Nigeria in 1min: Economic, Business & Financial Headlines – 280116



January 28, 2016 7:00 AM / Proshare News

Nigeria to revive the education sector through programmes in budget 2016 - Formal education remains a potent tool for national development. In Nigeria, the sector faces many challenges. Although one of these is the shortage of academic staff across all levels of education, the quality of education is the most critical due to insufficient investment. Source Proshare Read More

Nigeria government revenues rise 5.6 pct in December: finance ministry - Nigeria's government revenues rose by 5.6 percent in December to 315.019 billion naira, from 297.450 billion naira the previous month despite a drop in oil prices and production hiccups, the finance ministry said on Tuesday. Source Reuters Read More

Trafigura must pay tax to FG, say Reps - The House of Representatives on Wednesday directed the Federal Inland Revenue Service to compute the volume of crude oil trading by marketers operating in Nigeria for appropriate tax assessment. Source Punch Read More


Value of Nigeria’s external trade falls to N4.1tr in Q3 - The total value of Nigeria’s merchandise trade at the end of third quarter of 2015 was ₦N4.1 trillion, representing a N7.8 per drop from the ₦N4.4 trillion recorded in the preceding quarter. Source Guardian Read More

Shettima signs N159b budget into law - Borno State Governor Kashim Shettima yesterday signed into law the N159.36 billion appropriation bill with an increase of over two per cent (N4.1 billion) by the State House of Assembly for implementation this year. Source Daily Trust Read More

Senate fixes Feb 25 for 2016 budget passage - The Senate has fixed February 25th for the passage of the 2016 budget as the fiscal document scaled through second reading on Wednesday. Source Daily Trust Read More

Corruption: Nigeria ranked 136th among 168 nations - Transparency International has ranked Nigeria 136th among 168 least corrupt countries in the world, with a score of 26 per cent. Source Punch Read More

Tax evasion: FIRS to probe firms operating with NNPC - All companies operating operating with the Nigerian National Petroleum Corporation  (NNPC) are to be subjected to tax examination by the Federal Inland Revenue Service  (FIRS), it emerged yesterday. Source THE NATION Read More

Motorists to pay fuel levy, road licence fees as revenues fall - In a proposed piece of legislation before the Senate, the Federal Government is seeking to make citizens begin to pay some road user-related charges like fuel levies and road licence fees, in a desperate move to shore up already low revenues Source BUSINESSDAY Read More

Shrinking aviation sector swells rank of idle pilots - A lack of growth in the aviation sector is swelling the rank of unemployed Nigerian pilots. Source BUSINESSDAY Read More

Benin DisCo votes N2.7b for meter acquisition - The Benin Electricity Distribution Company (BEDC) has set aside N2.7 billion to acquire smart meters for the over 741,000 customers in its network, The Nation has learnt. Source THE NATION Read More

‘Solar can provide electricity to 90m Nigerians’ - The Council for Renewable Energy of Nigeria (CREN) has said solar energy can provide electricity for about 90 million Nigerians. This will speed up business investments in the country and create opportunities for employment, it added. Source THE NATION Read More


FG expanding capacity for power delivery, Fashola says - The Minister of Power, Works and Housing, Mr Babatunde Fashola, has said the federal government is determined to increase the capacity of transmission stations to achieve optimal power delivery in the country. Source Daily Trust Read More


FG to ban import of non-solar power chargers - The federal government has said it will ban the importation of all terminal equipment and devices with non-solar power-charging features from July 2017. Source Daily Trust Read More


NNPC/Chevron gas project to improve power - TO improve power supply and support government’s effort to reduce gas flaring, the Nigeria National Petroleum Corporation, and Chevron Nigeria Limited, NNPC/CNL Joint Venture, have announced the completion and load-out of the topside module of the SONAM N on-Associated Gas, NAG, Wellhead Platform project. Source Vanguard Read More


Egypt government to engage DFIs and investors to outline 30GW of energy projects this February - Egypt’s government, regulators and public sector stakeholders will discuss the role of DFIs and the private sector to fund and build 30GW of electricity generation, transmission and distribution projects that are about to go to tender, and projects which will require additional investments and partnerships to be completed. Source Proshare Read More


N35m caution deposit: CBN clears 128 BDCs - More Bureaux De Change (BDCs) yesterday scaled the Central Bank of Nigeria’s (CBN’s) N35 million mandatory capital base. Source THE NATION Read More

Nasdaq to Provide SMARTS Market Surveillance to the NSE - ​Nasdaq and The Nigerian Stock Exchange have announced that NSE, which services the largest economy in Africa, will acquire Nasdaq’s SMARTS Market Surveillance platform to power their compliance program. Source Proshare Read More


Bears regain full control as stocks take a sharp dive - The equities market closed today on a negative note, as NSE ASI depreciated by 2.09% to close at 23,333.34basis points, compared with the 0.55% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -18.54% Source Proshare Read More


AVONCROWN declares N22.16 million loss in Q3'15 result,(SP:N1.45k) - Source Proshare Read More

REDSTAREX Records 18.7% PAT Decline in Q3'16 Result,(SP:N3.80k) - Source Proshare Read More

