Experts predict naira to dollar at 250…local currency falls further to 232

Economic and financial analysts have predicted that the naira might crash to 250 against the United States dollar at the parallel market in the next two weeks following the trading of the currency against the greenback at 232.

They said the best action might be for the Central Bank of Nigeria to devalue the currency to say 240 or 250 to mitigate a looming major economic crisis.

The development means the national currency has lost 6.4 per cent of its value against the US currency within the space of 10 days at the parallel market.

The slide in naira value at the parallel market started last Wednesday when the Central Bank of Nigeria banned importers of 41 items, including rice, textiles and private aircraft from accessing their forex needs at the foreign exchange market.

The naira had fallen to 220, 223, 226.5, 228 and 230 against the dollar at the parallel market in the past 10 days following the new forex rule.

Central Bank of Nigeria says it won't take desperate currency measures

 

Nigeria's central bank believes the 22 percent depreciation in the naira after it scrapped the official foreign exchange window "is optimal at this time", given the risks to inflation from a weaker currency.



The bank said in a statement on Friday that its job was to ensure policy stability, that it does not panic and would not take desperate measures because the naira has fallen on the parallel market from the central interbank rate.

 

Reports by SB Morgen says Nigerians are to pay even more for consumer goods in the coming weeks, following an increase of about 10% over the last six months, according to the Consumer Price Index (CPI) for the first half of 2015.

The new raise will put more strain on the average Nigerian worker who is already spending about 60% of his earnings on feeding.

SB Morgen provides market intelligence and strategic communication services required for bridging the gap between African emerging market opportunities and investors from around the world.

The CPI reveals that both locally produced consumer goods and the imported goods have maintained fairly unstable prices over the last six months.

A rise will no doubt put more pressure on the average Nigerian worker who is already grappling with other social challenges as irregular salaries, fluctuating pump price and availability of petroleum products, insufficient power, etc.

Read more here

Increment in the prices of garri, yam, others in the coming weeks

Posted by Our Reporter

Date: July 02, 2015

in: BUSINESS, NEWS

Nigerians are to pay even more for consumer goods in the coming weeks, following an increase of about 10% over the last six months, according to the Consumer Price Index (CPI) for the first half of 2015 as published Wednesday by SB Morgen.
The new raise will put more strain on the average Nigerian worker who is already spending about 60% of his earnings on feeding.
SB Morgen provides market intelligence and strategic communication services required for bridging the gap between African emerging market opportunities and investors from around the world.
The CPI reveals that both locally produced consumer goods and the imported goods have maintained fairly unstable prices over the last six months.
A rise will no doubt put more pressure on the average Nigerian worker who is already grappling with other social challenges as irregular salaries, fluctuating pump price and availability of petroleum products, insufficient power, etc.
“Living standards are expected to drop further with the upsurge in the price of consumables at a time when the average Nigerian is least empowered socially and financially to overcome the challenge posed by rising food and commodities price,” said Mr. Chinedu Ozordi, a director with SB Morgen.
The research, according to Mr. Ozordi, revealed that from a sample of 500 workers, 18 out of 20 workers who fall under the minimum wage category of N18, 500, spend almost 60% of their annual income on feeding, 20% on transportation and the other 20% on miscellaneous expenditure, leaving them with no savings.
According to the report, perishables, staples and edible consumables like tomatoes, pepper, yams, etc. recorded an average increase of 10% in price due to factors such as seasonal changes, increased production and handling costs and the weaker foreign exchange rates, prolonged period of fuel scarcity, etc. Household and personal hygiene products such as detergents, toiletries and cooking gas recorded minimal increase in prices as well.

- See more at: http://nigerianreviews.com/increment-in-the-prices-of-garri-yam-others-in-the-coming-weeks/#sthash.wOqcMiDS.dpuf

