Nigeria in 1min: Economic, Business & Financial Headlines – 241215

Proshare

 

December 24, 2015 7:00 AM / Proshare News

 

NIGERIAN ECONOMY
FG to privatise Lagos, Abuja, PH, Kano airports - The Federal Government has plans to concession the management of the Lagos, Abuja, Port Harcourt and Kano airports to private investors. Source Punch Read More
 

FG To Create 250,000 Jobs From Railway - The minister of transport, Mr Rotimi Amaechi, has said the federal government has plans to embark on massive railway infrastructure development across the country, saying that works on railway lines when they start in 2016 could absorb 250,000 people. Source Leadership Read More
 

Fed Govt votes N47.5b for promotion, salary arrears - Contractors are  to get some relief in the new year, with the Federal Government voting N5.5 billion for their payment. They are being owed a fortune. Source THE NATION Read More
 

Budget: We’ll ensure timely remittances, RMAFC vows - The Revenue Mobilisation Allocation and Fiscal Commission has said that it will complement the efforts of the Federal Government in the effective implementation of the 2016 budget by beefing up revenue generation from diverse sources and ensuring timely remittances by all revenue generating agencies into the Federation Account. Source Punch Read More
 

Remittances to Nigeria hit $20.8 billion in 2015 – World Bank - Nigerians living abroad sent home $20.8 billion in 2015, by far the largest volume of remittances to any country in Africa and the sixth largest in the world. Source BUSINESSDAY Read More
 

Ugwuanyi budgets N85.1bn for 2016 - The Enugu State Governor, Ifeanyi Ugwuanyi, on Wednesday presented a proposed budget of about N85.1bn for the state in 2016. Source Punch Read More
 

Manat from heaven? The Azerbaijan Example - On Monday its central bank announced a major devaluation and movement to a currency float, citing the external shock of tumbling oil prices. Official reserves had slumped from US$13.2bn at the start of 2015 to US$6.2bn at end-November. Source Proshare Read More
 

Kaduna signs N 1 billion contract to upgrade health facilities - FOLLOWING the decision to upgrade health facilities in Kaduna, the state government has signed a contract with an international firm, General Electric (GE) to equip 255 primary healthcare centres and 23 hospitals in the state at the cost of N1 billion. Source Guardian Read More
 

Sokoto Customs Nets N1.2bn in 2015 - The Nigeria Customs Service Sokoto/Kebbi/Zamfara Command, has recorded significant growth in revenue generation to the tune of N1, 238,308,516  in 2015. Source Thisday Read More
 

Customs impounds N12.4m poultry products - Detectives from Federal Operations Unit (FOU), Zone ‘C’,  on Monday intercepted a Mercedez truck loaded with 1,300 cartons of imported frozen poultry products, concealed with Polymers Vinyl Chloride (PVC) sheets and ceramic bath tubs with Duty Paid Value at N12.4 million. Source Daily Trust Read More
 

We’ve destroyed N10bn goods in last 4yrs - SON DG - The Director-General of the Standard Organization of Nigeria (SON), Dr. Joseph Odumodu, in this exclusive interview with our reporter, spoke on his agenda for fighting substandard products and how China is collaborating with SON on the effort. Source Daily Trust Read More
 

NEPC Set To Launch Zero-Oil Plan - Following plans by President Muhammadu Buhari towards diversifying the country’s economy in 2016, the Executive Director/CEO, Nigeria Export Promotion Council (NEPC), Olusegun Awolowo, yesterday night, disclosed that the agency is set to launch a Zero-Oil Plan that would help to promote non-oil products marketing in the country. Source Leadership Read More
 

Okowa Releases N2 Billion For Pensioners - DELTA State Government has released the sum of N2 billion to the Central Bank of Nigeria for the payment of pensioners in the state through the contributory pension scheme. Source Daily Independent Read More
 



 

POWER
Fed Govt to roll out growth plans for power, says BPE - The Federal Government has put in place modalities to drive the power sector for growth, just as it has driven the telecommunication industry for better performance, the Director- General, Bureau of Public Enterprises (BPE),Benjamin Dikki has said. Source THE NATION Read More

