Nigeria in 1min: Economic, Business & Financial Headlines – 030915



September 3, 2015 7:00 AM / Proshare News

FG suspends Immigration recruitment - The Federal Government has announced the immediate suspension of the recent recruitment into the Nigeria Immigration Service (NIS) conducted on the directives of the immediate past President, Dr. Goodluck Jonathan, between March and April this year. Source vanguard Read More

NEPC: ‘Nigeria’s Non-oil Export Nose-dived in 2014’ - Notwithstanding the clamour for the diversification of the Nigerian economy,  the Nigerian Export Promotion Council (NEPC), on Wednesday said the country’s export nose-dived in 2014 as against predictions. Source Thisday Read More

Some traction now seen in the auto industry - The country’s automotive policy, which was relaunched in October 2013, aims to promote investment in the local manufacture of cars as well as limit excessive importation so as to trim the auto import bill. Source Proshare Read More

Nasarawa to Get $1 Billion Investment from China - The Chinese government has given indications of plans to invest $1 billion in Nasarawa State in the next five years through an investment firm, Tongyi Group, as part of its strategic partnership to enhance trade and commerce between Nigeria and China. Source Thisday Read More


SEC Lifts Suspension on Standard Alliance Capital & Asset Management and Strand Capital Partners Ltd - This is to inform the investing public that The Securities & Exchange Commission on August 10, 2015 reinstated the registration of Standard Alliance Capital & Asset Management Ltd. as Issuing House and Fund Manager. Source Proshare Read More

CBN puts MSME financing gap at N9.6tn - The Central Bank of Nigeria has put the funding gap for the Micro, Small and Medium Enterprises sector at N9.6tn. Source Punch Read More

States delaying N338bn bailout –CBN - The Central Bank of Nigeria has said states yet to receive their shares of the N338bn bailout for the payment of workers’ outstanding salaries are responsible for the delay. Source Punch Read More

CBN renews partnership with Digital Encode over e-fraud - The Central Bank of Nigeria (CBN) has re-appointed an indigenous information security firm- Digital Encode Limited, as the sole technical partner to the Nigerian Electronic Fraud Forum (NeFF). Source Guardian Read More

PenCom Enforces Remittance Of Workers’ Salaries To Pension Manager - Companies and establishment who deduct salaries of their employees but not remitting same to the designated pension managers will soon soon face the law. Source Leadership Read More


Market Witnesses Another Landmark as NSE Launches Premium Board -A Bovespa Concept-Aug'15 SSS Report - Market maintained the negative sentiment recorded in the previous month in August 2015 as the key benchmark indicator, NSE ASI closed the month red with -1.64% losses as against -9.79% recorded in July while market YTD performance also remained in the red zone with -14.35% losses. Source Proshare Read More

Speculators book profits after 4-day rally of 7.42% - The equities market closed today on a negative note, as NSE ASI depreciated by 1.17% to close at 29,870.86basis points, compared with the 1.82% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.81% Source Proshare Read More

Emerging central banks step in to curb currency falls - Central bankers across emerging markets are being forced into action to stem falls in their currencies, especially after China allowed its yuan to weaken to four-year lows. Source BUSINESSDAY Read More

AfDB expands African bond index - The African Development Bank on Wednesday said it had expanded its bond index as part of its commitment to bringing transparency to most liquid African bond markets. Source Punch Read More

CHAMPION: Counter-attack can be seen at oversold territory - A closer look on the daily chart of CHAMPION reveals that a balanced demand and supply was going on where bears were dominating the bulls from starting onwards and took the price downside from N9.00 to N3.85 level in short term. Source Proshare Read More


CUTIX attracts BIG interest, price surges on big volume - CUTIX recorded an astronomical growth in its bullish volume while extending its recovery pattern from 34weeks low, with another maximum gain of 9.90% to close at N1.55kobo. Source proshare Read More

We intend to achieve 850mw power generation by end of 2015- Mr Emmanuel Nnorom, President/CEO Transcorp - Transcorp Plc one of Nigeria’s leading conglomerate groups, says with stability in gas supply at the moment, its power subsidiary is confident of achieving 850mw generation at the Ughelli power plant, by the end of 2015. Source Proshare Read More

UPDC to pay N859m dividend - UACN Property Development Company Plc has received the approval of its shareholders to pay N859.4m as dividend to its shareholders for the 2014 financial year. Source Punch Read More

Achieving the Nigeria of our dreams: The Responsibility of Professional Accountants - I am pleased to be part of this Annual Accountants’ Conference here in Abuja; and within the context of our continuing efforts at developing our economy, I consider the theme: Source Proshare Read More


NPA introduces e-invoicing system, customer portal - Nigerian Ports Authority, NPA, yesterday, in Lagos introduced an electronic “Revenue Invoicing Management System and Customer Portal”in a bid to lower operational cost and shorten the time for documentation for port users. Source Vanguard Read More

Chams Mobile, Skye Bank launch Visa virtual card - Chams Mobile Limited, a licensed Mobile Money Operator, and Skye Bank Plc, have launched the first Visa Incorporated’s virtual card in Nigeria. Source Punch Read More

‘25% of cybercrime cases unresolved’ - ISSAN -AT the Information Security Society of Africa- Nigeria (ISSAN) organized stakeholders forum to discuss the new Cybercrime Law in the country, it has been revealed that about 25 per cent of cybercrime cases in Nigeria are unresolved. Source Guardian Read More

