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Petrol demand hits 50 million litres daily, NNPC incurs N24bn monthly as subsidy The Nigerian National Petroleum Corporation on Sunday announced that it was spending N774m daily (about N23.99bn monthly) as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country. Nigeria’s economy recorded N22.1tn trade in 2017 —NBS The National Bureau of Statistics on Saturday released Nigeria’s trade statistics for the 2017 fiscal period with the country recording an increase of N5.5tn in trade from N17.3tn in 2016 to N23.1tn. Oando minority shareholders accuse SEC of cover-up Minority shareholders of Oando Plc under the aegis of the Proactive Shareholders Association of Nigeria have submitted a fresh petition to the House of Representatives Committee on Capital Market and other Institutions, accusing the Securities and Exchange Commission of shielding Oando Plc from probe. Amend SEC law to ensure proper IST funding The Chairman, Investments and Securities Tribunal, Mr. Siaka Idoko-Akoh, has appealed to the National Assembly to amend the Securities and Exchange Commission Act to guarantee proper funding of the tribunal. Thailand to establish rice mills in Nigeria – Minister The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria. THISDAY Nestle to Pay N22.7bn Final Dividend as Profit Jumps by 325% to N34bn The Board of Directors of Nestle Nigeria Plc has recommended a final dividend of N21.798 billon or N27.50 per share for the year ended December 31, 2017. This will bring the total dividend to N33.687 billion or N42.50 per share for the year. Investors Invest N39bn in Equities on Positive Sentiments Renewed investors’ confidence in equities boosted the value of trading by 79.7 per cent to N39.087 billion last week up from N21.740 billion the previous week. VAIDS: Adeosun Asks Taxpayers to Demand Written Notices from Tax Officials The Minister of Finance, Mrs. Kemi Adeosun, has advised taxpayers to demand for written notices when they receive phone calls from tax officials. The admonition was in response to the activities of some fake tax officials purporting to be officials of the Voluntary Assets and Income Declaration Scheme (VAIDS). GUARDIAN 15 new airlines seek operating permits as business booms About 15 new private and commercial airlines have applied for operating permits as the demand for air travel steadily rises in the country. Oando announces delay in release of full year 2017 result Oando Plc has announced that the 2017 full year result will be delayed due to request by the Financial Reporting Council of Nigeria (FRCN), to undertake a more detailed review of the company’s results. VANGUARD Nigeria to issue N150bn green bonds in 2018 Following increased calls for climate funding, Mr Ahmad Salihijo, a technical assistant to the Minister of Environment, said the ministry planned to issue N150 billion green bonds to the public. Foreign investors inject $10.6bn in I&E in 2 months Foreign investors have injected $10.6 billion into the economy through the Investors and Exporters (I&E) window since the beginning of the year, even as they intensified demand for Nigerian Corporate Eurobonds listed on the London Stock Exchange (LSE). NAICOM directs weak insurers to seek mergers, acquisition National Insurance Commission, NAICOM, has called on weak insurance companies to seek opportunities for mergers or acquisition. BLOOMBERG Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes Governor Godwin Emefiele said last month the Central Bank of Nigeria may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits. But with fuel costs surging and government spending swelling before next year’s election, he may struggle to reach that threshold at a time when the pace of price growth is still just over 15 percent.
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