Nigeria in 1min: Economic, Business & Financial Headlines – 110815



August 11, 2015 7:00 AM / Proshare News


Buhari wants NPC, NIMC, INEC, FRSC, others, to harmonise biometric data - President Muhammadu Buhari on Monday in Abuja charged government agencies to harmonize the collection and usage of biometric data in the country, instead of replicating their efforts in this regard. Source Premium Times  Read More

FG, KTSG Commission Digital Knowledge Access Centre at Daura - As part of efforts to connect the 36 states, including the Federal Capital Territory (FCT), using the internet, the federal government, through the National Information Development Agency (NITDA), and the Katsina State Government (KTSG), on Monday commissioned the Digital Knowledge Access Centre venue (DKAV), at Daura, Katsina state. Source Thisday Read More

FG Prepares Ground for Full IPSAS Adoption in 2016 - With the target date for the first time adoption of International Public Sector Accounting Standard (IPSAS) set for next year, the relevant federal agency has intensified preparation for the smooth migration from cash basis to accrual basis of accounting system Source Thisday Read More

CSO: Nigeria Lost over N225bn to Gas Flaring in 2014 - Nigeria is said to have lost over N225 billion ($1billion) to gas flaring in 2014 alone, while about 295 billion standard cubic feet of natural gas was flared in nine months. Source Thisday Read More

Nigeria’s debt service set to exceed 25% of revenue -With $49 billion in domestic debt and $10.8 billion in external debts, Nigeria is now committing 23 percent of fiscal revenue to debt service, which is set to exceed the 25 percent benchmark by year end. The lack of a face in the new Nigerian President Muhammadu Buhari’s government to talk up the economy and calm investors is the main source of concern. Source BUSINESSDAY Read More

Property market anticipates over 70,000sqm retail space in 2015 - The property market in Nigeria will by the turn of this year, when many on-going developments will be completed, take delivery of over 70,000 square metres (sqm) of retail space located in various parts of the country. Source BUSINESSDAY Read More


Nigeria hits new power grid peak of 101,088 MWH - NIGERIA’S eletricity transmission grid as hit an all time high of 101, 088 Mega Watt Hour, bringing succour to the power distribution business. The Transmission Company of Nigeria (TCN), operator of the grid, stated that its successful wheeling out this power volume was considered unprecedented in the history of Nigeria. Source Guardian Read More

Defunct PHCN Owes States N6.5bn Unremitted Tax - No fewer than eight states may drag the Nigeria Electricity Liability Management Ltd (NELM) to court over N6.5billion unremitted Pay-As-You-Earn (PAYE) tax deductions from salaries of disengaged staff of the defunct Power Holding Company of Nigeria (PHCN). Source Leadership Read More

Power: TCN to compensate Discos for failed system allocation - The Nigerian Electricity Regulatory Commission (NERC) has directed that Distribution companies (Discos) must be compensated by the Transmission Company of Nigeria (TCN) if it fails to allocate to them their due load as a result of transmission inefficiencies. Source Daily Trust Read More

Power Bulk Trader to Cut PPAs Negotiations Timeline to Six Months - The Nigeria Bulk Electricity Trading (NBET) Plc said it has made some major improvements in the content of Power Purchase Agreements (PPAs) to be negotiated and deployed by potential investors for setting up greenfield power generation plants in Nigeria. Source Thisday Read More

NERC, SON Sign Agreement on Safe, Reliable Electricity Usage - The Nigerian Electricity Regulatory Commission (NERC) has signed a fresh agreement with the Standards Organisation of Nigeria (SON) to ensure strict adherence to safety and reliability standards in the generation, transmission, distribution and consumption of electricity in Nigeria. Source Thisday Read More

SEC Approves Proposed Merger of Transcorp's Power Business Subsidiary Companies - The Securities and Exchange Commission on 6th August,2015 granted an approval-in-principle to the proposed merger of the power business subsidiaries of Transnational Corporation of Nigeria Plc (“Transcorp”) being Transcrop Ughelli Power Limited (a Wholly-owned SPV)and Ughelli Power Plc (owner and operator of Ughelli Power Plant). Source Proshare Read More

PenCom recovers N6.7bn from defaulting employers - The National Pension Commission has recovered N6.7bn from employers who have been deducting pension contributions from their workers’ monthly salary but not remitting the same to the employees’ Retirement Savings Accounts. Source Punch Read More

UPDATED: Stocks sustain low bargain, start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.04% to close at 31,427.68basis points, compared with the 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.32% Source Proshare Read More

On the ropes, off the ropes  - Both Lagos and Nairobi stock markets have declined this year, by -9.3% and -13.6% ytd respectively, whereas the far more liquid and larger Johannesburg bourse has gained 5.4%. Source Proshare Read More

Banks reduce withdrawal limits on ATMs - The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards). Source Vanguard Read More

