Nigeria in 1min: Economic, Business & Financial Headlines – 081116



November 8, 2016 7:10 AM / Proshare News 


FG raises deposit insured limit of mortgage banks to N500, 000 - The federal government has approved the upward review of the Maximum Deposit Insurance Coverage (MDIC) per depositor of mortgage banks to N500, 000 from N200, 000. Source Vanguard Read More

Total Value of Capital Imported into Nigeria in Q3’16 Estimated at $1,822.12 mln - The total value of capital imported into Nigeria in the third quarter of 2016 was estimated to be $1,822.12 million, which represents an increase of 74.84% relative to the second quarter, and a fall of 33.70% relative to the third quarter of 2015. Source Proshare Read More 

Fed Govt, Seven Energy sign $112m World Bank’s gas deal - The Federal Government and Seven Energy International Limited, an integrated gas company, have signed a $112 million Partial Risk Guarantee (PRG) for the supply of natural gas. Source THE NATION Read More 

Delta assembly gets N11b amendment bill on budget - A motion for the realignment of the 2016 approved budget was last week presented during plenary of the Delta State House of Assembly. Source Guardian Read More 

PenCom directs life insurers to transfer annuity funds to PFC’s - Pension regulator, the National Pension Commission (PenCom) has directed all life insurance companies currently providing annuity for retirees under the Contributory Pension Scheme (CPS) to transfer all the funds in their kitty to Pension Fund Custodians (PFC). Source BUSINESSDAY Read More 

Nigeria’s domestic airlines battle with rising costs and declining traffic - Domestic airlines operating in Nigeria are struggling to keep flying in the face of rising operational costs and declining passenger traffic. Source BUSINESSDAY Read More 

Recession: opportunity opens for land buyers as transaction drops 30% - Increasingly, the good sides of the crippling economic recession are unfolding and one of the areas where it is mani­fest is in land transaction in La­gos State where land commands high value and is equated to oil well by its owners and managers. Source BUSINESSDAY Read More 

Nigeria needs N3tn to fix roads – COREN - The Council for the Regulation of Engineering in Nigeria on Monday disclosed that Nigeria required about N3tn to address the massive road infrastructure deficit in the country. Source Punch Read More 

Fuel, dollar subsidies harming Nigeria economy - It is a tale of Déjà vu for Nigeria, as a series of Central Bank policies aimed at ensuring a fixed price and steady supply of petrol is instead leading to rising subsidies, growing losses for the state oil firm , the Nigerian National Petroleum Corporation (NNPC) and a dysfunctional foreign exchange (FX) market Source BUSINESSDAY Read More 

Nigeria Drops to Third Category in SWF Reclassification - An international rating agency, the Sovereign Wealth Funds (SWFs) has reclassified Nigeria among countries that have been grouped in the third category of the funds’ assessment, from the second group the country occupied in the past six years. Source Thisday Read More 


CBN sells $660m to manufacturers in one month - THE Central Bank of Nigeria (CBN) sold over $660 million to manufacturers in one month through the interbank foreign exchange market Source Vanguard Read More 

Beware of Wonder Banks, NDIC Warns Nigerians - As promoters of wonder banks and other ponzi schemes in the country continue to lure members of the public to mouthwatering offers, the Nigeria Deposit Insurance Corporation (NDIC) has warned members of the public not to patronise such investment schemes. Source Thisday Read More 


Bearish mood persists as YTD loss hits above 6% - The equities market closed today on a negative note, as NSE ASI depreciated by 0.35% to close at 26,895.99basis points, compared with the 0.23% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.10%. Source Proshare Read More 

ETFs remain KING as investors’ confidence frail towards stocks - It has been a tough trading year for the Nigerian stock market, so far, in the year 2016. Nigerian stocks are currently not in wining shapes as economic realities had dampened investors’ appetite towards investment in stocks significantly. Source Proshare Read More 

ETFs in Nigeria record 1900% growth in 5 years - Exchange Traded Funds in the Nigerian Stock exchange have grown exponentially from N285ml since the Newgold ETF was launched in 2011, to about N4.4bl in September,2016 recording  1900% growth in 5 years. Source Proshare Read More

Oando Plc - Some Improvement in Q3'16 Financials - OANDO reported a loss after tax of N8.9 billion in Q3’16, showing some improvement from the N31 billion loss reported in Q2. The performance was driven by improved revenue, OPEX containment, reduced interest charge and lower net FX losses. Source Proshare Read More 

Cadbury Nigeria Plc - Low Expectations for FY 2016 - Cadbury Nigeria’s (Cadbury) Q3 2016 sales beat our forecast by 15.5%. In addition to base effects, our channel checks indicate that the company likely gained some share following price increases by close competitor Nestle for its Milo product during the quarter. Source Proshare Read More 

Diamond Bank Q3 2016 Results Review - Asset Quality Weighing on Earnings and Valuation - We expect the market to focus only on asset quality metrics for Diamond going forward, much more than in previous quarters, given the scale of the negative surprise in the bank’s Q3 2016 results. Source Proshare Read More 

Nestle Nigeria Plc - 9M’16 EPS Down 97% YoY as FX Loss Swells - Unsurprisingly, foreign exchange losses continued to mount pressure on NESTLE’s earnings in Q3’16 as further currency weakness in the quarter ensured a second quarterly loss after tax of ₦51.1 million (Q2’16 LAT: ₦6.1 billion). Source Proshare Read More 

