Nigeria in 1min: Economic, Business & Financial Headlines – 140915




September 14, 2015 7:00 AM / Proshare News

CPI Rises to 9.3% in August'15; Driven by Slower Increases in Alcoholic Beverages - In August, the Consumer Price Index (CPI) which measures inflation edged higher to 9.3% (year-on-year), from 9.2% in July. The marginal increase was as a result of slower increases in Alcoholic Beverages, Tobacco and Kola; Health, Transport; and Recreation and Culture Divisions. Source Proshare Read More

Lagos Airport Records 69.43% of International Passenger Traffic in Q2'15- NBS - The second quarter of 2015 saw declines in passenger travel in Nigeria, driven by lower numbers of internationally travelling passengers, which declined by 406,369 passengers or 27.93% from quarter one to 1,048,598 passengers in quarter two Source Proshare Read More

Nigerians bought petrol at N104 per litre in August – NBS - Nigerians are still paying higher prices on petrol, otherwise known as Premium Motor Sprit (PMS), despite clamp down on the marketers that sell above the government approved price  by the Department of Petroleum Resources (DPR). Source Daily Trust Read More

FAAN Loses N40m To Closure Of Benin Airport – Official - The Federal Airports Authority of Nigeria (FAAN) said on Sunday that it lost N40 million due to the closure of the Benin Airport for two months. Source Leadership Read More

TSA Enforcement Begins Tomorrow - After 48 years of non-compliance, all ministries, departments and agencies (MDAs) of government shall in the next 24 hours commence implementation of the Treasury Single Account (TSA), in line with the directive of the federal government Source Leadership Read More

Companies Income Tax Lifts FIRS Collections to N1.19trn in Q2 - The Federal Inland Revenue Service (FIRS) collected a massive N1.19 trillion in the second quarter of this year compared with N757 billion in the first quarter of the year, boosted by massive contribution from deposit money banks (DMB). Source Thisday Read More

Pension Fund Administrators Pay Retirees N3.4bn Monthly - Pension Fund Administrators in Nigeria (PFAs) pay a total of N3.4 billion to retirees monthly under the programme withdrawal system of Retirement Benefit payment while insurers pay a total of N917 million under the Annuity system, National Pension Commssion (PenCom) said in a statement made available to THISDAY. Source Thisday Read More



‘Erratic power supply costs Nigeria $100b yearly’ - Five minutes into Frank Edozie’s presentation on the challenges facing Nigeria’s power industry, the electricity cut out in the Jasmine Hall at the upmarket Eko Hotel in Lagos. Source THE NATION Read More



SEC Lifts Suspension On Cowry Asset Management Limited's Issuing House Function - This is to notify the investing public that Cowry Asset Management Limited has satisfactorily fulfilled its underwriting commitment in accordance with the provisions of the Investment and Securities Act 2007 as well as the Rules and Regulations of the Securities and Exchange Commission. Source Proshare Read More

CBN Recertifies 2,765 BDCs To Date - The Central Bank of Nigeria (CBN) has again recertified 77 more Bureaux De Change (BDCs) operators to continue in operation. This brings the total number of BDCs that have so far met the new capital requirement of N35 million to 2, 765 as at September 11. Source Daily Independent Read More

NDIC to banks: No to casualisation - The Nigeria Deposit Insurance Corporation (NDIC) has sounded a note of warning to banks, saying it is no longer at ease with the use of contract staff deployed in most deposit money banks as well as the practice of compelling female staff as vehicles for money deposits. Source THE NATION  Read More

Recapitalisation: 47 Market Operators Apply for Reclassification, Merger - With 17 days left for capital market operators to comply with the new minimum capital base set by the Securities and Exchange Commission (SEC) in 2013, 47 operators have applied to either merge or reclassify their businesses, THISDAY checks have revealed. Source Thisday  Read More

Sentiment Analysis Report - W/E September 11, 2015 - Analysis of the market activity in the week ended September 11, 2015 technically revealed a divergence between the All Share Index and market sentiments as movement in Big CAPs tilted the scale northwards despite significant decline in optimistic activities. Source Proshare Read More

Anchoria Investment and Securities joins top 10 brokers by value - The Capital Market Committee (CMC) commissioned a Sub-committee to ‘facilitate the smooth implementation’ of the new minimum capital requirement for Capital Market Operators [“CMOs’].  Members of the Sub-committee include Capital Market trade groups and the Central Securities Clearing System. Source Proshare Read More

Stocks end turbulent week positive, NSE-ASI gains 0.60%WoW - The equities market closed today on a positive note, as NSE ASI appreciated by 0.91% to close at 29,689.08basis points, compared with the 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.33% Source Proshare Read More



FG to raise bonds at lower yields - Yields on Federal Government bonds are expected to be stable at the next debt auction on September 16 after the Central Bank of Nigeria declined to sell short-dated Treasury bills to banks asking for higher returns in the last two weeks, Reuters has reported. Source Punch Read More

Cowry Asset completes N3bn Zamfara bond underwriting - Cowry Asset Management Limited says it has fully paid N3bn in fulfillment of its underwriting commitment under the N7bn Zamfara State Government Bond. Source Punch Read More



Bank customers’ BVN enrolment hits 20 million –NIBSS - Over 20 million customers have been enrolled by Deposit Money Banks in the ongoing Bank Verification Number exercise, the Nigeria Inter Bank Settlement System Plc has said. Source Punch Read More

