FAAC Allocates N679.69bn To FG, States, LGs

The Federal Account Allocation Committee, on Thursday shared N679.69 billion among the Federal Government, States and Local Government Councils as federal allocation for the month of May. A statement by the Director, Information, Ministry of Finance, Mr Hassan Dodo,  said the allocation was shared at FAAC’s joint session at the African House, Kano State. Click here for more.

NNPC Cautions Against Disruption In Fuel Supply

The Nigerian National Petroleum Corporation (NNPC) has cautioned all stakeholders in the downstream petroleum sector to avoid any act that could undermine the seamless supply and distribution of petroleum products in the country. Click here for more.

Buhari has received committee report on AFCTA and there is a big BUT

Nigeria’s President Buhari finally received the much-anticipated report on the African Continental Free Trade Area (AfCFTA) Agreement from the constituted Presidential Committee. The president confirmed this on Thursday evening in a rather cryptic tweet sending analysts into a state of flux. Click here for more.

Manufacturing PMI Stands at 57.4% in June 2019 from 57.8% in May 2019

The June 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period June 10-14, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Click here for more.

NSEASI Inches Up By 0.47% As Market Sentiment Turns Positive

Equities market closed yesterday on a positive note, as NSEASI appreciated by 0.47% to close at 29,749.35 points as against 0.20% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.35%. Click here for more.

IoD wades into SEC-Oando crisis, sets up investigative panel

The Institute of Directors (IoD) Nigeria, has set up a panel to investigate the crisis between the Securities and Exchange Commission (SEC), and Oando Plc.  IoD, which said it has issued public comments accordingly, also mandated its committees on Director Development and on Ethics. Click here for more.

A look at the attendant impacts of the new Customs Exchange Rate

Earlier this month, the Nigerian Customs Service (NCS) announced that the exchange rate for customs duty has been increased from the official benchmark of N306/US$ to N326/US$. This implies that importers and exporters whose products are valued and transacted in dollars now have to pay additional N20 per US$ worth of goods. Notably, the new exchange rate was implemented with immediate effect. Click here for more.

Insurance sector grows premium to N400bn

The Nigerian insurance sector’s premium rose by 10 per cent to N400bn in the 2018 financial period, according to the Nigerian Insurers Association. The Chairman, NIA, Mr Tope Smart, disclosed this while presenting the 2018 annual report of the Nigerian insurance sector. Click here for more.

Uber Plans To Launch Boat Taxis In Nigeria’s Biggest City

Uber Technology Inc. is planning to launch its boat business in Lagos, Nigeria’s commercial capital and biggest city, to beat traffic congestion. The ride-hailing service company is in talks with the Lagos state government. Click here for more.

Facebook’s Libra Blockchain May Be Viable Tech Cryptocurrency

Libra Blockchain, a joint effort among payments, technology and other organizations, led by Facebook, represents a step toward a potentially viable cryptocurrency, says Fitch Ratings. Click here for more.