Nigeria in 1min: Economic, Business & Financial Headlines – 170915

Proshare

September 17, 2015 7:00 AM / Proshare News


NIGERIAN ECONOMY
JP Morgan index and collective self-delusion - Stanford University Encyclopedia of Philosophy defines “collective self-delusion” as holding of a false belief in the face of strong and contrary evidence by a group of people as a result of shared biases, desires or intentions favouring that false belief. Source Proshare Read More
 

FG to punish defaulters of TSA deadline - The federal government will sanction all Ministries, Departments and Agencies (MDAs) that failed to comply with the deadline on implementation  of Treasury Single Account (TSA) that ended on Tuesday, September 15. Source Daily Trust Read More
 

FG sites integrated transport facility in Enugu - In a bid to further boost trade between Nigeria and landlocked countries, the Federal Government has concluded plans to site three key transport infrastructure in Enugu State as a strategy to decongesting the seaports, promote export and create more corridors for transit trade between Nigeria and her landlocked neighbouring countries of Niger and Chad. Source Vanguard Read More
 

NBC secures N34b fund for digital switchover - Although Nigeria  could not meet the  June 17, 2015 deadline of transiting to digital terrestrial broadcasting set by the International Telecommunications Union, there are  positive signals that the  transition is possible. Source Vanguard Read More
 

External reserves down 3% in month by Sept 14 - Foreign exchange reserves fell 2.97 percent to $30.69 billion by September 14, from $31.63 billion a month earlier, data from the Central Bank of Nigeria showed yesterday. Source Daily Trust Read More
 

Construction lifts GDP by 3.2 % - The Chief Executive Officer, InstinctWave, Mr. Akin Naphtal, has said the nation’s construction industry contributes about 3.2 per cent to the Gross Domestic Product (GDP). Source THE NATION Read More
 

Budget constraints affect power investment –FG - The Permanent Secretary, Ministry of Power, Dr. Godknows Igali, has said that prior to privatisation, the growth of the country’s power sector was constrained by the budget, which did not make adequate provisions for power-related projects. Source Punch Read More
 

Hiccup in air traffic for Q2  - With Nigeria’s population at 170 million, the poor road networks and derelict railway system, air transportation is widely used. Drawing on data provided by the Federal Aviation Authority of Nigeria (FAAN), the NBS has released its latest quarterly report on air passenger traffic. Source Proshare Read More
 
‘Jigawa set for N1 billion dollar investment’ - The North-west Regional Coordinator of the Growth and Employment in State(GEMS3),a DFID funded programme,Alhaji Umar Muhammad, yesterday, said about 40 projects worth N1 billion dollars is about to commence in Jigawa State. Source Daily Trust Read More
 


POWER
Alleged Electricity Billings: Benin, Enugu DISCOs Face CPC Prosecution - The Consumer Protection Council (CPC) is set to commence prosecution procedures against the Benin and Enugu distribution companies (DISCOs) for violating its enabling act in the on-going investigation of the activities of the country’s DISCOs following consumer complaints. Source Leadership Read More
 

RULES & REGULATION
IOSCO publishes final report on Sound Practices for Investment Risk Education - The Board of the International Organization of Securities Commissions (IOSCO) yesterday published its final report on Sound Practices for Investment Risk Education. Source Proshare Read More

 
CBN, CIBN seek economic restructuring - Worried by the sustained decline in the economy as reflected in the latest report by the National Bureau of Statistics, the Central Bank of Nigeria (CBN) and the Chartered Institute of Bankers of Nigeria (CIBN), have advocated a change in the structure of the Nigerian economy. Source Guardian Read More
 

CAPITAL MARKET
Improved Brokers Supervision Will Benefit the Market - TNI Q3/E12 - The Nigerian Stock Exchange in further discussion about its Minimum Operating Standard has come up with brokers’ oversight and supervision system which is geared towards enhancement and automation of the regulatory and oversight function of The Exchange over its Dealing Members. Source Proshare Read More
 

Stocks oscillate; MTD gain settles at 2.27% on modest gain - The equities market closed today on a positive note, as NSE ASI appreciated by 0.16% to close at 30,359.47basis points, compared with the 0.19% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.40% Source Proshare Read More