Increment in the prices of garri, yam, others in the coming weeks

Posted by Our Reporter

Date: July 02, 2015

in: BUSINESS, NEWS

Nigerians are to pay even more for consumer goods in the coming weeks, following an increase of about 10% over the last six months, according to the Consumer Price Index (CPI) for the first half of 2015 as published Wednesday by SB Morgen.
The new raise will put more strain on the average Nigerian worker who is already spending about 60% of his earnings on feeding.
SB Morgen provides market intelligence and strategic communication services required for bridging the gap between African emerging market opportunities and investors from around the world.
The CPI reveals that both locally produced consumer goods and the imported goods have maintained fairly unstable prices over the last six months.
A rise will no doubt put more pressure on the average Nigerian worker who is already grappling with other social challenges as irregular salaries, fluctuating pump price and availability of petroleum products, insufficient power, etc.
“Living standards are expected to drop further with the upsurge in the price of consumables at a time when the average Nigerian is least empowered socially and financially to overcome the challenge posed by rising food and commodities price,” said Mr. Chinedu Ozordi, a director with SB Morgen.
The research, according to Mr. Ozordi, revealed that from a sample of 500 workers, 18 out of 20 workers who fall under the minimum wage category of N18, 500, spend almost 60% of their annual income on feeding, 20% on transportation and the other 20% on miscellaneous expenditure, leaving them with no savings.
According to the report, perishables, staples and edible consumables like tomatoes, pepper, yams, etc. recorded an average increase of 10% in price due to factors such as seasonal changes, increased production and handling costs and the weaker foreign exchange rates, prolonged period of fuel scarcity, etc. Household and personal hygiene products such as detergents, toiletries and cooking gas recorded minimal increase in prices as well.

- See more at: http://nigerianreviews.com/increment-in-the-prices-of-garri-yam-others-in-the-coming-weeks/#sthash.wOqcMiDS.dpuf

Increment in the prices of garri, yam, others in the coming weeks

Posted by Our Reporter

Date: July 02, 2015

in: BUSINESS, NEWS

Nigerians are to pay even more for consumer goods in the coming weeks, following an increase of about 10% over the last six months, according to the Consumer Price Index (CPI) for the first half of 2015 as published Wednesday by SB Morgen.
The new raise will put more strain on the average Nigerian worker who is already spending about 60% of his earnings on feeding.
SB Morgen provides market intelligence and strategic communication services required for bridging the gap between African emerging market opportunities and investors from around the world.
The CPI reveals that both locally produced consumer goods and the imported goods have maintained fairly unstable prices over the last six months.
A rise will no doubt put more pressure on the average Nigerian worker who is already grappling with other social challenges as irregular salaries, fluctuating pump price and availability of petroleum products, insufficient power, etc.
“Living standards are expected to drop further with the upsurge in the price of consumables at a time when the average Nigerian is least empowered socially and financially to overcome the challenge posed by rising food and commodities price,” said Mr. Chinedu Ozordi, a director with SB Morgen.
The research, according to Mr. Ozordi, revealed that from a sample of 500 workers, 18 out of 20 workers who fall under the minimum wage category of N18, 500, spend almost 60% of their annual income on feeding, 20% on transportation and the other 20% on miscellaneous expenditure, leaving them with no savings.
According to the report, perishables, staples and edible consumables like tomatoes, pepper, yams, etc. recorded an average increase of 10% in price due to factors such as seasonal changes, increased production and handling costs and the weaker foreign exchange rates, prolonged period of fuel scarcity, etc. Household and personal hygiene products such as detergents, toiletries and cooking gas recorded minimal increase in prices as well.

- See more at: http://nigerianreviews.com/increment-in-the-prices-of-garri-yam-others-in-the-coming-weeks/#sthash.wOqcMiDS.dpuf

Scarcity pushes Petrol price to N500 per litre in Anambra

Residents of Anambra State woke up on Wednesday to another round of fuel scarcity due to the closure of most filling stations in protest over what they described as high levies imposed on them by the state government.

As a consequence, motorists and other users of petrol resorted to buying the product from black marketers for as much as N500 per litre.

A petroleum products’ marketer, Joseph Nwakpadolu, told our correspondent that most of his colleagues closed their retail outlets to protest the heavy levies imposed on them by the state government.

He said the marketers had to convene an emergency meeting to discuss the levies and taxes imposed on them by the government.

Nwakpadolu said each filling station owner was being asked to pay a huge sum annually, which he said would kill their businesses if implemented.

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He said the general meeting had become imperative after all efforts to get the government to rescind the plan failed.

“We met to discuss the high levies the government has billed our businesses; they are giving us a combined bill of over N500,000 per year exclusive of tax. Our position is that the amount is high and cannot be sustained if we must remain in business,” he added.

