Saturday 19 August 2017
(This Day Live 08/18/17)
The federal government has stated that two private Nigerian firms have been selected to build 217,000 barrels per day refineries in Port Harcourt and Warri under the co-location concept initiated by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. Modalities are also being worked out by the federal government to offer financial support to operators who were licensed to build modular refineries in the country. Kachikwu had initiated the concept of co-location of refineries to ensure that new refineries are set up to share infrastructure with Nigeria’s existing refineries in Kaduna, Port Harcourt and Warri, to boost domestic petroleum products refining capacity. The minister had told journalists at the 2017 edition of the...
(Premium Times 08/18/17)
Amid increased demand and high prices of grains used as feed mill for the poultry industry, operators in the sector lamented the exporting of maize and soya beans to other countries after every harvest season. The General Manager, Operations, Amo Farms, Mr. Emmanuel Oloruntoba, said this during a media briefing on the natnuPreneur Broiler Out-grower scheme in Lagos on Tuesday. He said, “We are in a situation in Nigeria where we don’t have enough maize and yet during harvest season, maize is being exported from this country. “I remember vividly, last harvest season, an average of 500,000 tonnes of maize left Nigeria to neighbouring countries when we barely had enough to take care of our needs.” The Minister of Agriculture...
(Agence Ecofin 08/18/17)
The New Nigeria Development Company (NNDC) in partnership with a Turkish firm plans to invest $15 million in reviving the collapsed Kaduna Textile company in Kaduna state. The Group Managing Director of NNDC, Ahmed Musa, made this known after a meeting with a Turkish business delegation at the NNDC head office in Kaduna. According to Musa, under the partnership, the Turkish firm, Sur International Textile, will provide 35% of the amount, the Federal Government will provide 45% while the Kaduna...
(Bloomberg 08/18/17)
“Nothing is impossible.” These three words are on a plaque that Aliko Dangote keeps on his office desk in Lagos, Nigeria, constantly reminding Africa’s richest man how to approach the world. Dangote, who was worth $12.3 billion as of mid-August, according to the Bloomberg Billionaires Index, is modest in his personal life but bold in business. Presiding over an empire that includes cement, freight, infrastructure, agriculture, and—soon—oil refining, Dangote, 60, possesses a towering ambition that matches the scale of his...
(Agence Ecofin 08/18/17)
A survey on graft released by the National Bureau of Statistics (NBS) on Wednesday reveals that almost one out of three Adult Nigerians pay bribe to civil servants and other public officials. These amount to N400 billion ($1.27 billion) annually. The survey, which was backed by a U.N. agency and the European Union, is based on 33,067 interviews with adults across the country. According to the report, Nigerians spent $1.27 billion; which is equivalent to 39% of the combined federal...
(This Day Live 08/18/17)
The Federal Executive Council (FEC) on Wednesday approved an interim agreement for the concession of the Lagos-Kano and Port Harcourt-Maiduguri old narrow gauge railway lines to a consortium led US engineering conglomerate, General Electric (GE). According to the Minister of Information and Culture, Lai Mohammed, who briefed State House correspondents, the interim concession agreement would allow the consortium to immediately commence improvements in the operational capacity of the rail network. The approval, Mohammed added, would aid the completion and full...
(Bloomberg 08/17/17)
Africa’s richest man, Aliko Dangote, plans to invest $20 billion to $50 billion in the U.S. and Europe by 2025, in industries including renewable energy and petrochemicals. The 60-year-old Nigerian cement tycoon aims to move into these territories for the first time in 2020 after completing almost $5 billion of agricultural projects and an $11 billion oil refinery in his home country, he said in an interview with Bloomberg Markets Magazine this month. “Beginning in 2020, 60 percent of our...
(Business Day Online 08/17/17)
Prices of brand new vehicles sold in Nigeria have risen by more than 200 percent between 2014 and 2017 and are now out of the reach most individuals and corporate buyers who need them for their business. The significant rise in the prices of brand new vehicles has been blamed largely on the bogus auto policy, which raised import duty on cars to 35 percent in addition to a 35 percent levy, amounting to 70 percent, as well as a...
(Bloomberg 08/16/17)
Nigeria has started a $41 billion railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the capital, Abuja. Africa’s biggest oil producer is going through its worst economic slump in 25 years following a plunge in the price and...
(Reuters (Eng) 08/16/17)
Protesters on Tuesday dragged the shutdown of a Shell crude oil facility in the Niger Delta into its fifth day, after storming the flow station demanding jobs and infrastructure development last week. Echoing a common complaint in the impoverished swampland that produces most of Nigeria's oil, the protesters said they were not benefiting from the region's oil wealth and wanted an end to the oil pollution that has ruined much of the land. Protesters still numbered around 800 people, praying...