 
AEDC Pilots Mass Metering, Installs 5,000 Meters In Niger - As part of efforts to ensure the metering of all its customers, the Abuja Electricity Distribution Company (AEDC) has piloted its planned metering scheme with the installation of 5,000 prepaid electricity meters in Tunga area of Niger State. Source Leadership Read More
 

 

RULES & REGULATION
Direct Cash Settlement Implementation to Commence Jan 4, 2016 - The Direct Cash Settlement (DCS) is a process where cash proceeds from trades executed by Brokers on the Exchange settles directly into investors’ bank account. DCS is aimed at improving transparency, entrenching investor confidence, reducing market infractions and improving trading velocity. Source Proshare Read More
 

CBN Governor Approves the Appointment of NIRSAL Executives - Following a thorough and competitive process, the Governor of the Central Bank of Nigeria, Mr. Godwin I. Emefiele, has approved the appointment of Mr. Aliyu Abbati Abdulhameed as substantive Managing Director and Babajide Arowosafe as Executive Director (Technical) of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). Source Proshare Read More
 

 

CAPITAL MARKET
Stocks reflect positive outlook amid weak demand, post 1.26% gain WoW - The equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 26,871.24basis points, compared with the 0.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 22.47% Source Proshare Read More
 


 

MONEY MARKET
Nigerian interbank rate eases on liquidity boost - Nigeria's overnight lending rate eased marginally to 0.75 percent on Wednesday from 1 percent in the last five week after the central bank refunded cash set aside by banks to buy dollars. Source Reuters Read More

 
Contributory pension assets rise to N5.14tn - The total assets under the Contributory Pension Scheme rose to N5.14tn at the end of October this year.Figures obtained from the National Pension Commission on Wednesday showed that 56.28 per cent of the money totalling N2.8tn was invested in Federal Government of Nigeria bonds, while 10.27 per cent or N528.76bn was invested in treasury bills. Source Punch Read More

 
BoI, CcHUB partner on $1m social innovation fund for start-ups - To support start-ups in their technological innovation drive, the Bank of Industry (BoI) and Lagos-based incubator hub, the Co-Creation Hub (CcHUB), have partnered to raise a $1 million seed investment fund to help small businesses to create social impact in the technology ecosystem. Source Guardian Read More
 

Banks face risks as forex liquidity worsens - Declining oil prices and the unwillingness of the Central Bank of Nigeria to devalue the naira amidst constrained reserves continue to worsen the foreign exchange liquidity position of Nigerian banks. Source Punch Read More
 

Bankers Urge CBN to Increase Dollar Supply to Attract Portfolio Inflows - With the signal by President Muhammadu Buhari that the Central Bank of Nigeria (CBN) is working on a review of the country’s foreign exchange policy, some bankers have advised the central bank to increase the volume of dollar supply in the foreign exchange market in order to attract capital inflows. Source Thisday Read More

 
Nigerian naira firms on unofficial market after cbank dollar sales - The Nigerian naira firmed to 266 to the dollar on the unofficial market on Wednesday, gaining 1.5 percent after the central bank sold dollars to exchange houses and as demand for the U.S. currency slowed, traders said. Source Reuters Read More
 

Over $5b forex backlog awaits CBN by Jan 4 - Source Guardian Read More
 

‘CBN’s forex restriction has increased our production capacity from 5 to 25%’ - Eric Umeofia is chief executive officer of Erisco Foods Limited. Umeofia tells JOSEPHINE OKOJIE, in this interview, that the foreign exchange restriction policy of the Central Bank of Nigeria (CBN) has raised his firm’s production capacity from five to 25 percent. Source BUSINESSDAY Read More


INVESTORS NEWSBEAT
OANDO Plc to acquire OANDO ENERGY RESOURCES minority share - Oando Energy Resources Inc. yesterday announced that it has entered into a definitive agreement with Oando PLC and Oando E&P Holdings Limited, a private company incorporated under the laws of the Province of British Columbia as a wholly-owned subsidiary of Oando PLC Source Proshare Read More
 

What a Year for Stanbic IBTC - Source Proshare Read More
 

GCR Africa Rates Infinity Mortgage BB - The Global Credit Rating (GCR) has affirmed Infinity Trust Mortgage Bank Plc’s (ITMB) BB+ credit rating with positive outlook in the long term and A3 with positive outlook in the short term for 2015, based on the mortgage firm’s 2014 financial results. Source Thisday Read More

