Nigeria in 1min: Economic, Business & Financial Headlines – 260815


August 26, 2015 7:00 AM / Proshare News



Economic growth falls to 2.35% - Nigeria’s real Gross Domestic Product plunged to 2.35 per cent in the second quarter of 2015, compared to 6.54 per cent in the same period last year, the National Bureau of Statistics said on Tuesday. Source Punch Read More

FG agencies inflated contracts by N659bn – BPP - the Bureau of Pubic Procurement on Tuesday said it had saved the country a total of N658.88bn from inflated contracts submitted by contractors of the Ministries, Departments and Agencies of the Federal Government. Source Punch Read More

FG to slash Federal lawmakers’ salaries - Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, Mr. Elias Mbam, disclosed yesterday that the Commission had started the process of trimming down the pay packages of the President, Senators, members of the House of Representatives, governors and all the elected public officials to reflect current economic realities. Source Vanguard Read More

EU, UK, others invest N900bn in Nigeria’s agriculture - Nigeria’s key development partners under the New Alliance Cooperative Agreement Framework/Grow Africa initiative are committed to a funding equivalent of N100bn ($500m) for the country’s agricultural sector for a three-year period, the Federal Government has said. Source Punch Read More

International, Local Investors To Invest $4bn In Agricultural Sector - The permanent secretary, Ministry of Agriculture and Rural Development, Sonny Echono, yesterday, said that international and local investors have stated their commitment to invest $4 billion into the agricultural sector. Source Leadership Read More

Fed Govt owes PFAs N35b pension contribution, says NLC - The Nigerian Labour Congress (NLC) yesterday accused the Federal Government of contravening the Pension Reforms Act by failing to remit its contributions and deductions from workers’ salaries to the various Pension Fund Administrators (PFAs). Source THE NATION Read More

A turning of the tide, its scale disputed - The boost to all Nigerian financial asset prices from the election outcome proved short-lived. Global headwinds and the impatience of some investors with the new president have brought about a market reversal. Source Proshare Read More

Help forthcoming for the states - The administration has taken initial steps to ease the pressure on state government finances, and enable them to tackle their arrears on salary and other payments. This follows the statement of the president’s special media advisor on three measures proposed to unblock funds for the states (Good Morning Nigeria, 08 July 2015). Source Proshare Read More

A’Ibom owes banks N64.5bn – Commissioner - The Commissioner of Finance, Mr. Akan Okon, who disclosed this in Uyo, on Tuesday, spoke on the desirability of converting the state’s debt to Federal Government bonds. Source Punch Read More

Nigerians abroad remitted $20b in 2014, says Osinbajo - Diaspora Nigerians remitted home about $20b last year, the Federal Government said yesterday. Source THE NATION Read More

‘Nigeria spends N16b yearly importing tomatoes’ - The Federal Government yesterday said Nigeria spends N16 billion yearly on importing tomatoes. Source THE NATION Read More

USAID, NIPC Mull $55m Project on Agro Business - The United States Agency for International Development Nigeria (USAID | NIGERIA) in collaboration with the Nigerian Investment Promotion Commission (NIPC) is currently implementing the Nigeria Expanded Trade and Transport (NEXTT) Project, which is expected to promote investments, trade, and the economic well - being of Nigerians. Source Thisday Read More

NEPC: EU Food Export Ban, Bad Omen for Nigeria - The recent  decision of the European Union (EU) to embargo selected food commodities and fish products from Nigeria has been described as a bad omen for the country. Source Thisday Read More

SON Introduces e-Certifcation Platform to Combat Substandard Goods - o combat the preponderance of fake and substandard goods in thee country, the Standards Organisation of Nigeria (SON) has unveiled an e-certification platform in order  to integrate the agency’s e-certificate into the Nigeria Integrated Customs Information System (NICIS). Source Thisday Read More


Power generation hits 4,748MW - Power generation for the first time in Nigeria has risen to an all-time high of 4,748.1 megawatts, sustaining the steady increase that has characterised the electricity generation in the past two months. Source Punch Read More

Court Restrains Eko DISCO From Operating Parallel Account - The Federal Court sitting in Lagos on Tuesday restrained the Eko Electricity Distribution Company (EKEDC) from operating a parallel account under the Credit Advance Payment Meters Implementation (CAPMI) agreement with Moman System Nigeria Limited. Source Daily Independent Read More

NERC denies abolishing meter fixed charge - The  Nigeria Electricity Regulatory Commission (NERC), has denied abolishing fixed charge on electricity consumers’ meters in the country.Its Chairman, Dr. Sam Amadi said the fixed charge cannot be removed with executive fiat. Source THE NATION Read More

CBN grants national banking licence to Fortis MFB - The Central Bank of Nigeria has granted a national banking licence to Fortis Microfinance Bank Plc. Source Punch Read More

