1. National Assembly passes N7.441 trillion 2017 Budget
2. Naira strengthens against dollar
3. Nigeria raises N110b bonds
4. Italian Govt applauds Intels investments in Nigeria
5. Ambode launches free public WiFi
6. Oando to take over Port Harcourt Refinery
7. Zenith Bank notifies investors of $500m Notes Issuance
8. Banks not in distress, says NDIC
9. Nigeria, UK trade volume to hit $4.5b
10. Unilever Nigeria declares N378 million dividend at 92nd AGM
National Assembly Passes N7.441 Trillion 2017 Budget
The 2017 budget was yesterday passed by the two chambers of the National Assembly—147 days after it was laid before them. President Muhammadu Buhari presented a N7.298 trillion estimate before the joint session on Deember 14, last year. But the lawmakers passed an estimate of N7.441 trillion, raisng the expected expenditure by N143 billion. The appropriation committees of both chambers presented the reports of the budget for consideration and the bill was passed with little complaints.
Naira Strengthens Against Dollar
The naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively.
Nigeria Raises N110b Bonds
The Federal Government on yesterday at an auction, raised N110 billion worth of bonds to mature in 2021, 2027 and 2037, the Debt Management Office (DMO) has said in Abuja. According to DMO’s auction result obtained from its website on Thursday, fewer bonds were sold at the auction than the N140 billion anticipated. It also said DMO sold N10 billion of 2021 paper at 16.30 per cent, N35 billion of 2027 re-opened paper at 16.29 per cent and N65 billion of re-opened 2037 paper at 16.29 per cent.
Italian Govt Applauds Intels Investments In Nigeria
President of Italy’s Chamber of Deputies – the equivalent of Nigeria’s House of Representatives, Mrs. Laura Boldrini has commended Intels Nigeria Limited for investing in Nigeria despite the recent economic challenges. She stated this recently when she visited the multi-billion naira Eko Energy Estate being developed by leading oil and gas logistics giant, Intels Nigeria Limited at the Eko Atlantic City, Lagos. The Italian top parliamentarian commended the company and the developers of the Eko Atlantic City for initiating the ambitious project, which she said, would contribute to the diversification of Nigeria’s economy.
Ambode Launches Free Public WiFi
Lagos State government yesterday launched free public Wi-Fi at parks and gardens in its resolve to achieve its smart mega city status. The initiative was kick-started at popular Ndubuisi Kkanu Park,Alausa, Ikeja, while others are expected to follow suit, according to the state government. The launch of the initiative is part of activities to mark the 50 year anniversary of the creation of the state.
Oando To Take Over Portharcourt Refinery
The Federal Government has entered into a Memorandum of Understanding (MoU) with Nigeria’s largest indigenous energy group, Oando Plc to manage the Port Harcourt Refinery under a repair, operate and mainteain (ROM) arrangement. Chief executive officer, Oando Plc, Mr. Wale Tinubu at a presentation on the underlying facts of the group’s operations at the Nigerian Stock Exchange (NSE) yesterday in Lagos, said the group has received approval of the government to oversee the Port Harcourt Refinery.
Zenith Bank Notifies Investors Of $500m Notes Issuance
Zenith Bank Plc has notified investors of the $500 million second tranche Global Medium Term Note Programme. The lender had earlier in 2014, established $1 billion Global Medium Term Note Programme and subsequently raised $500 million under the first tranche of Notes issued under the programme. Zenith Bank Company Secretary, Michael Otu, said the bank now intends to revalidate the programme and raise up to $500 million under the second tranche of notes that will be issued under the programme.
Banks not in distress, says NDIC
The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has urged the public to ignore rumours of financial distress in some banks. A statement by the NDIC said that rumours were being circulated via text messages and social media to de-market those banks and destabilise depositors’ confidence in the banking system.
Nigeria, UK Trade Volume To Hit $4.5b
The Commonwealth Secretariat has predicted that the existing trade volume between Nigeria and the United Kingdom (UK) is likely to increase from $3.7billion to $4.5billion. Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo disclosed this during a one-day stakeholders forum on BREXIT organised by the NEPC in collaboration with Commonwealth in Abuja, with BREXIT: Opportunities and Challenges for Nigeria as theme. He said: “Nigeria needs to maintain a strong economic relationship with Britain in alignment with its membership of the commonwealth.
Unilever Nigeria Declares N378 Million Dividend At 92nd AGM
Unilever Nigeria Plc., has declared a dividend of N378 million following the approval of the company’s shareholders at the 92nd Annual General Meeting of the Company held in Lagos on Thursday, May 11 in Lagos. The dividend declared amidst a challenging operating year and environment translates to a dividend payout of 10 kobo gross per share to the shareholders. In the year ended 2016, the Company increased its revenue by 17.8 percent from N59 billion recorded in 2015 to N69 billion as Profit After Tax (PAT) for the year ended 31st December 2016 increased significantly by 157% to N3.07bn from N1.19bn reported for the year ended 31st December 2015.