iBasam: Business

Oil soars above $51 as OPEC agrees deal

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Global oil benchmark, Brent crude, traded above $51 per barrel on 
Wednesday after the Organisation of Petroleum Exporting Countries agreed
 on its first limit on oil output since 2008.<br />

OPEC had in September said it would reduce production to 32.5 million
 barrels per day from the current figure of 33.24 million bpd.<br />

Brent, against which half of the world’s oil is priced, had dropped 
to as low as $46.32 on Tuesday, but jumped to $49.66 per barrel on 
Wednesday on growing optimism OPEC would agree on a production cut deal 
later in the day.<br />

Following the outcome of the meeting, Brent rose by $4.18 to $51.50 per barrel as of 6:45pm Nigerian time.<br />

At its 171st meeting in Vienna, Austria on Wednesday, the OPEC 
Conference studied the report and recommendations made by the high-level
 committee that was set up following the ‘Algiers Accord’ that was 
agreed at the 170th (extraordinary) meeting of the OPEC Conference on 
September 28 in Algeria, among others.<br />

The 14-member oil cartel said in a statement that the conference took
 note of oil market developments since it last met in Algeria and 
reviewed the market outlook for the remainder of 2016 and 2017.<br />

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It said, “The conference recorded its deep appreciation to the 
commitment and valued contribution of the high-level committee on the 
implementation of the ‘Algiers Accord’.  The committee’s efforts helped 
form a consensus among member countries on the basis of a proposal put 
forward by Algeria to implement a new range of targeted production 
levels.<br />

“Accordingly, and in line with the ‘Algiers Accord’, the conference 
decided to implement a new OPEC-14 production target of 32.5mb/d, in 
order to accelerate the ongoing drawdown of the stock overhang and bring
 the oil market rebalancing forward. The agreement will be effective 
from January 1, 2017.”<br />

The Conference also decided to establish a high-level monitoring 
committee, consisting of oil ministers, and assisted by the OPEC 
Secretariat, to monitor the implementation of the agreement. Member 
countries, in agreeing to this decision, confirmed their commitment to a
 stable and balanced oil market, with prices at levels that are suitable
 for both producers and consumers.<br />

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had 
last week said oil price might rise only slightly above $50 per barrel 
if a consensus was reached, and could fall as low as $44 without a deal.

Oil soars above $51 as OPEC agrees deal

Global oil benchmark, Brent crude, traded above $51 per barrel on Wednesday after the Organisation of Petroleum Exporting Countries ag...

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CBN injects $867m as dollar scarcity pushes naira to 473

BASAM 0 Business, news 01:57:00

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The
 Central Bank of Nigeria (CBN) has given access to about 7,792 requests 
for foreign exchange valued at over $867 million to manufacturers and 
other strategic actors in the Nigerian economy, to ease forex scarcity.<br />
Forex
 scarcity in the system had pushed the naira to 473 per  dollar, as the 
Department of State Service (DSS) continue to clamp down on forex 
dealers across the country.<br />
But in a statement by Isaac Okorafor, 
acting director, corporate communications department, on Thursday in 
Abuja, CBN stated that the access was in continuation of its resolve to 
ease foreign exchange pressure on manufacturers.<br />
The access, 
Okoroafor noted, was given through inter-bank window to enable 
manufacturers and strategic actors to source for vital raw materials and
 spare parts for their respective industries.<br />
He added that the figure was derived from a summary of the Forex Utilisation for the month of October.<br />
The
 summary indicated that the raw materials sector received the highest 
allotment, getting access to foreign exchange valued at 355.7 million 
dollars representing 40.99 per cent of the total value.<br />
He noted 
that “statistics from the CBN in Abuja showed that manufacturing and 
petroleum industries got access to 91.2 million dollars and 150.8 
million dollars respectively.<br />
“Companies and other interests in 
the agriculture sector got access to 13.7 million dollars for the 
period, while entities in the aviation sector received 10.3 million 
dollars.’’<br />
The director stated that finished goods and others got allotments of 43.8 million dollars and 10.7 million dollars respectively.<br />
Invisibles,
 comprising of school fees, students’ upkeep and medicals, among others,
 received 191.3 million dollars, representing 22.05 per cent of the 
figure, he stated.<br />
Okorafor pointed out that the release of the 
figures underscored the transparency of the apex bank in foreign 
exchange management.<br />
He added that the CBN remained committed to 
its pledge to ease foreign exchange pressure on manufacturing and 
agriculture sectors through forward sales under the new flexible foreign
 exchange regime.<br />
He recalled that in September, manufacturing 
industries in Nigeria were given access to foreign exchange valued at 
over 660 million dollars in the inter-bank market.<br />
credit: Thecablesng

CBN injects $867m as dollar scarcity pushes naira to 473

The Central Bank of Nigeria (CBN) has given access to about 7,792 requests for foreign exchange valued at over $867...

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6 Ridiculous Excuses Young Nigerians give For Not Starting a Business

BASAM 0 Business 02:37:00

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<br />
From time immemorial, starting a business has always been a 
monumental task. It is not for the fainthearted nor is it for those who 
aren’t dogged. And this won’t change anytime soon.<br />

Regardless, you will find Nigerians who are dogged and who have the 
entrepreneurial tenacity or spirit running from pillar to post searching
 for jobs. Besides, even those who have jobs are no better. They always 
have an excuse for not starting a business on their own. <a data-saferedirecturl="https://www.google.com/url?hl=en&q=https://travel.jumia.com/en-gb/hotels/nigeria/136&source=gmail&ust=1479896057974000&usg=AFQjCNFp1fnms_O58mmJBeq_7igt_Sfv1g" href="https://travel.jumia.com/en-gb/hotels/nigeria/136" rel="nofollow" target="_blank">Jumia Travel </a>shares some of these pretty inexcusable excuses.<br />
<br />

<strong>I don’t have enough money</strong><br />
A very convenient excuse for anyone who is not ready to start 
up. Money will always be a problem and in this economic recession, there
 is no guarantee that there will be steady cash flow. But you know that 
most successful businesses started small. You have your friends and 
family who can support. In fact, you can crowdsource funds online to 
start up.<br />
<br />

