Thursday 1st Setpteber 2016

Page 1

Eight Banks Readmitted into FX Market Submit credible repayment plan on NNPC funds Ndubuisi Francis in Abuja and Obinna Chima in Lagos Following the plea by the Body of Banks chief executives and other sectoral groups, the Central Bank of Nigeria

(CBN) yesterday lifted its suspension of eight banks from participating in the foreign exchange market.

The eight banks were suspended after failing to return a total of $1.8 billion Nigerian National Petroleum

Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the Treasury Single Account

(TSA) as directed by the federal government. The banks affected by the sanction are First Bank of

Finally, Brazil’s President Impeached by Senate… Page 11

Nigeria, Diamond Bank Plc, First City Monument Bank, Fidelity Bank Plc, Keystone Bank, Skye Bank Plc, Sterling Bank Plc and Heritage Bank. Continued on page 6

Thursday 1 September, 2016 Vol 21. No 7797. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

Nigeria Slips into Recession, FG Attempts to Allay Concerns Says economy will improve in second half of 2016 Inflation rises further to 17.1%, unemployment jumps to 13.3% Oil production drops to 1.69mbpd, capital importation slumps to record low of $647.1m PDP calls for Buhari’s resignation Tobi Soniyi, James Emejo, Chukwuemeka Maduagwuna in AbujaandObinna Chima inLagos It’s official: The Nigerian economy is in recession. The National Bureau of Statistics (NBS) yesterday confirmed the public’s worst fears that the delayed response

by the Muhammadu Buhari administration to the structural adjustments needed to avert an economic crisis has resulted in a contraction of the gross domestic product (GDP) growth rate of 2.06 per cent in the second quarter of 2016.

But instead of admitting that it had taken a number of missteps that could have averted the worst economic contraction in 29 years, the presidency and Ministry of Budget and National Planning attempted to put a spin on the damning economic

Troubled Aero Contractors Suspends Flight Operations

To refund passengers with tickets Innoson may lay off staff Chinedu Eze with agency report With one Boeing B737-500 and two Dash 8 aircraft still airworthy, out of 11 aircraft in its fleet, Nigeria’s foremost, but troubled airline, Aero Contractors,

yesterday announced that it was suspending scheduled services, effective today. A statement from the airline’s Chief Executive Officer, Capt. Fola Akinkuotu, said the development was part of a strategic business

realignment to reposition the airline and return it to the path of profitability. The airline said this business decision, resulting from the current economic Continued on page 6

Shiites Warn Against Consequences of Continued Detention of Zakzaky… Page 10

data released by the NBS and engaged in a game of one-upmanship with the International Monetary Fund (IMF), assuring Nigerians that the economy will beat the fund’s gloomy forecast of -1.8 per cent for the year. Continued on page 6

TOP GAINERS SEPLAT SEVEN-UP PRESCO AXAMANSARD CONTINENTAL TOP LOSERS JBERGER HONEYWELL MAYBAKER

NGN NGN 28.18 303.18 12.01 9.3 3.80 45.30 0.08 2.08 0.03 0.99 NGN NGN 4.70 43.69 0.07 1.33 0.04 1.57 WEMABANK 0.03 0.66 LIVESTOCK 0.04 0.89 HPE Nestle Nig Plc ₦825.00 Volume: 262.614 million shares Value: N4.881 billion Deals: 3,302 As at yesterday 31/08/16 See details on Page 48

% 10.2 8.3 9.1 4.0 4.5 % 9.7 5.0 4.8 4.3 4.3

SECTORAL GROWTH IN Q2 OIL SECTOR

–17.48%

NON-OIL SECTOR

–0.38%

- Manufacturing - Construction - Trade

–3.36% 3.77% 15.23%

- Power, Gas, Steam & Air Conditioning

–4.26%

- Transport & Storage

6.18%

- Information & Communication

–6.6%

- Agriculture

13.24%

- Accommodation & Food Services

0.06%

- Arts Entertainment & Recreation

10.95%

- Finance & Insurance

2.80%

- Real Estate Services

2.12%

- Administrative & Support Services - Professional, Scientific & Tech Services - Education

10.95% 9.86% 15.96%

- Public Administration

8.21%

- Human Health & Social Services

9.12%

- Other Services - Mining & Quarrying

20.25% –47.90%


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.