Nigeria in 1min: Economic, Business & Financial Headlines – 221015



October 22, 2015 7:00 AM / Proshare News

Nigeria plans $25bn fund to stave off recession - The country plans to create a $25bn fund with public and private financing to modernise infrastructure and avoid a recession, Vice President Yemi Osinbajo has said. Source Punch Read More

MDAs, institutions jostle to meet zero budgeting deadline - Indications have emerged that Ministries, Agencies and Departments of government, including heads of all public educational institutions, are jostling to meet the Federal Government’s directive of zero budgeting for the 2016 fiscal year. Source Punch Read More

TSA ‘ll cripple NSITF, NHIS, ITF —NECA - The umbrella body for  employers in the country, Nigeria Employers Consultative Association, NECA, yesterday in Lagos, warned that the newly introduced Treasury Single Account, TSA, policy by the Federal Government would cripple the operations of self-funding and service-rendering parastatals with statutory responsibilities to deliver public goods and services. Source Vanguard Read More

Nigeria uses over 90 per cent foreign technology – DG NOTAP - Over 90 per cent of the technology being used presently in Nigeria is said to be imported, an action that hinders the development of indigenous technology in the country. Source Daily Trust Read More

Poor govt patronage dangerous for economy dev’t – Coleman MD - The Managing Director and Chief Executive Officer of Coleman Technical Industry Limited, Mr. George Onafowokan has expressed dissatisfaction over the federal government’s attitude towards local wires and cables manufacturers. Source Daily Trust Read More

The financing of the proposed social investment - The new director-general of the Budget Office suggested that delegates at last week’s 21st Nigerian Economic Summit should expect an increase in recurrent spending in the 2016 budget. Source Proshare Read More

FG ignores Nigeria’s multibillion naira gemstone deposits - Gemstone business is a big income generator and Nigeria should be making good money from it. But it is not. Source Daily Trust Read More

South African bank raises N50b for property development in Nigeria, others - FirstRand Bank Ltd said the property unit of its investment banking arm has raised $203 million (about N50billion) for its Real Estate Development Fund (REDF) aimed at developing real estate assets in Nigeria and other West African countries. Source THE NATION Read More

World Bank Lowers Forecasts For Global Oil Prices - The World Bank in its latest commodity update yesterday lowered its 2015 forecast for crude oil prices from $57 per barrel in its July report to $52 per barrel. Source Leadership Read More

Plateau Assembly Approves N10bn Loan for Ongoing Projects - Plateau State House of Assembly has approved the request of the state Governor, Simon Lalong to access N10 billion loan from the Excess Crude Account (ECA) to be used for developmental projects in the state. Source Thisday Read More


New electricity tariff coming in November, says NERC - A new electricity tariff will come into force before November 15, the Chief Executive Officer, Nigerian Electricity Regulatory Commission (NERC), Dr Sam Amadi said yesterday. Source THE NATION Read More

Lagos oilfield to miss December production target - The Aje shallow-water field offshore Lagos is now expected to reach first oil at the end of January 2016 as against December this year previously targeted by the joint venture partners on the project. Source Punch Read More

Power firms lack capacity building initiatives, says NBET - Power firms operating in the country, particularly the electricity distribution companies, are in short supply of capacity building initiatives, the Nigerian Bulk Electricity Trading Company Plc has said. Source Punch Read More

NERC Approves Expansion Of AEDC’s Vending Centres To 500 - The Nigerian Electricity Regulatory Commission (NERC) has approved Abuja Electricity Distribution Company (AEDC’s) plan to expand the centres for vending of its electricity tokens to 500, a statement said. Source Daily Independent Read More


Banks, BDCs must demand BVN from Nov. 1 – CBN - The Central Bank of Nigeria on Wednesday said from November 1, 2015, prospective buyers of foreign currencies must show their Bank Verification Numbers to banks and Bureau De Change operators before they would be allowed to buy them Source Punch Read More

NDIC raises concerns over high incidence of fraud -  The Nigeria Deposit Insurance Corporation has expressed concern over the high incidence of fraud and forgeries in the banking system. Source Punch Read More

