Nigeria in 1min: Economic, Business & Financial Headlines – 190615

Proshare

June 19, 2015 7:00 AM / Proshare News
 

 

NIGERIAN ECONOMY
Foreign Reserves Drop To $29.004b - Few weeks after the inauguration of the Muhammadu Buhari’s administration, the nation’s foreign reserves went down by 2.73 percent. Source Daily Independent Read More
 

FG Spent N4.5tr On Fuel Subsidy In Seven Years – NEITI - With over N4.5 trillion spent on petrol subsidy in the seven years between 2006 and 2012, the Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday insisted that the time to end the wastage has come. Source Daily Independent Read More
 

Economy in great danger —Dogara - SPEAKER of the House of Representatives, Mr Yakubu Dogara, yesterday painted a gloomy picture of the nation’s economy, saying the economy was in great danger. Source Vanguard Read More
 

Airline Operators Seek Financial Bailout from Government - Nigerian domestic carriers are requesting for financial bailout from the federal government due to losses they incurred during the recent fuel crisis and hostile operating environment, THISDAY investigation has revealed. Source Thisday Read More
 

FAAN to close Benin airport on Saturday - There were indications on Thursday that the Benin Airport in the Edo State capital would be shut down on Saturday by the Federal Airports Authority of Nigeria in order to carry out routine maintenance of the facility. Source Punch Read More
 

$2.5trn’ll address Nigeria’s infrastructure gap — IA&CE - The Institute of Appraisers and Cost Engineers, (IA&CE), has said that Nigeria would require about $2.9 trillion investment in the next 30 years to close current infrastructure gap in the country. The engineering economists disclosed this at the 2015 National Technical Conference of the IA&CE which took place in Abuja. Source Vanguard Read More
 

Ogbeifun: 60% of Coastal Trade in the Hands of Foreigners - About 60 per cent of Nigeria’s coastal trade are in the hands of foreigners, the President, Ship Owners Association of Nigeria (SOAN), Mr. Greg Ogbeifun has said. Source Thisday Read More

 


POWER
Electricity: Manufacturers angry over excessive billings by DISCOs - MANUFACTURERS in the country, yesterday, voiced their anger over excessive billings by the distribution companies, DISCOs. Source Vanguard Read More
 

Poor power supply is hindering poverty reduction - THE country’s power supply is affecting government’s poverty reduction programmes. This assertion was made at the 8th annual lecture, of Wilson Badejo Foundation, tagged: Nigeria: Entrenched Poverty and the Growing Under-Privileged Class: What Blue Print for Positive Affirmative Change. Source Vanguard Read More

 
RULES & REGULATION

CBN not worried about state of power firms - The current state of the power generation and distribution companies privatised over one year ago is not making the Central Bank of Nigeria to lose sleep yet. Source Punch Read More

 
CBN, banks meet as external reserves fall to $29bn - The nation’s external reserves have fallen to a new record low of $29bn, data from the Central Bank of Nigeria’s website have shown. Source Punch Read More
 

CBN, Banks Meet on Forex Rules to Avert JPMorgan Ejection - In a bid to forestall JPMorgan’s warning that it shall remove Nigeria from its Government Bond Index (GBI-EM) by the end of the year, the Central Bank of Nigeria (CBN) will today meet with chief executives and treasurers of commercial banks. Source Thisday Read More

 
STOCK PICKS

ACCESS: Bulls may break the silence mode. - A closer look on the daily chart of ACCESS reveals that the stock was earlier making successive higher highs and higher lows and was Trading Uptrend but in the last couple of weeks it is trading into consolidation phase. The recent phase suggests both bulls and bears have become silent runner. Source Proshare Read More

 
GUINNESS: Bulls are on the rocks, just grab it. - A closer look on the daily chart of ACCESS reveals that the stock was earlier making successive higher highs and higher lows and was Trading Uptrend but in the last couple of weeks it is trading into consolidation phase. The recent phase suggests both bulls and bears have become silent runner. Source Proshare Read More
 


 

CAPITAL MARKET
Stocks end modestly lower on waning supply - The equities market closed today on a negative note, as NSE ASI depreciated by 0.05% to close at 333,460.50basis points, compared with the 0.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.45% Source Proshare Read More

 
NSE holds 54th AGM, posts 47% growth on gross revenue - Sub-saharan Africa’s leading bourse the Nigerian stock exchange held its 54th Annual General Meeting, following an eventful 2014 financial year. Source WebTVNG Read More

