Nigeria in 1min: Economic, Business & Financial Headlines – 081313


Tuesday August 13, 2013/ Proshare

Nigeria earns N3.81trn from oil in 6 months - Oil revenue accounted for 86.67 per cent of gross federally-collected revenue from January to June 2013, as the Federal Government earned a total of N3.809 trillion from oil within the period. Source: - Vanguard Read More

N606bn withdrawn from ECA in three months —Report - The Federal Government withdrew the sum of N606.12bn from the Excess Crude Account within the first three months of this year, the Budget Monitoring and Evaluation report prepared by the Ministry of Finance has revealed. Source: - Punch Read More

Police set up Pension Fund Administrator - The Inspector-General of Police, Mr. Mohammed Abubakar, has said that the force has created its own  Pension Fund Administrator  to cater for its retirees following the approval of President Goodluck Jonathan. Source: - Punch Read More

386 prospective bidders shortlisted for 10 power plants - The Federal Government on Monday said 386 firms had been  shortlisted for the purchase of 10 National Integrated Power Project  plants slated for privatisation. Governor Gabriel Suswam of Benue State made this known to State House correspondents at the end of a joint meeting of the Niger Delta Power Holding Company and the National Council on Privatisation presided over by Vice-President Namadi Sambo at the Presidential Villa, Abuja. Source: - Punch Read More

FG reconsiders $12b Trans-Saharan gas project - Indications are that the Federal Government and other stakeholders in the multi-billion dollar Trans-Saharan gas pipeline project are re-evaluating the commercial viability of the project. Source: - Daily Independent Read More

Blame inflation for electricity tariff hike, FG tells Nigerians - Despite the pre-paid five-year tariff on electricity which ought to ensure a stable price, Chairman of the Nigerian Electricity Regulation Commission, NERC, Dr. Sam Amadi, blames the rise in inflation for the hike in price.But for this, the price of electricity ought to remain constant until the next regulation in 2017, he added. Source: - Daily Independent Read More

Britain To Strengthen Investments In Nigeria - The British Deputy High Commissioner to Nigeria, Peter Carter, said Britain would strengthen its existing investment s in the country. Speaking during his visit to Guinness Nigeria Plc’s factory in Ogba, Ikeja, Lagos State, Carter called for closer business relationship between Nigeria and Britain. Source: - Leadership Read More

Insurance firms back out of govt business over premium issues - Following the enforcement of the credit policy of “No Premium, No Cover” in the nation’s insurance industry and the inability of government to comply, insurance companies operating in the country have decided to back out of government businesses for the year, BusinessDay investigations have revealed. Source: - BUSINESSDAY Read More

FG Reiterates Importance of Power Reforms to Vision 20:2020 - The federal government has restated that the power sector reform through its liberalisation policy remains sacrosanct to the achievement of the economic growth plans embedded in Nigeria’s Vision 20:2020. Source: - Thisday Read More

FG Moves against Unhealthy Economic Fallouts of Power Asset Sales - The federal government has further justified its decision to adopt a sequential process in the payment of statutory severance benefits accrued to employees of defunct state power firm, the Power Holding Company of Nigeria (PHCN). Source: - Thisday Read More

Policy / Regulations

Clarification on the Requirements for Agent Banking In Nigeria - Please recall that the Agent Banking Guideline (hereinafter referred to as the Guideline) was released in February 2013, to guide the industry on the requirements and conditions for Agent banking in Nigeria. Source: - Proshare Read More


IFC to Launch $1 Billion Local-Currency Bond Program to Support Nigeria’s Capital Markets - IFC, a member of the World Bank Group, is working with the Securities and Exchange Commission in Nigeria to launch the first long-term, local-currency bond program in the country. The program will allow IFC to issue a series of local-currency bonds totaling up to $1 billion, to deepen domestic capital markets and support private sector development in Nigeria. Source: - Proshare Read More


CBN to inaugurate N200bn MSME fund Thursday - The Central Bank of Nigeria has said a N200bn Micro Small and Medium Enterprise Fund will be inaugurated on Thursday.The fund, which targets women entrepreneurs for 60 per cent intervention, has credit, insurance, capacity building and interest draw back elements. Source: - Punch Read More


