Nigeria in 1min: Economic, Business & Financial Headlines – 100615



June 10, 2015 7:30 AM / Proshare News




Inflation in Nigeria is likely to increase to 8.8% from April’s 8.7% - Headline inflation in Nigeria is likely to increase to 8.8% from April’s 8.7%. This will be the highest rate of inflation recorded in 2015, if this forecast proves to be accurate; it will also be the highest since the impact of the subsidy reduction in 2012. This modest rise in inflation is surprising given the prolonged fuel scarcity, heightened insurgency activities of Boko Haram and the impact of the planting season.Source: Proshare Read More

Nigeria Needs Over $2.5tr To Bridge Infrastructure Gap – Group - The Institute of Appraisers and Cost Engineers (IA&CE), said on Tuesday, that Nigeria would require about $2.9 trillion investment in the next 30 years to close current infrastructure gap in the country. Source: Daily Independent Read More

‘Africans living on less than $2.50 a day spend $10 billion on energy’ - AFRICAN governments, investors, and international financial institutions must significantly scale up investment in energy to unlock Africa’s potential as a global low-carbon superpower. Source Guardian Read More

Aquaculture expansion across the country - Aquaculture has become increasingly popular across the country.  It is estimated that Nigeria imports 1.9 million metric tonnes of fish valued at N125bn (US$628m) per annum. Source Proshare Read More



Ekiti monarch leads protest against power outage - People of Iyin Ekiti community in Irepodun/Ifelodun Local Government Area of Ekiti State, led by the traditional ruler of the town, the Oluyin of Iyin, Oba Ademola Ajakaye, have protested against power cut by the Benin Electricity Distribution Company Source Punch Read More

Outrageous Bill: Residents Promise Not to Give up on Suit against EKEDC, NERC - Following the adjournment of the case filed against the Eko Electrical Distribution Company (EKEDC) and the Nigerian Electricity Regulatory Commission (NERC) over years of outrageous electricity bills, residents of Itire-Ikate in Surulere and Mushin communities in Lagos State have resolved not to give up in pursuit for justice and fairness Source Thisday Read More

Uncertainty over TCN as Manitoba management contract expires - As the contract awarded by the Federal Government to the Canadian firm, Manitoba Hydro International, to manage the Transmission Company of Nigeria expires next month, all concerned are waiting for the new administration to give direction as to whether it should be renewed or the firm should be privatised. Source Punch Read More


NSE introduces guidelines for online stock trading - A mid increasing number of stockbroking firms offering personalised online trading to individual investors, the Nigerian Stock Exchange (NSE) has issued a seven-point guideline on the operations of online stock trading by individual investors. Source THE NATION Read More

No Shift In BVN Deadline – NIBSS - The Director of the Nigeria Interbank Settlement System (NIBSS), Mr. Ade Shonubi, has said that there is no plan by the agency to extend the deadline date for the registration of the banks’ Biometric Verification Number (BVN) Source: Daily Independent Read More

Ghana SEC DG Lists Benefits of West African Markets Integration - The integration of capital markets in West Africa has become crucial for raising funds to finance economic activities in the region, the Director-General, Securities and Exchange Commission, Ghana, Dr. Adu Antwi, has said. Source Thisday Read More

Sentiments remain bearish as stocks end lower again - The equities market closed today on a negative note, as NSE ASI depreciated by -0.29% to close at 33,492.17 basis points, compared with the -0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.36% Source Proshare Read More


Banks’ Exposure to Oil Sector Raises Concern - Despite assurances by some deposit money banks (DMBs) that their exposure to the oil and gas sector will not affect their performances, financial market analysts have expressed asset-quality concerns about some of the loans to the sector. Source Thisday Read More

Airlines seek fresh lifeline from AMCON - Ailing and debt-ridden domestic airlines are seeking fresh lifeline running into billions of naira from the Asset Management Corporation of Nigeria, it has been learnt. Source Punch Read More

Climate Change: Nigeria Gets $30m From World Bank - As Nigeria marks the World Environment Day, the World Bank has said it is providing the sum of $30 million as critical support for Nigeria’s response to climate change. Source Leadership Read More


