Nigeria in 1min: Economic, Business & Financial Headlines – 180716



July 18, 2016 6:10 PM / Proshare News 


Ikeja customs generate N1bn in six months - The Federal Operations Unit of the Nigeria Customs Service, Zone A, Ikeja, Lagos, has raked in about N1bn in revenue from seizures and interventions. Source Punch Read More 

Manufacturing loses over N300b to forex policy - Manufacturers Association of Nigeria (MAN) Vice President Mrs. Stella Okoli has said the sector lost over N300 billion to the distress in the economy, accentuated by the foreign exchange (forex) policy of the Central Bank of Nigeria (CBN). Source THE NATION Read More 

Inland Ports To Save Importers N100bn In Freight Cost - The federal government’s efforts at making Baro Port in Niger State and other ports on the River Niger, such as the Lokoja and Oguta ports viable for shipment of cargoes within the country, particularly to the northern part, will save Nigeria a whopping N100 billion in freight costs for shippers Source Leadership Read More 

FG, Firm Sign 80MW Solar Power Plant Deal - Nova Scotia Power Development Limited (NSPDL), has initiated a Power Purchase Agreement (PPA) with the Nigerian Bulk Electricity Trading Plc (NBET) for the development of one of the first solar photovoltaic plants in Nigeria. It is to be located in Dutse, Jigawa State capital. shippers Source Leadership Read More 


CBN okays no deposit for new accounts - Customers are free to open accounts without deposits, the Central Bank of Nigeria (CBN) has said. Source THE NATION Read More

Only 2% of Nigerians invest in stock market, says SEC - Securities and Exchange Commission (SEC) has said only two per cent of Nigerians, about 3.4 million, are investing in the stock market, but the ongoing implementation of the capital market master plan could increase such participation to four per cent over the next 10 years. Source THE NATION Read More 

Infractions: NSE Moves to Sanction Directors of Stockbroking Firms - The Nigerian Stock Exchange (NSE) has intensified moves to ensure directors of stockbroking firms are adequately punished for mismanagement of the firms or violation of market rules by the firms. Source Thisday Read More 

IPO for Kedari Investment Fund Opens - Kedari Capital has announced the opening of its Kedari Investment Fund initial public offering to interested investors and the general public. Source Thisday Read More 

Nigeria's cbank governor flies out to woo British, U.S. investors - Nigeria's central bank governor flew to Britain and the United States this week to try to lure back investors scared off by the plunge in oil prices and resulting financial turmoil, a central bank official said on Friday. Source Reuters Read More


Sentiment Analysis Report - W/E July 15, 2016 - Analysis of the market activity in the week ended July 15, 2016 technically revealed mixed sentiments as investors engaged in active opportunistic buying while profit-taking tendency appeared losing momentum in the week. Source Proshare Read More 

Bearish sentiments persist, stocks post 0.17% loss WOW - The equities market closed today on a positive note, as NSE ASI appreciated by 0.36% to close at 28,805.45basis points, compared with the 0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.57%. Source Proshare Read More 

Corporate Earnings for the Week Ending July 15, 2016 - Source Proshare Read More 

Access Bank Plc to Submit Half Year Audited Financials Not Later Than 31st August 2016 - We refer to the post listing requirements of the Nigerian Stock Exchange on the filing of quarterly Financial Statements by quoted companies. Source Proshare Read More 

N190b debit for T-Bills auction sustains interbank’s high lending rates - Lending among banks at the interbank market went higher last weekend as the liquidity tightening policy of the Central Bank of Nigeria (CBN) remained full “throttled.” Source Guardian Read More 

Omotowa appointed Shell Global VP - The outgoing managing director and chief executive officer of NLNG, Babs Omotowa, has been appointed by Shell International into the Global Upstream Leadership Team as vice president (S&E). Source Daily Trust Read More 

EFInA releases $2m grant to support FCMB financial inclusion drive - Enhancing Financial Innovation & Access (EFInA) has released $2 million (564,000,000) Innovation Grant to support First City Monument Bank (FCMB) Limited with its “Group Lending and Agency Banking” project,which provides financial services and access to credit facilities for the financially excluded population. Source Vanguard Read More 

NMRC injects N6bn into mortgage market - The Nigerian Mortgage Refinancing Company (NMRC) said it has refinanced hundreds of housing projects in the country with the injection of N6 billion into the mortgage market. Source Vanguard Read More 

Naira depreciates as $697m forwards mature this week - The naira depreciated in all the segments of the foreign exchange market last week due to shortage of dollars. Source Vanguard Read More 

Lagos’ll experience blackout today —TCN - The Transmission Company of Nigeria, Lagos Region, has announced that many parts of the state will experience blackout between 10am and 1pm today (Monday). Source Punch Read More 

