Nigeria in 1min: Economic, Business & Financial Headlines – 021115



November 2, 2015 7:20 AM / Proshare News

Nigerian Economy Going through Turbulent Times;Global Economy witnesses Increased Volatility - The Nigerian inflation rate edged higher to 9.3% in August, compared to 9.2% in July Source Proshare Read More

Nigeria is most expensive country to buy car in West Africa – Survey - A survey conducted by Nigeria’s online vehicle marketplace, has shown that Nigeria is the most expensive country to buy a car when compared to its neighbouring West African countries. The study which focused on the used car model manufactured between 2008 and 2013 provided insights into the price difference across some of the surveyed countries in West Africa. Source Vanguard Read More

Nigeria, Paris Club deal in significant reversal, as debt grows 200% - As the presidency gets ready to emplace the federal cabinet to face the daunting economic challenges figures from the Debt Management Office, DMO, of the federation has indicated a massive reversal of debt relief obtained nine years ago. Source Vanguard Read More

FG owes road contractors N300bn – Reps - Nigerians may face rougher times travelling on the country’s highways in 2016 as the House of Representatives Committee on Works said on Sunday that debts owed road contractors by the Federal Government still stood at over N300bn. Source Punch Read More

PET bottles recycling generates 1,800 jobs across value chains - PET bottles recycling, a new line of business which sprang from the foods and beverages industry currently generates about 1,800 jobs across value chains — pickers, collection centres and recycling plants. PET bottles are containers made of a hydrocarbon called PolyEthylene Terephthalate, or PET, for short. Source Vanguard Read More

Security tax bill targets 5% of firms’ profits - Registered companies operating in Nigeria will have to pay up to 5 percent of their profit as Security Tax, if a proposed bill presently before the Senate scales through Source BUSINESSDAY Read More

Nigeria’s hospitality business hits N562bn - The hospitality business in Nigeria is now peaking at N562 billion as at last year. This was disclosed by SlimTrader, West Africa Vocation Education, WAVE, a technology/e-commerce solution provider. In a chat with Vanguard,  Femi Akinde, Managing Director, SlimTrader, said:    “The Hospitality industry in Nigeria is worth approximately  N562 billion ($3billion) in 2014 and still growing. Source Vanguard Read More

National Lottery Commission Generates N5bn In 10 Years - The National Lottery Regulatory Commission (NLRC) says it has remitted over N5 billion to the National Lottery Trust Fund (NLTF) in the past 10 years of its operation for execution of people oriented projects. Source Daily Independent Read More

Nasarawa LGs Receive N4.3 Billion Bailout Fund – Official - Nasarawa State Local government councils have received N4.3 billion bailout fund from the State Government to pay salaries of their workers. Source Leadership Read More

LASG: 3.5m are Evading Tax in Lagos - The Lagos State Government on Sunday said about 3.5 million of its residents were currently guilty of tax evasion, which it said, absolutely violated the country’s 1999 Constitution and other extant legal instruments. Source Thisday Read More

Port Harcourt International Terminal Ready in 2016 - The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Saleh Dunoma, has expressed the hope that the new Port Harcourt International Airport terminal and the remodelled old terminal would be commissioned in 2016. Source Thisday Read More


NERC approves new rules to generate 2,000mw from renewable sources  - THE Nigerian Electricity Regulatory Commission (NERC) has approved a new regulation, which hopes to stimulate investment in renewable energy sources and generate at least 2000mw by the year 2020. Source Guardian Read More

NERC board okays N2.7bn severance pay for members - The board of the Nigerian Electricity Regulatory Commission (NERC) has resolved to pay its seven members a total sum of N2.7 billion as severance and gratuity before their five-year- tenure ends in December. Source Daily trust Read More

BVN Enrollment Hits 20.8m, Says CBN - The Central Bank of Nigeria (CBN) said on Thursday that about 20.8 million active account users enrolled on the Bank Verification Number (BVN) as at Oct. 25. Source THE NATION Read More

BVN registration continues- CBN, NIBSS - The Bank Verification Number (BVN) registration will still go on despite the expiration of the deadline on Saturday, October, 31, the Central Bank of Nigeria and the Nigerian Inter-bank Settlement System (NIBSS) have said.. Source Daily Trust Read More

