CBP Business News Headlines

CBP Business News Headlines – Wednesday, June 29, 2016

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Naira weakens to 355 against dollar

The naira extended its decline at the parallel market on Tuesday, as it traded at 355 to the United States dollar, down from 351 the previous day. Similarly, the local currency closed at 282.50 to the dollar at the new interbank market, slightly weaker than the 282 it ended on Monday. The Central Bank of Nigeria had last week floated the naira and adopted a single structure through the interbank/autonomous window for the nation’s foreign exchange market… Read More…

Four ways to protect your bank account from thieves

A billionaire hardware chain founder, John Menard, was recently targeted by identity thieves. Someone had called his bank in Wisconsin, the United States, requesting that a sum of $475,000 be transferred to a bank account outside the country. The fellow obviously had Menard’s account number, his password and social security number, according to a report by www.aol.com… Read More…

We’ll ensure diligent privatisation process, says Osinbajo

The Presidency on Tuesday said it would ensure that the process of privatisation of public enterprises was undertaken diligently. Vice President Yemi Osinbajo said this while granting audience to members of the House of Representatives’ Committee on Privatisation and Commercialisation led by Mr. Ahmed Yerima at the Presidential Villa, Abuja… Read More…

CBN’ll resume dollar sale to BDCs soon – ABCON

The Association of Bureau De Change Operators of Nigeria has said the Central Bank of Nigeria will soon resume dollar sale to its members, urging them to avoid hoarding of the greenback, among other malpractices. The CBN had on January 11, 2016 stopped the dollar sale to the BDC operators in a bid to reduce pressure on the naira, saying they had become a conduit for illicit cash flows… Read More…

‘FMDQ FX futures’ll enhance transparency, liquidity’

The naira-settled foreign exchange futures market on the FMDQ Over-the-Counter Securities Exchange will boost liquidity, transparency, price formation and diversification in the foreign exchange market, making the market globally competitive, the Deputy Governor, Economic Policy, Central Bank of Nigeria and Chairman, FMDQ, Dr. Sarah Alade, has said… Read More…

FG orders reopening of NERFUND

The Federal Government on Tuesday gave an order for the immediate reopening of the National Economic Reconstruction Fund almost one week after it was shut. The Minister of Finance, Mrs. Kemi Adeosun, gave the directive in a statement issued by the Director of Information in the ministry, Mr. Salisu Dambata… Read More…

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Agric still in shambles as policy makers fail to tackle key problem

The informal sector’s overbearing influence on agricultural output is seen as responsible for Nigeria’s inability to diversity its export base through farm produce. In the first quarter of 2016, mineral products including crude oil, accounted for 1.054 trillion or 83 percent of exports, while the country’s agric export which is composed of raw cocoa beans,… Read More…

Bread prices rise 25 percent on input cost

Bread, a staple food for most Nigerians may soon disappear from the breakfast table as its price has risen by 25 percent in two weeks, following a sharp increase in the prices of sugar, flour and butter, which are the major components, BusinessDay investigations show. The implication is that hard times await Nigerians with dwindling… Read More…

Brexit may subdue sub-Saharan Africa’s $36bn diaspora remittances

Diaspora remittances to sub-Saharan Africa, particularly, Nigeria, the largest beneficiary, may have come under significant threat on the back of Britain’s determination to be independent of the European Union (EU). This is coming on the heels of the World Bank’s $36 billion 2016 forecasts for remittances to the region. This would amount to a 3.4… Read More…

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NDIC laments rising financial sector fraud

Nigeria Deposit Insurance Corporation (NDIC) has decried the 15.71 per cent surge in banking sector fraud and forgeries in 2015 with a total of 12,279 reported cases over the 10,612 reported in 2014. This comes as it noted a rise in the frequency of Automated Teller Machine (ATM/card-related fraud cases from 7,181 in 2014 to 8,039 in 2015, representing an increase of 11.95 per cent. Although the loss suffered by the industry due to such frauds declined significantly by 59.4 per cent from previous year figure of N1.242 billion to N0.504 billion, representing 15.9 per cent of total industry loss to frauds and forgeries, it was not… Read More…

Kerosene price rises by 140%

Kerosene scarcity has hit major cities across the country, Daily Sun investigations has shown. As at yesterday, most retail outlets in Lagos, Ibadan, Enugu, Aba, Jos, Kaduna, and Abeokuta were out of stock while the few ones selling hiked the price from N500 to N1, 200 for four litres (a gallon) of kerosene, translating to about 55 percent increase. This was even as cooking gas price hit an all time high of N4, 000 from the initial price of N2, 300 for 12.5kg cylinder size… Read More…

Minimising property disaster with insurance

Growing urbanisation of population leaves Nigeria with the challenge of providing all inhabitants with decent, affordable and sustainable housing regardless of their income. Providing these daunting necessities of life without taking into consideration how to disaster proof them would amount to giving birth to children without taking care of them. Whether it’s for a home or a business property, many people need to look at getting covered for a range of storms and other catastrophic events… Read More…

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Credit Growth Likely to Weaken on Naira Depreciation

Given the depreciation of the naira exchange rate and the liberalisation of the forex market, credit growth is likely to remain subdued this year, a report has stated.

