Nigeria in 1min: Economic, Business & Financial Headlines – 170315


March 17, 2015 7:00 AM / Proshare News


FG sealed off about 15 health facilities in Abuja - About 15 health facilities in the Federal Capital Territory (FCT), Abuja has been placed under lock and key by the Federal Government for operating medical laboratory which was regarded to be below standard. Source THE NATION Read More

Vehicle financing scheme to commence in April – NAC - The Director-General, National Automotive Council, Mr. Aminu Jalal, has said that the vehicle finance scheme that will enable Nigerians to purchase brand new cars assembled in the country will commence at the end of April. Source Punch Read More

Importers abandon N1b containers, vehicles at port - Over 120 containers and 96 vehicles worth over N1 billion have been abandoned at Tin-Can Island Port and other bonded terminals in Lagos, following the importers’ inability to clear them, it emerged last weekend. Source THE NATION Read More

UK pensions outperform inflation over past 50 years as Nigerian PFAs struggle - UK pension fund returns have outperformed increases in UK retail prices and wages significantly over the past 50 years, a study by UBS Global Asset Management has found. Source BUSINESSDAY Read More

Nigeria ranks second in the ‘Affordability Index’s ranking’ of developing economies  - a has been ranked second in the Affordability Index’s ranking of developing economies – scoring higher than other African developing economies like Kenya, Morocco and Uganda, and higher even than some emerging economies, including Mexico, South Africa, Thailand and Tunisia. Source Daily Independent Read More

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563mw Calabar, 960mw Alaoji NIPPs completed –Nebo - The Minister of Power Prof. Chinedu Nebo yesterday said the 563megawatts (mw) Calabar and 960mw Alaoji power plants have been completed under the National Integrated Power Projects (NIPP). Source Daily Trust Read More

FG Trailing Behind Pipeline Vandals - Recurring vandalism of critical oil and gas pipeline networks and subsequent disruption of gas supply to end users, especially electricity power stations, suggest that pipeline vandals are steps ahead of government in this nasty game. This shameful development is worsened by the lazy excuses spewed out by government officials on why the act continues to fester. Chineme Okafor writes. Source Thisday Read More

Power generation drops by 800mw, as vandals struck again - The Federal Government has said it is intensifying effort to secure gas pipelines across the Niger Delta region following the fourth attack on the Escravos Lagos Gas Pipeline A (ELPSA) in Delta State. Source Daily Independent Read More

NERC May Sanction Discos over Hike in Cost of Meters - The Nigerian Electricity Regulatory Commission (NERC) may sanction the electricity distribution companies for increasing the cost of electricity meters without the regulatory agency’s approval, THISDAY has gathered. Source Thisday Read More

AfDB Finalises Partial Risk Guarantee for Coal-to-Power - The are strong indications that the African Development Bank Group (AfDB) has finalised its introduction and deployment of a Partial Risk Guarantee (PRG) to help bolster investment in Nigeria’s coal-to-power sector. Source Thisday Read More

Eko Disco Charges Customers to Subscribe to CAPMI - The Chief Executive Officer of Eko Electricity Distribution Company, Mr. Oladele Amoda has urged customers to buy prepaid meters under the Credit Advance Payment for Metering Implementation (CAPMI) scheme introduced by the Nigerian Electricity Regulatory Commission (NERC) to curb estimated billings. Source Thisday Read More

Ajaokuta Steel 110mw power plant commences operation - The 110MW Thermal Power Plant of the Ajaokuta Steel Plant has commenced operation after months of rehabilitation by the company’s engineers. Source Daily Trust Read More

3 months after, FG’s 1 million electricity meters yet to arrive  - Electricity consumers in the country are still groaning from the cuts of ‘crazy billing’ just as it’s been three months since the Federal Government announced plans to provide one million meters to check the menace. Source Daily Trust Read More

NIPP plants buy gas at subsidised rate, says DPR - The Federal Government sells gas to the 10 power plants built under the National Integrated Power Plant (NIPP) by the Niger Delta Power Holding Company Nigeria (NDPHC) at the subsidised rate of $1.8 per 1000 standard cubic feet (scf) as against the fixed price of $2.5, it has been learnt. Source THE NATION Read More

Abuja power station, refinery delayed by funds, others - Lack of support from banks, bureaucratic bottlenecks, infrastructural deficit in the host communities, among others, are responsible for the slow pace of work at the proposed power station and modular refineries in Abaji, the Federal Capital Territory, the Managing Director, Jehata Nigeria Limited (owners of Abuja Power Station in Abaji), Jameel Jammal, has said. Source THE NATION Read More