<strong>I don’t want anyone to steal my idea</strong><br />

There is nothing new under the sun. Someone else is already doing 
what you do. What you can do on your part is to inject a unique and 
distinctive way of doing same which will make you stand out. So why are 
you keeping your ideas to yourself? It doesn’t mean you should tell 
every tom, dick and harry. Anyhow, you want to do, just get your idea 
out there and start even if you are afraid someone will steal your idea.<br />
<br />

<strong>I don’t have enough time</strong><br />
<strong> </strong>Stop spending available time watching movies, African magic and 
surfing the internet if you are serious about starting a business. 
Dedicating this time to improving and positioning your business plan. 
You need to learn how to manage your time. Time will never be enough. 
Dangote had the same 24 hours when he started. It won’t be easy, though.<br />
<br />

<strong>I don’t have enough knowledge about the business</strong><br />

The internet has made it very easy for you to learn anything you 
want. There are YouTube videos and you can Google any idea. There are 
also many free online courses you can take on any subject. This is 
really no longer an excuse but you will be surprised that Nigerians 
still give.<br />
<br />

<strong>This recession is not good to start a business</strong><br />

There is never a good time to start a business. Whether Nigeria is in
 a recession or not, you will be blown away by the sheer number of 
startups that have been launched despite the recession. Life is all 
about risk. If you don’t venture into it now, and the recession is over,
 another lame excuse will arise to stall your plan to start up.<br />
<br />

<strong>My plan is not perfect</strong><br />

According to research, the best formula for starting a new business 
is to launch, test and pivot. With this mindset, you should be aware 
that nothing can be perfect. You can only do your best. So, don’t wait 
for your plan to be 100% before you get off. Remember starting a 
business is not a 100 metres race, it’s a marathon!

6 Ridiculous Excuses Young Nigerians give For Not Starting a Business

From time immemorial, starting a business has always been a monumental task. It is not for the fainthearted nor is it for those who ...

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Naira appreciates against Dollar.

BASAM 0 Business, news 23:37:00

The
 Naira on Tuesday appreciated against the dollar in all the segments of 
the forex market, the News Agency of Nigeria, NAN, reports.<br />

The currency gained N44.95 to exchange at N305.27 to the dollar at the interbank market after its Monday record of N350.22.<br />

At the parallel market, the naira gained N5 to exchange at N465 from 
N470 it traded on Monday, while it went for N565 and N510 against the 
Pound Sterling and the Euro, respectively.<br />

Trading at the Bureau De Change (BDC) Segment saw the currency 
exchange at N385, the control rated of the Central Bank of Nigeria (CBN)
 and at N564 against the Pound Sterling and N510 for Euro.<br />

Assessing the market, Aminu Gwadabe, President, Association of Bureau
 De Change Operators of Nigeria (ABCON), said that the naira had 
prospects of further appreciation in the days ahead.<br />

He told NAN that the CBN was working with Nigerians in Diaspora to woo more remittances back home.<br />

According to Mr. Gwadabe, the CBN had a robust meeting with 
stakeholders and Nigerians in Diaspora at the weekend in London on way 
to boost liquidity in the foreign exchange market.<br />

He said that more International Money Transfer Operators (IMTOs) had 
indicated interest in facilitating the repatriation of remittances from 
abroad.

Naira appreciates against Dollar.

The Naira on Tuesday appreciated against the dollar in all the seg...

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CBN releases $660m to ease manufacturing, raw material import

BASAM 0 Business 02:54:00

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The Central Bank of  Nigeria (CBN) says it has made foreign 
exchange valued at over $660m available in the inter-bank market to 
source raw materials and spare parts for manufacturing and agriculture.<br />
<br />
Isaac
 Okorafor, the CBN acting director of corporate communications, said the
 measure by the CBN was in line with its promise to ease foreign 
exchange pressure on manufacturing and agricultural businesses through 
forward sales under the new flexible Forex regime.<br />
<br />
He said that 
the sum sourced by the manufacturers was to facilitate the procurement 
of raw materials for agricultural, pharmaceutical, automobile, aviation,
 plant and machinery, power, telecommunications, and printing, among 
others.<br />
<br />
“The CBN is committed to ensuring that manufacturers of 
goods for which Nigeria does not enjoy comparative advantage are able to
 get letters of credit (LCs) to import the required materials for their 
businesses,” he said.<br />
<br />
The measure is coming after Erisco Foods 
Limited announced the closing down of its N4bn tomato paste processing 
plant in Oregun, Lagos State.<br />
<br />
The company’s president, Eric 
Umeofia, said it was closing down its 450,000 tonnes tomato plant, 
sacking 1,500 workers and moving its operations to China.<br />
<br />
Umeofia has said the decision was due to the refusal of CBN to allocate Forex to the company for importation of raw materials<br />
Okorafor
 said that since the CBN introduced restrictions on the sourcing of 
Forex for 41 items from the inter-bank market, the move had greatly 
benefited local manufacturers in the country.<br />
<br />
He urged 
manufacturers to take advantage of the policy which would enable Nigeria
 to reclaim its status as a major producer of goods through backward 
integration initiatives.<br />
<br />
According to him, this will necessary push to Nigeria to conserve billions of forex being spent on import bills annually.<br />
source: <a href="https://www.thecable.ng/cbn-weve-made-660m-available-to-ease-raw-material-import#.WCGslVAKjjU.twitter" target="_blank">thecable </a>

CBN releases $660m to ease manufacturing, raw material import

The Central Bank of Nigeria (CBN) says it has made foreign exchange valued at over $660m available in the inter-bank market to source ...

