NIGERIA NEWSPAPERS: TODAY'S THE BUSINESSDAY NEWSPAPER HEADLINES [16 MAY, 2018]


Below are the headlines found on The Businessday Online Newspaper for today, Wednesday, 16 May, 2018.


Wed, 16 May 2018
Six months after President Muhammadu Buhari presented a draft copy of the proposed 2018 budget to a joint session of the National Assembly on November 7 last year estimated at N8.612 trillion; the Senate yesterday increased the budget by 6 percent to N9.12 trillion.
BusinessDay investigation shows that the Budget increase was the highest in six years since the 2012 increase of 6.2 percent by the legislative arm of government under the Goodluck Jonathan led administration.
“It is not surprising that there was an increase of the budget, especially in light of the political cycle and recent increase in oil prices,” Rafiq Raji, Chief Economist at Macroafricantel.
Oil prices have rallied some $78.6 per barrel as at Tuesday 15 May 2018, representing a 74.7 percent increase from the 2018 budget benchmark of $45 and a 67.2 percent increase from the $47 benchmark reversal that was made.
Bismarck Rewane, CEO at Lagos-based Financial Derivative Company said “A 6 percent increase in the budget is nothing compared to our GDP. So it is not significant, hence will make no impact.”
The increase comes as the Senate received the long-awaited report on the 2018 Appropriations Bill from its Committee on Appropriations on Tuesday.
A breakdown of the proposal shows that the sum of N530 billion was earmarked for Statutory Transfer; N2.2 trillion for Debt Service; N199 billion for Sinking Fund for maturing loans; N3.5trillion for Recurrent (non- debt) Expenditure, while N2.9 trillion for development fund for Capital Expenditure.
The report was laid in plenary by the Chairman, Senate Committee on Appropriations, Danjuma Goje, and comes six months after President Muhammadu Buhari presented the N8.612 trillion budget estimates to a joint session of the National Assembly.
BusinessDay trend watch reveals that the National Assembly often increases the budget estimates given by the executive.
For example, in an election year in 2011, data compiled by BusinessDay shows that the budget recorded a 17.8percent increase to N4.9 trillion from N4.2 trillion submitted by the executive.
In 2013 under former president Goodluck Jonathan administration, the senate increased the budget by 1.4 percent to N4.99 trillion from N 4.92 trillion submitted.
In an election year 2015, the senate increased the budget by 4.5 percent to N4.49 trillion from the N 4.3 trillion submitted by the executive. Under the current administration of president Buhari, in 2016, the senate reduced the budget by 0.3 percent to N6.06 trillion from the N6.08 submitted.
In 2017, the senate increased the budget by 1.9 percent to N7.4 trillion from the N7.2 trillion submitted by the executive.
In Nigeria, the normal financial year starts in January and ends in December in line with the provisions of the 1999 Constitution. In the last nineteen years of democracy, budgets have always been delayed.
With this development, the January to December budget cycle would not be obtainable with the 2018 budget.
It would be recalled that President Buhari had submitted the proposal to a joint session of the National Assembly on November 7, 2017, with a call on the legislature to quickly pass the proposal and return to January to December budget cycle.
The president, who announced the 2018 budget as “Budget of Consolidation”, said the projected expenditure would drive rapid economic recovery.
He said at the session that with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2018, the budget would consolidate on the achievements of previous budgets to aggressively steer the economy to the path of steady growth.
However, the Senate had on several occasions accused Ministries, Departments and Agencies (MDAs) of not keeping to appointments with the various standing committees to defend their budgets.
BusinessDay had earlier reported that the 2018 budget is the most delayed since Nigeria returned to democratic rule in 1999, with May 15, 2018 marking 190 days from November 7, 2017 when President Buhari presented it.
The budget is however expected to be passed by Wednesday or Thursday this week.

Wed, 16 May 2018
President Mohammed Buhari is today (Wednesday) meeting with Kayode Fayemi, the All Progressives Congress, APC standard bearer for the July Ekiti Governorship election, Segun Oni, Babafemi Ojudu and other aspirants that participated in last Saturday Ekiti Governorship Primary.

The meeting which is scheduled  8:30Pm at the Presidential Villa. A credible source in the party confided in Business Day that the meeting is the  initiative of President Buhari to ensure all Fayemi cocontestants  buried their old hatchets and work together so that APC  could take over Ekiti.

