Nigeria in 1min: Economic, Business & Financial Headlines -270617


June 27, 2017 7:00 AM / Proshare News 

Customs generates N239.4bn in first quarter, 2017 - The Nigerian Custom Service generated a total sum of N239.4bn in the first three months of this year, figures obtained from the Federal Ministry of Finance have revealed. Source Daily Trust Read More 

26 states owe LG workers’ salaries - NULGE - The Nigeria Union of Local Government Employees (NULGE) said that 23 states of the federation currently owed local government workers arrears of salaries ranging from one to 16 months. Source Daily Trust Read More

38 Nigerian Universities increase tuition fees – ASUU -  No fewer than 38 universities across the country have increased their tuition fees as a result of poor funding by the Federal and State governments. Source Daily Trust Read More

BPE gives 60 days lifeline for commodity change - The Director-General the Bureau of Public Enterprises (BPE), Alex A. Okoh has given Lead Capital Consortium G60 calendar day deadline at the kick-off meeting of the advisory services transaction to conclude the strategic equity investment by the National Sovereign Investment Authority (NSIA) into the Nigeria Commodity Exchange (NCX). Source Guardian Read More

Nigerian pharmaceutical industry needs N30bn bailout, says Okoli - The Chief Executive Officer of Emzor Pharmaceuticals, Dr Stella Okoli, on Monday said the pharmaceutical industry was in need of urgent government intervention, as it required injection of funds in the region of N30 billion. Source Daily Trust Read More

Sokoto govt. targets N1bn education levy annually - Tambuwal - Gov. Aminu Tambuwal of Sokoto State says over N1billion will be collected annually as education levy to be deducted from the salaries of civil and public servants in the state. Source Daily Trust Read More 

Nigeria, Mexico trade hits $600m in 14 years - Mexican Embassy, Deputy Head of Mission, Rodrigo Tenorio, said the volume of trade between Nigeria and Mexico has grown exponentially from 166.5 million dollars in 2012 to 600 million dollars in 2016. Source BUSINESSDAY Read More 

BPP urges court to void PHCN’s N1.786b liquidation contract - The Bureau of Public Procurement (BPP) has urged a Federal High Court in Abuja to void a N1.786,287,040 contract awarded for the wind-up/liquidation of the Power Holding Company of Nigeria (PHCN), claiming it was illegal. Source THE NATION Read More 

Banks' Exposure to Etisalat Nigeria: Restructuring or Equity Conversion? - Etisalat Nigeria (ETISALAT) on Monday, released a statement on the planned restructuring of its shareholding to accommodate an equity conversion as regards its failure to meets financial obligations to a consortium of Nigerian banks. Source Proshare Read More  

Global gas consumption rises by 1.5% – NATURAL gas global consumption increased by 1.5 percent, to about 63 billion cubic metres, bcm, quite a bit weaker than its 10-year average of 2.3 percent, while global gas production was essentially flat at 0.3 percent, 21 bcm, the weakest growth in gas output for 34 years, other than in the immediate aftermath of the financial crisis, BP Statistical Review of World Energy 2017, shows. Source Vanguard Read More

Electricity generation drops by 1,000mw, crashes to 2,982mw today - The Nigerian electricity grid dropped by 1,000 megawatts (mw) as generation crashed to 2,982mw in the early hours of Monday, during the Sallah festivity. Source Daily Trust Read More 

Delays in Gas Projects Hinder Addition of 2,000MW to National Grid - Efforts to boost gas supply for power generation under the Domestic Gas Supply Obligations (DSOs) imposed on the international oil companies (IOCs) are being hampered by delays in the execution of some key gas projects initiated by the oil multinationals to power over 2,000 megawatt-capacity thermal power plants in the country Source Thisday Read More  

Electricity: FG seeks $5bn loan from World Bank - The Federal Government is seeking a loan of $5bn from the World Bank Group to boost power availability in Nigeria, investigation has shown. Source Punch Read More 

‘Nigeria lost 25 million barrels of crude in March’ - About 25 million barrels of crude oil were shut-in at four production terminals within one month as a result of various challenges at the terminals. Source Punch Read More 
                                                                                                                                                                   Dangote Refinery Orders Clean Technology Services from DuPont - Africa’s largest refinery, Dangote Oil Refining Company, has ordered a range of advanced proprietary equipment from DuPont Clean Technologies for the construction of its 650,000 barrels per day refinery in Lekki, Lagos, according to a statement by the American company. Source Thisday Read More  

Ibadan Disco Begins N5bn Asset, Customer Enumeration Project - In a bid to identify areas of need and service her customers better, the Ibadan Electricity Distribution Company (IBEDC) has commenced an Asset and Customer Enumeration Project (ACE) that will gulp N5 billion over a two-year period. Source Thisday Read More

OTC FX futures market records $7bn transaction on FMDQ after one year - Over The Counter (OTC) FX Futures market has recorded a total of $7 billion contract traded on the FMDQ, the OTC FX Futures Exchange, after one year of launch by the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

Are CEOs Less Ethical Than in the Past? - The job of a chief executive officer at a large publicly held company may seem to be quite comfortable — high pay, excellent benefits, elevated social status, and access to private jets. But the comfortable perch is increasingly becoming a hot seat, especially when CEOs and their employees cross red lines. Source Proshare Read More 

The New Class of Digital Leaders - Faced with organizational challenges, more and more companies are hiring an executive to manage their digital transformation. A growing number of companies have embraced the need for strong digital leaders. Source Proshare Read More 

AfDB spends $1.6b on transport, ICT projects - THE African Development Bank (AfDB) has spent $1.6million on transport and Information Communication Technology (ICT) projects, designed to improve the lives of about  20 million Africans in the next few years. Source THE NATION Read More 

Zimbabwe secures $478 million funding for agriculture: state newspaper - Zimbabwe's government has signed a $478 million agreement with an energy company and three banks to finance the 2017/18 summer farming season in a push to improve food security, a state-owned newspaper said on Monday. Source Reuters Read More 

S.Africa's Treasury undecided on whether to challenge mooted change to's mandate -South Africa's Treasury has yet to decide whether it will challenge a recommendation by an anti-graft watchdog to change the central bank's mandate, a proposal that rocked markets, the deputy finance minister said on Monday. Source Reuters Read More 

U.S. to Impose Additional Tariffs on Canadian Lumber Imports - The U.S. will impose further punitive tariffs on imports of softwood lumber from Canada, escalating a longstanding trade dispute that’s already led to higher timber prices. Source Bloomberg Read More 

Oil Falls Prey to 'Hungry' Bears as Investors Drop Bets on Rally - Hedge funds cut bets on rising West Texas Intermediate crude prices by 31 percent in the week ended June 20, pushing their net bullish position to the lowest in 10 months just as the U.S. benchmark slipped into a bear market. Source Bloomberg Read More 

Gold Plunges After 1.8 Million Ounces Were Traded in One Minute - Gold traders shaken awake by Monday’s rapid price plunge said the move probably won’t mean an end to the sleepy pace that’s characterized the market in recent months. Source Bloomberg Read More  

Bitcoin, Ether Lead Digital Currency Slide From Highs - Bitcoin declined as much as 17 percent, while smaller competitor ether continued to slide after experiencing a “flash crash” last week, raising concern about mainstream acceptance of the digital currencies. Source Bloomberg Read More 

BoI seeks N1tr from lenders to fund industries - THE Bank of Industry, BoI, is seeking to strengthen its capital base by borrowing about N1trillion from both local and foreign development partners. Source Vanguard Read More  






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