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Oil output dips on Nigeria’s, Venezuela’s outages The oil output of the Organisation of Petroleum Exporting Countries (OPEC) fell to a 13-month low in May due to   Nigerian outages, declining Venezuelan production, and strong compliance with a supply-cutting deal, it was learnt yesterday. The Nation NPA: $40m equipment coming to Calabar Port The Nigerian Ports Authority (NPA) has concluded plans to deploy equipment worth over $40 million to Calabar port, in Cross   River State, its Managing Director, Ms Hadiza Bala Usman, said yesterday. The Nation May & Baker Nigeria ready to raise new capital Shareholders approve N3b new capital May & Baker Nigeria Plc is finalising arrangements to raise new capital through a rights issue as the company seeks to recapitalise its operations to drive a new vision of being the dominant healthcare brand in the Sub-Saharan Africa region. The Nation NNPC: petrol landing cost exceeds N171 per litre Firm denies fuel subsidy ex

Oil prices steady after shake-out on supply worries Oil prices steadied yesterday after slipping   prices   on concerns that Saudi Arabia and Russia will pump more crude in response to falling global crude inventories and rising consumer prices The Nation NSE suspends trading on PCMN The Nigerian Stock Exchange (NSE) yesterday suspended trading on the shares of Paints and Coatings Manufacturers Nigeria (PCMN) Plc as the company moves to finalise its voluntary delisting from the Exchange. The Nation High-cap stocks drag equities to N153b loss Nigerian equities showed improved sentiment yesterday but losses suffered by highly capitalised stocks overshadowed the overall market situation. The Nation CBN sustains forex intervention with $210m injection The Central Bank of Nigeria (CBN), yesterday sustained foreign exchange   supply in the inter-bank Foreign Exchange market with the sum of $210 million The Nation SEC warns investors over banned investment firm Sec

Nigeria continue to live below her capacity amidst her colossus potentials. The wish to take our place among the Nations of Nations would continue to stare us in the face, until we take a paradigm shift in our Leadership and priorities. One of these paradigm shifts is economic in nature and Dr. Ayo Teriba spoke succinctly on what we need to do. " If we have to compete, we have to commit."     FG must build buffers to protect Nigerians from fluctuations in oil price – Teriba Chief Executive Officer, Economic Associates, Ayo Teriba, in this interview, argues that Nigeria could have avoided the economic recession, devaluation and inflation that accompanied the loss in foreign exchange revenue due to decline in crude oil price between 2014 and 2016, if government had taken the right step namely to build external reserves buffer that will protect the nation from the vagaries of the crude oil market. Vanguard

‘Micro pension, multi-fund structure to change industry dynamics’ StanbicIBTC Pension to capture informal sector The proposed Micro Pension Scheme aimed at capturing the informal sector, the self- employed and the multi-fund structure under the Contributory Pension Scheme (CPS), which categorises pension fund investment, The Nation Pensioners accuse PFAs of sharp practices Federal Government retirees have accused Pension Fund Administrators (PFAs) of sabotaging the 2004 Contributory Pension Scheme (CPS) The Nation Pension manager invests N350b in equity market Stanbic IBTC Pension Managers Ltd. (SIPML) says the company’s Assets Under Management (AUM) presently stands at N2.53 trillion with N350 billion invested in the equities market. Its Chief Executive Officer, Mr Eric Fajemisin, stated this at a media conference in Lagos. The Nation Platform launches trade alert NASD OTC Securities Exchange Plc, the over-the-counter platform for trading in unlisted securit

Emefiele enforces OTC forex order CBN boss says no one should buy USD above N360 The Governor of the Central Bank of Nigeria (CBN),  Godwin Emefiele, yesterday paid unscheduled visits to three commercial banks in Abuja to monitor compliance with the Over The Counter (OTC) sales order of forex to qualified buyers. The Nation Fed Govt saves N125b reducing official allowances The Minister of Finance, Mrs. Kemi Adeosun, says the ministry has reduced travel and stationery allowances by N125 billion in 2016 and 2017. The Nation Ibeto Cement to get $850m Milost funding Ibeto Cement Co. Ltd., a privately owned Nigerian producer of the building material, signed a deal to get $850 million in financing from Milost Global Inc, according to the New York- based private equity firm. The Nation Ladol mulls listing on NSE Ladol, a logistics hub for the offshore oil industry in Lagos, Nigeria, is mulling a stock-market listing and corporate bonds to expand its facilities and get more

Shareholders approve Forte Oil’s assets sales Shareholders of Forte Oil Plc have approved the company’s plan to restructure its operations by divesting from its upstream services and power generating businesses and the sale of its downstream business in Ghana. The Nation ‘NDHPC removing power distribution bottlenecks’ The Niger Delta Power Holding Company (NDPHC) is removing bottlenecks in electricity distribution by establishing injection sub-stations across the country, its Managing Director, Mr Chinedu Ugbo, has said. The Nation How commodity exchange can boost agric Without a functional commodity exchange to protect farmers from price fluctuations and wastage, the Federal Government may have put the wrong foot forward in its ongoing economic diversification agenda anchored on the agric sector. The Nation Africa loses $100bn annually from illicit financial flow Africa loses around $100 billion annually, or around four per cent of the continent’s GDP as a

