#IndustryPulse:
CBN sells $2.188bn to banks in three months
As the Central Bank of Nigeria (CBN) continues with its
demand management policy in foreign exchange (forex) allocation to financial
institutions, the returns on the foreign exchange utilization has shown that it
sold a total of $2,177,999,996 to commercial and merchant banks as well as the
Bank of Industry (BoI) between March 1st and May 31st 2016.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#Oil:
Another 140,000 bdp shut in as Agip, AITECO close operations in Bayelsa
Nigeria’s crude oil production capacity has again dropped by
140,000 barrels per day (bpd) from the renewed activities of the Niger Delta
Avengers (NDA), a new militant group in the country’s Delta region. The News
Agency of Nigeria (NAN) reported in Abuja yesterday that while the Nigerian
Agip Oil Company (NAOC) has shut its Balyesa production facility which produces
65,000bpd, indigenous operator, Aiteo, which operates the Nembe Crink Trunk
Line, has also stopped its 75,000 bpd facility in Bayelsa.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#IndustryPulse#Technology:
Report- IoT will overtake Mobile phones in 2018
The latest edition of the Ericsson Mobility Report reveals
that the Internet of Things will overtake mobile phones as the largest category
of connected devices by 2018. According to the report, between 2015 and 2021,
the number of IoT connected devices is expected to grow 23 per cent annually,
of which cellular IoT is forecast to have the highest growth rate. Of the 28
billion total devices that will be connected by 2021, close to 16 billion will
be IoT devices.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#IndustryPulse:
Deloitte appoints Folarin CEO for Nigeria/W’Africa Regional Leader
Deloitte Africa has appointed Fatai Folarin as the new Chief
Executive Officer of Deloitte Nigeria and Deloitte West Africa Regional Leader from
June 1, 2016 as it continues to focus on driving Africa’s regional growth
potential.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#Awards:
VoguePay wins Best Emerging e-Payment Platform award
VoguePay.com, a leading e-payment platform that serves
hundreds of thousands of small businesses in four continents has won the best
emerging online payment platform in Africa at the African Information
Technology and Telecom Awards (AITTA) 2016 held at the Kempinski Hotel, Accra,
Ghana on May 21, 2016.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#CSR#Agric:
PernordRicard Nigeria, partners Food Bank to feed Nigerians
PernordRicard Nigeria, producer and importer of varieties of
whiskey, spirit and wine last week partnered Food Bank Nigeria to provide food
for numerous Nigerians, an initiative to give back to the society.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#Power:
CONTEC to establish 10MW Gas-based station in Benue
Contec Global Energy Limited (CONTEC Global) has signed an
agreement with the Benue State government to establish a 10 megawatts gas-based
power station in the state. When completed it is expected to boost the efforts
of the state government in resuscitating its industrial sector through the
supply of constant and stable electricity supply in the state.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#Technology:
Mobil-PoS will influence Last-mile Banking
Innovectives, a major player in the mobile Point of Sale
(mPoS), in collaboration with the Nigeria Inter Bank Settlement System (NIBSS),
and some deposit banks, will hold the quarterly Ennovators Breakfast Series
(EBS) to examine how Nigeria could benefits from the rapid growth of mPoS
solution that is influencing the businesses of banks, FinTechs, vendors, and
non-bank players.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#IndustryPulse:
FirstBank enhances customer experience
First Bank of Nigeria Limited said it has created a
value-chain of support for the interests and activities of its customers. With
varying categories of products and services to support businesses across market
segments, the bank explained that it was set to ensure that its customers’
lifestyles align with their planned scripts for their lives.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#Agric:
Nigeria, ECOWAS member states unite on Food Safety
Nigeria, alongside member states of the Economic Community of
West African States (ECOWAS) have formed a common ground against indiscriminate
dumping of harmful food products mostly from the European Union and China.