Investdata Weekly Stock Picks - 160315 - The pullback witnessed last week was attributed to profit taking following market rally of more than two weeks due to unprecedented impressive earnings and corporate actions released by some companies which were beyond market forecast. Source ProshareRead More

Profit-taking continues as stocks start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by -2.57% to close at 29,929.56 basis points, compared with the -0.82% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.64%.Source ProshareRead More


Naira Gains +0.18% to Start Week Positive - A review of today’s activities with respect to events at the foreign exchange market confirmed the following key developments:Source ProshareRead More

Nigerian naira trades in tight spread as oil firms sell dollars - Nigeria's naira traded within a range at which it has been stuck for almost a month on the interbank market, supported by dollar sales from the central bank and oil companies, dealers said on Monday. Source Reuters Read More

BoI's Loan Disbursements Hit N780bn in 2014 - Managing Director of the Bank of Industry (BoI) Mr Olaoluwa, has disclosed that disbursements of intervention funds and loans from the Bank to the nation's real sector and other key sectors have hit N780 billion as at the end of 2014. Source Thisday Read More

Liquidity Position: S&P Places Seven Energy on Negative Watch - Standard & Poor's Ratings Services said at the weekend that it has placed its 'B-' long-term corporate credit rating on Nigeria-based oil and gas exploration, production, processing, and distribution company Seven Energy International Limited-a CreditWatch with negative implications. Source Thisday Read More


The Nigeria Bond Watch - Review and Outlook @031615 - Major drivers of activities in the fixed income market for the review week were 1) the March 2015 FGN bond primary market auction held by the Debt Management Office (DMO); 2) OMO bills auctions and redemption by the CBN; 3) CRR debit – which influenced liquidity levels and affected market behavior. Source Proshare Read More

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WAPCO sets to crack its key support level at N80.00kobo - Today, WAPCO slipped further to record another moderate loss of -4.90%, extending the price correction pattern after hitting 20weeks high at N90.00kobo on March 10th 2015.Source ProshareRead More

UBCAP Proposes 20kobo dividend per share in 2014 Audited result - The Directors of United Capital Plc (formerly UBA Capital Plc) have recommended a dividend of 20kobo per share for the year ended 31st December, 2014. Kindly find the details of the corporate action below: Source ProshareRead More

GTBANK: Surprisingly Healthy 2015 Outlook - 2015 PBT guidance of N120bn: GT Bank management provided what appears to be a deliberately conservative 2015 PBT guidance of N120bn (+3% y/y). We have increased our forecast by 8.5% to N125.7bn, implying a y/y growth of 8%. Given the current macro environment, this is quite strong.Source ProshareRead More

Union Homes placed on Full Suspension TILL March 23, 2015 - The Market is hereby notified that further to a 10 March 2015 directive of the Securities and Exchange Commission, the shares of Union Homes Savings & Loans Plc (UHSL) will be placed on full suspension from today, Monday, 16 March to Friday, 20 March 2015.Source ProshareRead More


ACCESS FY 2014 Results: Interest Income Grows by 21%; Driven by Higher Loans & Advances - Gross Earnings of 245.1 bn in 2014, up 19% from N206.8 bn FY 2013. The significant growth in earnings was largely driven by 21% growth in interest income and 12% growth in non-interest incomeSource ProshareRead More

Dangote’s $400m Zambian plant to produce first bag in two weeks - Africa’s richest person, Aliko Dangote has said the company’s $400 million cement plant in Zambia’s Masaiti district in Copperbelt region will start operating in two weeks’ time, the result of a delay in securing the necessary approval. Source BUSINESSDAY Read More

GlaxoSmithKline offloads $842 million Aspen stake for new initiative - GlaxoSmithKline Plc sold half its stake in Aspen Pharmacare Holdings Ltd. of South Africa for 10.5 billion rand ($842 million) to invest in new priorities as the U.K.’s largest drugmaker reorganizes. Source Guardian Read More

Corporate Actions in 2015 as @160315 -  SourceProshareRead More

ACCESS Proposes 35kobo dividend per share in '14 Audited result,(SP:N6.10k) -Source ProshareRead More

COURTVILLE declares N317.7million PAT in '14 Audited result,(SP:N0.50k) -Source ProshareRead More

