Federal Government to award top 100 Companies in Nigeria‏

The Nigerian government has announced plans to recognize top 100 companies that have contributed to the economic development of the nation for the past 5 years.

Announcing the plan to journalists in Abuja, Nigeria's minister of Industry, Trade and Investment, Mr Olusegun Aganga, said the top 100 companies award, which is the first in the history of the country, is a brainchild of President Goodluck Jonathan.

The minister listed some of the criteria used in assessing the companies to include level of investment in the country, turnover, level of corporate governance and number of jobs so far created in the economy, adding that the award, scheduled to hold on December 1, is aimed at encouraging highly performing companies to further contribute to the economy in more significant ways.

The minister, who dissuade the notion that the award was politically motivated, added that as the biggest economy in Africa, such an award had become inevitable.

According to reports Nigeria over the last 10 years, has been among the fastest growing economy in the world, which influence after the rebasing exercise in April thi

Ghana national oil company to take over state gas firm

 

Ghana's state oil company can take over the much-smaller national gas firm under a deal approved by the government, Finance Minister Seth Terkper said on Wednesday during the annual budget.

The deal will bring Ghana National Petroleum Corporation (GNPC) finance to a Ghana Gas pipeline and processing facility that transports gas from the offshore Jubilee oilfield onshore for domestic use, according to a senior GNPC official.

The $750-million Atuabo gas facility in western Ghana is crucial to easing an energy shortage that has contributed to a slowing of the economy and the advent of domestic gas will also boost government revenue, Terkper told parliament.

GNPC will create a subsidiary company to manage Atuabo, said the official, who gave no details of the cost of the takeover.

GNPC is a 13.6 percent stakeholder in Jubilee and has a strategic goal of becoming an independent oil operator. It is in talks with commodities trader Trafigura and several banks over a $700 million five-year loan.

Nigeria's Naira opens at new low of 177.65

 

The Nigerian Naira opened at a new low of 177.65 to the dollar after the central bank weakened the currency at its official foreign exchange market the previous day, dealers said.

The currency closed at 173.90 Naira on Wednesday. The bank sold dollars at 158.41 Naira at its official currency market, from 156.59 Naira previously.

China Railway Construction wins $12 bln Nigeria deal

 

China Railway Construction Corp has signed a deal worth nearly $12 billion with Nigeria to build a railway along the West African nation's coast, Chinese state news agency Xinhua said on Thursday.

The announcement comes shortly after Mexico abruptly scrapped a $3.75 billion high-speed rail contract with a consortium led by the Chinese firm over transparency concerns.

China is pushing to win railway construction projects around the world as part of plans to export its high-speed technology and lift its manufacturing sector up the value chain.

Beijing is also pumping money into the sector, with more than $100 billion worth of infrastructure projects approved in late October and early November in a bid to bolster slowing growth in the world's second largest economy.

The project will create up to 200,000 local jobs, according to Xinhua, helping Beijing in its soft power push to gain a foothold in resource-rich regions of Africa.

Ghana central bank raises its main policy rate to 21 pct

Ghana's central bank raised its main interest rate to 21 percent from 19 percent on Wednesday in the face of high inflation and fiscal pressures including weak revenue performance and rising debt-servicing costs.

The West African economy has grown rapidly in the last few years thanks to its exports of oil, cocoa and gold and its political stability.

But the government faces fiscal problems including a high budget deficit, rising inflation and a currency the central bank said fell 31.2 percent in the first 10 months of the year.

The government is holding talks with the International Monetary Fund aimed at securing a financial assistance programme to restore fiscal balance and restructure the economy.

CBN unveils N100 centenary commemorative bank note

 

 
THE Central Bank of Nigeria (CBN) yesterday unveiled the first digital N100 paper note to commemorate Nigeria’s Centenary.  The Apex bank governor, Mr. Godwin Emefiele, unveiled the new note during the weekly Federal Executive Council (FEC) meeting, which in his presentation showed enhanced security features.

The CBN boss during the presentation stated series of activities lined up for the eventual injection of the new note into circulation. The new note, which also has features for the visually impaired, is due to be officially issued into circulation on Friday December 19, 2014.

According to him, Wednesday, November 19 the notes are to be sent to banknote equipment manufacturers and other machine suppliers to enable them adapt to machines and authentication devices.

On the November 26, there will be a publication of the new N100 bank note to be sent by the CBN to commercial banks, chamber of commerce, Nigeria Police, cash in transit companies and others.

On Wednesday December 3, leaflets on the N100 bank note will be sent to 1, 000 Point of Sales (PoS) in the country, including a reminder about adapting machines and devices.  While on Wednesday December 17, a film showing how to check the new hundred naira bank note will go live on the CBN YouTube.

Explaining the features of the new banknote, Emefiele said the new note was designed with enhanced security to offer robust resistance against counterfeiting.

Nigeria share index down almost 1 pct as economic risks worry investors

 

Nigeria's main share index shed almost 1 percent on Thursday, ending a three-day rally as jittery investors worried about risks to the economy from a weaker naira, booked profits from the relatively liquid banking and oil stocks.

Stockbrokers said investors were taking a short-term view on equities as key macroeconomic issues such as falling global oil price and a weakening naira, persist. The all-share index fell 0.94 percent to 33,649 points at noon today.

Top tier lender United Bank for Africa (UBA) traded 8.91 percent down on heavy sell volumes with no bids, while oil major Seplat shed 5 percent.