Business

The Federation Account Allocation Committee at its monthly meeting in Abuja on Monday shared the sum of N465.149bn billion to the three tiers of government for the month of January, 2017. The amount represents N65.149 billion increase when compared to the N400.000 billion shared for the month of December 2016. Speaking to newsmen after the meeting held at the ministry …

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The Nigerian Stock Exchange has listed a firmly underwritten N9 billion bond for Forte Oil as part of the planned N50 billion bond issuance programme for the leading energy company. The proceeds of the N9 billion Series 1, Five Year bond will be deployed to refinance existing short term commercial bank loan obligations and to expand downstream retail outlet footprints …

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Nigeria’s finance minister, Kemi  Adeosun  says the country will not apply for an IMF, International Monetary Fund loan as it is pursuing its own economic reform plan. “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem,” Adeosun …

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Nigerian Breweries Plc has reported a 27.3 per cent fall in its profit before tax for the 2016 financial year. Its 2016 group profit before tax tumbled to N39.62 billon from N54.51bn recorded a year ago. The firm’s group revenue for the 2016 financial year stood at N313.74 billion compared to N293.91bn posted a year ago. The company said it …

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The Minister of Communications, Adebayo Shittu, has urged MTN Nigeria to list its shares on the Nigerian Stock Exchange, describing it as important for the company. MTN, which is Africa’s biggest mobile phone operator, had said it aimed to list its Nigerian unit on the local bourse but has given no date. “I want to appeal to you that you …

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The Director General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, has sought the appropriation of over N113 billion for the 2017 retirees of the Federal Government, against the initial N50.2 billion submitted in the 2017 Appropriation Bill, thereby resulting in a shortfall of almost N63 billion. The PenCom boss disclosed this in a memorandum submitted to the National Assembly Joint …

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The Central Bank of Nigeria, CBN, on Monday unveiled new foreign exchange, forex, policy, and directing “all banks to open FX retail outlets at major airports as soon as logistics permit”. A statement by the Bank’s acting Director, Corporate Communications, Isaac Okorafor noted that the new policy is part of the efforts “to ease the difficulties encountered by Nigerians in obtaining funds …

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“Nigeria is committed to sustainable economic development. The Lagos Event is a concrete step in the process of developing and issuing our 2017 sovereign green bonds program ‘- Amina Mohammed, Minister of Environment. Nigeria’s aspiration to become a green economy inches closer as The Federal Government meet investors and Capital Markets Operators in Lagos for the first ever Green Bonds …

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Tayo Olanipekun The Lagos State Government on Monday handed over keys to the first batch of beneficiaries in the Rent-To-Own scheme of the state, signaling ownership of various apartments in all the five estates already available for in programme. The Commissioner for Housing in Lagos State, Gbolahan Lawal, while handing over keys to the beneficiaries numbering 100 in Alausa, Ikeja, …

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Guinness Nigeria Plc has denies that it is indebted to Pharma Deko Plc in the stated amount or any amount at all as stated by the pharmaceutical company. According to a statement from Guinness Nigeria Plc which was made available to Financial Edge on Friday, the brewing giant said its solicitors have filed a robust defence to Pharma Deko’s claims …

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