Nigeria in 1min: Economic, Business & Financial Headlines – 140715

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July 13, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
TATA Invests $8m in Nigeria’s Auto Industry - Tata Motors Limited has invested over $8 million US dollars as part of its preparations to roll out its first batch of Nigerian assembled cars and the subsequent exportation of automobiles to other parts of Africa. Source Thisday Read More
 

Global output growth led by Asia - The IMF’s latest World Economic Outlook (WEO) is entitled Slower Growth in Emerging Markets, a Gradual Pickup in Advanced Economies. Source Proshare Read More
 

Global air freight increases by 3.3% - Global  air freight volumes released by the  International Air Transport Association (IATA) has shown a 3.3 percent increase in cargo volumes  in April 2015. Source THE NATION Read More

 



POWER
Electricity Generation Has Improved To 4000mw –TCN - The Transmission Company of Nigeria (TCN) says electricity generation into the national grid is steadily rising to over 4000 megawatts, following noticeable improvements in gas supply to power plants. Source Daily Independent Read More
 

NEMSA Begins Nationwide Inspection of Discos’ Electricity Networks - The Nigerian Electricity Management Services Agency (NEMSA) has commenced a nationwide survey of the standards of work done by the 11 distribution companies in their connection of consumers to their networks. Source Thisday Read More

 
TCN: Four Power Systems Collapses Recorded Yet in 2015 - The Transmission Company of Nigeria (TCN) has said that in the last two quarters of 2015, it has recorded only four collapses in Nigeria’s electricity supply systems. Source Thisday Read More
 

Haruna: 70% of Our Customers Don't Pay their Electricity Bills - It is about six months since you took over, where is the company in terms of service delivery?Kaduna Electric like other privatised Distribution companies (Discos) has various challenges and that informed government’s decision. Source Thisday Read More

 
Seven Energy to Boost Gas Supply to Businesses in PH, Aba - Seven Energy International Limited, an indigenous Nigerian integrated gas company is set to boost gas supply small and medium enterprises (SMEs) in Port Harcourt and Aba areas in Rivers and Abia States, respectively. Source Thisday Read More

 
IEI Pays N257.4m to Sapele Power Station - International Energy Insurance Plc ( IEI) has stated that it recently  paid  N257.4million ($1.3m) to one of its major clients- Sapele Power Station, which is owned by the Niger Delta Power Holding Company Limited. Source Thisday Read More
 

RULES & REGULATION
NSE Notifies of Effective Dates of New Rules on Sub-Brokers & Maintenance of Rep. Offices - Please be advised that The Exchange has received the Securities and Exchange Commission’s approval to the Rules set forth below. NOTICE IS HEREBY GIVEN THAT, the following Rules, which are available on The Exchange’s website, shall become effective on the dates set out beside each of them. Source Proshare Read More

 
CAPITAL MARKET
Sell-off extends to 9days in a row as stocks shed N619.51billion - The equities market closed today on a negative note, as NSE ASI depreciated by 0.32% to close at 31,628.85 basis points, compared with the 0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.74% Source Proshare Read More
 

NASD OTC makes history as Acorn Petroleum Plc Rights Issue opens July 20th - Acorn Petroleum Plc, a company trading on the NASD OTC platform will be raising fresh capital via the rights issue window. Source Proshare Read More
 



 

MONEY MARKET
Naira slumps further, hits N244 against $ in Parallel Market - Today, the pressure against the nation's currency persisted as Naira falls to hit new low in the recent times, closing at N244 against dollar. Source Proshare Read More

The Economist and the Central Bank - In Plain English - The Economist’s recent article on “Toothpick Alert,” will no doubt count as one of the Magazine’s cynical and condescending moments. While the article favours market determined exchange rates for the Naira, it portrays the Governor of the Central Bank of Nigeria (CBN) as an economic illiterate, who should be sacked!  The CBN has actually played into the hands of The Economist and that of speculative foreign portfolio investors. Source Proshare Read More

BOND MARKET
The Nigeria Bond Watch - Review and Outlook @071315 - Overall market direction during the review week was dictated by: 1) treasury & OMO bills auctions; 2) the release of the July 2015 FGN bonds auction offer circular by the DMO; 3) net treasury bills redemption; and 4) extraordinary allocation from FAAC. All these influenced system liquidity and significantly contributed to market activities during the week. Source Proshare Read More
 

