Nigeria in 1min: Economic, Business & Financial Headlines – 241114

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November 24, 2014 7:00 AM / Proshare News


NIGERIAN ECONOMY
FG to cut petrol subsidy by half in 2015 - The Federal Government has said it plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred a reversal of its 2015 budget downwards. Source Vanguard Read More
 

FG to Link State Capitals with Rail System, Says Jonathan - President  Goodluck Jonathan said all  state capitals would be linked with rail transportation to boost the nation’s economy.Jonathan stated this in London at the 17th meeting of the Honorary International Investment Council (HIIC) with the theme: Rail Transportation. Source Thisday Read More
 

Oil slump: FG to recover $279m oil companies’ debts - The Federal Government has lamented the failure of oil and gas producers and exporters to settle their indebtedness totaling $279.33m being the fee for legal metrology services. Source Punch Read More
 

Oil slump: Allocation to states, LGs to drop by N32bn - The decline in the price of crude oil in the international market may have led to a reduction in the 2015 allocation to states and local governments from N3.969tn in the 2014 budget to N3.937tn in 2015. Source Punch Read More
 

RMAFC backs austerity measures - The austerity measures announced by the Federal Government to provide a buffer against falling oil prices in the international market are necessary in the short run, the Chairman, Revenue Mobilisation and Fiscal Commission, Mr. Elias Mbam, has said. Source Punch Read More
 

Nigeria: A gentle tightening of the belt - The FGN has made its fiscal response to plummeting oil revenues with a revision and updating of the medium term expenditure framework (MTEF). Our initial take is that the response is on the timid side, although not surprisingly in view of the electoral calendar. Source Proshare Read More
 

Economic recession: Prepare for hardship, experts warn - These are indeed testy times for Nigerians, the Federal Government and managers of the nation’s economy. This is according to expert analysis on the nation’s contemporary economic situation by those in the know. Source Daily Independent Read More
 

Nigeria accounts for  $1b of $30tr CIS contribution globally - OUT of the $30 trillion total contributions of Collective Investment Scheme (CIS) across the globe, Nigeria’s total asset under the scheme accounted for $1 billion. Source Guardian Read More
 



POLICY / REGULATIONS
CBN Releases Circular on Sales of Foreign Exchange without Adequate Documentation - This is to inform off Authorized Dealers and the General Public that we have observed that some Authorized Dealers have been indulging in the sole of foreign  exchange  for  items which  are  not supported  with  necessary  shipping documents, particularly on open account basis. Source Proshare Read More
 

CBN to review e-payment guidelines - The Central Bank of Nigeria says it will soon commence a comprehensive review of the nation’s electronic payment guidelines. Source Punch Read More
 

CBN Licences New Payment Terminal Service Provider - The Central Bank of Nigeria has granted approval to 3GEE Pay Ltd as a new Payment Terminal Service Provider (PTSP).With the approval, the company will pioneer biometric point of sale (POS) system for the Nigeria’s financial market. Nigeria’s first biometric POS would be driven by 3GEE Pay Ltd in collaboration with SZZT, a globally renowned manufacturer of wireless POS terminal in providing advance secured banking transactions platform in Nigeria. Source Thisday Read More
 

Depositors yet to claim failed banks’N25bn – NDIC - Depositors have yet to claim about N25bn recovered from the 48 failed banks in the last 25 years, the Nigerian Deposit Insurance Corporation has said. Source Punch Read More
 

 

CAPITAL MARKET
Sentiment Analysis Report – W/E November 21, 2014 - Analysis of the market activity in the week ended November 21, 2014 technically revealed a significant plunge in bargain postures as bears regained consciousness while investors engaged in active cautious trading in the week Source Proshare Read More
 

Bears sustain dominance as stocks end week in red zone by -4.11% - The equities market closed today on a positive note, as NSE ASI appreciated by +1.49% to close at 33,926.18 basis points, compared with the -2.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.91%. Source Proshare Read More
 

BOND MARKET
The Nigeria Bond Watch - Review and Outlook @112414 - During the review week, the fixed income market was largely characterized by sustained bearish sentiments as investors’ remained skeptical due to weak economic indices, that is, continuous decline in oil prices and Naira depreciation, which have reduced the attractiveness of the Nigerian investment space. This, alongside issuance of treasury bills and statutory allocation from FAAC influenced market behavior, albeit marginally. Source Proshare
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MONEY MARKET
New National Development Bank to kick-off with $2bn capital - Ngozi Okonjo-Iweala, Co-ordinating Minister for the Economy and minister for finance, confirmed to BusinessDay that the Federal government is approaching $2 billion as take off capital for the proposed Development Bank of Nigeria (DBN) Source BUSINESSDAY Read More
 

Naira falls by 10.5% to N177 - The naira has fallen further against the dollar to a new low of N177.45, bringing the total value loss by the local currency this year to 10.5 per cent. Source Punch Read More
 

