NIGERIA NEWSPAPERS: TODAY’S BUSINESSDAY NEWSPAPER HEADLINES [25 JULY, 2018].

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Risk to economy soars as 2019 politics takes stage
Wed, 25 Jul 2018
Analyst’s project that Nigeria’s political uncertainty will negatively affect its economy, from the markets to the purchasing power of its citizens.
After months of intrigues, suspense, horse trading and speculation, 13 members of the All Progressives Congress (APC) defected to the People’s Democratic Party (PDP) on Tuesday, leading to Nigeria’s ruling party losing its majority in the Senate.
Some 37 APC members of Nigeria’s lower chamber, the House of Representatives, also defected Tuesday, with 32 joining the PDP.
The defection of the senators came after unsuccessful attempts by security operatives to prevent Senate President Bukola Saraki from presiding over plenary. The security men, however, left the residence around 8am after they realised that the Senate President was not in the house.
He was said to have switched off and left his phone in his home to avoid his location from being tracked by security agents without his convoy. The defecting Senators include Rabiu Kwankwaso, a former governor of the northern state of Kano, Dino Melaye, Barnabas Gemade, Suleiman Hunkunyi, and Usman Nafada, among others.
“Historically, there is uncertainty, particularly 8 months to the elections,” Paul Uzum, a Stock broker at Golden Securities Ltd said.[better-ads type=”banner” banner=”13566″ campaign=”none” count=”2″ columns=”1″ orderby=”rand” order=”ASC” align=”center” show-caption=”1″][/better-ads]

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“In country like Nigeria political risk is very high and it is very possible to have a change of government coming in 2109 as a result of the defection today. Investors will be on a hold mode to see how things will shake out.”
Nigeria’s economy is struggling to recover from a 2016 slump, the worst in 25 years, after first-quarter growth was 1.95 percent, below the 2.6 percent median estimate.
The Stock market is down by -4.68 percent this year as investors sell equities and shift to the sidelines ahead of the elections.
PZ Cussons a U.K based consumer goods firm said yesterday while reporting its financial results that a sustained lack of liquidity at both consumer and trade level has resulted in a significant contraction in the size of the market, resulting in lower volumes, prices and margins across most areas of its portfolio in Nigeria.
The firm stated that as higher oil prices have contributed to increased foreign exchange reserves for the country and a relatively stable exchange rate regime, liquidity has not flowed down into the economy. In addition, wage inflation has continued to remain well behind the significant cost inflation of recent years, resulting in consumer disposable income under pressure with subdued buying levels.
Tuesday also witnessed dramatic and palpable tension, as the residence of the Deputy Senate President Ike Ekweremadu, was besieged by operatives of the Department of State Services (DSS) and Economic and Financial Crimes Commission (EFCC).
Saraki accused the police of acting in concert with the government to detain him as a way to prevent some lawmakers from defecting from the APC. “This plot is aimed at compelling me and my associates to stay in a party where members are criminalized without just cause, where injustice is perpetrated at the highest level and where there is no respect for constitutionalism,” Saraki said.
The police denied deploying operatives outside Saraki’s residence, saying the policemen seen at the site were those attached to the Senate president.
Police spokesman Jimoh Moshood confirmed in a statement that Saraki had been invited to report to a station in conjunction with the robbery investigation.
According to Rafiq Raji Chief Economist at Micro Africa intel, it is uncertainty from the power play between the executive and the legislature, which is most concerning.
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Divided private sector puts FG in dilemma over AfCFTA
Wed, 25 Jul 2018
Our position is that our dear country should sign the Africa Continental Free Trade Agreement AfCFTA. While we continue to address the issues around it, and work on a strategy for implementation to tackle the problems, we should sign the agreement now.’ These were the words of Iyalode Alaba Lawson, national president of Nigerian Association… The post Divided private sector puts FG in dilemma over AfCFTA appeared first on BusinessDay : News you can trust.
