Nigeria in 1min: Economic, Business & Financial Headlines – 050416



April 5, 2016 7:10 AM / Proshare News 


Monetary life in the new normal - The monetary policy committee (MPC) hiked its benchmark rate on 22 March by 100bps to 12.00%. While surprising all market analysts who share their expectations with the wire services, the committee’s decision followed the textbook.Source Proshare Read More 

145 textile firms lost to economic downturn —FG - The Federal Government on Monday said that a total of 145 textile companies had shut down operations between 1980 and now due to harsh economic climate. Source Punch Read More 

Govt’s JV funding gulps N833.8b - The Federal Government’s Joint Venture cash calls funding between March 2015 to February 2016 gulped about $4.156 billion (about N833.8 billion) for the period. Source Guardian Read More 

Revenue leakages: Fed Govt to review tax incentives - The Federal Government plans to review its existing tax incentives to further block revenue leakages in the system. Source THE NATION Read More 

FG allocates N14.69bn for group life in 2016 budget - The Federal Government has voted N14.69 billion for group life for its Ministries, Departments and Agencies (MDAs) in the 2016 Appropriation Bill passed by the National Assembly on March 23, 2016. Source Vanguard Read More 

Nigeria to benefit from China Eximbank’s $1 bn Africa industrialization program - Nigeria and 53 other African countries are to benefit in China Export-Import Bank (China Eximbank)’s $1 billion investment and industrialization program to help accelerate Africa’s industrialization and enhance trade between the continent and China. Source BUSINESSDAY Read More 

Nigeria scores 96% in ICAO security audit - Nigeria scored 96 percent in Security Audit in the recent Universal Safety Oversight Audit Programme (USOAP) carried out by officials of the International Civil Organisation (ICAO) on the country’s aviation industry. Source Daily Trust Read More 



CBN To Withdraw N1trn From Circulation - The Central Bank of Nigeria (CBN) has disclosed it readiness to pull out up to N1 trillion from circulation in a bid to stabilise the economy. Source Leadership Read More

Stocks bow to pressure, start week bearish on weak demand - The equities market closed today on a negative note, as NSE ASI depreciated by 0.62% to close at 25, 349.07basis points, compared with the 0.79% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.50%. Source Proshare Read More

CHAMS declares N3.41 billion loss in 2015 Audited Result,(SP:N0.50k) -Source Proshare Read More 

TOTAL: Sales Declines by 22% YoY in Q4'15; Stock Rated Neutral - Late last week, Total Nigeria (Total) reported Q4 2015 results which showed that while sales declined -22% y/y to N48.7bn, PBT and PAT also fell -5% y/y and -28% y/y to N2.5bn and N1.9bn respectively. Source Proshare Read More 

OKOMUOIL: Strong CPO Sales and Lower Taxes Buoy FY’15 Results -  Okomu Oil Palm Plc. (Okomu) released FY 2015 audited results wherein revenue rose 12.5% YoY to N9.7 billion while PBT and PAT climbed 52.2% and 97.8% YoY to N2.9 billion and N2.6 billion respectively. Source Proshare Read More 

Nigeria Fidelity Bank places $113 mln Oando loan on watchlist - Nigeria's Fidelity bank said on Monday it had put a 22.4 billion naira ($113 million) loan to Lagos-listed energy firm Oando Plc on a watchlist and taken a special provision of 5 percent. Source Reuters Read More 

FG to issue N365bn bonds in second quarter - The Federal Government planned to raise between N274bn ($1.4bn) and N365bn in local currency-denominated bonds with maturities ranging between five and 20 years in the second quarter of the year, the Debt Management Office said on Monday. Source Punch Read More 

Interbank rate drops further on increased liquidity - The nation’s overnight interbank lending rates fell further on Monday to 4.25 per cent, almost two weeks after it rose significantly to 13 per cent. Source Punch Read More 

Access Bank seeks $505m to settle debt - Access Bank plans to seek shareholders’ approval this month to raise up to 100 billion naira ($505 million) in debt capital via a public offering or a private placement, the bank said on Monday. Source Daily Trust Read More 

