N216.7m illegal Transfer From CBN, EFCC Commence Probe

The Economic and Financial and Crimes Commission (EFCC) has commenced investigation into how a syndicate succeeded in transferring the sum of N216.66 million from the Central Bank of Nigeria (CBN) account of the Federal Inland Revenue Services (FIRS) into an illegal account opened in the name of a company using the Awolowo Road, Ikoyi, Lagos branch of a new generation bank.

The company’s Managing Director, Mr Joseph Benjamin discovered the infraction when he went to rec­oncile his account with the FIRS and was subsequent­ly invited by the police to unravel how his company opened an unauthorised account.

Rice Dealers Lament Economic Loss Due To Activities of Smugglers In Nigeria

Rice dealers have decried the high rate of rice smuggling into the country through the porous borders, which they say is leading to job and revenue losses to the nation and investors.

Speaking on the ugly development, the stakeholders said that businesses are closing down and thousands are being laid off on daily basis while there is super-abundance of jobs and new businesses springing up in neighbouring countries like Republic of Benin, Niger Republic and Cameroon because of the increased activity in the seaports as a result of smuggled rice coming to Nigeria.

The stakeholders while speaking with journalists in Lagos said the activities of smugglers have led to job-loss in the shipping, transportation and clearing forwarding agencies and other service providers.

Oando Plc Records N4.1b Net Profit In Three Months

 Oando Plc’s  audited financial statements indicate that the Nigeria  energy group recorded a net profit of N4.1 billion in the first quarter of this year.

The three-month report is for the period ended March 31, 2016. It was released at the weekend.

The report raises hopes on the prospects of the energy group in the current business year, after global and domestic headwinds left the company in the red in the previous two years. Oando also released its full-year audited report and accounts for the year ended December 31, 2015.

Niger Delta Avengers Destroy Five Oil Facilities In Delta

The militant group, Niger Delta Avengers (DNA), at the weekend said it launched five attacks on the nation’s oil and gas facilities in the Warri creeks in the last three days.

In series of tweets, NDA said they  have destroyed a Nigerian National Petroleum Corporation (NNPC) crude pipeline in an unidentified location on Friday night; two major crude oil trunk lines belonging to the Nigerian Petroleum Development Company (NPDC), near Batan, on Saturday night and two major oil wells belonging to Chevron Nigeria Limited (CNL) near Abiteye, on Sunday morning.

Business Group Set To Prevent Brexit Negotiations Without Act Of Parliament

A group of businesses is preparing a legal challenge to prevent the government from beginning Brexit negotiations without an act of parliament.

The action, brought by law firm Mishcon de Reya, would potentially complicate Britain's path to leaving the EU, given that a majority of MPs were in favour of remaining and many have continued to speak in favour of maintaining access to the single market.

Candidates in the Conservative leadership election have so far treated the start of negotiations as within the next prime minister's discretion.

Gold Inches Up, Silver Passes $20 Threshold At Near 2-Year Highs

Gold prices edged higher early on Monday to extend 1.5-percent gains from the previous session, while silver breached the $20-dollar level for the first time in nearly two years as Asian stocks fell.

Spot gold was up 0.2 percent at $1,344.09 an ounce by 0115 GMT. It rose 1.5 percent on Friday, after ending June up about 9 percent.

Silver breached the $20 an ounce level early Monday, hitting a session-high of $20.378, its strongest since August 2014. The white metal gained 11.6 percent last week to mark its best weekly gain since August 2013.

Brexit's Real Pain Is Still Ahead Despite Rebound, BofA Strategist Warns

Bank of America-Merrill Lynch has a warning for investors who have sighed in relief following the U.K.'s surprising vote to leave the European Union (EU).

Merill Lynch made this known while speaking on a CNBC show.

The message is clear: Just because the S&P 500 Index has recovered more than 90 percent of its post-Brexit vote losses, doesn't mean the United States is out of the woods. The firm says it's just a matter of time until companies start to reveal just how hard Brexit is hitting them—and it could soon get quite ugly for stocks.

Puerto Rico To Hike Electricity Rates By 26%

Electricity prices in Puerto Rico are going up 8% by late July or early August. But that's just the beginning. By early 2017, rates are expected to jump 26%, if the island's electric authority (known as PREPA) gets its way.

