Nigeria in 1min: Economic, Business & Financial Headlines – 190815



August 19, 2015 7:00 AM / Proshare News

No dramatic change planned for agric - Agriculture is one of the few sectors of the economy for which the Buhari presidency has not pledged marked changes. Indeed, it emerged from the president’s meeting with the permanent secretaries at the agriculture and water resources ministries in July that the growth enhancement support (GES) scheme is to be maintained. Source Proshare Read More

Nigeria loses N197bn to tomato import - The President and Chief Executive Officer, Erisco Foods Limited, Ikeja, Lagos, Mr. Eric Umeofia, has said that the Nigerian government is losing N197bn to the importation of tomato products yearly. Source Punch Read More

Lagos Airport Customs Command generates N22.5b - The Murtala Muhammed Airport Command of the Nigeria Customs Service (NCS) says it made N22.5 billion between January and July. Source THE NATION Read More

NRC Begins Lifting Of Containers By Rail - The Nigerian Railway Corporation (NRC) has begun lifting containers for Nigeria’s largest container terminal, the APM Terminals Apapa Limited, carrying 35 containers from the Apapa Port in Lagos by railway in its twin maiden service to the APMT’s new inland container terminal in Kano. Source Leadership Read More

NCAA orders airlines’ audit - The Director-General, Nigerian Civil Aviation Authority (NCAA) Capt. Muhtar Usman has ordered an immediate commencement of a comprehensive audit of all airlines operating in the country. Source THE NATION Read More


A new Africa energy world: A more positive power utilities outlook - This is the first edition of the PwC Africa Power & Utilities Sector Survey. The survey goes to the heart of boardroom thinking in utility companies and other sector stakeholders across the continent. It supplements our Global Power & Utilities Survey with a deeper dive into the African power utility sector. Source Proshare Read More


CBN bars foreign firms from printing cheques for Nigerian banks - The Central Bank of Nigeria, CBN, has denied accreditation to foreign printers who hitherto printed cheque books for some Nigerian banks. Source Vanguard Read More

Our Polices Don’t Inhibit Innovation – CBN - The Central Bank of Nigeria (CBN) has said its policies are not to inhibit the growth of innovative banking and payments systems but to stimulate it towards achieving the Payment System Vision 20:2020. Source Leadership Read More


Bearish session ends positive- Thanks to DANGCEM - The equities market closed today on a positive note, as NSE ASI appreciated by 0.68% to close at 30,112.62basis points, compared with the 2.59% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.11% Source Proshare Read More


SEC restrictions on dealings in securities of unlisted public companies - The Securities and Exchange Commission (SEC) recently introduced a new rule which prohibits dealings (purchase, sale and transfer) in securities of unlisted public companies outside of an approved/SEC registered exchange established for the purpose of facilitating over-the-counter (OTC) trading of securities. Source Proshare Read More


Investor Protection Fund to pay 154 verified claimants N40.6ml - The Investor Protection Fund of Nigeria is set to pay 154 verified claimants a total of 40,627,397 who suffered pecuniary losses insolvency, bankruptcy and revocation of the license of registered dealing members by the Securities and Exchange Commission. Source Proshare Read More



Hold-to-maturity Accounting Disguises Bank's Loan Impairment -
Defining and putting a closure on the economic crisis when conceived in this way will not only amount to a misinterpretation of the core issues involved but a charmed and distant illusion. Source Proshare
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Recovery and Resolution Planning: Not just another piece of Regulation - The run up to the collapse of Lehman Brothers (“the Bank”) was fraught with confusion, panic, and several last minute attempts at saving the bank. Not just weeks before its eventual collapse, but several months prior. Source Proshare Read More


UBA: Not a time to buy in the bloodbath, just wait for the right time
- prospective, we can see that a rounding top pattern is in the process of formation and it will be completed once bears approach the N3.00 level which is not far away from the current level. Source Proshare
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NEM: Bulls are making the base to take off - A closer look on the daily chart of NEM reveals that earlier stock was falling down and making successive lower lows and lower highs; heading towards south side. A downtrend line is also lying on the daily technical chart which is providing supply pressure. Bears were controlling the game and dominating the bulls at every nooks and crannies. Source Proshare Read More


