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

Proshare

 

 

February 04, 2016 7:30 AM / Proshare News
 

NIGERIAN ECONOMY
Continuing Depletion of Federal Reserves - Data from the CBN show that official reserves declined by US$910m in January on a 30-day moving average basis to US$28.2bn. The decline over 12 months has amounted to US$6.1bn despite the CBN’s many administrative measures to contain fx demand and some FGN successes in plugging leakages. Source Proshare Read More

 
Manufacturing sector to grow by 5% in 4 years — MAN - The Manufacturers Association of Nigeria, MAN, has expressed its desire to grow Nigerian manufacturing sector by 5 percent per annum within the next four years. Source Vanguard Read More

 
N’Assembly to pass 2016 budget Feb. 25 - The National Assembly is expected to pass the 2016 Appropriation Bill on February 25. The House of Representatives also said on Wednesday that the N6.07tn proposed by the executive as the total size of the budget would be retained and passed. Source Punch Read More

 
Nigeria’s debt rises by N1.31tn in one year - Nigeria’s debt burden rose by N1.31tn in one year, the Debt Management Office has said.Official statistics released by the DMO in Abuja on Wednesday showed that the country’s total debt rose from N11.24tn as of December 31, 2014 to N12.6tn at the end of 2015. Source Punch Read More

 
FG lost N2.5tn on stamp duty in 2014 – NIPOST - The Federal Government lost over N2.5tn to the non-implementation of the Stamp Duty Act in the financial sector in 2014, the Nigerian Postal Service has said. Source Punch Read More

 
Foreign investments down by N2.2trn in 2015 - The total value of capital imported into Nigeria last year dropped by N2.21trn from the value recorded the previous year. Source Daily Trust Read More

 
FG to regulate illegal mining - The Minister of State for Solid Minerals Development, Hon. Abubakar Bawa Bwari says government is strategising on how to formalise and regulate illegal mining activities in the country to create jobs and generate revenue. Source Daily Trust Read More

 
No Excuses on N5tn Revenue Target, Adeosun Warns FIRS - A day after the revenue target for the fiscal year was unveiled, the Minister of Finance, Mrs. Kemi Adeosun, wednesday handed down the marching orders to the Federal Inland Revenue Service (FIRS) to deliver on the N4.957 trillion tax target for 2016 and said failure was not an option. Source Thisday Read More

 
Miners want FG to restrict solid minerals importation - Indigenous miners have called for restriction on the importation of solid minerals used as raw materials by industries in the country. Source Punch Read More

 
Govt to partner Ondo on cocoa production - The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo has said that Ondo State is strategic to the Federal Government’s initiative of achieving Zero Oil programme in its bid towards diversifying the nation’s economy. Source Guardian Read More

 
Firm partners BoI on N1b fund for small businesses - Co-Creation Hub (CcHub) has partnered with Bank of Industry (BoI), Venture Garden Group (VGG) and Omidyar Network (ON) to launch N1 billion seed capital to support ‘next generation infrastructure’ technology builders in Nigeria over the next two years. Source Guardian Read More

 

 

 
Juggling moving parts while walking fiscal tightrope demands dexterity - Over the past few weeks, we have featured daily excerpts from “The Nigeria Strategy Report” – detailing our understanding of key happenings in global and domestic financial markets in 2015 and providing our outlook on major investment themes for 2016. Source Proshare Read More

 

 

 
el-Rufai, BOI Target 5, 000 Young Entrepreneurs In Kaduna - Kaduna State governor Mallam Nasir el-Rufai yesterday flagged off the entrepreneurship training of 5, 000 young entreprenuersfrom across the state. Source Leadership Read More

 
7 Foreign Firms Jostle For Ajaokuta Steel Complex - The minister of state for solid minerals, Abubakar Bawa Bwari, has said that more than 7 foreign firms are jostling for the completion of the Ajaokuta Steel Company Limited. Source Leadership Read More

 

 

 
International passenger traffic up by 3.2% in Novembers, says IATA - International passenger traffic was up 3.2 per cent in November year-on-year, overall, signposting a slowdown on October, according the International Air Travel Association (IATA), the clearing house for global airlines. Source BUSINESSDAY Read More

 

 

 
Imported oranges displace locally varieties - Nigeria’s citrus farmers say imported oranges from West African countries are competing better than locally grown varieties. Source BUSINESSDAY Read More

 

 

 
Helios, Citigroup working on $1bn Interswitch IPO - Helios Investment Partners, an Africa-focused private equity firm, is preparing to sell Nigerian payments-processing group, Interswitch Ltd. in a deal that could value the company at more than $1 billion, people with knowledge of the matter said, according to a Bloomberg report . Source BUSINESSDAY Read More




