Business News in Brief

Kogi Turns Attention to Tourism

The Kogi state Commissioner for Information, Culture and Tourism, Mohammed Imam Awal has reiterated the state government’s commitment to revolutionise its tourism sector for economy prosperity.

Imam made this known in a telephone interview with the News Agency of Nigeria on Wednesday in Abuja.

He maintained that the development of tourism is capital intensive, but added, “we are doing a lot; we work side by side with other components like environment and infrastructure.

GE Nears Sale of its Industrial Unit to ABB

General Electric Co is nearing a deal to sell its industrial solutions unit to Swiss engineering company ABB Ltd in a deal valued at $2.5 billion to $3 billion, Bloomberg reported, citing people with knowledge of the matter.

The companies are likely to announce an agreement by next week, the report said on Friday.

A company spokesman for ABB said the company does not “comment on market rumours.” GE was not immediately available for comment.

FX market in doldrums as funds offer dollars at premium

Offshore funds in Nigeria offered on Wednesday to sell the dollar at close to its black market rate, traders told Reuters, worsening a liquidity lull on the foreign exchange market.

The funds, which shifted dollars into the market last week to buy naira treasury bills, offered to sell the U.S. currency at 365 naira, close to the black market rate of 367. Local banks were bidding to buy at just 359.

The naira was quoted at 305.85 on the official market.

Customs Targets more Revenue at Kaduna Airport

The Assistant Comptroller-General, Nigeria Customs Service, Zone B, Kaduna, Aminu Dahiru, has said that the commencement of international flight operation from Kaduna Airport would boost revenue generation of the zonal command.

Dahiru said in an interview with the News Agency of Nigeria on Tuesday in Kaduna that it was a good development for the customs service.

“It is good that Ethiopian Airlines has started operation from Kaduna; though the operation hasn’t taken long, but we hope in the near future they will bring in cargo.

S&P Affirms FG Ratings at 'B/B' Stable Outlook

Standard and Poors (S&P), a rating agency, has affirmed the Federal Republic of Nigeria ratings at ‘B/B’; outlook stable, Reuters reports.

S&P said Nigeria’s stable outlook signals assessment that oil sector improvements will support higher economic growth, fiscal revenues, among other things.

The rating firm said Nigeria’s stable outlook will also support higher current account receipts over next 12 months; help increase foreign currency supply, and keep current account in balance.

Multi-Trex to Restart Business Operations

There are strong indications that Multi-Trex Integrated Foods Plc, a cocoa processing company in Nigeria, is expected to restart business operations in last quarter of 2017.

The Asset Management Corporation of Nigeria (AMCON) has reached closing phase in resolving differences that led to temporary closure of the company’s business operations, Reuters reports.

"Quite optimistic" that regulatory approvals would be obtained, business operations would recommence in last quarter of 2017.

Naira Depreciates Against Dollar

The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria reports.

It exchanged for N369 to the dollar, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed to the naira at N478 and N437, respectively.

At the Bureau De Change (BDC), the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N437, respectively.

Shoreline Energy Signs $300m Gas Deal with Shell

Nigerian energy company Shoreline has signed a $300 million agreement with the local unit of Shell to develop gas infrastructure around the commercial capital, Lagos, both companies said on Monday.

Shell said in June that it would place more emphasis on gas rather than oil in the West African country, which has the world’s ninth-largest proven gas reserves at 187 trillion cubic feet, Reuters reports.

Debt Office Launches Pre-offer Roadshow for ₦100b Sukuk

The Debt Management Office (DMO) has kicked off activities preparatory to the Issuance of the much awaited N100 billion non-interest bearing bond popularly called Sukuk.

A statement by the office said a National Roadshow  led by the Director-General of the Office, Ms. Patience Oniha, commenced on Thursday, and will visit major cities in Nigeria including, Kano, Kaduna, Lagos and Port Harcourt.

The Team will be accompanied by its Financial Advisers, Lotus Capital Financial Services Limited and FBN Merchant Bank Plc.

Start-up Survival: Create Processes to Protect the Business and its Owner

Creating processes that will protect a business and its owners is one of the crucial ingredients necessary for the survival of a start-up, said the managing director of Jumia Travel Nigeria, Omolara Adagunodo.

Adagunodo made this remark during a fireside chat on the opportunities and challenges of running an e-commerce business in Nigeria at the just concluded CEO Apprentice Africa programme organised by the digital arm of Business Day tabloid.