Nigeria in 1min: Economic, Business & Financial Headlines – 131014


Monday October 13, 2014 7:00 AM / Proshare News 

Govt invests $14bn in petrochemical industry - The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the Federal Government had invested about $14bn to develop the petrochemical sub-sector.He stated that the investment was to ensure that Nigeria stopped the importation of refined and processed petroleum products latest by 2018. Source Punch Read More

FG to Place Order for More Locomotives -The Federal Government has said it would place orders for more locomotives in 2015 as part of efforts to modernise rail transport system in the country. Source Thisday Read More 

Power: FG to review Manitoba’s TCN contract - The Nigerian Electricity Regulatory Commission has stated that the Federal Government is not satisfied with the performance of Manitoba Hydro International, the Canadian firm contracted to manage the Transmission Company of Nigeri, and is poised to review the contract. Source Punch Read More

Nigeria imports $3.3bn steel, iron annually - Minister - Nigeria spends $3.3bn annually on importation of steel and iron, Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, has disclosed. Source Daily Trust Read More 

Build ECA to $6.3bn, World Bank tells Nigeria - The World Bank has advised the Federal Government to increase the Nigerian economy’s fiscal buffers by building the Excess Crude Account to about $6.3bn, up from the present level of $4.1bn, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said. Source Punch Read More 

FDC Economic Monthly Publication - September 2014 (RE: Oil Price Fall Shows Nigeria’s Underbelly) - Oil price, the single most important determinant of Nigerian macro-economic stability has declined by over 22.5% in the last quarter to $88pb. The potential impact of this sharp drop is a likely erosion of external reserves and a definite slash in Federal and State Revenues. Source Proshare Read More

AFC leads $900m Kpone IPP financing - The Africa Finance Corporation says it has executed the financing of the Cenpower Generation Company Limited, which is implementing the $900m Kpone Independent Power Project. Source Punch Read More

Nigeria to earn N31.15tr from Lekki port project - When the Lekki port in Lagos comes into operation in 2016, it will grow the national economy by contributing $20 billion (about N31.15 trillion), a source close to the project promoters has said. Source THE NATION Read More



Zenith Bank: Bears are commanding, not a right time to enter for buyers… - A closer look at the daily technical chart reveals that the stock is falling down without taking any support. An indepth analysis suggests that the current phase is nothing but the third phase of Dow Theory. Source Proshare Read More

Wema Bank: Sentiments have changed from bearish to bullish - In the last couple of weeks, we witnessed very balanced demand and supply in the stock which earlier stock was falling down slowly. Now, we are observing a pullback rally or some short recovery in the stock. Source Proshare Read More


UBA Proposes Rights Issue to Shore up Tier 1 Capital -
United Bank for Africa Plc has notified The Nigerian Stock Exchange that it has commenced the process of raising Tier 1 Capital by way of a Rights Issue. This is further to the Shareholders and Board resolutions authorising the Bank to raise additional capital by various means, including a Rights Issue. Source Proshare
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Nigeria creates 1.7m jobs, private sector major employer – CBN - THE Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has told the international financial community that the Nigerian economy created in 2013, a total of 1.2 million jobs.He said the remarkable thing about the jobs that were created was that about 91 per cent of these jobs were created by the private sector Source Vanguard Read More

SON Commences Implementation Of Compulsory Products’ Certification - The Standards Organisation of Nigeria (SON) has commenced compulsory product certification in its offices across the nation. This is also as it has called on manufacturers and importers of goods to ensure the importation and production of quality goods in the country by subscribing to its Mandatory Conformity Assessment Programme (MANCAP). Source Leadership Read More

Sentiment Analysis Report – W/E October 10, 2014  - Analysis of the market activity in the week ended October 10, 2014 technically revealed significant decline in bargain optimism as bears reclaimed dominance on the back of sustained cautious and speculative trading atmoshphere. Source Proshare Read More

Downtrend persists as NSE ASI sheds -1.60% WoW - The equities market closed today on a negative note, as NSE ASI depreciated by -0.32% to close at 40,444.39 basis points, compared with the -1.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.14%. Source Proshare Read More

