Friday, August 18, 2017

Oluseyi Awojulugbe

    65% of Chinese companies in Nigeria ‘are undocumented’

65% of Chinese companies in Nigeria ‘are undocumented’

Mckinsey, a global consulting firm, says out of the 930 Chinese companies operating in Nigeria, only 317 are documented by the Chinese ministry of commerce.According to a new research report titled 'Lions on the move II: Realising the potential of Africa’s economies', there are over 10,000 operational Chinese firms spread across the manufacturing, construction, trade, services and real estate sectors [...]

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    Over five million Boko Haram victims need food assistance, says UN

Over five million Boko Haram victims need food assistance, says UN

The United Nations says 5.2 million people affected by the Boko Haram crisis are in need of food assistance.Speaking on Thursday in an interaction with people at Bakassi internally displaced persons camp in Maiduguri, Edward Kallon, UN personnel, said it had put measures in place to provide food assistance to about 3.9 million displaced persons in the north east [...]

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    Backing refinery with his life, has no home outside Nigeria — 10 things we learnt from Dangote’s Bloomberg interview

Backing refinery with his life, has no home outside Nigeria — 10 things we learnt from Dangote’s Bloomberg interview

Aliko Dangote, Nigerian businessman and richest man in Africa, says his refinery which is under construction will be completed in the last quarter of 2017.In a recent interview with Bloomberg, the chief executive officer of Dangote Group shared his business ideals and the next step for his business empire.Here are 10 key topics he touched on.REFINERY IN 2017Dangote says his [...]

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    African SMEs ‘may export duty free’ to the US — first time ever

African SMEs ‘may export duty free’ to the US — first time ever

African businesses will get a chance to showcase the continent and improve economic relations between the United States and the regions.This will be done with the possibility of exporting qualifying products into the USA duty free at the first ever Trade Expo Africa (TEXA).According to a statement by the organisers, TEXA aims to boost export opportunities in Africa by leveraging [...]

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    FRSC rescues 44 children from ‘traffickers’

FRSC rescues 44 children from ‘traffickers’

The Federal Road Safety Corps (FRSC) says it has rescued 44 children from suspected child traffickers along Kaduna-Zaria route in Kaduna state.According to a statement released by the corps, FRSC operatives had initially stopped the Fiat bus, popularly known as J5, for overloading only to discover the children in the bus.According to Bisi Kazeem, public education officer of FRSC, the [...]

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    EXTRA: I’ll fire Wenger if I buy Arsenal, says Dangote

EXTRA: I’ll fire Wenger if I buy Arsenal, says Dangote

Aliko Dangote, Nigerian businessman, says the first thing he will do if he acquires Arsenal football club is to fire Arsene Wenger, the coach.In an interview with Bloomberg, Dangote said his desire to own the club dates back to the mid-1980s.Dangote said he'd consider making an offer once the construction of his $11 billion oil refinery in Lagos is completed."The first [...]

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    NSE bleeds, sheds N435bn

NSE bleeds, sheds N435bn

For the second consecutive day, the Nigerian Stock Exchange (NSE) closed in the negative losing N435 billion after an initial loss of N294 billion on Tuesday.The market, which had a 35-month high, hitting N13 trillion ended in the red on Friday, to recover on Monday and begin the downward movement on Tuesday.Market capitalisation closed at N12,443,508,048,791 losing N435,608,813,894 as against Tuesday's closing [...]

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    NNPC ‘cuts oil production cost by 70.5%, saves $3bn annually’

NNPC ‘cuts oil production cost by 70.5%, saves $3bn annually’

The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the cost of producing one barrel crude oil to $23 from $78 as at August 2015.According to a statement signed by Ndu Ughamadu, the corporation's spokesman, this fact was disclosed at the inauguration of the anti-corruption committee by Dafe Sejebor, group general manager of National Petroleum Investment Management Services [...]

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    NSE loses N201bn in five hours — closes in red

NSE loses N201bn in five hours — closes in red

The Nigerian Stock Exchange Market (NSE) lost N201 billion in five hours of trading on Tuesday.Market capitalisation on the bourse, which had hit the N13 trillion mark on Wednesday for the first time since October 2014, had closed at N13.08 trillion on Monday.By the end of the morning session on Tuesday, the market had lost N78 billion to stand at 13,001,850,177,502.As of 1pm [...]

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    At 6800MW, power generation now beyond Discos’ capacity, says Fashola

At 6800MW, power generation now beyond Discos’ capacity, says Fashola

Babatunde Fashola, minster of works, power and housing, says the power being generated is higher than the carrying capacity of electricity distribution companies.Speaking at the 18th monthly power sector stakeholders meeting hosted by Kano electricity distribution company on Monday, Fashola described the situation as a serious challenge to efforts made by the government."It is a serious problem that the distribution [...]

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    Zenith Bank provides for 30% of 9mobile’s loan

Zenith Bank provides for 30% of 9mobile’s loan

Zenith Bank says it has made a provision on 30 percent of its loan to 9mobile, telecommunications company formerly known as Etisalat.According to Reuters, Peter Amangbo, chief executive officer of the bank, made this known in a conference call on Monday."We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing [...]

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    NO ESCAPE: FIRS, states collaborate to track high net worth individuals

NO ESCAPE: FIRS, states collaborate to track high net worth individuals

The joint tax board (JTB) and the Federal Inland Revenue Service (FIRS) says it has started sharing information of high net worth individuals to profile their income and tax payments to ensure they pay the appropriate taxes.Speaking at the 138th meeting of the JTB on Sunday, Babatunde Fowler, executive chairman of the FIRS, said 12 states have signed the memorandum [...]

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    LCCI: Publicising N30trn revenue leakage has weighty consequences

LCCI: Publicising N30trn revenue leakage has weighty consequences

The Lagos Chamber of Commerce and Industry (LCCI) says the announcement of the 63 companies allegedly involved in the non-remittance of N30 trillion revenue to the federal government might discourage investment.In a statement signed by Muda Yusuf, LCCI director general, the chamber said the allegations should have been subjected to proper scrutiny before being made public.The senate customs committee had [...]

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    Police: AFEX Nigeria could not prove ownership of maize we took

Police: AFEX Nigeria could not prove ownership of maize we took

Abayomi Shogunle, head of public complaints rapid response unit (PCRRU), says AFEX Nigeria had no evidence to prove ownership of the maize taken away during a search of their warehouse by the police.Akinwumi Adesina, president of the African Development Bank, and Audu Ogbeh, minister of agriculture, had accused the police of raiding the warehouse and carting away maize worth N85 [...]

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    Falana: Buhari should be embarrassed by treatment of #OurMumuDonDo protesters

Falana: Buhari should be embarrassed by treatment of #OurMumuDonDo protesters

Femi Falana, senior advocate of Nigeria, says President Muhammadu Buhari should be embarrassed at the manner in which the police treated #OurMumuDonDo protesters.The #OurMumuDonDo group began protesting on Monday, August 6, calling on the president to resume or resign if he could no longer lead the country.Officers of the police force disrupted the protest on Tuesday, claiming to have received [...]

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Exchange Rates

Aug 18, 2017USDGBPEUR
INTERBANK338.00435.64396.98
LAGOS368478432
KANO369477430
PH370477433
ABUJA370477432
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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