Nigeria in 1min: Economic, Business & Financial Headlines – 050615



June 05, 2015 7:30 AM / Proshare News




LBS Executive Breakfast Session – June 2015 (Re: Reflating a Strangulating Economy) - The Buhari administration is taking off to a slow but calculated start. With limited and asymmetric handover notes, the team is probably busy validating, authenticating or repudiating the basic policy assumptions. Source: Proshare Read more

FG earned N756.7bn from taxes in Q1 – FIRS - A total sum of N756.7bn was earned by the country from taxes in the first three months of this year, figures obtained from the Federal Inland Revenue Service have revealed. Source: Punch Read more

FG to Review PIB as House Passes Oil Legislation - The Permanent Secretary, Ministry of Petroleum Resources and  Head of Nigeria’s delegation to the Organisation of Petroleum Exporting Countries (OPEC) meeting, Dr. Jamila Shu’ara, yesterday disclosed that the new administration headed by President Muhammadu Buhari would look into the Petroleum Industry Bill (PIB) and effect the necessary changes that will facilitate its early passage. Source: Thisday Read more

FG May Privatise FAAN, Some Airport Terminals - There is an indication that the federal government may divest at least 51 per cent ownership of the Federal Airports Authority of Nigeria (FAAN) to private investors. It has also emerged that government plans to concession some major airport terminals, while others may be partly funded by governments of the states where they are located. Source: Thisday Read more

Why Nigerian Airports Generate Low Non-aeronautical Revenue - The reluctance by the federal government to cede airport management to private concerns and its lack of innovative have been attributed to reasons why many airports in Nigeria do not generate high non-aeronautical revenues. Source: Thisday Read more

Welcome stability in reserves - Data from the CBN show that official reserves increased marginally in May to US$29.6bn. The slowdown in imports of petroleum products would have helped although the principal factor has been the CBN’s market strategies to contain the depletion of reserves. Source: Proshare Read more

BAT loses N9bn annually to illicit tobacco traders - The British American Tobacco has lamented the loss of £30m (about N9bn) every year to the activities of illicit tobacco traders and cloners of the firm’s various brands of cigarettes. Source: Punch Read more

Rule Of Law: Nigeria Ranks Low, Places 96 Out Of 102 Countries - The World Justice Project (WJP)’s Rule of Law Index 2015, a new global report that ranks countries’ adherence to the rule of law, has ranked Nigeria 96th out of the 102 countries measured. Source: Daily Independent Read more

Court stops FG from auctioning NITEL/MTEL’s items - A Federal High Court sitting in Bauchi presided over by Justice Mohammed Garba Umar  has granted a restraining injunction  to stop the auctioning of scrap and obsolete items  belonging to NITEL and MTEL valued at N300 billion nationwide. Source: Daily Trust Read more

Customs Values Textiles in Sealed Warehouse at N4.2bn - The textiles concealed in sealed warehouses located at Gandun Albasa area of Kano, is worth N4.2 billion, the Comptroller General of Customs (CGC), Alhaji Inde Dikko Abdullahi has said. Textile is one of the items  on the Import Prohibition List (IPL) prepared by the Federal Ministry of Finance in line with the fiscal policies of the Federal Government and kept under the watch of the Nigeria Customs Service (NCS). Source: Thisday Read more


Kano, Kaduna, Abuja Discos Have Highest Unmetered Electricity Customers - A data on the level of metering in the Nigerian Electricity Supply Industry (NESI) released by the Nigerian Electricity Regulatory Commission (NERC) has shown Kano, Kaduna and Abuja as distribution companies with the highest number of unmetered electricity customers. Source: Leadership Read more

Kaduna Electric Extends Workers Contract By Two Months - The Managing Director/CEO of Kaduna Electric (Kaduna Electricity Distribution Company), Mr. Garba Haruna, has announced a two month extension of the contract of its workers. Source: Thisday Read more


SEC Approves Par Value Rule for stocks to trade as low as 1kobo (N0.01)- The Securities and Exchange Commission (SEC) has on 2 June 2015, approved the Par Value Rule submitted to it by the National Council of The Nigerian Stock Exchange (NSE)  on 5 March 2015. Source: Proshare Read more

CBN adjusts forex rate to N196.95 per dollar - Nigeria’s central bank adjusted its exchange rate peg to N196.95 to the dollar from the 197 it set in February after the currency’s value was eroded by the fall in oil prices, data on its website showed yesterday. Source: Vanguard Read more


April-to-date, Market Net Worth depletes by N711.38bn on sell down- The equities market closed today on a negative note, as NSE ASI depreciated by 1.19% to close at 33,476.77 basis points, compared with the 0.54% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.41%Source: Proshare Read more