STANBIC under pressure, sets to break key SUPPORT at N28.00k - STANBIC recorded another moderate loss of -3.30% to extend the sell-down trend while investors maintained a negative sentiment towards the stock to close among bearish stocks on the Nigerian bourse. Source Proshare Read More

LOTUSHAL15 Declares 10kobo Interim Dividend Distribution - Lotus Halal Equity Exchange Traded Fund has notified The Nigerian Stock Exchange that it has received a ‘no objection’ letter from the Securities and Exchange Commission (SEC) to make an interim dividend of 10 kobo to unit holders. The dividend information is as stated below Source Proshare Read More

FLOURMILL Schedules EGM to Increase Authorised Share Capital - Notice is hereby given that an Extraordinary General Meeting of Flour Mills of Nigeria Plc (the "Company") will be held at Lantana Hall, Eko Hotel & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos on Wednesday 15th July, 2015 at 12 noon to consider and if thought fit, approve with or without modification, the following sub-joined resolutions as ordinary resolutions Source Proshare Read More

Flour Mills to raise N40b - Flour Mills of Nigeria Plc, Nigeria’s most capitalised and largest flour-milling company, plans to raise about N40 billion from existing shareholders as the flour miller seeks to consolidate recent investments and support ongoing corporate restructuring with long-term funds. Source THE NATION Read More

UPDATED: The Calendar of Upcoming Annual General Meetings by Listed Companies as @090615 - Source Proshare Read More

FCMB disburses N122m to MSMEs - First City Monument Bank (FCMB) Limited has disbursed  additional N122 million to Micro, Small and Medium Scale Enterprises (MSMEs). The amount is expected to grow in the coming months. Source THE NATION Read More

Pharma-Deko boosts capital base with N210m - Pharma-Deko Plc raised N210 million from its recent rights issue, recording a major lift in its efforts to deleverage its balance sheet and upgrade its production facilities. Source THE NATION Read More

CSCS holds 21st AGM, pays 27k dividend to shareholders - The Central Securities Depository for Nigeria, the Central Securities Clearance Systems Plc held its 21st Annual General Meeting, were shareholders approved the proposed 27k dividend payment by the board. Source WebTVNG Read More

Mergers & Acquisitions

Nigeria records 24 mergers, acquisitions - Nigeria recorded 24 mergers and acquisitions in 2014, driven largely by the continuing divestments by banks from non-core financial services.Total value of the mergers and acquisitions was put at some N500 billion, according to one analyst’s estimate. Source THE NATION Read More


Nigeria’s E-Commerce Sector to Worth N2.5trn by 2018 - As more Nigerians patronise online retail platforms following the Central Bank of Nigeria (CBN) cash-lite agenda and the Federal Government of Nigeria’s national broadband policy 2013-2018, the Nigerian electronic commerce sector is expected to expand further to as much as $13 billion (N2.5 trillion) in value, THISDAY findings have revealed. Source Thisday Read More

Online stores turnover hits N1.5b monthly - Online stores, such as Konga and Jumia have achieve about $2 million turnover per week (about N1.5 billion  monthly), FBN Capital, an investment and research firm, has said. Source THE NATION Read More

BoI boosts SMEs with digital apps - The Bank of Industry (BoI) has released five digital applications that will enhance development among the over 2,500 Small and Medium Enterprises (SMEs) that are linked to the bank’s website. Source THE NATION Read More

Low internet capacity hinders some apps to work in Nigeria –WaveTek - Low internet capacity has been identified as one of the factors hindering the functionality of some computer applications in Nigeria. Source Daily Trust Read More


UNITYBNK Appoints Temisan Tuedor as Executive Director - Unity Bank Plc (“the Bank”) has notified The Nigerian Stock Exchange that the Central Bank of Nigeria (CBN) has approved the appointment of Mr. Temisan Tuedor as an Executive Director of the Bank. - Source Proshare Read More

50% of Nigerians need social housing —Experts -  Stakeholders in the real estate financing sector have said that more than 50 per cent of Nigerians cannot afford homes developed by private sector investors and, therefore, need social housing. Source Punch Read More

