Top Financial News   

07 Aug 2018 ( Lagos )

NIRSAL targets N1.6tn revenue for smallholder farmers: The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending is planning to assist smallholder farmers to generate a total revenue of N1.6tn.(Source:Punch)


New power policy will raise tariff by 14% – Discos: The Eligible Customer policy introduced by the Federal Government in the power sector will lead to a 14 per cent increase in the electricity tariff payable by residential consumers across the country.(Source:Punch)


Stocks extend losses, exchanges collaborate for growth:  The nation’s stock market extended its decline on Monday as 25 companies, led by Ikeja Hotel Plc, recorded losses at the end of trading.(Source:Punch)


Power firm deploys 372,728 meters in Abuja, others:  A total of 372,728 meters have been deployed in the Federal Capital Territory as well as in Kogi, Nasarawa and Niger states by the Abuja Electricity Distribution Company.(Source:Punch)


PenCom verifies 2,700 FG workers: The National Pension Commission said it had commenced the verification and enrolment exercise of over 2,700 federal civil servants from the Federal Capital Territory and Niger State in the Abuja centre.(Source:Punch)

Ease-of-doing-business index: Nigeria will climb 45 places, says FG:  The Federal Government has said Nigeria will improve its ranking by 45 places in the World Bank Ease of Doing Business Index in the next two years to achieve its goal of attaining the top 100 by 2020.(Source:Punch)


Importers abandon over N10b vehicles at Lagos ports: About 6,000 vehicles worth over N10 billion have been abandoned by importers at the Lagos ports, investigation(Source:The Nation)


World Bank asks Nigeria to raise non-oil tax collection: The World Bank has urged Nigeria to lift its internally generated revenue by raising non-oil income from federal and state levels.(Source:The Nation)


‘Illegal miners constitute 90% of Nigeria miners’: Minister of State for Mines and Steel Development, Hon. Abubakar Bwari, has said over two million miners, representing 90 per cent of miners in the country operate illegally.(Source:The Nation)


FIRS to GE: show evidence of $2m tax remittance: The Federal Inland Revenue Service (FIRS) has demanded evidence that General Electric International Operations Nigeria Ltd remitted the excessive tax it withheld from Arco Group Plc, a Nigerian oil servicing company, for nine years.(Source:The Nation)


Asia, Nigeria trade volume hits $7.7 billion:  Nigeria’s trade volume with Asian countries has peaked at about $7.7 billion, the Malaysia High Commissioner to Nigerian,  Gloria Tiwet,  said yesterday in Abuja.(Source:The Nation)


Zenith Bank declares N9.42b interim dividend:  The board of directors of Zenith Bank Plc has approved distribution of N9.42 billion to shareholders as interim dividend for the half-year ended June 30, 2018.(Source:The Nation)

Buhari Approves Fresh Measures to End Gas Flaring:  President Muhammadu Buhari has approved the Flare Gas (Prevention of Waste and Pollution) Regulations 2018, to be used for the implementation of the National Gas Flare Commercialization Program (NGFCP).(Source:Thisday)


IPMAN Raises Concern over Looming Fuel scarcity: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over the looming fuel scarcity as a result of the non-availability of the product at the Ibadan depot.(Source:Thisday)


Discos Fault FG’s Rural Electrification Scheme: Investors in 10 of the 11 electricity distribution companies (Discos) in Nigeria, have declared they may not recoup their investments in the Discos in the short to medium term.(Source:Thisday)


We Now Supply 40% of Gas in Nigeria, Says Chevron: Oil firm, Chevron Nigeria Limited (CNL) has said that it now supplies up to 40 per cent of the domestic gas used in Nigeria, and on the back of that, has reduced gas flaring at its operations in the Niger Delta by 90 per cent from 2008 to 2017.(Source:Thisday)


LCCI Blames Apapa Traffic Gridlock for Astronomical Increase in Haulage Cost:  The Lagos Chamber of Commerce and Industry (LCCI) has said the gridlock in the Apapa area of Lagos State has imposed unbearable cost on businesses.(Source:Thisday)

Nigeria needs $7bn annually to up oil production – Baru: Baru, who was speaking yesterday in Lagos at the Society of Petroleum Engineering (SPE) 2018 annual international conference and exhibition, said without adequate funding of the sector, it would be difficult to meet the target.(Source:Daily Trust)


DMO offers August FGN bonds at 10% interest rate:   To raise capital for the 2018 Budget, the Debt Management Office (DMO) says it is offering two, and three years savings bonds for August 2018 at 10.6 per cent and 11.6 per cent interest rates.(Source:Daily Trust)

Dangote refinery to save Nigeria $7.5bn FX – Official:  The construction of the 650,000 barrels of crude oil per day by Dangote Refinery is expected to help Nigeria save over N2.7 trillion ( $7.5 billion)through import substitution.(Source:Daily Trust)

Naira appreciates to N361.96/$ in I&E window:  The downward trend in interbank interest rates will persist this week, as inflow of N452 billion aggravates the prevailing excess liquidity in the interbank money market.(Source:Vanguard)


Nigerian banks increasingly involved in petroleum upstream — NNPC:  The Nigerian National Petroleum Corporation, NNPC, Monday, disclosed that currently, Nigerian banks are deeply involved in providing funding for the upstream sub-sector of the petroleum industry.(Source:Vanguard)

Reporting for EasyKobo on Tuesday ,07 August 2018 in Lagos, Nigeria

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