Naira Gains As CBN Injects $547m In One Week

The Central Bank of Nigeria (CBN), on Thursday, raised the total intervention for the week to $547 million as against $195 million offered the previous week, in anticipation of Sallah holiday.

The Federal Government on Wednesday approved the sum of $5.792bn for the commencement of the Mambilla Hydro Power plant.  The Minister of Power Works and Housing, Babatunde Raji Fashola made this known on Wednesday in a chat with State House Correspondents after the Federal Executive meeting. He lamented that that though the project was conceived several years ago, no administration could inaugurate it.

Allianz SE a German financial services company, plans to pay $35 million for 98 percent stake in Nigerian insurer Ensure Insurance in a push for growth in Africa, where many people are uninsured, according to Reu. According to Reuters, foreign insurers are banking on growing premiums as the continent develops its infrastructure and a consumer class demands protection from risk.

The Nigerian Navy said it has intercepted about 1.1 million litres of stolen Diesel belonging to Multinational Oil Companies in Rivers. The Executive Officer of the Nigerian Navy Ship Pathfinder (NNS) Port Harcourt, Capt. Victor Choji disclosed this on Sunday while handing over 13 suspects arrested in connection with the crime to operatives of Economic and Financial Crime Commission (EFCC).

Access Bank Write Off Part Of 9mobile Loan

Nigeria’s Access Bank said on Wednesday it had booked a N4 billion ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria. Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers.

Kemi Adeosun

Revenue shared by Nigeria’s Federal, states and local governments slumped to N467.8 billion in August, N184.2 billion less than the N652 billion shared in July. Kemi Adeosun, minister of finance said the shared amount was inclusive of Value Added Tax (VAT) of N80.53 billion.

NNPC Announces “Major Shake Up”

The ongoing restructuring of the Nigerian National Petroleum Corporation (NNPC) received fresh impetus on Tuesday with the appointments and deployments of top executives across the value chain of its operations.

Nestle To Train Youths On Business Skills

Nestle Nigeria has restated its commitment to support young people by boosting youth entrepreneurship and inspiring the talented ones through providing training and job opportunities. The company’s Corporate Communications and Public Affairs Manager, Victoria Uwadoka, restated the commitment in a statement on Monday in Lagos, to uphold the organization's ideals as it celebrated this year’s International Youth Day on August 12.

Farmers Task FG, States On Provision Of Storage Facilities

With the onset of the harvest season in some parts of the country, farmers have urged the federal and state governments to provide adequate storage facilities, to prevent wastage. A survey on the prices of foodstuffs conducted by the News Agency of Nigeria (NAN) in the South-West, showed that the harvest of produce had forced down prices.

External Reserve Heading To 30-Month High Of $32bn

Nigeria’s external reserve is set to hit a 30-month high of $32 billion by the end of this month. Data from the Central Bank of Nigeria (CBN) showed that the external reserve rose to $31.55 billion on August 16, from $30.84 billion on July 31, representing an increase of $710 million in 16 days.

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