Top News Update 01/06/2017
1. Equities Market Gains N1.3tn in May on Sustained Investor Confidence
2. Recession puts CBN’s financial inclusion target at risk
3. China advises Nigeria to tap into $43.5bn
4. NNPC moves to frustrate building of $160m modular refinery initiative
5. Nigeria loses $2.5b yearly to gas flaring -Senate
6. Multiple charges cost local airlines 65% revenue
7. Drug manufacturers want help for backward integration
8. Indonesia to buy more crude from Nigeria
9.Mobil Oil increases profit by 67%
10. ‘Moses can still win Africa Footballer of the Year Award’
Equities Market Gains N1.3tn In May On Sustained Investor Confidence
The Nigerian equities market posted record gains in the month of May, growing N1.285 trillion or 14.4 per cent by market capitalisation on sustained investor demand for Nigerian stocks. This came as oil prices fell to a three-week low wednesday on news that Libyan output was recovering from an oilfield technical issue, while sustained rise in Nigeria’s output was posing a challenge to efforts by the Organisation of Petroleum Exporting Countries (OPEC) to curb output.
Recession Puts CBN’s Financial Inclusion Target At Risk
The current economic challenges, which have led to massive job losses in some sectors of the economy, as well as closure of some businesses, are having a negative impact on the financial inclusion target of the Central Bank of Nigeria. This is one of the major outcomes of the third annual symposium of the Nigerian Microfinance Platform with theme, ‘Enhancing savings mobilisation through mobile money, agent banking and digital money’.
China Advises Nigeria To Tap Into $43.5bn
The government of the Peoples’ Republic of China has urged the Federal government of Nigeria to tap into its $43.5 billion fund to enhance the nation’s economic growth. This is even as the Chinese government increased its Belt and Road Initiative (BRI) Fund by 100 billion Yuan ($14.5 billion), following the global acceptance of the Initiative.
NNPC Moves To Frustrate Building Of $160m Modular Refinery Initiative
The termination of the construction of a modular refinery in Akwa Ibom state by Hi Rev Exploration and Production Company is sending conflicting signals to the oil and gas sector. It concerns the position of the Nigerian National Petroleum Corporation (NNPC) to frustrate the building of modular refineries in the Niger Delta to compete with its existing three refineries.
Nigeria Loses $2.5b Yearly To Gas Flaring -Senate
The Senate yesterday declared that Nigeria is losing $2.5 billion yearly to gas flaring. This is just as it began moves to enact a legislation to outlaw gas flaring in the country. At a public hearing on the Gas Flaring (Prohibition) Bill in the National Assembly, the Senate Committee on Gas Resources also lamented that gas flaring is creating so much health hazard.
Multiple Charges Cost Local Airlines 65% Revenue
Local airlines in the country have very slim chances of survival under the alleged current regime of multiple taxes. According to the airlines, sundry charges, under the guise of taxes and levies at airports nationwide, account for at least 65 per cent of revenue accruing to them. Apparently unable to pay the bills amidst other critical obligations that include maintenance, fuel and personnel, the airlines are more in financial distress with the attendant debt burden cumulatively estimated at N15 billion.
Drug Manufacturers Want Help For Backward Integration
With about N20 billion invested in upgrading their factories in the last five years, pharmaceutical manufacturers and companies in the country are seeking the Federal Government’s buy-in in a proposed backward integration plan expected to revamp the industry. Specifically, the operators want clarity and consistency in government’s policies as regards the sector as well as a new strategy for drug importation to enable them stay afloat and increase created jobs to one million direct and indirect staff.
Indonesia To Buy More Crude From Nigeria
Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, has said his country was interested in purchasing more crude oil from Nigeria. He stated this in Abuja when he paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, in Abuja. According to him, President, Joko Widodo, had instructed Indonesia National Oil Company, Pertamina, to direct its attention to Nigeria in its quest to meet that country’s surging energy needs.
Mobil Oil Increases Profit By 67%
Mobil Oil Nigeria Plc has recorded a profit after tax of N8.15 billion in 2016, representing a 67 per cent increase from the N4.87 billion earned in 2015. The Chairman/Managing Director of the company, Adetunji Oyebanji, who made this disclosure during Mobil’s yearly generally meeting in Lagos recently, attributed the increase to improved product margins and increased rental income from investment properties.
‘Moses Can Still Win Africa Footballer Of The Year Award’
Former Green Eagles winger, Adegoke Adelabu is optimistic that Super Eagles and Chelsea forward, Victor Moses can still be voted African Footballer of the Year despite seeing red in the Emirates FA Cup final against Arsenal at the weekend. Chelsea went a man down in the second half after Moses was shown two yellow cards – the second for simulation. The Blues, thereafter, lost the game 2-1 to spark series of controversies across the world that the Nigerian cost Chelsea the game.