Dangote urges African leaders on job creation, poverty reduction - African leaders have been advised on job creation and poverty. Achieving real economic integration in Africa would require that Africans work together to ensure economic and political stability on the continent, Dangote Group President Aliko Dangote said at the weekend. Source THE NATION Read More


Zenith Bank wins global awards in customer service, corporate governance - Zenith Bank Plc has won global recognitions for its quality services and strong corporate governance. Zenith Bank won two awards in the Global Banking & Finance Review awards for the year. Source THE NATION Read More

UBA Wins Social Infrastructure Deal Award - United Bank for Africa (UBA) Plc has won the African Investor (Ai) Social Infrastructure Deal of the Year award. The award was announced at the Ai CEO Infrastructure and Sovereign Investment Summit in Cape Town, South Africa. Source: Daily Independent Read More


Recover N4trn from oil firms, NEITI tells Buhari - Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, indicted oil and gas companies operating in Nigeria of defrauding the country to the tune of $19.1 billion, about N3.82 trillion, over the last couple of months, calling on President Muhammadu Buhari to ensure the recovery of the money from the companies. Source Vanguard Read More

N8bn CBN fraud: EFCC opposes bail for accused - AS the trial of some bankers, including the staff of Central Bank of Nigeria and some commercial banks over alleged fraud amounting to N8 billion continues, the Economic and Financial Crimes Commission, EFCC, has urged the Federal High Court in Ibadan to reject their bail applications, noting that the accused persons might jump bail due to the weighty allegations against them. Source Vanguard Read More

Another Judge Orders 10 Bankers Remanded in Prison over N8bn Currency Scam - It is not yet Uhuru for another batch of 10 out of the 22 bankers currently undergoing trial following their arrest by the Economics and Financial Crimes Commission (EFCC), over allegation of recycling N8billion mutilated currency notes meant for destruction as another Federal High Court sitting in Ibadan and presided over by Justice Nathaniel Ayo-Emmanuel, yesterday fixed ruling on their bail applications on Monday, June 15. Source Thisday Read More

Defence Stalls Trial on N1bn GIFMIS Fraud - The trial of two officials from the Office of the Accountant General of the Federation implicated in Economic Reforms and Governance Project contract fraud, Dogonyaro Audu (aka Abdullahi Dogonyaro Mohammed) and Yahaya Ayodeji, was stalled on Tuesday in Abuja due to the unpreparedness of their counsel, Abubakar Sadiq Oderiku, forcing the trial judge, Justice Yusuf  Halilu of the High Court of the Federal Capital Territory, Jabi to adjourned the trial to June 25, 2015. Source Thisday Read More


APC kicks, says emergence of Saraki, Dogara as Senate President, House Speaker unacceptable - The All Progressives Congress (APC) has described as totally unacceptable and the highest level of indiscipline and treachery the conduct of Tuesday’s inauguration of the National Assembly that led to the emergence of Senator Bukola Saraki and Hon Yakubu Dogara as Senate President.and Speaker of the House of Representatives, respectively. Source Vanguard Read More

President Muhammadu Buhari Reacts To Election Outcomes Of Leaders Of The National Assembly - This Tuesday a statement issued by the Special Adviser (Media and Publicity) to the President, Mr. Femi Adesina, said the president would have preferred that the APC process of electing leaders been followed Source Proshare Read More


A Speech Presented by Senator Saraki on the occasion of His Swearing-In as President of the Senate - Distinguished Colleagues, Senators of the Federal Republic of Nigeria, I am most honoured and privileged to be elected from among such distinguished men and women of your caliber to serve you as President of the Senate. Source Proshare Read More

Jega to Retire with Seven National Commissioners, 16 RECs - Indications have emerged on Tuesday that Professor Attahiru Jega would retire alongside seven National Commissioners and 16 Resident Electoral Commissioners (RECs) by the end of the month. Source Thisday Read More

G7 Expresses Support for Buhari - The Group of 7 (G7) industrialised nations have resolved to support President Muhammadu Buhari.The group said it acknowledged the manner of Buhari's emergence as president, as well as the monumental challenges confronting his government, especially in its efforts at combating the Islamist terrorists group, Boko Haram. Source Thisday Read More


