Nigeria in 1min: Economic, Business & Financial Headlines – 240216



February 24, 2016 7:30 AM / Proshare News

Federal allocation drops by N17.38b - Allocation from the Federation Account available for sharing this month by the tiers of government reduced by N17.38 billion compared to what was shared last month. Source THE NATION Read More


Fed Govt, IMF differ on foreign exchange mgt - The International Monetary Fund (IMF) has stressed the need to allow the naira/dollar exchange rate to be determined by market forces, if the economy must grow and enjoy some stability. Source THE NATION Read More

Senate begins collation of 2016 budget - After weeks of defence sessions at various committees, consideration of the N6.08 trillion 2016 budget estimates in the Senate , has entered the stage of collation of reports by the Appropriation Committee. Source Guardian Read More

FG forecasts zero fuel subsidy in this year - THE Federal Government has said that the novel price modulation mechanism currently in place will ensure that it records zero expenses on fuel subsidy in 2016. Source Vanguard Read More

Nigeria spends $2bn importing agric products annually — Amaechi - The Minister of Transportation, Mr Rotimi Amaechi, has said the the country spends a total of $2 billion annually to import agricultural products into the country. Source Vanguard Read More

PTAD validates next-of-kins, to pay entitlements - The Pension Transitional Arrangement Directorate (PTAD) is set to validate all Next-of-Kins (NOKs) of parastatals’ pensioners in readiness to pay entitlements of late employees. Source THE NATION Read More

FIRS worries over low tax payment - The Executive Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has stressed the need for the public to be properly informed about the importance of tax payment and the benefits of voluntary compliance. Source Guardian Read More

We’ll pay states for verified road projects –Fashola - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Tuesday said President Muhammadu Buhari had established an inter-ministerial committee to verify claims by state governments of money spent on federal roads. Source Punch Read More

500,000 teachers to be employed by govt need training– Osibogun - There must be statistics. The government must identify the beneficiaries, design how it will be implemented, the processes involved, how it would be monitored and the overall goals and objectives. Source Punch Read More

CJN, 600 judges yet to get Jan. salary- JUDICIAL officers, including the Chief Justice of Nigeria, Justice Mahmoud Mohammed, Supreme Court Justices, justices of the Court of Appeal and all Federal and state High Court judges, are yet to get their January salaries, it was learnt yesterday. Source THE NATION Read More

OUTRAGE: WAEC Demands N1.85m To Release List Of Best Students - The West African Examination Council (WAEC) has demanded the sum of N1,850,000.00 (One million, eight hundred and fifty thousand naira) from a firm, EDUBOX to release the list of best students in the May/June 2015 session. Source Leadership Read More


Electricity charges gulp 40 per cent of revenue - Hotel owners - Mr Jijiwon Akpovwovwo, the acting National Secretary, Nigerian Hotels Association, on Tuesday said that 45 per cent of revenue generated by hotel owners in Nigeria is utilised in paying electricity bills. Source Daily Trust Read More

Private sector groups back new power tariff - Nigeria’s organised private sector groups have given their unreserved backing for the new electricity tariff which became operational on February 1, saying the new multi year rates are vital for the stablisation of the sector after years of neglect and near zero investment. The tariff imposed by the electricity regulator, NERC after the mandatory Source BUSINESSDAY Read More


CBN grants N14.7tr credit to economy - The Central Bank of Nigeria (CBN) said it had distributed N14.7 trillion total credit to the economy as of June 30th, 2015. Source THE NATION Read More

Guidelines must be met on N5.13t pension fund deployment, says PenCom - For the N5.31 trillion pension fund to be invested in infrastructure and other projects, the terms on investment guidelines must be strictly adhered to, Director-General of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu has said. Source THE NATION Read More

CBN Moves to Strengthen DFIs, Launches Final Operating Guidelines - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday reiterated the bank's commitment towards making the Development Finance Institutions (DFIs) in the country more pro-active and better equipped to support the present administration's economic growth agenda Source Thisday Read More


Bearish sentiment persists, stocks plunge sharply on last minute sell - The equities market closed today on a negative note, as NSE ASI depreciated by 1.40% to close at 24,090.98basis points, compared with the 0.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.84% Source Proshare Read More

NSE National Council Renews Oscar Onyema's Contract for a 2nd Five-year Term - The Nigerian Stock Exchange is pleased to announce that its National Council has approved the renewal of contract of employment for Mr. Oscar N. Onyema, OON for another term of five years as Chief Executive Officer of The Exchange effective immediately. Source Proshare Read More



Put me through on what my online broker sends to me - Q&A - Dear Proshare Research, Thanks for your prompt response to my earlier enquiry. Kindly enlighten me on the followings as l have it on one of my online stock broking firms platform. Source Proshare Read More

Dangote takes over Tiger Branded Consumer Goods - Alhaji Aliko Dangote’s Dangote Industries Limited (DIL) has acquired 65.6 per cent majority equity stake in the former Dangote Flour Mills Plc, now rebranded Tiger Branded Consumer Goods (TBCG) Plc, from Tiger Brands Limited, the South African core investors. Source THE NATION Read More


