Nigeria in 1min: Economic, Business & Financial Headlines – 180515


 May 18, 2015 7:20 AM / Proshare News

FG’s Revenue Drops by 21% in February - Nigeria's federally-collected revenue reduced to N560.84 billion in February 2015.The estimated federally-collected revenue in February 2015, according to the Central Bank of Nigeria's (CBN's) economic report for February obtained at the weekend,  was lower than the receipt in the preceding month by 21 per cent. Similarly, the estimated amount of revenue earned in February was lower than the provisional 2014 monthly budget estimate by 38.1 per cent. Source Thisday Read More

Court Restrains FG from Compelling Vessels to use INTELS Facilities - A Federal High Court sitting in Lagos has granted an order of interim injunction to the Lagos Deep offshore Logistics (LADOL), restraining President Goodluck Jonathan and other relevant government agencies, against earlier presidential directives that all oil and gas related cargoes could only be discharged at the Integrated Logistics Services Nigeria Limited (INTELS) facilities situated at Onne port, Rivers State; Warri port, Delta State; and Calabar port, Cross River State. Source Thisday Read More

N100bn mortgage-backed bond: FG urged to redeem guarantee -Stakeholders in the housing sector have called on the Federal Government to redeem its guarantee on the Series 3 of the N100 billion mortgage-backed bond it floated in 2007. The Series 3 is maturing on May 24, 2015 with obligation to pay N24.564 billion to Note holders. They said failure by the Federal Government to redeem the bond at maturity will lead to the call of FGN Guarantee that backed the transaction which can spell doom for the country in local and offshore financial circles. Source Vanguard Read More

Construction work begins on N325bn Lekki seaport - The management of the Lekki Port Lagos Free Trade Zone Enterprise has announced the commencement of work on the construction of the N325bn Lekki seaport situated in Ibeju-Lekki, Lagos State. Source Punch Read More

NIRP to boost annual manufacturing revenue by N5trn —Aganga - THE Minister of Industry, Trade and Investment, Mr. Olusegun Aganga has said that the Nigeria Industrial Revolution Plan, NIRP, would boost the annual revenue earnings of the Nigerian manufacturers to about N5 trillion per annum. The Minister who stated this at the annual Mechanical Engineers Distinguished lecture with the theme: Source Vanguard Read More

Transport Ministry Explains Directive On Relocation Of Private Jetties - Officials of the Nigerian Ministry of Trade have said that the recent directive given to owners of private jetties to relocate the reception of ocean-going vessels to properly approved and established ports was based on security, technical and legal observations and should not, therefore, be politicised. Source Leadership Read More

Is Nigeria Suffering from Stagflation?? - Stagflation is a macroeconomic condition in which a country experiences a reduction in real economic growth at the same time as facing an increase in the general level of prices i.e. inflation. It usually occurs at the lower part of a business cycle. Source Proshare Read More


EEG Policy Implementation - Addressing the crisis in the non-oil export sector - Operators of Nigeria’s agribusiness and food sector of the economy, which includes value added agri exports, rice farming, milling, importation and distribution, packaged foods distribution, wheat milling, dairy products etc are frustrated with the governments handling, management and accountability of the EEG policy scheme. Source Proshare Read More

Rice Import Quotas - Beyond the Rhetorics - Our attention has been drawn to certain negative reports in the press regarding rice import quotas, waivers and duties owed to the Government. In this context, we wish to highlight a number of facts with regard to the rice import quotas in our position as both Nigeria’s largest investor in domestic rice production and an importer. Source Proshare Read More

Poor power supply’ll affect payment by Discos – NBET - The drop in power generation in April and May can affect the remittances by electricity distribution companies to the Federal Government, the Nigerian Bulk Electricity Trading Plc has said. Source Punch Read More

Power: Nigeria’s Bulk Trader Concludes PPA Negotiations on 10 NIPP Gencos - Nigeria’s bulk electricity procuring entity, the Nigerian Bulk Electricity Trading Company Plc (NBET) at the weekend disclosed that it had concluded all negotiations required for the successful signing of Power Purchase Agreements (PPAs) with the 10 thermal generation companies of the National Integrated Power Projects (NIPP). Source Thisday Read More

CBN hides banks’ interest earnings on standing deposit facility - The Central Bank of Nigeria (CBN) has stopped publishing how much banks are making by lacing their excess liquidity as deposit via its Standing Deposit Facility (SDF) This follows Vanguard Newspaper’s report, on the huge amount of money banks made placing deposit with the apex bank. Source Vanguard Read More

Banks at risk over oil price slump, energy firms’ indebtedness – CBN - The Central Bank of Nigeria, CBN, has warned that financial institutions in Nigeria will be at grave risk in 2015 due to the low prices of crude oil in the international market and their huge exposure to oil and gas firms. Source Vanguard Read More