POWER

Nigeria Hits 5,000MW Power Generation Mark - The Transmission Company of Nigeria (TCN) has disclosed that Nigeria has for the first time in the history of her electricity generation profile, generated about 5,074 megawatts (MW) of electricity. Source Thisday Read More
 

NERC: DISCOs Must Put Up Meters In Every Home - The Nigerian Electricity Regulatory Commission, (NERC) yesterday said it would compel the various distribution companies to install meters in all homes, so as to move away from estimated billing era into an energy serving regime. Source Leadership Read More
 

7Energy Invests $800m In Gas Infrastructure, Laments Pricing Challenges - The chief executive officer (CEO) of 7Energy, Phillip Ihenacho, has expressed deep concern over the challenge to address price of gas in the country. Source Leadership Read More
 

 

 

RULES & REGULATION
Economic indices fall in January, says CBN - The nation’s economic indicators from manufacturing orders, raw material inventories, supplier delivery time and employment level heralded the first month of the year with negative records. Source Guardian Read More
 

 

 

CAPITAL MARKET
Market Sustains Negative Sentiment Amidst Continuous Sell-Off as Outlooks Project Bleak 2016 - The Equities Market closed the month of January 2016 in the negative territory as NSEASI recorded -16.50% loss as against +4.59% gain recorded in the last month of 2015 - December. It is pertinent to state that the Nigerian Stock Market is not alone in the sell-off; it is a global trend as highlighted in our report here. Source Proshare Read More
 

Equities market succumbs to pressure as supply gains tempo  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.96% to close at 23,605.89basis points, compared with the 0.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.58% Source Proshare Read More




MONEY MARKET

AMCON Engages Forensic Auditors for Aero Contractors -
As part of efforts to diagnose factors that have continued to hinder the profitability of Aero Contractors, the Asset Management Corporation of Nigeria (AMCON) said it has appointed forensic auditors to look into the activities of the airline. Source Thisday
Read More

 

 

INVESTORS NEWSBEAT
Guinness Nigeria posts a weak Q2 2016, neutral rating retained - Guinness Nigeria’s (GN) Q2 2016 (end-Dec) results came in significantly weaker than expected. Despite the potential benefits of its recent acquisitions in the spirits segment, we have cut our EPS forecasts by 45% on average over the 2016-18E period. Source Proshare Read More

 

 

BOND MARKET
Invest in FGN Monthly Bond Auction - February 2016 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for Source Proshare Read More


CORPORATE EARNINGS

ACADEMY declares N139.16 million loss in Q3'16 result,(SP:N0.55k) – Source Proshare Read More
 

 

 

FRAUDS & SCANDALS
EFCC recovers $14m from oil firm - The ongoing investigation by the Economic and Financial Crimes Commission into the operations of the Nigerian National Petroleum Corporation yielded fruits with the recovery of $14m oil funds from one of the companies operating in the upstream sector of the nation’s economy. Source Punch Read More


TELCOs

Bharti Airtel subscriber base hits 351m, revenue growth in Africa rises by 31% - WITH 8.1 million mobile customer additions in third quarter 2015 from India, South Asia and Africa, Indian telecommunications giant, Bharti Airtel, has increased its subscription base to 351 million. Source Guardian Read More

 

 
MTN seeks help of U.S. ex-attorney general over N780 billion fine - INDICATIONS emerged yesterday that in its bid to find a lasting solution that could turn things around over the N1.04 trillion fine hanging on its neck, embattled telecommunications firm, MTN, has hired former United States of America’s Attorney-General, Eric Holder, to help it challenge the Nigerian Communications Commission (NCC) on the issue. Source Guardian Read More

 

 

 
NCC, ALTON Differ on InfraCos Survivability - The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has emphatically stated that the planned licensing of five additional Infrastructure Companies known as InfraCos, in addition to the two previously licensed for the North Central and Lagos zones, is not a solution to the myriad of challenges bedeviling the sector. Source Thisday Read More

 

 

PROFESSIONALS
Tony Elumelu Applauds US Congress for the passage of the 'Electrify Africa Act' - Leading investor and Chairman, Heirs Holdings, UBA Plc and founder of the Tony Elumelu Foundation, Tony O. Elumelu has applauded the U.S. House of Representatives for the passage of the “Electrify Africa Act”  which took nearly three years trying to get the measure through both chambers of Congress. Source Proshare Read More
 