Bad planning affecting oil marketers –CBN - The Central Bank of Nigeria has said only petroleum products marketers without good plans have difficulties accessing needed foreign exchange for imports. Source Punch Read More

CBN urges Nigerians to access N220b MSMEs fund - Investors within the micro to medium categories have been urged to take advantage of the N220 billion facility set aside by  the Central Bank of Nigeria (CBN) for the development of Micro Small and Medium Enterprises (MSMEs). Source THE NATION Read More



SEC 32 Benchmark Stocks: OKOMUOIL Tops YTD Performance - TNI Q4/E4 - The list of the Securities and Exchange Commission-SEC 32 benchmark stocks that can be used as collateral for margin loans in the Nigerian Capital Market as put together by the Commission following the 2008 stock market downturn remains a list that needs constant review considering the level of volatility in the market at this time. Source Proshare Read More

Stocks halt 4-day gains as short-sellers dictate pace all-day - The equities market closed today on a negative note, as NSE ASI depreciated by 0.42% to close at 30,199.15basis points, compared with the 0.35% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 12.86% Source Proshare Read More

Vetiva Fund Managers lists three new ETFs - Vetiva Fund Managers Limited will list the three new Vetiva Sector Series Exchange Traded Funds (ETFs) today following the successful completion of the initial offerings for the ETFs. Source THE NATION Read More


Dollar scarcity: Nigerian banks owe foreign lenders $4bn - The Central Bank of Nigeria’s ban on importers of some items from accessing foreign exchange from the official forex market has made it difficult for a number of Nigerian companies to pay their overseas vendors, it has been gathered. Source Punch Read More

Pension funds safe, says PenCom chief - There has been no record of pension fraud or embezzlement under the new pension scheme, the Contributory Pension Scheme (CPS), the Director-General, National Pension Commission (PeCom), Chinelo Anohu-Amazu has said. Source THE NATION Read More

Microfinance Institutions Account For 31% Of Loan Disbursement To SMEPresident - Non-bank microfinance institutions of Nigeria accounted for over 30 per cent of loan disbursements to Micro Small and Medium Enterprises (MSME) in the country. Source Daily Independent Read More

Bond yields rise as liquidity thins - The nation’s overnight lending rates and yields on long-term bonds rose on Wednesday after commercial lenders pre-funded their accounts with the Central Bank of Nigeria for currency purchases, soaking up system liquidity, traders said. Source Punch Read More


OANDO attracts hunters; tops market as price pulls back from new low - OANDO recorded active bargain tendency to initiate a reversal trend as investors displayed strong optimistic tendency. The stock closed with +8.30% gain to lead today’s top performers with corresponding surge in bullish volume by +1501.42%. Source Proshare Read More

ACCESS Records Growth in PBT and PAT; Analyst Rates Shares a BUY - Access bank this afternoon released it Q3 2015 results. On a q/q basis, both PBT of N21.3bn and Pat of N16.8bn declined by -5.9% and -4.6% respectively. Source Proshare Read More

Analyst Rates ACCESS Shares Outperform on Q3'15 Results; OPEX up by 50% YoY - This afternoon the NSE published Access Bank’s (Access) Q3 2015 results. Broadly speaking the results came in quite strong and showed that PBT and PAT grew by 45% y/y and 44% y/y to N21.3bn and N16.2bn respectively. Source Proshare Read More

Dematerialization has come to stay: CSCS reiterates its commitment - The Central Securities Clearing System Plc has reiterated her commitment towards full dematerialization of share certificates in the Nigerian Capital Market. This was made known at a stakeholder’s meeting held in Lagos recently where the issue of shares migration was discussed. Source Proshare Read More

ACCESS Loans to Customers Grows by 9.2% in Q3'15 - For the nine months period, the lender reported a y/y increase in gross earnings of 41.7% to N257.9 billion compared to N181.8 billion in the previous year. Non-interest income remained a strong contributor (c.40%) to gross earnings, growing by 105.9% y/y to N102.2 billion. Source Proshare Read More

