1. CBN injects dollars to boost
2. Osinbajo takes over as Buhari goes to London for medical check-up
3. Economy in rebound: Leading firms in stock exchange post N1.74trn revenue
4. NSE loses N6.8bn within 78mins of Buhari’s first outing in weeks
5. 50,000 farmers to benefit from N20bn organic fertiliser project
6. World Bank boosts Abakaliki rice with financial aid
7. $5.1bn cash call arrears threaten Nigeria’s 40bn reserves target
8. NNPC: Oil Companies cut over 440,000 jobs
9. FIRS shuts Lagos, Owerri, Port Harcourt firms over tax debts
10. GSM operators lost 1.66m subscribers in March
CBN Injects Dollars To Boost
A plan by the Central Bank of Nigeria (CBN) to pump more dollars into the interbank foreign exchange (forex) market may shore up the value of the Naira against the dollar. The Naira appreciated marginally on all trading sessions at the interbank market, opening last week at N305.80/$1 and settling at N305.70/$1 at the end of the week.
Osinbajo Takes Over As Buhari Goes To London For Medical Check-up
President Buhari has traveled to London for a follow-up medical consultation. The President will leave for London tonight according to a statement by his Special Adviser to the President Media and Publicity, Femi Adesina. According to the statement, Buhari’s stay in London will be determined by his doctors and Vice President Osinbajo will take over the government in his absence.
Economy In Rebound: Leading Firms In Stock Exchange Post N1.74trn Revenue
On the side of recovery optimism, early corporate results for first quarter 2017 (Q1’17) from sector leaders in the Nigerian Stock Exchange, NSE, have indicated a real rebound may be underway in 2017. Financial Vanguard’s inquest into the reports turned in to the NSE for Q1’17, indicates general upbeat in turnover and Profit Before Tax, PBT, with companies drawn from various sectors of the NSE posting combined revenue of N1.74 trillion, representing 45 per cent increase against the N1.2 trillion reported in the corresponding period of 2016 (Q1’16).
NSE Loses N6.8bn Within 78 Mins Of Buhari’s First Outing In Weeks
The Nigerian Stock Exchange(NSE) lost N6.87 billion within the first 78 minutes of President Muhammadu Buhari’s first appearance in 14 days. At the close of business on Thursday, the market capitalisation stood at N9,045,302,101,604.97. When the market opened on Friday, the stock exchange gained N30.66 billion, rallying at N9,075,965,863,135.82 when the news of the president’s first public appearance in weeks, broke. Within the next 78 minutes from about 2:12pm to 3:30pm, the market shed N6,871,064,372.41 to close at N9,069,094,798,763.41.
50,000 farmers to benefit from N20bn organic fertiliser project
About 50,000 Nigerian farmers will benefit from Contec Global Agro Limited (CGAL) N20 billion investments on nontoxic, biodegradable and chemical free agricultural products. The agro company was set up using eco-friendly approach with innovative, organically beneficial micro-organisms and bio-resources plant-based molecules devoid of chemicals for seeds, plant health and soil reclamation. Executive Director of CGAL, Farida Adamu, said the company had designed a sustainable template to increase crop yields through production of only organic inputs for over 50,000 farmers in the country.
World Bank Boosts Abakaliki Rice With Financial Aid
To further boost food production in Nigeria, the World Bank, under its Growth and Employment (GEM) scheme, has provided business support for the production of Abakaliki rice. Under the arrangement, the World Bank is providing financial support to Ainotrans Energy, producers of Abakaliki rice, to enable it engage the services of vendors that will aid in carrying out its marketing drive. The World Bank GEM project is one of the economic empowerment initiatives of the present administration.
$5.1bn Cash Call Arrears Threaten Nigeria’s 40bn Reserves Target
For lack of a robust extractive industry roadmap, Nigeria’s hope of growing its crude and gas reserves to over 40 billion barrels in near future is fast turning into a day dream. Worried by this looming danger, petroleum industry stakeholders are now calling on President Muhammadu Buhari to put in place policies that can stimulate the oil and gas industry growth and subsequently increase the reserves. There have been concerns that Nigeria’s plan to increase crude oil reserves from 37 billion barrels to 40 billion barrels by 2020 would be a wishful thinkung unless vibrant policy framework to drive more investment in the extractive industry are implemented.
NNPC: Oil Companies Cut Over 440,000 Jobs
The Nigerian National Petroleum Corporation (NNPC) has stated that the current downturn in the oil and gas industry has forced the industry to cut 440,000 jobs globally since 2014. In a keynote address at the recent 10th Annual sub-Saharan Africa Oil & Gas Conference held in Houston, Texas, United States, NNPC’s Chief Operating Officer in charge of Ventures, Dr. Babatunde Adeniran said in addition to the job cuts, there were retirement of workers who started their careers in the 1970’s and 1980’s.
FIRS Shuts Lagos, Owerri, Port Harcourt Firms Over Tax Debts
A team from the Enforcement Department of the Federal Inland Revenue Service (FIRS) has sealed the office of Punz Limited, located at the Lekki Shopping Plaza, Lagos over tax debts of N20, 066, 940. The figure is for accrued debts in company income tax and VAT, after assessment from 2009 to 2013. Mrs. Anita Erinne, the team leader told the firm’s Chief Executive Officer, who claimed the debt figure was too high, that the firm’s auditors should go to the FIRS Ikoyi office to lodge complaints and make arrangements for liquidating the liability.
GSM Operators Lost 1.66m Subscribers In March
The Nigerian Communications Commission (NCC) says Global System for Mobile Communications (GSM) network operators in Nigeria lost 1.66 million subscribers in March. NCC said the active telecommunications service customers, which was 154,120,484 in February, declined to 152,467,198 in March 2017. A total of 151,999,197 of the 152,467,198 active numbers were subscribed to the Global System for Mobile Communications (GSM) network services. The GSM operators’ active customers decreased by 1,662,350 on the 153,661,547 subscribers recorded in February.