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MMM Is A Fraud, CBN Warns Nigerians

BASAM 0 Business, news 00:20:00

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The Central Bank of Nigeria (CBN) has 
cautioned Nigerians against getting involved in MMM, a scheme that is 
currently making the rounds among Nigerians.</div>
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This is coming shortly after the 
Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, 
dissociated himself from the MMM, saying he has nothing to do with it or
 any other online financial aid community, projects or contracts.</div>
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This was made known by the head of the consumer protection department
 of the CBN, Kadija Kassim, on Monday. She made it known that activities
 associated with the scheme are not regulated by any institution.<br />
<br />

Speaking during a mentoring program for students of Government 
Secondary School, Suleja, Kassim warned against the use of MMM Federal 
Republic of Nigeria, a Ponzi scheme company, referring to the scheme as a
 “wonder bank”.<br />
<br />

In Kassim’s words, “We have heard about the activities of MMM.<br />

“But I want to warn you against it because they are wonder banks that are not regulated.<br />

“Desist from their activities because they are fraudulent.<br />

“Don’t save what is left after spending, but spend what is left after saving.”<br />

The scheme claims to allow a 30 per cent monthly return on investment
 for every investor and a lot of Nigerians have been lured into it.<br />
<br />

<div style="text-align: justify;">
Credit: <span style="color: red;"><a href="http://www.dailytrust.com.ng/news/general/mmm-is-a-fraud-don-t-invest-in-it-cbn-warns-nigerians/169576.html" style="color: red;">dailytrust</a></span></div>
</div>
</div>

MMM Is A Fraud, CBN Warns Nigerians

The Central Bank of Nigeria (CBN) has cautioned Nigerians against getting involved ...

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World’s largest oil company, ExxonMobil, quits Nigeria

BASAM 0 Business 10:10:00

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<strong>ExxonMobil,
 the world’s largest oil company by market value, has quit Nigeria’s 
downstream oil sector, divesting its 60 percent stake in Mobil Oil 
Nigeria (MON).</strong><br />
In a statement circulated on Thursday, the
 company, which has a market value of $460 billion – more than Nigeria’s
 gross domestic product (GDP) – said it made business sense to quit the 
downstream oil sector at this time.<br />
“Following these assessments, 
we sometimes find that it makes greater business sense to divest when 
the businesses are estimated to have higher value to others,” ExxonMobil
  said.<br />
The company went on to say “this decision is in no way a 
reflection of our view on the local business climate, financial results 
or the workforce”.<br />
Nipco Plc., an indigenous downstream oil and 
gas company, confirmed the acquisition of ExxonMobil’s 60 percent stake 
in Mobil Oil Nigeria Plc (MON).<br />
Venkataraman Venkatapathy, 
managing director, Nipco Plc., said: “With the signing, we will start 
the transition period and initiate the process of obtaining regulatory 
approvals from the requisite federal agencies – SEC and NSE.<br />
“This will also enable Nipco Plc. to effectively manage a smooth and successful completion of the transaction.<br />
“It
 is part of our strategic move to support Nipco’s continuous growth and 
expansion of its Nigerian retail footprint. We are confident of adding 
tremendous value to MON and likewise MON will add a huge value to 
Nipco.”<br />
With a revenue stream of $246,204 billion, ExxonMobil, 
founded by John D. Rockefeller, one of the world’s richest men of all 
time, is the second biggest company in the world – just after Walmart 
and before Apple on <a href="http://beta.fortune.com/fortune500/" target="_blank"><strong>Fortune 500 list.</strong></a><br />
<strong>source: thecableng</strong><br />
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World’s largest oil company, ExxonMobil, quits Nigeria

ExxonMobil, the world’s largest oil company by market value, has quit Nigeria’s downstream oil sector, divesting its 60 percent ...

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CBN, Heritage Bank disburse N930m to 310 entrepreneurs.

BASAM 0 Business 23:18:00

The
 Central Bank of Nigeria, CBN, in conjunction with Heritage Bank Plc, 
yesterday, commenced the process for the disbursement of N930 million to
 310 young entrepreneurs under the Youth Entrepreneurship Development 
Programme, YEDP, so as to help address the rising unemployment situation
 in the country, empower the youths and reactivate the economy.<br />

Speaking at the commencement of the loan disbursements to the 
beneficiaries, comprising members of the National Youth Service Corps, 
NYSC, graduates and artisans, the Governor of the CBN, Mr. Godwin 
Emefiele, disclosed that the YEDP is part of the plan by the CBN and the
 Federal Government to create over one million direct jobs by 2020.<br />

Emefiele, who was represented by the Deputy Governor, Corporate 
Services Directorate of the CBN, Mr. Suleiman Barau, stated that the aim
 of the programme was to ensure that the creative energies of the over 
64 million Nigerian youths are harnessed to stimulate growth, address 
restiveness and promote economic development.<br />

He said, “To realize this objective, the CBN in partnership with the 
NYSC and Heritage Bank began the pilot seven months ago, to inspire and 
harvest the entrepreneurial abilities of Nigerian youths towards 
creating over one million direct jobs by 2020.”<br />

“I am pleased to announce the disbursement of funds to the first 
batch of 310 prospective entrepreneurs under the YEDP, while other 
applicants are at different stages of completing their loan 
documentation process.”<br />

Emefiele further stated that the Programme is open to youths of 
between 18 and 35 years who are serving Corp members, graduates or 
artisans, while he stated that all youths in this category are eligible 
to apply and be pre-qualified for training on entrepreneurship before 
they can access credit lines of up to N3 million at single digit 
interest rate.<br />

According to him, the programme is premised on the provision of 
timely and affordable credit to identified youths entrepreneurs with 
expected multiplier effect on job creation and economic growth.<br />

He added that the YEDP has the potential of becoming the stimulus for
 job and wealth creation, growth and economic development through 
improved access to finance for young entrepreneurs.<br />

He also assured the business community that the CBN would continue to
 provide enabling environment, devise ways and means to grow the real 
sector towards a self-reliant economy.<br />

Speaking in the same vein, Managing Director, Heritage Bank Plc, Mr. 
Ifie Sekibo, stated that the beneficiaries would get the fund as soon as
 certain issues raised by the beneficiaries are addressed.<br />

According to Sekibo, who was represented by Group Executive Director,
 Lagos and South-West Corporate Banking of Heritage Bank, Mrs. Mary 
Akpobome, a proper process of disbursement would be done to the benefit 
and happiness of all parties.<br />

He said, “They will get the money as soon as all those issues they 
raised are addressed. The money is available. They have been disbursed. 
CBN has disbursed to the banks. It is now about sorting out whatever the
 challenges are, and then the funds are now made available.”<br />

Commenting on the process, Sekibo stated that the target was for 
1,000 beneficiaries, adding that the initial applicants were 4,000, 
while there are presently 7,000 applicants waiting.<br />