The Chairman, Petroleum Dealers’ Association of Nigeria, Anambra State chapter, Chief Osita Ofodile, confirmed that the marketers were being asked to pay over N500,000 each, which their colleagues in other states were paying.

No government official could be reached for reaction because of the state’s Executive Council meeting that was still going on at 5.30pm when this report was sent

Marketers Threaten Fuel Scarcity Could Hit This Weekend

Daily trust informs that the continued increase in queues at filling stations is due to continue for a while yet. 

It was gathered that marketers are being owed outstanding subsidy debt of about N150bn while a source revealed that subsidy debts under President Muhammudu Buhari has risen by almost N59bn.

Fuel scarcity

For the last two months, marketers have stopped importing petroleum products and are concerned the government might not pay the debts beyond the outstanding one left by the Goodluck Jonathan’s administration with mounting foreign exchange differentials.

Marketers are therefore not willing to import petroleum products with their own funds until their current bills are settled despite the continued silence from the Buhari administration, a source revealed.
It is believed petroleum products would be exhausted by the weekend despite the latest influx of importation coming at the twilight of the previous government.

A source who spoke to the Daily Trust said: ‘’The product imported by some independent marketers few weeks ago would be exhausted by this weekend. This would no doubt throw the whole nation into another round of fuel scarcity.”

Executive-Secretary of Depot and Petroleum Products Marketers Association (DAPPMA), Femi Adewole said marketers have been constrained by the  unpaid subsidies adding that the the current foreign exchange crisis and failure of banks to give loans to his members makes it almost impossible to  fuel.

Dollar sale of $735.74 mln at 198.45 naira on Nigeria's Foreign Exchange market

A trade of $735.74 million went through on Nigeria's interbank currency market at 198.45 naira on Wednesday, ThomsonReuters data showed.


Market sources said a foreign client had sold dollars to a bank in Nigeria. Total interbank market volumes stood at $1.12 billion on Wednesday, far higher than typical trading sessions since the central bank introduced a naira peg in February.

The naira traded at 230 to the dollar on the parallel market on Wednesday.

Bayelsa to employ 30,000 workers in fertilizer-petrochemical firm

The Bayelsa State Government is set to employ no fewer than 30,000 workers, particularly indigenes, in its $3.5bn fertiliser and petrochemical company, State Development and Investment Corporation, has said.

The Deputy Managing Director, BDIC, Mr. Tam Alazigha, in an interview with journalists in Yenagoa on Wednesday said the $3.5bn Brass Fertilizer and Petrochemical project to be sited at Odioma in Brass Local Government Area is expected to generate a turnover of $1.5bn.

He, therefore, predicted a prosperous future for the people of the state as the corporation intensified action on restructuring the state economy and expanding economic opportunities.

Naira weakens further on parallel market

The naira fell further on Wednesday to 230 to the dollar on the parallel market, driven by pressure from importers excluded from the interbank market, currency traders said.

The naira traded at 228 to the dollar on Tuesday and was at 220 last Wednesday, the day the central bank introduced new rules curbing importers’ access to the interbank market to source greenbacks to buy a wide range of items.

“The market is very volatile now as a result of the restrictions placed on about 41 items by the central bank. Most importers are now patronising the parallel market to source their dollars,” said Harrison Owoh, the head of a foreign exchange bureau.

The naira was trading at 198.95 to the dollar on the interbank market on Wednesday.

The central bank lowered its exchange rate peg to 196.95 to the dollar on Tuesday from 196.90 last week.

Fuel Scarcity: NNPC says no cause for alarm....Urges Public to Refrain from Panic-buying

The Nigerian National Petroleum Corporation (NNPC) says it has stepped up efforts to maintain stability in the supply and distribution of petroleum products nationwide.

The Group General Manager, Public Affairs of the Corporation, Mr Ohi Alegbe, in a statement  disclosed that it has enough stock of petrol to service the country for 25 days at a national consumption rate of 40 million litres per day even as it has stepped up product distribution to petroleum marketers and NNPC Retail outlets across the country.

While calling on members of the public to refrain from panic buying, the NNPC said it has sufficient stock of petrol at its coastal depots in Port Harcourt, Warri, and Calabar besides the stock it holds in the national strategic reserves.