NCC, NBC strengthen ties to foster technology development - The Nigerian Communications Commission (NCC) and the National Broadcasting Commission (NBC) have promised to work more closely to deliver the dividends of modern technology to the Nigerian people. Source: - BUSINESSDAY Read More

Capital Market­­­­
Proshare Daily Stock Picks for Tuesday, August 13, 2013 - These stocks below have experienced some unusual market activity, screened after last session (12 Aug 2013).  A daily review of the charts uncovers stocks that have recently started out on new trends, stocks breaking out of a consolidation pattern, or stocks that have had Positive breakouts for some other reason. Source: - Proshare Read More

Nigerian Stocks extend losing streak as speculators resume sell down trading - The equities market closed today on a negative note, as the NSE ASI depreciated by -0.59% to close at 37,813.43 points, compared with the depreciation of -0.49% recorded previously. Its Year-to-Date (YTD) return currently stands at +34.67%. Source: - Proshare Read More


Top-5 Nigerian Equities League for the week commencing 12th August, 2013 - The Nigerian Equities Market traded for only three days in the just concluded week ended 09/08/2013 due to the 2day Eid-El-Fitr holiday to commemorate the end of Ramadan. Expectedly, the market was down by 0.87% between 05/08/2013 and 07/08/2013 (the only trading days of the week) as profit takers fleshed out the market presumably in readiness for the long weekend. Source: - Proshare Read More

Investors Newsbeat

Forte Oil Plc takes a hit as investors take Strong Sell Positions - Forte Oil Plc experienced significant plunge by -9.8% to close lower at N39.65k as investors set out to take profit on the impressive price appreciation experienced in recent weeks. Source: - Proshare Read More


First Bank of Nigeria Concludes Debt Capital Raising - FBN Holdings Plc. today announces that its largest subsidiary, First Bank of Nigeria Ltd. ('FirstBank'), has concluded a debt capital raising exercise in the international markets through a US $300 Million subordinated Tier 2 transaction. The proceeds from the capital raising will be used by FirstBank for general banking purposes. Source: - Proshare Read More


GTBank Rated Top Financial Services Company - Guaranty Trust Bank plc (GTBank) has been recognised as a top Nigerian company in the banking industry according to African Business’ Annual Rankings Magazine. A statement from the bank indicates that the rankings which incorporates companies that are listed on African Stock Exchanges also includes those that are listed on other bourses elsewhere in the world and global giants listed on two or more of the Johannesburg, London, Sydney and New York exchanges. Source: - Leadership Read More


S&P Assigns ‘Stable’ Outlook on Skye Bank - A global rating agency, Standard and Poor’s (S&P), has assigned a ‘B/B’ counterparty credit and 'ngBBB/ngA-2' national scale ratings to Skye Bank Plc. The rating agency said the stable outlook assigned to the bank reflected the bank’s business and financial profile which it said would remain broadly unchanged over the next 12 months. It also predicted that the positive economic prospects in the country would further support the bank’s earnings growth. Source: - Thisday Read More


Oando Repositions Fuel Retailing, Builds More Mega Stations - Oando Marketing Plc, a subsidiary of Oando Group, is repositioning its fuel retailing with the construction of mega filling stations across the country. The petroleum marking company, last year changed the face of fuel retailing with the building of 10 mega stations in mega cities. The stations built in accordance with global trends in petroleum product retailing are strategically spread across the country. Source: - Thisday Read More


Money Market

The Nigeria Bond Watch - Review and Outlook @120813 - In line with our expectations, overall direction of the market during the review week was dictated by the treasury bills auction, the release of the August 2013 FGN bonds auction offer circular and the CRR debit.  Source: - Proshare Read More


CPSS and IOSCO issue report on authorities' access to trade repository data - The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published a report entitled Authorities' access to trade repository data. Source: - Proshare Read More



Nigeria’s 2012 petroleum exports valued at N15.1 trillion - THE Organisation of Petroleum Exporting Countries (OPEC) has put the value of Nigeria’s petroleum exports in 2012 at $94.64 billion (N15.1 trillion). OPEC in its Yearly Statistical Bulletin for 2012 released at the weekend put the country’s value of export at $142.52 billion and value of import at $35.71 billion. Source: - Guardian Read More


