The House of Representatives has called on the federal government to take immediate steps to discourage the importation of sugar into the country.

This followed a motion by Rep. Iboro Ekanem (Akwa Ibom-PDP) at the plenary on Thursday on the need to regularise the importation of sugar, while boosting domestic production and economic growth.

Ekanem said billions of naira was being lost to sugar importation annually.

For the first time in three months, Nigeria has witnessed an increase in its rig count having recorded 32 in April as against 31 recorded in the month of March, data from the Organisation of Petroleum Exporting Countries, OPEC, have shown. This happened at a time the world rig count decreased by 90, as its April record showed 2,170, as against 2,260 witnessed in the previous month of March.

The Supreme Court on Thursday struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal.

Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

South Africa’s economy shrank the most in nearly a decade as Jacob Zuma handed the reins of power to Cyril Ramaphosa, racking up the worst performance of the former president’s tenure.

Output slumped at mines, factories and farms in the first quarter, with overall gross domestic product dropped by an annualized 2.2 percent compared with the prior three months, Statistics South Africa said on Tuesday in the capital, Pretoria. That’s the biggest decline in nine years, much larger than economists forecast.

Bloomberg reports that Africa’s most-industrialized economy hasn’t grown at more than 2 percent a year since 2013 and is struggling to gain momentum despite political changes that bolstered investor confidence. Ramaphosa’s rise to power since December initially boosted sentiment and the rand following Zuma’s scandal-ridden tenure of almost nine years, but confidence indexes have now returned to levels they were at late last year as businesses seek real reforms.

Gains persisted on the Nigerian Stock Exchange, NSE, for the third consecutive session today, with the All Share Index, ASI, posting 1.53 percent return to 38,435.20 points as investors continued to hunt bargains across major sectors. Nigerian Breweries for the third consecutive day has maintained its leadership position on the Nigerian Stock Exchange (NSE).

A Federal High Court in Lagos on Tuesday adjourned until October 9, the crude oil shipment suit brought by the federal government against Shell Western Supply & Trading Ltd.

The adjournment followed the absence of the trial judge, Mojisola Olatoregun, during proceedings on Tuesday.

The suit was filed by the federal government's counsel,Fabian Ajogwu (SAN), and Shell Petroleum Development Company of Nig. Ltd and its subsidiary, Shell Western Supply & Trading Ltd. were joined as co-defendants.

Equities Sustain Rally By N329 Billion

The Nigerian equities market extended its upward trend at the close of transactions yesterday, with a gain of N329 billion.

The All-Share Index (ASI) gained 907.82 points, representing a growth of 2.46 per cent to close at 37,854.92 points from 36,947.10.

President Muhammadu Buhari says his administration had spent $9bn (N2.745tn at the official exchange rate of N305 to $1) on power, roads and railways in the country in the last two years. The President made these remarks at the 61st meeting of the United Nations World Tourism Organisation and Commission for Africa in Abuja.

Peugeot To Commence Car Assembling In Nigeria By 2019

Peugeot Citroen is set to commence the assembling of cars in Nigeria by early next year under the Dangote-Peugeot Automobile Nigeria Limited (DPAN), according to reports.

A joint venture of PSA Peugeot Citroen, Dangote Group and five state governments in Nigeria will lead to the assembly of about 3,500 cars in 2019.

The Nigerian Naira, on Monday, June 4, maintained its healthy run against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market. At the end of trading for Monday, the Nigerian currency exchanged at the rate of N363 against the greenback at the black market.