It's the latest blow to the people and businesses of Puerto Rico who are living through a major economic crisis. Taxes have gone up (the sales tax is now 11.5%), jobs are scare (unemployment is 11.7%), home values are plummeting. People are literally fleeing the island at a rate not seen since the 1950s "West Side Story" era.

"Everything is more expensive in Puerto Rico right now," says Father Enrique Camacho, head of the Catholic Charities on the island. "People are really not able to pay for utilities, rent, or school for their children.", he told CNN.

Aussie Dollar Unsettled By Post-Vote Uncertainty, Others Calmer

The Australian dollar got off to a rocky start on Monday on heightened political uncertainty at home while diminishing global anxiety over Brexit put sterling and the other major currencies on a steadier footing according to report by Reuters.

The pound edged up to $1.3302 GBP=D4, stabilizing after an 11 percent plunge to a 31-year trough of $1.3122 a week ago in the wake of Britain's June 23 vote to leave the European Union.

While far less dramatic, Australia's general election on Saturday produced no clear winner after more than two-thirds of the votes were counted. Headlines such as 'Chaos Reigns' were splashed across front pages of some Australian tabloids.

That gave investors an easy excuse to sell the Aussie, which slid as far as $0.7410 AUD=D4 in thin early trade, from $0.7495 late in New York on Friday. It has since rebounded to $0.7499.

NAHCO Signs Multinational Deals

 One of Nigeria’s ground handling services provider, Nahco aviance has announced that it is continuing the cementing of its leadership position in the industry with the recent signing of a string of new international and local businesses.

A statement from the Company listed the expanding list of businesses to include international air operators, Meridiana Fly (Italian Airline), Mid – African Airlines (new Gambia Flag Carrier) which are making entries into Nigeria for the first time.

It also includes Rwandair, which had just concluded plans to fly the Abuja – Kigali route.

Arik Air Refutes Lagos-Accra, Lagos-Abuja Suspension Reports

 Nigeria’s major carrier, Arik Air has refuted claims that it has suspended operations to Accra, Ghana.

Arik’s Chief Commercial Officer, Suraj Sundaram said the airline is still operating between the Lagos-Accra and Abuja-Accra routes and is not contemplating suspension of flights as claimed by a section of the media.

“We have been consistent since commencing the Accra route in January 2008 and we remain the largest airline on that route offering the largest capacity and choice of flights not only connecting Nigeria to Ghana but also onwards from Ghana to other West African nations”, Sundaram said.

Spectranet 4G LTE Wins Outstanding Broadband Award

Spectranet 4G LTE has been awarded the outstanding broadband 4G company of the year at the just concluded Marketing Edge Annual National Marketing Stakeholders Summit and Brand Advertising held at the civic centre, Lagos.

The event, which was attended by dignitaries and industry stakeholders, was organised by management of Marketing Edge to recognise companies that have contributed immensely to the national development of the country in area of marketing and marketing communications.

Oil slump: Taxation is Nigeria’s Future, Says LIRS Boss

The Executive Chairman, Lagos State Internal Revenue Service, Mr. Olufolarin Ogunsanwo, says taxation is the future of Nigeria following the drop in oil prices.

He made the declaration in a keynote address at a symposium on taxation organised by the Lagos chapter of the Society of Women in Taxation, an arm of the Chartered Institute of Taxation of Nigeria.

The forum was tagged, ‘Tax education/career development for secondary school students in Lagos State.’

Ogunsanwo said, “Many states in Nigeria can no longer pay salaries as a result of over dependence on oil; It is therefore not out of place to say taxation is the future of Nigeria.”

According to the LIRS boss, a tax is an imposition by the government on individuals, corporations, goods and service which no direct benefits is derived but for the benefit of all.

Nigerian Capital Market To Be Electronically Driven Soon- DG

The Securities and Exchange Commission (SEC) says it is working assiduously to make the Nigerian capital market electronically driven.

Its Director-General, Mr Mounir Gwarzo, said while speaking during the News Agency of Nigeria (NAN) Forum in Abuja on Sunday that the e-system would help the commission realise some of the objectives of the Capital Market Master Plan 2020.

One of our initiatives in the master plan is to ensure that our market is highly electronically driven.