 
NSE Partners LSE Group to Host Capital Market Event In London - The Nigerian Stock Exchange (NSE) has concluded arrangements, to lead corporate finance experts, lawyers, capital market operators, regulators and companies keen to explore a London/Lagos dual listing, to an investor roadshow at London Stock Exchange Group (LSEG), as part of efforts aimed at promoting dual listing and showcasing the potential of quoted companies on The NSE to global markets. Source Proshare Read More
 

The Delisting Watch List on NSE - TNI Q2/E12 - The Nigerian Stock Exchange in its latest X-Compliance Report dated 28th May, 2015 has placed nineteen (19) firms on delisting watch list as the regulator placed against each of the affected firms that they have obtained NSE’s approval to restructure while the nature of restructuring was not however specified. Source Proshare Read More

 
MONEY MARKET

Banks record N23.3bn fraud in nine months - Deposit Money Banks recorded a total of 8,502 fraud cases between January and September 2014, amounting to N23.34bn, the Managing Director/ Chief Executive Officer, Mr. Henry Semenitari, said on Thursday, quoting the latest FITC Report on Frauds and Forgeries in Banks. Source Punch Read More
 

BOI Gives Out N16bn Loan to 68 Enterprises in Kano - The Managing director of Bank of Industry BOI) Mr, Rasheed Olaoluwa has said that the bank has provided direct loans in excess of N16.0 billion to 68  enterprises in Kano State. Source Thisday Read More
 

$3.6bn FG bond investment under threat by forex illiquidity - Nigeria’s newly elected government has no more than six months of grace to set things straight in the foreign exchange market, or risk losing an estimated $3.6 billion worth of investments in its naira bonds. Source BUSINESSDAY Read More
 

INVESTORS NEWSBEAT
CADBURY slips into oversold region on active fresh dump - CADBURY succumbed to fresh sell pressure to break its key support after prolonged stagnant posture at N40 while the stock recorded a lower breakout to slip further into oversold threshold. Source Proshare Read More

 
FO: Strong Growth Prospect but Hindered by Market Inefficiencies; PBT Stands at N6.01bn - The audited Full Year 2014 (FY 2014) result of Forte Oil Plc (Forte Oil) for the period ended December 31, 2014 shows that its Turnover (T/O) increased by 32.88% to N170.13bn, compared with N128.03bn recorded in the corresponding period of 2013. Source Proshare Read More
 

WAPCO: Creating a Regional Company; Operating Income drops by 3% - The full year result of Lafarge Africa for the period ended December 31, 2014 shows that its Turnover (T/O) declined marginally by 0.11% to N205.84bn, compared with N206.07bn recorded in the corresponding period of 2013. Source Proshare Read More
 

Transcorp Ughelli Power Releases 2014 Annual Report, Holds 2nd AGM - Transcorp Ughelli Power Limited (TUPL), the Power Generation and Investment Subsidiary of Nigerian conglomerate Transcorp Plc, today released its 2014 Annual Report and held its 2nd Annual General Meeting of shareholders. Source Proshare Read More
 

JBERGER Announces Upcoming Divestment by Bilfinger SE -Julius Berger Nigeria Plc (“JBN or the Company”) has notified The Nigerian Stock Exchange that Bilfinger SE, its minority shareholder with a holding of 33.4% has informed the Board of the Company of its decision to dispose of its remaining stake in JBN to long term Nigerian investors on or before the end of June 2015. Source Proshare Read More
 

CAP Plc pays N1.64b dividend, tasks govt on operating environment - Following a profit after tax of N1.66 billion for the 2014 financial year, shareholders of CAP Plc, a subsidiary of UAC of Nigeria PLC and manufacturer of Dulux paint brand, have approved a final dividend payout of N595 million. Source Guardian Read More
 

Insurance industry earned N1.8tn premium in 11 years - The Nigerian insurance industry earned N1.8tn premium from life and non-life policies underwritten in an 11-year period up to 2014, investigation has shown. Source Punch Read More
 

Lafarge Loses N2.5bn in Six Months to Insurgency in North-east - Group Managing Director/Chief Executive, Lafarge Africa, Mr. Guillaume Roux has revealed that the company incurred financial losses of about N2.5 billion as a result of the insurgency in the north-east region of the country. Source Thisday Read More
 

FG, Lafarge to develop North-East - Larfage Africa has entered into a strategic partnership with the Federal Government through the Presidential Initiative for the North-East to rebuild the troubled region, which has been substantially destroyed by the activities of the terrorist group, Boko Haram. Source Punch Read More
 



