RMAFC against Dangote’s proposal to sell NLNG, others

The Federal Government has renounced Alhaji Aliko Dangote’s proposal to sell Nigeria’s Liquefied Natural Gas (LNG) company and other crown jewels to augment a shortfall in revenue, insisting that borrowing would be a better option, The Sun reports. Acting Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Shetima Umar Abba Gana, who faulted Read more

First Bank Denies Forgery Allegation against Officers

First Bank Nigeria Limited has described as false and mischief, the news making the rounds on the allegation of forgery against its officers by the promoters of Zone 4 Energy Limited. It explained in a statement that Zone 4 Energy Limited maintained a business relationship with FirstBank and had been availed of import finance petroleum Read more

WEEKAHEAD-AFRICA-FX-Nigeria seen supporting naira, other African currencies steady

Nigeria’s central bank is expected to offer support to the naira with foreign exchange sales next week, while the Ghanaian, Kenyan, Ugandan and Tanzanian currencies are expected to hold steady. NIGERIA Nigeria’s central bank is expected to continue almost daily sales of foreign exchange next week to ease pressure on the naira as foreign investors Read more

London’s future as a global financial center is now in doubt

Financial services make up 8% of Britain’s GDP. With its associated law, consulting, and accounting firms, it employs as many as 2 million, or 1 in 7 UK jobs. The nation is the biggest exporter of financial services globally. By some rankings, London is the world’s No. 1 financial sector capital, ahead of New York, Read more

Naira Falls to N281.85/$ as CBN Clears $4.02 Backlog

As the Central Bank of Nigeria lifted the peg on the naira, the local currency depreciated to N281.85 to the dollar on the Nigeria Interbank Foreign Exchange (NIFEX) market on Monday, with the central bank conducting Special Secondary Market Intervention Sales (SMIS) to clear the backlog of  $4.02 billion pent-up demand for FX. According to Read more

Nigerian Bank Stocks Tumble as Investors Await Clarity on Naira

Nigerian banking stocks headed for the biggest drop in 3 1/2 years as investors showed their displeasure at the lack of clarity from policymakers since they flagged a change in foreign-exchange policy more than a week ago. The Nigerian Stock Exchange Banking 10 Index fell 7.6 percent as of 1:31 p.m. in Lagos, the biggest Read more

Dangote contributes 53% of govt revenue in mineral resources sector

An agency of the Federal Government, the Nigeria Extractive Industries Transparency Initiative (NEITI), has revealed that Dangote Industries Limited generates more mineral resource revenue for the government than the rest of the nation put together. Aliko Dangote In its reports made available to the press yesterday, Dangote Cement was responsible for 53 per cent of Read more

Nigeria suspends talks on MTN’s record fine

Nigeria has suspended talks with MTN Group about a $3.9 billion fine on the South African mobile-phone company indefinitely while the country’s House of Representatives completes an investigation into the nature of the penalty. The lawmakers “have set up a committee to investigate the MTN saga and they are still on it,” Victor Oluwadamilare, spokesman Read more

NLC suspends nationwide strike

The Nigeria Labour Congress (NLC), yesterday suspended its nationwide industrial action commenced last Wednesday in protest against the hike in the pump price of petroleum by the Federal Government. The decision was taken at the Congress’s emergency National Executive Council (NEC) meeting held in ‎Abuja, to review the strike. However the NLC contrary to the Read more

CBN Disburses N55bn to 24 Power Firms as FG Seeks Improved Supply

As part of efforts to address the worsening power situation in the country, the Central Bank of Nigeria (CBN) yesterday disbursed a total of N55,456,161,481 from its Nigerian Electricity Market Stabilisation Facility (NEMSF) to firms in the power. A breakdown of the amount showed that while all the distribution companies got N8,670,234,863.76; the generating companies Read more