Nigeria in 1min: Economic, Business & Financial Headlines – 201115

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November 20, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
Another dismal set of GDP numbers - The latest national accounts from the NBS show that GDP growth (at constant basic prices) picked up slightly to 2.8% y/y in Q3 2015 from 2.4% the previous quarter. These are still very poor figures. Source Proshare Read More
 

States still broke, want more bailout - GOVERNORS of the 36 states of the federation rose from their meeting early yesterday with a clear resolution to ask the Federal Government for more assistance in the face of continuing economic hardship across the country. Source Guardian Read More
 

FG, states, LGs to share $150m NLNG dividend - State governors have resolved that the sum of $150m (N29.55bn) out of the $400m (N78.8bn) Nigeria Liquefied Natural Gas dividend should be shared among the three tiers of government according to the sharing formula being used for the Federation Account. Source Punch Read More
 

Petroleum tax falls by N390bn – FIRS - The Petroleum Profits Tax collection for the year has dropped by N390bn from a target of N1.48tn to N1.09tn, the Acting Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said. Source Punch Read More
 

Nigeria loses N4tn to illegal mining yearly – Senate - The Senate on Thursday raised the alarm that the nation was losing N4tn yearly to illegal mining. Source Punch Read More
 

FG confirms N100bn debt on aviation projects -  Former Permanent Secretary, Ministry of Transport, Aviation sector, Hajiya Binta Bello, has confirmed that the Federal Government owed N100 billion debts on projects in the aviation industry. Source Vanguard Read More
 

‘Nigeria Needs N60bn To Bridge Housing Deficit’ - German Development Finance Institution, GIZ, has said about $300 million (N60 billion), was needed to provide mortgage finance to low income earners in Nigeria.The Country Director, GIZ, Dr Thomas Kirsch stated this at the Affordable Housing Practitioner’s Workshop in Abuja on Thursday. Source Daily Independent Read More
 

FG, others target $50b revenue from extractive sector -  GIVEN the right policies, strategic framework and government interventions and commitment to the extractive industry, Nigeria can add about $50 billion to its gross domestic product from solid minerals alone Source Guardian Read More
 

‘BPP Saved FG N670bnFrom Over Invoicing In 8 Years’ - The Bureau of Public Procurement (BPP) has saved the federal government over N670 billion from “over invoicing” of contracts since the enactment of the Public Procurement Act in 2007. Source Leadership Read More
 

Fastest growth in education - From the latest national accounts we today highlight the five fastest growing sectors. We include what the NBS terms activity sectors, which are often subdivided into segments, and only those accounting for at least 1% of GDP at constant basic prices. Source Proshare Read More

Firms to Export N52bn Worth of Agro-allied Products Yearly - Nigeria’s agro-allied products will now enjoy high patronage at the global market as three firms-ABX World, Arik Air and Skyway Aviation Handling Company Limited (SAHCOL) have commenced export of agricultural commodities overseas. Source Thisday Read More
 


 

POWER
Ikeja Disco earns N2.2b monthly from two business units - Monthly revenue generation by the Ikeja Electricity Distribution Company from Oshodi and Ikeja business units has increased from N6.5 million it earned during the pre-privatisation period to N2.2 billion. Source Guardian Read More
 

 

RULES & REGULATION
Central Bank Says No Plan to Restrict Dollar Supply - Deputy Governor of the Central Bank of Nigeria (CBN) Dr. Sarah Alade has denied a news report that the CBN plans to restrict dollar supplies to the interbank foreign exchange market. Source Thisday Read More

 

 
CBN Directs PMBs and DFIs to Comply with FG's Directives on TSA - Following the directive given by the Federal Government that all banks (including PMBs and DFIs) should transfer to the Central Bank of Nigeria all FGN/MDAs’ deposit balances by 15th September, 2015, PMBs and DFIs were expected to have complied with the set deadline. Source Proshare Read More
 

 

Unlisted OTC MARKET
Fixed Income OTC Market Records N11.5trn Turnover in One Month - The over-the-counter (OTC) market for fixed income and currency recorded N11.48 trillion turnover in the month of October, according to data released by FMDQ OTC Securities Exchange   Plc on Wednesday. Source Thisday Read More

 
CAPITAL MARKET

Oando leads losers as stocks book N332.7bn loss so far in the month
- The equities market closed today on a negative note, as NSE ASI depreciated by 0.06% to close at 28,203.20basis points, compared with the 0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 18.62% Source Proshare
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MONEY MARKET
BoI Urges Agro Businesses To Access N15bn Before December - The Bank of Industry on Thursday urged feed millers in agro business to access the N15 billion credit before December. Source Daily Independent Read More
 

Banks dither on CBN’s push for lending rate cut - Nigerian banks are holding back against a push by the central bank (CBN) to have lending rates lowered as a spur for cranking the economy back to life, according to investigations by BusinessDay. Source BUSINESSDAY Read More
 

‘BoI now has new line of credit for export-based SMEs’ - In a bid to drive Nigeria’s exports and help bring more foreign exchange into the country, the Bank of Industry (BoI) has disclosed that it now has a new line of credit that will cater for export-based small- and medium- sized enterprises (SMEs). Source BUSINESSDAY Read More
 

 