Speculators Get Their Fingers Burnt, Naira Strengthens to N310/$ - Foreign currency speculators, who launched an unprecedented attack against the naira in the last two weeks, got their fingers burnt on Tuesday when the nation’s currency staged a major recovery, rising to N310 to a dollar at the close of business, compared to N375 at which it sold on Monday. Source Thisday Read More

Some talk of a second CBN fx window - We have seen the commentary in the local media about the adoption by the CBN of a second foreign exchange window. Since we can find no official endorsement, we are treating the policy as perhaps the subject of a discussion paper that has somehow entered the public domain. Source Proshare Read More

Manufacturers warn of jobs losses over dollar scarcity - The scarcity of dollars in the country and the restriction of certain items from the foreign exchange window of the Central Bank of Nigeria are threatening the survival of manufacturing industries and the jobs they provide to Nigerians. Source Punch Read More

FG losing opportunity to save economy on parallel forex market potency - The Federal Government’s dithering on complementing fiscal policies and decisive action on the appropriate exchange rate regime may further damage the economy and cause a drop in the standard of living of the citizenry, BusinessDay investigations show Source BUSINESSDAY Read More

Nigeria offers opportunity for investors amid scramble for dollars – Atedo Peterside - The Nigerian economy offers opportunities for longer term investors amid the current scramble for scarce dollars by the private sector, says Atedo Peterside, chairman of Stanbic IBTC Holdings Plc. Source BUSINESSDAY Read More


Buhari appoints Adio as Executive Secretary of NEITI - President Muhammadu Buhari has appointed Mr. Waziri Onibiyo Adio, a Communication Consultant and Publisher of Metropole Magazine as the new executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI). Source Daily Trust Read More

FIRSTALUM Appoints Mr. Callistus Udalor as an Executive Director - We are pleased to inform the Exchange of the appointment of Mr. Callistus Udalor as Executive Director of First Aluminium Nigeria Plc, with responsibility for Strategy, Business Development, and Administration. Source Proshare Read More


Business Process Management Software for Religious Entities - Given the spread, numbers and network of religious organisations in Nigeria, it was a matter of time that the deployment of web based technology will become applicable to religious body accounting and management. Source Proshare Read More

Skye Bank Supports Women Entrepreneurship Programme - Skye Bank Plc has lent its support to the African Women Entrepreneurship Programme (AWEP) in its bid to assist female entrepreneurs succeed in business through access to business opportunitiesand funding. Source Thisday Read More


Osinbajo: We can't grow Nigeria’s economy without fighting graft - Speaking at the Aso Rock Presidential Villa in Abuja while receiving a delegation of the Trade Union Congress (TUC), Osinbajo explained that corrupt people should be held accountable because they stole the money meant for the nation's economy. Source Daily Trust Read More


Oil firms to slash spending by 17% this year - The oil price crash is expected to slash capital expenditure on global oil exploration and production by 17 per cent this year, after a 24 per cent drop in 2015, according to the International Energy Agency’s (IEA) medium-term outlook. Source Guardian Read More

34 Ships Laden With Petroleum Products, Food Items, To Arrive Lagos - Thirty four ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from Feb. 23 to March 15. Source Leadership Read More

Buhari, Saudi King vow to fix oil prices - President Muhammadu Buhari and King Salman Bin Abdul-Aziz of Saudi Arabia say they will do everything possible to ensure a rebound of oil price and a stable market. Source Daily Trust Read More


Asian shares, oil retreat as Saudi plays down output cuts - Asian shares fell on Wednesday as oil prices skidded after Saudi Arabia effectively ruled out production cuts by major producers anytime soon, sending investors into safe-havens such as the yen. Source Reuters Read More

European shares weighed down by oil drop; exchange operators rise - European shares fell Tuesday on falling oil prices and disappointing updates from Standard Chartered and BHP Billiton, but M&A expectations boosted shares in exchange operators. Source Reuters Read More

Five Charts That Show Why This South Africa Budget Is So Crucial - All eyes are on South African Finance Minister Pravin Gordhan when he delivers his budget speech on Wednesday to see how he balances support for a weak economy with curbing debt. Source Bloomberg Read More

Pound Drops Below $1.40 for First Time Since 2009 Amid 'Brexit' Concerns - The pound fell to the lowest level in almost seven years after Bank of England policy makers said uncertainty over Britain’s membership of the European Union is weighing on the currency. Source Bloomberg Read More

Zambia 2016 budget deficit seen at 8.1 percent of GDP -  Zambia's 2016 budget deficit will widen to 8.1 percent of gross domestic product (GDP) from a target of 3.8 percent, underscoring the impact of a plunge in the price of copper, its major export, the minister of finance said on Tuesday. Source Reuters Read More

Zambia electricity deficit rises to 1,000 MW: energy minister - Zambia's electricity deficit has risen to 1,000 megawatts (MW) from 700 MW in November as Africa's No. 2 copper producer cuts hydro power generation due to falling water levels as drought bites in the region. Source Reuters Read More



 Highlights of  RCCG Victory Chapel 2016 Economic Summit
















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