Also, members unanimously resolved to implement standards that would ensure
that agricultural produce from members countries are not rejected by foreign
trade partners especially the EU.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#IndustryPulse:
Standard Chartered launches New Mobile, online banking platforms
Standard Chartered Bank has said it is bringing its newest
mobile and online banking platform to one million clients across its eight
African markets. The bank described the initiative as the most extensive
digital rollout of its kind in Africa by an international bank.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#Philanthropy:
NGO donates N10m to IDPs, empowers 1,000 farmers in Borno
In its resolve to provide succour and help those hitherto
displaced by the Boko Haram insurgents in the North-East region, a
non-governmental organization (NGO), Peace Rehabilitation and reconstruction
Initiative (PRRI), has donated N10 million to the Internally Displaced Persons
(IDPs) in Biu Local Government Area of Borno State.
Published
by the This Day Newspaper on Monday, 6th June, 2016
#StakeholdersAction:
Labour, students protest, cripple Ibadan
What many agreed was the fiercest organised protest by any groups
in Ibadan, the Oyo State capital in so many years, paralysed the sprawling
megacity yesterday when secondary school students went on rampage. They
destroyed property including Governor Abiola Ajimobi’s personal house in
expression of their rejection of the state government’s purported education
privatisation policy.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Investment:
Banks, oil firm seal N94.6b deal
Nigeria’s leading indigenous energy solutions group with a
primary and secondary listing on the Nigerian Stock Exchange and the
Johannesburg Stock Exchange, Oando Plc has announced the agreement of a N94.6
billion facility provided by 10 lading financial institutions in Nigeria. The
financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a
five-year Medium Term Note (MTN) at Nibor+200 bps to assist the company meet
its financial obligations in the low crude oil price environment.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#IndustryPulse:
BoI disburses N95 billion to 400 enterprises in H2 2016
In line with its commitments to rev up its operations in
support of Federal Government’s policies and programmes as well as those of
state governments partnering with the bank, the Bank of Industry (BoI) has
disbursed N95 billion to 400 enterprises in the first half of 2016.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Economy:
Economies need $10tr to eradicate poverty by 2030
To stem the growing pangs of poverty across global economies,
about $600 billion might be required yearly or $10 trillion in the next 15
years. This is the projection of the International Labour Organization (ILO) in
its Word Employment and Social Outlook (WESO) 2016 report. It stressed that
poverty goal of 2030 Agenda is at risk without decent work; even as relative
poverty in developed countries is increasing.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Oil: Crude
oil prices hit $50.23 a barrel
Crude oil prices bounced back to above $50 a barrel as
militants continue to carry out their threats against Nigeria’s export
pipelines and oil wells in the Niger Delta.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#IndustryPulse:
finance professionals need new skills in modern businesses
An optimum blend of skills, experience and intelligence is
now needed by professional accountants to navigate modern businesses that are
challenged by the faltering global economy to survival path, a global research
project from the Association of Chartered Certified Accountants (ACCA), has
said.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Innovation:
Parkway launches Bank3D
Parkway projects Ltd, which was recently licensed as a
Payment Solution Service Provider (PSSP), by the Central Bank of Nigeria (CBN)
has launched Bank3D. Bank3D, a managed business banking solution for large,
mid-sized, small businesses and government agencies with simple and intuitive
application for: Monitoring business bank accounts across all Nigerian banks
and making payment to vendors and employees from mobile, tablets among others.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Economy:
NDE seeks endowment fund to tackle unemployment
The Acting Director General of the National Directorate of
Employment (NDE), Kunle Obayan has canvassed the need to urgently establish a
National Employment Endowment Fund to tackle unemployment in the country.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Empowerment#Agric:
NGO empowers 1,000 Borno farming families
Over 1000 families and Internally Displaced Persons (IDPs) in
the North-east part of the country have benefited from the philanthropic
gesture of a Non-Governmental Organization, Peace Rehabilitation and
Reconstruction Initiative (PRRI).
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Economy:
TUC unveils $1b economic development plan
In an effort to tackle the economic crisis bedevilling the
nation, Trade Union Congress (TUC), has concluded plans to unveil an economic
development plan worth $1 billion. According to TUC, the development plan would
be used to make strategic investments into different sectors of the economy.
