Nigeria in 1min: Economic, Business & Financial Headlines – 240415



April 24, 2015 7:00 AM / Proshare News

Reps raise 2015 budget by N134.5bn, pass N4.4tn - The House of Representatives passed the 2015 budget on Thursday, jacking up the original proposal submitted by the Executive by N134.5bn. Source Punch  Read More

Leasing volume in Nigeria hits N869 billion in 2014 - OUTSTANDING lease volume in the country went up by 11.3 per cent from N780 billion in 2013 to N869 billion in 2014. Source Guardian Read More

N6.5tn tax revenue overstated – Expert - A tax expert at PricewaterCooper Nigeria, Mr. Taiwo Oyedele, says the N6.5tn total tax revenue reported in the country is over stated due to the nation’s poor tax reporting system. Source Punch  Read More

DFIs: NCP approves bid opening for transaction advisers - The National Council on Privatisation has approved the financial bid opening for transaction advisers for the partial privatisation of the three Development Finance Institutions in the country. Source Punch  Read More

FG Directs NIMASA To Begin Implementation Of Cabotage Act - 12 years after its enactment, the federal government has woken up to the reality of developing indigenous shipping and has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to activate full implementation of the Cabotage Act. Source Leadership  Read More

Nigeria mitigates $6.9b non-oil export rejection loss with SON’s laboratory - The Federal Government has expressed optimism of Nigeria mitigating a potential loss of $6.9 billion projected to be incurred from rejections of export items by developing countries to developed nations this year, with effective utilisation of the internationally accredited microbiology laboratory of the Standards Organisation of Nigeria (SON). Source Guardian Read More

Privatisation: FG Approves Bid Opening for Transaction Advisers for BOI, BOA, NCX - The National Council on Privatisation (NCP) has approved the Financial Bid Opening for transaction advisers for the partial privatisation of the three Development Finance Institutions (DFIs) namely, Bank of Agriculture (BOA), Bank of Industry (BOI) and Nigeria Commodity Exchange (NCX), formerly Abuja Securities & Commodity Exchange (ASCE). Source Thisday Read More

Nigeria Can Earn $400bn Annually from Farm Produce Export - With proper interface between farmers and exporters, zero tariff on export and government’s incentives, Nigeria can be exporting farm produce worth $400 billion annually in the next four years. Source Thisday Read More

Customs Nets N61.7 b in 3 Months at Tin Can Island Port - About  N61.7 billion was generated by the Nigeria Customs Service (NCS) from Tin-Can Island Command in the last three months. The revenues generated were from import duty, excise duty, fees, common external tariffs (CET), five per cent value added tax (VAT), seven per cent levy and national automotive council (NAC). Source Thisday Read More

191 buildings for demolition in Lagos —Govt - No fewer than 191 buildings which were found to be defective have been marked for demolition in Lagos State, the state government has said. Source NIGERIAN TRIBUNE Read More

FAAN Grounds Arik Air over N1.2bn Debt - Following the N1.2 billion debt owed the Federal Airports Authority of Nigeria (FAAN) by Arik Air, the Association of Air Transport Association of Nigeria (ATTSAN) and the National Union of Air Transport Employers (NUATE), on Thursday grounded the airline’s scheduled flight operations from the Nnamdi Azikiwe International Airport (NAIA), Abuja, to other parts of the country. Source Thisday Read More

Expert urges Nigerian leaders to publish tax payments  -  Nigerian leaders from the President, Governors, Legislators at the Federal/State levels and all other political office holders, have been urged to model the example of tax  payments in the country, by publishing them. Source WebTV Read More

Seven Energy supplies gas to Calabar power plant - Seven Energy International Limited, an indigenous integrated gas company, on Thursday said it had commenced the supply of gas to the 560 megawatts Calabar National Integrated Power Project. Source Punch Read More

PenCom gives fresh regulation on investment of pension fund - Renewed efforts by Pension Fund Administrators (PFAs) and other investors who have been agitating for the use of accumulated pension fund assets that is now in excess N4.6 trillion to develop infrastructure across the country has gathered momentum as the National Pension Commission (PenCom) gives fresh regulations to the investors Source Proshare
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How govt can raise $75b, by CBN chief Emefiele - It should consider selling down its majority stakes in joint ventures with multinational oil companies to shore up finances and raise funding for infrastructure development, Central Bank of Nigeria (CBN) Governor Godwin Emefiele,has suggested. Source THE NATION Read More

$50,000 card limit: CBN exempts domiciliary account holders - The Central Bank of Nigeria (CBN) yesterday said the $50,000 per person, per annum limit for use of naira debit cards for transactions overseas will not affect customers spending from their domiciliary accounts. Source THE NATION Read More

Brewery Stocks: CHAMPION Leads with +13.18% YTD Gains as NB Recommends Highest Dividend - The Beverages Brewers/Distillers sub-sector is dominated by alcoholic and non-alcoholic drinks while the sub-sector is a high source of VAT revenue for the government.Source Proshare Read More