BVN: Beware of fraudsters, CBN warns bank customers - The Central Bank of Nigeria on Friday warned customers of Deposit Money Banks to beware of unsolicited messages from unauthorised sources alerting them to the deactivation of their bank accounts due to uncompleted Bank Verification Number registration process. Source Punch Read More

CBN Lists Benefits of IFRS - The Deputy Governor (Economic Policy), Central Bank of Nigeria (CBN), Dr. Sarah Alade, has highlighted the benefits of adopting the International Financial Reporting Standards (IFRS) to the banking sector as well as the economy. Source Thisday Read More

NAICOM urges MDAs to set up insurance desks - The National Insurance Commission (NAICOM) has advised Ministries, Departments and Agencies (MDAs) to set up insurance desks or units in their offices to  insure their assets. Source THE NATION Read More

50 Insurance, Reinsurance Firms Yet to Submit Annual Returns to NAICOM - About 50, out of the existing 58 insurance and reinsurance firms are yet to submit their 2015 third quarter Annual Accounts and Returns to the National Insurance Commission (NAICOM). Source Thisday Read More


Sentiment Analysis Report - W/E October 30, 2015 - Analysis of the market activity in the week ended October 30, 2015 technically revealed cautious and bearish trading pattern as both investors and traders displayed active pessimistic tendency during the week. Source Proshare Read More

It's a bearish week! Stocks down by 2.74% WoW on cautious trading - The equities market closed today on a negative note, as NSE ASI depreciated by 0.87% to close at 29,190.54basis points, compared with the 0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 15.77% Source Proshare Read More


Banks’ window borrowings fall by N40.5 billion - THE sustained liquidity surfeit in the system may have boosted cash levels in the respective vaults of banks, as well as reduce the level of borrowings at the discount window of the Central Bank of Nigeria (CBN). Source Guardian Read More


Transcorp Hotels floats N10b bond for expansion - Transcorp Hotels Plc has launched a N10 billion bond issue to provide complementary finance for the upgrade of the company’s flagship Hotel, Transcorp Hilton Abuja, and construction of a multipurpose banquet centre. Source THE NATION Read More

DIAMONDBNK is Moving from Neutral to Underperform in Q3'15 - As we had expected, Diamond Bank management has cut its 2015 PBT target to c. N22bn from “over N30bn”. We have cut our PBT forecast by 19%, from N26bn to N21.6bn. Source Proshare Read More

WEMABANK Reports 3% YoY Growth In Gross Earnings in Q3 2015 - Wema Bank Plc announces its Unaudited 2015 Third Quarter Financial Results. Gross Earnings recorded a slight growth of 3% to close at N32.57 billion. Source Proshare Read More

FIDELITYBK Announces 11.0% Growth in Gross Earnings to N106.6 billion and PBT of N13.8 billion. - Nnamdi Okonkwo, Managing Director and CEO of Fidelity Bank Plc commenting on the results, stated that:“Business operations during the quarter was challenging due to a number of factors; the difficult operating environment, the tight monetary policy stance, implementation of the Treasury Single Account (TSA) and currency devaluation concerns which culminated into negative earnings headwinds in the banking industry. Source Proshare Read More

Stanbic IBTC Drags FRCN, NOTAP to Court over N1bn Fine - Following the recent allegation of material misstatements in its financial accounts by the Financial Reporting Council of Nigeria (FRCN) and National Office for Technology Acquisition and Promotion (NOTAP) culminating in a N1 billion recommendation fine, Stanbic IBTC Holdings Plc has dragged the two bodies before a Federal High Court sitting in Lagos. Source Thisday Read More

Corporate Earnings for the Week Ending October 30, 2015 – Source Proshare Read More


NCC Plans New Licences In 2016 - The Nigerian Communications Commission (NCC) has pledged to issue new telecom spectrum licences starting from 2016 to create pervasive internet infrastructure in all the 36 states. Source Leadership Read More

Hopes of improved broadband penetration improves - The latest data released by the NCC, the industry regulator, show that internet subscriptions grew by 31% y/y to 97.1 million in September 2015. Source Proshare Read More