The Incidence of Unclaimed Dividends & What Investors Need to Know - TNI Q2/E10- The incidence of unclaimed dividend in the Nigerian Capital Market remains one of the perennial issues that continued to rear its head while the apex market regulator, SEC, is yet to come up with a clear-cut plan on how to solve the problem permanently despite the introduction of e-payment system. Source: Proshare Read more

New pricing rule: Weak stocks can drop to one kobo - At least a quarter of quoted companies may drop to as low as one kobo as the Nigerian capital market regulators approved a new pricing rule that will remove the stopgap that had supported several stocks at their nominal value of 50 kobo. Source: THE NATION Read more


Exchange rate remains indifferent as crude price drops to $62- Today, the naira exchanged at N217 to a dollar. The Nigerian currency closed at N217/$1 with a 0.5% decrease in value. The official Naira/USD exchange rate remains at 196.95/$1. Source: Proshare Read more


ZENITHBANK breaks all key supports as fresh sell-down hits - Today, ZENITHBANK plunged further with another moderate loss of -4.70% as investors maintained pessimistic postures towards the stock in the recent weeks. Source: Proshare Read more

MOBIL: Challenging outlook due to fuel scarcity  - Although Mobil Oil Nigeria’s (Mobil) Q1 2015 results showed declines on a y/y basis for key line items, PBT of N2.1bn which fell 57% y/y beat our estimate by around 25%. Notwithstanding, we have cut our EPS forecasts by 4% on average over the 2015-16E period mainly due to a weaker sales outlook on the back of fuel scarcity. Source: Proshare Read more

Vitafoam Shareholders Get 30k Per Share Dividend - The Board of Vitafoam Nigeria PLC has proposed a dividend payout of N245.7million in respect of the financial year ended September 30, 2014. Source: Daily Independent Read more

Dangote Commissions Ethiopia Cement Plant, Targets N3tn Investment - Dangote Cement Plc has commissioned a 2.5 million metric tonnes per annual (mmtpa) cement plant worth N94.5 billion ($480 million) in Ethiopia as the company is set to invest N3.15 trillion ($16 billion) between 2015 and 2018 in its new and existing cement plants in furtherance of its expansion plan in Africa. Source: Leadership Read more


INTBREW Proposes 25kobo dividend per share in '14 Audited result,(SP:N20.01k  Source: Proshare Read more

EQUITYASUR declares N112.1million PAT in Q1'15 result,(SP:N0.50k) Source: Proshare Read more

Credibility in Analysis - Reviewing Nextnomics call on AfDB Presidency-
The electoral process and outcome of the election to replace Dr. Donald Kaberuka as the President of the African Development Bank (AfDB) reflect the expectations of Nigeria, the single largest shareholder of the entity and surprised a few, who had predicated their positions on the many soundbites before the elections and which echoed louder at the summit venue. Source: Proshare
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Stanbic IBTC wins corporate citizens’ awards - In recognition of its adherence to corporate governance ethics, Stanbic IBTC Bank has won the first prize in the maiden edition of the Corporate Citizen Awards. Source: Daily Trust Read more



N8bn scam: Suspects tricked CBN to deliver N1.6bn, says EFCC - The Economic and Financial Crimes Commission on Thursday arraigned the last batch of the accused persons in the hearing of the Central Bank of Nigeria’s N8bn mutilated currency fraud suit at the Federal High Court in Ibadan. Source: Punch Read more

ICPC quizzes Okiro over alleged N275m scam - A former Inspector-General of Police and Chairman of the Police Service Commission, Mr. Mike Okiro, was on Thursday in Abuja quizzed by the Independent Corrupt Practices and other related offences Commission over an alleged N275m fraud. Source: Punch Read more

Reps Ask EFCC To Recover Unpaid Rice Import Duties - House of Representatives yesterday, directed Nigerian Customs Service (NCS) and Economic and Financial Crimes Commission (EFCC) to recover the outstanding import duty on imported rice from some companies indicted for tax evasion. Source: Daily Independent Read more

EFCC Releases Sheriff On Bail - The Economic and Financial Crimes Commission (EFCC) on Thursday, June 4, 2015, agreed to release former governor of Borno State, Ali Modu Sheriff, on administrative bail. Source: Daily Independent Read more


Can someone explain how citizens can access/review these bills?- The Senate on Wednesday, June 3, 2015 passed into law the Sexual Offences Bill 2015, (S.B.279), sponsored by Sen. Umaru Dahiru, Proceeds of Crime Bill 2015 (S.B. 471), also sponsored by Sen. Source: Proshare Read more

B’Haram: US set to renew cooperation with Nigeria - The United States will send a team to Nigeria in the next few weeks to discuss with the Federal Government ways to renew cooperation in the fight against Boko Haram, a senior US diplomat told Reuters on Thursday. Source: Punch Read more

