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  Date: 2015-04-18

Business

Power: NERC to Punish Abuja Disco for Fleecing ConsumersPower: NERC to punish Abuja Disco for fleecing consumers

For allegedly abusing the statutory methodology approved for billing customers under the estimated billing system, the Nigerian Electricity Regulatory Commission (NERC) has served the Abuja Electricity Distribution Company (AEDC) with a notice of enforcement action against it. NERC Thursday issued to AEDC the notice of enforcement action, describing AEDC’s offence against its customers as ‘manifest […] Power: NERC to Punish Abuja Disco for Fleecing ConsumersPower: NERC to punish Abuja Disco for fleecing consumers...
Buzz: 27
Source: Daily Post Business | 0 Comments

Subsidy debt: Marketers may halt petrol importation

Petroleum product marketers under the aegis of Major Oil Marketers Association of Nigeria have warned of a looming scarcity of fuel following the inability of the Federal Government to pay the subsidy arrears for the importation of Premium Motor Spirit. The marketers warned that if the situation was not resolved on time, it could lead […] Subsidy debt: Marketers may halt petrol importation...
Buzz: 25
Source: Daily Post Business | 0 Comments

Inflation inches up to 8.5% as naira struggles to firm up

Nigeria’s weak naira, currently trading between N197 and N200/$ at the interbank market, continues to pressure on consumer prices, causing inflation to move up for the fourth consecutive month in March to 8.5 percent from 8.4 percent the previous month. “This is the fourth consecutive month of a faster increase in the headline index to...
Buzz: 23
Source: Business Day | 0 Comments

CBN to prosecute proprietors, others demanding foreign currencies

The Central Bank of Nigeria says it will not hesitate to prosecute persons, including school managers, who demand and accept tuition in foreign currencies. A statement by the bank’s Director Corporate Communications, Ibrahim Mu’azu, noted that the CBN Act of 2007 criminalised the usage of other foreign denominations over naira. “The attention of the bank […] CBN to prosecute proprietors, others demanding foreign currencies...
Buzz: 23
Source: Daily Post Business | 0 Comments

Higher food prices drove inflation to 8.5% in March

The Consumer Price Index (CPI), which measures inflation, for the second successive month rose to 8.5 per cent in March compared to 8.4 per cent in the previous month, according to the National Bureau of Statistics (NBS). It attributed the rise to slower increase in food prices. Core inflation, which excludes the prices of volatile […] Higher food prices drove inflation to 8.5% in March...
Buzz: 22
Source: Daily Post Business | 0 Comments

Nigeria is not broke – Okonjo-Iweala

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the country is not broke despite the cash crunch currently being experienced. She said that with the financial assets the President Goodluck Jonathan administration had been able to build over the years, the nation’s cash flow would improve over time. In an interview with CNN’s Richard […] Nigeria is not broke – Okonjo-Iweala...
Buzz: 22
Source: Daily Post Business | 0 Comments

Nigeria’s oil production falls most among OPEC members

Still smarting from the plunge in revenue, Nigeria saw the highest drop in crude oil production in March among its peers in the Organisation of Petroleum Exporting Countries, the latest monthly report from the 12-member oil cartel has shown. The report, which was released on Thursday, put oil output from Nigeria at 1.67 million barrels […] Nigeria’s oil production falls most among OPEC members...
Buzz: 20
Source: Daily Post Business | 0 Comments

FCMB assures shareholders higher returns

The Managing Director of  FCMB Group Plc, Mr. Peter Obaseki has said through operational efficiency and value creation,the company will  ensure increased return on investment to all shareholders in 2015 financial year and beyond. He gave this assurance while speaking at the company’s ‘facts behind the figures’ at the Nigerian Stock Exchange (NSE) in Lagos […] FCMB assures shareholders higher returns...
Buzz: 17
Source: Daily Post Business | 0 Comments

Nigeria-Indonesia trade volume hits $2.8bn

The Indonesian Ambassador to Nigeria, Harry Purwanto has revealed that trade volume between Nigeria and Indonesia was between $2.6 and $2.8 billion in 2014. Purwanto told the News Agency of Nigeria (NAN) in Abuja that the bulk of Indonesia’s contribution to the figure was through oil imports. The envoy told NAN that Nigeria was Indonesia’s […] Nigeria-Indonesia trade volume hits $2.8bn...
Buzz: 16
Source: Daily Post Business | 0 Comments

World Bank projects 60% growth in food demand in Nigeria, others

Food demand in sub-Saharan Africa, including Nigeria, is projected to grow over the next 15 years by about 60 per cent, and 30 per cent in South Asia, a report just released by the World Bank Group has said. With 800 million people going to bed hungry every night, countries combating hunger must build better […] World Bank projects 60% growth in food demand in Nigeria, others...
Buzz: 16
Source: Daily Post Business | 0 Comments

Nigeria remains in credit risks – Fitch

A global rating agency, Fitch Ratings, says the prospect of a smooth transfer of power in Nigeria has not removed the risks to the country’s sovereign credit. Fitch, in a statement on Thursday, said the planned change of government in May had introduced “an economic policy uncertainty following smooth elections and the authorities’ proactive response […] Nigeria remains in credit risks – Fitch...
Buzz: 9
Source: Daily Post Business | 0 Comments

Can the in-coming government fix Nigeria’s economy?

Nigeria’s 2015 presidential election may have been won and lost but while still savouring his victory at the poll, the president-in-waiting, General Muhammadu Buhari, needs to be reminded of the huge task ahead . Despite not having a clear cut economic reform agenda expectations are high that bold steps would be taken towards rescuing the country’s ailing economy . The post Can the in-coming government fix Nigeria’s economy? appeared first on Vanguard News....
Buzz: 0
Source: Vanguard Business | 0 Comments

World leaders draw up ambitious goals to end extreme poverty by 2030

World leaders have drawn up ambitious goals to end extreme poverty by 2030 and promote development over the next 15 years, but now they have to figure out how to pay the bill. Trillions of dollars would be required to achieve the 17 Sustainable Development Goals (SDGs) that the United Nations is expected to adopt...
Buzz: 0
Source: Business Day | 0 Comments

India’s Reliance to restart all fuel pump outlets by March 2016

Indian conglomerate Reliance Industries Ltd plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows. The stations were closed in 2008 when global oil prices urged towards $150 a barrel and the government’s subsidy to state fuel retailers knocked privately-owned retailers out...
Buzz: 0
Source: Business Day | 0 Comments

Yields on bonds seen falling further next week

Yields on Nigeria’s local debt are seen falling further next week, with renewed appetite from both local and offshore investors and increased liquidity from maturing bonds. Nigerian bonds market has seen increase demand after a peaceful general election spurring interest from local investors and foreign investors. “The market was all bullish from a range of...
Buzz: 0
Source: Business Day | 0 Comments

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