(Business Day Online 08/16/17)
Aiteo Chief Executive Officer, Benedict Peters, is the latest Nigerian oil mogul to be named in the case surrounding the multi-billion dollars bribery allegations against former Nigerian Oil Minister, Diezani Alison-Madueke according to records. The Premium Times reports that three London properties linked to the alleged bribery of Mrs. Alison-Madueke have been frozen under the UK Proceeds of Crime Act, at least one of which is owned by Mr. Peters. The order, issued in September 2016 and obtained by Africa...
(This Day Live 08/16/17)
The federal government has received 365 actionable tips from members of the public since the Whistleblower Policy was launched in December 2016, the Minister of Finance, Mrs. Kemi Adeosun, disclosed Tuesday. She also disclosed that a full-fledged Whistleblower Unit with full operation within the Ministry of Finance had been set up, adding that government intentionally integrated the team into the ministry to provide comfort to those with information by ensuring that the environment is not intimidating. The minister, who spoke...
(Business Day Online 08/16/17)
The Niger Government has signed a 3.25 billion-U.S.-dollar Memorandum of Understanding (MoU) with All States Investment Ltd. on fish farming in the state. Mr Henry Goiko, Managing Director, All States Investment Ltd., made this known in Minna on Tuesday after signing the MoU at the 2017 Niger State Investment Summit tagged “Impact Advancing Agricultural Economy through Innovation.’’ Alhaji Ibrahim Ladan, Secretary to the Niger Government, signed the MoU on behalf of the state government. Goiko said that the company had...
(This Day Live 08/16/17)
The Minister of Transportation, Mr. Chibuike Amaechi, has provided more insight into the multibillion dollar railway projects to be partly funded by the China Exim Bank, stating that the Lagos-Kano and Calabar-Lagos rail lines would include state-of-the-art train stations, digital signalling and communications systems and high-speed trains that would cut the number of hours spent by commuters travelling around the country by more than 50 per cent. Speaking to THISDAY on the Lagos-Kano and Calabar-Lagos lines, which would respectively cost...
(Reuters (Eng) 08/14/17)
LAGOS (Reuters) - Nigeria's Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country's fourth largest telecoms group formerly known as Etisalat Nigeria, the bank's chief executive said on Monday. "We have taken about 30 percent ... as a provision which we believe is very prudent as the company is undergoing restructuring ... to prepare for a new investor," CEO Peter Amangbo told a conference call. Nigerian regulators stepped in last month to save...
(Bloomberg 08/10/17)
Nigeria’s economy probably expanded in the second quarter as factory and farming output improved, helping it recover from the first annual contraction in 25 years, Statistician-General Yemi Kale said. “Intuitively, we might be getting out of recession in the second quarter, but I can’t say until all the numbers are in,” Kale, who is also chief executive officer of the National Bureau of Statistics, said in an interview Wednesday at his office in Abuja, the capital. “If it doesn’t happen...
(Bloomberg 08/10/17)
Nigeria’s anti-graft agency said it traced at least $615 million of allegedly illegally acquired cash and properties to the West Africa nation’s former oil minister, Diezani Alison-Madueke. In addition to “boxes of gold, silver and diamond jewelry, worth several million pounds” found at her residence, the Economic and Financial Crimes Commission identified more than a dozen buildings across the country worth more than $500 million owned by the former minister, the agency said in a statement on its website on...
(Premium Times 08/10/17)
Nigeria’s foreign exchange reserves rose to $31.22 billion, data from the Central Bank of Nigeria, CBN, have shown. According to the data obtained from the apex bank Wednesday, the increase represents the first in about 2 years. The nation’s reserves have been affected by the ripple effects of the economic challenges being faced by Africa’s largest economy, including low oil prices, crumbling naira value and high foreign exchange demands. The last time the reserves peaked at such level was July...
(Premium Times 08/10/17)
Granting tax break to additional 27 industries and products in Nigeria is a right step towards economic recovery, some economists have said. They also described the move as an indication that Nigeria is on course out of economic recession and firmly towards growth. These were the views of some notable economists and analysts, including ‎Chief Consultant, B. Adedipe Associates Limited, Biodun Adedipe; and Chief Executive Officer, Economic Associates, Ayo Teriba, who spoke to PREMIUM TIMES on Tuesday. “The approval by...
(Agence Ecofin 08/09/17)
Nigeria-based petroleum products marketer, Mobil Oil Nigeria Plc., has announced that it has officially changed its name to Double one Plc (11 Plc). This was confirmed in a statement signed by Godstime Iwenekhai, the acting head, listings regulation department of the Nigerian Stock Exchange, on Tuesday. According to the document, the name change will take effect from Friday, 11 August 2017. “Dealing Members are hereby notified that Mobil Oil Nigeria Plc has changed its name to 11 Plc (pronounced as...

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