Wednesday, September 19, 2018
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    NERC: DisCos’ poor remittances deepen liquidity challenge in power sector

NERC: DisCos’ poor remittances deepen liquidity challenge in power sector

The Nigerian Electricity Regulatory Commission (NERC) says poor remittances by electricity distribution companies (DisCos) to the Nigerian Bulk Electricity Trader (NBET) has deepened liquidity challenge in the sector.In the 2017 third quarter report of the power sector, NERC said during the three months under review, DisCos paid N44bn from N147bn invoice issued by NBET, leaving a shortfall of N103bn.The report [...]

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    MTN shares plunge to nine-year low after CBN sanction

MTN shares plunge to nine-year low after CBN sanction

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]

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    MTN kicks against $8.1bn demand, says all dividends were approved by CBN

MTN kicks against $8.1bn demand, says all dividends were approved by CBN

MTN Nigeria says all dividends it paid to its shareholders between 2007 and 2015 were approved by the Central Bank of Nigeria (CBN).The telco was reacting to the claim by the central bank that it illegally converted shareholder loans to preference share and repatriated $8.1 billion as dividends during the period under scrutiny."MTN Nigeria strongly refutes these allegations and claims. [...]

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    US envoy urges young African entrepreneurs to learn from Silicon Valley

US envoy urges young African entrepreneurs to learn from Silicon Valley

Stuart Symington, US ambassador to Nigeria, has advised young entrepreneurs in Africa to patronise each other.He made the call in Ibadan, Oyo state capital, on Tuesday, during a programme organised by the International Institute of Tropical Agriculture (IITA).The youth, from Nigeria, Cote d’Ivoire and Congo, graduated from diverse fields of agricultural discipline.“You should buy products from each other,” Symington said.“You [...]

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    Lagos reduces debt by $20m but retains highest foreign debt portfolio

Lagos reduces debt by $20m but retains highest foreign debt portfolio

Lagos has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at $1.45 billion as at June 30.This is according to a report by the Debt Management Office (DMO), on Wednesday in Abuja, titled: States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018.According [...]

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    CBN fines four banks N5.8bn, asks MTN to refund $8bn

CBN fines four banks N5.8bn, asks MTN to refund $8bn

The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]

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    Sanusi: In five years as CBN gov, no president influenced my decisions unduly

Sanusi: In five years as CBN gov, no president influenced my decisions unduly

Sanusi Lamido Sanusi, emir of Kano, says no president influenced his decisions unduly while he was governor of Central Bank of Nigeria (CBN).He disclosed this in an interview with CNBC Africa at the annual conference of the Nigerian Bar Association (NBA).Sanusi said the lack of political interference in the operations of the CBN under his watch enabled his administration to [...]

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    We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

President Muhammadu Buhari says the country is 'nervously monitoring' the proceedings of Brexit.The president made this statement on Wednesday when Theresa May, British prime minister, paid him a visit in the Presidential Villa in Aso Rock, Abuja.Both countries also signed two agreements on defence and security partnership as well as Economic Development Forum.In his remarks, Buhari said Nigeria and [...]

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    NERC: Electricity consumers’ complaints declined in Q3 2017

NERC: Electricity consumers’ complaints declined in Q3 2017

The Nigerian Electricity Regulatory Commission says electricity distribution companies (DisCos) received 109,048 complaints from consumers in the third quarter of 2017.This was disclosed on Tuesday in the quarterly report of the commission.The report showed a decline in the number of complaints, a slight improvement from the 116,761 complaints received in the second quarter of 2017.According to the report, an average [...]

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    ANALYSIS: Nigeria’s GDP drop, dollar bulls MIA as gold prices peak

ANALYSIS: Nigeria’s GDP drop, dollar bulls MIA as gold prices peak

Confidence over the health of the largest economy in Africa was dealt a blow after economic growth decelerated in the second quarter of 2018.Nigeria’s GDP disappointed in Q2 by slowing to 1.5% from the 1.95% achieved in the first quarter of 2018. Although growth during the second quarter was mainly driven by the services sector and higher than when compared [...]

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Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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