MONEY MARKET
FMDQ Securities Exchange Admits the N8.15bn Wema Bank Commercial Paper - Having successfully met the quotation requirements as contained in the FMDQ OTC PLC (FMDQ) Commercial Paper (CP) Quotation Rules, the FMDQ Board Listings and Quotations Committee granted its approval for the quotation of the Wema Bank PLC ?8,154,803,000.00 Series 1 Commercial Paper (CP) Notes under a ?20,000,000,000.00 Commercial Paper Issuance Programme (the Wema Bank CP) on FMDQ. Source Proshare Read More

JP Morgan: No cause for alarm, DMO assures investors - THE Debt Management Office (DMO) yesterday appealed to foreign investors who have already withdrawn their portfolio investments from the Nigerian Bond Market to come back because the Nigerian Bond index has sufficient liquidity and remained a safe haven for their investments. Source Guardian Read More
 

TSA: Banks move N2tr to CBN - Deposit Money Banks (DMBs) have so far moved an estimated N2 trillion, out of the N3.5 trillion public sector funds in their vaults to the Central Bank of Nigeria (CBN), it was learnt yesterday. Source THE NATION Read More
 

Banks profit set to fall over TSA - The cash shortage occasioned by the commencement of the Treasury Single Account policy will make banks’ profits to decline, it has been learnt. Source Punch Read More
 

TSA implementation will end armchair banking - NDIC boss - The Managing Director of Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has hailed the implementation of the Treasury Single Account (TSA) for revenue accruals. Source Daily Trust Read More
 

BoI approves N903.4m loan for SMEs in Gombe - The Bank of Industry (BoI) has approved a total of N903.4 million for the development of Micro, Small and Medium Enterprises(MSMEs) in Gombe State. The Managing Director/Chief Executive Officer of the bank, Mr. Rasheed Olaoluwa, who disclosed this  during the commissioning of BOI’s new office in the state, said that agro-processing accounted for 80 per cent of the loan portfolio. Source Daily Trust Read More
 

BoI’s Financial Support for Creative Industry Hits N2bn - With seven projects presently accessing its facilities and another 10 at different stages of loan approval, the Bank of Industry (BoI) has unveiled plans to facilitate access of members of Nigerian Creative Industry to its facilities, as intervention to the sector hits N2 billion. Source Thisday Read More
 

No Trading At Inter-Bank As Uncertain Atmosphere Prevail - For the third consecutive time this week, the was no trading at the inter-bank market as traders are yet to come to grasp with the huge liquidity drain from the banking system. Source Leadership Read More
 

INVESTORS NEWSBEAT
CADBURY confirms BUYING opportunity as sell pressure wanes - CADBURY recorded an impressive gain of 5.00% to sustain the price recovery pattern initiated yesterday. The stock maintained 2-day renewed and active bargain tendency after a prolonged free-fall pattern. Source Proshare Read More

 
PZ Cussons Nigeria Q4 2015 results review: Earnings and PT revised upward - PZ Cussons Nigeria’s (PZ) Q4 2015 (end-May) PBT grew 45% y/y, beating our estimate by over 40%. Management has indicated that base effects helped because a one-off cost of around -N1.3bn was not repeated in 2015. Source Proshare Read More
 

Okomu Oil Q4 2014 & H1 2015 results review: Cost savings to the rescue - Following Okomu Oil’s (Okomu) Q4 2014 and H1 2015 results, we have revised our earnings estimates upwards for the 2015-16E period by an average of 2% and our price target by 4% to N25.7 Source Proshare Read More
 

Dangote to unfold investment plans for A/Ibom - President of the largest Conglomerate in Africa, Dangote Group of Companies, Alhaji Aliko Dangote, has concluded plans to support the industrialisation plan of Akwa Ibom State, the Managing Director of Ubotex Nigeria Limited, Elder Ubong Bassey Obot, has said. Source Daily Trust Read More
 


 

CORPORATE EARNINGS
SOVRENINS Declares N650.1 million PAT in Q2'15 result,(SP:N0.50k) – Source Proshare Read More
 

TELCOs
Digital fuels growth in Africa's entertainment and media industry: PwC report - After more than a decade of digital disruption, the African entertainment and media industry has entered a new landscape – one where the media is no longer divided into distinct traditional and digital spheres, according to a report from PwC titled Entertainment and media outlook: 2015 – 2019 (South Africa – Nigeria-Kenya). Source Proshare Read More
 