BoI employs business devt service providers for SMEs - The Bank of Industry has signed a Memorandum of Understanding with 122 business development service providers across the nation to aid Small and Medium Enterprises that have challenges accessing funds from the bank Source Punch Read More
 

INVESTORS NEWSBEAT
Oando opens rights issue at N22 - Oando Plc has commenced a rights issue on the basis of one new share for every four ordinary shares held as of July 25, 2014. Source Punch Read More

‘How NB, Consolidated Breweries’merger will sustain market leadership’  - The directors of Nigerian Breweries (NB) Plc and those of Consolidated Breweries Plc have reached an agreement to merge both companies. The objective is to actualise their aspiration to sustain market leadership position and also to continually create value for their stakeholders. Source THE NATION Read More

Access Bank, FMO sign $30m facility  - Access Bank Plc and Netherlands Development Finance Company (FMO) have agreed on a $30 million facility for on lending to women in the Small and Medium Enterprises (SME’s) in Nigeria. Source THE NATION Read More

CORPORATE EARNINGS
Corporate Earnings for the Week Ending November 21, 2014 – Source Proshare Read More


PEOPLE

Ayere, Awoyemi honored at ICA 2014 Awards - The Institute for Credit Management in Nigeria, the body responsible for developing and advocating effective utilisation of a credit framework in the country, yesterday honored Mr Sonnie Ayere and Mr Olufemi Awoyemi amongst others at its 2014 awards ceremony. Source Proshare Read More
 

FRAUDS & SCANDALS
Existing audit law can’t fight corruption –AGF - The Auditor General for the Federation, Mr. Samuel Ukura, has said that the existing audit law in the country is defective and cannot effectively support the fight against corruption. Source Punch Read More
 



PRODUCTS & SERVICES
Proshare wins the Nigerian-British Chamber of Commerce 'Guinness Rising Star Award' 2014. - Proshare, Nigeria’s leading analyst and financial information services firm, was yesterday honored with the prestigious Nigerian British Chamber of Commerce “Guinness Rising Star Award” 2014, for its role in providing effective finance solutions to the Nigerian market that further helps contribute to economic growth, by ensuring users and subscribers receive best-in-class financial, economic and capital market information and solutions through their range of service offerings. Source Proshare Read More

 
Punch, The Analyst, WebTV,Linda Ikeji shine at Inaugural NigeriaDotcom Awards - The NigeriaDotcom Awards yesterday at the Protea Hotel Lekki,Lagos  held its inaugural ceremony to honor strategic and web driven intiatives, organizations and businesses in the country. Source Proshare Read More
 

UBA now has foreign currency online transfer platform - Foreign currency transfer takes a new dimension with the introduction of FX transfer capability on the UBA’s Online Banking platform, U-Direct. Source Daily Trust  Read More
 

POLITICS
Clear and present danger signals - It is no longer news that Nigeria is in an increasingly bitter war that continues to produce a growing list of casualties killed, displaced, abducted or raped and of communities overrun by murderous insurgents. What is surprising is the readiness Source THE CABLE Read More
 

PDP rules out automatic tickets for National Assembly’s aspirants - FOR the national leadership of the People’s Democratic Party (PDP), no particular aspirant has been chosen to obtain the party’s ticket for next year’s National Assembly’s elections. Source Guardian Read More
 

INEC to Engage Air Force, Navy for 2015 Elections - The Independent National Electoral Commission (INEC) has said it will engage the services of Nigerian Air Force, Navy and other security agencies for adequate security during general election in 2015. Source Thisday Read More
 

ICG: Nigeria Heading Towards Volatile, Vicious Electoral Contest - The International Crisis  Group, an independent, non-profit, non-governmental organisation committed to preventing and resolving deadly conflict, has warned that prevailing indices suggest Nigeria is heading towards a very volatile and vicious electoral contest. Source Thisday Read More
 

COMMODITIES
Sun sets on Opec dominance in new era of lower oil prices - Flood of new oil supply coming onstream from outside Opec and weakening demand makes the group's role in energy markets less relevant, writes Andrew Critchlow Source The Telegraph Read More

 
Brent Trades Near $80 as Iran Seeks OPEC Output Cut; WTI Steady - Brent crude traded near $80 a barrel amid signs that Iran will seek an output cut at OPEC’s meeting this week and after China unexpectedly reduced interest rates. West Texas Intermediate was steady in New York. Source Bloomberg Read More

GLOBAL MARKETS
Asian Stocks Advance as China Rate Cut Boosts Optimism - Asian stocks rose, with a regional gauge heading for its biggest advance this month, after U.S. indexes reached another record as China’s unexpected interest-rate cut stoked optimism in the global economy. Source Bloomberg Read More
 

European shares surge on China's rate cut and dovish ECB comments - European stocks rallied on Friday, with a benchmark index hitting a two-month high, propelled by dovish comments from European Central Bank President Mario Draghi and a surprise interest rate cut in China. Source Reuters Read More
 

Exclusive: China ready to cut rates again on fears of deflation - sources - China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making. Source Reuters Read More
 

 

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