EKO Disco losses over N50m monthly - Mr Oladele Amoda, Chief Executive Officer, Eko Electricity Distribution Company Plc, said on Saturday that over N50 million was being lost monthly to electricity equipment vandalism within its network. Source Punch Read More 

FG, Integrated Energy Agree on $87.8m as Refund for Yola Disco - The federal government has renegotiated and reached an agreement with Integrated Energy and Distribution Marketing Company (IEDM) on a payout of $87.8 million as against the $186 million earlier approved as compensation to the company after it returned the Yola Electricity Distribution Company (YEDC) to the federal government in 2015 Source Thisday Read More 

Electricity Tariff Judgement Threatens N300bn Banking Loans - Palpable anxiety appeared to have pervaded the financial sector following the judgement of the Federal High Court in Lagos, which annulled the recent increase in electricity tariff. Source Thisday Read More 

Aviation fuel scarcity bites harder, many flights cancelled - As aviation fuel scarcity bites harder, flight operations of indigenous airlines continue to experience hitches across the country.Already, the oil marketers have begun rationing supply to the airlines due to limited supply of the commodity, leading to cancellation and delay of many airlines’ flights. Source Daily Trust Read More 

Nigeria’s crude output increased in June —OPEC
- Nigeria’s crude oil output increased in the month of June despite the incessant bombings of oil installations by militants in the Niger Delta region, the July 2016 report of the Organisation of Petroleum Exporting Countries has shown. Source Punch
Read More 

South-East, South-South Lawmakers Seek 65% Ownership Of Oil Wells - To facilitate the development in the Niger Delta region, South-South and South East lawmakers have urged the federal government to review the ownership structure of oil wells in the country. Source Leadership Read More 

Oil Producers Prepare for Second-Half Slump as Rally Sputters - After surviving two years of low prices, they’re gearing up for a third by buying protection against a renewed downturn. Laredo Petroleum Inc. said July 14 that it hedged more than two million barrels of 2017 output earlier this month. Drillers have increased bets on falling prices by 29 percent this year. Source Bloomberg Read More 

Gold Extends Decline as Fed Rate Chances Rise After U.S. Data - Gold extended its decline after data on Friday showed the U.S. economy gaining traction, raising bets that the Federal Reserve may increase interest rates this year. Source Bloomberg Read More 


European Stock Futures Rise With Lira as Turkey Concerns Recede - Financial markets showed signs of resilience following a failed coup attempt in Turkey, with the Turkish lira leading a recovery in emerging-market currencies and European stock index futures edging higher. Haven assets including the yen, gold and U.S. Treasuries fell. Source Bloomberg Read More

Saudi Arabia Plans Shipbuilding Complex to Support Oil Exports - Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Energy Minister Khalid Al-Falih said Sunday. Source Bloomberg Read More

African Union to Use Imports Cash to Get $1.2 Billion Funds - The African Union agreed to use some cash paid to import goods to help raise $1.2 billion starting next year, reducing its reliance on donors such as the World Bank that provide about three-quarters of funding for its programs. Source Bloomberg Read More

Zimbabwe finance minister says sanctions to blame for cash crunch - Zimbabwe's finance minister blamed international sanctions on Sunday for a cash crunch that has forced the government to delay wages to soldiers and civil servants as President Robert Mugabe faces rare popular protests. Source Reuters Read More 

ExxonMobil declares force majeure on Nigeria's Qua Iboe crude oil -spokesman -  ExxonMobil subsidiary Mobil Producing Nigeria has declared force majeure on exports of Nigeria's Qua Iboe crude oil, the country's largest export stream, a spokesman said on Friday. Source Reuters Read More 


3Invest explains how "The Wings" inspires the future of real estate in Nigeria  - Corporate elites scouting for prestigious office locations in Lagos face the challenge of making the best decision on what to settle for due to an array of exciting choices. Source Proshare Read More



NCC Set To Licence Broadband InfraCos In 5 Zones - The executive vice chairman of the Nigerian Communications Commission (NCC), Professor Umar Danbatta said the regulator is working on deepening broadband penetration through licencing of five more Broadband Infrastructure Companies (Infracos) across the five geopolitical zones of the country any time from now. Source Leadership Read More 

BoI partners insurance companies to indemnify MSMEs’ loan facilities - The Bank of Industry (BoI) has collaborated with insurance companies in the country to indemnify loan facilities and assets of Micro Small and Medium Enterprises (MSMEs) in the country. Source Vanguard Read More 

BoI Seeks Commodity-based Industrialisation for Inclusive Growth - The Bank of Industry (BoI) has emphasised  the need for Nigeria to adopt a commodity based industrialisation strategy to achieve inclusive growth. Source Thisday Read More 



 Highlights of the CIBN discourse on Flexible FX

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