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FG orders audit of railway properties
Wed, 25 Jul 2018
Ahead of the planned moves to extend the Apapa railway station to achieve the desired modernisation of the ongoing Lagos-Ibadan rail project, Rotimi Amaechi, the Minister of Transportation, has ordered an audit of railway properties within Apapa and its environs. He gave the directive during an inspection of the Apapa station shortly after a meeting… The post FG orders audit of railway properties appeared first on BusinessDay : News you can trust.
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MAN suffers setback as NACCIMA joins support for AfCFTA
Wed, 25 Jul 2018
The Manufacturers Association of Nigeria (MAN) has suffered a setback on the African Continental Free Trade Area (AfCFTA) as the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) says the country has no other option than to sign the trade deal. NACCIMA says the treaty holds enormous economic benefits for Nigeria, including… The post MAN suffers setback as NACCIMA joins support for AfCFTA appeared first on BusinessDay : News you can trust.
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Capital market operators blame MTN IPO delay on cloudy economic environment
Wed, 25 Jul 2018
Some capital market operators on Tuesday attributed the delayed MTN Initial Public Offering (IPO) to cloudy economic environment. They told the News Agency of Nigeria (NAN) in separate interviews in Lagos that the IPO had been dragging due to economic uncertainties. IPO is a process through which a private company or corporation raises investment capital… The post Capital market operators blame MTN IPO delay on cloudy economic environment appeared first on BusinessDay : News you can trust.
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Lafarge Africa net sales hit N162bn in mid-2018
Wed, 25 Jul 2018
Lafarge Africa has posted net sales of N162 billion in the first half of 2018 and N82 billion in the second quarter. Mr Michel Puchercos, the Chief Executive Officer of the company made this known in a statement in Lagos. Puchercos said that the figure represented an increase of five per cent and 11 per… The post Lafarge Africa net sales hit N162bn in mid-2018 appeared first on BusinessDay : News you can trust.
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China to invest $14.7 billion in South Africa
Wed, 25 Jul 2018
China would invest $14.7 billion in South Africa President Cyril Ramaphosa said on Tuesday after talks between the two countries, news that sent the rand one percent firmer. Speaking at the same event, Chinese President Xi Jinping said the world’s second-biggest economy would take active measures to expand imports from South Africa to support development… The post China to invest $14.7 billion in South Africa appeared first on BusinessDay : News you can trust.
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PZ Cussons sees challenging year as profit drops on weak Nigeria sales
Wed, 25 Jul 2018
Soaps and Cosmetics maker, PZ Cussons Plc posted a double-digit drop of 21.5 percent in annual pre-tax profit, on Tuesday and expects another tough year ahead, hit by lower sales in Nigeria and weak consumer spending in the UK. Very tough trading conditions in Nigeria accounted for the majority of the reduction in adjusted operating… The post PZ Cussons sees challenging year as profit drops on weak Nigeria sales appeared first on BusinessDay : News you can trust.
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How climate change affects Nigeria’s food security
Wed, 25 Jul 2018
The recent report on torrential rainfall in Ogun and Katsina, which claimed lives and destroyed properties, is capable of affecting Nigeria’s food security quest. Aggravated flooding remains a recurring phenomenon in Nigeria and it is usually caused by climate change. According to experts, rainfall patterns in Nigeria are getting more intense with fewer rainy days…. The post How climate change affects Nigeria’s food security appeared first on BusinessDay : News you can trust.
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How insurgency causes setback to Nigeria’s food security
Wed, 25 Jul 2018
The spate of insurgency in the war-torn North-Eastern states of Adamawa, Borno and Yobe has caused a serious setback in the country’s quest to boost food production as farmers abandon their fields to seek refuge in IDPs, with some running to relatively peaceful states such as Kano, Kaduna and Sokoto states. As a result, the… The post How insurgency causes setback to Nigeria’s food security appeared first on BusinessDay : News you can trust.
