Business Tips

Minister Raises Alarm over Budget Alteration by National Assembly

The Minister of Power, Works and Housing, Babatunde Fashola, has raised alarm over the insertion of projects outside the purview of his ministry in the 2017 Appropriation Act by the National Assembly.

Fashola, a senior advocate, said it was unfair to the Executive arm for the inclusion of such projects after public hearings on the budget and defence of the fiscal estimates by the ministries.

“What I have in my budget now is primary healthcare centres, boreholes,’’ he said at an interactive session with editors on Thursday.

Edo Plans Fabrication Village, Signs MoU

The Edo Government has resolved to set up a foundry and fabrication village in an effort to spur skill and technological development and fast track the industrialisation of the state.

The state has therefore signed a Memorandum of Understanding (MoU) with the Nigeria Institute of Welding (NIW) to assist to establish the planned Fabrication Village in the state.

Governor Godwin Obaseki signed on behalf of the state government, while Dr Solomon Edeberi, the president of NIW signed on behalf of the school.

Apapa Wharf Road: Dangote, Others Sign MoU

The Minister of Power, Works and Housing, Mr Babatunde Fashola on Saturday signed a N4.34 Billion Memorandum of Understanding (MoU) with Dangote Group and other stakeholders for the rebuilding of Apapa Wharf Road.

The project is to be funded by AG Dangote Construction Company Ltd, an arm of the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria.

The  road was handed over to the stakeholders for commencement of reconstruction works after the agreement was signed in Lagos.

Market Sustains Upbeat as Investor Sentiment Remains Positive

The Nigerian Equities market sustained its upbeat performance in today’s trading session as the benchmark index rose 96bps to settle at 34,135.10 points, boosting YTD to 27.0%. Performance was driven by price appreciations in market heavyweights - DANGCEM (+2.4%), ETI (+7.1%), GUARANTY (+0.8%) and NIGERIAN BREWERIES (+0.6%). Consequently, investors gained N112.1bn in value as market capitalization rose to N11.8tn. Activity level however, softened as volume and value traded declined 2.2% and 8.9% to 482.5m units and N5.7bn respectively.

Trust Fund: EFCC Issues Arrest Warrant for Ngozi Olejeme

The Economic and Financial Crimes Commission (EFCC) has gotten a court ordered arrest warrant for  Ngozi Olejeme, who served as chairman of the Nigeria Social Insurance Trust Fund (NSITF) between 2009 and 2015.

Olejeme, who parades an honorary doctorate degree, was also the Deputy Chairman, Finance Committee of the Goodluck Jonathan Presidential Campaign Organisation in 2015.

The Asaba, Delta state born woman, was sacked by President Muhammadu Buhari in 2015.

Expert Advocates High Import Tax on Agric Commodities

An Agriculture Extension Officer, Mr Lukman Ajiboye, on Thursday called for the imposition of high import tax on imported agricultural commodities so as to boost local production.

Ajiboye told News Agency of Nigeria in Omu-Aran that unregulated importation of agricultural produce, especially raw materials that could be produced locally, was worrisome.

According to him, the proposed high import tax will discourage indiscriminate importation of food products, jute sacks/bags and pulp as well as oil spill absorbents, among others.

FIRS Generates ₦778b in First Quarter 2017

The Federal Inland Revenue Service (FIRS) says it generated N778.19 billion revenue in the first quarter of 2017.

This is according to a progress report by the FIRS sent to the Federal Ministry of Finance, and obtained by the News Agency of Nigeria on Tuesday in Abuja.

The report, which showed the revenue performance for the first quarter of 2017, gave a breakdown of money collected.

Equities Rebound on Renewed Interest in Banking Sector

Photo L-R: Gilles Kolifrath, Partner, Kramer Levin Naftalis & Frankel,  ISDA Member; Irene Robinson-Ayanwale, Head, Legal Department, The Nigerian Stock Exchange (NSE); Marilyn Ramplin, Founder, Novia One Group, incorporating Hedge Fund Academy; and Ade Bajomo, Executive Director, Market Operations and Technology, NSE, at the NSE X-Academy Training on “Legal and Risk Aspects of Derivatives & Clearing Central Counter Party Transactions” at Civic Centre, Victoria Island, Lagos today.

Budget: FG Directs MDAs to Spend on Nigerian Goods

The Federal Government has directed Ministries, Departments and Agencies (MDAs) to spend more of their budget on locally produced goods.

Acting President Yemi Osinbajo gave the directive when he signed the 2017 appropriation bill into law on Monday.

He said the directive was to support the government’s policy on investment in critical infrastructure.

Osinbajo said: “beyond the huge provisions for investments in critical infrastructure, we have mandated government agencies to spend more of their budgets on locally produced goods.

Nigeria’s Merchandise Trade in Q1 Hits ₦5b

The National Bureau of Statistics (NBS) said the total value of Nigeria’s merchandise trade at the end of first quarter of 2017 was N5.292 billion.

Total exports for the period under review stood at N3, 006 billion while total imports stood at N2. 286.5 billion.

The NBS stated this in a report on it Foreign Trade in Goods Statistics for 1st Quarter of 2017 posted on the bureau’s website on Wednesday in Abuja.