1. CBN introduces form X for SMEs requiring basic FX documentation
2. Post-TSA, banks reap big from Savings Deposit Mobilisation
3. Nigeria gets $150m credit for mining sector
4. CBN denies knowledge of Ikoyi loot
5. Oil production to increase despite multilateral production cuts—IEA
6. Oil prices drop as US pumps more
7. NNPC didn’t remit $81.2bn in four years – Reps’ panel
8. Dangote will be largest exporter of rice in 5 years – AfDB
9. States fail to access N65 billion UBEC funds
10. Dogara canvasses shift in proposed 2018 census
CBN Introduces Form X For SMEs Requiring Basic FX Documentation
As part of its objectives to increase foreign exchange liquidity and make it accessible to small and medium enterprises (SMEs) and other retail businesses, the Central Bank of Nigeria (CBN) has introduced the use of Form X for SMEs that require basic documentation. Confirming this in a statement on Monday, CBN spokesman, Mr. Isaac Okorafor, said the innovative measure is meant to ease the bottlenecks associated with documentation usually encountered by this category of businesses.
Post-TSA, Banks Reap Big From Savings Deposit Mobilisation
The full year 2016 audited results of 11 Nigerian banks have shown a significant shift towards savings deposit mobilisation by the financial institutions, reflecting the adjustment in their business strategies following the withdrawal of public sector deposits to the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). The results of the banks reviewed by THISDAY showed that their savings account deposits increased by 31 per cent to N2.164 trillion in 2016, compared to N1.649 trillion in 2015.
Nigeria Gets $150m Credit For Mining Sector
The Federal Nigeria and the World Bank Group are to meet this week in Washington D.C., United State (U.S.) to discuss and possibly conclude operational terms on the power sector recovery plan. Power, Works & Housing Minister Babatunde Fashola is billed to lead key officials in his ministry and that of the Office of the Vice President to the meeting which is expected to hold on the sidelines of the annual World Bank/International Monetary Fund (IMF) spring meetings.
CBN Denies Knowledge Of Ikoyi Loot
The Central Bank of Nigeria (CBN) has washed its hands of the controversial N15 billion Osborne Towers, Ikoyi, Lagos cash haul.
CBN spokesman Isaac Okorafor told The Nation that the apex bank did not know the source of the money. Okorafor said the CBN issues serial currencies to banks which are at liberty to give such currencies to their clients. “I do not know the source of the money; we (CBN) only issue currencies to banks which then transmit the currencies to their customers,” Okorafor said.
Oil Production To Increase Despite Multilateral Production Cuts—IEA
THE International Energy Agency, IEA said that higher oil prices mean more production from the United States, leaving the global market with more oil than last year. “Even after taking into account production cut pledges from the eleven countries that are not members of the Organisation of Petroleum Exporting Countries, OPEC, unplanned outages in Canada as well as in the North Sea, we expect production will grow again on a year-on-year basis by May,” the IEA noted in its report.
Oil Prices Drop As US Pumps More
Crude oil fell slightly yesterday on signs that the United States is continuing to add output largely counteracting the Organisation of Petroleum Exporting Countries, OPEC, efforts to cut production. Cost of the United States light crude oil decreased $0.43 to stand at $52.75, while price of the Brent crude oil fell $0.46 to trade at $55.43. U.S. drillers last week added rigs for a 13th straight week, bringing it to its highest in roughly two years.
NNPC Didn’t Remit $81.2bn In Four Years – Reps’ Panel
The House of Representatives believes that the Nigerian National Petroleum Corporation did not remit a total of $81.2bn crude oil proceeds to the Federation Account in four years. Its ad hoc committee, which is investigating the alleged export of $17bn worth of undeclared crude oil and gas resources, has demanded explanations from the corporation.
Dangote Will Be Largest Exporter Of Rice In 5 Years – AfDB
President of African Development Bank (AfDB), Akinwumi Adesina, has predicted that business mogul, Aliko Dangote, may become the largest exporter of rice globally in the next five years. He said Africa must focus on agriculture to drive growth and create jobs on the continent. The former minister of Agriculture in Nigeria who spoke at the Mo Ibrahim Forum in Morocco at the weekend recalled that when he (Adesina) was minister, Dangote was the biggest importer in the country at the time.
States Fail To Access N65 Billion UBEC Funds
Despite the clamour for improved funding of the education sector, about N65. 580 billion Universal Basic Education (UBE) grant is yet to be accessed by the 36 states as at March 2017. Also, an additional sum of N2. 312 billion Special Education Fund (SEF) set aside for children with special needs across the states lay dormant in the coffers of the commission. Former President Olusegun Obasanjo kicked off the UBE scheme on September 30, 1999 in Sokoto State, as part of his strategy to achieve Education for All (EFA) and the education-related Millennium Development Goals (MDGs).
Dogara Canvasses Shift In Proposed 2018 Census
The Speaker of the House of Representatives, Mr. Yakubu Dogara, yesterday canvassed a shift in the proposed 2018 census in the interest of the country. The Speaker in a statement in Abuja, yesterday, explained that his position was premised on the need to avoid the politicization of the outcome of the headcount, which had been a source of dispute between the northern and southern part of the country in the past. Dogara who bared his mind on the issue enjoined those pushing for the head count in 2018 to exercise patience till after 2019 elections when there will be no political pressure to manipulate its outcome.
