Sabinews daily update on the Nigerian Economy for July 8, 2014Sabi-Finance

Foreign reserves up by $538.22m in seven days

In what may be a further testimony of the success of the battle by the Central Bank Nigeria (CBN) to stop the haemorrhaging of the nation’s external reserves, data on apex bank’s website on Tuesday showed the figure rose by $538.22 million in the first seven days of July.

According to the data, external reserves rose to $38.018 billion as of Monday, July 7, 1.43 per cent improvement over the $37.48 billion at the end of June. – (Daily Independent, front page)

CBN Challenges NDIC over Insurance Companies’ Liquidation

The Central Bank of Nigeria (CBN) has challenged the proposed statutory amendment seeking to empower the Nigerian Deposits Insurance Corporation (NDIC) to liquidate insurance companies in the country.

The CBN rejected the bill yesterday at a one-day public hearing by the House of Representatives Committee on Banking and Currency on a bill that sought to amend the 2006 Act and re-enact the 2014 NDIC Act. – (Thisday, pp H)

Amaechi explains $280m loan from AfDB, World Bank

The Rivers State Governor, Rotimi Amaechi, has explained the source of the $280 million loan approved by the state House of Assembly on Monday.

Amaechi said the state had applied for and secured a loan package from the African Development Bank (AfDB) and the World Bank in 2012 for the World Bank-assisted water scheme in the state. – (Daily Independent, pp 4)

The 2013 Company results and shareholder concerns

Several companies have, in the last few months, had their Annual General Meetings, AGMs. Shareholders of each company have considered the annual report and accounts of their company for the year 2013 and have also declared at the AGM a dividend to be paid to shareholders from the profits of the company. We still expect results from some companies whose financial year does not end on 31st December.

Such companies include Guinness Nigeria Plc, PZ Cussons Nigeria Plc and University Press Plc. However, PZ Cussons Nigeria Plc has during 2014 paid an interim dividend of 19.91 kobo per share as well as a special dividend of N1.30 per share. We still expect a final dividend from PZ Cussons Nigeria Plc.

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About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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