MTN bows to pressure, agrees to pay N1.04trn fine - While pleading for staggered payment model, MTN has finally bowed to pressure as it has accepted to pay the N1.04 trillion fine slammed on it last week by the telecoms regulatory authority, the Nigerian Communications Commission (NCC). Source Vanguard Read More

97 million Nigerians now use Internet –NCC - The Nigerian Communications Commission stated on Sunday that the number of Internet users on the telecommunication networks in the country had hit 97.21 million, up from the 95.37 million recorded in August. Source Punch Read More

Telecoms Operators Lose 357,993 Customers, As Active Users Reduce To 150m – NCC - The Nigerian Communications Commission (NCC) on Saturday said that active lines in the nation’s telecommunications industry reduced to 150,660,631 in the month of September. Source Daily Independent Read More

NCC: Telecoms Will Surpass 25% Contribution to GDP by 2025 - The Nigerian Communications Commission (NCC), the telecoms industry regulator, has predicted that the telecoms sector’s contribution to the Gross Domestic Product (GDP) will surpass 25 per cent by 2025. Source Thisday Read More

Cashless economy unsustainable without data security – NIBSS - The objective of the central bank of Nigeria (CBN) in ensuring that Nigeria’s economy becomes cashless will be jeopardized if strong data security is not put in place to check fraud. Source BUSINESSDAY Read More


Osinbajo: How We Plan to Strengthen Naira - Vice-President Yemi Osinbajo has disclosed that the federal government will  increase the country’s foreign exchange earnings and raise the value of the Nigeria’s currency through a sustained diversification plan that would involve steadily moving away from the current mono-product economy. Source Thisday Read More


NNPC’s Proceeds from Sale of Petroleum Products Drop by N5.53bn in Sept. - The Nigerian National Petroleum Corporation (NNPC) at the weekend announced a drop in its proceeds from the sale of downstream petroleum products by N5.53 billion for the month of September, 2015. Source Thisday Read More

NNPC paid N790.75b into govt coffers in 9 months - The Nigerian National Petroleum Corporation (NNPC) yesterday said it paid N790.75 billion into the Federation Account between January and September. Source THE NATION Read More

NNPC loses N120bn in two months - The Nigerian National Petroleum Corporation incurred a total loss of N120.07bn in the months of August and September, the latest NNPC Group financial report has shown. Source Punch Read More

Nigeria moves to split PIB - Nigeria looks set to unbundle a long-awaited oil law to speed up its passage through parliament, potentially unlocking billions of dollars in frozen investments. Source Daily Trust Read More

NNPC Records N38.67bn From Sale Of Petroleum Products In Sept - The Nigeria National Petroleum Corporation (NNPC), says it recorded N38.67billion from the sale of downstream petroleum products in September. Source Leadership Read More


Asia markets down as soft China surveys fuel growth fears - Asian stocks slid on Monday after soft Chinese factory surveys stoked global growth concerns, while the dollar edged back against the safe-haven yen as risk appetite waned. Source Reuters Read More

European stocks post best month in more than 6 years-  European stocks recorded their best month in more than six years on Friday, buoyed by gains at carmaker Renault and planemaker Airbus while investors also banked on more monetary stimulus for the region. Source Reuters Read More

Saudi Consumers Are Still Spending Like the Oil Slump Never Happened - Spend the afternoon strolling through Riyadh’s shiny shopping malls, or an evening at one of its luxury restaurants, and you’d never guess there’s an oil slump. Source Bloomberg Read More

Down $4 Trillion, China Faithful Buy Stocks That Hurt Most - Wu Xin says she’s got a sure-fire plan to recoup losses from the $4 trillion selloff in China’s stock market: pile into equities that hurt her the most. Source Bloomberg Read More

South Africa's petrol pump price to fall in November - The retail price of petrol in South Africa will decrease by 1.75 percent from Nov. 4, while wholesale diesel will decrease 0.8 percent, the energy department said on Saturday. Source Reuters Read More

Egyptian pound steady at dollar sale, stronger at parallel market - The Egyptian pound was stable at a dollar sale on Sunday, as the central bank sold $37.8 million at a cut-off price of 7.9301 pounds per dollar, but it strengthened on the parallel market. Source Reuters Read More




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