Financial Institutions will adopt UN Sustainable development goals in September 2015

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Financial institutions in the country have been tasked to adopt sustainable finance practices, which will ensure that economic development is not achieved at a cost to the nation’s ecosystem and future generations.

Speaking at workshop in Abuja, for board members of Financial Services Regulation Coordinating Committee organized by Financial sector regulatory bodies, in collaboration with the United Nation Financial Initiative,  Special Adviser to the CBN Governor on sustainable banking, Dr. Aisha Mahmod, called for the pursuit of sustainable development concepts which will create a balance between environmental protection, social equity and economic development.

She said ''As you are aware, many of the Earth’s ecosystems are nearing critical tipping points of depletion or irreversible change, caused by high population growth and economic development (UNEP, 2015). According to United Nations Environment Program (UNEP, 2015), there is growing evidence that people are consuming far more natural resources than what the planet can sustainably provide.  With the global human population projected to reach 9.6billion by 2050, we will need three planets to sustain our way of life, if the current consumption and production patterns remain unchanged.''

Dr. Mahmod urged FSRCC member agencies to build on the momentum by supporting and promoting the evolution of an economy driven by sustainable finance. 

Speaking further Deputy head UNEP-Finance Initiative, Yuki Yasui, emphasized that Financial Services Regulators have an integral role to play in the acceleration to a sustainable growth and make a positive difference to the future generations.

The United Nations Sustainable Development Goals which will be adopted in September, 2015; are developed to address the challenges of economic development, social inclusion, environmental sustainability and good governance.

Buhari promises new policies to propel Oil and Gas sector

President Muhammadu Buhari on Tuesday pledged to introduce appropriate reforms and fresh policies in the oil and gas sector to boost the nation’s economy.
The President made this known at separate meetings in Abuja with delegates from Exxon-Mobil and the Nigeria Liquefied Natural Gas Company (NLNG). He said the administration would streamline activities of government agencies in the sector to remove current bureaucratic bottlenecks impeding operations of oil and gas companies.

According to him, the government will also give priority to the security of oil and gas installations as well as maritime security, to boost national earnings from the sector. “It is the responsibility of the Federal Government to secure the environment. “The vandalism of oil installations and pipelines, piracy, oil theft and the fall in the international price of oil have made our economic situation very disturbing. “This government will do all within its powers to secure the environment and encourage more investments in the oil sector,’’ he said.

Buhari promises new policies to propel Oil and Gas sector By Olawale Kadir on June 30, 2015 @ 5:52 pm@todayng BUHARI-OFFICIAL Click here for Nigeria's Largest Newspaper Directory President Muhammadu Buhari on Tuesday pledged to introduce appropriate reforms and fresh policies in the oil and gas sector to boost the nation’s economy. The President made this known at separate meetings in Abuja with delegates from Exxon-Mobil and the Nigeria Liquefied Natural Gas Company (NLNG). He said the administration would streamline activities of government agencies in the sector to remove current bureaucratic bottlenecks impeding operations of oil and gas companies. According to him, the government will also give priority to the security of oil and gas installations as well as maritime security, to boost national earnings from the sector. “It is the responsibility of the Federal Government to secure the environment. “The vandalism of oil installations and pipelines, piracy, oil theft and the fall in the international price of oil have made our economic situation very disturbing. “This government will do all within its powers to secure the environment and encourage more investments in the oil sector,’’ he said.

Read full story here: http://www.today.ng/news/buhari-promises-new-policies-to-propel-oil-and-gas-sector/

Buhari promises new policies to propel Oil and Gas sector By Olawale Kadir on June 30, 2015 @ 5:52 pm@todayng BUHARI-OFFICIAL Click here for Nigeria's Largest Newspaper Directory President Muhammadu Buhari on Tuesday pledged to introduce appropriate reforms and fresh policies in the oil and gas sector to boost the nation’s economy. The President made this known at separate meetings in Abuja with delegates from Exxon-Mobil and the Nigeria Liquefied Natural Gas Company (NLNG). He said the administration would streamline activities of government agencies in the sector to remove current bureaucratic bottlenecks impeding operations of oil and gas companies. According to him, the government will also give priority to the security of oil and gas installations as well as maritime security, to boost national earnings from the sector. “It is the responsibility of the Federal Government to secure the environment. “The vandalism of oil installations and pipelines, piracy, oil theft and the fall in the international price of oil have made our economic situation very disturbing. “This government will do all within its powers to secure the environment and encourage more investments in the oil sector,’’ he said.

