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BUSINESS ROUNDUP: FG, states, LGs share N682bn for August; Shell facility shut down; See other stories that made our pick



Nigeria retains position, scores lower in global competitiveness index

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• FG, states, LGs share N682bn for August
• Nigerian govt revokes account self-certification order
• Protesting youths shut down Shell flow-station
• Nigerian economy performing better than projected –Finance Minister


The Federal Government, states, and local government councils had shared N682 billion as revenue allocation for the month of August.

The Permanent Secretary, Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, disclosed this in a statement issued by the Director of Information in the ministry, Hassan Dodo, at the end of the Federation Accounts Allocation Committee (FAAC) meeting held in Abuja on Friday. Read more

The Nigerian government has reversed a directive requiring all bank account holders in the country to undertake a self-certification exercise by completing forms for due diligence and taxation purposes, barely 24 hours after it issued it.

“We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria. Notice does not apply to everybody. FIRS will issue appropriate clarification shortly,” it said on Friday via its Twitter handle, @NigeriaGov. Read more

Activities at OpukushiTunu and Clough Creek Flow-stations operated by the Shell Petroleum and Development Company of Nigeria (SPDC) Thursday, was disrupted by the youths of Agbidiama community, over issues relating to employment and empowerment.

The youths, under the auspices of Agbidiama Community Youth Council, in Ekeremor Local Government Area of Bayelsa State, said their action was imperative following the alleged refusal of the oil firm to dialogue with them.
Youth President of the group, Torke Ekpetun, said the protest was carried out as a result of the refusal of the oil service companies operating in the area to meet their corporate social responsibility obligations. Read more

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Nigerian economy fared better than analysts’ projections for the second quarter of 2020.

Read also: BUSINESS ROUNDUP: Nigeria’s debt hits N31 trillion; Buhari bans forex on all food imports; See other stories that made our pick

“We presented a memo to council in respect of the second quarter Gross Domestic Product (GDP) report, earlier released by the National Bureau of Statistics (NBS) on the 24th of August. Read more

On NSE ROUNDUP: Market closes upbeat, but trade volume remains weak

The Nigerian bourse closed the week with bigger gain, with the equity section racking up N13.609 billion even though the size of trade was lower week on week and taking into view pre-pandemic levels also.

It recorded appreciation on Monday, which was followed by three days of losses but market fortune was significantly redeemed by a major rebound at the end of Friday’s trade that set the market on course for a 0.10% gain. Read more

MEANWHILE, on the tech scene, during the week, a number of key players recorded milestones as it was characterised by impressive metrics such as equity acquisition, wins, and various launches.

Reviewers have submitted that these metrics are not only major pointers to development, but that they will go on to inform investors, foreign especially, that Nigeria is positioning itself as a virile state. Read full review

Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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