Nigeria’s President Buhari Says He Won’t Seek Third Term

igerian President Muhammadu Buhari ruled out the possibility of changing the constitution to seek a third term in office, Punch newspaper reported. The head of state, 76, was re-elected in March for a second four year mandate, the last he is permitted under the west African country’s constitution. Click here for more.

Senate In Fresh Bid To Abrogate States, Council Joint Account

The push for a financially independent local government system in the country has been re-energised in the Senate. A bill to amend the constitution to achieve financial autonomy for local government councils has already been gazetted and is ready for a debate on the floor of the Senate this week. Click here for more.

AMCON Seeks Judiciary’s Support To Recover N5.4tn Debt

The Asset Management Corporation of Nigeria is seeking the support of the judiciary to recover over N5.4tn debt owed the corporation by chronic debtors. The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said this at the 2019 Annual Seminar for Justices of the Court of Appeal. Click here for more.

Sanwo-Olu Urges China Devt Bank to Raise Investment in Nigeria to $1bn

Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged the China Development Bank to increase its investment in Nigeria to $1 billion.The Governor made the request at a meeting with the bank’s President, Mr. Quyang Weimin. Click here for more.

NSEASI Inches Up By 0.52% WoW To Close The Week Positive

Equities market closed Friday on a positive note, as NSEASI appreciated by +0.44% to close at 26,991.42 points as against +0.36% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.12%. Click here for more.

SEC Cancels Banker Confirmation In E-Dividend Registration

The huge number of unclaimed dividends in the nation’s capital market may become a thing of the past, as the Securities and Exchange Commission (SEC), at the weekend, ending the use of bankers’ confirmation form in processing e-dividend registration. Click here for more.

Emefiele woos private sector players to infrastructure bond

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has advised corporate bodies in the country to take advantage of the Presidential Order 7 to raise infrastructure bonds. According to him, the bonds, which are at concessionary rates, would be used to support the Federal Government in its desire to develop infrastructure in Nigeria. Click here for more.

Nigeria’s Q3 GDP numbers expose growth problem for 2020

Take out oil from Nigeria’s third quarter (Q3) GDP numbers and the economy is in pretty bad shape and growing at par with the United States economy which grew 2 percent in Q3. How 2 percent growth in the US, which is deemed inappropriate by Wall Street economists, is fast becoming the norm in Nigeria. Click here for more.

Oil companies now require Buhari’s consent to sack workers

Oil and gas companies in Nigeria are now required to obtain the approval of the Minister of Petroleum Resources, through the Department of Petroleum Resources (DPR), before they can remove any staff from their employment. This is according to new guidelines approved by President Muhammadu Buhari, who doubles as Minister of Petroleum Resources. Click here for more.

Merchants upgrade POS machines to automatically charge N50 stamp duty 

Merchants in some of Nigeria’s largest retail outlets have started including the N50 stamp duty in their POS machines automatically. This follows the widespread adoption of the N50 charge on customers seeking to pay their bills using debit cards. Click here for more.

RevolutionPlus plans 10,000 housing units

The Chief Executive Officer, RevolutionPlus Property, Mr Bamidele Onalaja, has said as part of the firm’s contribution to efforts to reduce the country’s housing deficit, it will add 10,000 units to its housing stock in the next five years. Click here for more.

No ‘Phase Two’ U.S.-China Deal On The Horizon, Officials Say

An ambitious “phase two” trade deal between the United States and China is looking less likely as the two countries struggle to strike a preliminary “phase one” agreement, according to U.S. and Beijing officials, lawmakers and trade experts. Click here for more.