children
and cronies of government functionaries at the Central Bank of Nigeria (CBN),
Federal Inland Revenue Service (FIRS) and other agencies and parastatals of
government, saying that the reports were “inaccurate”… Reda More...
THE
Transmission Company of Nigeria, TCN, has vowed to avert future system
collapse in the power sector with adequate measures put in place to enhance
improved service delivery to electricity distribution companies and consumers
in the country. This was stated in a communiqué by top management of TCN at
the one-day management retreat, with theme, ‘’The Way Forward,” in Abuja,
where vital issues affecting the sector were considered and… Read
More...
The
National Pension Commission (PenCom) is pushing for companies that
employ a minimum of three staff to disclose evidence of compliance with the
Contributory Pension Scheme, CPS, as mandated by the Pension Reform Act (PRA)
2014 in their financial statements. The move became necessary as the task of
implementation of the PRA 2004 and later PRA 2014, especially within a
developing economy like Nigeria, is a daunting one… Read
More...
THERE are
indications that prices of kerosene and diesel may further go up following
acute dearth of the products, as marketers yesterday blamed the scarcity and
hike prices of the products to unavailability of foreign exchange, FOREX,
unpaid debts by Federal Government and other government’s harsh
policies. The prices of the products have already gone up as kerosene is sold
between N180 and N200, while diesel is sold between N150 and N187 depending
on the retail outlet… Read
More...
Ghanaian
President, John Mahama, has blamed intermittent power cuts in his
country on delays in delivery of crude oil from Nigeria to power thermal
plants due to the activities of Niger Delta Avengers, NDA, which had been
blowing up oil and gas pipelines in the Niger Delta. Mahama’s lamentation came
as the NDA, yesterday, blew up three Chevron Nigeria Limited manifolds at
Diogbolo… Read
More...
The
three-day public holiday declared by the Federal Government in an economy
inching closer to recession, will cost the country N138 billion by the time
activities resume today.
Reason:
There were scheduled treasury bills auction estimated at N94 billion, as well
as N44 billion treasury bills maturity for the week, which the unusual
straight three-day have put off. The monetary policy
measures were expected put liquidity into the system in the week, with the
auction component helping to taper its effect on money market rates… Read More...
The
Federal Government has taken a bold step towards establishing a national
carrier in the maritime sector to further exploit the opportunities in the
industry. Already, the Minister of Transportation, Rotimi Chibuike Amaechi
has inaugurated an implementation committee for its establishment. This is
coming as the National Association of Government Approved Freight Forwarders
(NAGAFF) threw its weight behind… Read More...
Nigeria’s
electricity generation, on Wednesday, increased from the 2,524.2 Mega Watts
(MW) it recorded during the first week of July to 3,032.7MW, which is a far
cry from the 17,720MW national peak demand forecast for the country. The
Nigeria Electricity System Operator, which made this known its latest
operational report of July 5, 2016, noted that the country’s lowest
generation as at July 4 increased from the 60.5mw to 2,285mw… Read More...
After a rise in headline,
Nigeria’s economy may be entering an era of disinflation or declining rates
of inflation, with June figure expected to decline to 15.5 per cent from 15.5
per cent in May. Managing Director, Financial
Derivatives Company Limited, Bismarck Rewane, who disclosed this, said: “We
are projecting inflation in June to drop from 15.6per cent to 15.5 per cent.
If this estimate turns out to be accurate, it will raise some fundamental
questions as to the direction of inflation… Read More...
The Federal Government has vowed
to eliminate child labour. The Minister of Labour and Employment Senator
Chris Ngige, said the Buhari administration has renewed its commitment to
promoting internationally recognised Child Labour Rights. At an event marking the World Day Against Child Labour, Ngige
said: “I want to use this opportunity to express and renew our commitment to
promoting internationally recognised Child Labour… Read More...
Organised labour in Edo State has
called on other governors to emulate their Edo State counterpart Adams
Oshiomhole on workers’ welfare. A joint
statement signed by Nigeria Labour Congress (NLC) and Trade Union Congress
(TUC) chairmen, Comrades Emmanuel Ademokun and Marshal Ohue described
Oshiomhole as a pace setter who should be emulated for increasing workers’
salary without agitation, especially at a time when many governors
could not pay salaries… Read More...
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