Bad debtors list puts lenders under scrutiny - As banks continue with the publication of names of non-performing debtors, indications have emerged that lenders were aware of the poor credit history of the debtors and yet went ahead to advance loans to them, BusinessDay interactions with industry operators’ show. Source BUSINESSDAY Read More

The Nigeria Bond Watch - Review and Outlook @081015 -  Major highlights of the review week were 1) Treasury and OMO bills auction by the DMO and CBN respectively; 2) Treasury bills redemption; and 3) CRR debit - which significantly influenced liquidity levels and the direction of activities in the market. Source Proshare Read More

CBN Will Meet FOREX Demand for Eligible Invisible Transactions - The Central Bank of Nigeria (CBN) wishes to inform the general public that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles”, such as remittances for school fees, student maintenance allowances, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), medical and other eligible transactions, shall be fully met at the official/interbank exchange rate. Already all the legitimate demands for such transactions through recognized channels have so far been fully met by CBN. Source Proshare Read More

CHAMPION: Stock is about to bottom out; After steep sell-off - A closer look on the daily chart of CHAMPION reveals that stock is falling down and making successive lower lows and lower highs and heading towards south side. The strong sell-off or blood bath can be seen from N8.93 level to N4.71 level. Source Proshare Read More

AFRIPRUD: Slight changes can be seen from bearish to bullish momentum - A closer look on the daily chart of AFRIPRUD reveals many choppy sessions where bulls and bears were unable to move on either side, then in the month of July we saw a bid bearish momentum but that was limited to N2.66 level and reversed to upside at N3 level. Source Proshare Read More

MOBIL breaks key resistance, hits 18weeks high on demand - MOBIL experienced growing bargain appetite to extend the 2-day gaining streak with another moderate gain of +3.10%. The stock hits 18weeks high, after breaking its key resistance point at N160 with an upper breakout, extending 4weeks reversal trend. Source Proshare Read More

Vetiva Griffin 30 ETF declares 12kobo Per Unit Interim distribution - Vetiva Fund Managers Limited notified that Vetiva Griffin 30 ETF has declared an interim distribution of 12 kobo per unit. Source Proshare Read More

DANGSUGAR: Better-than-expected Q2 2015 - Dangote Sugar Refinery’s (DSR) Q2 2015 results came in better than expected due to a combination of higher prices y/y, lower opex and improving sugar sale volumes. Source Proshare Read More

Skye Bank in talks to raise 30 bln naira before year-end - Nigeria's Skye Bank is in talks with existing and new investors to raise 30 billion naira ($150.75 million) before year-end to bolster its capital base, its chief executive officer said on Monday. Source Reuters Read More

Seplat targets 500 million scfpd gas output by 2017 - Determined to buoy the national gas output through its ongoing major projects, Seplat Petroleum Development Company has unveiled its plans to hit about 500 million standard cubic feet per day (mmscfd) processing capacity by 2017. Source Guardain Read More

Afrinvest’s NIDF to pay N20.7m interim dividend - Afrinvest Asset Management Limited, manager of the Nigerian International Debt Fund, says it will pay an interim coupon of N20.76m to note holders on the register of the fund as of June 30, 2015. Source Punch Read More

TOURIST declares N602.55 million loss in 2014 Audited Result,(SP:N3.51k) - Source Proshare Read More

RTBRISCOE declares N1.82 billion Loss in 2014 Audited Result,(SP:N0.68k) - Source Proshare Read More

MULTIVERSE Declares N552.41 Million Loss in 2014 Audited Result,(SP:N0.50k) - Source Proshare Read More

NASCON declares N1.03 billion PAT in Q2 2015 Result,(SP:N6.80k) – Source Proshare Read More

Mr. Graham Dempster and Mrs. Sheila Mmbijjewe Resign from ETI Board - Ecobank Transnational Incorporated (ETI) notifies of the resignation of Mrs. Sheila Mmbijjewe from its Board. Source Proshare Read More

WAEC releases May/June results, 38.68% obtained credits in five subjects - The West African The Head of Nigerian Office, Mr Charles Eguridu, who disclosed this at its Yaba Office said: ”Of 1,593,442 candidates who sat for the examinations, only 616,370, representing 38.68 per cent, obtained credits in five subjects and above including English Language and Mathematics.” Source Vanguard Read More

UBA deploys CLIREC banking software in 17 countries - THE management of United Bank for Africa [UBA] has approved the implementation of accounts reconciliation software, CLIREC, across all branches in Nigeria and global operations in 17 countries.   Source Guardian Read More

LCCI Award UBA Largest Lender To Agriculture - The Lagos Chamber of Commerce and Industry (LCCI) on Saturday, conferred on United Bank for Africa (UBA) Plc, a Pan-African Financial Services group, with an award as Nigeria’s biggest lender to agriculture, during the chamber’s annual commerce and industry awards night. Source Daily Independent Read More