“The Buhari has invited all of them; Fayemi, Oni, Ojudu, Bamidele, all of them for a meeting at the villa by 8:30pm tomorrow (today). They meeting to ensure that they forget everything that happen and support Fayemi to win the governorship election”, the source noted.

Meanwhile, Fati Balla, Chairman Ekiti State Governorship Primary Election Appeal Committee declared that no petition was received on the Primary Election conducted in the Ekiti State last Saturday.

Balla who stated this yesterday after presenting report of the Ekiti Governorship primary to APC National Working Committee, said the Appeal Committee sat for three days after last Saturday’s Primary Election and received no petition.

“In the three days that we (committee) have sat, we have not received a single petition, either in form of writing, telephone call or a text message, which means there has been no petition after the Primary Election in Ekiti State. We have come before you this afternoon to submit a report. Since there is no petition from Ekiti State, therefore the committee has wound up this afternoon.” The Chairman of the Appeal Committee stated.

Osita Izunaso, APC National Organising Secretary, who received the report on behalf of National Working Committee, said all efforts were currently geared towards winning the July 14 Ekiti Governorship Election.

Uzunaso disclosed that the Party’s National Campaign Committee for the Ekiti Governorship Election will soon be set up and charged voters in Ekiti State to come out enmasse to reclaim their stolen mandate by voting for the Party’s  candidate, Kayode Fayemi.

“We are glad that you have finished your assignment after sitting for three days and there is no petition from any aspirant, both orally and in writing. We are also glad that the Ekiti Primary Election has taken place and that the aspirants are working together to ensure that we win the governorship election in Ekiti state.

“The most important thing to us in the APC is victory in the July election in Ekiti state. For us in the APC, whenever there is a Primary Election, it is a family affair. And whenever we finish our Primary Elections, and aspirants and stakeholders come together to work as a team, it gladdens our heart as a Party.

Wed, 16 May 2018
The Nigerian National Petroleum Corporation (NNPC), Tuesday awarded 50 companies with contracts to buy Nigerian crude, with more than half being firms indigenous to Nigeria, spurring speculations it's meant to win political points in view of 2019 general elections. Of the 50 companies, 32 were local companies, doubling the number of awards to Nigerian firms... View ArticleThe post FG oils wheel of patronage with crude contracts to 32 domestic firms appeared first on BusinessDay : News you c 

Wed, 16 May 2018
The Ports & Terminal Multiservices Limited (PTML), a concessionaire in Nigerian port, invested hundreds of millions of Naira seven years back, to develop a state-of-the-art access control and operational management system in its terminal. As one of the largest RoRo terminals in West Africa, the company, which has it location in the Tin-Can Island Port,... View ArticleThe post Why PTML invested in developing access, operational management system appeared first on BusinessDay : News you can tr 

Wed, 16 May 2018
The Nigerian Shippers' Council (NSC) in partnership with the Central Bank of Nigeria (CBN) is planning to mandate shipping agencies to open disbursement accounts (DAs) that would enable them transact with their principals overseas, in line with the United Nations Conference on Trade and Development (UNCTAD) global operating standards for shipping agents. Hassan Bello, executive... View ArticleThe post NSC, CBN to introduce new disbursement account for shipping agencies appeared first on Bus 

Wed, 16 May 2018
Mark Collier was recently appointed the chairman of Sigma Pensions, a pension fund administrator in Nigeria. In this interview shares his thought on Nigerian pension industry, experience of other markets and future of sigma. Excerpts You have recently been appointed the chairman of the Company; tell us about yourself and your background' My... View ArticleThe post Opportunities for pension and other financial services growth in Nigeria is enormous Collier appeared first on BusinessDay : 

Wed, 16 May 2018
Nigeria's Fola Daniel, insurance icon and former Commissioner for Insurance was at the recently concluded 45th African Insurance Organisation (AIO) held in Accra Ghana decorated African Insurance 'Hall of Fame'. The Award, an initiative of the African Insurance Organisation, and in its third edition now recognises individuals and companies for their outstanding contributions towards the... View ArticleThe post Nigeria's Fola Daniel joins African Insurance 'Hall Of Fame&# 