He said, “We are optimistic that by the time we are done with the 
initial 1,000, and we go back, we would be able to accommodate as many 
as are qualified as possible, and obviously expand the amount of money 
that is needed to do that.”<br />

He, however, declared that the process is going to be reviewed, 
stating that “for each of the items, you see, when you get an offer 
letter, if there are any of the line items that are conditions that you 
have a challenge with, it is obviously going to be reviewed with all 
parties.”<br />

Also speaking, Director-General of the NYSC, Brigadier-General Sule 
Kazaure, said the YEDP was introduced in March 2016, with the aim of 
funding the business plans of corps members so as to encourage and 
motivate others to imbibe the culture of entrepreneurship.<br />

He further stated that the programme was also designed to facilitate 
access to other funding agencies and sources of support to corps 
members, while also making it possible for corps members to access 
Micro, Small and Medium Enterprises, MSMES, funds from the CBN through 
Heritage Bank and other banks wishing to join in the programme.<br />

He urged the beneficiaries of the programme to remain focused, while 
also ensuring that the loans are paid back to make for extension of the 
same facilities to other corps members.

CBN, Heritage Bank disburse N930m to 310 entrepreneurs.

The Central Bank of Nigeria, CBN, in conjunction with Heritage Ban...

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Femi Otedola Now worth $550m from $1.8billion in March this year, loses 1.3billion in value.

BASAM 0 Business, news 00:29:00

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<b>Nigerian billionaire businessman Femi Otedola is no longer a billionaire in dollars. According to <a href="http://www.forbes.com/sites/mfonobongnsehe/2016/10/17/nigerian-mogul-femi-otedola-no-longer-a-billionaire-as-forte-oil-shares-fizzle/#381125881464">Forbes</a>,
 he's now worth $550million following a massive drop in the stock price 
of his company, Forte Oil. Read the report from Forbes below.</b><br />
<blockquote class="tr_bq">
As at the close of trading on Friday October 14th, Forte Oil’s share 
price plunged to a one-year low of N145 ($0.44) per share, down from an 
all-time high of N342 ($1.1) in March this year when Forbes published 
its annual ranking of the world’s richest people.<br />
<a href="https://www.blogger.com/null" name="more"></a></blockquote>
<blockquote class="tr_bq">
Apart from the tumble in Forte Oil’s stock price, Otedola’s fortune 
has also been adversely affected by a central bank devaluation of the 
Naira in June. In dollar terms, the devaluation in addition to Forte’s 
floundering share price has knocked about $1.3 billion off the value of 
Otedola’s fortune which was pegged at $1.8 billion in March.</blockquote>
<blockquote class="tr_bq">
Otedola, who is Forte Oil Plc’s Chairman, is now worth only $550 million as at the close of business of Friday, according to the FORBES’ billionaires’ database.</blockquote>
<blockquote class="tr_bq">
Femi Otedola was unavailable for comments. However, an analyst at a 
Lagos-based Investment bank hinted that the share price drop may not be 
unconnected to the current recession in Nigeria that has witnessed 2 
consecutive quarters of negative growth with inflation soaring to levels
 as high as 17%.</blockquote>
<br />

Femi Otedola Now worth $550m from $1.8billion in March this year, loses 1.3billion in value.

Nigerian billionaire businessman Femi Otedola is no longer a billionaire in dollars. According to Forbes , he's now worth $550million...

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Dangote targets 2m metric tons of sugar annually.

BASAM 0 Business 15:12:00

<img alt="Aliko-Dangote-696x534" class="attachment-full size-full wp-post-image" height="491" src="http://4a7jjc25uykf24u8sd3k8m5n.wpengine.netdna-cdn.com/wp-content/uploads/2016/07/Aliko-Dangote-696x534.jpg" width="640" />         
        
       </div>
The
 Dangote Sugar Refinery Plc, a member of Dangote Group, on Monday said 
it plans to produce between 1.5 and 2 million metric tons of refined 
sugar annually from locally produced sugarcane.<br />

The Acting Group Managing Director, Mr Abdullahi Sule, made the 
disclosure at the 2016 World Food Day celebrations organised by Lagos 
State Government.<br />

Sule, who was represented by the company’s manager, Mr Braimah 
Ogunwale, said that the target was in line with its backward integration
 master plan.<br />

“Our efforts are geared towards the achievement of our backward 
integration projects master plan to produce 1.5 to 2 million metric tons
 of refined sugar annually from locally grown sugarcane within the next 
10 years.<br />

“We have acquired and currently rehabilitating Savannah Sugar Company
 Ltd, Numan, Adamawa State to bring it to its full potential.<br />

“Also, we are in the process of acquiring various sites across the 
country for our Greenfield Sugar projects, though very challenging, but 
we are focused on this goal, ‘’ he said.<br />

The News Agency of Nigeria (NAN) reports that Dangote Sugar Refinery 
sponsored this year’s Schools Agriculture Quiz Competition in Lagos to 
mark the World Food Day, which was won by Keke Senior High School, 
Agege.<br />

Sule commended the efforts of the Lagos State Government’s towards 
ensuring food security, and implored it to engage the youths on new 
innovations.

Dangote targets 2m metric tons of sugar annually.

The Dangote Sugar Refinery Plc, a member of Dangote Group, on Monday said it plans to produce between...

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Banks Suspend ATM Card Usage Abroad Because of Dollar Scarcity

BASAM 0 Business, news 03:53:00

The
 foreign exchange crisis hitting the economy has assumed a new dimension
 with Deposit Money Banks announcing the suspension of overseas 
Automated Teller Machine card services and online transactions 
denominated in foreign currencies, OYETUNJI ABIOYE writes<br />

Deposit Money Banks have begun suspending their Automated Teller 
Machine cards (debit and credit) from working overseas as dollar 
scarcity continues to hit the economy badly.<br />

Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust
 Bank on Friday announced the suspension of their overseas ATM card 
services.<br />

Also suspended by the banks are online transactions priced in foreign
 currencies. This means that customers of the banks will no longer be 
able to use their debit or credit cards to make online transactions that
 are denominated in dollars, euros, pounds sterling and other foreign 
currencies.<br />

