Nigeria in 1min: Economic, Business & Financial Headlines – 010715


July 01, 2015 7:00 AM / Proshare News

Nigeria’s total debt rises to N12.1tn– DMO - The nation’s total debt rose to N12.1tn ($60.8bn) as of March 2015, up from N11.2tn at the end of December 2014, data obtained from the Debt Management Office’s website showed on Tuesday. Source Punch Read More

Govts share April’s N307b derivation fund - The Federal, state and local governments received N307.45 billion (excluding deductions and transfers) from the federation account’s 13 per cent derivation fund. Source Guardian Read More

FG to introduce fund for road repair - A fund to cater for the construction and maintenance of roads in the country is in the works, the Federal Ministry of Works has said. Source Punch Read More

Okonjo-Iweala denies unauthorised ECA spending - The immediate past Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Tuesday described as “false, malicious and without foundation” the allegation by some governors that she spent the sum of $2.1bn from the Excess Crude Account without authorisation. Source Punch Read More

Rivers assembly okays Wike’s N20bn loan request - THE Rivers State House of Assembly has approved a request by the state Governor, Chief Nyesom Wike, seeking the House’s approval for the taking of N20bn loan from Access Bank Plc. Source Punch Read More

Naspers Adds Nigeria, Turkey to 'BRIC' - Africa’s Biggest Company, Naspers Limited is rewriting the ‘BRIC’ acronym to include Nigeria and Turkey among the world’s best emerging markets as China and Russia lose some lustre with Africa’s most valuable company. Source Thisday Read More

Joda C’ttee Recommends Merger of Debt-ridden Airlines to Form National Carrier - The Muhammudu Buhari administration may be considering merging all debtor airlines in the country into a national carrier, capable of serving the West and Central African regions, with Nigeria as the regional aviation hub. Source Thisday Read More


Electricity consumers on estimated billing to pay less - Electricity consumers across the country who are on estimated billing are to pay lesser than their counterparts who have been provided with meters, the Nigerian Electricity Regulatory Commission has said. Source Punch Read More

CBN Extends BVN Enrollment Deadline to 31st October, 2015 - You would recall that as part of its efforts in the implementation of the Bank Verification Number (BVN) Project, the Central Bank of Nigeria issued circulars stipulating milestones for the successful completion of the Project. Source Proshare Read More

DMO to Raise $1.21bn in Q3 Amidst Macroeconomic Concerns - The Debt Management Office (DMO) has concluded arrangements to raise between N180 billion ($900 million) and N240 billion ($1.21 billion) from the sale of FGN bonds in the third quarter of 2015. Source Thisday Read More  

Stocks erase 4days loss in 2days on growing demand- The equities market closed today on a positive note, as NSE ASI appreciated by 0.62% to close at 33,456.83basis points, compared with the 1.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.46%. Source Proshare. Read More

CBN adjusts forex peg as naira hits 228 - The Central Bank of Nigeria on Tuesday lowered the naira peg to 196.95 against the dollar from 196.90 it set last week. Source Punch Read More

NEXIM bank provides N1bn loan to entertainment industry - The Nigerian Export Import Bank says it has provided over N1bn loan to support various projects along the value chains in the creative and entertainment industry. Source Punch Read More

Exporters get N107.4bn loan from NEXIM Bank - The Nigerian Export Import Bank on Monday said it had given a total loan of N107.48bn within the last 24 years to Nigerian exporters Source Punch Read More


STERLNBANK at cross-road for fresh breadth as pressure wanes -
Today, STERLNBANK closed flat at N2.00kobo as sell pressure waned significantly, following a prolonged active sell-down pattern- an indication that the stock may retrace from 30months low anytime soon. Source Proshare.
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NSE at risk of further drift, and worse - Both Lagos and Nairobi stock markets have declined this year, by -4.1% and -5.4% ytd respectively, whereas the more liquid and far larger Johannesburg bourse has gained 5.8%. Source Proshare Read More

CHELLARAM Board of Directors Recommends Zero Dividend for 2014FY - As a result of the loss recorded during the 2014/2015 financial year, the Board of Directors were unable to recommend the payment of dividend. Source Proshare.
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Oando to Sell Downstream Operations to HV Investments - Implications: Upstream activities now primary driver to Oando’s growth; less exposure to low margin downstream sub-sector Source Proshare. Read More 

Skye Bank Completes Mainstreet Integration - Skye Bank on Tuesday announced the successful completion of its integration process with Mainstreet Bank Limited, which it acquired late last year in line with its long term vision of playing a leadership role in Nigeria’s financial services industry. Source Punch Read More

