Nigeria in 1min: Economic, Business & Financial Headlines – 180816




August 18, 2016 6:40 AM / Proshare News 


FG okays four oil wells for Lagos, rejects one - The Federal Government says four of the five oil wells discovered in Lagos belong to the state.It added that the fifth oil well could not have belonged to the state since its location fell outside the approved distance. Source Punch Read More

FG borrows N110bn via bonds - The Federal Government on Wednesday at an auction raised N110bn worth of bonds maturing in 2021, 2026 and 2036, the Debt Management Office said Source Punch Read More

Towards a Viable Fisheries Industry  - There is an increased focus on food security globally. As for Nigeria, the slide in oil price in mid-2014 which led to the country’s current macro challenges has assisted in placing the agriculture sector firmly on the front burner. Source Proshare Read More 

Incentives as Stimulus for Economic Growth: A Case for EEG - I debut my column this week with an issue close to my heart albeit unfortunately surrounded by misgivings and misrepresentation. But before I proceed to delve into the subject matter proper, let me invite you to join me through this Tuesday Musings where I would articulate my views on topics relating to leadership, gender, youth, agri- business, sports, and public policy as I believe intrinsically that LEADERSHIP is about public good and not about self-preservation. Source Proshare Read More

‘28 states yet to access N64.8bn UBEC funds’ - The Ministry of Education has reported 28 states which did not access the N64.8 Universal Basic Education Commission funds in the country to the Federal Executive Council. Source Punch Read More

Nigerians to pay 9% tax on calls, SMS, MMS, Data, others - Speaking at a stakeholders’ meeting organised by the Lagos Chambers of Commerce and Industry, LCCI, on CST bill which seeks to levy nine per cent on subscribers for the use of the various communication services, Shittu said the outcome of deliberations on the bill would form the basis of his advice to the President Source Vanguard Read More 

FIRS shuts firms in Lagos, others over tax debt - The clamp down on tax  defaulting firms by the Federal Inland Revenue Service (FIRS) continued yesterday as its enforcement teams visited tax defaulting firms in Lagos, Nnewi and Kaduna. Source THE NATION Read More 

High lending rate rattles manufacturers, cripples biz growth - Manufacturers are rattled that banks lend finance at over 20 per cent interest, a development that has crippled business growth in the sector. Source Daily Trust Read More 

Erisco plans multi-billion naira plant in Katsina - Erisco Foods Limited has laid a ground-breaking foundation of its multi billion naira tomatoes, rice, groundnuts, and maize farm processing plant in Katsina State. Source Daily Trust Read More 

Brexit decision hits diaspora remittances to Nigeria, others   - Britain’s decision to leave the EU is rippling through the global economy via an important but hidden channel: the money that migrant workers in the UK send home to Nigeria and other home countries. Source BUSINESSDAY Read More 

Nigeria Imports $227m Sugar in Seven Months - Nigeria imported $227million worth of sugar in the first seven months of this year, according to the central bank. Source Thisday Read More 


Mandatory Registration of All Capital Market Operators with Their Relevant Trade Groups/Associations - Following resolutions at the just concluded Capital Market Committee (CMC) meeting, the Securities and Exchange Commission (SEC) hereby directs all market operators who are yet to register as members of their respective trade groups or associations to do so on or before 31st October, 2016 unfailingly. Source Proshare Read More

NDIC pays N2.9b to 81,328 failed MfBs’ depositors - The Nigerian Deposit Insurance Corporation (NDIC) said it has paid N2.9 billion to 81,328 insured depositors of failed Microfinance Banks (MfBs) across the country as at December last year. Source THE NATION Read More 

CBN rolls out N1 billion loan to rice farmers in Enugu - At least 5,000 farmers in Enugu State would benefit from a N1 billion Central Bank of Nigeria’s (CBN) loan to the state for rice farmers. This is aimed at encouraging interested rice farmers in the state to go into full scale commercial rice farming. Source BUSINESSDAY Read More 

CBN grants Fidelity Bank e-commerce licence - The Central Bank of Nigeria has granted Fidelity Bank Plc final licence to operate electronic commerce services in Nigeria. Source Punch Read More


Stocks regain breadth, add N64.40billion in 3days - The equities market closed today on a positive note, as NSE ASI appreciated by 0.18% to close at 27,437.25basis points, compared with the 0.27% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.21%. Source Proshare Read More 

GUARANTY Declares N77.46 bn PAT in Q2 2016 Result; Proposes 25kobo Interim Dividend,(SP:N24.59k) - Source Proshare Read More 

Corporate Statement on the Alleged NPA Funds in First Bank  - In view of the media story making the rounds on the NPA funds allegedly concealed in the Bank, the Management wishes to clarify that following the Federal Government of Nigeria's directive on the implementation of the Treasury Single Account (TSA) and the subsequent CBN’s directive to the Deposit Money Banks (DMBs) to transfer all MDAs accounts to the TSA with the CBN, FirstBank has since complied and transferred all MDAs funds including that of the NPA to the designated TSA account. Source Proshare Read More 

