Nigeria in 1min: Economic, Business & Financial Headlines – 200416




April 20, 2016 7:10 AM / Proshare News 


NSIA to fund infrastructure with $250m additional capital - Nigeria Sovereign Investment Authority, NSIA, managers of Nigeria sovereign wealth fund, has said that 40 per cent of the additional $250 million (an equivalent of N49.3 billion) allocated to it by the Federal Government February this year would be deployed to fund on-going infrastructure projects on behalf of the government. Source Vanguard Read More 

States risk tax deduction from federation account – Fowler - The Chairman of the Federal Inland Revenue Service (FIRS) Mr Babatunde Fowler has said that states that collected taxes on behalf of the service but failed to remit in the last five years risked deduction of such amount from their monthly federation allocation.Source Daily Trust Read More 

UNIDO stakes N2.6bn on Nigeria’s infrastructural devt - The United Nations Development Organisation (UNIDO) has set aside 12million euro for quality infrastructural development in Nigeria, UNIDO’s consultant on technical regulations in Nigeria, Prof Abimbola Uzomah has said.Source Daily Trust Read More 

Fed Govt eyes 87% rise in non-oil income - The Federal Government expects its non-oil revenues to double this year as it seeks to offset a slump in oil revenues Source THE NATION Read More 

Africa requires $70b for infrastructure yearly - Africa needs between $60 and $70 billion yearly to provide infrastructure, the African Development Bank (AfDB) has said. Source THE NATION Read More 

FG committee okays MMA2 for regional operations - The Ministerial Committee on Airport Security has certified the Murtala Muhammed Airport 2, Lagos, operated by Bi-Courtney Aviation Services Limited, fit for the commencement of regional operations. Source Punch Read More


Foreign Airlines Accused of Using Forex Scarcity to Rip off Nigerians, FG - Foreign airlines operating in Nigeria have been accused of devising a means of ripping off Nigerians and the federal government by taking advantage of the shortage of dollars in the foreign exchange market, and the gap between the official exchange rate and the parallel market rate Source Thisday Read More 

Spanish Airline Iberia stops Nigerian operations - Spain’s national airline, Iberia Plc, has attributed dwindling passenger traffic for its suspension of Nigeria’s route. Source THE NATION Read More 

FG loses N1bn to 37,395 ghost workers—EFCC - The Economic and Financial Crimes Commission, EFCC, said yesterday that the Federal Government had uncovered 37,395 ghost workers on the payroll of the Federal Civil Service, which led to a loss of about N1 billion. Source Vanguard Read More 

FIRS To Compel States On Tax Remittances, Targets N2trn Revenues In 2016 – Fowler - The Federal Inland Revenue Services (FIRS) is set to compel some state governments to remit various taxes collected on its behalf over a period of five years even as the federal government is contemplating deductions from their monthly federal allocations as an option. Source Leadership Read More 

Substandard Products: 50% Of Imports Come Without Inspection, Certification - About 50 per cent of goods imported into Nigeria bypass inspection and product quality certification as importers of substandard products manipulate the Engineering, Procurement, Construction and Commissioning (EPCC) window. Source Leadership Read More



SEC’s petition against Hon. Judge in BGL case unsubstantiated - Judicial Council - The National Judicial Council (NJC) under the Chairmanship of the Honourable, the Chief Justice of Nigeria, Hon. Justice Mahmud Mohammed, GCON, has exonerated Hon. Justice Saliu Saidu of the Federal High Court, Lagos of misconduct as it found unsubstantiated a petition of alleged misconduct written against him by the Securities and Exchange Commission (SEC). Source Proshare Read More

FG recorded N289bn fiscal deficit in Q4 – CBN - The Federal Government recorded a fiscal deficit of N289.1bn in its operations in the fourth quarter of 2015, figures obtained from the Central Bank of Nigeria revealed. Source Thisday Read More


 CBN pledges more interventions to create jobs, wealth - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has again assured genuine investors in Nigeria of the Bank’s cooperation and intervention towards self-sufficiency in local production of essential goods and the economic diversification drive.Source Proshare Read More 

China To Start Importing From Nigeria – Emefiele - China will soon begin to import goods from Nigeria, Godwin Emefiele, Central Bank of Nigeria (CBN) governor has said. It is expected that the move will help narrow the very wide trade gap between the two country. Source Leadership Read More 

‘Nigeria’s pension fund to hit N20tr’ - Nigeria’s Pension fund will hit the N20 trillion mark in the next eight years from the current N5.3 trillion, Chairman, Pension Fund Operators Association of Nigeria (PenOp), Longe Eguarekhide has said. Source THE NATION Read More 

SEC extends capital market operators’ recapitalisation deadline - The Securities and Exchange Commission (SEC) has granted an extended window of 15 months to operators that failed to meet the initial recapitalisation deadline on the new minimum capital requirements. Source THE NATION Read More 



Equities market records moderate demand, halts losing streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.13% to close at 24,659.17basis points, compared with the 0.27% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.91%.Source Proshare Read More

UBA Declares N16.99bn PAT in Q1 2016 Result,(SP:N3.20k) - Source Proshare Read More 

UBA: Market Reaction Likely to be Neutral to Negative; Loan Loss Provisions Decline by 57% in Q1'16 - This afternoon, the NSE published United Bank for Africa’s (UBA) Q1 2016 results. Apart from funding income which grew by 12% y/y, the results showed single-digit y/y declines on key headline items across the P&L.-Source Proshare Read More 