Guidelines on Operation of Group Structure by Merchant Banks in Nigeria - The Central Bank of Nigeria (CBN) has amended the CBN Regulation 3 on the Scope of Banking Activities and Ancillary Matters No. 3 of 2010, so that merchant banks can set up subsidiaries for the purpose of carrying on capital market and asset management activities. Source Proshare Read More

PenCom Approves Payment of N77 .1 Billion to Deceased Employees' Relatives - The National Pension Commission (PenCom) has since the inception of the ongoing Contributing Pension Scheme (CPS), approved the payment of N77.18 billion to closest living blood relatives of 27,321 deceased employees. Source Thisday Read More

Credit To Private Sector Rises To N18.7tr – CBN - Credit to private sector increased from its level in December 2014 by N464.01bilion or 2.56 percent to N18,711.7 billion at the end of March 2015, the Central Bank of Nigeria (CBN) said in its Statistical Bulletin for the first quarter of 2015. Source Daily Independent Read More

CBN Orders Banks To Resolve Customers’ Complaints Within Six Years - The Central Bank of Nigeria (CBN) has directed Deposit Money Banks, discount houses and other financial institutions to ensure that customers’ complaints are resolved within a period of six years, effective from the date of transaction. Source Daily Independent Read More

NSE-ASI hits below 29,000bpts as wild sell-offs continue - The equities market closed today on a negative note, as NSE ASI depreciated by 1.39% to close at 28,807.13basis points, compared with the 2.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.88% Source Proshare Read More

NSE Launches Premium Board; Introduces Premium Board Index - In keeping with its commitment to promoting Africa’s biggest companies, as well as influencing the economic growth and development of Nigeria, The Nigerian Stock Exchange (“The Exchange) has launched a new listing platform - the Premium Board and the associated Premium Board Index on Tuesday, August 25, 2015. Source Proshare Read More


Banks in dilemma over idle $5bn deposits - Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults. Source vanguard Read More

Agro-processing accounts for 80% of BoI’s N903.4m facility for SMEs in Gombe - THE Bank of Industry (BoI) has put the loan approval for the development of Micro, Small and Medium Enterprises (MSMEs) in Gombe State at N903.4 million, out of which 80 per cent will be specifically dedicated to agro-processing. Source Guardian Read More

Nigeria Rated High in Financial Inclusion Strategy - The Brookings’ 2015 Financial and Digital Inclusion Project (FDIP) report, which evaluates access to and usage of affordable financial services across 21 countries, has rated efforts by Nigeria to drive financial inclusion high. Source Thisday Read More

MANSARD: Avoid buying in the bearish momentum - A closer look on the daily chart of MANSARD reveals that stock is falling down with the formation of rounding bottom pattern and making successive lower lows and lower highs. From starting onwards, bears are dominating the bulls at every nooks and crannies and breaking every important level. Source Proshare Read More

FIDELITY Bank halts falling pattern after -41.67% loss - FIDELITY Bank Plc recorded a fresh moderate bargain tendency to halt the prolonged and sustained downtrend in the recent 3months. The stock closed positive amid bearish session with an impressive gain of +5.0% to retrace from 27weeks low of N1.20kobo recorded yesterday. Source Proshare Read More

GUARANTY H1'15 Conference Call & Earnings Presentation: The key takeaways - In the face of sustained macro-economic challenges, with corresponding strict industry regulations, which have capacity to adversely impact both liquidity position and lending capacity of the industry, Guaranty Trust Bank delivered improved top-line and bottom-line performance, driven by impressive interest income posture during the period and active contribution from subsidiaries. Source Proshare Read More

Multiverse Plc to hold 11th & 12th AGMs on 22nd Sep, 2015 - Notice is hereby given that the 11th and 12th Annual General Meeting of Multiverse Plc will take place at the VIRGINROSE RESORT Plot 1231a Bishop Oluwole Street VI, Lagos Nigeria on Tuesday 22nd Sept, 2015 at 11am Source Proshare Read More

FLOURMILL Q1 Financial Performance Less Than Expected In Spite of Tight Control Over Group Overheads - FMN Group continues to reward the trust and support of shareholders and other stakeholders with strong performance despite the daunting challenges posed by strong macro-economic headwinds which include: Source Proshare Read More

NCC to Adopt ITU Parameters to Address Dwindling Telecoms Service  - The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, Tuesday said the commission would address the dwindling quality of service in the telecommunications sector using the internationally acceptable standards as set by the International Telecommunications Union (ITU) parameters used in regulating telecommunications service delivering. Source Thisday Read More

The United Nations hails Dangote's philanthropic works - Impressed with the philanthropic activities of the Dangote Foundation to improve human condition in Africa and the rest of the world, the United Nations Secretary General, Mr Ban Ki Moon yesterday in Abuja commended the Chairman of the Foundation, Aliko Dangote and urged him not to relent because posterity will be kind to him. Source Proshare Read More