ACCESS displays strong reversal signal as sell pressure wanes - ACCESS recorded a renewed and fresh moderate bargain tendency to halt the prolonged free-fall pattern, holding its new support at its all time low of N4.00kobo- technically, this is a buying opportunity. Source Proshare Read More

Zenith Bank H1'15 Conference Call & Earnings Presentation: The key takeaways - In the face of sustained macro-economic challenges, with corresponding strict industry regulations, which have capacity to adversely impact both liquidity position and lending capacity of the industry,  Zenith Bank has been able to deliver as regards its top-line and bottom-line performance on year-on-year basis, driven by strong and liquid capital posture. Source Proshare Read More

Access Bank Plc Announces the result of the Rights Issue - Announces the result of the Rights Issue of 7,627,639,636 Ordinary Shares of 50 Kobo each on the basis of One (1) New Ordinary Share for every Three (3) Ordinary Shares at N6.90 Kobo per share  Source Proshare Read More

Fidelity Bank’s N30bn Bond Listed On NSE - Fidelity Bank Plc’s N30 billion bond has been admitted into the daily official list of the Nigerian Stock Exchange (NSE). Source Leadership Read More

Cote D’Ivoire firm acquires 28.2% stake in Equity Assurance - A leading Cote D’Ivoire’s insurance company, Sunu Assurances Vie Cote D’Ivorie has received the approval of the Nigerian Stock Exchange (NSE) to acquire 28.2 per cent equity stake in Equity Assurance Plc, in a deal valued at N1.25 billion. Source THE NATION Read More

MULTIVERSE Declares N171.01 Million Loss in Q2 2015 Result,(SP:N0.50k) - Source Proshare Read More


President Buhari approves Appointment of New AMCON MD and Executive Directors - President Muhammadu Buhari has approved the dissolution of the Executive Management Team of the Assets Management Corporation of Nigeria (AMCON). Source Proshare Read More

UBN Appoints four new Directors as three others resign - Union Bank of Nigeria Plc notifies of the resignation of the following Directors from its Board Source Proshare Read More


Meristem floats N1bn mutual funds - Meristem Wealth Management Limited says it has floated N1bn Mutual Funds aimed at making prospective investors to own quality assets in a diversified portfolio with steady returns on investments. Source Punch Read More

GTBank Obtains Multiple ISO Certifications - Guaranty Trust Bank Plc has been awarded a triple International Organisation for Standardisation Certification: ISO/IEC 27001 for Information Security, ISO 20000 for IT Service Management and ISO 22301 for Business Continuity Management along with PAS 99:2012 Integrated Management System certification by the British Standard Institute (BSI). Source Leadership Read More

Shoprite to Open 14 New Stores in Nigeria - South Africa's Shoprite Holdings, Africa's biggest retailer by sales, will open nearly twice as many stores on the rest of the continent this year as in 2014, its chief executive, Whitey Basson, said on Tuesday. Source Thisday Read More


NCC blocks 10.7 million telephone lines - The Nigerian Communications Commission has blocked 10.7 million mobile telephone lines in the last one week (since August 11) for improper registration. Source Punch Read More

Telcos Risk Sanctions for Non-compliance on SIM Card Deactivation - All operators of Global System for Mobile Communications (GSM) will likely face severe sanction from the telecoms industry regulator, the Nigerian Communications Commission (NCC), for failure to comply with the directive given them to deactivate all improperly registered SIM cards on their networks within seven days. Source Thisday Read More


NPA made N162bn, remitted N2bn – Oshiomhole - The Governor of Edo State, Adams Oshiomhole, on Tuesday said that the Nigerian Ports Authority only remitted N2bn out of a total sum of N162bn it generated in a year. Source Punch Read More

