Nigeria in 1min: Economic, Business & Financial Headlines – 140815



August 14, 2015 7:00 AM / Proshare News

Changing political landscape amid stagnant economic fundamentals poses fresh hurdles to NSEASI - Extending bearish pattern in Q4 14, NSEASI shrank 8.4% over Q1 15 as softening economic fundamentals following oil price plunge combined with heightening political risk to drive elevated foreign and domestic aversion to naira equities. Source Proshare Read More

An inflation teaser for the MPC - Headline inflation in July was unchanged at 9.2% y/y. This was our contribution to polls of analysts by the wire services. The core measure rose from 8.4% y/y in June to 8.8% while food price inflation remained 10.0% y/y. Source Proshare Read More

Nigeria, Niger in 3 million tons of transit cargo deal - Nigeria and its Nigerien counterpart have concluded plans to move three million tonnes of transit cargoes from Lagos seaports to Jibiya in Niger annually. Source Vanguard Read More

80% of imported cargoes are under-declared – NSC Boss - Between 80 to 90 per cent of imported  goods  into Nigeria are under-declared by importers, the Executive Secretary of the Nigerian Shippers Council (NSC), Barrister Hassan Bello has said. Source Daily Trust Read More

Lagos to pay 658 retirees N2.2bn - The Lagos State Government says about 658 retirees will be paid N2.2bn in the 18th edition of the Retirement Benefit Bond Certificate presentation ceremony. Source Punch Read More

Investors Justify Siting of $1.5bn Dockyard in Lagos - The investors in the $1.5 billion dockyard have given reasons why they earmarked on the project in the ancient town of Badagry, Lagos. Describing it as 100 per cent investment by the Badagry Ship Repair and Maritime Engineering Company (BSMEC), the investors said a lot factors were put into consideration in sitting the multi-billion naira project in the former slave port. Source Thisday Read More

Nigeria Customs Seizes N197m Contraband in One Month - The onslaught against smugglers by the Nigeria Customs Service (NCS) has yielded more results as its Federal Operations Unit (FOU) Zone "C" Owerri has confiscated contraband worth N197 million in one month. Source Thisday Read More

NPA Gets Marching Order to Pay Dockworkers - The federal government has issued ultimatum to the management of Nigerian Ports Authority (NPA) to pay all the outstanding salaries and allowances of dockworkers in the country. Source Thisday Read More

NIMASA generated N5tr during my tenure – Akpobolokemi - Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) NIMASA, Patric Akpobolokemi says the agency generated about N5.1trillion during his tenure. He told our correspondent that the agency generated the said amount from the three per cent freight rate, contrary to allegations that he looted the agency’s treasury while there. Source Daily Trust Read More

N’Assemby Approves $75m World Bank Facility for Edo State - The Senate yesterday gave Edo State Government the nod to obtain $75 million loan, amounting to N14.7 billion, from the World Bank Source Thisday Read More

NRC Begins Test Running of Train Control Signal System - The Nigeria Railway Corporation (NRC) has started test running of its modern railway signal system known as Safe Train Control System (STC). Source Thisday Read More

Deportation: Nigerian loses $100m suit against United Airlines - A Federal High Court in Lagos has struck out a suit filed by human rights lawyer, Femi Falana (SAN), to challenge the alleged unlawful deportation and inhuman treatment of a Nigerian, Jacob Ajomale, by officials of the United States of America in 2010. Source Punch Read More


Equities market slump deepens, NSE-ASI hits below 31,000bpts - The equities market closed today on a negative note, as NSE ASI depreciated by 1.14% to close at 30,752.63basis points, compared with the 0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.27% Source Proshare Read More

The Role of the Capital Market in the Economy - Capital market is defined as the market where medium and long terms finance can be raised (Akingbohungbe, 1996). Capital market offers a variety of financial instruments that enable economic agents to pool, price and exchange risk. Through assets with attractive yields, liquidity and risk characteristics, it encourages saving in financial form. Source Proshare Read More

FG Approves Exchange rate of N160/$1 for the Purchase of Pilgrims Travelling Allowance - Authorized Dealers and the general public are hereby notified of the following arrangements for 2015 Hajj operations: Source Proshare Read More


BoI unveils 10% interest loan scheme for healthcare providers in Lagos - Apparently in support of universal health coverage in Nigeria, the Bank of Industry (BoI) has introduced a loan service scheme for private healthcare providers in Lagos State. Source Guardian Read More

Agric Group assists farmers with N360b - The Nigeria Agribusiness Group (NAGB) has committed N360b to assist smallholder farmers, the Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Sonny Echono, has said. Source THE NATION Read More

DMO sells N80bn debt at mixed yields - The Debt Management office sold a total of N80.20bn ($403m) in bonds maturing in February 2020 and August 2034 at an auction on Wednesday with mixed yields, the DMO said on Thursday. Source Punch Read More


UBN: Rounding Bottom Pattern Is In the Last Phase of Completion - A closer look on the daily chart of UBN reveals that a rounding bottom price pattern is in the last phase of completion where bears are heading towards south side and controlling the game for the time being. Source Proshare Read More

VONO: Symmetrical triangle is in the process of formation - A closer look on the daily chart of VONO reveals that whipsaws are moving on both side and the swings are making lower highs and higher lows and two consecutive lines are laying on the chart a downtrend line along with an uptrend line. Source Proshare Read More


UBA at cross-road, mega sell-off is underway - UBA closed with a significant price plunge to deepen the falling pattern further with 8.31% loss as sell-down propensity surged. This has put the stock in a battered and depressed position in an extreme oversold region.- an indication of negative change in (un)known fundamentals. Source Proshare Read More