 
TELCOs
Nigeria will await MTN's court case before deciding on $3.9 bln fine -ministry - Nigerian authorities will wait for the outcome of a court challenge filed by South African telecoms firm MTN before deciding on whether to enforce a $3.9 billion fine, a spokesman for the telecommunications ministry said. Source Reuters Read More

 
Ondo revenue board seals off telecoms firm, partner over alleged N458m tax liabilities - DUSTS were raised yesterday in Akure, the capital city of Ondo State when the Ondo State Board of Internal Revenue (OSBIR) clamped down MTN Nigeria Communication Limited’s state office, its facilities and partner, Demmy Global Limited for N458,585,743.12 tax liabilities. Source Guardian Read More
 



 

PEOPLE
Olusola, Agbaje, Dangote among 2015 Most Influential CEOs - The Chief Executive Officer, Teragro Commodities Limited, Dupe Olusola, has been named as one of the top 10 most influential CEOs in 2015 by Ventures Africa. Source Guardian Read More
 

 

POLITICS
Appeal Court Moves Reserved Judgment on Delta Guber Poll to Abuja - The Court of Appeal in Benin City, Edo State, has moved the reserved judgment of the Delta State governorship election petition to its headquarters in Abuja. Source Thisday Read More

COMMODITIES
FG cancels tender process for oil, gas shipment - The Federal Government said on Wednesday that it had cancelled the tendering process for the engagement of pre-shipment inspection and monitoring agents for the oil and gas sector. Source Punch Read More

 
FG to sell interest in new oil firm - The Federal Government is expected to sell to the public at least 30 per cent of the shares of the National Oil Company, one of the commercial entities to be created to replace the Nigerian National Petroleum Corporation. Source Punch Read More

 
Fare rises as petrol sells for N300 in Jos - Twenty-four hours to Christmas, the prospect of a smooth celebration for residents and commuters in Plateau State looks very bleak as fuel scarcity continues to bite harder in the state. Source Punch Read More

 
Kaduna refinery’s daily output hits 3.2m litres of petrol - The resumption of operations of Kaduna refinery may have raised fresh hopes for early resolution of the current fuel supply crisis in the country as daily production of petrol hits 3.2 million litres. Source Guardian Read More
 

There Is Enough Petrol To Last Nigeria 24 Days – NNPC - The Nigeria National Petroleum Corporation (NNPC) has said that Nigeria currently has about 977.31 million litres of Premium Motor Spirit(petrol) in its land and marine depots.The corporation’s National PMS Evacuation Report has stated. Source Leaddrship Read More

 
Crude oil price ‘ll rebound March 2016, don predicts - Oil price will rebound in March 2016, after falling for more than two years with resultant effects on Nigeria and other oil producing nations, a professor of Petroleum Resources and Policy Research, Prof Wunmi Iledare has said. Source THE NATION Read More
 

Nigeria Can Generate $7.5bn From Commercial Gas In 15 Years – Minister - Nigeria can generate 7.5 billion dollars in 15 years if the government can end gas flaring and utilize gas for commercial purposes, Minister of Environment, Mrs Amina Mohammed, has said. Source Daily Independent Read More

 
OPEC Sees Demand for Its Crude Oil Falling for Rest of Decade - OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. Source Bloomberg Read More
 



 

GLOBAL MARKET
Asian shares at two-and-a-half-week high, crude oil rebounds - Asian shares climbed to 2-1/2-week highs on Thursday, heartened by gains on Wall Street and a recovery in crude oil prices in thin trading ahead of the Christmas holiday. Source Reuters Read More

 
European markets end sharply higher as commodities shares jump - European shares surged on Wednesday, boosted by gains in commodities stocks on the back of stronger metals and crude oil prices and signs of more economic stimulus measures in China, the world's largest metals consumer. Source Reuters Read More

 
Commodity Share Rally Makes U.K. Stocks Gain Most Since October - Britain’s shares jumped the most since Oct. 5 as a rebound in commodities pushed mining companies higher. Source Bloomberg Read More

 

 
Ghana approves plan for $1 bln of Eurobonds in 2016 - Ghana's parliament on Wednesday approved plans by the government to issue fresh Eurobonds of up to $1 billion to refinance debt and support its 2016 budget for 2016. Source Reuters Read More

 

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