PEOPLE
Dangote: I am Ready to Buy Arsenal at ‘Whatever Price’ - Business mogul, Aliko Dangote, is insisting that soon he will have “enough time and enough resources” to buy Arsenal Football Club, whatever the price. Source Thisday Read More
 

TELCOs
Deepening internet penetration - The latest data released by the NCC, the industry regulator, show that internet subscriptions grew by 32% y/y to 86.9 million in April 2015. This represents a density of 51% on a population of 170 million, placing Nigeria well above the African average of around 16% as estimated by McKinsey. Source Proshare Read More


FRAUD & SCANDAL
Bauchi govt seizes 22 vehicles from Yuguda’s wives - As part of efforts to recover all its properties, the Bauchi State government has seized a total 22 vehicles in the possession of the wives of former governor of Bauchi State, Isa Yuguda. Source Vanguard Read More

 
Corruption: EFCC arrests Ikedi Ohakim, ex-Imo gov - Former Imo State governor, Ikedi Ohakim, has been arrested by operatives of the Economic and Financial Crimes Commission for alleged corruption while in office. Source Vanguard Read More
 

N100m Scam: Court to Deliver Judgement on Fani-Kayode July 1 - Justice  Rita Ofili  Ajumogobia  of the Federal High Court sitting in Lagos State has deferred judgment in the case of a former Minister of Aviation, Mr. Femi Fani-Kayode, till July 1, 2015. Source Thisday Read More

 
POLITICS

Buhari Orders Disposal of Nine Presidential Aircraft to Cut Cost - As part of the federal government’s cost measures, President Muhammadu Buhari has directed that nine of the VIP transport aircraft under the presidential fleet should be sold. Source Thisday Read More

 
Senegal Gets Rid of Its Senate to Save Money - Senegalese lawmakers, who are divided between a 150-seat National Assembly and a 100-seat Senate, voted to do away with the Senate, passing a law, which dissolves the institution in order to save an estimated $15 million. Source Thisday Read More

 
Buhari to move into Aso Villa, announce some appointments next week - After spending nearly three weeks in the saddle, President Muhammadu Buhari is set to move into the Presidential Villa and commence serious business of governance next week, a competent Presidency source confirmed to Vanguard. Source Vanguard Read More

 
Auditor-General indicts ministries, agencies over poor records, graft - THE Federal Government’s fiscal 2013 audited account just concluded by the Office of the Auditor-General of the Federation (AGF) has raised serious concerns about how Ministries, Departments and Agencies (MDAs) kept their financial books during the period. Source Guardian Read More
 


 

COMMODITIES
Chevron completes sale of 40 pct stake in two Nigerian oil blocks - U.S. oil company Chevron Corp said on Thursday it has completed the sale of its 40 percent stake in two Nigerian offshore oil blocks to local firm First Exploration & Petroleum Development Company Limited. Source Reuters Read More
 

GLOBAL MARKET
Asian shares edge higher after Fed vote, China, Greece eyed - Asian shares rose for a third consecutive day on Friday, and the dollar remained on the back foot against the region's currencies as investors bet U.S. interest rates will not as rise quickly as expected. Source Reuters Read More
 

Rise in mining stocks cushions European shares from Greek woes - A rise in mining shares enabled European stock markets to recover ground on Thursday, although the Athens bourse touched three-year lows on mounting worries over Greece's debt crisis. Source Reuters Read More
 

What You Need to Know About the Company That Lost Nearly $19 Billion in 24 Minutes - It’s been nearly one month since Hanergy Thin Film Power Group Ltd.’s shares were suspended May 20, and there is no indication when they might resume. Source Bloomberg Read More
 

China Stocks Near Correction, While Treasuries Advance on Greece - Chinese stocks dropped, with the Shanghai Composite Index headed for its worst weekly decline since the global financial crisis. Treasuries climbed and gold traded near $1,200 an ounce amid concern that Greece is stumbling toward a euro exit. Source Bloomberg Read More

 
Kenya's Centum says $61 million bond is 38 pct oversubscribed - Kenya's Centum Investment Co said on Thursday its 6 billion shillings ($61 million) bond was 38 percent oversubscribed. Source Reuters Read More

 
South Africa's rand at 3-week high after Fed holds off rate hike - South Africa's rand strengthened by more than one percent versus the dollar to a three-week high after the U.S. Federal Reserve postponed hiking interest rates. Source Reuters Read More
 

 

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