This past week had been one of the longest in recent time. The Market could  not stop hemorrhaging. It lost for each of the trading days of the week and completed a seven days losing streak on Friday looking at it from the upper week.  This horrific performance without any iota of doubt have presented a buying signal for some of the companies that had an impressive Q1 result.  The All Share index lost (2.84%) to close the week at 39,323.62. This brought the year to date return of the ASI to 2.83%. EQUITY A total turnover of 1.372 billion shares worth N16.022 billion in 21,099 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.457 billion shares valued at N23.666 billion that exchanged hands last week in 19,674 deals. ETPs Also traded during the week were a total of 70 units of Exchange Traded Products (ETPs) valued at N1,943.00 executed in 7 deals, compared with a total of 153,246 units valued at N4.009 million that was t

Free trade deal: African ministers back AfCFTA Despite opposition by Nigeria’s private sector operators against the proposed African Continental Free Trade Area (AfCFTA) agreement, the framework document has got the strong commitment and support of finance ministers and policy makers from across the continent. The Nation CBN injects $100m into interbank market The Central Bank of Nigeria (CBN) yesterday released   $100 million into the Nigerian Forex market to boost liquidity in the market. The Nation Fed Govt ‘pays contractors N2.7 trillion’ The Federal Government has paid N2.7 trillion owed various contractors since coming into office in 2015, Minister of State for Power, Works and Housing Suleiman Zarma has said The Nation Shareholders approve Forte Oil’s assets sales Shareholders of Forte Oil Plc have approved the company’s plan to restructure its operations by divesting from its upstream services and power generating businesses and the sale of its down

Shell pledges more domestic gas supply, 600mmscfd coming The Shell Petroleum Development Company Joint Venture (SPDC JV) has said it is committed to working with the Federal Government and the energy companies to increase gas supply to the domestic market while reducing flared gas volume. The Nation Speedy approval of FDP will attract investments, says Kachikwu The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said speedy approvals of Field Development Plan (FDP) by the Federal Government will attract huge investments into the oil and gas sector. The Nation Meter manufacturers upbeat as govt is set to approve firms Members of the Meter Manufacturers Association of Nigeria (MMAN) are confident of improving their output as the approval of some firms as Meter Asset Providers (MAPs) by the Nigerian Electricity Regulatory Commission (NERC) is underway. The Nation Analysts differ on 14% MPR retention Analysts have taken different positions on the rete

Nestle Nigeria optimistic of better returns Shareholders get N33.7b dividend Nestle Nigeria Plc is optimistic the ongoing economic reforms and diversification agenda of the government will lead to better performance and returns to shareholders in the years ahead. The Nation Multiple exchange rates ‘hurting capital inflows’ Foreign investors are still worried about the multiple exchange rates operating in Nigeria which remain a big challenge to foreign capital inflows, Global Chief Economist at Renaissance Capital (RenCap) Charles Robertson has said. The Nation FinTech big threat to banks, says Emefiele The Central Bank of Nigeria (CBN) has identified the rising influence of Financial Technology (FinTech) firms in providing financial services to consumers as a big threat   to banking. The Nation A pension scheme for informal sector operators The National Pension Commission (PenCom) is set to unveil the micro pension scheme for the self-employed and workers in th

Stock Exchange lifts suspension on Ikeja Hotel The Nigerian Stock Exchange (NSE) yesterday lifted its one and a half years suspension on trading in the shares of Ikeja Hotel, paving the way for resumption of trading in the shares of the hospitality and tourism company. The Nation ‘Smuggling killing rice, poultry policies’ Nigeria’s bid to be self-sufficient in rice and poultry production is being threatened by smugglers, investigation has revealed. The Nation AfDB eyes $1tr from African agric sector The African Development Bank (AfDB) yseterday call on African governments to create the right environment for the private sector to lead the continent’s industrial revolution. The Nation Fed Govt plans100, 000 mass housing units’ scheme The Federal Government   said its plans to deliver 100, 000 affordable homes yearly as social housing scheme in the country is close to fruition. The Nation Non-oil sector hits 90.3% in Q1 1.9% GDP growth OIL’S contribution to Ni

Nigerian equities lose N200b amid global slowdown Nigerian equities closed at the weekend with a net capital loss of N200 billion as investors reassessed portfolio compositions ahead of the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The Nation Expert seeks monitoring of livestock diseases A consultant to the World Bank, Prof Abel Ogunwale, has called for an improved monitoring system by animal health authorities to prevent the spread of livestock diseases. The Nation ‘African insurance markets suffer from unhealthy competition, others’ African insurance markets suffer from cut-throat competition and excess capacity, African Insurance Organisation (AIO)Secretary-General, Prisca Soares has said. The Nation Nigeria’s economic outlook bullish, needs more investments, says Renaissance Capital Nigeria’s economy has the potential to double its current performance within the next 12 months, but the government needs to support