In a note to its customers on Friday entitled: ‘Suspension of 
international transactions on naira debit cards’, Standard Chartered 
Bank Nigeria said, “Please be informed that effective immediately, your 
naira denominated debit cards will no longer be functional for 
international transactions.<br />

“This is due to the current volatility in the foreign exchange 
market. Your naira-denominated debit cards can only be used for local 
transactions at Point of Sale terminals, Automated Teller Machines and 
online for Nigerian retailers.”<br />

In a text message to its customers on Friday, Stanbic IBTC Bank 
similarly said, “Dear customer, kindly note that effective October 18, 
2016, your ability to carry out transactions priced in foreign currency 
using our naira debit and credit cards will be suspended. We apologise 
for any inconvenience in this regard.”<br />

Both Stanbic IBTC Bank and Standard Chartered Bank Nigeria advised 
customers seeking to carry out transactions denominated in foreign 
exchange to apply for dollar or pounds sterling debit credit cards. 
According to them, the dollar or pounds sterling debit or credit cards 
will be linked to the customers’ domiciliary accounts.<br />

GTBank also announced the suspension of the ATM cash withdrawal 
service abroad. The lender also slashed its monthly ATM forex 
transactions to $100.<br />

In a notice to customers on Friday entitled: ‘Review of the 
international spending limit on your naira Master Card’, the bank 
stated, “We write to inform you of the monthly spending limits currently
 applicable when using your GTBank naira Master Card for international 
payments via PoS and online. Previous monthly limit via PoS and online 
was $250; the new monthly limit via PoS and online is now $100. Kindly 
note that ATM cash withdrawal on your naira MasterCard is now only 
available in Nigeria.”<br />

The development will make students studying in the United Kingdom, 
United States, Canada, Ukraine and other parts of the world to face more
 challenges getting their monthly stipends from their parents.<br />

Most of the students had relied on the ATM card withdrawal to get their monthly stipends from their parents before now.<br />

This means customers seeking to do foreign transactions will have to 
open domiciliary accounts and fund same with dollars, pounds or euros 
purchased from the parallel market at the prevailing exchange rates.<br />

Although other banks have yet to announce the suspension of ATM card 
services abroad, findings by our correspondent showed that many lenders 
had reduced drastically the amount that customers could withdraw via 
ATMs abroad.<br />

This is despite the fact that the banks have in the past few months 
reduced the monthly total amount of forex-denominated transactions that 
customers can do, using their naira debit or credit cards via ATMs and 
PoS terminals abroad as well as online payments or transactions.<br />

As of last week, findings showed that some banks had slashed their 
daily ATM withdrawal limit abroad from the $300 advised by the Central 
Bank of Nigeria’s Bankers Committee to $100 due to their inability to 
source for dollars to fund the transactions.<br />

Unconfirmed sources said some banks had reduced their monthly ATM withdrawal limit abroad to $100.<br />

Top banking officials close to the development told our correspondent
 under the condition of anonymity that banks were increasingly finding 
it difficult to fund their foreign-currency denominated services, 
especially online forex transactions and overseas ATM withdrawals, as 
well as PoS usage overseas by customers.<br />

A top official of Deposit Money Bank, who spoke on the condition of 
anonymity, told our correspondent on Sunday, “We have to stop the 
services. Formerly, we were sourcing forex at high prices and we were 
selling same to customers at similarly high prices. But the situation is
 now tense; the dollar scarcity has assumed a new dimension.<br />

“This is coupled with the fact that some bank customers are using the
 platforms to do round-tripping. It is high time we stopped it.”<br />

The decision by some banks to suspend overseas ATM card services and 
online forex transactions came barely one week after the CBN, through 
the Bankers’ Committee, raised concerns about what it called the 
indiscriminate and suspicious manner in which some bank customers were 
spending dollars and other foreign currencies abroad through their naira
 debit cards.<br />

Consequently, the regulator said it had concluded that bank customers
 who spent above the $50,000 annual forex limit it imposed would be 
barred from the nation’s forex market.<br />

The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, stated 
this after the 329th Bankers’ Committee meeting held at the apex bank’s 
office in Lagos on Wednesday.<br />

She said, “In the CBN’s move to manage the demand for forex, there 
was a rule that was put in place that people were not allowed to 
withdraw more than $50,000 annually on their naira debit cards.<br />

“For a while, the policy has been abused by bank customers, and the 
CBN has not taken any step to that effect. We have decided to take the 
step now to enforce the rule. So, we want members of the public to 
remember that that rule is in place.<br />

“All your accounts are linked to a particular Bank Verification 
Number. Now, that the BVN only allows you to withdraw only $50,000 per 
annum, if people continue to breach that rule, they will lose access to 
forex market.”<br />

Dollar scarcity has been ravaging the economy after the price of crude oil, Nigeria’s main forex earner.<br />

It crashed from $110 per barrel to around $44 per barrel from June 2014.<br />

The nation’s foreign exchange reserves have been depleting since then.<br />

On Wednesday, the country’s external reserves hit an 11-year low of $24.21bn, the latest data posted on the CBN website showed.<br />

This means a limited amount of dollars will be available at the 
official interbank spot market, fuelling concerns over another round of 
depreciation of the naira.<br />

The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed.<br />

An expert at Ernst and Young, Mr. Bisi Sanda, lamented on the dollar pressure on the economy.<br />

He said the Federal Government needed political will to address the issues fuelling dollar scarcity on the economy.<br />

He said, “The issue of dollar is very important to the economy. It is
 predicated on the fact that we are a dollar-denominated economy. It 
appears the government is still begging issues as far as the 
import-dependent state of our economy is concerned.<br />

“We need to fix issues, we need to go back to the drawing board. The 
CBN said between 2010 and 2016, a total of $11bn was sold to the Bureaux
 De Change annually. We need to plug leakages in this area.”

Banks Suspend ATM Card Usage Abroad Because of Dollar Scarcity

The foreign exchange crisis hitting the economy has assumed a new ...

