Nigeria in 1min: Economic, Business & Financial Headlines – 100815




August 10, 2015 7:30 AM / Proshare News


Govt opens Treasury Single Account for NNPC, FIRS, Customs, others - ALL monies accruing to the Federal Government will henceforth be remitted into a Treasury Single Account (TSA), it was learnt yesterday. Source Thisday Read More

Nigeria goes back to the Future : Market vs. Control Economy - LBS Executive Report - August 2015 - The CBN has come out with a rash of new regulations to defend the naira, the latest being the suspension of dollar cash deposits into domiciliary accounts in Nigeria. The naira has swung like a pendulum in the parallel market between N208 and N245. Source Proshare Read More

FIRS Collects N2.374tr In Seven Months - The Federal Inland Revenue Service (FIRS) at the weekend said it collected a total of N2.374 trillion in taxes within the first seven months of this year, representing 89 per cent success rate. Source Daily independent Read More

PTAD Eliminates 3,000 Ghost Pensioners - The Pension Transitional Arrangement Directorate (PTAD) has revealed that its recent verification exercise for retired police pensioners led to the elimination of 3,000 ghost pensioners from its system. Source Thisday Read More

Ghana overtakes Nigeria in yam exports - Ghana has overtaken Nigeria in yam exportation as the quality of the produce from Nigeria has dropped due to high dependent on traditional planting system, the International Institute of Tropical Agriculture has said. Source Punch Read More

50% of Insurance Firms on Sale Block - Over 50 per cent of licensed insurance firms in Nigeria are  believed to be on the sale block  currently as a result of lack of liquidity injection by their directors, THISDAY investigation has revealed. Source Thisday Read More

Finally, Traders Get 60-Day Ultimatum to Quit Alade Market - After five years of sustained resistance, over 1,000 legal and illegal traders in Alade Market, Ikeja at the weekend unanimously agreed to the ultimatum which directed them to relocate to newly constructed alternative place within 60 days. Source Thisday Read More

Discos’ payments rise to 68% - The Nigerian Bulk Electricity Trading Plc (NBET) has said the 11 Distribution companies (Discos) are now raising their monthly bulk payment for power supply to over 68percent in August. Source Daily Trust Read More

Lagos, electricity firms seek special court for power thieves - The Ikeja Electric (for merly Ikeja Electricity Distribution Company (IKEDC), Eko Electric Distribution Company (EKEDC) and the Lagos State government are holding talks on how to ensure that a special court for electricity equipment thieves and vandals is established, The Nation gathered at the weekend. Source Thisday Read More

CBN orders banks to refund withdrawal charges in 30 states - The Central Bank of Nigeria, CBN has ordered banks in the country to refund charges made on customers for daily cash withdrawal or deposits exceeding set limit in the 30 states that full cashless policy transactions has not taken place. Source Vanguard Read More

Tax evasion: FIRS to introduce new rules - The Federal Inland Revenue Service says it will crack down on tax evaders by denying access to banking facilities for individuals and companies that fail to join its register. The Chairman, FIRS, Mr. Sunday Ogungbesan, told a forum in Lagos on Friday that there were more than 440,000 companies in the country but only about Source Punch Read More

CBN directs banks to prioritise forex demand for fees, others - The Central Bank of Nigeria (CBN) has directed authorised foreign exchange dealers to give priority to customers seeking foreign currency for payment of school fees and personal allowances for overseas travels. Source THE NATION Read More

CBN to resuscitate textile industry - The Central Bank of Nigeria (CBN) disclosed on Friday that it is working out modalities to provide funding under the Real Sector Support Facility (RSSF) for the revitalisation of the ailing Cotton Textile and Garment (CTG) industry. Source THE NATION Read More

Sentiment Analysis Report - W/E August 07, 2015  - Analysis of the market activity in the week ended August 07, 2015 technically revealed renewed optimistic activities, with a tint of speculative tendency as both investors and short term traders took advantage of low and attractive prices across board. Source Proshare Read More

NSE-ASI up by 4.18%WoW amid growing speculative tendency - The equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 31,441.71basis points, compared with the 0.29% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.28% Source Proshare Read More


Trading, Oil & Gas Sectors Lead List of Banks' Bad Debtors - As commercial banks in the country continue to name and shame defaulting customers, THISDAY’s assessment of 16 banks which published their list of bad debtors last week, has shown that the total amount of non-performing loans (NPLs) in the banking sector stands at N238 billion. Source Thisday Read More

Banks cut interest on non-performing loans for customers - Deposit Money Banks slashed as much as 40 per cent of the interest element of non-performing loans to get some debtor customers committed to certain repayment terms, it was leant on Sunday. Source Punch Read More

PTA /BTA Sales and Review of Intl Spending Limits on Naira MasterCard - GT bank will be commencing the sale of Personal and Business Travel Allowance (PTA & BTA) from Monday, 10th August 2015 at select branches across the country. Source Proshare Read More

Transcorp to merge power subsidiaries - Transnational Corporation of Nigeria Plc plans to merge its power business subsidiaries, Transcorp Ughelli Power Limited and Ughelli Power Plc. Source Punch Read More