Sentiment Analysis Report - W/E May 15, 2015
- Analysis of the market activity in the week ended May 15, 2015 technically revealed a divergence between the key benchmark index and market breadth. Source Proshare
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Spring Mortgage Plc & ARM Properties Plc Securities now trading on NASD OTC Market - The securities of Spring Mortgage PLC and ARM Properties PLC were introduced to the NASD OTC market during the week by Primera Africa Securities Limited and Mega Equities Limited respectively, bringing the total number of admitted securities on the platform to 21. Source Proshare Read More

Stocks end week positive on modest note, gain 0.02% amid price volatility - The equities market closed today on a positive note, as NSE ASI appreciated by 0.07% to close at 34,439.52basis points, compared with the 0.61% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.63% Source Proshare Read More

VG30 ETF Makes Final Distribution to Unit Holders - The Vetiva Griffin 30 Exchange Traded Fund (VG30 ETF) will on June 1, make a final distribution (dividend) of 10 kobo  to unit holders  for the year ended December 31, 2014. Source Thisday Read More

Total Pension Funds Stand at N4.7 Trillion - The total pension funds  currently accumulated in the country stand at N4.7 trillion as at December 2014, Chairman of Premium Pension Limited, Aliyu Dikko has said. Source Thisday Read More 

PENCOM Seeks Global Partnership On Infrastructural Investment - The director-general of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has said that the Pension Reform Act PRA 2014 has helped to correct the anomaly and persistent challenge of long term financing in Nigeria Source Leadership Read More 

BoI: BPE opens bid for privatisation advisers - The Bureau of Public Enterprises has opened a financial bid for the appointment of advisers for the privatisation of the Bank of Industry. Source Punch Read More

76m Nigerians Are Hold Bank Accounts – EPPAN - The Electronic Payment Providers Association of Nigeria (EPPAN) has disclosed that the number of bank account holders in Nigeria constituting of both individuals and organisations has reached 76 million. Source Daily Independent Read More

Jump in Skye Bank Plc. provisioning drives quarterly loss - Skye Bank Plc (Skye) released FY 2014 audited results wherein gross earnings rose 3% YoY to N136.7 billion, while both PBT and PAT plunged 47% YoY to N10.5 billion and N9.7 billion respectively. The released results show restated prior year numbers possibly in the light of the acquisition of Mainstreet Bank in Q4 14. Source Proshare Read More

Dangote Flour Mills Plc's March results places ratings under review - Dangote Flour Mills Plc (DFM) released unaudited financial results for the 6 months ended March 2015 wherein revenues rose 18.2% YoY to N22 billion while pre-tax and post tax losses widened 49% and 57% YoY to N7 billion and N6.8 billion respectively. Source Proshare Read More

Dangote Cement’s African projects already supporting growth — CEO - The Chief Executive Officer, Dangote Cement Plc, Mr. Onne van der Weijde, has said the cement producer’s expansion projects in Africa have started contributing to its revenue growth. Source Punch Read More

N16bn dividend awaits Lafarge shareholders - Lafarge Africa Plc shareholders are expected to reap from the company’s consolidation as its Board of Directors is expected to propose a dividend of N16 billion at its forth coming Annual General Meeting, AGM. Source Vanguard Read More

Seplat Reels out Benefits of Tax Incentive to Nigerian Economy - Seplat Petroleum Development Company has said the pioneer tax incentive granted it made it possible for the company to boost oil and gas production, provide employment opportunities and help grow the Nigerian economy. Source Thisday Read More

Proshare Nigeria

FCMB Moves to Retail Banking with New Campaign - First City Monument Bank (FCMB) Limited said it has continued to transform and position itself as a leading retail bank in Nigeria with the launch of its new thematic campaign tagged: “A World of Opportunity.” Source Thisday Read More

Foreign investors expect another naira devaluation — Khan - I think there have been a great concern about whether the external reserves are holding up as officially reported and so one question that the Central Bank of Nigeria gets on a constant basis is on the foreign exchange reserves and there have been a lot of reassurance by the CBN on that Source Punch Read More


EFCC reopens subsidy fraud cases
- There are indications that the Economic and Financial Crimes Commission is revisiting investigations into the fuel subsidy fraud cases which it abandoned since 2012. Source Punch
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Aiteo Clarifies Status of its Contract with NNPC - Indigenous oil and gas company, Aiteo has clarified the status of its business with the Nigerian National Petroleum Corporation (NNPC), and denied the allegation that it was fronting for top officials of the present administration.Source Thisday Read More


Repositioning Nigeria's Non-Oil Export Sector as a major revenue alternative, the economic challenge
- It is no longer news that retired but not tired General Muhammad Buhari and his team of fervent patriots in the APC canvassed for the 2015 elections with a singular agenda as promise to the Nigerian electorate. Source Proshare Read More