Part of the fund will be set aside to provide loans and the required technical
assistance for trade union members to set up and run bankable businesses when
they retire from the service.
Published
by the Guardian Newspaper on Tuesday, 7th June, 2016
#Economy:
ILO- &10tr needed to end poverty by 2030
A whooping $10 trillion would be required to end poverty
across the globe in another 14 years, the International Labour Organization has
said. The world body also identified the global deficit jobs’ quality and
deteriorating economic conditions in some parts of the world as threats to the
decades of progress recorded in poverty reduction.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#IndustryPulse:
Sand miners protest ‘stop work’ order
Sand miners and dredgers in Lagos under the auspices of
Federal Cadastres Miners’ Association (FCMA) yesterday urged Governor Akinwunmi
Ambode to lift the ban on sand mining. The miners, who in conjunction with
Activists for Good Governance (AFGG), protested in Ipaja, said over 5000 of
their members were ‘near starvation’ because of the ban.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#Economy:
Diversify economy with petrochemicals, Arco chief urges
Nigeria should give serious consideration to the
petrochemical sector in its quest to diversify the nation’s economy, the
Managing Director/CEO of Arco Group, Alfred Okoigun, has said. The Arco chief,
who spoke in Abuja at the annual conference of the Institute of Directors
(IoD), said the call became imperative given the current economic crunch
occasioned by the prolonged slump in oil prices that has led to significant
slump in Federal Government revenue.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#Economy:
‘Nigeria technically in depression’ as oil revenue dips
Nigeria’s economy is inching towards recession after monthly
oil revenues dipped from $1.2 billion earlier in the year to $500 million. The
development could trigger an external and balance of payment crisis, the
Managing Director, Financial Derivatives Company (FDC) Limited, Bismarck
Rewane, has said.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#Economy:
Made-in-Nigeria e-commerce platform inaugurated
Mincommerce Solutions Limited (MIN) has launched an online
marketplace, www.min.ng, which is
focused on indigenous products and businesses. The platform, which was launched
in Lagos recently, will enable registered merchants have access to personalized
web store, have logistics support for the delivery of goods purchased online,
inventory management system and a secure payment platform for goods.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#MSMEs:
Entrepreneurship through agriculture
The Federal University of Agriculture Abeokuta, Ogun State is
educating students and faculty to become successful innovators and
entrepreneurs. To achieve this, the University is investing millions of naira
in researches and programmes which students and faculty can into jobs,
technology and economically competitive advantages for the nation
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#Economy:
Flexible exchange rate- Naira crashes to N361/$ over market uncertainty
The naira yesterday dropped by 1.1 per cent on the parallel
market as customers trying to hedge against a likely currency depreciation when
the Central Bank of Nigeria (CBN) clarifies its new forex policies. The naira
was quoted at 361 to the dollar on the parallel market, lower than 357 on
Monday, driven by dollar scarcity, traders say.
Published by
the Nation Newspaper on Wednesday, 8th June, 2016
#IndustryPulse:
Heritage Bank CEO says lender deepening retail focus
Heritage Bank Limited has said bulk of its profit and
business drive in this financial year will be coming from the retail end of the
market, its Managing Director/CEO, Ifie Sekibo has said. Speaking yesterday
after receiving the Pilot Newspaper Leadership Award, naming Heritage Bank as
the Fastest Growing Bank in 2016, held in Lagos, the bank chief said most
banking institutions have made significant part of their revenue from retail
segment of the market, and his bank will not be left out.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#Economy:
New forex policy coming, says Adeosun
Nigerian officials said they are still working out the
details of a new currency policy and may make an announcement within the next
month, according to bond investors who met in a delegation led by Finance
Minister, Kemi Adeosun in London yesterday.