NB Underperforms in Q3'15 Result Compared to Q2'15 - Nigerian Breweries Plc (NB) released results for nine months ended 30th September 2015 today.For the nine months period, revenue grew by 10.4% y/y while pre and post-tax profits respectively declined by 11.8% y/y and 12.2% y/y Source Proshare Read More

Oando Promotes Rail Products’ Distribution, Invests $1bn For Expansion - Indigenous oil firm, Oando Marketing has commenced significant downstream expansion exercise that would help in facilitating petroleum products reception and distribution across the country. Source Punch Read More

GUARANTY Grows PBT by 14.1% in Q3'15 Result,(SP:N24.05k) - Source Proshare Read More

TRANSCORP declares N5.89 billion PAT in Q3'15 result; Dips by 28.8%,(SP:N2.12k) - Source Proshare Read More

ACCESS declares N48.09 bln PAT as Earnings Grows by 42% in Q3'15 result,(SP:N4.95k) – Source Proshare Read More

LASACO declares N355.95 million PAT in Q3'15 Result (SP:N0.50k) - Source Proshare Read More

ABBEYBDS declares N59.32 million PAT in Q3'15 result,(SP:N1.25k) - Source Proshare Read More

NPFMCRFBK declares N520.06 million PAT in Q3'15 result,(SP:N1.05k) - Source Proshare Read More

AFRIPRUD Declares N1.08 billion PAT in Q3'15 Result,(SP:N2.66k0) - Source Proshare Read More

NB Proposes N1.20k per share Interim Dividend in Q3 '15 result,(SP:N138.02k) - Source Proshare Read More

NEM Declares N2.11 bln PAT in Q3 2015 Result,(SP:N0.70k) - Source Proshare Read More

NNFM declares N25.9 million Profit After Tax in Q2'16 Result,(SP:N9.46k)- Source Proshare Read More

MoneyGram Announces Collaboration with Econet Zimbabwe - MoneyGram, a global provider of innovative money transfer services, and Econet Wireless, the leading mobile operator in Zimbabwe, today announced the launch of a new service that enables customers from more than 200 countries and territories worldwide to transfer funds via EcoCash, Zimbabwe’s leading mobile money transfer solution. Source Proshare Read More


E-Commerce adds $1.3tr to global economy - GOING by the rising profile of electronic commerce across the globe, the new business venture is expected to become to a major driver of the Nigeriann economy any soonest. Source Guardian Read More

NIPOST eyes online shoppers for goods delivery - The Nigerian Postal Service has appealed to online shoppers and sellers to send and receive their goods through the agency. Source Punch Read More

'Investment in Technology Startups Key to National Development' - The Director General of the National Information Technology Development Agency (NITDA), Mr. Peter Jack has called on foreign and local investors to invest in technology solutions developed by Nigerian technology startups, insisting that such investment, will not only boost national development, but will also guarantee fast return on investment. Source Thisday Read More

NATCOM Resuscitates Moribund NITEL Facilities - NatCom Development and Investment Limited, the company that bought over the Nigerian Telecommunications Limited (NITEL), through a guided liquidation process, has revived several of the failed facilities of NITEL, in preparation for a massive rollout of its telecoms services in Nigeria, which will engender competition. Source Thisday Read More


Dangote Cement Transforming Nigeria Into An Export Nation - For decades, Nigeria was a pathetic case of a mass market providing socio-economic advantage for many foreign nations but none for itself. Source Punch Read More

EFCC asks banks to strengthen security on e-channels - The Economic and Financial Crimes Commission (EFCC) has called for banks to strengthen their e-platforms to protect customers’ transactions. Source Daily Trust Read More


Buhari names Mahmood Yakubu as INEC Chairman - THE National Council of States (NCS) rose from its first meeting under the administration of Muhammadu Buhari with the ratification of the recommendation of the President for the appointment of the immediate past Executive Secretary of the Tertiary Education Trust Fund (TETFund) Prof. Mahmood Yakubu as the new Chairman of the Independent National Electoral Commission, (INEC). Source Guardian Read More