Transcorp Hotels Plc declares N0.37k FY'14 dividend -Transcorp Hotels Plc ("TRANSCOHOT") declared a final dividend of N0.37 kobo for the year ended 31st December, 2014. Other details are as follows;Source ProshareRead More

TRANSCOHOT Proposes 37kobo dividend per share in '14 Audited result,(SP:N10.00k) -Source ProshareRead More


No alternative to more aggressive tax collection - The distraction of the elections has not prevented the National Assembly from working on the 2015 budget and the 2015-17 medium term expenditure framework. The local media reported on Thursday that the two houses of the assembly had agreed a harmonized position. Source Proshare Read More

Registration on .ng domain hits 60,000 –NiRA - The Nigerian Internet Registration Agency (NiRA) has said that about 60,000 domain names have been realised on .ng registration. Source Daily Trust Read More

NCC issues guidelines on 70/80GHz spectrum use - The Nigerian Communications Commission (NCC) has released draft guidelines for the use of 70/80 spectrum bands in Nigeria.The guidelines were contained in a presentation made by the commission’s Director, Spectrum Administration and Control, Austin Nwalune, in Lagos at a stakeholders’ forum on the usage of 70/80GHz spectrum in the country. Source Daily Trust Read More

Ekiti shuts MTN, Etisalat offices over debts - OUTLETS of two Global System for Mobile (GSM) Telecommunication companies, MTN Nigeria Limited and Etisalat, in Ado-Ekiti have been sealed by the state government for allegedly defaulting in payment of N50 million signage and advertisement bills. Source Guardian Read More

ETI Announces the Demise of a Director, AndrBoboBayala (1950 2015) -Ecobank Transnational Incorporated (ETI) notified The Nigerian Stock Exchange of the death of one of its Board members, André BoboéBayala, a national of Burkina Faso, who passed away on Wednesday, 11 March, 2015, following health complications. He was 64 years old.Source ProshareRead More

Nigeria’s super wealthy to rise 90% by 2024 - The number of ultra-high-net-worth individuals (UHNWI) in Nigeria, each with a whopping $30 million or more in net assets, is forecast to rise 90 percent by 2024 from today’s level of 210 people, according to data from the recently released Knight Frank’s Wealth Report 2015. Nigeria’s UHNWI population rose by five percent in 2014 Source BUSINESSDAY Read More

Yellowe: Nigeria Awards Oil Blocks to Create Instant Billionaires - Mr. Kenneth Yellowe is the Chairman of Houston-based Global Energy Group, an international oil and gas holding company that comprises Global Energy Inc., Global Gas and Refining Limited, and Global Energy USA Inc. He spoke with Ejiofor Alike on the Petroleum Industry Bill, crude oil price slump, and his 20-year experience in Nigeria’s oil and gas sector. Source Thisday Read More

40 fuel subsidy scam suspects linger in courts 3 years after - Three years after the Federal Government arraigned over 40 oil marketers in courts for allegedly tampering with oil subsidy funds, there appears to be nothing substantial on ground to show that the oil thieves would face the music so soon. Source Daily Trust Read More

Senate panel faults sale of Cecilia Ibru’s assets - The Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-corruption on Monday described as absurd, the process employed by the Assets Management Corporation of Nigeria to dispose of the assets of the former Managing Director of the defunct Oceanic Bank International Plc, Mrs. Cecilia Ibru. Source Punch Read More


Boko Haram’s grievances legitimate —OBJ  - FORMER president Olusegun Obasanjo has indicated that the Boko Haram sect has legitimate grievances. Criticising the response of the current administration to the insurgency, Obasanjo highlighted low level of education in the northern part of the country as a contributory factor to the situation. Source NIGERIAN TRIBUNE Read More

Atiku’s group in South-West endorses Jonathan’s re-election  - Abubakar/Peoples Democratic Movement (AAA/PDM) collectives, South- West zone, hinged their support for President Jonathan on his promise to implement the recommendations of the Confab reports if re-elected into office. Source NIGERIAN TRIBUNE Read More

Nigerian electoral chief says will not resign - The head of Nigeria's electoral commission said on Monday that he would not resign, rejecting calls from some supporters of President Goodluck Jonathan for him to stand down before a March 28 election. Source Reuters Read More

Patients lament as Lagos doctors begin indefinite strike - The storm has been brewing in the Lagos State health sector over the months, broke yesterday as doctors under the aegis of the Medical Guide made good its threat to embark on indefinite strike over irreconcilable matters with the Lagos State government. Source Vanguard Read More