Interbank lending rate down as liquidity rises - The nation’s interbank lending rates fell 75 basis points to an average of 6.50 per cent on Friday from 8.25 per cent the previous week, as cash built up in the banking system, Reuters reported. Source Punch Read More

Foreign suppliers shut credit lines to Nigerian businesses, CBN accuses operators of round-tripping - The organised private sector weekend said that members are finding it difficult to pay foreign creditors for goods imported before the CBN restriction on 41 items access to foreign exchange market in Nigeria. . Source Vanguard Read More

BoI secures CBN licence, restructures operations - The Bank of Industry (BoI) has secured Central Bank of Nigeria’s (CBN) licence, having met the requirements set by the apex bank for all existing Development Finance Institutions (DFIs). Source Guardian Read More

Customs Delay BVN Registration In China, India - With only few weeks to the October 31 deadline, Nigerian bank customers living in India and China may have difficulty registering for their Bank Verification Number (BVN) as customs officials delay commencement of the registration process. Source Leadership Read More

Low interest rates threaten $350million NBET fund - The $350 million allocated by the federal government to the Nigeria Bulk Electricity Trading Company (NBET) to fund power generation projects is being threatened by the prevailing low interest rates in the country. Source Daily Trust Read More

Greece, Nexim Bank partner on non-oil export - The Greek Ambassador to Nigeria, Mr AlekosIkonomopoulos, has indicated interest to partner with Nexim Bank in his country’s quest to develop the nation’s non-oil exports. Source THE NATION Read More

The Cost of Dropping off JPMorgan’s Index , By Uddin Ifeanyi - In the end, it would seem that the markets were not as sanguine (as was the Central Bank of Nigeria, CBN) about the implications for the economy of JPMorgan’s decision, announced last week, to phase Nigerian bonds out of its emerging markets government bond (GBI-EM) index series over two month-end rebalancing periods. Source Premium Times Read More

Rattled by JPMorgan Exit, Nigerian Bonds Now Face Downgrade Risk - As if being kicked out of one of the world’s biggest emerging-market bond indexes isn’t enough, Nigeria now faces the risk of its credit rating falling further into junk. Source Bloomberg Read More



FO sustains correction, records lower breakout on growing sell - FO recorded another moderate loss of -5.00% as investors displayed strong profit-taking tendency towards the stock amid improved speculative buying on the Nigerian bourse. Source Proshare Read More

STI Rights Issue yields 64% success rate - The capital raising process via a Rights Issue exercise by Sovereign insurance Plc (STI) has recorded a gross proceed of N734.5 million representing a 64 per cent success rate, Chairman of the Company, Chief Ephraim Faloughi has said. Source THE NATION Read More



Alleged N34b NBC, MTN spectrum deal raises dust - THERE are indications that the National Broadcasting Commission (NBC) might have sold the spectrum frequency in the 700MHz bands to MTN Nigeria for about N34 billion in a deal that is yet to be made public even as industry leader, MTN says its transaction is transparent. Source Guardian Read More


PEARL Awards Holds 20th Anniversary Edition in Style
- The drive by Nigerian capital market regulators, stakeholders and investors to deepen investment in the market over the years though encouraging, is yet to yield results at the desired level attainable based on the national economic and investment potentials. Source Proshare
Read More


Kogi: Jonathan, Others Want Wada Stopped by All Means in Today’s PDP Primary -Former President Goodluck Jonathan has told the Governor of Kogi State, Captain Idis Wada, that he would not support him on his second term bid, and directed the Peoples Democratic Party (PDP) leadership to do everything to stop him in the governorship primary that is expected to take place today in Lokoja, one of the senior aides of the governor told THISDAY last night. Source Thisday Read More



Bad fuel: NCAA begins registration of oil marketers - The Nigerian Civil Aviation Authority says it is set to commence the official registration of all aviation fuel marketers in the country. Source Punch Read More

Oil falls more than 2 percent after banks cut forecasts - Oil prices fell more than 2 percent on Friday after Goldman Sachs and Germany’s Commerzbank both slashed their crude forecasts, citing oversupply and concerns over China’s economy. Source BUSINESSDAY Read More

NNPC to Invite Firms to Tender for Crude Delivery Contract - A few weeks after the Nigerian National Petroleum Corporation (NNPC) cancelled the crude oil delivery contract for its refineries with Ocean Marine Transport (OMT) citing exorbitant costs and inappropriate process of engagement, it intends to retender the contract which will now be awarded on a stop-and-go basis. Source Thisday  Read More



Asia wobbles as markets on edge ahead of Fed meeting - Asian shares came under pressure on Monday after Chinese markets were hit by soft economic data, while the dollar sagged as investors questioned whether the U.S. Federal Reserve will be confident enough to raise rates for the first time in almost a decade. Source Reuters Read More

China's Stocks Decline Most in Three Weeks on Slowdown Concerns - China’s stocks slumped, dragging the benchmark index down the most in three weeks, after data over the weekend added to concern the economic slowdown is deepening. Source Bloomberg Read More


Egypt pound steady at dollar sale, weaker at exchange bureaus - Egypt's central bank kept the pound steady at a dollar sale on Sunday, selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Sunday. Source Reuters Read More

Ghana's public debt climbs to 71 percent of GDP in June as cedi slides -  Ghana's total public debt rose to 94.5 billion cedis ($23.7 billion) by end-June, equivalent to 71 percent of gross domestic product (GDP), up sharply from 67 percent the previous month due to currency depreciation, the central bank said on Friday Source Reuters Read More




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