36 ministers too much for Nigeria—Rep - A member of the House of Representatives, Mr. Mark Gbilah, has stated that the appointment of 36 ministers by an administration in one fell swoop is too much for a government that needs to cut costs. Source Vanguard Read More

A’Ibom tribunal orders fresh gov election in 18 LGAs - The Akwa Ibom State Governorship Election Petitions Tribunal sitting in Abuja on Wednesday ordered the Independent National Electoral Commission to conduct a fresh governorship election in 18 out of the 31 local government areas of the state. Source Punch Read More

Screening of Ministerial Nominees will Last for Six Weeks - Ndume - The Senate on Wednesday said the ongoing screening of ministerial nominees will not end soon, disclosing that the exercise would now last for seven weeks. Source Thisday Read More


Indigenous participation in oil, gas contracts hits 80 per cent - The Nigerian Content Development and Monitoring Board (NCDMB) yesterday said indigenous participation in oil and gas contracts  has moved from less than 10 per cent to 80 per cent this year. Source THE NATION Read More

Nigeria’s crude oil’ll be processed to meet domestic needs —KACHIKWU - WITH the nation’s refineries, especially the Port Harcourt Refinery Company, PHRC, coming back on stream, the Nigerian National Petroleum Corporation, NNPC, yesterday in Benin, said the country’s  crude oil would  be processed to meet immediate domestic needs. Source Vanguard Read More

Nigeria Galvanises Towards Local Construction Of Marine Vessels, Rigs - As the implementation of the Nigerian local content Act in the oil and gas sector continues to record success, the industry is now galvanising towards local construction of marine vessels and rigs, the executive secretary of the Nigerian Content Development Monitoring Board(NCDB), Denzil Kentebe, has said. Source Leadership Read More

Scarcity: DPR Seals 6 Filling Stations In Sokoto-Official - The Department of Petroleum Resources (DPR) said it had sealed six independent marketers’ filling stations in Sokoto and its environs for various offences. Source Daily Independent Read More

OPEC, Non-OPEC Producers Ignore Talks on Crude Output Cuts - Both members and non-members of the Organisation of Petroleum Exporting Countries (OPEC) could not hold talks on possible cuts in crude oil production at a meeting held yesterday to address the decline in crude oil prices. Source Thisday Read More


Asian shares, dollar, euro steady as markets await ECB meeting - Asian shares were mixed on Thursday after a sharp fall in mainland Chinese shares rekindled worries about the health of China's economy, while investors awaited word from the European Central Bank on its plans regarding additional stimulus. Source Reuters Read More

European shares end marginally up, ECB meeting in focus - European shares crept higher on Wednesday as expectations of a positive close to the year and continued central bank support before an ECB meeting on Thursday helped investors to shrug off bad earnings news. Source Reuters Read More

South Africa Faces Downgrade Risk With Budget Marred by Protests - South Africa took a step closer to another credit-rating downgrade as a slowing economy forced Finance Minister Nhlanhla Nene to boost debt at the same time that mounting spending pressures fueled protests against the government. Source Bloomberg Read More

South Africa 2015/16 budget deficit target seen at 3.8 pct of GDP - South Africa expects a slightly narrower budget deficit of 3.8 percent of GDP for 2015/16 from the 3.9 percent forecast in February, with weak growth denting revenue and the falling currency raising debt costs, the Treasury said on Wednesday. Source Reuters Read More

Mozambique may convert 'tuna bond' into sovereign debt - finmin - Mozambique may convert a controversial $850 million bond issued two years ago by state tuna-fishing company Ematum into sovereign debt to improve terms, Finance Minister Adriano Maleiane said on Wednesday. Source Reuters Read More

Mauritius trade deficit narrows 34.1 pct in August -  Mauritius' trade deficit narrowed 34.1 percent in August to 4.93 billion rupees ($140 million) from a year earlier due to lower imports of mineral fuels and lubricants, the statistics office said on Wednesday. Source Reuters Read More



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