Nigeria in 1min: Economic, Business & Financial Headlines – 290216


February 29, 2016 7:30 AM / Proshare News

The Economist's evidence on devaluations - While the debate on devaluation has been ongoing in Nigeria, and some writers like to cite The Economist of London to justify their arguments about the efficacy of devaluation, they need to cast their net wide when reading about this subject matter in The Economist. Source Proshare Read More

#AskProshare: Analysts Express Diverse Views on the 2016 Economy and Market - For exactly one month between January 25 and February 19, 2016 Proshare, Nigeria’s leading business, news, analysis and financial information hub as part of its mandate of enlightening, empowering and educating the citizenry, rolled its high-impact social media interactive forum tagged #AskProshare. Source Proshare Read More

Terminal operators owe FG N86.2bn Ports charges, fees - Terminal operators in Nigeria are currently indebted to the Federal Government to the tune of $433.4 million, about N86.2 billion, for lease and container throughput fees as at December 2015, Financial Vanguard investigation has revealed. Source vanguard Read More

Customs Agents Get Two Weeks’ Ultimatum to Register with CRFFN - Due to the controversies rocking the Maritime sector over who will register freight forwarders between Nigeria Customs Service (NCS) and the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), the Minister of Transportation, Mr. Rotimi Amaechi has directed that all practitioners should go back and register with CRFFN within two weeks or lose their licences. Source vanguard Read More

2016 Budget: Reps Appropriation C’ttee To Interface With Budget Office - The House of Representatives Committee on Appropriation has scheduled a meeting with the Ministry of Finance and the Budget Office of the Federation over issues related to the 2016 Budget. Source Leadership Read More

Govt extends port concession agreements - The Federal Government has extended its agreements with some of the terminal operators due to their satisfactory performance and their improved level of investments, The Nation has learnt. Source THE NATION Read More

‘Nigeria loses $3b yearly to medical tourism’ - Despite Nigeria’s Foreign Exchange (forex) troubles, the country still spends over $3 billion yearly on medical tourism. There is need for a health care revolution in Nigeria to stop the huge sums spent yearly on going to India and other places abroad for simple medical treatments that can be dealt with here, Eko Electricity Distribution Company (EKEDC) Director, Mr. George Etomi, has said. Source THE NATION Read More

Recession biting hard on insurance business, says NCRIB - The economic challenges  facing the country are biting hard on insurance business, President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren,  has said. Source THE NATION Read More

MfBs battle biting credit crunch - The biting economic crunch, no doubt is also having a rippled effect on the activities of the microfinance institutions what with the low uptake and lull in business activities within the sector. Source THE NATION Read More

Procurement Act Violation: Reps Summon FIRS, PenCom, Customs, Others - Worried by the gross violation of Public Procurement Act by the various Ministries, Departments and Agencies of the government (MDAs) which had cost the nation trillions of naira over the years, the House of Representatives Standing Committee on Public Procurement has summoned some of the retired and serving heads of the affected MDAs over the  development. Source Leadership Read More

BVN: FG eliminates 23,846 ghost workers, saves N2.3bn monthly -he Federal Government has eliminated 23, 846 ghost workers from its pay roll, thus saving about N2.293 billion monthly in what should have been paid out to non-existent workers or those who draw multiple salaries from government coffers. Source vanguard Read More

Nigeria, Qatar sign agreements on avoidance of double taxation - Nigeria and the State of Qatar on Sunday signed the double taxation agreement to avoid double taxation and tax evasion. Source BUSINESSDAY Read More

Lagos outlines plans for economic growth - The Lagos State Government says it will use its over 23 million population as a demographic dividend to enhance economic growth. Source Punch Read More

EFIS Efficiency Award will spur competition in epayment – CBN - Central Bank of Nigeria (CBN) said that the Electronic Payment  Financial Incentives Scheme (EFIS)   Efficiency Award is aimed to enhance competition among operators in the electronic payment industry. Source vanguard Read More

Sentiment Analysis Report - W/E February 26, 2016 - Analysis of the market activity in the week ended February 26, 2016 technically revealed a sustained pessimistic outlook amid low price volatility, driven by speculative tendency as investors maintained a cuatious approach in the week. Source Proshare Read More

OANDO Energy Resources shareholders approve arrange with Oando Plc - Oando Energy Resources Inc. announced that at a special meeting of its shareholders held today, its shareholders overwhelmingly approved the previously announced plan of arrangement (the "Plan of Arrangement") with Oando PLC and Oando E&P Holdings Limited (the "Purchaser"), which will culminate in the Purchaser acquiring all of the issued and outstanding common shares of OER (the "Common Shares"). Source Proshare Read More

First Bank stakes N25b on sustainability - With a renewed commitment towards corporate social responsibility initiatives, First Bank of Nigeria Limited has stated that it expended N25 billion on sustainability programmes within the last 30 years. Source Guardian Read More