Plateau community gets $150m solar power project - Panyam community in Mangu Local Government Area of Plateau State is to benefit from a $150 million solar plant power project expected to take off before the end of this year. Source Daily Trust Read More 

Naira stable at N321 to Dollar at parallel market - The Naira on Monday continued to exchange at N321 to the Dollar at the parallel market. Source THE NATION Read More 

Nigeria loses $1.5bn annually to oil cargo monopoly  - Nigeria is said to be losing an estimated $1.5bn annually to a monopoly, which allows for the discharge of oil and gas-related cargos at a designated terminal belonging to a particular company. Source Punch Read More 

Nationwide Darkness Worsens - The epileptic supply of electricity across the country has persisted and is not likely to go soon as vandalism of pipelines has prolonged the perennial shortage of gas to thermal power plants Source Thisday Read More 

Independent Marketers Accept Blame for Fuel Scarcity
- The Independent Petroleum Marketers Association of Nigeria (IPMAN) has exonerated the federal government of any blames associated with the current lingering fuel shortages across the country, clarifying that Nigerians should rather blame the prolonged leadership crisis that had rocked the association as the cause of the crises. Source Thisday
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FG fixation on petrol price cause of acute shortage - Operators of Nigeria’s downstream oil industry have blamed the Federal Government’s fixation on the price at which refined products are delivered to motorists for the lingering fuel shortage that has virtually grounded the economy and brought pain and misery to Nigerians. Source BUSINESSDAY  Read More 

Nigeria’s crude oil export to India set to drop further - Nigeria’s over $13bn annual crude oil export to India may be under threat as the South Asian country plans to tap its $40 billion worth of oil and gas reserve by attracting $25 billion investments into the sector in a policy to reduce dependence on imported energy. Source BUSINESSDAY  Read More 

CWG loses N600m to exchange rate fluctuations - Pan African information and communications technology firm, Computer Warehouse Group Plc,  has identified a sum of N600m as its exchange rate losses for the 2015 financial year. Source Punch Read More 

Intergrated Oil to build $116m refinery in Lagos - An indigenous oil and gas firm, Integrated Oil and Gas Limited, has commenced arrangements to float a $116 million modular refinery in Lagos State. Source Guardian Read More 

No going back on subsidy removal – FG - The Federal Government, Monday, said it is not going back on its decision to remove subsidy from Premium Motor Spirit, also known as petrol. Source Vanguard Read More 

SON seals multi-million naira yogurt firm in Kaduna - The Standard Organisation of Nigeria (SON) in Kaduna has sealed the Kaduna office of Tosco Standard Yogurt, a multi-billion naira business over lack of good manufacturing practice. Source Daily Trust Read More 



Asian Stocks Fall With Oil as China Markets Reopen; Yen Climbs - Asian stocks slumped to a five-week low and emerging-market currencies weakened as investors reassessed last month’s rally in riskier assets. Oil declined for a third day, while the yen and Treasuries gained. Source Bloomberg Read More

Euro-Area Unemployment Declines to Lowest Since 2011 - Euro-area unemployment retreated in February to the lowest since 2011, continuing its slow decline as the economy grows at a modest pace. Source Bloomberg Read More

South Africa's cenbank warns of effects of ratings downgrade - South Africa's central bank warned on Monday that a ratings downgrade would hit the currency hard and see short-term interest rates rise 80 basis points while longer-term bond yields would likely increase by 104 basis points. Source Reuters Read More

AfDB to treble financial support to Mozambique to $1.7 bln - The African Development Bank (AfDB) said on Monday it planned to triple its financial support to Mozambique to $1.7 billion, to assist the resource-rich southern African nation hard hit by the slump in commodity prices. Source Reuters Read More 


Over 13,000 small businesses jostle for N10bn BoI loans- The Bank of Industry (BoI) has received over 13,272 online applications in two weeks for its N10 billion facilities earmarked for on-lending to small businesses under its Youth Entrepreneurship Support (YES) programme. Source Vanguard Read More



Jumia boosts eCommerce with new $300m investments - The profile of Nigeria’s electronic commerce (eCommerce) sector got a boost at the weekend with a fresh $300 million investment from Jumia. Source Guardian Read More 


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