Nigeria is broke, Amaechi insists - The Rivers State Governor, Mr. Rotimi Amaechi, has again declared that Nigeria is broke and blamed the inability of the state and others to pay workers’ salaries and pensions on the nation’s current poor financial condition. Source Punch Read More

N/Assembly management asks lawmakers to vacate offices today - The National Assembly bureaucracy has asked members of the House of Representatives to pack all their personal belongings out of their offices latest Monday, May 18 (today), with just 17 days to the end of their tenure. Source Punch Read More

Jonathan and Wife at Church Service, Seek Forgiveness -With barely 12 days to step down as Nigeria’s president, President Goodluck Jonathan on Sunday pleaded for forgiveness from those he might have offended while carrying out his duties as the country's number one citizen. Source THisday Read More

Nigeria loses N7bn as Shell shuts Trans-Niger Pipeline - Barring other arrangements, Nigeria has lost a minimum of $35.139 million, about N7.029 billion, over the last three days, as Shell Nigeria, yesterday, said it has shut down the 180,000 barrels of crude oil per day Trans Niger Pipeline. Source Vanguard Read More

Fuel crisis: Why we create scarcity – Marketers - The lingering fuel  crisis may continue till the May 29 handover date to Gen. Muhammadu Buhari government, as oil marketers have resorted to hoarding the product to force government to pay the outstanding debts as claimed, Vanguard learnt. Source Vanguard Read More

Oil Community Awards N85.4m Projects To Contractors - In its bid to meet the yearnings of the riverine communities for quality infrastructures, the Egbema Gbaramatu Communities Development Foundation, EGCDF, sponsored by Chevron Nigeria Limited in Warri South West and Warri North Local Government Areas, Delta state has awarded projects worth N85.4 million to contractors in the area, with charge on the contractors to complete the projects in no distance time. Source Leadership Read More

Oil Platform: Ijaw Youths Draw Battle Line - The Ijaw Youth Council (IYC) on Sunday reacted to the controversy between the presidency and the owners of the multi-million dollars Egina Floating Production Storage and Offloading (FPSO) facility over the decision of the federal government to relocated the fabrication activity from LADOL yard in Lagos to Agge in Bayelsa State Source Thisday Read More

Illegal Oil Bunkering: Navy Arrests 30 Ships, Says FOC - The Flag Officer Commanding (FOC) of the Eastern Naval Command, Rear Admiral Henry Babalola, has disclosed that the Command has arrested over thirty vessels and destroyed some equipment and facilities used for illegal bunkering and  refining of stolen crude oil. Source Thisday Read More

68% Of Nigerians Lack Access To Modern Cooking Fuels – Expert - Over 68 per cent (115 million people) of Nigerians do not have access to modern cooking fuels, and 2012 total primary energy consumption in Nigeria was about 4.5 quadrillion British thermal unit (Btu). Of this amount, traditional biomass and waste (typically consisting of wood, charcoal, manure, and crop residues) accounted for 80 per cent. Source Daily Independent Read More

Hedge Funds Lose Faith in Oil Rally as OPEC Seen Boosting Supply - Speculators are losing faith in the oil rally, judging that OPEC will keep increasing supply from the highest level since 2012. Source Bloomberg Read More

Global shares struggle after data raises more questions on U.S. economy - Asian shares slipped on Monday and the dollar stayed near a four-month low against a basket of major currencies after soft data raised doubts over whether the U.S. economy has been growing despite U.S. share prices standing at historic highs. Source Reuters Read More

Sydney’s Sizzling House Prices Losing Power to Prevent RBA Cuts  - Sydney’s sizzling property boom may not keep the central bank from cutting borrowing costs again. Source Bloomberg Read More

London House Prices Plunge as Election Concerns Hit Market - Asking prices for London homes fell the most in nine months in May as concern about potential property-tax changes before the election cooled demand. Source Bloomberg Read More

Iran deputy oil min says OPEC unlikely to cut output - The Organisation of the Petroleum Exporting Countries (OPEC) is unlikely to implement a production cut at its next meeting in June, a senior Iranian official said on Monday. Source Reuters Read More

Sudan inflation up to 24.3 pct in April - statistics agency - Sudan's inflation rate climbed to 24.3 percent in April from 23.2 percent in March, the Central Statistics Office said on Sunday, marking the second consecutive month that inflation has edged up after broadly easing since the summer. Source Reuters Read More

Egypt unemployment falls to 12.8 pct in Q1 -statistics agency - Egypt's unemployment rate fell to 12.8 percent in the first three months of 2015, compared to 13.4 percent in the same period a year ago, the government statistics agency said on Sunday, citing an improved economic outlook. Source Reuters Read More





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