Buhari to revisit NITEL/MTEL liquidation - President Muhammadu Buhari on Tuesday expressed his desire to revisit the recent liquidation of the Nigerian Telecommunications Limited and its subsidiary, Mobile Telecommunications Limited. Source Punch Read More


Yobe spent N12bn on security – Governor - Yobe State Governor, Alhaji Ibrahim Gaidam, has said his government spent over N12bn on security-related issues due to the protracted Boko Haram crisis, with the Federal Government just donating a pittance of N150m. Source Punch Read More

Group Accuses N’Assembly Members of Working 15 Days, Pocketing N13bn - Is it true that members of both arms of the National Assembly who recently embarked on annual recess have only worked for about 15days since their inauguration on June 9th? Source Thisday Read More


With Oil at Six-year Low, Crude Exporters, Firms Downsize -Other than Nigeria’s plummeting finances, oil companies in the country's oil and gas sector, as is the case with oil producers worldwide, have been forced to scale down on investments, slash their budgets and lay off staff as plunging oil prices takes a toll on crude oil exporting countries and industry operators. Source Thisday Read More

‘NNPC’ll publish transactions from September’ - The financial transactions of the Nigerian National Petroleum Corporation will be published periodically to ensure transparency beginning from next month, the Group Managing Director, NNPC, Dr. Ibe Kachikwu, has said. Source Punch Read More

Africa Oil & Gas Review: From Fragile to Agile - This review of developments in the African oil & gas industry is the fifth in a series of reviews of the sector. Source Proshare Read More

Oil spill: Total shuts production from Obagi field - Another oil spill has occurred in oil rich Niger Delta, as Total E&P Nigeria Ltd, TEPNG, said it has stopped expedition of crude on its Obagi-Rumuekpe 12 Oil Export Pipeline in Rivers State. Source Vanguard Read More

Global petroleum consumption to grow by 1.3 mbpd - Energy Information Administration (EIA) expects global consumption of petroleum and other liquids to grow by 1.3 million bpd in 2015, unchanged from the previous month’s Short Term Energy Outlook. Source Guardian Read More

Frontier Oil supplies gas to Alaoji, Calabar power plants - FRONTIER Oil Limited (FOL), an indigenous oil and gas exploration and production company, and the operator of the Uquo Marginal Field and the 200mmscfpd central processing facility, has commenced the supply of gas to Alaoji, Calabar and Ibom independent power plants. Source Guardian Read More


Asian shares struggle as China stocks extend fall - Asian shares on Wednesday struggled at two-year lows after Chinese stocks extended their fall, stoking fears about the stability of China's economy. Source Reuters Read More

Europe shares mixed as buoyant results offset China woes - European equities were mixed on Tuesday, as buoyant corporate results offset the impact of weak trade in Asia and a fall in commodities prices driven by worries over China's growth outlook. Source Reuters Read More

Vietnam Central Bank Devalues Dong for Third Time This Year - Vietnam devalued the dong for the third time this year in a bid to maintain export competitiveness and boost growth after China depreciated the yuan. Source Bloomberg Read More

China Share Rout Drags Emerging Stocks Lower as Oil, Copper Fall - Emerging-market stocks traded at a four-year low, dragged down by Chinese and South Korean shares amid concern about the the health of the world’s No. 2 economy. Copper and oil extended declines, while the dollar slipped against the euro before the release of Federal Reserve minutes. Source Bloomberg Read More

Kenya to stabilise currency by tightening deficit: finance minister - Kenyan Finance Minister Henry Rotich on Tuesday promised further steps, including cutting the budget deficit, to stabilise the currency after a 12 percent fall against the dollar so far this year. Source Reuters Read More

Morocco Jan-July trade deficit falls 20.5 pct on cheaper oil - Morocco's trade deficit fell 20.5 percent to 92.38 billion dirhams ($9.45 billion) in the first seven months of 2015 compared with a year earlier, due to lower energy imports as oil prices fell, the foreign exchange regulator said on Tuesday. Source Reuters Read More




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