Dangote Cement named -most-capitalised company - A new report has ranked Dangote Cement Plc as the most capitalised company on the floor of the Nigerian Stock Exchange. Source Punch Read More

The Nigeria Bond Watch - Review and Outlook @101314 - Activities during the week under review were influenced by the treasury and OMO bills auctions by the CBN as well as the release of the fourth quarter FGN bond issuance calendar and the October 2014 FGN bonds auction offer circular by the DMO. Source Proshare Read More

Monthly Fixed Income Report: Impending Fund Rate Hike and MPR Cut....daunting policies for Nigerian - Much in line with our expectations regarding the yield environment as the year ends, there was a significant 0.54% month-over-month (MoM) increase in average yield across tenors in the bond market in comparison with the marginal 0.09% MoM growth in the previous month. Source Proshare Read More

BOI Disburses N692bn As Loan In 10 Years - The Managing Director, Bank of Industry (BOI), Alhaji Rasheed Olaoluwa, said on Sunday that the bank has disbursed N692 billion as loans to industrialists nationwide in the past 10 years. Source Proshare Read More 



PZ Cussons Nigeria Plc (Rating: HOLD, TP: N31.92, Price: N38.33, Upside: +20.08%) - PZ Cussons Nigeria Plc (PZ) released its Q1-15 (June 2014 – August 2014) results on 09 October, 2014. Source Proshare Read More

Access Bank Plc (Rating: BUY, TP: N11.78, Price: N8.77, Upside: 34.32%) - Access’ 9M-14 results are strong and reflect further improvement in cost of funds. Access also looks set to surpass market expectations in FY-14E given its annualised EPS growth of 29.8% yoy compared to Bloomberg consensus of 20.2% yoy. Source Proshare Read More

NB Proposes Scheme of Merger with Consolidated Breweries Plc - Nigerian Breweries Plc has notified The Nigerian Stock Exchange that the company has obtained the approval of the Securities & Exchange Commission (SEC) to the scheme for the proposed merger of Nigerian Breweries Plc and Consolidated Breweries Plc. Source Proshare Read More

Access Bank Plc Q3 2014 - Loan focus sustains top-line improvement - Access Bank Plc (Access) reported 17% YoY growth in gross earnings to N181.4 billion for the 9 months to September 2014, an improvement on 13% YoY growth as at H1 14. PBT of N42.2 billion is 20% higher YoY (H1: +4%) while PAT of N35.8 billion is 29% higher YoY (H1: +11%). Source Proshare Read More

Ecobank, others secure mandate to manage N793.89b export facility - ECOBANK Nigeria Plc and 20 other financial institutions around the globe  have secured the mandate of United Kingdom Export Finance (UKEF), an arm of the UK Government that works as an export credit agency, to help deliver £3 billion Direct Lending Facility (DLF) support to UK exporters. Source Guardian Read More

Swiss Firms Demand Forensic Audit on Change of Ownership of Union Bank - Two Swiss firms, GG Private Limited and Rainmaker BV Limited, have requested a Federal High Court in Abuja to order a forensic audit of the change of ownership of Union Bank of Nigeria Plc. Source Thisday Read More

Dangote says additional 29m tonnes of cement to hit market soon - The Management of Dangote Cement Company said it will release 29 million tonnes of 42.5 cement brand into the Nigerian market before December. Source Daily Trust Read More 

Corporate Earnings for the Week Ending October 10, 2014 - Source Proshare Read More 



Tony O. Elumelu Honoured with Lifetime Africa Achievement Prize - Tony O. Elumelu, C.O.N received a Lifetime Africa Achievement Prize for Sustainable Development in Africa at an award ceremony in Uyo, Akwa Ibom. Source Proshare Read More

Dangote seeks decisive action on buildings collapse - Chairman of Dangote Cement Plc, Aliko Dangote weekend charged stakeholders in the building and construction industry to come together to confront the menace of building collapse in the country decisively, saying it was time a stop was put to it. Source Vanguard Read More

