Nigeria in 1min: Economic, Business & Financial Headlines – 090316



March 9, 2016 7:30 AM / Proshare News


Nigeria's GDP Grows by 2.11% in Q4'15; Lower by 0.73% from Growth Recorded in Q3'15 - In the Fourth Quarter of 2015, the nation’s Gross Domestic Product (GDP) grew by 2.11% (year-on-year) in real terms. This was lower by 0.73% points from growth recorded in the preceding quarter and also lower by 3.83% points from growth recorded in the corresponding quarter of 2014. Quarter on quarter, real GDP increased by 3.10% Source Proshare Read More

Naira Volatility Undermines Economic Stability – FDC - The naira has oscillated like a swinging pendulum in February. After going as low as N405/$, it has recovered to N320/$ this week. Investors, traders and manufactures are jittery as to if and when an official currency adjustment is likely to happen. At the official window, the CBN is publishing a list of beneficiaries of IFEM, but the market remains wary. Source Proshare Read More 

FG plans 50,000-hectare grazing reserve in 6 months - The Minister of Agriculture, Chief Audu Ogbeh, yesterday said in order to stop the perennial conflicts between herders and farmers, the federal government had decided to grass-up 50,000 hectares of land in the next six months across the northern belt. Source Punch Read More 

Domestic workers, artisans to pay tax in Lagos - The Lagos State Government says it has commenced a process to extend tax payment obligation to domestic workers and artisans in the state. Source Punch Read More 

LASG shuts 2 companies for tax evasion - THE Lagos State Internal Revenue Service (LIRS) has shut two companies for alleged failure to remit a N4.01 million Personal Income Tax of their employees to the state government. Mrs Ajibike Oshodi-Sholola, Head, Distrain Unit of the LIRS, said this after a state-wide tax law enforcement in Lagos on Tuesday. Source Vanguard Read More 

LIRS achieves N24.5b monthly IGR - Lagos Internal Revenue Service (LIRS) generated N24.5 billion as the state’s Internally Generated Revenue (IGR) for January this year, the state Finance Commissioner, Mustapha Akinkunmi has said. Source THE NATION Read More 

Govt to audit NIMASA, NPA, other maritime agencies - The Nigerian Maritime Administration and Safety Agency, Nigerian Ports Authority, National Inland Waterways Authority, Nigerian Shippers Council and other maritime industry agencies will from next week undergo a performance audit. Source Punch Read More 

Govt promises modern railway system - The Federal Government has promised to deliver an efficient railway system that attract more passenger and freight traffics and reduce the pressure on the road. Source Punch Read More 

Customs impound 2,000 cartons of poultry products - The Nigerian Customs Service, Federal Operations Unit, Zone “C” Owerri, Imo State has impounded a container of 2,000 cartons of imported frozen poultry products. They were concealed in 3,300 packs of Lacasera drinks with a Duty Paid value of N53.3m. the products were seized on Benin highway in Edo State. Source Punch Read More 

Leasing business in Nigeria records N4.83 tr turnover in 15 years
- Equipment leasing business in the country has recorded N4.83 trillion turnover in the last 15 years. Source Guardian
Read More 

FG, states to consider alternatives to naira devaluation - The Federal Government and the 36 states are set to consider alternatives to the devaluation of the naira as the decline in the value of the local currency continues to batter the economy, Governor Nasir El-Rufai of Kaduna State has said. Source Punch Read More 

Elizade to assemble JAC cars, opens N394m showroom - Elizade Nigeria Limited says it will soon begin to assemble the JAC brand of vehicles in the country.The Managing Director of the company, Mr. Demola Ade-Ojo, said this on Tuesday in Lagos at the launch of an auto centre exclusively meant to market the JAC brand of vehicles. Source Punch Read More 

Passengers rate Nigeria’s airports experience low – Survey - A research conducted by local travel booking website Travelstart has revealed that passengers are dissatisfied with their experiences at Nigeria’s airports. Source Daily Trust Read More 

Dwindling Revenues: Economist Wants Bailouts For Manufacturers - In a bid to cushion the effects of the economic instability in the manufacturing industry, the Director of Economic Management, Centre for Management Development (CMD), Lagos, Dr Mike Onodje yesterday called on the federal government to provide bailout funds for manufacturers. Source Leadership Read More 

Ireland Returns 5 Containers Of Beans Exported From Nigeria - Five containers of beans exported from Nigeria to the Republic of Ireland have been rejected and returned by the importers after the products were received with heaps of weeviles. Source Leadership Read More 

Manufacturers lobby CBN for forex - The pressure from foreign exchange scarcity on the real sector, has prompted the leadership of the Manufacturers Association of Nigeria (MAN) to approach the Central Bank to consider  direct sale of dollars to its members. Source THE NATION Read More 

Nigeria records 21.6% foreign portfolio deficit amidst forex strain - Foreign portfolio investments (FPI) in Nigeria have continued to dwindle as latest investment report indicates that Nigeria recorded about 21.6 per cent foreign portfolio investment deficit in January 2016. Source THE NATION Read More 