BOND MARKET
CBN Sells N120bn In T-bills At Lower Yields - The Central Bank Nigeria (CBN) sold N119.92 billion ($600 million) in treasury bills with maturities from three months to a year at an auction on Wednesday, with yields further slashed compared with returns at the previous auctions, the CBN said yesterday. Source Leadership Read More




INVESTORS NEWSBEAT

UNILEVER: No signs of recovery in the very near term - Following Unilever Nigeria’s (Unilever) Q3 2015 results which surprised negatively, we have cut our earnings forecasts for the 2015-16E period by an average of 64%. However, we have increased our price target slightly by 2% to N22.0 mainly because we have reduced our risk free rate assumption by 250bps to 13%. Source Proshare Read More

 
GUARANTY: Low Cost Business Model Continues To Deliver Value - We initiate coverage on Guaranty Trust Bank Plc ranking among the top tier in the Nigerian banking sector. GTB has a strong aggressive expansion strategy and has largely delivered on its targets by improved service offerings and leveraging on its status as the pioneer of 'Social Banking' in Nigeria which led to the introduction of additional chanels for banking transactions. Source Proshare Read More
 

Wema Bank secures national banking licence - Wema Bank Plc has been granted a national banking licence by the Central Bank of Nigeria (CBN) to enable the lender deepen its business reach across the country. Source THE NATION Read More

CORPORATE EARNINGS
UPDCREIT Declares N1.57 bln PAT in Q2'15 Result,(SP:N10.00k) – Source Proshare Read More
 

 

TELCOs
Airtel’s $170m loss in Africa triggers downsizing in Nigeria - THE aftermath of losing about $170 million in it Africaís operations may have triggered the sack of some staff of Airtel telecommunications firm in Nigeria in a bid to manage cost. Source Guardian Read More
 

MTN must pay N1.4trn fine – Governors - The Nigeria Governors Forum (NGF) says telecommunication outfit, MTN must pay the $5.2 billion fine slammed on it by the Nigerian Communications Commission for failing to disconnect subscribers with unregistered SIM cards bought before January 2012. Source Daily Trust Read More
 

 

PEOPLE
Soludo: Redundant Cash in TSA Not Healthy for Economy - As government agencies start to settle down to the loss of financial autonomy, a lifeline may have been thrown their way, with the recommendation by a former Central Bank of Nigeria (CBN) Governor, Prof. Chukwuma Soludo against leaving huge amounts of idle cash in the CBN at a time the economy is in desperate need of stimulation. Source Thisday Read More
 


 

PRODUCTS & SERVICES
$1.5B Annual Economic Loss: Engineers Canvass For Concerete Pavement Option To Restore Sanity - The deplorable state of roads across the country and the attendant losses to the nation was one of the high points of discussion at this year’s conference of the Nigerian Society of Engineers even as the speakers made a case for the authorities at all levels of government to consider the use of concrete as alternative option. Source Proshare Read More
 

 

POLITICS
Nigeria Now Has 2.2 Million IDPs In North East – UN - The United Nations High Commission for Refugees (UNHCR) said on Thursday that the population of Internally Displaced Persons (IDPs) in the North East had risen to 2.2million. Source Daily Independent Read More
 

Reps pass N465.6bn supplementary budget for second reading - The House of Representatives yesterday passed for second reading the N465.6 billion supplementary budget forwarded to it by President Muhammadu Buhari on Wednesday. Source Daily Trust Read More
 

Senate Begins Probe of CCT Chair over Alleged N10m Bribe -The Senate on Thursday began the probe of the Chairman of the Code of Conduct Tribunal (CCT), Mr. Danladi Umar over allegations of corruption. Source Thisday Read More

 
COMMODITIES

‘Nigeria’s oil and gas facing difficult times’ -
National President of the National Union of Petroleum and Natural Gas (NUPENG) Comrade Dr. Igwe Achese has expressed dismay over the challenges facing the oil and gas industry. Source THE NATION
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Africa Oil Boom Fades as $50 Crude Shuts Door on High-Cost Deals - On the brink of a boom,” was the banner on PricewaterhouseCoopers LLP’s review of Africa’s oil industry 16 months ago. Now, oil below $50 has made more than two out of three investment projects on the continent non-viable. Source Bloomberg Read More
 


 

GLOBAL MARKET
Asian shares hang on to gains, commodities battered -Asian shares were set to hold on to this week's gains, while the dollar took a breather on Friday after stepping back from seven-month highs as investors grappled with the prospects of higher U.S. borrowing costs and slower global economic growth. Source Reuters Read More

 
European shares touch three-month high as Sodexo soars - European shares touched three-month highs on Thursday, helped by food and facilities group Sodexo rallying after a solid update and a share buyback announcement. Source Reuters Read More

 
South Africa's cbank raises interest rates to curb inflation risk -  South Africa's Reserve Bank lifted interest rates by 25 basis points to 6.25 percent on Thursday, in a decision viewed as a borderline call, saying failure to act now could raise inflation risks in the future. Source Reuters Read More
 

The problem of a one-size-fits-all monetary policy in the euro area is back - THE swings in Ireland’s economic fortunes have been wilder than for most. Just look at the labels it has attracted. In 1988 it was dubbed the “poorest of the rich” by this newspaper. Source THE ECONOMIST Read More
 

 

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