Nigeria in 1min: Economic, Business & Financial Headlines – 061014

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Monday October 6, 2014 7:20 AM / Proshare News

 
NIGERIAN ECONOMY
FG targets $10bn capitalisation for development bank - The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the Federal Government is targeting capital base of $10bn for the proposed Wholesale Development Bank of Nigeria. Source Punch Read More
 

Nigerian Economy Records Inflow of $5bn from Local Content - The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Ernest Nwapa has stated that the implementation of the Nigerian Oil and Gas Industry Content Development (NOGID) Act of 2010 has recorded an inflow of over $5 billion into the Nigerian economy. Source Thisday Read More

 
FAAC allocates N1.17tn to SURE-P - The Federation Accounts Allocation Committee allocated a total sum of N1.17trn to federal and state governments for the implementation of the Subsidy Reinvestment and Empowerment Programme between January 2012 and September 2014. Source Punch Read More

 
Cheaper Oil, Lower Revenues & Higher Inflation - What Next ? - LBS Executive Breakfast Session - The price of oil is down to a 23-month low of $92pb and is likely to drop below $90pb. While this is 16% above the budget benchmark of $77.5pb, the headroom is much lower than the budgeted production shortfall. . Source Proshare Read More
 

Fitch affirms Nigeria at ‘BB-’, outlook stable - Fitch Ratings has affirmed Nigeria’s long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’ and ‘BB’, respectively. Source Daily Trust Read More
 

IMF approves $21.5b for sustainable growth - The International Monetary Fund’s (IMF) Executive Board approved $21.5 billion in financing for member countries, in addition  to $220 million in concessional financing for low-income countries, the Managing Director, Christine Lagarde, has said. Source THE NATION Read More

 
‘Privatised power sector requires enforcement agency’ - At the time the Electricity Management Services Limited (EMSL) was set up, stakeholders in the power sector raised concerns about the possibility of conflicts with other agencies in the sector. The Managing Director, EMSL, Mr Peter O. Ewesor, an engineer, in this interview with JOHN OFIKHENUA, argues that the regulator cannot regulate and at the same time enforce because technical expertise is required to checkmate the operations of the firms. Source THE NATION Read More

 
Meters’ shortage hits distribution firms - The distribution companies (DISCos) unbundled from the Power Holding Company of Nigeria (PHCN) have been hit by shortage of pre-paid meters. Source THE NATION Read More
 

NCS Makes 98 Seizures, 26 Arrests in Zone C - No fewer than 98 seizures, 26 arrests were made by the Nigeria Customs Service (NCS) in Zone C. The seizures and arrests which were made in September 2014 were in line with its renewed vigour to eliminate smuggling in the country. Source Thisday  Read More





POLICY / REGULATIONS

SEC tasks emerging economies on SMEs development - Director General of the Securities and Exchange Commission (SEC), Arunma Oteh has advised governments in the emerging economies to focus more on Small and Medium Enterprises development as a way of creating more jobs and improving the standards of living of their citizens. Source Vanguard Read More

 
FIRS recovers N333m tax from oil companies - The Federal Inland Revenue Service (FIRS) on Friday recovered N333m from corporate tax payers in the Oil and Gas sector during its tax recovery drive in Lagos. Source Daily Trust Read More

 
CAPITAL MARKET
Sentiment Analysis Report – W/E October 03, 2014 - Analysis of the market activity in the week ended October 03, 2014 technically revealed improved optimistic trading pattern amid waning speculative tendency. An impressive trend reversal with positive divergence was observed in the week. Source Proshare Read More

 
Nigerian stocks return +0.70 gains WoW…amid mixed Sentiments - The equities market closed today on a negative note, as NSE ASI depreciated by -0.08% to close at 41,103.94 basis points, compared with the -0.18% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.55%. Source Proshare Read More


BOND MARKET
The Nigeria Bond Watch - Review and Outlook @100614 - During the review week, dampened interest from investors – domestic and offshore – contributed significantly to the direction of activities. The waning investors’ interest is attributable to weakening fundamentals such as declining oil prices and rising inflation. This, alongside issuance and maturity of OMO bills – which influenced liquidity levels, significantly affected market behavior. Source Proshare Read More

 

 

 
Interbank rates ease, CBN pays off treasury bills - The nation’s interbank lending rates eased marginally to an average of 10.37 per cent on Friday, down from 10.50 per cent last week, after the government paid off open market treasury bills and retired matured bonds, dealers said. Source Punch Read More





MONEY MARKET
AMCON in fresh move against Bi-Courtney over N50b debt - Asset Management Corporation of Nigeria (AMCON) has begun fresh move to stop Bi-Courtney Group from allegedly dissipating its assets to frustrate the redemption of a N50 billion debt. Source Daily Independent Read More

 
Skye Bank wins bid to acquire Mainstreet Bank - The Asset Management Corporation of Nigeria (AMCON) has announced Skye Bank Plc as preferred bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank Limited. Source Daily Trust Read More


INVESTORS NEWSBEAT
Transcorp to build $240m hotels in Lagos, Port Harcourt - TRANSCORP Hotels Plc (THP) has concluded plans to build two new flagship hotels in Lagos and Port Harcourt, at an estimated cost of $240 million (N38.4 billion), as part of its business expansion agenda. Source Guardian Read More

