British Airways to scrap free meals

British Airways is scrapping free meals for short-haul economy fares from next year and inviting passengers to instead pay for Marks and Spencer sandwiches, creating a stir on social media.
The pair announced the tie-up on Thursday, which sees BA joining the no-frills airline model of charging passengers for food and drink.
From January, BA will charge £4.75 ($6.2, 5.5 euros) for a tomato and mozzarella focaccia, £1 for hand cooked crisps and a minimum of £4 for alcoholic drinks. No food item will cost more than £5.

Oil and gas should not be neglected – Dangote

Africa’s richest man and Chairman of the Dangote group, Alhaji Aliko Dangote, has emphasized that diversifying the Nigerian economy does not mean we should neglect our oil and gas sector.
Dangote, who was the Guest Speaker at the 44th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), in Abuja, said the oil and gas sector needs to be deepened and expanded to enable us to unlock the full benefits in the hydrocarbon value chain.
He said diversification was basically aimed at increasing the range of products and services in the economy through domestic value addition.
He said that the objectives of diversification were to enhance export opportunities for a variety of products and create multiple streams of foreign exchange inflows into the domestic economy.
Dangote explained that the role of government in manufacturing simply was to expand the sector, enhance its productivity and improve its competitiveness.
He added that government embraced industrialisation after independence by putting in place several policies, one of which was Import Substitution.

Naira in free fall, plunges to N480/dollar

The naira plunged further against the United States dollar to a new record low of 480 on Thursday, down from 472 it recorded on Wednesday.
The currency had continued its two-week free fall on Monday, closing at 445 to the dollar after tumbling to 439 on Friday.
On Tuesday, the currency closed at 452 to the greenback. Also on Tuesday, the external reserves hit an 11-year low of $24.61bn.
“Dollar is very scarce in the market right now because many people don’t know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market,” one dealer said.
The President, Association of Bureau De Change Operators, Aminu Gwadabe, told Reuters that forex traders from neighbouring countries and some importers had also been moving in recently, mopping up dollars and putting pressure on the naira in a possible speculative bid.
Chronic dollar shortage plunged the local currency to a wave of depreciation, which economic and financial analysts have linked to speculative attack on the naira and increased demand from

SEC bans two market operators for life

The Securities and Exchange Commission (SEC) has handed over life bans to Mr. Taofik Lawal and Mrs. Iyabode Lawal from operating in the Nigeria capital market for mismanagement of stocks and unauthorised sale of shares.
In a statement obtained from SEC’s website, the Commission noted that in the exercise of its powers under Section 13 of the ISA, 2007, it investigated complaints against WT Securities Limited and its Directors (Mr. Taofik Lawal and Mrs. Iyabode Lawal) and found them culpable of mismanaging the stocks of Mrs. Opral Mason Benson, and the unauthorised sale of the Nigerian Breweries Plc. shares belonging to Ngozi Onyekwere Nwachukwu.
“The actions of WT Securities Limited and the aforementioned Directors are in violation of Section 110 of the ISA 2007 and Rule 65 (1) of the Commission’s Consolidated Rules and Regulations 2013.
“Consequently, in accordance with Section 13 (bb) of the ISA 2007, Mr. Taofik Lawal and Mrs. Iyabode Lawal have been banned and blacklisted from operating in the Nigerian Capital market for

Tight monetary policy will help stabilise Naira, attract foreign investors – W’Bank

The World Bank has sanctioned Nigeria’s tight monetary policy environment, saying it would help stabilise the naira, strengthen real interest rates, and encourage a return of international investment in the economy.
The Bank also stated that Nigeria’s exchange rate adjustment which was effected in June this year, coupled with the modest improvement in oil prices would help boost the country’s oil revenues in naira terms.
This, in turn, should enable the federal and state governments to meet their financial obligations, including the clearance of salary arrears, and help boost demand, the multilateral donor institution added.
The World Bank stated this in its latest ‘Africa’s Pulse”, the Bank’s twice-yearly analysis of issues shaping Africa’s economic future, for October 2016, which was released yesterday.
The Central Bank of Nigeria (CBN) ditched its 16-month-old peg on the naira in June and introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank market.

Crude oil prices rise as OPEC plans output cut

Mohammed Bin Saleh Al-Sada

Crude oil prices moved up by six per cent yesterday following the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut production in an attempt to curtail glut.
Specifically, Brent crude oil traded for $49.34 per barrel while West Texas Intermediate (WTI) rose to $47.89 a barrel.
This is a significant improvement from the $40 per barrel, for which it was sold a few weeks ago due to persistent global glut.
OPEC members had said after a series of deliberations in Algiers, Algeria on Wednesday, they were looking at the possibility of reducing crude oil production. But members would have to wait till November to finalise on the quantity of reduction that is suitable for each country.
The cartel, giving a summary of its decision at the meeting on its website yesterday, stated that members opted for production target ranging between 32.5 and 33.0 mbpd, to accelerate the ongoing drawdown of the stock overhang and bring the rebalancing forward.
It stated: “In the last two years, the global oil market has witnessed many challenges, originating

RwandAir finds biggest market in Nigeria

Rwandan flag carrier, RwandAir, has attested to the strength of the Nigerian air travel market, declaring it as a major traffic zone for airlines in the African region.
The airline said economic challenges notwithstanding, the market remains committed to the air travel sector.
RwandAir Country Manager, Ibiyemi Odusi, said the last financial year was a good outing for the airline on the Nigerian route, as its revenue outflows and passenger traffic were the highest in terms of growth in the RwandAir network.
Odunsi said it is for this reason that RwandAir holds dearly its Nigerian operations, adding that the airline would continue to invest in Nigeria with new products that will endear its patronage.
She said Nigerian passengers have demonstrated patronage and commitment to the airline and that it was time to give back with more quality services and competitive fares.
It would be recalled that with the exit of the likes of United and Iberia Airlines, and spike in ticket

Northern Nigeria Flour Mills commences installation of $15m sorghum mill

Northern Nigeria Flour Mills (NNFM) has commenced the installation of a sorghum milling facility worth $15 million to produce flour from locally grown sorghum for inclusion into wheat flour products.
Besides, Flourmills of Nigeria Plc (FMN) has disclosed plans to convert NNFM Kano to a subsidiary.
The milling facility, according to the Chairman of the FMN Group, John G. Coumantaros, consists of yearly capacity of 100,000 metric tonnes, saving an estimated $25 million in foreign exchange yearly.
Coumantaros, who spoke during the 44th yearly general meeting of NNFM Plc, expressed optimism that the investment would boost the company’s profitability in the coming years to the delight of all stakeholders.
He noted that the sorghum milling process, which would be ready for commissioning during the first quarter of 2017, is expected to enhance the usage and consumption of local grains, thereby