U.S. Secretary of Commerce Concludes Fact-Finding Mission on Doing Business in Africa - On Tuesday, January 26, U.S. Secretary of Commerce Penny Pritzker concluded the first leg of her fact-finding mission in Lagos and Abuja, Nigeria. She was joined by a group of senior U.S. Source Proshare Read More
 

Ogun Honours Oba Otudeko Group Chairman, FBN Holdings Plc - The Ogun State government has conferred the special recognition award on the distinguished Statesman, Business Mogul, renowned Philanthropist and Group Chairman of FBN Holdings Plc , Dr. Oba Otudeko, CFR. Source Proshare Read More 




POLITICS
Supreme Court affirms Ikpeazu, Emmanuel winners of Abia, Akwa Ibom guber polls - The Supreme Court has upheld the elections of Gabriel Emmanuel and Okezie Victor Ikpeazu as duly elected governors of Abia and Akwa Ibom states, respectively. Source Guardian Read More
 

 

 

COMMODITIES
FG saves N9.4bn in one month from petrol, kerosene subsidy - The Federal Government may have saved close to N9.4 billion in January alone, following the stoppage of the payment of subsidy to oil marketers for the importation of petrol and kerosene. Source Daily Trust Read More

 

 
Russia Cries Dyadya (Uncle), Is Saudi Arabia Listening? - In recent days, signs of a possible breakthrough in the year-long stand-off between Russia and Saudi Arabia on crude production strategy have emerged. Saudi Arabia, OPEC's dominant member, has long insisted OPEC (read Saudi Arabia) would not reduce output to balance supply and demand absent corresponding cuts from non-OPEC members (read Russia) Source Proshare Read More

 
IPMAN seeks govt’s nod to kick-start $3b refinery project - The Independent Petroleum Marketers Association of Nigeria (IPMAN) is seeking the Federal Government’s directive to commence its proposed $3 billion (N495 billion) refinery. Source Guardian Read More
 

NNPC recorded N267bn loss in 2015 – Report - The Nigerian National Petroleum Corporation recorded a loss of N267.14bn in 2015, latest data from its group financial report for the month of December have shown. Source Punch Read More
 

Kerosene scarcity persists despite deregulation - Despite the stoppage of kerosene subsidy by the Federal Government, the product is still not readily available at filling stations, particularly those run by independent and major oil marketers, who allege that the Nigerian National Petroleum Corporation lacks the capacity to meet their demand for the commodity. Source Punch Read More
 

Oil Price Rises To $33pb As Russia Okays OPEC’s Position - Hope was rekindled yesterday after crude oil price rose 40 cents to $33.12 per barrel, paring earlier losses after fresh comments from Russia about its openness to talk with the Organisation of the Petroleum Exporting Countries (OPEC) over output cuts. Source Leadership Read More
 

Nigeria Delisted From Corrupt Countries Index – BMSG - The Buhari Media Support Group (BMSG) has said that the the anti corruption war waged by President Muhammadu Buhari is yielding success which has led to the delisting of the country from the list of corrupt countries as compiled by Transparency International (TI). Source Leadership Read More
 


 

 

GLOBAL MARKET
Asia stocks jump as dollar slide boosts oil - Asian shares rallied on Thursday as speculation the U.S. Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices. Source Reuters Read More

 

 
European shares end lower on disappointing U.S data, weak earnings - European shares fell sharply on Wednesday as disappointing economic data from the United States further undermined sentiment already hurt by weak earnings updates. Source Reuters Read More

 

 
U.S. Stocks Climb on Oil Rally as Dollar Plunges Most in 7 Years - The dollar sank the most in seven years against major currencies as data indicating a slowdown in service industry growth fueled concern over the strength of the U.S. economy. American stocks staged an afternoon rally, erasing earlier losses as crude oil rebounded. Source Bloomberg Read More

 

 Africa's Big Men Are Reverting to Type - When then-President Bill Clinton visited Africa in 1998, he praised “a new generation of leaders” as champions of a dawning “African Renaissance.” Uganda’s Yoweri Museveni was one of them: Two years before, he’d been elected president after a decade as a military ruler. Source Bloomberg Read More

 

 
Zimbabwe's growth to remain flat, deflation to persist in 2016: World Bank - Zimbabwe's economy will grow at 1.5 percent in 2016 and consumer prices would remain deflationary as global and local constraints limited a recovery, the World Bank said on Wednesday. Source Reuters Read More

 

 

 
IMF says ready to lend to African oil producers; no requests yet - The International Monetary Fund said on Tuesday it stands ready to help sub-Saharan Africa's oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any new funding requests from the region. Source Reuters Read More

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