Wednesday, 21 September 2016

Don’t Sell NLNG or other critical assets, RMAFC Advises FG






The Revenue Mobilisation Allocation and Fiscal Commission on Tuesday said that Nigerian Liquefied Natural Gas and other federation assets should not be sold to meet the country’s financial obligations.

The commission’s Acting Chairman, Alhaji Shettima Abba-Gana, was reacting to Alhaji Aliko Dangote’s suggestion that the country`s assets be sold off to augment the current revenue shortfall being experienced by the nation following the economic recession.

Abba-Gana, in a statement, said it would be unwise for the Federal Government to

Banks Derail Cbn’s N1tr Battle To Boost Economy








Lenders prefer traders to manufacturers, farmers

MPC retains tight monetary measures

Highlights of MPC meeting

•Monetary Policy Rate (MPR) 14%
•Cash Reserve Ration (CRR) 22.5%
•Liquidity Ratio 30%
•Asymmentric Window +200 -500


ADVOCATES of lower interest rates lost their battle yesterday.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) failed to bring down rates, but tightened measures because banks:


*have refused to lend to the agriculture and manufacturing sectors, despite the injection of N1trillion into the economy;
*are lending to traders who pump the cash into foreign exchange trading, thereby increasing the unusual pressure on the naira, which exchanged for N325 and N425 to the dollar in the official and parrallel markets yesterday; and
*attempts to inject more cash without corresponding increase in industrial capacity will worsen inflation.


The MPC of the Central Bank of Nigeria (CBN) shocked pundits by retaining all the monetary policy instruments at their current levels.

Addressing journalists at the end of the MPC meeting in Abuja, CBN Governor Godwin Emefiele

Despite Militancy, Oil Output Has Increased To 1.7BPD: Kachikwu





Despite calculated attacks by some militants, Nigeria’s oil production has increased from a daily average of 1,570,852 barrels per day in the last three weeks to a current week production of 1,752,536bpd, recording additional 181,684 barrels per day, Minister of State for Petroleum, Dr. Ibe Kachukwu has said.

The Minister, who gave the figure at the Presidential Quarterly Briefing with the Private Sector

Tuesday, 20 September 2016

CBN retains lending rate at 14 per cent




The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at the current rate of 14 per cent.
The move is against expectations from finance analysts, manufacturers and the Minister of Finance, Mrs Kemi Adeosun, who have all called for a reduction in the benchmark lending rate.

Zenith Bank increases *966# free airtime promo to accommodate more winners




Owing to the instant success of the *966# Friday campaign free airtime promo, Zenith Bank has increased the size of the awards to accommodate more winners.
The bank last week launched an airtime give-away promo to reward its customers by giving them a chance to triple their airtime purchased every Friday on the platform.
The first 966 to purchase airtime using the code *966*amount*phone number# between the hours of 6am and 9am, were to have their purchase tripled.
However, an upward revision of the awards will now see 966 customers emerge winners every hour between the hours of 6am to 9am, making it a total of 2,898 winners for each day of the

GlaxoSmithKline appoints Emma Walmsley as CEO

GlaxoSmithKline on Tuesday appointed Emma Walmsley, its head of consumer healthcare, to lead the British drugs giant and develop new treatments in a fast-consolidating sector.
Walmsley, 47, succeeds outgoing chief executive Andrew Witty, who is retiring early next year after almost a decade at the helm.
Walmsley, who joined GSK from French cosmetics giant L’Oreal six years ago and has a background in marketing, will take up her new post at the end of March.
She will join six other women who currently head one of the 100 companies listed on London’s benchmark FTSE index but will oversee the largest of the seven, which include EasyJet, led by Carolyn McCall.
The global pharmaceutical sector has undergone major consolidation in recent years as companies battle competition for generic versions of their drugs.
In the past month, US giant Pfizer announced a deal to purchase biotech firm Medivation, which specialises in cancer treatments, for $14 billion (12.5 billion euros).
Google and French pharmaceutical giant Sanofi have meanwhile agreed a joint venture focused on diabetes care.
For its part, GSK agreed in 2014 to sell its oncology business to Novartis for $16 billion, while buying the Swiss group’s vaccines division in return.
The pair also formed a joint venture for consumer health products, headed by Walmsley.
“Emma is an outstanding leader with highly valuable experience of building and running major global businesses and a strong track record of delivering growth and driving performance in healthcare,” GSK chairman Philip Hampton said in a statement.
“Under Andrew’s leadership, GSK has successfully developed into a company with market-leading positions in pharmaceuticals, vaccines and consumer healthcare. These provide excellent platforms for sustainable, long-term growth,” he added.
Alongside the Novartis deal, the latter part of Witty’s tenure was clouded by Chinese authorities fining GSK the equivalent of almost half a billion dollars in 2014 over alleged bribery.
The firm’s former head of China operations, Mark Reilly, and four other ex-officials were handed suspended prison sentences over the incident.
– ‘R&D the beating heart’ –
Looking ahead, Walmsley said in the statement that GSK has “the potential to create meaningful benefits for patients, consumers and our shareholders” thanks to a rise in “medical innovation and trusted healthcare products”.
In an interview posted on the firm’s website, the married, mother-of-four added that research and developement of new products would remain GSK’s priority under her stewardship.
“R&D is absolutely the beating heart of our company and our success is and will continue to be defined most fundamentally by the strength of our pipeline,” she said.
The Oxford University graduate pointed also to challenges that lay ahead for her company and the sector as a whole.
“Pricing is a key area of focus, government and household budgets are under pressure, the regulatory environment is extremely tough and unpredictable and of course society wants big business and big pharma to continue to close the trust deficit that has been widening,” she said.
GSK’s shares were down 0.6 percent at £16.36 in late morning deals following the announcement, underperforming the wider FTSE 100, which gained half a percent.
“The GSK business, including pharma, is in stronger shape than the market realises and this ‘don’t upset the apple cart’ appointment is consistent with this view,” brokers Liberum said in a note to clients.
GSK said details of Walmsley’s salary would be disclosed next year. The company employs around 100,000 people worldwide, of which one-tenth work in R&D.

Lufthansa signs joint venture with Air China








German airline Lufthansa and Air China said on Tuesday they had signed a deal to jointly operate all the groups’ connections between Europe and China.
“The Chinese aviation market is one of the most important growth markets worldwide. We want to profit from this growth together,” Lufthansa chief executive Carsten Spohr said in a statement.
The Chinese flag carrier and Lufthansa, Europe’s largest airline, have had a joint venture in their sights since signing a memorandum of understanding in 2014.
The move is “another major step of Air China’s globalisation strategy,” chairman Cai Jianjiang said.
Added to Lufthansa’s other co-operations, including with Japan’s ANA and Singapore Airlines in Asia, and United Airlines and Air Canada in north America, the joint venture means around half of the German giant’s long-haul flights are now covered by such agreements.

FG must channel money into infrastructure – ICAN president




The President of the Institute of Chartered Accountants of Nigeria, Mr. Titus Soetan, said financial institutions and government at all levels must play the lead role in the effort to steer the nation’s economy out of recession.
The ICAN president spoke at the 60th anniversary of an accounting firm, HLB Z.O. Ososanya and Company, in Ibadan at the weekend, where he called on Nigerians to curb their taste for imported items and embrace local content.
Soetan explained that one of the ways to tackle the economic recession was for the Federal Government to channel money into the economy by developing infrastructure, thereby creating jobs for Nigerians and gradually reviving the ailing economy.