NSITF transfers N9.01b contributors’ fund to Trustfund Q2, 2015 - The Nigeria Social Insurance Trust Fund (NSITF) has transferred N9.01 billion pension contributions to 124,871 members Retirement Savings Account (RSAs) managed by Trustfund Pension Plc as at the Second Quarter of last year. Source THE NATION Read More 

Africa needs more money to solve its energy problem, says ADB - With Nigeria and other country grappling with energy challenge, African Development Bank President, Akinwumi Adesina said a lot more needs to be done given Africa’s energy potential and the huge needs to be met. Source THE NATION Read More 

BPE seeks commercialisation of River Basins - The Minister of Water Resources, Sulaiman Adamu has pledged the total willingness of the Ministry to work with the Bureau of Public Enterprises (BPE) to ensure the successful commercialisation of the country’s River Basin Development Authorities (RBDAs) in line with the RBDAs Act of 1987 and Commercialisation framework approved by the National Council on Privatisation (NCP). Source THE NATION Read More 

FG, States Mull Retreat on Alternative to Naira Devaluation - The federal government and 36 states governors are considering organising a retreat to consider alternatives to the devaluation of naira which the presidency and the Central Bank of Nigeria (CBN) have completely rejected Source Thisday Read More 


NAICOM Issues Operational Licence to Stanbic IBTC Insurance Brokers - The National Insurance Commission (NAICOM), has granted operational licence to the Stanbic IBTC Insurance Brokers to commence insurance services in Nigeria. Source Thisday Read More


Profiteering hits stocks after 7.84% gain in 8 straight days rally -  The equities market closed today on a negative note, as NSE ASI depreciated by 0.53% to close at 25,755.01basis points, compared with the 0.27% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.08% Source Proshare Read More 

Asia shares retreat from two-month high on China, oil concerns - Sharp losses in Chinese stocks pulled Asian equities further away from two-month highs on Wednesday, as weak trade figures from the world's second-biggest economy and a retreat in oil prices revived concerns about global growth. Source Reuters Read More

CWG Announces Profit Warning for Full Year Ended 31st December 2015  - Following the preliminary review of the Group’s Management Accounts, the Board of Directors of Computer Warehouse Group Plc hereby announces that it expects to incur a number of significant one-off charges that will contribute to an overall loss for the financial year ended 31 December 2015: Source Proshare Read More

Invest in FGN Monthly Bond Auction – March 2016 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for Source Proshare Read More

FBNQuest creates diversification and US Dollar investment opportunities locally - In a bid to proactively address the need for credible alternatives to invest local and USD denominated funds, the Asset Management business of FBNQuest (a part of the FBN Holdings Group), has launched two new mutual funds - the FBN Nigeria Smart Beta Equity Fund and the FBN Nigeria Eurobond (USD) Fund. Source Proshare Read More

Foreign investors and other foreign investors - The fixation of offshore portfolio investors with the CBN’s exchange-rate policy does not extend to corporate Nigeria. This was our conclusion from the first day of The Economist’s conference in Lagos (The dawn of a new day?). Source Proshare Read More 

JAIZ Bank Concludes Plan To Open 10 Branches By Year End - Jaiz Bank Plc, the pioneer non-Interest (Islamic) bank in Nigeria, has concluded plans to go national, its management has said. Source Leadership Read More 

Dangote Sugar secures global food safety certification - Nigeria’s foremost sugar refinery, Dangote Sugar Refinery, has successfully obtained the Food Safety Systems (FSSC 22000) Certification). Source Daily Trust Read More 

Dangote Group Controls 43% of Nigerian Stock Market - Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, controls 43 per cent of the Nigerian stock market, THISDAY checks revealed on Monday. Dangote, Mike Adenuga Jr, Femi Otedola, Folorunsho Alakija, and Abdulsamad Rabiu recently made the list of Forbes 2016 world’s billionaires. Source Thisday Read More 

Kachikwu unbundles NNPC, appoints 7 CEOs, moves to stop fuel importation - The Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, has unbundled the organisation into five Business and two services components. Source Vanguard Read More 

Nigeria To End Petrol Imports In 18 Months – Kachikwu - The minister of state for petroleum resources, Dr Ibe Kachikwu, has disclosed the federal government’s plans to end the importation of petrol within the next 18 months. Source Leadership Read More 

Brent hits 3-month high on hopes for producer price support - Oil prices rose one per cent on Tuesday with benchmark Brent prices hitting a three-month high on hopes for a coordinated approach by major producers to support prices. Brent crude futures were trading at 41.43 dollars a barrel, their highest since Dec. 9, up 59 cents on the day. Source Vanguard Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – January 2016 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). The table below shows an analysis of transactions on The Exchange at the end of January 2016. Source Proshare Read More 

