Black Market Bleeds As Dollar Drops Below N400/$
For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence.
Fitch Ratings Reinforces CBN’s Hints On Banking Industry
On the heels of the concern on the stability of the banking industry expressed by the Central Bank of Nigeria, CBN, after its Monetary Policy Committee, MPC, meeting last Tuesday, Fitch Ratings, a global financial and economic watchdog, has said that Nigerian banks will continue to face challenges this year, following an extremely difficult 2016.
Fidelity Bank to engage entrepreneurs on export businesses
Fidelity Bank Plc has disclosed plans to engage entrepreneurs in export business with educative sessions that would help them to grow their export businesses by way of diversifying and solving their foreign exchange challenges. The bank also pledged its commitment to help Small and Medium Scale Enterprises, SMEs, in Nigeria particularly, the South East, to grow the zone’s economy.
Lafarge Achieves 40% Use Of Alternative Fuels
With a record level of fuel flexibility at its Ewekoro I and Sagamu plants, the turnaround plan of Lafarge Africa Plc is yielding results. The cement manufacturer and building solutions provider announced in statement yesterday that its plants not only operate optimally but the company recorded a significant leap in profit after tax in the last quarter of 2016 On power supply, the statement said from 100 per cent dependence on gas and Low Pour Fuel Oil (LPFO), the company has achieved about 40 per cent use of alternative fuels.
Fed Govt To Halt Export Of Unprocessed Minerals
The Federal Governm is taking measures to check the export of unprocessed solid minerals, the Minister of Mines and Steel Development, Dr Kayode Fayemi, has said. Fayemi said the government is currently working with the Nigerian Customs Service (NCS) and other relevant agencies to achieve this goal as part of efforts to santise the industry.
NCDMB Benchmarks Deepwater Projects On Total, LADOL Record
The Nigerian Content Development and Monitoring Board, (NCDMB), has directed international oil companies (IOCs) and promoters of new deepwater projects in Nigeria to exceed the benchmark attained by Total Exploration and Production Nigeria Limited. Lagos Deep Offshore Logistics Base (LADOL), is fabricating and integrating part of Total Egina field’s floating production, storage and offloading (FPSO) vessel at its yard in Lagos.
‘Nigeria Has Capacity To Produce 2.2m bopd Without Bonga’
Nigeria will be able to produce 2.2million barrels of oil per day (bopd), even with the shutdown of Shell’s 225,000 bopd Bonga oil field and Forcados terminal, industry stakeholders have said. The stakeholders, including the Chief Operating Officer, First Exploration and Petroleum Company, Dr Saka Matemilola, and the Chief Executive Officer, Abuja Power Station, Mr. Jameel Jammal, said with sustainable peace in the Niger Delta, oil production will go up rapidly.
Zenith Bank Shareholders Okay N63.4bn Dividend
Shareholders of Zenith Bank Plc, yesterday, unanimously endorsed the final dividend of N55.573 billion, bringing the total dividend for the year ended December 31, 2016 to N63.422 billion. This represents a final dividend per share to shareholders at N2.02 from N1.77 per share declared in the corresponding period of 2015. The shareholders gave their approval at the Annual General Meeting (AGM) held in Lagos, saying that the management performed well given the harsh operating environment in the year under review.
OPEC Secretary Discusses Enhanced Cooperation With IEF
The Secretary-General of Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, has met with the Secretary- General of the Riyadh-based International Energy Forum (IEF), Dr. Sun- Xiansheng, to discuss enhancing fruitful cooperation between the two bodies. The meeting held at the OPEC Secretariat in Vienna, Austria, enabled the two bodies to discuss specific ways of deepening the strong relationship and shared activities. These included joint participation in various upcoming events and multilateral fora.
