Nigeria | - Part 70

Investment | Orange Targets Expanding Nigerian Companies Adopting More IT

LAGOS. Nigeria, Capital Markets in Africa: Orange SA’s business-services unit has opened its first sales office in Nigeria as local companies seek to expand outside their domestic market and cut technology costs amid an economic slowdown fueled by the fall in crude-oil prices. Orange Business Services is aiming for annual double-digit sales growth from its office in Lagos, Nigeria’s commercial capital, Giorgio Heiman, vice president in charge of Africa, told reporters in the city on Tuesday….

Nigeria’s Currency Chaos Deepens as Bets on Devaluation Rise

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LAGOS, Nigeria, Capital Markets in Africa: As investors increasingly bet the bottom will drop out of the naira and the vice president hints at a devaluation, the man who calls the shots – President Muhammadu Buhari, who has resisted letting the currency weaken since coming to power a year ago, likening it to “murder” — has kept quiet. “I won’t believe it until I see presidential ownership of it,” Alan Cameron, an economist at Exotix Partners…

Nigeria | Central Bank of Nigeria to Create N750 Billion Agriculture Intervention Fund

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LAGOS, Nigeria, Capital Markets in Africa: The Federal Government, yesterday, said it will collaborate with the Central Bank of Nigeria, CBN to create N750 billion agriculture fund as part of its commitment to making agriculture the mainstay of the Nigerian economy, just as it is committed to tackling the smuggling of poultry products into the country. The Minister of State for Agriculture, Mr. Heineken Lokpobiri, who disclosed this at the 2016 National Summit of the…

Deregulation With Price Controls. Precursor to Devaluation?

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LAGOS, Nigeria, Capital Markets in Africa: Last week, the Federal Government finally took a step to pseudo-deregulate the downstream sector (the FGN refused to use the word deregulation). This initiative was expected due to the introduction of the price modulation template by the NNPC in January 2016 and also the 2016 budget had no provisions for petrol subsidy payments. Under the new framework, market players are now permitted to source FX independently of the CBN…

Naira Forwards Jump by Record as Traders See Nigeria Devaluation

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LAGOS, Nigeria, Capital Markets in Africa: Naira forwards surged by the most on record as traders bet that the ability of Nigerian authorities to maintain their almost 15-month-long currency peg is waning. Three-month naira non-deliverable forwards rose by 14 percent, the most on a closing basis since the contracts began trading in March 2011, to a record 267 against the dollar at 4:06 p.m. in London. One-month forwards jumped 11 percent to 238, bringing their implied yield —…

FBN Says Director Questioned as Nigeria Probes Bank Transactions

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LAGOS, Nigeria, Capital Markets in Africa: FBN Holdings Plc, Nigeria’s biggest lender by assets, said one of its directors was invited and questioned by the Economic and Financial Crimes Commission as part of a wider probe into alleged illegal transactions by the country’s banks. Executive Director Dauda Lawal was questioned about sums allegedly distributed by a former minister of petroleum, and is cooperating fully with the agency, the Lagos-based lender said in a statement Friday on the Nigerian…

Crude Oil | Nigeria Oil Output Slumps Further as Exxon Pipeline Damaged

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks. Exxon Mobil Corp. has declared force majeure — a legal clause that allows it to stop deliveries without breaching contracts — on shipments of Qua Iboe, the company said in a statement Friday. The Bonny Light and Forcados oil grades were already disrupted following militant attacks. The…

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