FMDQ Welcomes Inaugural Listing of N4.8trn FGN Bonds and Quotation of N2.8trn Nigerian Treasury Bill - In consolidation of the strategic and value-adding initiatives spearheaded by FMDQ OTC PLC (FMDQ) in developing the OTC markets, the securities exchange has welcomed the listing of N4, 846,818,821,000.00 Federal Government of Nigeria (FGN) Bonds and the quotation of N2, 804,793,035,000.00 Nigerian Treasury Bills Source Proshare Read More
 

 

INVESTORS NEWSBEAT
SEPLAT Updates on Deposit for Investment; Agreement Reached For Release of Sums from Escrow - Seplat Petroleum Development Company Plc (“Seplat”), has announced that it has reached agreement through its wholly owned subsidiary Newton Energy Limited (“Newton”) hereafter the (“Group”) for the release of sums from escrow that had previously been allocated as a refundable deposit against a potential investment. Source Proshare Read More
 

Flour Mills of Nigeria Plc to Hold EGM 15th July; Seeks Increase in Authorized Share Capital - Notice is hereby given that an Extraordinary General Meeting of Flour Mills of Nigeria Plc will be held at Lantana Hall Eko Hotel & Suites, Adetokunbo Ademola Street, V/I Lagos on Wednesday 15th July, 2015 at 12 noon to consider Source Proshare Read More
 

Cadbury: Falling Earnings Puts Pressure On Price - The business of Cadbury Nigerian Plc dates back to the 1950s when it began as an effort to source cocoa beans while looking for opportunities to serve the local consumer markets with the famous Cadbury products. Source Proshare Read More
 

 

CORPORATE EARNINGS
NSLTECH declares N29.6million PAT in Q2'15 Result,(SP:N0.50k) - Source Proshare Read More

 
UPL declares N136.4million PAT in Q4 2015 result, (SP:N6.03k) - Source Proshare Read More

 

 
UPL declares N136.4million PAT in Q4 2015 result, (SP:N6.03k)- Source Proshare Read More

 
TRANSEXPR declares N28.5million PAT in Q2 '15 result,(SP:N1.44k)- Source Proshare Read More


TELCOs
Number of internet users hit 88 million - The number of internet users on the country’s telecom networks, had increased to 88,284,193 as at May, the Nigerian Communications Commission (NCC) said in its Monthly Internet Subscriber Data on Monday. Source BUSINESSDAY Read More

 
Nigeria Accounts For 14% Of Smartphones In Africa - Nigeria has accounted for 14 per cent of all smartphones across the continent in the first quarter of 2015, ahead of South Africa which trails behind with 12 per cent as the Middle East and Africa (MEA) region shipments are set to total 155 million units in 2015. Source Leadership Read More

FRAUD & SCANDAL
Okonjo-Iweala released $1bn govt funds for Jonathan’s re-election – Oshiomhole - The Edo State Governor, Adams Oshiomhole, has accused the former Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, of tampering with $1bn from the Federation Account, which he claimed was used “for election purposes.” Source Punch Read More

 
EFCC arraigns Oronsaye, others for N1.2bn fraud - The Economic and Financial Crimes Commission on Monday arraigned a former Head of Service of the Federation, Mr. Stephen Oronsaye, and others for alleged fraud and money laundering offences involving N1.2bn. Source Punch Read More
 

EFCC probes how BPE paid N1.45b to PDP’s lawyer, others - Anti-graft detectives are probing the alleged N1.45 billion legal and consultancy fees scandal at the Bureau of Public Enterprises (BPE). Source THE NATION Read More
 

 

POLITICS
No decision yet on subsidy removal – Buhari -  President Muhammadu Buhari has said he has not taken a decision on the removal of subsidies on refined petroleum products as being suggested in many quarters. Source Punch Read More
 

More ‘Bailout’ On The Way – Presidency - Speaking to Daily Independent on Monday, presidential spokesman, Femi Adesina, stressed that last week’s relief package, was not actually a bailout, as the states were lawfully entitled to what they received. Source Daily Independent Read More
 