Shell targets new oil wells from Bonga expansion - THE Shell Petroleum Development Company (SPDC) has confirmed the development of Bonga Phase II and Bonga North West, which are expected to involve drilling of 19 new wells in the Oil Mining Lease 118 (OML 118). Source: - Guardian Read More


Agip loses 20,000bpd to oil theft - The Nigeria Agip Oil Company said on Monday in Yenagoa, Bayelsa State that it was losing 20,000 barrels of crude per day to oil theft.This, it said, necessitated the discussion initiated by the Bayelsa State Government with it on how to tackle the scourge. Source: - Punch Read More


Pipeline vandalism reduces power output by 1600MW - About 1,600 Mega Watts (MWs) of electricity have been lost to gas pipeline vandalism, the Minister of Power, Prof. Chinedu Nebo, has said. Nebo, who addressed reporters yesterday in Abuja, with Benue State Governor Gabriel Suswam, at the end of the joint meeting of the Niger Delta Power Holding Company (NDPHC) and the National Council on Privatisation (NCP) adduced political motives as some of the reasons behind gas pipelines’ vandalism. Source: - THE NATIONS Read More

Gold Snaps Four-Day Advance as Rally Hurts Demand; Silver Drops - Gold snapped a four-day advance as a rally to the highest level in almost three weeks damped demand and prompted some investors to sell. Silver declined. Source: - Bloomberg Read More



Dangote eyes more jobs via petro-agric business - PRESIDENT of Dangote Group, Aliko Dangote, has said that his foray into petrochemical and agric incustrial sub sector was part of his own contribution to reduce unemployment in the country, saying if more Nigerians are economically empowered through gainful employment, the poverty would have been reduced to a minimal level. Source: - Guardian Read More


APC to Jonathan: Go to court if you felt libelled - All Progressives Congress APC, Monday, asked President Goodluck Jonathan to go to court if he felt libelled by the description of his presidency as a kindergarten presidency by its Interim National Chairman, Chief Bisi Akande. Source: - Vanguard Read More

Rivers crisis: Anti-Amaechi lawmakers shun panel of inquiry - The five lawmakers in the Rivers State House of Assembly, who are opposed to Governor Rotimi Amaechi, on Monday, boycotted the sitting of the Commission of Inquiry probing the crisis in the state. Source: - Punch Read More

Jonathan in fence-mending meeting with PDP govs - President Goodluck Jonathan on Monday evening engaged some Peoples Democratic Party governors in what seemed to be a fence-mending  meeting. Source: - Punch Read More

Global Markets

BlackBerry goes up for sale after years of struggle in smartphone market - BlackBerry, once the global leader in smartphone technology, has put itself up for sale after years of falling sales and failed revamps. Once seen as so habit-forming its users dubbed it the "CrackBerry", Blackberry has suffered a calamitous decline as rivals revolutionised the business it did so much to start. On Monday the company previously known as Research in Motion (RIM) announced it had decided to "explore strategic alternatives". Source: - theguardian  Read More


Asia Stocks Rise for Fourth Day as Japan’s Topix Advances - Asian stocks rose for a fourth day, with Japanese shares gaining after the yen weakened as a report showed machinery orders beat estimates and amid a report Prime Minister Shinzo Abe is considering a corporate-tax cut. Source: - Bloomberg Read More


Working paper: The global effects of the euro debt crisis - This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Source: - European Central Bank Read More

Bathtub Model: Connecting The Dots Between The Real Economy And The Stock Market - During the early stages of Paul Volcker's war on inflation, I attended a presentation by an insightful investment advisor who used the analogy of a bathtub to link the economy's liquidity to the performance of investments and specifically, the stock market. The following discussion is based on a revised version of his model. Like a political cartoon, the model is grossly exaggerated and oversimplified. Nonetheless, it a useful tool in coming to grips with major issues confronting stock markets. Source: - Seeking Alpha Read More

Working paper: A market-based approach to sector risk determinants and transmission in the euro area  - In a panel data framework applied to Portfolio Distance-to-Default series of corporate sectors in the euro area, this paper evaluates systemic and idiosyncratic determinants of default risk and examines how distress is transferred in and between the nancial and corporate sectors since the early days of the euro. This approach takes into account observed and unobserved common factors and the presence of dierent degrees of cross-section dependence in the form of economic proximity.  Source: - European Central Bank Read More



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