Terrorism: Never Again will Nigerian Army Be Humiliated, Minimah Vows - The Chief of Army Staff (COAS), Lt-Gen. Kenneth Minimah, has vowed that the Nigerian army will never again suffer humiliating loss of territories to the Boko Haram insurgents who once laid siege to a number of cities in the North-east region of Nigeria. Source Thisday Read More

N18,000 minimum wage no longer realistic, says NLC president - THE President of Nigeria Labour Congress (NLC), Dr. Ayuba Wabba, has emphasised that the N18,000 minimum wage is no longer realistic, considering the nation’s  economic situation. Source THE NATION Read More

Petrol subsidy rises by 1,142% in seven weeks - The amount payable by the Federal Government to oil marketers as subsidy on petrol has risen by over 1,142 per cent in the past seven weeks. Source Punch Read More

Oil falls below new budget benchmark - The price of global benchmark Brent crude oil fell about three per cent on Monday to a six-week low of $52.50 per barrel, less than a week after the National Assembly adopted $53 per barrel as the 2015 budget oil price benchmark. Source Punch Read More

Cote D’Ivoire plans LNG import from Nigeria in few months - The Republic of Cote D’Ivoire  has signaled its intention to procure Liquefied Natural Gas (LNG) supplies from Nigeria to support its growing power needs, a statement by Ohi Alegbe, spokesman for the Nigerian National Petroleum Corporation (NNPC) recently said. Source Daily Trust Read More

NPDC crude production hits 205, 007 bpd - The Minister of Petroleum Resources Mrs. Diezani Alison-Madueke has said that the production capacity of the National  Petroleum Development Company (NPDC) has increased from 130, 000 to 205, 007 barrels per day  (bpd). Source Daily Trust Read More

Nigeria, others behind OPEC lowest output since June - The decline in crude oil production in Nigeria, Iraq and Libya drove down output from the Organisation of Petroleum Exporting Countries to its lowest in February since June last year, according to the cartel’s latest monthly report released on Monday. Source Punch Read More

FG to prosecute firms that spill oil - International and indigenous that firms that spill oil in the country will soon face criminal charges, the Federal Government has warned. Source Punch Read More

Shell withdraws funding of Delta Youth Training Centre - HELL Nigeria Exploration and Production Company, SNPECo, one of the three finance partners of the Delta State Government –owned Multipurpose Youth Training Centre, Egbokodo, Warri, Delta State, has pulled out of the funding of up-to-the-minute vocational institution. Source Vanguard Read More

India’s refiners restock with Nigerian, Angolan crude ahead of SPR launch - India, the fourth-largest energy consumer, has stepped up purchases of the Nigerian and Angolan crude, nearly doubling the amount of West African oil it will import in the first half of April. Source BUSINESSDAY Read More

PIB Will Not Affect Gas Transportation Network Code, Says DPR - The Department of Petroleum Resources (DPR) has given an assurance to industry stakeholders that passage of the Petroleum Industry Bill (PIB) by the National Assembly will not affect the implementation of the Nigerian Gas Transportation Network Code (NGTNC). Source Thisday Read More

Asian shares rise on bets Fed may stay cautious - Asian shares rose on Tuesday, following Wall Street's lead, as investors positioned for the possibility that weaker-than-expected U.S. data will prompt the Federal Reserve to leave its options open this week on the timing of a future rate hike. Source Reuters Read More

DAX sets record high, Zurich recovers as European stocks rally - Germany's DAX raced to record highs on Monday, part of an extended European stock market rally driven by investors' expectations that a weakened euro will boost the region's economy and lift exporter earnings. Source Reuters Read More

Apple Said to Start First Trade-In Program for Android Phones - Apple Inc. plans to start accepting non-Apple devices as trade-ins, a person with knowledge of the matter said, as the company seeks to extend market-share gains against smartphones based on Google Inc.’s Android software. Source Bloomberg Read More

Saudi Arabia Wooing Fired U.S. Shale Workers to ‘Join Our Team’ - Workers fired from U.S. shale fields after the collapse in oil prices could soon have a new boss: the nation some blame for driving that decline. Source Bloomberg Read More

Ghana raises budget-deficit target as oil revenue drops - Ghana said this year’s budget deficit would be wider than previously projected after a fall in crude oil prices curbed revenue. Source Guardian Read More

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