AFRIPRUD Proposes 43 Kobo Final Dividend for 2015 Financial Year - Africa Prudential Registrars Plc has proposed a final dividend of forty-three (43) Kobo per share to the delight of its shareholders. This final dividend rounds up to sixty (60) Kobo total dividend for 2015 financial year, having paid an interim dividend of seventeen (17) Kobo on August 31, 2015 after releasing its half year financial results. Source Proshare Read More 

NSE National Council Renews Ade Bajomo’s Contract for Second Five year Term  - The Nigerian Stock Exchange (“The Exchange” or “NSE”) is pleased to announce today that its National Council has approved the contract renewal of Mr. Ade Bajomo, for another term of five years as Executive Director, Market Operations and Technology, pursuant to a new employment agreement to be effective on 23rd May 2016. Source Proshare Read More 


South Africa's current account gap widens, raises likelihood of rate hike -  South Africa's current account deficit widened more than expected on Tuesday, pushing the currency lower while raising the likelihood of a second interest rate hike next week as the central bank fights to keep inflation in check. Source Reuters Read More


Algeria's Sonatrach to invest $3.2 bln in pipelines - Algerian energy company Sonatrach will invest $3.2 billion over four years to increase pipeline capacity as natural gas output rises from new and existing fields, a top company official said on Tuesday. Source Reuters Read More


Zimbabwe-India venture to build 30 MW hydro-power plant - Zimbabwe's state-owned power producer has picked a local company and two Indian firms to build a $128 million hydro-power plant to generate 30 megawatts of electricity, an official said on Tuesday. Source Reuters Read More


Japan, South Korea firms win contract to build $800 mln Botswana power plant -  A joint venture by Japan's Marubeni Corporation and South Korea's Posco Energy has won an $800 million tender to expand Botswana's Morupule B power plant by an extra 300 megawatt (MW), a government notice said on Tuesday. Source Reuters Read More 



Intel & Partners outline plans to drive Nigeria’s economy through ICT - In the 21st century the nexus between technology and economic growth, has become increasingly evident as countries who are tech-driven have emerged strategic economic drivers. Source Proshare WebTV Read More

MTN in talks with Nigeria regulator to cut $3.9 bln fine and plan payment: Buhari - South African telecoms company MTN is in talks with Nigeria's telecoms regulator to reduce the $3.9 billion fine imposed for its failure to disconnect unregistered sim cards and arrange gradual payment, President Muhammadu Buhari said on Tuesday Source Reuters Read More 

Tax evasion: FG to probe mobile operators’ revenues - The Federal Government says it will use new technologies to audit the revenues made by telecommunications companies if they continue to deny it of legitimate taxes and levies through underreporting of what they earn in the country. Source Punch Read More

Telecom Operators Get Riot Act Over Fraudlent, Unauthorised Charges - The minister of communications, Mr Adebayo Shittu, yesterday, threatened to severely sanction GSM network operators over fraudlent and unauthorised charges. Source Leadership  Read More

Porting Activities Reduced To 29,515 In January – NCC - The Nigerian Communications Commission (NCC) on Tuesday said that telecommunications operators engaged in 29,515 Mobile Number Porting (MNP) activities in the month of January 2016. Source Leadership  Read More


NTEL Begins Number Reservation For 4G Subscribers - Nigeria’s advanced 4G/LTE network operator, NTEL, has announced an exciting pre-launch opportunity to early pre-subscribers as it prepares to enter the market. Source Leadership  Read More

`Brexit' Nerves Cost This London Tech Startup $142,000 Already - The co-founder of friend-finding app Sup was trying to secure funding to grow his London-based startup and thought he had good news when an offer came from a German firm to kick in 100,000 pounds ($142,000). Then British Prime Minister David Cameron called a referendum on membership in the European Union for June 23. With polls showing the result could be close, the investor backed out. Source Bloomberg Read More



FG, Switzerland agree on repatriation of $321m Abacha loot - The Federal Government and the Swiss Government have signed an agreement that would facilitate the repatriation of the N63.9 billion ($321 million dollars) looted funds stashed in Swiss banks Source Daily Trust Read More 

Kogi gov’ship: Tribunal adjourns consolidated applications to Mar 14 -Pre-hearing at the Kogi State Governorship Election Petitions Tribunal in Abuja, has  been adjourned to March 14 to enable parties consolidate their  applications in the six petitions challenging the emergence of Alhaji Yahaya Bello as governor. Source Daily Trust Read More 

...Reps oppose unbundling of NNPC - The House of Representatives yesterday opposed the unbundling of the Nigerian National Petroleum Corporation (NNPC) describing it as unconstitutional. Source Daily Trust Read More 

Aregbesola Creates 31 Additional LCDAs In Osun - The Governor of Osun State, Ogbeni Rauf Aregbesola yesterday announced the creation of additional 31 new local council development areas, (LCDA), 3 area councils and 2 administrative offices to complement the existing 30 local government areas in the state. Source Leadership Read More 


 Stakeholders discuss “Intel Initiative” to drive ICT growth in Nigeria

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