Zenith Bank Takes Lead in Forex Allocation from CBN - Bank returns on the utilisation of foreign exchange bought by commercial banks from the Central Bank of Nigeria (CBN) last week have shown that Zenith Bank Plc with $23,006,130.65 reported the highest amount of forex purchased for its customers. Source Thisday Read More

Money market remains flat as N330b treasury bill maturity rolls back - The money market activities will this week remain flat, as the N329.9 billion expected treasury bills’ maturity would be recycled simultaneously, with no other foreseeable Naira inflow. Source Guardian Read More

Naira fall: Used vehicle prices soar, sales drop - The continued depreciation of the naira against the world’s major currencies is hitting hard on the Nigerian economy, with the importation and patronage of used vehicles, popularly called Tokunbo, at an all-time low Source Punch Read More

Value of Mobile Money Transactions Rises to N40bn Monthly - With the growing adoption of the cashless policy and increased patronage of mobile money, the Central bank of Nigeria (CBN) has put the value of transactions recorded through mobile money platform at N40 billion monthly. Source Thisday Read More

N330bn in Treasury Bills to Mature This Week - Treasury bills valued at N329.9 billion are expected to mature this Wednesday. This however is expected to be offset by an auction of same amount. Source Thisday Read More

Pangs of low crude prices hit oil firms - Nigerian companies operating in the upstream oil and gas industry have cried out on the severe impact of the sliding crude oil prices on their operation. Source Guardian Read More

FG summons 23 Modular refineries licensees for status report - The Federal Government has summoned 23 companies licensed to establish (LTE) Modular Refineries, to  report on progress made so far, BusinessDay investigation has revealed. Source BUSINESSDAY Read More

Fuel queues return to major cities - WITH long queues of vehicles at filling stations, Nigerians are again contending with the scarcity of Premium Motor Spirit (PMS), otherwise known as petrol. Source Guardian Read More

Oil prices "totally unacceptable", Nigerian president tells Qatar's ruler -  The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen to "totally unacceptable" levels, Nigerian President Muhammadu Buhari said on Sunday. Source Reuters Read More

Nigeria looks to add another 2,555MW of power in 2016 - Nigeria is working to bring another 2,550 megawatts of power to the national grid in the course of this year, BusinessDay has learnt. Source BUSINESSDAY Read More

Power Supply Drops to 2,665MW Due to Explosions, Gas Constraint - Inadequate supply of gas to the power station and explosions at transmission lines in the Lagos area and Jebba have resulted in a drop in electricity generation to 2,665MW, THISDAY has learnt. Source Thisday Read More

Shell, Bayelsa Seal Deal on Gas Supply for Power Generation - As oil prices in the global market continue to decline, the Bayelsa State Governor, Henry Seriake Dickson has taken proactive steps to insulate and ring-fence the gas-rich economy through partnerships in gas-based infrastructure. Source Thisday Read More


British Airways Promises Nigerian Travelers A lot More...... - Over the years British Airways has enjoyed loyalty and commendable patronage from Nigerians as their largest African market. As they mark 80 years of flying the Nigerian airspace, British Airways promises to engage in activities that foster its long standing relationship with Nigeria by leading in innovation and safety, in addition to providing world class services, building successful partnerships and supporting the local communities. Source Reuters Read More

Egyptian pound steady at forex sale, stronger on black market -  The Egyptian pound held steady against the dollar at an official foreign currency auction on Sunday but was stronger on the black market, with traders limiting transactions to regular clients after the central bank began a crackdown on unofficial trading. Source Reuters Read More

New Development Bank hopes to approve first batch of loans next quarter - The New Development Bank hopes to approve its first batch of loans next quarter, bank president K.V. Kamath said on Saturday. Source Reuters Read More

BoI unveils initiative to reduce unemployment - The Bank of Industry has partnered the National Board for Technical Education to reduce the level of unemployment among artisans in the country. Source Punch Read More

FIIRO takes lead in tomato processing for SME industrial adoption - The Federal Institute of Industrial Research, Oshodi (FIIRO) is taking the lead in the effort to reduce post harvest losses and wastage in Nigeria, particularly for the tomato crop which suffers a 40 percent loss, valued at N72 billion annually, between farm and market. Source BUSINESSDAY Read More

Porting violation: Glo, MTN to pay N34m - The Nigerian Communications Commission has fined MTN Nigeria and Globacom Limited a total of N34m for breach of the rules and regulations guiding the Mobile Number Portability scheme. Source Punch Read More

NCC resumes 2.6 GHz frequency spectrum auction -THE Nigerian Communications Commission (NCC), on behalf of the Federal Government of Nigeria, has announced the resumption of the 2.6GHz spectrum auction. Source Guardian Read More


Saraki, Dogara Reject N10bn Budget for Official Residences - Senate President Bukola Saraki and Speaker of the House of Representatives, Hon. Yakubu Dogara, have rejected the N10 billion estimate for their official residences in the 2016 budget proposal of the Federal Capital Territory Administration (FCTA) Source Thisday Read More

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