Sunday 25 June 2017
(Agence Ecofin 06/20/17)
Abu Dhabi-based Telecoms Company, Etisalat, on Tuesday said it has been ordered to transfer its 45% interest in Etisalat Nigeria to a loan trustee after debt restructuring talks failed. The Nigerian unit said it had been in talks with lenders to restructure a $1.2billion loan after missing a payment deadline but the discussion had not yielded any agreement. Etisalat added that the syndicate had set a June 23rd deadline for the transfer of ownership of its shares. According to the parent company, its financial exposure to Etisalat Nigeria was linked to operational services valued at $52 million and talks were ongoing with lenders over the use of the Etisalat brand. Etisalat Nigeria in 2013, obtained a seven-year loan facility from...
(Agence Ecofin 06/20/17)
A memorandum of Understanding (MoU) has been signed between the Ministry of Power, Works and Housing, the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria, regarding the rehabilitation of the worn out 2km-long Wharf road in Apapa, Lagos. Worth N4.34billion ($13million), the project will be carried out by the construction arm of the Dangote Group, AG Dangote and will last one year. Speaking at the signing ceremony, the Minister of Power, Works and Housing, Babatunde Fashola (photo), explained that the project became important as the gridlock in Apapa had reached...
(Agence Ecofin 06/20/17)
The spokesman to the Acting President of Nigeria, Laolu Akande, has revealed that half of the food aid sent by the government to about 1.8 million people displaced by the Boko Haram insurgency in the Northeast has been diverted. This year, about 1.5 million people are reported to be exposed to famine in the region, where 20, 000 people have been killed by the Islamic militants. By this reason, the Acting President of Nigeria, Yemi Osinbajo, on June 8 launched a programme to distribute 40,000 metric tons of food to the Internally Displaced Persons (IDPs) in Borno, Adamawa and Yobe. “Over 1,000 trucks of assorted grains are now on course, delivering the grains intact to beneficiaries since the commencement of...
(AFP (eng) 06/19/17)
At least 16 people were killed in suicide bomb attacks near a camp for those made homeless by Boko Haram violence in northeast Nigeria, emergency services said on Monday. The National Emergency Management Agency (NEMA) said the attacks took place at about 8:45 pm (1945 GMT) on Sunday close to the Dalori camp at Kofa village, near the Borno state capital Maiduguri. NEMA northeast region spokesman Abdulkadir Ibrahim said two female suicide bombers tried to get into the camp but were thwarted by security personnel.
(APA 06/19/17)
Sixteen persons were killed in two suicide attacks on a community on the outskirts of Maiduguri, the Borno State capital on Sunday night. The spokesman of Nigeria’s National Emergency Management Agency (NEMA), Mr. Abdulkadir Ibrahim, said in a statement on Monday that the two different attacks caused at least 16 deaths. He explained that at about 8.45 p.m. two female suicide bombers were intercepted when they tried to gain access into Dalori 2 Internally Displaced People (IDP) camp. “Two other female suicide bombers also detonated their explosives at the adjoining Dalori kofa village at about 8.10 pm where they killed 16 people. “A total of four suicide bombers were involved in the incidents,” local media reports quoted the agency as...
(Reuters (Eng) 06/19/17)
Five female suicide bombers killed 12 people and wounded 11 in northeast Nigeria's Borno state, birthplace of the Islamist militant Boko Haram insurgency, police said on Monday. There was no immediate claim of responsibility for the attacks. But the use of female suicide bombers in public places is a tactic used by Boko Haram, which has focused on Borno during its eight-year-old insurgency aimed at creating an Islamic caliphate. Borno state police spokesman Victor Isuku said the attacks occurred on Sunday at around 08:30 p.m. (3.30 a.m. ET) in the village of Kofa, 8 km (5 miles) from the state capital Maiduguri. "The first suicide bomber detonated near a mosque, killing seven persons. The second detonated in a house killing...
