Dangote, 14 Others Gain N127bn On Stock

Equity transactions on the floor of the Nigerian Stock Exchange (NSE), yesterday, favoured the Dangote Cement Plc and 14 other companies listed on the nation’s bourse with N127bn gain.
The recorded profit pushed up benchmark index by 1.33 per cent as the NSE All-Share Index (ASI) appreciated 370 basis points to close at 28,209.93 absolute points, and market capitalisation, also closing higher at N9.690 trn.

While the trading session favoured the 15 gaining stocks against 14 declining ones, 10 other

El-rufai Establishes Rice & Potatoes Plant In Kaduna, The Biggest In West Africa

Kaduna State governor, Malam Nasir El-Rufai, has announced the establishment ofa multi billion naira French Rice/Potatoes processing plant in Manchok, Kaura local government area of the state.The processing plant after completion, would offer 30,000 direct jobs to the teaming unemployed youths in the state.

Addressing a news conference in Kaduna heralding the ground breaking of the plant scheduled for this week, state commissioner for Agriculture and Forestry, Dr.Manzo Maigari, said 5,000 hectres of land in each local government area would be allocated to community on the best ways of planting potatoes.

He explained that as one of the steps to empower farmers in the state, VICAMPRO, owner of the processing plant would buy the potatoes from the farmers for its massive

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