No N3.2bn severance pay for Jonathan, others till 2016 - Former President Goodluck Jonathan; his deputy,   Namadi Sambo; immediate past ministers and presidential aides as well as non-returning federal lawmakers will wait till next year before collecting their severance allowances, investigation by The PUNCH has shown. Source: Punch Read more

Impeachment scare: Fayose, supporters jubilate as APC lawmakers’ tenure expires - Governor Ayodele Fayose of Ekiti State has called out his supporters to rejoice with him on the streets today over the expiration of the term of the 19 All Progressives Congress, APC, who had been at loggerheads with him. Source: Vanguard Read more

Buhari’ll sustain Niger Delta amnesty programme, says NNPC - The Federal Government under President Muhammadu Buhari will sustain the amnesty programme in the Niger Delta, the Nigerian National Petroleum Corporation has said. Source: Punch Read more

Bayelsa Ex-militants Protest Unpaid Allowance, Barricade East-West Road - Former Niger Delta militants, who are part of the Federal Government’ s amnesty programme, on Thursday, barricaded the Mbiama axis of the East-West Road to protest the non-payment of their allowance by the amnesty office. Source: Daily Independent Read more


FG, marketers meet today over fuel scarcity - barring last minute changes, officials of the Federal Government will today (Friday) meet with marketers of petroleum products in Abuja. Source: Punch Read more

Subsidy payments: Oil marketers yet to resume fuel import - Despite  the seeming resolution of the conflict between the Federal Government and oil marketers over the petroleum subsidy claims payment, data, yesterday, showed that Nigeria’s fuel import has remained low due to oil marketers’ apathy. Source: Vanguard Read more

OPEC considers $80 as new oil price - Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some Organisation of Petroleum Exporting Countries members are publicly talking for the first time about a new “fair” price for their crude. Source: Punch Read more

Nigerians willing to buy fuel online – Report - A survey carried out on Nigerians’ willingness to buy petroleum products through the Internet by has revealed that 73 per cent of the citizens are willing to buy the products online if the law permits it. Source: Punch Read more

Petrol suppliers in Congo mining hub strike over tax increase - Petrol suppliers in the Democratic Republic of Congo's mining hub of Katanga province went on strike on Thursday morning to protest a recent fuel tax hike, local residents said. Source Reuters Read More

Tanzania raises petrol, diesel prices pump prices - Tanzania's energy regulatory body raised the retail prices of petrol and diesel on Thursday after global oil prices rose and the local currency weakened, but left kerosene prices unchanged in its latest monthly review. Source Reuters Read More


China shares top 5,000 point level, bonds try to steady - Asian shares fell on Friday and bonds tried to stabilize after a vicious losing streak, while the euro consolidated the week's hefty gains as investors braced for U.S. jobs data and another day of drama over Greece. Source Reuters Read More

Sea of Red for European Stocks Means Investors Are Stashing Cash - Investors running away from the European stock selloff are hiding in an asset class that yields them nothing. Source Bloomberg Read More

The World's Wildest Investors Are Shaking Up Hong Kong's Stocks - The manic trading that makes China the world’s most volatile stock market is seeping across the border into Hong Kong. Source Bloomberg Read More

Apple Is the New Pimco, and Tim Cook Is the New King of Bonds - Apple Inc., Oracle Corp. and the other tech giants hoarding half a trillion dollars in cash have joined the ranks of the biggest buyers of the debt, often snapping up as much as half of some bond issues, according to five people with knowledge of the transactions. Source Bloomberg Read More


In Places Where Banks Don't Exist, the Mobile Phone Breaks New Ground - As a schoolgirl in Manila, Vilma Fetesio would stand at the dock each month with her brother and other children, waiting for boatmen to bring them money from their parents on other islands. Sometimes, in rough weather, the boats didn’t come. Source Bloomberg Read More

South Africa's Transnet gets 30 bln rand loan from Chinese bank - State-owned logistics and freight firm Transnet will pocket a 30 billion rand ($2 billion) loan from the China Development Bank to improve its ageing train fleet, its acting chief executive said on Thursday. Source Reuters Read More

Top miners slashed costs, spending to cope with price falls - PwC - The world's top 40 mining firms cut costs by a combined 5 percent and capital spending by 20 percent last year as they grappled with a plunge in prices that drove their market value to a 10-year low, a report showed on Thursday. Source Reuters Read More


South Africa's Liberty looking for acquisitions in Nigeria -  Liberty Holdings, South Africa's fourth largest insurer, is looking at acquisitions in Nigeria to establish a strong regional presence in West Africa, its chief executive said on Thursday. Source Reuters Read More

Ethiopia's inflation rate rises to 9.4 pct in May yr/yr - Ethiopia's inflation rate rose to 9.4 percent year-on-year in May from 9.3 percent the previous month, thanks to price rises in non-food items, the statistics office said on Thursday. Source Reuters Read More



 The Incidence of Unclaimed Dividends & What Investors Need to Know - TNI Q2/E10



















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