Read full story here: http://www.today.ng/news/buhari-promises-new-policies-to-propel-oil-and-gas-sector/

Access, GTB, Zenith, Others Make Top Global Banks

Access Bank, First Bank, Guaranty Trust Bank and Zenith Bank are among the nine Nigeria banks that made this year’s list of top 1,000 global banks released yesterday by the Banker magazine in London.

Others are Ecobank, Diamond Bank, UBA, Fidelity and FCMB. All of them are among the top 25 banks in Africa.

According to the Banker, Zenith Bank placed first among Nigerian top banks in terms of tier 1 capital but 6th in Africa with a capital of $3.162 billion. It was followed by Eco Transnational which is second in Nigeria and 7th in Africa with a capital base of $3.030 billion.

First Bank ranked 3rd in Nigeria and 10th in Africa with a capital of $2.327 billion. Next in the ranking is GTBank which came 4th in Nigeria and 13th in Africa. Access Bank is 5th in Nigeria and 15th in Africa with a capital base of $1.398 billion.

Diamond ranked sixth in Nigeria and 17th in Africa UBA ranked 7th in Nigeria and 17th in Africa while Fidelity ranked 8th in Nigeria and 21st in Africa. FCMB on its part was the 9th bank from Nigeria to make the top 25 banks in Africa.

According to the Banker,   “Nigeria’s banks endured a difficult close to 2014, as the significant slump in oil prices caused havoc with the country’s economy. Zenith Bank has held its position as the sixth largest bank in Africa, and First Bank of Nigeria has risen from 424th to 371st on the global list.

“However, Nigeria’s Guaranty Trust Bank dropped from 415th to 449th, with its capital base decreasing from $1.95bn to $1.78bn. Access Bank, Fidelity Bank and UBA also slipped down the rankings, though Diamond Bank joins the African top 25 at 579th in the global rankings.”

Oando sells 60 percent of downstream business to Vitol

Oando has agreed to sell a 60 percent stake in its downstream business to Vitol and Helios Investment Partners for $276 million, the energy company said on Tuesday.

Oando, which is shifting away from being a marketer of refined petroleum products into an oil and gas explorer, completed the acquisition of ConocoPhillips’s upstream oil and gas business in Nigeria last year.

Its downstream business, with a market share of 12 percent in Nigeria, will be set up as an independent entity, but will retain the Oando brand, the company said in a statement. The consortium will acquire 51 percent of the voting rights.

Oando’s downstream assets include more than 400 petrol stations in Nigeria and an interest in a bulk distribution company in Ghana, it said. Oando also has listings in Toronto and Johannesburg.

Soros-backed Helios has already partnered with Vitol to distribute Shell-branded fuels and lubricants in 16 African countries and is confident the new deal will capitalise on the 3-5 percent annual growth in Nigerian demand for oil products.

Nigeria exports nearly 2 million barrels per day of oil but imports the bulk of its refined products because its refining capacity is unable to meet its daily fuel consumption of 40 million litres.

Vitol has bought downstream assets such as storage and refineries in Europe, most recently in conjunction with Carlyle Group in the Varo Energy venture.

Nigeria’s external debt now $9.4bn

The Debt Management Office (DMO) says Nigeria’s external debt profile stood at $9.4 billion as at the end of March 2015.

This was disclosed in a release that DMO published on its website on Monday, detailing the country’s debt stock profile. According to the release, the figure shows a decrease of about $300 million from the $9.7 billion that the country had as its debt stock as at December 31, 2014.

A breakdown of figures showed that Nigeria’s largest debt is to the World Bank, with a debt of $5.6 billion to the bank’s international development association and 89.4 million dollars to the international fund for agricultural development.

It further disclosed that Nigeria owed the African Development Bank (AfDB) $200 million and owe another $513.7 million to the African Development Fund (ADF), a subsidiary of the AfDB Group.

Similarly, Nigeria’s indebtedness to Arab Bank Economic Development for Africa stood at $4.4 million, while its debts to European Development Fund and Islamic Development Bank were $75.1 million and $19.6 million respectively.

The debt profile also shows that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency were $1.2 billion and $140.2 million.

