The US Dollar’s retreat in the wake of the FOMC policy announcement buoyed raw materials prices, which are typically denominated in terms of the benchmark currency on global markets. Officials delivered a widely expected interest rate hike but offered guidance that was a bit more cautious than markets anticipated. Most notably, the projected number of […]
Month: March 2018
SEC disburses N17.09m to 297 investors
The Securities and Exchange Commission (SEC) on Wednesday said that the sum of N17.09 million has been disbursed to 297 investors from its National Investor Protection Fund (NIPF). A source close to the commission said the NIPF board at its first meeting on Dec. 14, 2015, approved N25 million from the fund, adding that out […]
Africa agrees to giant trade bloc, but Nigeria, South Africa dilly dallies
African leaders agreed on Wednesday to form a $3 trillion continental free-trade zone encompassing 1.2 billion people, but its two biggest economies, Nigeria and South Africa, did not sign up, diminishing its impact. The African Union started talks in 2015 to establish a 55-nation bloc that would be the biggest in the world by member […]
Dangote, Bill Gates to address special NEC meeting
Africa’s leading industrialist Aliko Dangote and Microsoft founder and philanthropist, Bill Gates are expected to address a special session of the National Economic Council on Thursday. A media advisory released by Vice President Yemi Osinbajo’s office said the two businessmen will deliver opening speeches at the meeting. The Special session underscores the Buhari administration’s Economic […]
Nigerian RMAFC kicks against total sale of national assets
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has warned the federal government against the outright sale of critical national assets as contained in the Economic Recovery and Growth Plan (ERGP). In the ERGP, it was proposed that the government should reduce its equity in the Nigeria Liquefied Natural Gas (NLNG) and the Federation’s Joint […]
Sahara Energy revives plan for IPO as it sets to buy more oil assets
Nigerian energy conglomerate Sahara Group Ltd. said it revised plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day, Bloomberg reports. Lagos-based Sahara mulled an initial public offering in the Nigerian commercial capital and London in 2015, before falling crude prices forced it to backtrack. “The IPO is […]
EFCC apprehends ex-amnesty boss, Paul Boroh, recovers $9m
Operatives of the Economic and Financial Crimes Commission (EFCC) and the Office of the National Security Adviser (ONSA), have allegedly discovered $9 million cash at the residence of the sacked Coordinator of the Presidential Amnesty Programme, retired Brig.-Gen. Paul Tarelah Boroh, according to Vanguard reports. Boroh, who was Special Adviser on Niger Delta to President […]
Heads of world’s largest trading houses speak at commodities conference
Executives from the world’s largest trading houses and mining companies are discussing market trends at the FT Commodities Global Summit in Lausanne, Switzerland, this week. The following are Wednesday’s highlights: SEBASTIAN BARRACK, COMMODITIES HEAD, CITADEL “In terms of point forecasting – we don’t just pick one price outline… We are trading fundamentally, looking at shale […]
Nigeria plans 54 billion naira treasury auction to repay debt
Nigeria plans to raise 53.96 billion naira at a treasury auction on Wednesday after repaying the same amount of bills, with the aim of lowering its borrowing costs, traders said. The debt office has said it would repay some treasury obligations in phases as they mature. It plans to repay 482 billion naira of treasury […]
Nigeria National Assembly to pass 2018 budget April 24
The Speaker of the Nigerian House of Representatives, Yakubu Dogara said the parliament plans to pass the country’s 2018 budget on April 24 following several months of delay. President Muhammadu Buhari presented a 2018 budget of 8.612 trillion naira, the country’s biggest ever, to lawmakers in November and was targeting Jan. 1, 2018 for its […]