Equity market resumes downtrend on growing price volatility - The equities market closed today on a negative note, as NSE ASI depreciated by 0.10% to close at 34,494.36 basis points, compared with the 0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.47%Source Proshare Read More

Dollar waxes stronger as oil price jumps to $64 per barrel -
A review of today’s parallel market activities and oil price behaviour highlights the following:The naira dipped by 0.48% to close at N211/$1 as against N210/$1 it exchanged the previous day. Source Proshare
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Non-oil sectors’ll boost bank lending in Nigeria – Fitch - Global rating agency, Fitch Ratings, says buoyant non-oil and service sectors as well as private consumption are boosting demand for credit among Nigerian banks. Source Punch Read More

Choppiness of portfolio investment - The CBN’s External Sector Development Report for Q4 2014 shows a weaker performance on the capital account. Source Proshare Read More

Fitch: Nigerian Banks, Others to Withstand Commodities’ Price Fall - The growth recorded by Nigerian banks and other banks in sub-Saharan Africa should provide favourable conditions for the financial institutions in the region in 2015 despite the decline in commodity prices, Fitch Ratings has said. Source Thisday Read More

BOI Boosts Businesses in S'West with N18bn Facility - As part of its commitment to boost small and medium scale businesses in Nigeria and position the country for economic boom in the comity of other nations, the Bank of Industry (BOI) said it had provided loans in excess of N18 billion to industrialise the South-west geopolitical zone of the country. Source Thisday Read More

Moody's Assigns ‘Stable Outlook’ Rating to AFC - The Africa Finance Corporation on Thursday revealed that its international credit rating has been re-affirmed at A3/P2 (Stable outlook) by Moody’s Investors Service. Source Thisday Read More

BoI gives N10b loan to 80 firms in Oyo - NO fewer than 80 firms and micro enterprises in Oyo  State have received loans worth N10billion from the Bank of Industry (BoI), its Managing Director, Mr Rasheed Olaoluwa, has said. Source THE NATION Read More

Ashaka Cement retains NEUTRAL rating on expectations of improved security conditions - Although Ashaka Cement’s (Ashaka) Q4 2014 results came in behind our forecasts, we have increased our EPS forecasts by 3% on average over the 2015-16E period, mainly because of a reduction in our tax rate assumption to 25% (from 30%). Source Proshare Read More

NB: PBT slides as interest charges surges by 113% - This afternoon, Nigerian Breweries (NB) published unconsolidated (ex-Consolidated Breweries [CB]) Q1 2015 results which showed that PAT of N10.1bn came in flattish y/y. Similar to NB’s Q4 results, the published numbers exclude those of the recently acquired CB. As such, our analysis is based on our assumed contribution of NB to our consolidated forecasts. Source Proshare Read More

PORTPAINT sustains reversal trend, tops gainers' list on huge volume - Today, PORTPAINT recorded active bargain tendency with an upper breakout to extend the reversal trend as investors displayed strong optimistic tendency. The stock closed as top performer with significant surge in bullish volume, recording maximum gain of +10.00%.Source Proshare Read More

Nigerian shareholders to be paid in dollars – Seplat - Seplat Petroleum Development Company Plc has said that its Nigerian shareholders will receive their dividend in naira, contrary to reports. Source Punch Read More

FCMB gets approval to pay 25k dividend - FCMB Group Plc on Thursday received the approval of its shareholders to pay a dividend of 25 kobo per ordinary share for the year ended December 31, 2014. Source Punch Read More

CAP declares N485.7million PAT in Q1'15 result,(SP:N35.66k) -Source Proshare
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NB declares N10.1billion PAT in Q1'15 result,(SP:N153.00K) -Source Proshare Read More

Mobile phone, computer levy to commence soon - The implementation of two per cent levy on mobile phones, computers, photocopiers, scanners and similar products will commence soon, the Director-General, National Copyright Commission, Mr. Afam Ezekude, has said. Source Punch Read More

Skills shortage weighs down ICTs contribution to economic growth - Following the dramatic rise in the adoption of Information Communications Technology (ICT) by individuals, businesses and government, Nigeria is facing an unprecedented shortage of skilled professionals required to support such massive infrastructure deployment. Source BUSINESSDAY Read More


DUNLOP Appoints Fidelis Godpower as Group Finance Director
-  DN Tyre & Rubber Plc has notified The Nigerian Stock Exchange of the appointment of Mr. Fidelis Godpower Obi has been appointed a Director of DN Tyre & Rubber Plc.Source Proshare
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CCNN Announces the Resignation of Garba Mohammed as Director - Cement Company of Northern Nigeria Plc (‘CCNN” or “the Company”) has notified The Nigerian Stock Exchange of the resignation of Alhaji Garba Mohammed Sarkin Kudu from the board of the Company with effect from 11 February 2015.Source Proshare Read More

NNPC wants fuel subsidy scrapped; says it’s not sustainable - The Nigerian National Petroleum Corporation (NNPC) on Thursday made a strong case for the complete removal of subsidy from the petroleum products pricing template by the incoming government. Source Premium Times Read More