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Dangote Industries Limited Aquires Gas Processing Company In Netherlands

BASAM 0 Business 03:28:00

<img alt="alhaji-aliko-dangote-1" class="attachment-full size-full wp-post-image" height="513" src="http://4a7jjc25uykf24u8sd3k8m5n.wpengine.netdna-cdn.com/wp-content/uploads/2016/10/Alhaji-Aliko-Dangote-1.jpg" width="770" />Aliko Dangote has finalized the 
acquisition of Twister B.V., according to report a gas processing company headquartered in 
the Netherlands.
</div>
This was revealed in a statement by his company, Dangote Industries Limited (DIL) announcing the new acquisition,<br />

The statement quotes Dangote as saying “This was an important 
acquisition for us. Twister’s cutting edge gas processing technology is 
fundamental to delivering our strategy to unlock about 3bcfd of gas in 
order to meet Nigeria’s gas needs.” Chief Executive Officer of Twister, 
John Young who also spoke on the new deal said, “We are delighted in the
 confidence DIL and First E&P have shown in Twister to be their core
 provider of gas separation solutions.<br />
<br />

After a very thorough due diligence, our technology has been 
recognized as a key enabler to reduce gas project costs which are 
crucial in this current environment. We are excited to be part of the 
Dangote family of companies.”<br />

Dangote is currently building a refinery and fertilizer project that 
is expected to be in operation in the first quarter of 2019.<br />
 The 
projects are expected to cost a minimum of $17 billion.

Dangote Industries Limited Aquires Gas Processing Company In Netherlands

Aliko Dangote has finalized the acquisition of Twister B.V., according to report a gas processing company headquartered in the N...

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‘Food is Art’, a First Bank fete, to hold at Freedom Park

BASAM 0 Business 02:37:00

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<ul><div class="addthis_sharing_toolbox" data-description="First Bank of Nigeria Limited, Nigeria’s most valuable bank brand is presenting ‘Food is Art’, a food fête to reaffirm its commitment to the development of the art and business of food. The theme, ‘Street Food’ is designed to enhance economic diversification by showcasing varied opportunities and the various potentials in food photography, artistry, presentation, and packaging among others. ‘Food is Art’ is scheduled to take place on Saturday, October 15, 2016 at the Freedom Park, Lagos, from 11am. FirstBank sets to create a “platform of exposure and expansion for SMEs in food business whilst providing subject matter experts to coach entrepreneurs on the wide-ranging avenues of thriving with food photography”. Folake Ani-Mumuney, FirstBank’s roup Head, Marketing & Corporate Communications said the bank is interested and set to support the business, art and entertainment of food across all segments of the economy”. “We realise that support for food business and by extension the agricultural value food chain will enable individual and communal self-reliance, self-contentment and self-sufficiency, which will translate to national revenue growth. “This is what informed the bank’s initiation of food and creative arts events and workshops to fully promote businesses that will build the sector and in the long …" data-title="'Food is Art', a First Bank fete, to hold at Freedom Park - TheCable Lifestyle" data-url="https://lifestyle.thecable.ng/food-art-first-bank-fete-hold-freedom-park/" style="clear: both;">
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<div class="post-content post-entry">
<strong>First Bank of Nigeria Limited, Nigeria’s most valuable bank 
brand is presenting ‘Food is Art’, a food fête to reaffirm its 
commitment to the development of the art and business of food</strong>.<br />

The theme, ‘Street Food’ is designed to enhance economic 
diversification by showcasing varied opportunities and the various 
potentials in food photography, artistry, presentation, and packaging 
among others.<br />

‘Food is Art’ is scheduled to take place on <span class="aBn"><span class="aQJ">Saturday, October 15, 2016</span></span> at the Freedom Park, Lagos, from <span class="aBn"><span class="aQJ">11am</span></span>.<br />

FirstBank sets to create a “platform of exposure and expansion for 
SMEs in food business whilst providing subject matter experts to coach 
entrepreneurs on the wide-ranging avenues of thriving with food 
photography”.<br />

Folake Ani-Mumuney, FirstBank’s roup Head, Marketing & Corporate 
Communications said the bank is interested and set to support the 
business, art and entertainment of food across all segments of the 
economy”.<br />

“We realise that support for food business and by extension the 
agricultural value food chain will enable individual and communal 
self-reliance, self-contentment and self-sufficiency, which will 
translate to national revenue growth.<br />

“This is what informed the bank’s initiation of food and creative 
arts events and workshops to fully promote businesses that will build 
the sector and in the long run preserve our growing population, build 
revenue for development purposes as well as create employment 
opportunities”, she said.<br />
source: thecableng<br />
<br />
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‘Food is Art’, a First Bank fete, to hold at Freedom Park

First Bank of Nigeria Limited, Nigeria’s most valuable bank brand is presenting ‘Food is Art’, a food fête to reaffirm its co...

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CBN intervenes in forex market to save airlines, manufacturers.

BASAM 0 Business 02:25:00

<div class="separator" style="clear: both; text-align: center;">
<span class="set-image-border" style="margin-left: 1em; margin-right: 1em;"><img alt="To save airlines, manufacturers, CBN intervenes in forex market" class="setborder" height="223" src="https://www.thecable.ng/wp-content/uploads/2016/02/dollars2-653x365.jpg" style="float: none; margin: 0px; padding: 0px; position: relative;" width="400" /></span></div>
<div class="article-photo">
 </div>
<div class="article-controls" style="margin-bottom: 0px;">
<div class="date">
<div class="calendar-date">
 </div>
</div>
</div>
<strong>To
 rescue airlines, manufacturers and agricultural companies from foreign 
exchange scarcity, the Central Bank of Nigeria (CBN) has decided to 
intervene in the forex market to clear a backlog of demand.</strong><br />
In
 an operating document obtained by TheCable, the CBN said it would be 
intervening in the market through the Special Secondary Market 
Intervention Sales (SMIS).<br />
“In order to further engender market 
confidence, ensure access to FX by end users and sustain the integrity 
of the Nigerian Inter-bank FX market, the Central Bank of Nigeria (CBN) 
has resolved to intervene in the Inter-bank FX market through forward 
settlement,” the document read.<br />
The bank stated that “this is an 
important one-off exercise dedicated to the clearance of the backlog of 
matured FX obligations for: 1. Raw materials and machineries for 
manufacturing companies; 2. Agricultural chemicals; and 3. Airlines”.<br />
The CBN also added that it would bypass its own directives, as stated in the forex market guidelines.<br />
“Due
 to the peculiarity of this exercise, the CBN will not apply the 
relevant provisions under clause 2.4.3 (i) of its Revised Guidelines for
 the Operation of the Nigerian Inter-bank Foreign Exchange Market 
(hereinafter referred to as the Guidelines), which provides that “all 
SMIS bids shall be submitted to the CBN through the FXPDs.<br />
“Consequently, CBN shall receive bids from all the Authorised Dealers.”<br />
The
 apex bank did not state how much it was willing to sell to clear the 
backlog in the forex market, but made it clear that all payments would 
be made in forwards settlement.<br />
Manufacturers and airlines have 
continued complaining that it had not been getting as much forex as 
needed for smooth operations.<br />
credit: thecableng<br />
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CBN intervenes in forex market to save airlines, manufacturers.