Etisalat battles NCC over alleged undue advantage to MTN - Justice Mohammed Idris of the Federal High Court in Lagos will on September 25, hear a suit filed by mobile telecommunications giant, Etisalat Nigeria against the Nigerian Communications Commission (NCC) over alleged unhealthy competition and undue advantage given to one of its competitors, MTN Nigeria. Source Guardian Read More

Itse Sagay heads Advisory Committee on war against Corruption - President Muhammadu Buhari has appointed a Presidential Advisory Committee against Corruption headed by Professor Itse Sagay, a prominent professor of law and civil rights activist. Source Proshare Read More

Buhari queries finance ministry over alleged loan diversion - PRESIDENT Muhammadu Buhari yesterday demanded for a full explanation from the Ministry of Finance on the foreign loans obtained for rail projects but diverted to other purposes. Source Guardian Read More 

NNPC’s audits marred by irregularities, lack due process — NRGI -Natural Resource Governance Institute, NRGI, has faulted past audits of the Nigerian National Petroleum Corporation, NNPC, describing the audits as questionable and marred by irregularities and lack of due process. NRGI, an independent, non-profit organisation with focus on governance issues in oil, gas, and mining, in a report titled, “Inside NNPC Oil Sales Source Vanguard Read More

N540m fraud: EFCC seizes 13 cars from ex-OSOPADEC boss - The Economic and Financial Crimes Commission has evacuated all 13 exotic vehicles seized from the former Head, Ondo State Oil Producing Area Development Commission, Mr. Debo Ajimuda, and kept at the premises of the state Police Command, Alagbaka, Akure. Source Punch Read More

Buhari cancels govt delegation to Hajj, to save $1m - In his bid to cut cost  of governments,  President Mohammadu Buhari has announced that there would be no federal government delegation for this year’s hajj in Saudi Arabia. Source Vanguard Read More

Buhari Endorses Railway Rehabilitation Projects - President Muhammadu Buhari had directed the Ministry of Transport to adhere strictly to the terms of agreements it entered into for the building and rehabilitation of railways. Source Thisday Read More 

Oando, Mobil, Capital Oil, Others Still Sell Petrol Above Official Prices - Major and independent marketers of petroleum products have continued to defy the directives of the Department of Petroleum Resources (DPR), prohibiting the sale of petrol above official prices. Source Thisday Read More

DPR Begins Implementation of Gas Transportation Code - The Department of Petroleum Resources (DPR) has stated that it had commenced the implementation of Nigeria Gas Transportation Network Code (NGTNC). Source Thisday Read More

Massive fuel imports continue as refineries fail - Despite claims that Nigeria’s refineries are now operational, the country will have to depend largely on imported petrol in the third quarter of 2015. Source Punch Read More

NLNG denies non-remittance of N2.32trn to Federation Account - Nigeria LNG Limietd, NLNG, has said that it cannot dictate to the owners and investors in the Badagry Dry Dock project on the location to site the project, especially as it has no stake in the project. This was even as the Liquefied natural Gas, company denied claims that it did not remit N11.6 billion, about N2.32 trillion to the Federation Account. Source Vanguard Read More

Yuan Devaluation Ripples Across Asia as Currencies, Metals Drop - The yuan dropped the most in two decades, sparking a tumble in Asian currencies after China devalued its exchange rate to combat an economic slowdown. Commodities fell, while Hong Kong shares and Treasuries gained. Source Bloomberg Read More

European shares climb higher, helped by financial stocks - European stock markets climbed higher on Monday as a rise in some major financial shares offset the impact of weaker energy stocks that curbed the progress of the British market. Source Reuters Read More

China Auto Sales Fall to 17-Month Low Despite Price Cuts - Chinese consumers bought the fewest passenger vehicles in 17 months in July, extending a slump in the world’s largest auto market as deeper discounts failed to revive demand. Source Bloomberg Read More

China just devalued its currency - China’s central bank has just devalued its currency.The PBOC set the yuan midpoint at 6.2298, 1.85% weaker than the 6.1162 level of Monday. Source BUSINESS INSIDER Read More

Zimbabwe suspends platinum export tax -state-owned paper -  Zimbabwe has suspended a 15 percent tax on raw platinum exports after mining companies asked the government to give them two years to set up smelters and refineries, the Minister of Mines told the state-owned Herald newspaper on Monday. Source Reuters Read More

Egypt's urban inflation drops to 8.4 pct in July, lowest in a year - Egypt's annual urban consumer inflation dropped to 8.4 percent in July from 11.4 percent in June, the official statistics agency said on Monday. Source Reuters Read More

Egypt's core inflation drops to 6.49 pct in July - central bank - Egypt's core annual inflation rate dropped to 6.49 percent in July, down from 8.07 percent in June, the central bank said on Monday. Source Reuters Read More



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