Published
by the Nation Newspaper on Wednesday, 8th June, 2016
#Empowerment:
FG begins recruitment of 500,000 teachers
The Federal Government will begin to receive applications
online for 500,000 teaching jobs on June 12, the Senior Special Assistant to
the Vice President on Media and Publicity, Laolu Akande said. In a statement
yesterday, Akande advised unemployed youths to apply through the internet
portal, npower.gov.ng that would be opened on June 11.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Oil:
Nigeria losing US, India, Indonesia oil markets over attacks
Crude oil customers from India, Indonesia and the United
States are turning away from Nigerian oil over uncertainty about deliveries as
attacks by militants have reduced Nigeria’s oil output. The reluctance is
limiting the prices Nigeria can get for its oil even as there is production
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Health:
Poor funding crippling Owerri medical centre
The Medical Director, Federal Medical Centre Owerri, Imo
State, Professor Ndu Eke, has identified poor funding and lack of electricity
as major challenges militating the effective operation of the hospital.
Addressing newsmen in Owerri, the MD expressed regret over insufficient oxygen
to carry out surgery or place patients in incubators, among other things.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Power: IPP
for test-run in 3 months
The Independent Power Plant (IPP) in Sokoto State will be
test ran in three months’ time. Transmission Company of Nigeria (TCN) General
Manager in charge of Connection to Power Plant, Dr Inugonum Tom, disclosed this
while assessing the facilities installed at the IPP site located at Arkilla area
in Wamakko local government area of the state.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Oil:
Diesel, Kerosene prices skyrocket nationwide
The prices of Automated Gasoline Oil (AGO) or diesel and
household Kerosene have skyrocketed across the country. Diesel dealers told our
correspondents that scarcity of the product may be imminent because marketers
were now paying more to source the US dollar at the black market to import the
poducts.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Energy:
Gas to power down 50% over attacks- Report
Recent upsurge in vandalism has not only negatively impacted
on oil production but reduced Nigeria’s domestic gas production by 50% which
has in turn constrained gas supply to power plants in the country. Power supply
has consequently dropped in March, plunging lower in May, this year.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Agric: Famers shift attention to
rice, maize in Katsina
Rice and maize have, in this farming season, dominated
Kastina farms unlike last year when farmers concentrated on soya beans and
sesame as their main cash crops, Daily Trust gathered. Ever since the decline
in cotton production in the state and the country in general, farmers have
adopted soya beans and I recent years, sesame as their main cash crops because
of their industrial demands.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Agric: FG
partners foreign coys on post-harvest losses
The federal Ministry of Agriculture and the Rural Development
is collaborating with various multinational corporations to solve the problem
of post-harvest losses. Managing director, Euroase Consult Limited, Mr Don
Ekesiobi, stated this at a press conference on the forthcoming Agricultural
Value Chain Workshop in Abuja.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Agric:
Growing demand for soya beans, an opportunity for farmers
In Nigeria today, the soya beans processing sector which has
an estimated capacity of one million tonnes per annum is hampered by low
production. The over 30% growth in the poultry industry in the last 10 years
and expanding market for vegetable oil
have increased the demand for the crop, which is also the best
alternative for animal nutrition in food consumption.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Education:
NIPEP spends $100m on girls’ education
A donor agency-Nigerian Partnership for Education Project
(NIPEP), is set to spend the sum of N19.7bn ($100m) on girl-child education in
five North-Western states. Minister of State for Education, Professor Anthony
Anwukah, made the remarks during the launch of NIPEP in Abuja yesterday. He
said the project will spend the sum of $100m in promoting access and quality of
basic education with emphasis on girl-child education in the North Western
states of Kano, Sokoto, Kaduna, Jigawa and Katsina.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Agric:
Kaduna to vaccinate 7 million animals
Kaduna State
government said it has revived the livestock vaccination programme in the state
under which over 7 million animals including cattle, goats, sheep and poultry
would be vaccinated.