ZENITHTHBANK Rated NEUTRAL as Income Lines Help Drive PBT Up by 35% - Zenith Bank’s Q2 2015 results which were published this afternoon showed strong underlying performance. PBT of N39bn grew by 35% y/y and beat our forecast by 18%. Source Proshare Read More

FLOURMILL Merges Five Subsidiaries with Its Holding Company - Flour Mills of Nigeria today announced its plan to conduct a restructuring by merging five of its subsidiaries with its holding company under a Scheme of External Restructuring. Source Proshare Read More

ZENITHBANK on Course to Consolidate Its Industry Leadership; Grows Earnings by 55% - Zenith Bank Plc, the Nigerian bank headquartered in Lagos, announces its audited results for 6 months ended 30 June2015. Source Proshare Read More

Shareholders approve CCNN’s N439m dividend - Shareholders of the Cement Company of Northern Nigeria Plc on Thursday approved the payment of a total dividend of N439.8m for the 2014 financial year. Source Punch Read More

ZENITHBANK declares 25kobo Interim Dividend in Q2'15 result,(SP:N16.40k) - Source Proshare Read More

MBENEFIT declares N2.66 billion PAT in Q2'15 Result,(SP:N0.50k) – Source Proshare Read More

Buhari Sacks NPA MD, Ado Bayero, Reinstates Abdullahi - President Muhammadu Buhari has terminated the appointment of the Managing Director of the Nigerian Ports Authority (NPA), Alhaji Sanusi Ado Bayero, who was appointed by former President Goodluck Jonathan in the twilight of his administration. Source Punch Read More


KPMG, PwC to audit NNPC, CBN, Customs, others - The National Economic Council’s ad-hoc committee on the management of the Excess Crude Account proceeds and accruals into the Federation Account on Thursday said it had hired two firms, the KPMG and the PriceWaterHouseCooper, to audit the accounts of all Federal Government’s revenue-earning agencies. Source Punch Read More

$1bn rail loan: We were not consulted – Ex-board member - A former board member of the Nigerian Railway Corporation (NRC), Barrister Abdullahi Jalo has said the $1.005billion (about N200.246 billion) loan taken for railway project by the past government is illegal as the board of directors was not consulted. Source Daily Trust  Read More


Senate to probe power sector under Obasanjo, Jonathan - The Senate on Thursday set up a 13-member Ad-Hoc Committee to carry out a comprehensive investigation into the management of funds so far appropriated for the power sector since 1999. Source Punch Read More

N78 million for website included ‘other services’ – Fashola - Former Lagos State Governor, Mr. Babatunde Fashola has broken the silence over media reports which emerged last Saturday, detailing how the Lagos State Government under his watch as Governor, spent the sum of N78 million for the upgrade of the website Source Vanguard Read More


Budget 2015 : House to probe non-implementation of capital allocation - The House of Representatives has set up an Ad-hoc Committee to investigate what it called, the “non-implementation of Capital budget and serial violation of the Fiscal Responsibility Act.” Source THE NATION Read More

Senate raises panel to review aviation sector - Worried by what it called a “worrisome and unstable position of the aviation industry, the Senate yesterday raised a committee to take a critical and holistic examination of the sector. Source THE NATION Read More

Amnesty: Boroh Orders Banks to Stop Deductions from Stipends of Beneficiaries - The Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme (PAP), Brig-Gen. Paul Boroh (rtd), has ordered banks handling the payment of stipends to the beneficiaries to stop all further deductions from their money. Source Thisday Read More


 Stoppage of oil subsidy’ll check corruption – Sanusi - The Emir of  Kano, Malam Muhammadu Sanusi II, yesterday, said removing oil subsidy would go a long way in stopping corruption in the country. Source Vanguard Read More

IEA predicts sustained global crude oil glut till 2016 - The International Energy Agency (IEA) has forecasted a global glut in the crude oil market between now and 2016. Besides, Nigeria’s crude oil production has dropped from the 1.871 million barrels per day (bpd) it recorded in June to 1.852 million bpd in July. Source Guardian Read More

FAAN to Enforce Parking Rule for Tanker Drivers- The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Saleh Dunoma has reiterated the resolution of the Authority to ensure that all tanker drivers strictly adhere to the rules of engagement on parking and operating around the airport environment. Source Vanguard Read More


Asia shares set to end week lower; crude oil slumps - Asian shares were mostly higher on Friday, but still on track for a steep weekly loss in the wake of China's surprise currency devaluation earlier in the week. Source Reuters Read More

European shares rally after China calms markets - European shares bounced on Thursday after a 4 percent fall this week, tracking global equities higher on efforts by China's central bank to steady a falling yuan that has stirred markets worldwide. Source Reuters Read More

The Time to Sell the Dollar Is Now as Fed Gets Real on Liftoff - The U.S. currency strengthened an average of almost 9 percent during the six to nine months prior to the past three rate-rise cycles. After that, it's been a downhill ride, with the six-month drop averaging about 6 percent. Source Bloomberg Read More

Tanzania Q1 2015 GDP growth slows on core industry slump - Slower growth in Tanzania's mining, manufacturing and agriculture sectors reduced growth in the first quarter versus the same period a year ago, official data showed on Thursday. Source Reuters Read More

Tanzania's current account deficit narrows 23 pct in year to June - Tanzania's current account deficit narrowed 22.5 percent in the year to June, helped by a decline in oil imports and improved performance of tourism and manufacturing sectors, the central bank said on Thursday. Source Reuters Read More



 -J.P Morgan Nigerian Bond Threat: Implications for Capital Market






















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