Onifade: 82% of Businesses Will Experience Cyber-attacks - President, Information Systems Audit and Control Association, Abuja chapter, Opeyemi Onifade, spoke with technology reporters on global cyber insecurity trends, predicting that more enterprises will experience cyber-attacks before the end of the year. Emma Okonji presents the Excerpts: Source Thisday Read More


ICPC probes Fashola, Amaechi, Akpabio, others - The Independent Corrupt Practices and other related offences Commission has set up a task force to probe eight former governors. Source Punch Read More

Reps begin probe of N700bn capital projects for 2015 on Thursday - Permanent secretaries of major federal ministries are expected to report at the National Assembly on Thursday, to defend the implementation of the N700.78 billion component of the N4.4 trillion approved in the 2015 Appropriation Act. Source BUSINESSDAY Read More

Bullet-proof Cars: Court Bars EFCC from Inviting Oduah - A Federal High Court in Lagos has restrained the Economic and Financial Crimes Commission (EFCC) from inviting a former Minister of Aviation, Stella Oduah, for questioning. Source Thisday Read More


USAID, AUN sign N116m IDPs grant - The United States Agency for International Development (USAID) and the American University of Nigeria (AUN) yesterday signed a N116 million grant award for the internally displaced in Jimeta and Yola, Adamawa State. Source Punch Read More

Adamawa Has 3,000 Ghost Workers – HoS - Adamawa State government has uncovered over 3,000 ghost workers following the introduction of e-payment salary system in the state. Source Leadership Read More

VP Outlines Buhari’s Economic Programme - In what appears to be the unveiling of the economic programme of the President Muhammadu Buhari administration almost 100 days after assuming office, Vice-President Yemi Osinbajo has said the way forward for the country is social sector investment – investing in the people, education, job creation, national school feeding scheme, conditional cash transfer and reflating economies of the states as indices that will boost the economy. Source Thisday Read More


Kachikwu: We Saved $287m in Port Harcourt Refinery Turnaround Maintenance - The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has said Nigeria has saved over $287 million from the turnaround maintenance (TAM) of the Port Harcourt Refinery, Eleme. Source Thisday Read More

No plan to sell refineries – NNPC - THE Federal Government has said it has no plan to sell any of the refineries, but may encourage joint venture investments in the facilities. Source Punch Read More

Nigeria to export 68 crude oil cargoes next month - Nigeria has concluded plans to export about 68 cargoes of about 2.04 million barrels per day (totalling 63.1 million barrels) of crude oil in October, the highest level this year. Source Guardian Read More

Warri refinery remains shut as crude deliveries continue - Nigeria’s Warri refinery has not yet reopened after last week’s temporary closure because crude oil is still being loaded into the plant, a spokesman for its operator the Nigerian National Petroleum Corporation (NNPC) said. Source BUSINESSDAY Read More

World’s top oil trader Vitol sees price stuck at $40-$60 to 2016 - Oil prices will remain at $40 to $60 a barrel into 2016 as rising crude supplies overwhelm demand, according to the world’s largest independent oil trader Source BUSINESSDAY Read More

West Africa crude exports to Asia seen falling to 13-month low - West African crude oil exports to Asia are set to fall to 1.68 million barrels per day (bpd) in September, their lowest since August 2014, shipping data and a survey of traders showed on Wednesday. Source BUSINESSDAY Read More

NNPC To Use Military For Pipeline Surveillance - The Nigeria National Petroleum Corporation (NNPC) has said it will engage the military in the surveillance and protection of oil and gas pipelines in the country. Source Leadership Read More

Shell lifts force majeure on Bonny Light exports - The Shell Petroleum Development Company of Nigeria Limited has lifted the force majeure on Bonny Light exports following the repair and re-opening of the Trans Niger Pipeline and Nembe Creek Trunkline. Source Punch Read More

Oil glut: GE, others explore non-oil sectors - Multinational oil service firms, inc luding General Electric and Schlumberger are investing and consolidating their non-oil investments in order to lessen the impact of the fall in price of crude oil. Source THE NATION Read More


Asia shares stage patchy recovery but volatility remains high - Asian shares struggled to recover on Thursday with volatility remaining high, while emerging economy and commodity-linked currencies softened as investors worried about the global repercussions of slower growth in China. Source Reuters Read More

European shares gain, China moves help - European equities gained on Wednesday after a volatile start to the week, drawing support from brokerage measures in China to invigorate the country's battered markets and from hopes for policy easing by major central banks. Source Reuters Read More

South African economy facing growth constraints: finmin - Volatility in capital flows and the foreign exchange rate were adding to South Africa's economic challenges and any progress to reverse a slowing economy will only be felt in the medium to long term, Finance Minister Nhlanhla Nene said on Wednesday. Source Reuters Read More

Asian richest man loses $13bn in stock crash - Asia’s richest man, Wang Jianlin, has lost about $13bn in China’s stock market crash.Since Chinese stocks peaked in June, shares of Wang’s publicly traded companies have tumbled in Hong Kong and Shenzhen – eroding his personal wealth. Source Punch Read More

IMF urges Lesotho to cut expenditure as customs revenue falls - Lesotho's economic growth will likely slow to around 2.5 percent this year due to falling revenues from the regional customs union that accounts for most of its revenue, the International Monetary Fund (IMF) said on Wednesday. Source Reuters Read More

Moody's sees South Africa avoiding recession in 2015 - Moody's said on Wednesday it expects South Africa to avoid sliding into a recession this year, despite signs that the economy is struggling after contracting in the second quarter this year. Source Reuters Read More



 Q2’15 Financials and Level of Compliance – TNI Q3/E10





















Transcorp Plc Management visit NSE, confident of 2015 projections
















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