To rescue airlines, manufacturers and agricultural companies from foreign exchange scarcity, the Central Bank of Nigeria (CBN)...

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CBN suspends other banks, approves only First Bank for Forex sale to BDCs.

BASAM 0 Business, news 00:32:00

The
 Central Bank of Nigeria (CBN) has suspended commercial banks in Nigeria
 except First Bank from selling foreign exchange directly to Bureaux De 
Change operators following their failure to comply with the July 22, 
2016, directive to sell inflows from International Money Transfer 
Operators (IMTO) to BDC.<br />

The CBN Wednesday also suspended 195 BDCs from the market following their failure to renew their operating licenses.<br />

Banking sources told THEWILL that a circular on the development was sent to the banks on Wednesday.<br />

The CBN has instead directed the agent banks to sell forex proceeds 
from diaspora remittances to Travelex, who will then sell directly to 
the BDC.<br />

Banking sources told THEWILL that the CBN acted following the banks’ 
lackaidaisical stance on the directive to deal directly with the BDCs. 
Instead the banks have been sitting on the forex and doing deals with 
the funds.<br />

The naira has maintained a steady rise at parallel market closing at 
N467 from over N500 high in the last week in the parallel market since 
Travelex commenced the distribution of $15, 000 weekly to BDCs from 
diaspora remittances as directed by the CBN. Travelex has also commenced
 the limited sale of forex directly to travelers who qualify.<br />

The naira closed at N304.50 against the US Dollars at the interbank market.<br />

Foreign exchange remittances by the diaspora is believed to be around $22 billion annually.<br />

Nigeria has witnessed shortages in foreign exchange because of the crash in the price of crude, its main forex earner.

CBN suspends other banks, approves only First Bank for Forex sale to BDCs.

The Central Bank of Nigeria (CBN) has suspended commercial banks i...

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Exchange rate for today, October 13, 2016.

BASAM 0 Business 08:01:00

Exchange rate for today, October 13, 2016.

These are the currency exchange rates for today, October 13, 2016, powered by ZenithBank

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World Bank, FG seal $1.3bn SMEs deal.

BASAM 0 Business, news 06:42:00

The
 Federal Government at the weekend reached an agreement with the World 
Bank Group and other development partners for the release of about 
$1.3billion for the funding of Small and Medium Enterprises (SMEs) with 
the planned takeoff of the Development Bank of Nigeria (DBN).<br />

Nigeria’s Finance Minister, Mrs Kemi Adeosun, who broke the news at a
 post event press briefing in Washington DC, USA, stated that upon 
commencement, the Development Bank of Nigeria would serve as a conduit 
for government intervention in SMEs and medium sized enterprises as part
 of efforts to achieve inclusive growth.<br />

Nigerian SMEs account for over 50 per cent of the country’s GDP, but 
have often been starved of funds due to inappropriate allocation 
mechanism that involve commercial banks and other stakeholders that are 
not genuinely committed to their growth.<br />

Adeosun said that with the latest agreement with development 
partners, efforts are now being geared towards recruiting the key 
management staff of the bank to enable it commence full operation.<br />

She said, “Agreement was also reached on the final steps for the take
 off of the Development Bank of Nigeria which had been stopped due to 
some issues. We have resolved all those issues and the recruitment 
process has now been finalised with management team put in place.<br />

“This will release $1.3 billion which would be used to support our 
SMEs which are part of the engine that will spur the growth of our 
economy. With this development, SME lending at low rates will now be 
facilitated through the DBN and we are ready to resolve the outstanding 
issues,” she added.<br />

The minister also said that the Nigerian team got the commitment of 
global partners including the U.S, United Kingdom, Canada and the World 
Group to assist the country repatriate illegal financials flows out of 
Nigeria back into the country to support the financing of critical 
infrastructures and economic empowerment programmes of the 
administration.<br />

“We had a number of specific bilateral meetings with UK Department 
for International Development, the US treasury and other partners and 
pbased on the need to reverse the trend of illegal financial flows out 
of Nigeria,” said Adeosun. “We have agreed on a number of initiatives to
 achieve significant repatriation of monies illegally taken out of the 
country. These include monies that have been taken by way of illegal tax
 repatriation, tax avoidance as well as those illegally stolen by past 
government officials,” she added.<br />

She however said that details of the agreement on repatriation of 
illicit financial flows would be made public after she had brief 
President Buhari on the matter.<br />

Meanwhile, the minister said the Nigerian government delegation also 
held high a level discussion on the challenges in the power sector, 
largely bother on financial limitations, stressing that government has 
agreed to hold a workshop in Abuja in November 2016 with the World Bank 
Group, IFC, Multilateral Investment Credit Guarantee Agency (MIGA) which
 provided partial risk guarantees the Ministries of Power, Finance the 
Central Bank CBN, NNPC for the gas perspective, the GENCOs, DISCOs all 
the stakeholders in the power sector. She said the World Bank Group 
would be bringing its specialist power finance team to see how they can 
proffer financial solutions to the challenges of nigeria’s power sector.
 She stated that work on the proposed $1billion Eurobond has been 
concluded and that the Federal Government would soon appoint the various
 parties ahead of its formal launch.<br />

Other high level meetings attended by the nigerian team included one 
with JICA, the Japan international cooperation agency and we secured 
their commitment to facilitate trade and investment in Nigeria, 
specifically they have agreed to make investments in agriculture, 
fisheries sector and we have made progress on the Jebba hydro projects 
which is also a power project.<br />