It further said that Nigeria’s external debt stock through government’s issuance of Eurobond stood at a balance of $1.5 billion.

Nigeria 2024 bond yield jumps 40 bps as funds switch to bills

Nigeria's 10-year benchmark government bond yield inched up 40 basis points as domestic pension funds switched to short dated papers, traders said on Tuesday.



The 2024 bond, listed on the JP Morgan Government Bond Index (GB-EM), rose to 14.74 percent, from its previous close of 14.34 percent on Monday.

CBN extends BVN registration deadline to Oct. 31

 

The Central Bank of Nigeria (CBN) has extended the Bank Registration Verification (BVN) deadline to Oct. 31, to accommodate customers who had thronged the banks to beat an earlier closing date.

This is contained in a circular issued by the apex bank and signed by Mr Dipo Fatokun, Director, Banking and Payment System Department, in Abuja on Tuesday. “It has come to our notice that the BVN registration has elicited tremendous interest from the Nigerian bank customers who crowded the banking halls in order to beat the deadline. “In view of the foregoing, it has become imperative for the banks to extend the timeline for all customers to have the BVN. “The deadline for the enrolment is hereby extended from June 30 to Oct. 31,” it stated.

According to the statement, the extension is expected to facilitate a smooth completion of the registration exercise. It further stated that the extension would give Nigerian bank customers in the Diaspora, ample time to enrol into the programme.

The statement, however, stated that the guideline for the enrolment of the Diaspora account holders was being finalised and would be released soon. The News Agency of Nigeria recalls that Mr Phillip Oduzua, Managing Director, United Bank for Africa at the end of the Bankers Committee meeting on June 2, said about 1.5 million bank customers had enrolled.

He said that customers who failed to register might not enjoy credit facilities, foreign exchange services and internet banking, among others.

CBN extends BVN registration deadline to Oct. 31 By Olawale Kadir on June 30, 2015 @ 4:04 pm@todayng cbnn Click here for Nigeria's Largest Newspaper Directory The Central Bank of Nigeria (CBN) has extended the Bank Registration Verification (BVN) deadline to Oct. 31, to accommodate customers who had thronged the banks to beat an earlier closing date. This is contained in a circular issued by the apex bank and signed by Mr Dipo Fatokun, Director, Banking and Payment System Department, in Abuja on Tuesday. “It has come to our notice that the BVN registration has elicited tremendous interest from the Nigerian bank customers who crowded the banking halls in order to beat the deadline. “In view of the foregoing, it has become imperative for the banks to extend the timeline for all customers to have the BVN. “The deadline for the enrolment is hereby extended from June 30 to Oct. 31,” it stated. According to the statement, the extension is expected to facilitate a smooth completion of the registration exercise. It further stated that the extension would give Nigerian bank customers in the Diaspora, ample time to enrol into the programme. The statement, however, stated that the guideline for the enrolment of the Diaspora account holders was being finalised and would be released soon. The News Agency of Nigeria recalls that Mr Phillip Oduzua, Managing Director, United Bank for Africa at the end of the Bankers Committee meeting on June 2, said about 1.5 million bank customers had enrolled. He said that customers who failed to register might not enjoy credit facilities, foreign exchange services and internet banking, among others. Got a news tip, article or press release for us? E-mail: scoop@today.ng or editor@today.ng Follow us on Twitter at @todayng and Facebook at facebook.com/todaydotng

Read full story here: http://www.today.ng/business/cbn-extends-bvn-registration-deadline-to-oct-31/

Nigeria's foreign reserves fall to $29 bln by June 26 - central bank

Nigeria's foreign exchange reserves fell to $29.02 billion by June 26, down 2.1 percent from a month ago, data from the central bank showed on Tuesday.

The reserves stood at $29.64 billion as at May 26.

Foreign exchange reserves in Africa's biggest economy have declined 22.1 percent year-on-year from $37.26 billion.

Central Bank of Nigeria adjust foreign exchange again

 The Central Bank of Nigeria again adjusted its exchange rate peg on Tuesday to 196.95 naira against the dollar from the 196.90 set last week, data on the bank's website showed.

The naira slid to 228 to the dollar on the parallel market, down 0.88 percent from the previous day, continuing a decline seen since the central bank introduced new foreign exchange rules on Wednesday to conserve dwindling reserves, traders said.