(BBC News Africa 06/19/17)
Up to half the food aid meant for people who have fled Nigeria's Islamist insurgency has reportedly not been delivered, the government says. It described it as a "diversion of relief materials", which correspondents say is a euphemism for theft. A statement from the acting president's office added that security was being beefed up to protect the deliveries. As a result of Boko Haram violence some 8.5 million Nigerians in the north-east need life-saving aid, officials say. Poor rains have exacerbated a problem caused by fighting with Boko Haram Islamist militants, which has forced hundreds of thousands of people to flee their homes. People in north-east Nigeria are also facing a possible famine, the UN said in March. In the...
(APA 06/19/17)
The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) on Sunday said it has arrested a notorious human trafficker and rescued three victims from his residence in Benin city in Nigeria. Mr Josiah Emerole, the head, press and public relations of NAPTIP, said this in a statement issued in Abuja that the 33-year-old man, Monday Ugbo, was nabbed after several weeks of surveillance by the operatives of the agency. He explained that the NAPTIP Benin Zonal Command arrested the suspected human trafficker at his residence located at number 72 Osayande St., Upper Sakponba Road, Benin City, Edo. The operatives of the agency have been on his trail for several weeks, following regular mention of his name in a...
(APA 06/19/17)
The state-run Nigerian National Petroleum Corporation (NNPC) says it has reduced the price of diesel by 42 percent in the country. The Group General Manager, Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, said in a statement on Sunday in Abuja that the price of diesel took a huge downslide over the last six months, following key strategic interventions by the NNPC. It noted that in the first quarter of 2017, retail prices of AGO, which is one of the deregulated products, shot to an all-time high of N300 per litre in major demand centres across the country and that such unpleasant situation placed a huge burden on truck drivers, who need the product for transporting their vehicles; and...
(APA 06/19/17)
The wife of Nigeria’s President, Mrs. Aisha Buhari, has been given an award by a popular Nigerian magazine, Tell, in a ceremony where she expressed commitment to service to humanity. She made the commitment after she was presented with the Woman of the Year award by Tell magazine in Lagos at a ceremony, organised by Tell Communications Limited, Publishers of the magazine. The wife of the President, who was represented at the event by the Senior Special to the President, Dr. Hajo Sani, said came as recognition for the humanitarian activities of her NGO “Future Assured” programme. Buhari also expressed appreciation for the award, saying that the award signified the recognition of the activities of `Future Assured’ and the push...
(AFP (eng) 06/17/17)
In 2013, thousands of young men formed a rag-tag militia and rounded up Boko Haram members in Maiduguri, northeast Nigeria, then handed them over to the military. The Civilian Joint Task Force (CJTF), as it later became known, was instrumental in driving the Islamist militants out of the strategic city. Since then, the ranks of the "vigilantes" have swollen to about 20,000 across the remote region. Armed with home-made muskets, swords, axes, slingshots and bows and arrows, they man security checkpoints and even accompany the military on operations against the jihadists.
(Agence Ecofin 06/17/17)
The Financial Services Industry led the activity chart this week on the floor of the Nigerian Stock Exchange (NSE) with 2.189 billion shares valued at N21.792 billion traded in 18,832 deals. The weekly report of trading released by the NSE on Friday in Lagos showed that the Conglomerates Industry followed with 287.945 million shares worth N621.772 million in 2,031deals. It added that the third place was occupied by Consumer Goods Industry with a turnover of 114.832 million shares worth N5.370 billion in 5,040 deals. According to the report, a total turnover of 2.737 billion shares worth N32.042 billion in 32,217 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 3.100...
(APA 06/17/17)
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, says that the Nigerian bourse continues to position itself not only to be a credible platform for raising capital, but to be a hub for innovative and creative ideas. Speaking at the Nigerian Stock Exchange, Bloomberg CEO Roundtable on Friday in Lagos, Onyema said that the NSE introduced a few initiatives such as the Green Bonds and FGN Savings Bond into the market. “We have automated the mechanism for trading rights issues on the Exchange and continue to work towards the launch of exchange traded derivatives. “We recently launched X-Academy, our financial literacy and inclusion platform designed to provide education services to individuals who want to gain...
(Agence Ecofin 06/16/17)
The European Commission has granted Nigeria a €143 million support package for near-term humanitarian aid and an extended development support for those in areas ravaged by Boko Haram attacks in Borno State. The package comprises development aid of €123 million from the Nigeria 11th European Development Fund National Indicative Programme and €20 million from the EU Emergency Trust Fund for Africa. “Our support package of €143 million will assist approximately 1.3 million internally displaced people and affected communities in and around the Borno State in Nigeria. Our assistance will not only target the immediate needs of the people but, it will also help to restore basic services, stimulate employment and create livelihood opportunities, particularly for women and young people,” said...