Gov. El-Rufai meets 25 Tony Elumelu Entrepreneurs, Inspire Entrepreneurship Drive in Kaduna State - The Tony Elumelu Foundation and 25 Kaduna based entrepreneurs from the Tony Elumelu Entrepreneurship Programme (TEEP) were hosted by His Excellency, Governor Nasir El-Rufai of Kaduna State at the weekend to an informative session at the Government House, Kaduna. Source Proshare Read More

Past govts promoted corruption in oil sector –Buhari - President Muhammadu Buhari on Tuesday said he was disappointed at the way Nigeria’s oil industry had been operated since he left office as a former petroleum minister and as a military Head of State in 1985. Source Punch Read More

N4bn loan: Rivers panel summons ex-chairmen - THE judicial commission of inquiry investigating the administration of former governor Rotimi Amaechi over the sale of assets and other matters has summoned ex-council chairmen and a former Commissioner for Agriculture, Mr. Emmanuel Chinda, to appear before it on Friday, August 28, 2015. Source Punch Read More

Lamorde to appear before Senate today - The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Samuel Anyanwu, said on Tuesday that the upper chamber would go ahead with the planned probe of the Chairman of the Economic and Financial Crimes Commission, Ibrahim Lamorde, scheduled for today (Wednesday). Source Punch Read More

Election Tribunal Dismisses Case against Kwankwaso - The state and National Assembly Election Petitions Tribunal sitting in Kano has dismissed the petition filed  by Alhaji Bashir Garba Lado, challenging the victory of the immediate past governor of the state, Dr. Rabiu Musa Kwankwaso, in the race for Kano Central senatorial district. Source Thisday Read More

Rivers Election: Wike Asks Tribunal to Strike out Peterside’s Reply - Rivers State Governor, Nyesom Wike, has asked the state Election Petitions Tribunal sitting in Abuja to strike out  response of the petitioner and governorship candidate of the All Progressives Congress (APC) in the April 11 polls, Hon. Dakuku Peterside, to his reply to the petition filed on June 18. Source Thisday Read More

Nigeria cancels crude-products swap deals between NNPC, traders - Nigerian President Muhammadu Buhari has approved the cancellation of offshore processing and crude swap deals for refined oil products between state-oil firm NNPC and oil traders, the presidency said on Tuesday. Source Reuters Read More

Nigeria to start oil reforms before new industry law -  Nigeria will start reforming its oil industry using existing laws before it can pass a long-awaited Petroleum Industry Bill (PIB), which will take a while to fine-tine, the new head of the state-oil company NNPC said on Tuesday. Source Reuters Read More

Nigeria’s light sweet crude sells below $39 per barrel - NIGERIA’S light, sweet crude futures for delivery in October dropped below $39 a barrel on the New York Mercantile Exchange on Monday, representing a 5.66 per cent decrease. Source Guardian Read More

Nigeria records N858b loss to vandalism, oil theft - AT an average price of $97.59 per barrel, Nigeria lost $3.9 billion (N858 billion) between January 2013 to April 2015 to the activities of pipeline vandals and crude oil theft, the Nigerian National Petroleum Corporation (NNPC), has said. Source Guardian Read More

NNPC To Rework PIB In One Year – Kachikwu - Group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu, has said the corporation will require no less than one year to fine-tune and re-present the Petroleum Industry Bill (PIB). Source Leadership Read More

Oil Fluctuates Below $40 as U.S. Supplies Seen Worsening Glut - Oil swung between gains and losses, staying below $40 a barrel amid speculation U.S. crude stockpiles expanded for a second week. Source Bloomberg Read More

Asian shares wobble as China rate cut fails to calm nerves - Asian shares struggled on Wednesday as investors feared fresh rate cuts in China would not be enough to stabilize its slowing economy or halt a stock collapse that is wreaking havoc in global markets Source Reuters Read More

European shares end up 4 pct after China cuts rates -  European shares rose more than 4 percent on Tuesday, their best one-day gain since late 2011, as a rate cut in China fuelled a recovery from a bruising 48-hour sell-off. Source Reuters Read More


The man who predicted the market rout believes today is a make-or-break day for Chinese stocks - Tom DeMark, the influential market investor who correctly predicted the current rout in China’s stock market, believes today is a make-or-break session for the Shanghai Composite. Source BUSINESS INSIDER Read More

Kenya share index at 2-1/2 year lows, hit by global turmoil - Kenya's benchmark NSE 20 index fell to its lowest level in 2-1/2 years on Tuesday, as foreign investors sold shares in the wake of turmoil in other emerging markets. The shilling was steady. Source Reuters Read More



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