Published
by the Daily Trust Newspaper on Thursday, 9th June, 2016
#Infrastructure:
World Bank okays $575m for N’East rebuilding
The Board of Executive Directors of World Bank has approved
$575m loan to scale up its support for the North East of Nigeria and help
rebuild the livelihood of residents that had been shattered by terror group,
Boko Haram.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Health:
Lagos to tackle HIV/AIDS stigmatisation
The Lagos State Government says it will tackle the challenges
faced by people living with the Human Immunodeficiency Virus and Acquired
Immune Deficiency Syndrome in the state, including stigmatisation.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Event: VP
inaugurates school feeding programme
Vice-President Yemi Osinbajo on Thursday inaugurated the
Federal Government’s national Home-Grown School Feeding Programme. The event,
which was held inside the old Banquet Hall of the Presidential Villa, Abuja,
was also witnessed by state governors including Abiola Ajimobi (Oyo); Rauf
Aregbesola (Osun); Nasir el-Rufai (Kaduna); and Kashim Shettima (Borno).
Published by the Punch Newspaper on Friday, 10th June 2016
#Power:
N99bn debt threatens integrated power projects
The operational efficiency of the 10 power plants built under
the National Integrated Power Projects scheme is being threatened by a debt of
N99 billion owed the managers of the facilities. According to the Niger Delta
Power Holding Company, the NIPP managers, the total worth of electricity
supplied to power distribution companies by the power plants, which has not
been paid for is N99bn.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Energy:
Gas supply to NBC drops to zero
Nigerian Bottling Company said on Thursday that the cost of
purchasing diesel for production was eating deep into its profit margin. The NBC,
bottlers of Coco Cola, said it resulted in buying diesel after the supply of gas
fell from 20.3 million cubic feet in June 2007 to zero in February 2016.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Investment:
Friesland Campina to invest 3bn in Nigeria
Friesland Campina, a global beverage manufacturing
conglomerate on Thursday announced its decision to invest N3 billion in dairy
(milk) in Nigeria. The Managing Director of the firm, Mr Rahul Colaco,
disclosed this in Abuja during the signing of a renewed Memorandum of Understanding
with the Federal government.
Published
by the Punch Newspaper on Friday, 10th June 2016
#MSMEs:
Sterling Bank, LEAP Africa partner to grow SMEs
Sterling Bank Plc says it is committed to the growth of Small
and Medium scale Enterprises in the country. This, it said, informed its
decision to partner LEAP Africa on the 11th edition of the LEAP
Africa Annual CEO’s Forum held in Lagos last week.
Published
by the Punch Newspaper on Friday, 10th June 2016
#MSMEs:
Cashless Banking- MIN introduces e-commerce solutions
Mincommerce Solutions Limited says it has launched an online
marketplace primarily focused on indigenous products and businesses. The company
said the platform, which was launched in Lagos recently, would enable Small and
Medium Enterprises operators of made-in-Nigeria products to sell and market
their goods and services to a wider audience both internationally and locally.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Investment:
FG plans Eurobond with investors’ roadshow
The Minister of Finance, Mrs Kemi Adeosun, says the Federal
government will continue to engage international investors as it explores
fundraising options. She stated this in Abuja on Thursday after a non-deal
roadshow in London earlier in the week.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Industry:
NEPC targets $19.7tn earnings from non-oil exports
The Executive Director and Chief Operating Officer, Nigerian
Export Promotion Council, Mr Olusegun Awolowo, said that in line with the
Federal government’s resolve to diversify the economy, the agency has set a
long term target of earning $100bn from the country through non-oil exports.
Published
by the Punch Newspaper on Friday, 10th June 2016
#MSMEs:
Ogun disburses N600m to MSMEs in five years
The Ogun State Commissioner for Commerce and Industry, Bimbo
Ashiru, has said the state government disbursed the sum of N600m to Micro,
Small and Medium Enterprises, through the ministry in past five years. He said
this on Thursday in Abeokuta at the third annual retreat on promotion of
industrialisation in the state. He said
this fund was from the part counterpart fund between the bank of Industry and
the state government.
Published
by the Punch Newspaper on Friday, 10th June 2016
#Event:
LCCI holds dialogue session on trade relations
The Lagos Chamber of Commerce and Industry is set to hold a
dialogue session on Nigeria’s international trade relations, aimed at examining
the current status of the nation’s trade policies in line with the developments
in the global economy. According to a statement from LLCI, the dialogue session
is scheduled to hold sometime next week in Lagos.
Published
by the Punch Newspaper on Friday, 10th June 2016
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