FBN Holding Plc - Cessation of the Global Depositary Receipt Programme - Kindly be informed that in line with the terms and conditions of the Global Depositary Receipt Programme (GDR) agreement, FBN Holdings Plc’s (Formerly First Bank of Nigeria Plc) GDR programme will be terminated on 28 December 2016.Source Proshare Read More 

Nigerian Banks To Start Losing Money-Bloomberg - According to a Bloomberg report, Nigerian banks may start losing money from the next quarter following the protracted forex issues in the country. Source leadership Read More 

Naira “float,” higher interest rates attract $1.8 billion in Q3 - The decision by the Central Bank of Nigeria (CBN) to “float” the naira in June and also raise interest rates has had a positive impact on dollar inflows into the country, the latest report from the National Bureau of Statistics shows Source BUSINESSDAY Read More 

‘Agip generates 480MPV power into national grid’
- As a way out of the nation’s economic throes and in keeping with the Nigerian Local Content Law, the Nigerian Agip Oil Company Limited (NAOC), said it is diversifying into other areas of capacity development as it focuses on developing and capacity building in small and medium businesses. Source Guardian
Read More 

NNPC’s Accounts Show Operating Deficit of N11bn in August 2016 - The NNPC’s accounts for August show a group operating deficit of N11bn (US$37m), compared with N24bn the previous month. Revenue from the Nigerian Petroleum Development Company picked up from N15bn to N33bn in August, which the corporation’s commentary attributes to the resumption of production on OML 119. Source Proshare Read More 

NNPC earns N1tr from petrol, kerosene sales in one year - The sale of Premium Motor Spirit (PMS), also known as petrol, contributed about 90 percent of the revenues with a value of N909.11bn. Source Daily Trust Read More 

NNPC: Nigeria’s 192tcf Proven Gas Reserves Sustainable for Only 36 Years - The Nigerian National Petroleum Corporation (NNPC) has said that Nigeria’s proven gas reserves of 192 trillion cubic feet (TCF) can only sustain the country’s plan to generate 20,000 megawatts (MW) of power and provide gas to guarantee 64 -metric tonne per annum (MTPA) growth in Liquefied Natural Gas (LNG) supplies for 36 years. Source Thisday Read More 

Oil Companies Cut Upstream Expenditure by $100bn in Five Years - Capital expenditure (Capex) in the oil and gas industry in sub-Saharan Africa has been cut by $100 billion over the next five years, according to Wood Mackenzie’s latest report on upstream activity in the region. Source Thisday Read More 

OPEC Chief Says Russia ‘on Board’ With Deal to Limit Oil Output - Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to the group’s Secretary- General Mohammed Barkindo. Source Bloomberg Read More 

Gold Council Cuts India Demand Forecast to Lowest in Seven Years - Elevated gold prices and India’s push for more transparency on purchases and income disclosure will cut the nation’s demand for bullion in 2016 to its lowest in seven years, before consumption recovers in 2017, according to the World Gold Council. Source Bloomberg Read More 


Afreximbank to lead $1b trade, infrastructure support in Togo - The African Export-Import Bank (Afreximbank) will attract up to $1 billion in financing and investments to support trade activities and infrastructure development- industrial parks and logistics facilities, in Togo. Source Guardian Read More 

Russia signs decree to sell 19.5% state-oil coy stake - Russia published a government decree on Monday ordering the sale of a 19.5 percent stake in state-controlled oil giant, Rosneft,  in time for the proceeds to be received by the end of the year. Source Daily Trust Read More 

World's Richest People Add $35 Billion in Wealth After Monday's Market Surge - The world’s wealthiest people became $35.4 billion richer Monday morning as stock markets rallied on mounting speculation that Hillary Clinton will be elected U.S. president over billionaire rival Donald Trump. Source Bloomberg Read More 

Chinese Billionaire Cuts Salary to 15 Cents Amid Cash Crunch - The billionaire chairman of China’s LeEco has admitted his technology empire is running out of cash to sustain a headlong rush into businesses from electric cars to smartphones. Source Bloomberg Read More 

China Car Sales Surge 20% as Consumers Beat Expiring Tax Cut - China’s passenger-vehicle sales climbed for an eighth consecutive month as consumers rushed to buy small-engine autos ahead of a tax cut due to expire at year-end, boosting deliveries at local carmakers including Geely Automobile Holdings Ltd. and Great Wall Motor Co. Source Bloomberg Read More 

Yuan Heads Toward Six-Year Low as Capital Outflows Fuel Weakness - The yuan weakened toward its lowest level in six years as the greenback strengthened and the government struggled to plug loopholes in capital controls. Source Bloomberg Read More 

China’s Exports Drop for a Seventh Month on Tepid Global Demand  - China’s exports fell for a seventh month, leaving policy makers reliant on domestic growth engines to hit their economic expansion goals. Source Bloomberg Read More 


Telcos write Senate, propose 1% communication tax - The Association of Telecommunications Companies of Nigeria, the umbrella body of telecoms companies in the country, has written to the President of the Senate, Bukola Saraki, proposing one per cent communication tax. Source Punch Read More 





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