Sterling Bank holds 54th AGM, pays 9k dividend - One of Nigeria’s strategic banking groups Sterling bank Plc held its 54th Annual general meeting at the Eko Hotels & Suites, Lagos  to review its 2015 financial year performance and also engage shareholders on the 2016 outlook. Source Proshare Read More


AXA Mansard Investments Invest N800m in Maryland Mall - Leading asset manager, AXA Mansard Investments, has concluded an N800 million investment in Maryland Mall, an ultra-modern retail development sponsored by Purple Capital Partners Limited. Source Thisday Read More 

Hong Kong Exchange Announces Plans For Additional RMB Currency Futures -  Hong Kong Exchanges and Clearing Limited (HKEX) plans to introduce additional Renminbi (RMB) currency futures in the second quarter of this year, subject to regulatory approval. Source Proshare Read More 

Dangote asks FG to invest in infrastructure, housing to support growth - The Chairman of Dangote Cement Plc, Alhaji Aliko Dangote, yesterday charged the Federal Government and other African countries to invest in infrastructure and housing to support the rapidly developing continent, just its company is expanding across the continent. Source Vanguard Read More 

2yrs After Privatisation: DISCOs Meter Only 403,255 Customers - A data released by the Nigerian Electricity Regulatory Commission (NERC), yesterday showed that over two years after the privatisation of the Nigerian Electricity Supply Industry (NESI) the 11 distribution companies (Discos) have only installed prepaid meters for only 403,255 electricity customers Source Leadership Read More 

Regulation, terms of agreement still haunting embedded power scheme - The last may not have been heard of the much mouthed embedded power generation which it was thought would provide immediate power relief to both corporate and individual consumers. Source BUSINESSDAY Read More 

Nigeria, France to Sign Agreement on N11.15bn Power Training Facility - Nigeria and the government of France will in May sign a €50 million (N11.15 billion) loan for the development and upgrade of power training facilities in the country, the Director-General of the National Power Training Institute of Nigeria (NAPTIN), Mr. Reuben Okeke has disclosed. Source Thisday Read More 

Nationwide blackout looms as TCN locks out workers - The Transmission Company of Nigeria on Wednesday locked out workers from its headquarters in Abuja over a disagreement with the management and the Federal Ministry of Power, spiking fears that the nation may be plunged into a total blackout in the coming days. Source Punch Read More 

Indian buyers shun Nigeria’s crude oil cargoes - Some cargoes of Nigeria’s largest crude oil stream, Qua Iboe, planned to be exported in April and May, are struggling to find buyers, even as the June export programme is expected to start emerging this week. Source Punch Read More


FG can’t run refineries profitably – PETAN - The Federal Government has no capacity to run and manage the nation’s four refineries, the Petroleum Technology Association of Nigeria(PETAN), has said. Source Daily Trust Read More 

FUEL SCARCITY: We owe foreign creditors $1bn— Marketers - Fuel scarcity may last a long time as marketers have stopped importation due to a $1 billion debt burden. Source Vanguard Read More 

NNPC opens tender seeking partners to revive its ailing refineries - Nigeria’s state oil firm NNPC has launched bidding to find partners to overhaul its ailing refineries, it said in a tender published on Tuesday. Source BUSINESSDAY Read More 

Nigeria's NNPC fights for oil cargoes as revenue squeeze bites -  Nigeria's state oil company is in a standoff with energy giants ExxonMobil and Royal Dutch Shell over ownership of physical crude cargoes as the West African nation seeks to shore up its creaking budget. Source Reuters Read More



The Grazing Reserves Commission Bill - How not to handle a business-model challenge - It would appear to a forward thinking nation that the “Grazing Reserves Commission Bill” is a waste of legislative time and resources. However, it is understandable given the high rate of truancy in the NASS and how they've all been behaving since their inauguration. Source Proshare Read More 

Kenya seeks to boost tax collection to cut deficit - Kenya, whose budget deficit this fiscal year unnerved investors, is recruiting new taxpayers and investing in technology to boost collections, the head of its tax agency said on Tuesday. Source Reuters Read More 

Asian Stock Rally Sputters as Crude Retreats; China Shares Slump - A rally in Asian stocks stumbled as oil fell back to around $40 a barrel and Chinese equities slumped the most since February. The Australian and New Zealand dollars retreated from their strongest levels since June. Source Bloomberg Read More 

Intel to Cut 12,000 Jobs, Forecast Misses Amid PC Blight - Intel Corp. will eliminate 12,000 jobs, or 11 percent of its workforce, embarking on the deepest cutbacks in a decade to gird for a fifth year of declines in the personal-computer market. Source Bloomberg Read More



MTN, 4 Telcos To Build Africa’s Fastest Submarine Cable - MTN and four other telecommunications are set to build a new 12,000 kilometre submarine cable system, called Africa-1 which is expected be the fastest and most reliable connectivity between Africa, the Middle East and South Central Asia. Source Leadership Read More 


ICT sector can employ 40 million Nigerians – FG - Nigeria’s Information, Communications and Technology sector has the capacity to employ 40 million workers across the country, the Federal Government has said. Source Punch Read More


Sterling Bank holds 54th AGM, pays 9k dividend

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