Nigeria in 1min: Economic, Business & Financial Headlines – 110816



August 11, 2016 6:40 AM / Proshare News 


FG begins review of tax policy -The Federal Government on Wednesday began the review of the National Tax Policy with the inauguration of a committee to carry out the exercise. Source Punch Read More

FG Set to Engage Licensed Practitioners on Communication - For effective policy communication, federal government has concluded arrangement to engage advertising practitioners to execute its programmes. Source Thisday Read More

We’ve paid N700bn for road projects – FG - The Federal Government has paid about N700bn out of the N2.1tn liabilities for the construction of 206 road projects across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More

Apapa, Tincan Customs generate N158.1bn - The Apapa and Tincan commands of the Nigeria Customs Service have generated a total of N130.7bn in the last seven months. Source Punch Read More

Nigeria loses top position in GDP to South Africa - South Africa’s economy has regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions. Source Vanguard Read More 

Nigeria Spends $4bn Annually on Imported Textiles, Ready-made Clothings - The Director General, Textile Manufacturers Association of Nigeria (TMAN), Mr. Hamma Kwajaffa, has said that Nigeria currently spends over $4billion annually on imported textiles and ready-made clothings. Source Thisday Read More 



SEC partners banks, registrars to boost e-dividend registration - The Securities and Exchange Commission of Nigeria is working closely with the banks and registrars nationwide, to boost the e-dividend registration process in the country. SEC postpones Sukuk bond issuance to 2017 Source Proshare Read More


Stocks halt losing streak as Big CAPs attract moderate rally - The equities market closed today on a positive note, as NSE ASI appreciated by 0.55% to close at 27,421.83basis points, compared with the 0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.26%. Source Proshare Read More 

Positive Earnings Outlook in H2 2016 for Presco Plc - Presco had a remarkable 71.3% y/y growth in sales in Q2 2016. The results were ahead of our forecasts as sales and PBT beat by 33% and 116% Source Proshare Read More  

ICM Return in Line With Debt Strategy  - The Debt Management Office (DMO) has invited bids for the roles of joint lead managers and financial advisor for Eurobond issuance to raise US$1.0bn. The bids are due by 19 September, and the federal finance minister, Kemi Adeosun, had earlier said that she expected a launch in Q3 2016. Source Proshare Read More 

Dr. Mrs. Grace Ekpenyong Retires As a Non-Executive Director from the Board of Forte Oil Plc  - The Board of Directors and Management of Forte Oil Plc hereby notifies the Nigerian Stock Exchange that Dr. Mrs. Grace Ekpenyong has retired as a Non-Executive Director from the Board of Directors of Forte Oil Plc. Source Proshare Read More  

Economy bleeds as blue chips lose N51.8b - With four major blue-chip companies losing as much as N51.86 billion in the first half of 2016, the lot of the manufacturing sector is getting bleaker. Source Guardian Read More

DMO to sell N110b worth of bonds in August - The Debt Management Office says it will raise N110 billion worth of bonds in three categories on August 17. Source Punch Read More

NLNG subsidiary cuts workers’ salaries by 50% - Seafarers in the employ of the Nigerian Liquefied Natural Gas Ship Management Limited, a subsidiary of the Nigeria LNG Limited, will from September 1 receive half of their current salaries. Source Punch Read More

Sell gas to us in naira, textile makers beg FG - Textile manufacturers in the country have appealed to the Federal Government to stop selling gas to local industries in dollars. Source Punch Read More

Gas exports drop as Shell declares force majeure - The nation’s gas exports have suffered a setback as Shell Petroleum Development Company of Nigeria Limited has declared force majeure on gas supply to the Nigeria LNG’s export facility on Bonny Island. Source Punch Read More

Angola remains top oil producer despite Nigeria’s recovery - Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown. Source Punch Read More

Oil drilling firm loses $2.9m to naira devaluation -
Pacific Drilling, a global offshore drilling company with presence in Nigeria, said it lost a total of $2.9m as a result of the over 40 per cent devaluation of the naira. Source Punch
Read More