MTN gets N34bn digital pay-TV licence - Telecommunications firm, MTN, has acquired a N34bn licence to provide digital pay television broadcasting services in Nigeria. Source Punch Read More
 

PROFESSIONALS
JSE hosts African Securities Exchanges Associations (ASEA) Conference from 15-17 November 2015 - The Johannesburg Stock Exchange (JSE) will be hosting the African Securities Exchanges Associations (ASEA) conference — a premier association of 25 securities exchanges. The conference will be held in Johannesburg from 15 – 17 November. Source Proshare Read More
 

PRODUCTS & SERVICES
Dangote, others listed for continental awards - African Media Agency, producers of pan-African magazine, African Business, has shortlisted President of Dangote Group, Aliko Dangote, as well as the Managing Directors of Lagos Deep Offshore Logistics Base, Amy Jadesimi, among others, as part of the nominees for the 2015 African Business Awards. Source Guardian Read More
 

FRAUDS & SCANDALS
Alleged false declaration of assets: Saraki for trial - Senate President Bukola Saraki is likely to be arraigned on Friday before the Code of Conduct Tribunal (CCT) for alleged false assets declaration, it was learnt yesterday. Source THE NATION  Read More

 
Saraki Debunks Frivolous Allegations by Code of Conduct Tribunal - The attention of Dr. Bukola Saraki, President of the Senate, has been drawn to a charge sheet being widely circulated on the online media, upon which he is expected to be tried at the Code of Conduct Tribunal (CCT). Source E&P  Read More
 


POLITICS
No more naira devaluation –Buhari - The naira should not be devalued further, President Muhammadu Buhari said on Wednesday, despite the Central Bank of Nigeria’s growing struggles to keep the naira at current levels. Source Punch Read More
 

COMMODITIES
ExxonMobil commences oil production at Erha North field - Esso Exploration and Production Nigeria Limited has commenced oil production ahead of schedule at the Erha North Phase 2 project, offshore Nigeria. Source Guardian Read More

 

Nigeria still flares 20% of gas, says operator - At least, 20 per cent of associated gas produced yearly in the country is still being flared, enough to generate 6,000 megawatts (Mw) of electricity, the Managing Director, Energy and Mineral Resources Limited (EMR), Abiola Ajayi, has said. Source THE NATION Read More
 

Nigerian firm drills first oil in Rivers State - Green Energy International Limited, an indigenous firm that operates the Otakikpo marginal field, has successfully drilled its first oil 15 months after receiving its ministerial consent for the farm-out from Shell and its joint venture partners. Source Punch Read More
 

Oil theft: Shell loses 37,000bpd - Shell Petroleum Development Company (SPDC) loses an average of 37,000 barrels of crude oil per day (bpd)  from its Joint Venture facilities in the Niger Delta to oil thieves. Source THE NATION Read More
 

Nigeria, Angola become hubs for oil, gas paints - Nigeria and Angola present attractive growth and operational expansion opportunities for manufacturers in the offshore oil and gas paints and coatings market, according to a new report by Frost & Sullivan, a South Africa-based growth partnership company. Source Punch Read More
 

Nigeria gets 65,000bpd from Erha North 2 - Esso Exploration and Production Nigeria Limited, a subsidiary of Exxon Mobil Corporation, has started oil production ahead of schedule at the Erha North Phase 2 project offshore Nigeria. Source Punch Read More
 

 

GLOBAL MARKET
Asian stocks at three-week highs before Fed decision; dollar wary - Asian stocks edged up to a three-week high on Thursday while the dollar drifted lower against other currencies as investors consolidated positions ahead of a nail-biting U.S. Federal Reserve policy decision. Source Reuters Read More
 

European shares end higher led by SABMiller, eyes on Fed - European shares ended higher for a second session on Wednesday, with M&A hopes sending SABMiller and InBev up sharply, while investors remained cautious ahead of the Federal Reserve's interest rate decision. Source Reuters Read More

 
A decade after write-offs, Africa sliding back into debt trap - With their economies floundering and currencies sinking, African states that have borrowed heavily in dollars may be slipping back into the debt trap - and ultimately default - only a decade after a far-reaching round of debt forgiveness. Source Reuters Read More

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