Given the relatively weaker macro environment, the report, “Nigerian banks -Life after ’40,” by Renaissance Capital Limited, stated that many of the banks had guided for muted loan growth in 2016… Read More…

Report: Banks May Face Challenge Servicing Dollar Obligations

Following recent depreciation of the naira exchange rate that came with the new forex policy, Nigerian banks are likely going to face challenges servicing their US dollar obligations, a report has stated. Lagos-based investment and research… Read More…

Oil Firms, Others Sued for Failing to Pay Net Profit Interest

Justice Mohammed Idris of the Federal High Court, Lagos will on Thursday hear a suit filed by Multinational Technologies Limited, DIL Company Limited and Mrs. Izarene Zellotis Adams against Niger Delta Petroleum Resources Limited, Niger Delta Exploration and Production Limited, UBA Trustees Limited, Dr. Layi Fatona, Mr. Goodie Ibru, and Securities and Exchange Commission (SEC) for failing to pay net profit interest (NPI) entitlements as at when due and in the appropriate sums… Read More…

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Account Freezing: Court summons EFCC, adjourns Fayose’s mandatory application

Governor Ayo Fayose of Ekiti State has instituted a suit against the Economic and Financial Crimes Commission, EFCC, and Zenith Bank Plc over the freezing of his accounts. The case was filed on behalf of Fayose by Chief Mike Ozekhome (SAN), at the Federal High Court, Ado-Ekiti, Ekiti State capital… Read More…

FG ‘ll strengthen mortgage policy for affordable housing—FASHOLA

Federal Government has promised to strengthen the mortgage policy for Nigerians to access affordable housing, reduce corruption and encourage productivity in the sector. Minister of Power, Works and Housing, Babatunde Fashola, who disclosed this at the ongoing Affordable Housing Summit 2016 in… Read More…

Naira depreciation: CBN resumes dollar sales to BDCs

THE Central Bank of Nigeria, CBN, is set to resume dollar sales to Bureaux de Change, BDCs, in a bid to arrest the continued depreciation of the Naira in the parallel foreign exchange market as well as reduce opportunity for round-tripping. Vanguard investigations revealed that the CBN, yesterday, held a meeting with the leadership of Association of Bureau de Change Operators of Nigeria, ABCON, the umbrella body of BDCs in the country… Read More…

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N1.2b bonus demand as test for govt’s fiscal responsibility compliance level

Stakeholders from the financial sector and civil society groups have said that government’s ability to stick to the rules of Fiscal Responsibility Act in the implementation of 2016 budget stands to be tested with the emergence of frivolities in and out of the fiscal document… Read More…

NGA harps on N15tr investment opportunities in gas sector

The Nigerian Gas Association (NGA) has put the level of investment opportunities in exploration /production, processing, supply, and distribution of gas in Nigeria at $55 billion (about N15 trillion). The President of the association, Bolaji Osunsanya, who made this disclosure in Lagos, at a media briefing to outline events… Read More…

Gas supply to electricity plants drops to 541mmscfd

Gas supply to electricity plants in Nigeria has dropped from the 686mmscfd it recorded in April to 541mmscfd in May, according to the Nigerian National Petroleum Corporation (NNPC). The corporation said in its analysis on domestic gas supply to power sector that the country’s average power generation also declined from 2,969mw to 2,466mw in the month of May… Read More…

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Govt realises N3tr from TSA, says SystemSpecs

The Federal Government has saved N3 trillion in the Treasury Single Account (TSA), the firm handling it, SystemSpecs Limited, has said. SystemSpecs Chief Executive Officer (CEO), John Obaro, who made this known last weekend, said the TSA has reduced debt servicing costs, liquidity reserves and enhanced the effective use of surplus cash… Read More…

N9.7b petroleum, sugar refineries take off

A sugar refinery, owned by International Trans Oil Energy Inc. the parent company of Confluence Sugar Nigeria Limited, has been inaugurated in Kogi State. It is a 32,000 hectare sugar plantation with an in-built 10,000 metric tonnes sugar refinery. The company also plans to establish new firms in Lagos, Ogun or Ondo states, as well as a 100,000… Read More…

‘Govt ‘ll fast-track budget implementation’

Efforts will be made to fast-track the procurement process so as to enhance speedy implementation of 2016 Budget, vice President Yemi Osinbajo has said Osinbajo, who gave the assurance during a meeting with a delegation from the House of Representatives’ Committee on Privatisation and Commercialisation, assured the members of the Committee that the President Muhammadu Buhari’s led administration will ensure that the process… Read More…

FIRS shuts Costain over N2b tax debt

In continuation of its efforts to recover unpaid taxes, the Federal Inland Revenue Service (FIRS), yesterday, sealed the offices of Costain West Africa over N2billion in company income tax, Value Added Tax (VAT) and other taxes. Also sealed were First Deepwater Discovery Limited, CAT Construction Group Limited and OPI International Limited, all in Lagos… Read More…

Earnings from non-oil revenue rise by N24b

The monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government went up by N24 billion to hit N305 billion this month. The increase was attributed to the marginal rise in non-oil revenue, particularly in companies’ income tax, a report by FBNQuest, an investment and research arm of FBN Holdings, said… Read More…

Regards,

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