Stanbic IBTC shareholders approve new dividend option - Stanbic IBTC Holdings Plc says a proposal by the Board of Directors for shareholders to receive new ordinary shares, instead of the whole or any part of the interim dividend to be declared for the financial year ending December 31, 2015, has been approved by the shareholders. Source Punch Read More

Corporate Earnings for the Week Ending August 7, 2015- Source Proshare Read More



Nigeria’s Policy Direction Will Soon be Clear, Moghalu Tells Foreign Investors - A former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Chiedu Moghalu, has advised global economic players, investors and capital allocators not to fret over Nigeria’s delayed cabinet appointments. Source Thisday Read More

Ban on Foreign Cash Deposits Creates Four Forex Market Segments - The recent decision by the Central Bank of Nigeria (CBN) to proscribe the acceptance of forex cash deposits by commercial banks operating in the country has created four forex market segments. Source Thisday Read More

Skye Bank Attains IT, Security Management Certification - Skye Bank Plc said it recently attained three International Standard Organisation (ISO) certifications from the British Standard Institution Source Thisday Read More

Corruption: Buhari orders MDAs to operate Treasury Single Account - To ensure transparency and accountability in the operations of public accounts,  Muhammadu Buhari has ordered the Ministries, Departments or Agencies, MDAs, under the Federal Government to run a Treasury Single Account, TSA, which will be domiciled at the Central Bank of Nigeria, CBN. Source Vanguard Read More

Buhari orders EFCC to trace funds stolen under Jonathan - President Muhammadu Buhari has directed the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission to compile documents on funds stolen under President Goodluck Jonathan. Source Punch Read More

President to head ministry of petroleum for 18 months - President Muhammadu Buhari is set to head the Ministry of Petroleum for 18 months before appointing a substantive minister for the ministry Source Punch Read More

Buhari Will Investigate Contracts for Supply of Military Weapons - The presidency last night  said President Muhammadu Buhari would launch a thorough investigation into the awards of contracts for the supply of military weapons in the recent past. Source Thisday Read More

Buhari Constitutes Advisory Committee on Anti-corruption - Named as the Presidential Advisory Committee on Anti-corruption, investigation by THISDAY reveals that the committee will be formally inaugurated this Monday at the Presidential Villa in Abuja. Source Thisday Read More

Buhari blasts Akpabio, others, says corrupt APC, PDP members must face trial - President Muhammadu Buhari has reacted to claims by the 49-member Senate Caucus of the Peoples Democratic Party which on Thursday kicked against the current administration’s war against corruption, claiming it was selective and lacked transparency and fairness. Source Premium Times Read More

P-Harcourt refinery to reduce fuel import by 40% - The New Port Harcourt Refining Company, PHRC 2, is now ready for the production of more premium motor spirit, PMS, popularly called petrol, and will reduce fuel import by 40 per cent when fully operational. Source Vanguard Read More

FG’s PMS Import Drops By 40% - Hope of petroleum products’ supply stability is about to be accomplished as the major contractor handling key rehabilitation of the Port Harcourt refinery, Chrome Oil Services, has assured that importation of premium motor spirit (PMS), also known as petrol, would drop by about 40 per cent as critical unit of the refinery begins operation this week. Source Leadrship Read More

Court restrains NUPENG from picketing CBN - The National Industrial Court of Nigeria (NICN) has restrained the National Union of Petroleum and Natural Gas Workers (NUPENG7) from picketing the Central Bank of Nigeria (CBN). Justice Peter Lifu, who gave the ruling in Abuja, also granted leave to the claimant to issue and serve its originating process. Source Vanguard Read More

Kachikwu Invites Traders on Oil Swaps, OPAs, Funds Recovery - Following the carte blanche given by President Muhammadu Buhari to clean up the Nigerian National Petroleum Corporation (NNPC) and plug the leakages in the state-run oil firm, its new Group Managing Director, Dr. Emmanuel Kachikwu, will from this week start inviting oil traders who were awarded crude oil swaps and offshore processing contracts by NNPC during the administration of President Goodluck Jonathan. Source Thisday Read More

Asia Stocks Swing as Aussie, Copper Slide on China; Oil Retreats - Asian stocks swung between gains and losses and the Australian dollar slipped after a slump in Chinese exports and producer prices. Copper fell, while crude oil retreated toward this year’s low after U.S. producers added rigs. Source Bloomberg Read More

For Norway, Oil at $50 Is Worse Than the Global Financial Crisis - When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That's another story. Source Bloomberg Read More

Tanzania to invest $380 mln over eight years in cash-starved farm sector - Tanzania will invest 800 billion shillings ($380 million) over the next eight years in a new state-run agriculture bank to boost growth in the sector, which has long been stifled by low productivity and a lack of financing. Source Reuters Read More

Egyptian pound steady at official auction, exchange bureaus - Egypt's central bank kept the pound steady at 7.73 per dollar at a foreign exchange auction on Sunday. The currency was also steady at exchange bureaus. Source Reuters Read More

Togo's economic growth to average 5.5 pct through 2018 - IMF -  Togo's economy will grow by an average of 5.5 percent between this year and 2018, up slightly from 5.4 percent over the 2013/14 period, the International Monetary Fund said in a statement on Friday. Source Reuters Read More






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