Presidential Inauguration: Jonathan, Buhari teams meet - In preparation for the May 29 handover and Presidential Inauguration, a joint committee of the outgoing and incoming government met on Thursday to discuss issues that will ensure a smooth transition. Source Premium Times Read More

Fashola, Tunisian President, others win International Crisis Group’s 2015 awards - The global conflict prevention organization, International Crisis Group (ICG), has named the outgoing governor of Lagos State, Babatunde Fashola, as one of seven outstanding personalities worldwide to be honoured with its annual awards for 2015. Source Premium Times Read More


EFCC to declare former Borno governor, Modu Sherrif​,​ wanted -The Economic and Financial Crimes Commission is set to declare a former governor of Borno State, Modu Sheriff, wanted for failing to honour the commission’s invitation. Source Premium Times Read More

Deutsche Bank fined record $2.5 billion over rate rigging - U.S. and British authorities fined Deutsche Bank (DBKGn.DE) $2.5 billion, accused Germany's largest lender of obstructing regulators and ordered it to fire seven employees in the eighth global settlement of alleged benchmark interest rate rigging. Source Reuters Read More


FG to N’Assembly: Halt actions on constitution amendment - The Attorney General of the Federation and Minister of Justice, Mohammed Adoke, on Thursday called both the Senate and the House of Representatives to stop further moves to override President Goodluck Jonathan’s veto on the constitution amendment bill. Source Punch Read More

CJ sets up panel to investigate Mimiko’s deputy - The Chief Judge of Ondo State, Justice Olasehinde Kumuyi, has set up a seven-man investigative panel to probe the state’s deputy governor, Alhaji Ali Olanusi, who has been accused of gross misconduct. Source Punch Read More

INEC Deploys 6 Additional Commissioners For Imo Rerun - The Independent National Electoral Commission (INEC), in a bid to conduct a free and fair election in Imo State this weekend, has deployed six additional staff of the commission for the re-run election in the state. Source Leadership  Read More

Osun may stop free feeding of schoolchildren - The Osun State Government is considering a review of its policy of free feeding of primary school pupils in the state. Source Punch Read More

No hiding place for NNPC looters - FOR public officials and their cronies stealing the country blind through the Nigerian National Petroleum Corporation, the day of reckoning beckons. Source Punch Read More

Outgoing Benue Governor, Suswam donates 8 SUVs to incoming governor, wife - The outgoing governor of Benue State, Gabriel Suswam, on Thursday donated eight new Toyota Prado Sports Utility Vehicles to the state governor-elect, Samuel Ortom, his deputy, Benson Aboun, and their wives. Source Premium Times Read More

Oil crash: Nigeria may lose N2tn this year - The fall in global crude oil prices may result in a revenue decline of about $10bn (about N2.2tn) to the Nigerian economy this year, international and local oil producers have said. Source Punch  Read More

Total: Govt’s oil revenue ‘ll dip by $10b this year - THE Federal Government’s oil and gas revenue will decline by $10billion this year owing to the falling prices of oil in the international market, the Chief Executive Officer,   Total Upstream Nigeria, Elizabeth Proust, has said. Source THE NATION Read More

Proshare Nigeria

Asian shares take cue from Nasdaq record - An index of Asian shares rose to fresh seven-year highs on Friday, on track for a weekly gain after Nasdaq rose to a record, while the dollar stuck to recent ranges after more lackluster U.S. economic data. Source Reuters Read More

If China Sees Capital Outflows Now, What Happens in Crisis? - Here’s another Chinese puzzle. Economic growth, while slowing, is still 7 percent and the stock market is on a tear. Yet money is leaving the country. Source Bloomberg  Read More

Many of China's Most-Wanted Graft Suspects Have Taken Refuge in the U.S. - From “Lord Ringtone” to a banker accused of authorizing $1.6 billion in illegal loans, China’s list of most-wanted fugitives offers an illustrated guide to the Communist Party’s breathtaking variety of official graft. Source Bloomberg  Read More

Zimbabwe domestic borrowing up 29 pct to $549 mln y/y in Feb - The Zimbabwe government's domestic borrowing rose by 28.76 percent to $549.18 million in February from $426.50 million in the same period a year ago, the central bank said on Thursday. Source Reuters Read More

Kenya cabinet approves 25 pct rise in spending for 2015/16: statement -  Kenya will raise government spending 25 percent to 2.17 trillion shillings ($23.16 billion) in the fiscal year from July, with the bulk of the increase going on energy, infrastructure and telecommunications, according to a proposal approved by the cabinet on Wednesday. Source Reuters Read More

Egypt receives $6 bln from Saudi Arabia, UAE, Kuwait: cenbanker - Saudi Arabia, Kuwait and the United Arab Emirates deposited $6 billion with Egypt's central bank on Wednesday, the bank’s governor said, a sign the Gulf powers remain committed to propping up the Egyptian economy. Source Reuters Read More




 Nigerian Tax Policy:2015 and beyond



















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