Top News Update 12/06/2017
1. CBN to sell N1.24tr Treasury Bills in three months
2. Spends N3.7bn On Homegrown School Feeding In 9 States
3. Forte Oil plans N20bn capital via equity raising
4. Paris-London Club Refund: NGF Resolves To Conclude Payment Of Consultants
5. China To Establish Transport University In Nigeria – Amaechi
6. Dubai conglomerate to invest in Arik Air
7. Pipeline vandalism increases by 92%
8. NSE , Bloomberg set to host CEO Roundtable
9. IOCs: Survey ranks Chevron lowest in Nigerian Content index
10. ‘Oil price’ll hit $51 per barrel’
CBN To Sell N1.24tr Treasury Bills In Three Months
The Central Bank of Nigeria (CBN) plans to sell N1.24 trillion ($4.1 billion) worth of treasury bills (T-bills) from June 15 to August 31, the regulator’s debt calendar for the third quarter has shown. The bank aims to auction N226.64 billion in 91-day bills, N311.32 billion in 182-day and N698.64 billion in 364-day debt. The ape bank sells treasury bills twice a month to help fund the government’s budget deficit and support commercial banks in managing liquidity. Nigeria, grappling with its first recession in 25 years after a slide in global oil prices and due to the impact of attacks on energy facilities in the Niger Delta, has set out a budget plan worth N7.44 trillion for this year.
Spends N3.7bn On Homegrown School Feeding In 9 States
A total of N3, 770, 688, 144 have been released for the feeding of 1, 287, 270 school children in nine states under the HomeGrown School Feeding Programme (a Social Investment Programme) of the Buhari presidency. In a statement by the spokesman of the acting president, Laolu Akande,said the benefiting states comprising Anambra, Enugu, Oyo, Osun, Ogun, Ebonyi, Zamfara, Delta and Abia at the last count have received various sums in tranches while 14, 574 cooks have been engaged in the communities were the schools are located.
Forte Oil Plans N20bn Capital Via Equity Raising
Forte Oil Plc has disclosed plans to raise N20 billion capital by way of equity out of the N100 billion approved by the shareholders at its Annual General Meeting, AGM, to boost its operations. Executive Director and Group Chief Financial Officer, Mr. Julius Omodayo-Owotuga, who disclosed this to newsmen in Lagos said, “We have commenced preparation to raise additional capital as we see opportunities, we continue to explore them and raise money in tranches. There are a lot of foreign interests in our company. So when the Foreign Exchange problem started it affected us as most of them offloaded our shares and the market price was affected, but since the Nigeria Autonomous Foreign Exchange, NAFEX came on board, there has been rally on our shares gradually.
Paris-London Club Refund: NGF Resolves To Conclude Payment Of Consultants
The Nigerian Governors’ Forum (NGF) has agreed to pay all the outstanding fees it is owing consultants over the payment of the Paris-London Club loan refunds to the states. The resolve by the NGF over the pending fees was reached in Abuja at a meeting of the legal committee of the forum held at Plateau Government Lodge. At the meeting chaired by Governor Rotimi Akeredolu of Ondo State, it was learnt that the consultants to be paid include all those that were engaged by previous administrations across states.
China To Establish Transport University In Nigeria – Amaechi
The Minister of Transportation, Mr. Rotimi Chibuike Amaechi, has said his ministry is in talks with the government of China to establish a special university for Transportation. Amaechi who revealed this while briefing the Senate Committee on Local and Foreign Debts in Abuja said the university is not part of the agreement with China for the rail project loan. He further explained that he had to request for a training university so that Nigerians can learn and manage the rail transport business on its own without calling for aids from Chinese engineers all the time.
Dubai Conglomerate To Invest In Arik Air
A team of investors from Dubai, United Arab Emirates, has opened discussions with Nigerian shareholders in Arik Air with a view to investing in the distressed airline.“Shareholders of the airline have been meetings with other investors before getting a firm commitment with this Middle East-based conglomerate, which has its headquarters in Dubai,” the source said, adding that discussion between the Dubai investors and the shareholders of Arik Air would involve how to offset the debts owed the Asset Management Corporation of Nigeria (AMCON) and other creditors.
Pipeline Vandalism Increases By 92%
The number of Pipeline sabotage in the country has increased to 94 downstream pipelines vandalized points in March from 49 in February, representing 92 percent increase, latest statistics from the Nigerian National Petroleum Corporation (NNPC) has shown. The increase in activities of vandals is contained in the March 2017 edition of the monthly Financial and Operations Report of the Nigerian National Petroleum Corporation (NNPC), released in Abuja at the weekend. This represents over 91 per cent increase relative to the previous months despite Federal Government’s and the NNPC’s continuous engagement with the stakeholders. It was however, a noticeable improvement compared to corresponding period of March 2016 which posted 259 cases.
NSE , Bloomberg Set To Host CEO Roundtable
The Nigerian Stock Exchange has said it will collaborate with Bloomberg in a roundtable discussion in order address topical issues, alignment of the economic recovery plan and road map to insulate the Nigerian economy from the shocks that come with it. In a statement made available to newsmen recently in Lagos, Chief Executive Officer, NSE, Oscar Onyema, said that the Nigerian economy had begun to manifest its potential in rebounding out of recession, it will partner with Bloomberg to provide solutions, adding that dialogues centered around innovation and diversification of the economy ought to be sustained.
IOCs: Survey Ranks Chevron Lowest In Nigerian Content Index
Chevron Nigeria Limited has been ranked lowest in order of commitment to Nigerian Content among six International Oil Companies (IOCs) operating in Nigeria. According to the survey report made available by the facilitator, Borderless-Company Limited by Guarantee- A Nigerian Content Advocacy Group, ‘Looking Back, Looking Forward’ Survey and Nigerian Content Development Perception Index (NCPDI) is to raise awareness and promote greater commitment towards Nigerian content development. The report signed on behalf of Borderless by Mr. Dotun Adebayo, said the survey generated feedback from a cross-section of indigenous oil and gas companies on how the Nigerian content Act can be better implemented.
‘Oil Price’ll Hhit $51 Per Barrel’
Nigeria’s Brent crude price will increase by between $2 and $3 per barrel in the coming weeks, on the back of stable demand and low volatilities, a report by the global oil research firm S&P Global Platts, has predicted. This implies that crude oil price, which stood at $48.27 per barrel, last week, would increase to $51 per barrel or more, signalling a good omen for Nigeria, which depends on crude oil for its fiscal responsibilities. Brent crude was $48.27 per barrel last week, down $1.85, or 3.7 percent, from its $50 per barrel price.