JOHNHOLT Declares N127 million Loss in Q1 2016 Result,(SP:N0.92k)- Source Proshare Read More


N1.04 trn Fine: NCC Ready For Talks With MTN – Danbatta - The executive vice chairman, Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, has confirmed that the commission would soon begin discussions with MTN for an out-of-court settlement over the N1.04 trillion fine imposed on the company for not deactivating 5.1 million unregistered subscribers. Source Leadership Read More

NCC prepares licences for five broadband firms - The Nigeria Communications Commission (NCC) yesterday in Lagos, said its preparations for the licensing of five new broadband infrastructure companies (Infracos) has reached an advanced stage, adding that before the end of the first quarter of this year, the licencees will emerge. Source THE NATION Read More


FBN Holdings Announces Board Changes in the Group - We are pleased to inform you of changes to our Board and the Board of our subsidiary, First Bank of Nigeria Limited. Source Proshare Read More


Setting the Records Straight on Online Publishers Association in Nigeria - In issuing the broadside on the reportage of a ‘meeting’ between the Honourable Minister of Information, Alhaji Lai Muhammed ​and ‘Online Publishers in Nigeria’; we appropriately responded to a “brand and trademark” issue; one that bothered on the use of the name “online publishers association” we have consistently defended. Source Proshare Read More


FirstBank Promotes Financial Literacy Programme for Secondary Schools - First Bank of Nigeria Limited, Nigeria’s Most Valuable Bank Brand has reiterated its commitment to drive financial literacy among the youth and unbanked segment of the economy. Source Proshare Read More

Budget Remarks of Senate President on 270116 - Let me congratulate congratulate you all for the painstaking insightful and detailed deliberation we have had so far. The debate has been very critical and engaging. Source Proshare Read More

Supreme Court upholds Wike’s election - IN a unanimous decision, the justices of the Supreme Court yesterday upheld the election of Governor Nyesom Wike of the Peoples Democratic Party (PDP) in the April 11 Rivers State polls. Source Guardian Read More

Yahaya Bello sworn in as Kogi governor without deputy - FOR 40-year-old Yahaya Adoza Bello, the road to the Kogi State Government House was paved with lucky breaks. His fortuitous journey began with the death of Abubakar Audu who had already won a substantial part of the governorship election . Source Guardian Read More


60 Reasons Why Oil Investors Should Hang On -  Inventories will continue to rise, but the momentum is slowing. The following are some observations as to how we got here and how we're gonna get out. Source Proshare Read More


Asia stocks find support, oil still unstable - Asian shares pushed back into the black on Thursday as investors dipped their toes back into equities and demand for safehaven assets such as the yen and sovereign bonds faded. Source Reuters Read More

European shares recover after late rally in oil - European shares recovered to finish slightly higher on Wednesday as a late surge in oil prices helped offset pressure on the broader market from a spate of weak earnings updates. Source Reuters Read More


U.S. Stocks Fall After Fed Stands Pat as Apple, Boeing Lead Drop - U.S. stocks sank following no discernible shift in stance from the Federal Reserve amid recent market turmoil, as Apple Inc. and Boeing Co. led a slide after their outlooks disappointed investors. Source Bloomberg Read More

Google Agrees to Pay $185 Million in U.K. Tax Settlement - Google parent Alphabet Inc. has agreed to pay 130 million pounds ($185 million) in a tax settlement with U.K. authorities, setting off a backlash as opposition politicians questioned the government’s handling of the case. Source Bloomberg Read More


Ghana producer inflation jumps to 10.5 pct in December -  Ghana's producer price inflation rose sharply to 10.5 percent in December from 3 percent the month before, the statistics office said on Wednesday. Source Reuters Read More


Kenya's NSE signs up six banks to clear derivatives - Kenya's Nairobi Securities Exchange has signed up six lenders as clearing banks for its yet-to-be launched derivatives market, it said on Wednesday. Source Reuters Read More


Burundi's inflation rises to 7.1 pct in December - Burundi’s year-on-year inflation accelerated to 7.1 percent in December from 5.8 percent in November following rising costs of some food on markets, official data showed on Wednesday. Source Reuters Read More


#AskProshareDay3: Dr. Oluba calls for Diversification into export advantage sectors - As Nigeria continues to grapple with its challenging economic indicators, amidst global market volatility, Dr. Martin Oluba a renowned economist, has called for a ruthless diversification from oil, into export advantage sectors. Source WebTV Read More

#AskProshareDay2: Dr. Ayo Teriba advocates liberalization of key Infrastructure sectors - Cerebral Nigerian economist Dr Ayo Teriba advocated for the liberalization of key infrastructure sectors by the Federal Government in order to open the sectors up for private sector participation. He made this assertion as the second economist at the #AskProshare tweetmeet on the Nigerian economy in 2016, which had wide engagement on the twitter space. Source WebTV Read More

#AskProshareDay1: Marcel Okeke addresses key economic issues - The 2 weeks #AskProshare tweet meet on the critical issues around the Nigerian economy, powered by Nigeria’s leading financial information hub “Proshare” commenced today with Mr Marcel Okeke, Assistant General Manager, Research & Economic Intelligence, Zenith Bank Plc. Source WebTV Read More



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