Transnational Corporation of Nigeria - FX Losses Undercut Strong H1'16 Revenue - Transnational Corporation of Nigeria Plc held a conference call on its H1'16 performance recently. Please see below the group's H1'16 performance update and key highlights from the call. Source Proshare Read More 

Summary of Auction Results for August 2016 - Auction Result for the 14.50% FGN JUL 2021 (Re-opening), 12.50% FGN JAN 2026 (Re-opening) & 12.40% FGN MAR 2036 (Re-opening) Source Proshare Read More

Our Activities Not Influenced by Presidency, Says AMCON -
The Asset Management Corporation of Nigeria (AMCON) wednesday described the news making the rounds that its activities are being influenced by the presidency as false. Source Thisday
Read More

2,780 BDCs fail to meet requirement for FX demand   - About 2,780 of the total of 2,990  Bureau De Change Operators (BDCs) in Nigeria are believed to have failed  to meet the foreign exchange requirement on Know Your Customer (KYC) stipulated by the Central Bank of Nigeria (CBN), BusinessDay investigations show. Source BUSINESSDAY Read More 

FG orders massive importation of kerosene, say marketers - In a bid to check the arbitrary increase in the pump price of kerosene, the Federal Government has placed an order for massive importation of the product, oil marketers have said. Source Punch Read More 

United States oil import from Nigeria drops to 4.7 mb - The United States (U.S.) crude oil import from Nigeria has declined from the 10.125 million barrels it recorded in April to 4.755 million barrels in May.This is because, the U.S. has also begun exporting crude oil to other countries since the removal of restrictions. Source Guardian Read More 

Oil producing states: FG okays 13% derivation fund for Lagos - The Federal Government, yesterday, announced the approval of four of the five Aje Oil wells, discovered in Lagos State and disclosed plans to commence disbursement of 13 per cent derivation fund to the state as an oil producing entity. Source Vanguard Read More

Power: Price of gas rises by 60% - Following the free fall of the naira against the United States dollar, the cost being incurred for the purchase of gas for power generation has risen by about 60 per cent, our correspondent has learnt. Source Punch Read More 

More firms to close shop over gas price, says MAN - The Manufacturers Association of Nigeria (MAN) has  said more firms are set to close shops following  the the scarcity and high cost of gas. Source THE NATION Read More 

IPMAN, NIMEX partner on 100,000mt of fuel import - Independent Petroleum Marketers Association of Nigeria (IPMAN) is collaborating with NIMEX Petroleum Group to import 100,000 metric tonnes (mt) of petroleum products to boost supplies Source THE NATION Read More 

Nigerians received lowest electricity supply in May — Report - Power generation in Nigeria fell to a record low in May, with households experiencing an average daily cumulative supply at 5.6 hours, a new report by NOIPolls has revealed. Source Punch Read More 

National grid power deficit hovers around 13,843Mw - Consumers connected to the national grid require additional output of 13,843 megawatt (Mw) of electricity to  meet their needs a report from the Transmission Company of Nigeria (TCN) has shown. Source THE NATION Read More 

Ghana’s TEN to pump first oil on Thursday - Ghana second commercial oil field, the Deep Water Tweneboa-Enyenra-Ntomme, will start pumping oil on Thursday. Source Punch Read More 


EXCLUSIVE: Ecobank (ETI) absolves Kolapo Lawson of all allegations - We are able to report on a developing story we have been tracking for a while given its significance to the regulator/corporate governance relationship in the Nigerian public space. Source Proshare Read More

S.Africa's June retail sales slow as economy flirts with recession - South African retail sales slowed more than expected in June with purchases of credit-linked items declining sharply as consumer spending remained under pressure despite a recent pause in policy tightening by the central bank. Source Reuters Read More

Tunisia economy grew 1.4 pct in 2nd qtr vs 1.1 pct year ago - Tunisia's economy grew by 1.4 percent in the second quarter of 2016, compared with 1.1 percent in the same period of 2015, the State Statistics Institute said on Wednesday. Source Reuters Read More

Growth of mobile banking boosts Co-op Bank Kenya's earnings -  Increased mobile and internet banking helped Co-operative Bank of Kenya increase its pretax profit in the fist half of 2016 by 19 percent to 10.45 billion shillings ($103.08 million), the lender said on Wednesday. Source Reuters Read More

Kenya's finance minister opposes capping of banks' lending rates - Kenya's Treasury opposes a move by parliament to cap commercial lending rates because other measures being put in place will help bring down borrowing costs over time, the finance minister said on Tuesday. Source Reuters Read More

Treasuries Stumble as Fed Rate Increase Odds Above 50% - William Dudley is giving Treasuries investors pause after the best run of any year since 2011. Source Bloomberg Read More



GreenHouse Capital to Invest $10m in 13 Tech Startups - GreenHouse Capital, a venture capital firm, has commenced the implementation process of investing $10million in 13 technology startups that have great solutions developed locally, but with global appeal and with the ability for global scale up. Source Thisday Read More 


The Value of LMC/NASD partnership


Related News