Business News in Brief

Diezani Allison-Madueke to Forfeit 56 Houses

A Federal High Court in Lagos on Wednesday ordered the final forfeiture to the Federal Government of 56 houses situated in Lagos, Port Harcourt and Abuja linked to a former Minister of Petroleum Resources, Diezani Allison-Madueke.

The value of the properties was put at 22 million dollars.

The forfeited properties include 21 mixed housing units of eight four-bedroom penthouse apartment, six three-bedroom apartments, two three-bedroom apartment and one four-bedroom apartment.

Ghost Workers: FG’s Savings Hit ₦120b

The Federal Government on Tuesday put the cumulative savings from checking the ghost workers’ syndrome through the Integrated Payroll and Personnel Information System (IPPIS) at N120 billion

Accountant General of the Federation (AGF), Mr Ahmed Idris, said this in Abuja in a presentation on the impact of financial reforms on the Nigerian economy, at the 22nd Annual Conference of Certified National Accountants.

Buhari Appoints Board Members for FERMA

A former Deputy Governor of Central Bank of Nigeria (CBN), Mr. Tunde Lemo, has been appointed as Chairman of the 13- member governing board of Federal Roads Maintenance Agency (FERMA).

President Muhammadu Buhari approved the appointments of the members of the board.

Mr. Mohammed Nakorji, assistant director press in the office of the Secretary to the Government of the Federation (OSGF) announced the appointments on Friday in Abuja.

Nigeria Cuts Treasury Bill Yields at Auction as Investors Pour in Cash

Nigeria lowered the yields it offered at a treasury bill auction on Wednesday to raise 130 billion naira ($425.3 million) after investors submitted bids four times in excess of the amount it wanted to sell, traders told Reuters on Thursday.

The Debt Management Office (DMO) sold 129.77 billion naira in 91-day, 182-day and 364-day bills at the auction but received bids totalling 526.36 billion naira.

Lawmakers to Probe State Oil Firm Corruption Allegations

Nigerian lawmakers have set up a committee to investigate allegations of corruption at the state oil company contained in a letter from the minister of state for petroleum.

In the letter from Emmanuel Ibe Kachikwu to President Muhammadu Buhari, dated Aug. 30 and confirmed by the oil ministry, the minister said the conduct of the head of the Nigerian National Petroleum Corporation (NNPC) lacked transparency.

Guinness Nigeria's $126m Share Sale Oversubscribed

Guinness Nigeria’s 39.70 billion naira ($126 mln) share sale to existing shareholders was 116 percent subscribed, the company said on Wednesday.

The brewer, the local unit of the world’s leading spirit maker Diageo, said in a statement it sold five new shares from the company to shareholders for every 11 held, at 58 naira each, Reuters reports.

The company, which is 54 percent owned by Diageo, said two shareholders applied for 50 million shares and above during the rights issue.

Emerging Market Inflows Fall to Lowest since January –IIF

Foreign investors cut capital flows to emerging market debt and equities in September for the second straight month, reducing inflows to $14.5 billion as caution about the U.S. Federal Reserve’s path of interest rate hikes has slowed flows, a survey from the Institute of International Finance showed on Tuesday.

The estimate marks the lowest level of inflows since January’s $13.2 billion reading and is a little more than $1 billion lower than August’s levels, Reuters reports.

State Govt Revokes Tourist Site Contract

The Niger Government has revoked the N70 million contract agreement with Shelter Suit to construct a hotel at Gurara tourist site.

Mr Daniel Kolo, the state Commissioner for Culture and Tourism, disclosed this at a press conference in Minna on Thursday.

Kolo said that Gov. Abubakar Bello gave approval for the revocation of the contract at the weekly State Executive Council meeting.

Growth and Opportunity Act: Nigeria can Generate 4m Jobs Annually –Expert

Nigeria can generate four million jobs annually taking advantage of the Africa Growth and Opportunity Act (AGOA) to invest on Micro Small and Micro Enterprises (MSMEs).

Mr. Fred Oladehinde, the President of the Foundation for Democracy in Africa, told the News Agency of Nigeria that AGOA’s plan was to reduce unemployment through creation of 20 million jobs in Africa annually

DMO Welcomes Oversubscribed Debut Sovereign Sukuk Issue

Nigeria’s debut 100 billion naira sovereign sukuk issue launched last week was more than 5.8 percent oversubscribed, the Debt Management Office said on Wednesday, suggesting it may tap this demand more to help fund its budget.

Nigeria has a growing consumer and corporate banking sectors and is home to the largest Islamic population in sub-Saharan Africa, with Muslims accounting for about half of its population of 180 million, Reuters reports.