(APA 06/16/17)
As tension continues to envelop Nigeria over secession crisis, Acting President Yemi Osinbajo has met behind closed doors with the Emir of Kano, Malam Sanusi Lamido Sanusi, in the Presidential Villa, Abuja. The meeting, which took place at the Vice-President’s mini conference room, lasted for about two hours. When accosted by State House correspondents, the Emir declined to comment on the outcome of the meeting. However, reliable sources said that the Emir was on a “Thank You’’ visit to the Acting President, who recently joined other well-meaning Nigerians to stop the Kano State House of Assembly from its investigation of alleged misappropriation of funds and other infractions levelled against him. It would be recalled that the House resolved to drop...
(APA 06/16/17)
Barely two years to the next presidential election, Nigerians have expressed their preference for middle-aged candidates for the country’s 2019 presidential elections. The new poll conducted by NOIPolls in partnership with Business Day Media and released on Thursday in Abuja, showed that they were influenced by the recent victory of French President, Mr. Emmanuel Macron. The report also noted that the increasing discussions in the social space, particularly the #NotTooYoungToRun Campaign led by the youth advocacy organisation YIAGA, influenced this choice of a younger candidate. It explained that the latest poll sought to glean the perceptions and opinions of Nigerians regarding their age preference for presidential candidates in the 2019 elections. “Interestingly, the poll found that 64 percent of Nigerians...
(Agence Ecofin 06/16/17)
The National Bureau of Statistics in a report published on Thursday revealed that Nigeria’s annual inflation fell to 16.25% in May against 17.24% in April. The statistics office in a separate food price index disclosed that inflation was at 19.27% compared to the 19.30% in April. “The rise in the (food) index was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes,” it said. Africa's second largest economy, is currently in its second year of recession. The country at present is dealing with a currency crisis and dollar shortages brought on by low oil prices. The International Monetary Fund (IMF) has predicted that Nigeria’s economy will...
(APA 06/16/17)
Nigeria’s annual wheat imports rose by 54% to $201 million in the first quarter of this year against the $130.9 million the same period last year, data from the National Bureau of Statistics (NBS) shows. This result, among others, is due to the lack of High Quality Cassava Flour (HQCF), a composite which is mixed with wheat by flour millers for flour production. Explaining the unavailability of HQCF on the market, Nike Tinier, President of the Industrial Cassava Stakeholders Association of Nigeria, said the price at which millers currently buy HQCF is no longer sustainable as prices of raw cassava tubers have soared significantly. “We no longer sell to the flour millers because they want to buy a ton of...
(APA 06/16/17)
The Central Bank of Nigeria (CBN) has said that it will issue special treasury bills on Friday to mop up N200 billion from the banking system in order to further rein in inflation. The Acting Director, Corporate Communication Department of the CBN, Mr. Isaac Okoroafor, said in a statement on Thursday in Lagos that the operation would be carried through the Open Market Operation (OMO) at the rate of 16 percent per annum. He explained that the decision to mop up the liquidity was informed by the maturity of N206 billion on Thursday. According to him, the apex Bank decided on the rate of 16 percent per annum due to the declining rate of inflation in the country. Meanwhile, the...
(Agence Ecofin 06/16/17)
The Federal Ministry of Industry, Trade and Investment, (FMITI) says it is partnering with Microsoft to digitally transform services delivery in Nigeria. FMITI through the Microsoft Africa Open4Business programme plans to use integrated cloud technologies to change the reach and scope of government-to-investor services and establish an active and investment friendly environment in the country. “Our partnership with Microsoft is designed to drive business model innovations, which will transform the delivery of services to current and prospective investors in Nigeria. The objective is to deliver self-provisioned, expedient and technology-driven services to the highly-valued constituencies of investors that we are mandated and keen to serve,” Okechukwu Enelamah (photo), the Minister of Industry, Trade and Investment said. The Minister added that the...

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