- The FG plans to withdraw its case against seven local banks over what it says is $793 million due to the state, and that it was seeking an out-of-court settlement instead. The banks concerned have said either that they do not owe the government money or have paid what is due. Commercial banks in Nigeria collect grants, taxes, fees and tariffs on behalf of the government which they send to a single treasury account with the CBN in line with a policy introduced in 2015 aimed at curbing corruption. Last month a court ordered the banks to transfer a combined $793 million due to the government immediately and accused the lenders of withholding funds collected on behalf of the state. Lawyer Yemi Akinseye-George, however, told the court on Tuesday the government would seek an out-of-court settlement in the matter. The court is due to rule on the case on Wednesday. “The government has decided to withdraw the case,” he told the court without elaborating.
- The Manufacturers Association of Nigeria estimates that the value of manufacturing in the country during the second half of 2016 reached ₦5.02 trillion. as against ₦4.08 trillion recorded in the corresponding half in 2015, a ₦940 billion or 23 percent increase over the period under review. The figures, which were contained in the MAN’s second half 2016 report, also indicates that production in the manufacturing sector totalled ₦8.38 trillion, as against ₦7.71 trillion at the end of 2015, an 8.7 percent increase over the period. Manufacturing investment increased by ₦121.5 billion to ₦614.55 billion in 2016 from ₦489.45 billion in 2015. A total of 10,061 manufacturing jobs were created in the second half of last year, compared with 9,393 jobs created in the corresponding half of 2015, an increase of 668 jobs over the period. Another 4,408 jobs were lost in the period under review as against 12,400 jobs lost in the preceding half; thereby indicating a 7,992 decline over the period.
- Pension Fund Administrators have gradually increased the amount invested in infrastructure under the Contributory Pension Scheme to ₦4.2 billion. According to National Pension Commission data, this translated to 0.07 percent of total funds under the scheme, which rose to ₦6.49 trillion at the end of April this year. According to PenCom, in May 2015, the operators invested ₦568 million in infrastructure for the first time, increasing it to ₦1.82 billion in September 2016.
- Mobil Oil Nigeria has informed dealing members and the investing public of its change of name from Mobil Oil Nigeria to 11 Plc. In a notice to the NSE, the company said the name change of name will take effect on 11 August. Nipco had acquired a 60 percent stake in Mobil Oil Nigeria from Exxon Mobil in 2016 in a deal valued at ₦90 billion ($300 million). At the time, Nipco had indicated that the company would embark on a name change, excluding the Mobil brand of lubricants. Earlier in the year, Nipco launched a Mandatory Take Over of shares held by minority owners. Mobil Oil Nigeria was incorporated as a private company in 1951, became a public limited liability company and was listed on the NSE in 1978. Mobil shares are currently trading at ₦226 on the NSE. Year to date, the shares are down 15.8 percent.