Nigeria records highest drop in output at OPEC - Nigeria is fast losing its clout among global oil producers as the country recorded the highest drop in crude production in the Organisation of Petroleum Exporting Countries (OPEC) in July. Source Guardian Read More 

Shell suspends gas supplies to Nigeria LNG - Shell Petroleum Development Co has declared force majeure on gas supplies to the Nigeria Liquefied Natural Gas (NLNG) export facility on Bonny Island, a spokesman said. Source Daily Trust Read More 

NNPC, FIRS, CBN to collaborate on revenue generation - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru has  expressed the readiness of the corporation to continue to collaborate with the Federal Inland Revenue (FIRS), Central Bank of Nigeria (CBN)  and other government agencies to generate revenue for Federal Government. Source THE NATION Read More 

OPEC Says Weak Oil Demand Is Here to Stay - Weakness in global oil markets, which has dragged prices to a three-month low, may persist as demand slows seasonally and fuel inventories remain abundant, OPEC predicted. Source Bloomberg Read More

GenCos may shut down facilities over N156b debt - The electricity generation companies (GenCos) have threatened to shut down over N156 billion debts owed them by consumers, especially government agencies. Source THE NATION Read More

Nigeria’s grid power deficit hovers around 14,622Mw - Electricity consumers connected to the national grid need additional output of 14,622megawatts (Mw) to meet their requirements, a report from the Transmission Company of Nigeria (TCN) has revealed. Source THE NATION Read More 



Asian Shares Retreat With Ringgit as Crude Slumps; Kiwi Surges - Asian stocks retreated from a one-year high and Malaysia’s ringgit weakened as signs of a worsening oil glut dragged crude prices lower. New Zealand’s dollar jumped and South Korea’s won fell following monetary policy reviews. Source Bloomberg Read More

Brexit Bounce a Disaster for Bears as S&P 500 Slips From Record - Not only is the rising market punishing shorts, it’s lifting their favorite targets at a rate that is by some measures three times as great as everything else. Source Bloomberg Read More

UK Launches 24-hour Visa Service in Nigeria - The UK has launched the Super Priority Visa Service in Nigeria to allow prospective visitors to Britain to process their applications within 24 hours. Source Thisday Read More

Ghana Inflation Drops 16.7% in July - Ghana’s annual consumer price inflation dropped to 16.7 percent in July from 18.4 percent in June as the cedi currency stabilised and food prices fell at the start of the harvest season, the statistics office said on Wednesday. Source Thisday Read More

Under pressure from MPs, Kenyan banks pledge to cut lending rates -  Kenyan lenders promised on Wednesday to cut loan rates by 100 basis points immediately, part of measures to lower borrowing costs and see off the threat of a legislative cap on rates. Source Reuters Read More

Rwanda's inflation at 6.9 pct in year to July: stats office - Rwandan inflation rose to 6.9 percent in the year to July, from 5.5 percent in June, the country's statistics office said on Wednesday. Source Reuters Read More

Buhari inaugurates economic adviser, others - President Muhammadu Buhari yesterday swore in his Special Adviser on Economic Matters, Dr Adeyemi Dipeolu. Source Daily Trust Read More



Current trends and the future of financial services in Nigeria - PwC Journal -The disruptive effects of technology on the financial services landscape, the transformation in financial reporting brought about by IFRS9, the factors shaping the future of the pensions industry in Nigeria and the tax issues that will impact the industry especially in this challenging times are among key topics examined in the latest edition of PwC Nigeria’s Financial Focus, a journal of Financial Services in Nigeria. Source ProshareRead More  

Digital Switchover: FG Says June 2017 Deadline Is Sacrosanct - The federal government has said that inspite of the temporary economic crunch in the country, Nigeria will meet its global responsibilities. Source Leadership Read More  

Nigeria Records 68,050 Domain Name Registrations in 10 yrs - The Nigeria Internet Registration Association (NiRA), the body managing the country’s domain name registration, has revealed that the total number of dot ng domain name registered in the country in the last 10 years, is 68,050, as at July 2016. Source Thisday Read More 



 Highlights of Q2,2016 CMC Press Conference

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