NESTLE NIGERIA PLC: Strong Company But Overpriced Stock  - Turnover (T/O) increased by 7.62% to N67.20bn, compared with N62.45bn recorded in the corresponding period of 2013. The increase in turnover was due to the improvement in the Nestlé’s distribution network which boosted products sold. Source Proshare Read More

850 soldiers returning from Liberia to be quarantined - About 850 Nigerian soldiers on peacekeeping mission in Liberia are to be quarantined for 28 days when they return to the country in March 2015. Source Punch Read More

$9.3m Arms Deal: Presidency Clears Oritsejafor - The federal government has exonerated the president of Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor from the alleged involvement of his aircraft in the controversial $9.3million arms deal in South Africa. Source Leadership Read More

Some bank frauds emanate from customers — FITC MD - The Managing Director and Chief Executive Officer of FITC, Dr. Lucy Newman, says the number of bank frauds perpetrated by customers is very significant, adding that it is wrong to conclude that virtually all bank frauds are carried out by employees. Source Punch Read More

Furore over whereabouts of $500m cabotage fund - The whereabouts of more than $500 million that should have accrued to the Cabotage Vessel Financing Fund (CVFF) is generating concern in the maritime sector. Source Daily Independent Read More 


Appeal Court to Hear Suit against Jonathan’s Sole Candidacy Oct. 20 - The Court of Appeal will on October 20 hear an appeal challenging the adoption of President Goodluck Jonathan as the consensus presidential candidate of Peoples Democratic Party (PDP) ahead of next year’s general election. The application was filed by a former PDP governorship aspirant in Adamawa State, Dr. Umar Ardo, who has indicated interest in contesting the presidential election on the platform of the party. Source Thisday Read More

IMF: US Oil Policy Will Not Hurt Nigeria - The International Monetary Fund (IMF) has ruled out any major shock in the Nigerian economy on the basis of the new oil policy of the United States that put an end to the importation of oil from Nigeria. Source Thisday Read More 

British Court Blocks Shell Agreement on Rivers Community - A High Court in London has blocked an agreement between the oil giant, Shell Petroleum Development Company and a UK law firm, CW Law, in relation to thousands of residents of Bodo community in Rivers State, which the firm claimed it represented in a dispute over oil spills. Source Thisday Read More

AITEO acquires Shell’s  oil bloc for N445bn - Aiteo Group, an indigenous oil and gas consortium, has staked the sum of $2.7bn (N445.5bn) for the acquisition of 85percent equity stake in OML 29 recently divested by Royal Dutch Shell in Nigeria. Source Daily Trust
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BFIG Group Now New Manager of ALSCON - Following the recent Supreme Court judgment, BFIG Consortium has taken over the  management of Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom state. Source Thisday Read More

Gold Advances to Four-Week High on Haven Demand as Silver Rises -  Gold climbed to the highest level in almost four weeks as concern that global growth is slowing stoked bets the U.S. Federal Reserve may push back interest-rate increases, boosting demand for a store of wealth. Source Bloomberg Read More

Asian Stocks Drop With S&P 500 Futures as Yen, Gold Gain - Asian stocks fell with U.S. equity-index futures (DJA), extending a rout that wiped $1.54 trillion from global shares last week, and sovereign bonds rose amid concern that pledges to keep record-low interest rates won’t counter a global slowdown. The dollar dropped while gold gained. Source Bloomberg Read More

Four things not to do in an economic crisis - In some countries, the deflation tendency is most probably due to inadequate demand in the market and falling wages. If demand was adequate, but supply was deficient, rising inflation would by now be the major problem. Source WEF Read More

EU to unveil business deregulation plan - A controversial demand for a new deregulation spree shredding the rules for doing business in the European Union is to be unveiled on Tuesday in Brussels. Source WEF Read More

Statoil sells Shah Deniz stake for $2.25 billion to Petronas - Norway's Statoil has sold a 15.5 percent stake in the Azeri gas project Shah Deniz to Malaysia's Petronas for $2.25 billion, the latest asset the firm is selling to protect its cash flow and returns to shareholders. Source Reuters Read More  


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