Crude Swap: Nigeria Earned $62.9b In 2012 – NEITI - The Nigeria Extractive Industries Transparency Initiative (NEITI), on Tuesday in Abuja, noted the increasing public concerns over fraudulent activities in the management crude oil swaps over the years. Source Daily Independent Read More

Sahara Group states position on offshore processing agreement & unfolding events in the Oil&Gas sect - Our attention has been drawn to the article in This Day Newspaper published in Nigeria on the 7th of June 2015 with the headline: "Oil Traders, NNPC officials Interrogated, Watch Listed in Major Investigation." Source Proshare Read More

Vandals attack Lagos pipeline, may worsen fuel scarcity - Suspected vandals have severed a petroleum pipeline, forcing the Nigerian National Petroleum Corporation (NNPC) to shut down  its Ije dodo pipeline  facility in the outskirts of Lagos. Source Daily Trust Read More

NPDC’s gas production hits 430mmscf/d - Nigerian Petroleum Development Company (NPDC) has steadily ramped up production from 270MMSCF/D and 60MMSCF/D to 360MMSCF/D and 70MMSCF/D for Utorogu NAG 1 and Ughelli East (UGHE) plants respectively. Source Guardian Read More

NNPC Investigates Vandalised Pipeline - The Nigerian National Petroleum Corporation (NNPC) said it has launched full scale investigation into its vandalised Ije Ododo pipeline. Source Leadership Read More

NNPC Pipeline Explodes as Vandals Strike Again - An explosion on Tuesday rocked the Nigerian National Petroleum Corporation (NNPC) pipeline at Ije Ododo area of Lagos State, after some vandals again tampered with the pipelines. Source Leadership Read More

LPG operators lose N6.6b to strike - The LiquefiedPetroleum Gas (LPG) sub-sector of the oil industry may have lost an estimated N6.6 billion to the last oil workers’ strike. Source THE NATION Read More


Asia shares wallow near three-month lows on Fed anxiety, Greece - Asian shares made a tentative rebound from three-month lows on Wednesday though the specter of higher borrowing costs in the United States and concerns about the apparent lack of progress in talks between Greece and its creditors sapped confidence. Source Reuters Read More

Intel launches investment fund for minority, women-led firms - Intel is launching a $125-million investment fund for technology startups led by women and minorities, a move the chipmaker says is aimed at changing the face of Silicon Valley. Source LA TIMES Read More

S&P 500 at Smallest Price Range in 20 Years - A deer in headlights is stuck in place and too overwhelmed to act. So too are stock investors as they await action from the Federal Reserve. Source Bloomberg Read More

Young and Old Fight Over Jobs in Korea as Generation Gap Widens - With youth unemployment near a 15-year high and the government planning to raise the retirement age, intergenerational conflict over jobs is rising in South Korea Source Bloomberg Read More

A $3 Trillion Traffic Jam Is Seen Looming in Credit by Citigroup - For all the concern that Wall Street’s shrinking balance sheets will fuel a liquidity crisis when investors flee credit markets, Citigroup Inc. strategist Stephen Antczak says investors may be overlooking an even bigger catalyst. Source Bloomberg Read More

HSBC to Shed 50,000 Jobs in Overhaul of Global Business - Like other global institutions, HSBC, Europe’s largest bank, has been under severe pressure since the 2008 financial crisis to cut costs, meet stringent new regulatory demands and satisfy restless shareholders. Source DEAL BOOK Read More

Ghana says $15 bln needed over 10 years to close infrastructure gap - Ghana requires some $15 billion over the next decade to plug a gap in its infrastructure, Vice President Kwesi Amissah-Arthur said on Tuesday, after flooding in Accra last week exposed problems with creaking public services. Source Reuters Read More

Egypt signs $4.6 bln construction deal with Arabia Group - Egypt's housing ministry signed a construction deal worth about 35 billion Egyptian pounds ($4.6 billion) with Egyptian real estate developer Arabia Group, a statement from the Cabinet said on Tuesday. Source Reuters Read More

Kenya's central bank raises benchmark lending rate to 10 pct - Kenya's central bank raised its benchmark lending rate by 150 basis points to 10 percent on Tuesday, a slightly higher increment than market expectations of action to support the battered shilling. Source Reuters Read More


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