Wed, 16 May 2018
As insurance operators in Africa digs deep on how to utilize technology to deepen insurance penetration, regulator has empahsised the need to ensure adequate protection of the consumer. At the recently concluded African Insurance Organisation Conference and General Assembly held in Accra Ghana, discussions hovered around digitalization, insure-tech and market penetration. Ray Ankra, board chairman,... View ArticleThe post Customer protection key in 'Pay As You Go' insurance regulator 

Wed, 16 May 2018
Determined to take its business operations to another height, the Management of Anchor Insurance Company Limited, beefed up its marketing department with the appointment Jide Fasanmi as general manager, marketing. Fasanmi who joined the company from Staco Insurance Plc where he was an Assistant General Manager, Brokers/Branch Operations, holds a B.Sc in Management Science from... View ArticleThe post Anchor Insurance beefs up marketing unit for better performance appeared first on BusinessDay : 

Wed, 16 May 2018
Investors in Sterling Bank Plc shares are impressed with the bank's stock recording over 52percent year-to-date (ytd) price gain amid its impressive earnings in full year 2017 and first-quarter (Q1) 2018 records. Remarkably, the bank reported a profit after tax of N8.5 billion for the financial year ended December 31, 2017 as against N5.2 billion... View ArticleThe post Investors upbeat on Sterling Bank's growth appeared first on BusinessDay : News you can trust. 

Wed, 16 May 2018
South Africa, Kenya and Nigeria have been named top three among 115 countries providing the environment for businesses to thrive in the digitalization era. Euler Hermes in its report Enabling Digitalization Index (EDI) 2018, illustrates each country's ability to provide the necessary environment for business to succeed in an increasingly digitalized global economy. The index... View ArticleThe post South Africa, Kenya, Nigeria lead in Africa's business digitalization environment appear 

Wed, 16 May 2018
Developments in and around the Lekki Free Tade Zone (LFTZ) has continued to swell as new and existing investors in that zone raise the stakes by increasing their investment and project portfolios. Buildcon Global Services Limited, developers of Pracht Garden, Pracht Cluster and Pracht Court is one of such investors. The company recently introduced another... View ArticleThe post Developments upbeat at LFTZ as Buildcon raises project portfolios appeared first on BusinessDay : News you can trust. 

Wed, 16 May 2018
Determined to take its business operations to another height, the Management of Anchor Insurance Company Limited, beefed up its marketing department with the appointment Jide Fasanmi as general manager, marketing. Fasanmi who joined the company from Staco Insurance Plc where he was an Assistant General Manager, Brokers/Branch Operations, holds a B.Sc in Management Science from... View ArticleThe post Anchor Insurance beefs up marketing unit for better performance appeared first on BusinessDay : 

Wed, 16 May 2018
Growth and Development Limited (GDL) has stress the need to substantially remodel the Nigerian financial services industry to provide support for growth of the middle class. Kola Ayeye, managing director of GDL said this at official opening of the Mainland office. GDL is a nascent financial services group with interests in asset management, finance and... View ArticleThe post GDL boss sees growth in financial sector from expansion of middle class appeared first on BusinessDay : News you can trus 

Wed, 16 May 2018
Capital importation through the banking sector rose significantly by 117.15 percent to $1.18 billion in the first quarter of 2018 from $543.4 million in the fourth quarter of 2017 according to the latest report of the National Bureau of Statistics (NBS). Standard Chartered Bank, recorded the highest share of capital flow, leading other deposit money... View ArticleThe post Banking sector records 117.15% increase in overseas investment flow appeared first on BusinessDay : News you can trust. 

Wed, 16 May 2018
Heritage Bank Plc, last week hosted the May 2018 edition of the banking technique and practice meeting of the International Chamber of Commerce Nigeria. The meeting held at the Victoria Island Office of the financial powerhouse attracted representatives of the ICC Nigeria as well as the experts on the trade desks of different banks operating... View ArticleThe post Heritage Bank, CBN, ICC brainstorm on global trade operation systems appeared first on BusinessDay : News you can trust. 

Wed, 16 May 2018
The Rise Fund, the impact fund run by private equity group TPG Growth, has made its first investment in Africa, leading a $47.5m deal to buy an unspecified stake in digital payments provider Cellulant. Cellulant was founded in 2004 with operations in Kenya and Nigeria. It now works in 11 countries with 94 banks and... View ArticleThe post TPG's Rise Fund makes its first Africa investment appeared first on BusinessDay : News you can trust. 
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