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Gambia, Nigeria, Ghana top in 2017, as WAICA gross premium closes at $62.1 million
Wed, 25 Jul 2018
WAICA Reinsurance Plc (WAICA Re), a West Africa company in the 2017 financial year recorded a 26 percent growth in gross premium income, moving from $49.2 million in 2016 to $62.1 million. Its investment income also went up by 55 percent, from $1.6 million in 2016 to $2.4 million in the review year. In the… The post Gambia, Nigeria, Ghana top in 2017, as WAICA gross premium closes at $62.1 million appeared first on BusinessDay : News you can trust.
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Redefining insurance for generation next, what the industry must do now
Wed, 25 Jul 2018
Funmi Babington-Ashaye, the immediate past president and chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) has set what can be described as blue print, that the nation’s insurance industry must embrace to attract the next generation of talents, as well as customers. In her valedictory lecture held recently in Lagos titled ‘Insurance… The post Redefining insurance for generation next, what the industry must do now appeared first on BusinessDay : News you can t
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Geopolitics of Germany’s natural gas demand ‘ Lessons for Nigeria
Wed, 25 Jul 2018
Germany, Europe’s biggest economy thirsts for more natural gas from Russia because its energy transition policy is set to miss targets and Nigeria, Africa’s largest economy has some lessons to learn to become a regional hub for natural gas. To meet its growing natural gas needs, Germany is willing to go ahead with construction of… The post Geopolitics of Germany’s natural gas demand Lessons for Nigeria appeared first on BusinessDay : News you can trust.
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FBN to exercise call rights on $300m Eurobond
Wed, 25 Jul 2018
On the 7th of August 2018 the First bank Holdings (FBH) largest subsidiary First bank of Nigeria limited (FBN) is set to exercise its call option rights to redeem the US$300 million fixed rate subordinated note at 8.25 percent from the international debt markets, 2 years before the maturity date in 2020. The bank seeks… The post FBN to exercise call rights on $300m Eurobond appeared first on BusinessDay : News you can trust.
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CBN to encourage corporates to issue commercial papers as it retains rates
Wed, 25 Jul 2018
Rather than alter the benchmark lending rates which it had held steady since July 2016, the Central Bank of Nigeria announced on Tuesday that it would encourage large Corporates to issue commercial papers to boost their operating capital as well as encourage banks to lend to the manufacturing and agricultural sectors. Making the pronouncements after… The post CBN to encourage corporates to issue commercial papers as it retains rates appeared first on BusinessDay : News you can trust.
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Investors book N93bn loss as stock market fails to sustain gains
Wed, 25 Jul 2018
Stock investors at Lagos Bourse booked N93billion loss after trading on Tuesday July 24, 2018 as the market failed to sustain preceding day’s gains. While the Nigerian Bourse routed to a different direction, the U.S and European equities climbed as positive earnings reports boosted investor sentiment, while China’s efforts to support its economy spurred interest… The post Investors book N93bn loss as stock market fails to sustain gains appeared first on BusinessDay : News you can tru
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NAPTIP investigates alleged trafficking of Nigerian minors to Russia
Wed, 25 Jul 2018
National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has launched investigations into the alleged trafficking of Nigerian minors to Russia in the guise that they were football fans attending the 2018 World Cup. The Director General of NAPTIP, Mrs Julie Okah-Donli, made the disclosure to newsmen in Lagos on Tuesday. Okah-Donli said the… The post NAPTIP investigates alleged trafficking of Nigerian minors to Russia appeared first on BusinessDay : News you can trust.
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Lafarge says operational stability boosts earnings in Nigeria
Wed, 25 Jul 2018
Lafarge Africa Plc on Tuesday released its unaudited financial statements for the half-year (H1) period ended June 31, 2018. The results at the Nigerian Stock Exchange (NSE) show group earnings increased to N162.291billion against N154.839billiion revenue recorded in the corresponding half-year of 2017. ‘Our company saw strong market growth in Nigeria reflecting the end of… The post Lafarge says operational stability boosts earnings in Nigeria appeared first on BusinessDay : News you can
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