FG appoints Ladan to oversee DPR

The Federal Government has appointed Mr Mordecai Danteni Ladan, to oversee the activities of the Department of Petroleum Resources (DPR), a statement posted on the website of the DPR on Monday stated.

According to the statement, Ladan is to take over from the former DPR Director, Mr George Osahon, whose tenure elapsed on June 19.

It said that a memorandum dated June 19, stated that the appointment was with immediate effect.

Ladan, according to the statement, is a Petrochemist by profession, who joined DPR in Nov. 23, 1987 as a Senior Analytical Chemist.

The statement said that Ladan was deployed to the Safety and Environment Branch under the then Technical Services Division.
It said that Ladan rose through the ranks to occupy various key positions within the organisation, including Zonal Operations Controller, DPR Kaduna.

According to the statement, Ladan, having attained the rank of Deputy Director, was appointed Head, Downstream Monitoring and Regulation Division in Oct. 2005 to June 2013.

He was appointed Head, Gas Monitoring and Regulation Division in June 2013 to May 2014.

He later became the Head, Safety, Health and Environment Division in May 2014 until his recent appointment.

SEC Confirms suspension of BGL Group

 The Securities and Exchange Commission (SEC), says BGL Securities Limited, BGL Capital Limited, BGL Asset Management Limited, all  BGL Group sponsored individuals and  the Managing Director of the group, Mr. Albert Okumagba remained  suspended from all capital market activities.

The Commission which stated this in a statement in Abuja, also  invited the management of the company to appear before the SEC Administrative Proceedings Committee (APC) sitting slated for August 4th and 5th 2015 to explain the allegations of capital market infractions against the group.

SEC had  suspended BGL from operating in the market over market infractions two months. The statement further stated SEC received over 40 letters of investor complaints against BGL Group Plc alleging indebtedness to the tune of about N5.8 billion.

The commission added that the Group has significant liquidity challenges making it unable to meet its responsibilities towards clients and investors as evidenced by over N11 billion in unpaid matured funds to investors.

Nigeria's Forte Oil says Siemens to upgrade power plant

Nigerian energy firm Forte Oil said on Monday it had signed an $83 million contract with Siemens to upgrade its 414 megawatt gas-fired power plant and that the work would be completed next year.



Forte Oil, which also has interests in fuel retailing, was one of several firms to buy government power assets two years ago, sold as part of a privatization meant to end decades of blackouts in Africa's biggest economy.

6 fuel-laden ships arrive Lagos ports

Six ships laden with petroleum products is said to be waiting to berth and discharge at jetties in Apapa and Tin-Can Island ports in Lagos in daily publication, `Shipping Position’, made available to newsmen on Monday in Lagos.

The document also reported that a ship laden with rice had also arrived the port to discharge.
NPA said that 31 other ships were expected to arrive the ports from June 29 to July 15.

The document indicated that the expected ships were laden with fresh fish, buck wheat, crude palm oil, bulk gas, petrol, kerosene, fresh fish, diesel, general cargo, bulk bauxite, bulk soya and containers.

Reports said 21 other ships are at the ports discharging buck wheat, steel products, bulk rice, clinker, base oil, petrol, diesel, butane and bulk soya

Nigeria’s external debt in March was $9.4bn

The Debt Management Office (DMO) says Nigeria’s external debt stock profile stood at 9.4 billion dollars on March 31, 2015.
The information is contained on DMO’s website, showing the country’s debt stock profile on Monday.

The figure shows a decrease of about 300 million dollars from 9.7 billion dollars that the country owed at Dec. 31, 2014.

A breakdown shows that the highest sum is owed the World Bank Group with 5.6 billion dollars owed International Development Association and 89.4 million dollars owed International Fund for Agricultural Development.

It further states that Nigeria owes African Development Bank (AfDB) 200 million dollars and 513.7 million dollars owed African Development Fund (ADF), a debt incurred through AfDB Group.

Nigeria also owes Arab Bank Economic Development for Africa 4.4 million dollars, while its debts to European Development Fund and Islamic Development Bank are 75.1 million dollars and 19.6 million dollars respectively.

The record also shows that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency are 1.2 billion dollars and 140.2 million dollars.

It further states that Nigeria’s external debt stock through government’s issuance of Eurobond stood is 1.5 billion dollars.

