Business News in Brief

Customs Targets more Revenue at Kaduna Airport

The Assistant Comptroller-General, Nigeria Customs Service, Zone B, Kaduna, Aminu Dahiru, has said that the commencement of international flight operation from Kaduna Airport would boost revenue generation of the zonal command.

Dahiru said in an interview with the News Agency of Nigeria on Tuesday in Kaduna that it was a good development for the customs service.

“It is good that Ethiopian Airlines has started operation from Kaduna; though the operation hasn’t taken long, but we hope in the near future they will bring in cargo.

S&P Affirms FG Ratings at 'B/B' Stable Outlook

Standard and Poors (S&P), a rating agency, has affirmed the Federal Republic of Nigeria ratings at ‘B/B’; outlook stable, Reuters reports.

S&P said Nigeria’s stable outlook signals assessment that oil sector improvements will support higher economic growth, fiscal revenues, among other things.

The rating firm said Nigeria’s stable outlook will also support higher current account receipts over next 12 months; help increase foreign currency supply, and keep current account in balance.

Multi-Trex to Restart Business Operations

There are strong indications that Multi-Trex Integrated Foods Plc, a cocoa processing company in Nigeria, is expected to restart business operations in last quarter of 2017.

The Asset Management Corporation of Nigeria (AMCON) has reached closing phase in resolving differences that led to temporary closure of the company’s business operations, Reuters reports.

"Quite optimistic" that regulatory approvals would be obtained, business operations would recommence in last quarter of 2017.

Naira Depreciates Against Dollar

The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria reports.

It exchanged for N369 to the dollar, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed to the naira at N478 and N437, respectively.

At the Bureau De Change (BDC), the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N437, respectively.

Shoreline Energy Signs $300m Gas Deal with Shell

Nigerian energy company Shoreline has signed a $300 million agreement with the local unit of Shell to develop gas infrastructure around the commercial capital, Lagos, both companies said on Monday.

Shell said in June that it would place more emphasis on gas rather than oil in the West African country, which has the world’s ninth-largest proven gas reserves at 187 trillion cubic feet, Reuters reports.

Debt Office Launches Pre-offer Roadshow for ₦100b Sukuk

The Debt Management Office (DMO) has kicked off activities preparatory to the Issuance of the much awaited N100 billion non-interest bearing bond popularly called Sukuk.

A statement by the office said a National Roadshow  led by the Director-General of the Office, Ms. Patience Oniha, commenced on Thursday, and will visit major cities in Nigeria including, Kano, Kaduna, Lagos and Port Harcourt.

The Team will be accompanied by its Financial Advisers, Lotus Capital Financial Services Limited and FBN Merchant Bank Plc.

Start-up Survival: Create Processes to Protect the Business and its Owner

Creating processes that will protect a business and its owners is one of the crucial ingredients necessary for the survival of a start-up, said the managing director of Jumia Travel Nigeria, Omolara Adagunodo.

Adagunodo made this remark during a fireside chat on the opportunities and challenges of running an e-commerce business in Nigeria at the just concluded CEO Apprentice Africa programme organised by the digital arm of Business Day tabloid.

Nigeria to get more Japanese Technology –Envoy

The newly posted Nigerian Ambassador to Japan, Professor Mohammed Yissa-Gana, says he will do everything possible to ensure that more Japanese technology is brought into Nigeria.

The diplomat gave the assurance in Ilorin, the Kwara State capital, during an interview with newsmen, according to Voice Of Nigeria report.

Yissa-Gana, who was an alumnus of one of the universities in Japan and an agricultural engineer, added that he would also push for more advanced agricultural technology for the country.

AMCON Denies Plan to Cede Arik to Ethiopian Airlines

The Asset Management Corporation of Nigeria (AMCON) has denied reports that it was negotiating with Ethiopian Airlines to manage Arik Airline.

The corporation debunked the report in a statement signed by Mr Jude Nwauzor, Head of Corporate Communications, in Lagos.

Nwauzor said AMCON was not aware of any current discussion or negotiation with the management of Ethiopian Airlines regarding Arik Air Ltd.

Ethiopian Airline Bids to Take Over Arik Air

Africa’s leading airline, Ethiopian Airlines, has submitted a formal offer to take charge of troubled carrier Arik Air, which accounts for more than half of Nigerian air passenger traffic, the CNN has reported.

“We have outlined our terms and conditions to the Nigerian government and we are waiting to see if they agree,” Esayas WoldeMariam, Ethiopian’s managing director of international services, told CNN.

“We are capable and desirous of handling the airline.”