Seven-Up to pay N1.76b dividend to shareholders - The board of directors of Seven-Up Bottling Company Plc has recommended distribution of N1.76 billion as cash dividends to shareholders of the soft drink company. Source THE NATION Read More 

Dwindling Revenues: UBA Stresses Need For Economic Diversification - United Bank for Africa (UBA) has called on federal and state governments to move to diversify their productive base and the foreign exchange earnings of the Nigerian economy in order to overcome the challenges brought about by dwindling revenues from crude oil sales. Source Leadership Read More

FIDELITYBK Announces the Retirement of three Directors -
Fidelity Bank Plc (“the Bank”) has notified The Nigerian Stock Exchange of the impending retirement of three (3) of its Executive Directors Source Proshare.
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GUINNESS Appoints Peter Ndegwa as New Managing Director - As previously announced, Mr John O'Keeffe will resume in his new role as President, Diageo Africa with effect from 1st July 2015. Source Proshare.
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ICPC arraigns two anti-graft fighters for N72.6m fraud
- The Independent Corrupt Practices and Other Related Offences Commission has arraigned two officials of the National Anti-corruption Volunteer Corps, Akinyemi Badejogun and Olanrewaju Bakare, for an alleged theft of N72.6m. Source Punch
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Jega out, Buhari names Zakari as acting INEC boss - Prof. Attahiru Jega on Tuesday bowed out of office as the Chairman of the Independent National Electoral Commission. Source Punch Read More

Senators Will Reconvene From Break To Screen Ministers If… – Saraki - Senate President, Bukola Saraki, has assured that senators presently on break would reconvene to screen the ministers if President Muhammadu Buhari sends his list to the Senate LEADERSHIP recalls that the Senate had last week suspended plenary till July 21 Source Leadership Read More

APC Postpones Caucus Meeting, Holds NEC Friday - The scheduled national caucus meeting of the All Progressives Congress (APC) has been postponed to a later date even as the another meeting of one of the critical organs of the party, the Board of Trustees (BoT), which was expected to hold within the week was also rescheduled. Source Leadership Read More

Court Adjourns Tinubu’s N150bn Libel Suit against AIT to September 30 - Justice Iyabo Akinkugbe of an Ikeja High Court has adjourned the N150 billion libel suit filed by the National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, against Daar Communications Plc, owners of the Africa Independent Television (AIT) till September 30. Source Thisday Read More


OPEC Crude Oil Production Hits Three-year High - Despite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June. Source Thisday Read More

NNPC Says there’s Enough Petrol - The Nigerian National Petroleum Corporation (NNPC) Tuesday said it had stepped up efforts to maintain stability in the supply and distribution of petroleum products nationwide. Source Thisday Read More

Fuel queues resurface in Abuja - Fuel queues have resurfaced in filling stations across the Federal Capital Territory as a number of the stations have stopped dispensing the product. Source Punch Read More 

Greece defaults on IMF payment despite last-minute overtures to creditors - Greece's last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund. Source Reuters Read More

Asia Stocks Rise With U.S. Futures; Euro Holds Quarterly Advance - Asian stocks climbed with U.S. equity-index futures after global shares capped their first quarterly decline since September, while Malaysia’s ringgit jumped. The euro held its three-month gain after Greece missed a repayment to the International Monetary Fund. Source Bloomberg Read More

Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases - Zhang Minmin is one of tens of thousands playing in one of the riskier corners of China’s stock market, borrowing money at high interest rates through unregulated online lenders to amplify his bets on potential equity gains. Source Bloomberg Read More  

IMF says its $918 mln aid programme with Ghana is on track - The International Monetary Fund's $918 million aid programme with Ghana is on track and the government has met almost all performance criteria, Joel Toujas-Bernate, IMF Africa Department Division Chief, said on Tuesday after an initial review mission. Source Reuters Read More

Botswana's Q1 GDP growth contracts by 1.3 pct qtr/qtr - Botswana's economy shrank by 1.3 percent quarter-on-quarter in the three months to end-March versus a 3.3 percent expansion in the fourth quarter of 2014, data from the statistics office showed on Tuesday. Source Reuters Read More  

Kenya's yr-on-yr inflation at 7.03 pct in June: stats office - Kenya's year-on-year inflation edged up to 7.03 percent in June from 6.87 percent in May, the statistics bureau reported on Tuesday. Source Reuters Read More

World’s Billionaires Club Lose $70b In One Day - In what has been linked to the economic crisis in Greece and China, fuelled by leveraged investors exiting the market, 97 per cent of the World’s richest people suffered great losses on Monday, shedding a combined $70 billion, according to Bloomberg Billionaires Index on Tuesday. Source Daily Independent Read More









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