NEC Sets Up Committee To Investigate NNPC Accounts

The National Economic Council (NEC) has set up a committee to investigate a shortfall of N3.5 trillion in remitting by Nigerian National Petroleum Corporation (NNPC) into the Federation Account since 2012.

This is coming after a briefing by a Director of Funds in the Office of the Accountant General on the status and management of the Federation Account, which indicted NNPC of remitting only N4.3 trillion out of its earnings, estimated at N8.1 trillion within the same period

Briefing State House correspondents after NEC meeting chaired by Vice Presi‎dent Yemi Osinbajo, Edo State Governor, Adams Oshiomhole, who briefed alongside his counterparts from Kaduna, Zamfara and Akwa Ibom States, explained that the committee is to look into the missing N3.5 trillion and report back to the council at its next meeting on the whereabouts of the fund.

Members of the committee, who are to report back to the council on the 23rd of July when the council is to reconvene, are governors of Kaduna, Nasir Elrufai, Edo, Adams Oshiomhole, Akwa Ibom, Emmanuel Udom and Gombe’s Ibrahim Dankwabo

Oshiomhole added that the council will also look at the Excess Crude Account and report back on the rationale to which it would continue operation or done away with at the next sitting of the council in July.

Another issue that would also be looked into according to the Edo State governor is the differences between what former Finance Minister, Ngozi Okonjo Iweala, declared as the balance in the Excess Crude Account and what this administration met in the account.

Oshiomhole stated that while Okonjo-Iweala, had claimed that the past administration left 4.1 billion dollars in the account, only 2.0 billion US dollars was found in it by the owners of the account; the three tiers of the government.

He stressed that there was the need to look into the account to see who authorised withdrawals from the account and what had necessitated such withdrawals.

Buhari Promises Faster Action On Completion Of Hydro-Power Projects

President Muhammadu Buhari on Monday reaffirmed his administration’s will to give the highest possible priority to the rapid improvement of power supply across Nigeria.

Speaking at an audience with officials of CGGC, the Chinese Construction Company working on the Mambilla Power Project in Abuja, President Buhari said that it was quite regrettable that power generation in Nigeria had failed to keep pace with national needs over the years.

The President said that his administration will therefore ensure that the Mambilla project and other unfinished hydro-power projects in the country are completed expeditiously to boost power supply in the country.

“I am very much interested in Mambilla and other hydro-power projects, not only for the improvement of power but also for irrigation as both power and irrigation projects will help to improve the lives of Nigerians.
“I am going to ask for details of the Mambilla Hydro-Power Project and others. Very soon, we will get together and redefine the project agreements for faster results,’’ President Buhari said.

The Managing Director of CGGC, Mr. Zhang Heng, who led his company’s delegation, told the President that work on the Mambilla project was being delayed by the failure of previous administrations to provide the counterpart funding specified in the agreement with the Chinese government.

The CGGC delegation was accompanied to the Presidential Villa by Governor Abdulaziz Yari of Zamfara State.

Nigeria's bond yields rise, naira falls on Foreign Exchange curbs

 

The cost of borrowing for Nigeria rose on Monday and the naira currency weakened again in the wake of the central bank's new foreign exchange rules to conserve scarce reserves, traders said.


Investors had hoped for a sustained rally after smooth elections in March eased uncertainties about political risk in Africa's biggest economy. But worries over the government's finances and the continued slide in the naira have hit markets.

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The naira traded at 226 to the dollar on the parallel market, down 2.7 percent since Wednesday when the central bank introduced rules to stop importers from sourcing dollars on the interbank market to buy a range of items.

"The fact that the forex controls introduced by the central bank have contributed to a wider gap between the official and parallel exchange markets is not surprising and should add upward pressure on inflation moving forward," said Cobus de Hart at South Africa's NKC African Economics.
On the interbank market, the currency, which is pegged to the central bank's rate of 196.90, was at 198.90 naira.

The most liquid 5-year bond yield rose 12 basis points to 14.71 percent, up from 14.31 percent the day before the bank unveiled the currency rules but below 15.5 percent on the eve of the presidential election in March.

The 10-year benchmark yield rose 10 basis points to 14.25 percent on Monday, up from 13.75 percent before the central bank measures and below 15.38 percent on March 27.