The federal government, states and local governments shared N626.8 billion for the month of April. Ahmed Idris, the Accountant-General of the Federation (AGF), said this on Thursday in Abuja, while briefing Journalists on the outcome of the Federal Account Allocation Committee (FAAC) meeting.

Total Nigeria and Dangote Cement on Wednesday topped the price losers’ table on Nigerian Stock Exchange (NSE), dropping N11.20 and N3 per share, respectively. Total lost N11.20 to close at N222. 60, while Dangote Cement dipped by N3 to close at N249 per share. FBN Holdings was down by N1.20 to close at N12.20, while Lafarge Africa lost 85k to close at N42.40 per share.

Okomu Oil has released its first quarter (Q1) 2018 results which showed that sales grew by 25% to N7.3 billion when compared with Q1 2017.

However, profit before tax (PBT) grew slower, by 17% to N4.0 billion while owing to a 319bp expansion in the tax rate to 12.7%, profit after tax (PAT) advanced by 13% to N3.5 billion.

The Federal Executive Council (FEC) has approved N10.7billion for the establishment of new 10 rice mills and N68.6 billion for road projects across the country. This was disclosed by the Ministers of State for Agriculture, Heneiken Lokpobiri and that of Power, Works and Housing, Babatunde Fashola after the Council’s meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Senate has asked the Nigerian National Petroleum Corporation (NNPC) to refund N216 billion paid by the commission as subsidy in 2017.

The lawmakers unanimously agreed that the money be repaid to the Consolidated Revenue Fund, saying its expenditure is illegal.

This position was part of recommendations of the Senate committee on public accounts adopted by the Senate on Thursday.

Crude flipped between gains and losses as investors eyed French President Emmanuel Macron’s speech for signals on the Iran nuclear deal, which overshadowed a bearish U.S. inventory report

Futures in New York dropped as much as 0.9 percent on Wednesday before easing losses. Data from the Energy Information Administration initially took traders by surprise, showing a U.S. crude stockpile build of 2.17 million barrels last week, larger than the 1.1-million-barrel increase reported by the American Petroleum Institute. Focus quickly shifted to Macron’s speech and the lingering issues surrounding an Iran nuclear deal.

Dr Frank Jacobs, President, Manufacturers Association of Nigeria (MAN) said discussion was ongoing with the Federal Government to revitalise moribund textile factories in the country. Jacobs disclosed this in an interview on Wednesday in Lagos. He said as part of the discussion, the association proposed the establishment of an Anti- Smuggling Task Force to prevent or reduce smuggling significantly and to enable many textile factories return to production.

Dangote Cement Plc will consider a London share sale over the next two years as Africa’s biggest producer of the building material seeks funds for expansion, According to Bloomberg.

Nigeria’s biggest company, owned by the continent’s richest man, Aliko Dangote, will also seek to raise $500 million via the issue of a Eurobond, Chief Financial Officer Brian Egan told investors on a conference call Tuesday after reporting first-quarter financials. That’s on top of a 300 billion naira ($833 million) local-currency bond announced last month.

The Federal Government on Wednesday reiterated its commitment to establishing modular refineries in the country to boost local production of petroleum products. Mr Edobor Iyamu, the Senior Special Assistant (SSA) to the Vice President on Niger Delta, gave the assurance during a facility inspection of OPAC Refinery in Kwale, Ndokwa East Local Government of Delta.

More than 2,000 South African union members marched in Johannesburg in a nationwide protest on Wednesday against a proposed national minimum wage, presenting a test for new President Cyril Ramaphosa who champions the policy.

The 20 rand ($1.6), about N575 an hour minimum wage(N138,000 a month), which Ramaphosa sees as an important step to tackle labor instability and wage inequality, was approved by the cabinet in November and meant to be introduced on May 1. But dissatisfaction over the minimum wage bill could delay implementation.