 
HONYFLOUR: Cost reduction drives profit growth amidst weak revenues - Honeywell Flour Mills Plc (“HFM” or “the company”) recently released its first quarter results to June 2014. The results of HFM for the period ended June 30, 2014 showed a slight decline in revenue to N13.19billion, down by 0.69%, compared with N13.28billion recorded in the corresponding period of 2013. On a q/q basis, revenue also declined to N13.19billion in the review quarter from N14.05billion in the last quarter to March 2014. Source Proshare Read More
 

Why we’re raising fresh funds —Access Bank - Access Bank Plc has said that its quest to raise additional funds from the capital market is borne out of the need to enhance its Tier 1 Capital and also take advantage of emerging opportunities in the economy. Source Vanguard Read More
 

Access Bank Access Bank Eyes Increased Investment in Ghana, Rwanda, Zambia - Access Bank Plc has disclosed plans to increase its presence in Ghana, Zambia and Rwanda in the next three years. The bank’s Chief Financial Officer, Mr. Seyi Kumapayi said this during a presentation to journalists in Lagos. Source Thisday Read More





CORPORATE EARNINGS

Corporate Earnings for the Week Ending October 3, 2014 - Source Proshare Read More


PRODUCT & SERVICES
FBN Holdings tasks SMEs’ on financial integrity, proper conduct - FBN Holdings Plc has stressed the need for Small and Medium Enterprises (SMEs) in Nigeria to operate with high level of financial integrity and proper business conduct in order to enhance sustainability. Source Guardian Read More
 

Caverton wins Shell’s ‘safety conscious award’ - To commemorate the 75-million Lost Time Injury (LTI) free man-hour, the Production Directorate of Shell Petroleum Development Company of Nigeria has awarded Caverton Helicopters the Safety Conscious Contractor of the Year Award. Source Daily Trust Read More
 

Union Bank gets PCI data certification - Union Bank of Nigeria Plc is now certified with the Payment Car Data Security Standard (PCI DSS), according to the bank’s Head Corporate Affairs/Corporate Communications, Ogochukwu Ekezie-Ekaidem. Source Daily Trust Read More
 

 

FRAUDS AND SCANDALS
Reps probe Shell’s N700b gas project, tax evasion - WHEN the House of Representatives resume from Sallah break next week, its Committee on Public Petitions headed by Ozor Azuibike will investigate  a N700 billion  gas project of Shell Production Development Company (SPDC) over allegations of evading  N7 billion tax. Source Guardian Read More
 

PEOPLE
Senate confirms Anohu-Amazu as PenCom DG - The Senate has confirmed Chinelo Anohu-Amazu as Director-General of the National Pension Commission (PenCom).The Director- General  was  recently nominated by President Goodluck Jonathan in a letter to Senate President, David Mark, asking the upper chamber to confirm her appointment. Source THE NATION Read More
 


 


POLITICS

Bureau Directs Fayemi, Others To Declare Assets - The director, Code of Conduct Bureau, Ekiti State, Mr Akinfolarin Feyisola, has directed Governor Kayode Fayemi, to declare his “end of tenure assets” unfailingly before the expiration of his tenure. Source Leadership Read More
 

Governorship Primaries: Political Office Holders Get Deadline to Resign - Barring further changes, the ruling Peoples Democratic Party (PDP) has directed ministers and political office holders with governorship aspirations to resign their membership of the Federal Executive Council (FEC) latest by October 20 to enable them contest for the primary elections of the party. Source Thisday Read More
 

 

COMMODITIES
Refineries operated at 10.5% capacity in June – NNPC - The country’s refineries operated at an average of 10.46 per cent of their combined nameplate capacity of 445,000 barrels per day in June, latest data from the monthly report of the Nigerian National Petroleum Corporation has shown. Source Punch Read More
 
Gold Drops to Lowest This Year as Platinum Slumps With Palladium - Gold extended losses to the lowest this year after U.S. payrolls beat forecasts, boosting the dollar and stoking expectations the Federal Reserve will increase interest rates. Platinum fell to a five-year low and silver declined to the lowest since 2010. Source Bloomberg Read More


Brent Crude Extends Slide to Its Lowest Price Since 2012 - Brent crude extended its slump to the lowest price since 2012 and West Texas Intermediate traded below $90 for a second day amid speculation that OPEC won’t cut production to reduce oversupply. Source Bloomberg Read More



 

GLOBAL MARKETS
Asian Stocks Rise on U.S. as Hong Kong Climbs; Gold Falls - Asian stocks rose, rebounding from a six-day slide in the regional index, while Hong Kong shares climbed as protesters began talks with the government. The dollar was near a four-year high after American payrolls data and gold slid to a 2014 low as platinum and palladium tumbled. Source Bloomberg Read More


Facebook wins EU approval for $19 billion WhatsApp bid - FACEBOOK (FB.O), the world’s most popular social network, gained European Union clearance at the weekend for its proposed $19 billion takeover of mobile messaging startup WhatsApp in a deal setting it against the telecoms industry. Source Guardian Read More


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