“Our constituency which represents South Africa, Nigeria and Angola 
had a meeting here and we reviewed the fact that the allocation to our 
constituency are among the poorest particularly from the IFC is 
unacceptably low. So what we have agreed to do is that we will be 
hosting a meeting in Abuja in March for the three finance ministers and 
the idea is that we will benchmark and scale up our technical capacity 
to ensure that we are able to get more of what is available for the 
three countries. We also secured commitments from the Canadian ministry 
of finance to support us for roads and the they have successfully 
developed a PPP platform for road investment and they have offered to 
support us on the technical front in that regard.<br />

The delegation also presented the family home fund which our 
affordable housing project to a number of prospective investors and 
development partners including the world bank, IFC, MIGA and the Islamic
 Development Bank, we’ve already received indicative interest and we’ll 
be coming back to tie up those funding commitments.<br />

I’m We plan and have agreed technical support in the area of domestic
 revenue mobilization and we’re going to make more use of the IMF’s 
online training in financial management, we will be incentivizing our 
staff who are interested in taking these courses to do so.<br />

Also speaking at the briefing Governor of the Central Bank of 
Nigeria, Godwin Emefiele restated commitment of the bank to fine tune 
the flexible exchange rate to meet the needs of the business community.<br />

“But what we only have to talk about is fine-tuning few aspects of 
it, in terms of the implementation of the content of that document. That
 is why I said we would from time to time, continue to look at it. As we
 are looking at it, I repeat, we would see how we would continue to fine
 tune it, to the extent that whatever we are putting in place would be 
such that would benefit Nigerians, improve their lives as well as the 
country.”

World Bank, FG seal $1.3bn SMEs deal.

The Federal Government at the weekend reached an agreement with the World Bank Group ...

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Wema Bank, GTBank lose buildings to Lagos State Government demolition team.

BASAM 0 Business, news 23:50:00

Lagos
 State Government commences demolition of buildings which is said to be 
built on the road construction project at Abule Egba of Lagos-Abeokuta 
Express way. The road construction project is said to have rendered 
several people homeless within a space of two days in which the 
demolition started.<br />

<br />

It is said to also have created set back to different organizations around the area such as GT Bank, Wema Bank and others.<br />

<div style="text-align: center;">
<a href="http://omojuwa.com/wp-content/uploads/2016/10/GTBank-Demolition-Building.jpe"><img alt="gtbank-demolition-building" class="alignnone size-medium wp-image-74096" height="300" src="http://omojuwa.com/wp-content/uploads/2016/10/GTBank-Demolition-Building-169x300.jpe" width="169" /></a></div>
One of the Residents in the area told 9jaspotlights reporter that a 7
 days vacation notice was given to every affected Residents, Starting 
from 27th September, 2016, but people were adamant to welcome the 
warning.<br />

It was also gathered that some affected persons died as a result of 
this on going action while some were rushed to the hospital due to 
shocks at the sight of properties being damaged and hoping it was just a
 dream.

Wema Bank, GTBank lose buildings to Lagos State Government demolition team.

Lagos State Government commences demolition of buildings which is said to be built on...

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Exchange rate for today, October 6, 2016

BASAM 0 Business 02:46:00

Exchange rate for today, October 6, 2016

These are the currency exchange rates for today, October 6, 2016, powered by @ZenithBank

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Nigerian startup wins Facebook-sponsored innovation challenge

BASAM 0 Business, news 00:56:00

Godwin Benson, a Nigerian tech entrepreneur, has won the Internet.org innovation challenge for education.<br />

Benson is the creator of Tuteria Nigeria, an online platform that links up those interested in learning to potential tutors.<br />

Mark Zuckerberg, who met with Benson during his visit to Nigeria, shared news of the innovator’s achievement.<br />

Besides Benson, five other tech startups emerged winners of the innovation challenge.<br />

They are; Esoko, Hyperion Development, MPedigree Goldkeys, SaferMom, and mPharma Mutti.<br />

Zuckerberg wrote: “Last month in Abuja, Nigeria, I met Godwin Benson.
 Godwin founded Tuteria Nigeria, an online platform that connects people
 seeking to learn with people nearby who can teach them.<br />

“Tuteria Nigeria won one of six awards for the Internet.org 
Innovation Challenge for services that provide education and economic 
development opportunities across the African continent.<br />

“These services are all examples of the great work being done by 
entrepreneurs across the African continent to strengthen their 
communities and create opportunity.<br />

“Congratulations to the winners and all the other entrepreneurs who are doing this important work”, said Zuckerberg.<br />

Internet.org is a partnership between social networking services 
company Facebook and six companies (Samsung, Ericsson, MediaTek, Opera 
Software, Nokia and Qualcomm) that plans to bring affordable access to 
selected internet services to less developed countries

Nigerian startup wins Facebook-sponsored innovation challenge

Godwin Benson, a Nigerian tech entrepreneur, has won the Internet....

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iBasam

Oil soars above $51 as OPEC agrees deal

CBN injects $867m as dollar scarcity pushes naira to 473

6 Ridiculous Excuses Young Nigerians give For Not Starting a Business

Naira appreciates against Dollar.

CBN releases $660m to ease manufacturing, raw material import

MMM Is A Fraud, CBN Warns Nigerians

World’s largest oil company, ExxonMobil, quits Nigeria

CBN, Heritage Bank disburse N930m to 310 entrepreneurs.

Femi Otedola Now worth $550m from $1.8billion in March this year, loses 1.3billion in value.

Dangote targets 2m metric tons of sugar annually.

Banks Suspend ATM Card Usage Abroad Because of Dollar Scarcity

Dangote Industries Limited Aquires Gas Processing Company In Netherlands

‘Food is Art’, a First Bank fete, to hold at Freedom Park

CBN intervenes in forex market to save airlines, manufacturers.

CBN suspends other banks, approves only First Bank for Forex sale to BDCs.

Exchange rate for today, October 13, 2016.

World Bank, FG seal $1.3bn SMEs deal.

Wema Bank, GTBank lose buildings to Lagos State Government demolition team.

Exchange rate for today, October 6, 2016

Nigerian startup wins Facebook-sponsored innovation challenge

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