Which countries have the most – and least – efficient governments? - The efficiency of government has a significant bearing on a country’s competitiveness and economic growth. Excessive bureaucracy and regulation, a lack of transparency, and inadequate legal frameworks all impose additional costs on business and impede expansion. Source AGENDA Read More
 

Buhari okays N160 to $1 for Christian pilgrims - president Muhammadu Buhari has approved N160 to $1 exchange rate for the Nigeria Christian Pilgrims Commission’s (NCPC) operations. Source THE NATION Read More
 

Election Tribunal: Amosun, Isiaka to Know Fate August 10 - Ogun State governorship election petition tribunal sitting in Abeokuta yesterday fixed August 10 for a definite hearing on substantive petition brought before it by candidate of People’s Democratic Party (PDP) in the last election, Gboyega Nasiru Isiaka, challenging the victory of Senator Ibikunle Amosun. Source Thisday Read More
 

 

COMMODITIES
Nigeria and the Oil Fortune - The case for reform - There is every danger that addressing a topic like this might yield another exercise in vain lamentation when what our country needs to do is take and give effect to rational decisions about the oil sector. Source Proshare Read More
 

Oversupply threatens global oil market —IEA - NIGERIA and other oil  producing countries are set for tougher times following the fall in global oil prices, according to the Oil Market Report of the International Energy Agency, IEA. Source Vanguard Read More
 

Nigeria loses N174bn to gas flaring — NNPC - Nigeria has lost up to $868.8 million, about N173.76 billion to gas flaring in 2014, according to data obtained from the Nigerian National Petroleum Corporation, NNPC. Source Vanguard Read More
 

NSC Directs Terminal Operator To Cut Cargo Dwell Time - The Nigerian Shippers’ Council (NSC) yesterday directed the Tin Can Island Container Terminal Ltd (TICT) to reduce its cargo dwell time as a way to beef up efficiency in order to attract more shippers. Source Leadership Read More
 

OPEC Predicts Balanced Oil Market In 2016 - The Organisation of Petroleum Exporting Countries (OPEC) has predicted that the oil market would experience significant balance in 2016 following expectations of increased demand from China and the developing countries and that the supply of fuel from North American shale will grow slowly. Source Leadership Read More
 

Scarcity of Petrol Hits Four NNPC Depots in South West - As the Nigerian National Petroleum Corporation (NNPC) grapples with the challenges of ensuring adequate supply of petroleum products across the country, the Western Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm that only one out of the five NNPC depots in the south west is loading petrol to marketers. Source Thisday Read More
 

Petrol Dealers: We Can’t Sell at N87 Per Litre - The Petroleum Dealers and Owners Association in Ondo and Ekiti States monday declared that it cannot sell fuel at the government approved price of N87 per litre. Source Thisday Read More
 



 

GLOBAL MARKET
Asia shares edge up as Greek deal gets cautious nod - Asian shares and the euro were tentatively higher on Tuesday on hopes that Greece's conditional bailout agreement would bring to an end that country's debt crisis, though caution kept broad gains in check. Source Reuters Read More

 
European shares rise on Greek debt deal, led higher by banks - European shares rose on Monday after euro zone leaders reached agreement on a bailout for Greece after all-night talks in Brussels. Source Reuters Read More

 
Start Your Own Smartphone Company for $1,000  - Walk through a metal gate, sidestep a pile of boxes, take an elevator to a floor of serviced offices and enter the latest battleground for Samsung Electronics Co Source Bloomberg Read More

 
China May Tip World Into Recession: Morgan Stanley - Forget about all the shoes, toys and other exports. China may soon have another thing to offer the world: a recession. Source Bloomberg Read More

 

 
Shale Gas Supply Held Hostage by Oil to Drop by Most in a Year - After four years of record supply, America’s natural gas output is showing signs of weakness as producers retreat amid tumbling oil prices. Source Bloomberg Read More

 
Angola's CPI quickens to 9.6 pct y/y in June: stats office - Angola's consumer inflation rose to 9.61 percent year-on-year in June from 8.86 percent in May, data from the statistics office showed on Monday. Source Proshare Read More

 

 

 

 

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