Nigeria in 1min: Economic, Business & Financial Headlines – 300316


March 30, 2016 6:10 PM / Proshare News 

Another low payout from February 2016 Revenues by FAAC - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government in March (from February revenues) declined to N345bn (US$1.73bn) from N370bn the previous month.Source Proshare Read More 

Nigeria's Buhari will not sign budget unless parliament provides details-official - Nigeria's President Muhammadu Buhari will not sign the 2016 budget bill passed by parliament last week unless lawmakers provide more details of the legislation, a government official said on Tuesday. Source Reuters Read More 

FG, states, LGs owe power firms N60bn - The Ministries, Departments and Agencies of the three tiers of government collectively owe the electricity distribution companies about N60bn. Source Punch Read More 

Nigeria, Second Biggest Market of China’s Exports To Africa - The Chinese Ambassador to Nigeria, Gu Xiaojie, has said that Nigeria is the second biggest market of China’s export to Africa. Source Leadership Read More 

NEXIM Bank, Shippers Council to establish shipping line - Nigerian Shippers Council (NSC) and the Nigerian Export-Import Bank (NEXIM) are planning to establish a shipping line for trading within the West and Central Africa sub-region. Source Daily Trust Read More 

Nigeria’s Business Confidence Index Down to 12-month Low - Nigeria’s inflationary pressures intensified in the month of March, pushing all five parameters of the Sales Managers Index to a 12-month low. Source Thisday Read More 

Stamp Duty: FG disowns NIPOST c’ttee - The Federal Government has disowned the Nigerian Postal Service (NIPOST) committee charged with the responsibility of appointing agents to collect stamp duty on its behalf. Source Daily Trust Read More 

Absence of formal structure stalls funding of N400bn mining industry - Shortage of data and poor structuring of Nigeria’s informal sector is causing banks and other financial institutions to be reluctant to fund the  over N400 billion mining industry, BusinessDay findings show. Source BUSINESSDAY Read More 

Nigeria among laggards in World Bank’s ease of registering property ranking - Registering landed properties in Nigeria has continued to pose a major challenge to buyers, which explains why the country touted as the largest economy in Africa has been ranked 185th out of 189 economies in ease of registering property, by the World Bank Group. Source BUSINESSDAY Read More 

Ship loss down by 45% in 10yrs as long-term decline in loss continues - Loss of ships at sea has continued to be on the downward trend as global losses stood at a total of 85 ships, counting from 2006 to year 2015 , says Allianz Global Corporate & Specialty SE’s (AGCS) fourth annual Safety and Shipping Review 2016 Source BUSINESSDAY Read More 

‘Fed Govt plans self-sufficiency in rice production for 2018’ - the Federal Government plans self-sufficiency in rice production for 2018, Minister for Agriculture Audu Ogbeh said yesterday. Source THE NATION Read More 

Nigeria's Promise Turns to Peril as Investors Head for the Exits - Companies drawn to Nigeria by the prospect of a population bigger than Germany and Turkey’s combined are retreating; those staying have publicly criticized the president, a military strongman in the 1980s who came back to power via an election last year; and foreign investors are pulling their money out. Source Bloomberg Read More 


We’ve been selling forex to airlines – CBN - The Central Bank of Nigeria has described claims by some airlines that they are unable to access foreign exchange to repatriate the proceeds of their operations as untrue. Source Punch Read More

Yellen: The Outlook, Uncertainty, and Monetary Policy - Federal Reserve chair Janet Yellen is speaking at the Economic Club of New York. Here Is a transcript of her speech, made available ahead of her remarks wherein she stated that raising rates with caution is "especially warranted". Source Proshare Read More 

Stocks resume fluctuation after Easter break, start weak bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 1.73% to close at 25,545.10basis points, compared with the 0.63% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.81% Source Proshare Read More 

Stocks Outside Japan Jump on Dovish Yellen as Oil, Bonds Climb - Asian stocks outside Japan surged and bonds climbed after Federal Reserve Chair Janet Yellen reasserted the central bank’s gradual approach to raising interest rates. Oil rallied as the dollar headed for its worst month in almost five years. Source Bloomberg Read More

SKYEBANK Issues Earnings Guidance for Financial Year Ended 31st December 2015 - The Management of Skye bank Plc. wishes to intimate its shareholders and investor community of anticipated material decline in its profits for the full year ended December 31, 2015 compared with that of 2014. Source Proshare Read More 

Seplat Plc FY 2015 - first tax charge in 3 years drives Q4 15 loss - Seplat Plc (Seplat) released FY 15 audited results. Revenues dropped 36% YoY to $570.5 million as weaker oil receipts (-34% YoY) on lower oil prices masked the surge in gas sales (+200% YoY). PBT fell to $87.1 million (-68.9% YoY), while the first tax charge in three years worsened PAT to $65.6 million (-74% YoY). Source Proshare Read More

STANBIC Seeks NSE Approval to File 2015 Financials outside Specified Time Period - We would like to advise The Nigerian Stock Exchange (“The Exchange”) as well as our esteemed shareholders and stakeholders that from available indications we are unlikely to complete our 2015 audit and issue our annual report before 31 March 2016 as required by The NSE Rules (the Rules). Source Proshare
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SEPLAT Releases Notification of Transactions by Directors Discharging Managerial Responsibility - The following share awards have been provisionally granted to Executive Directors of the Company on 24 th March 2016 . Source Proshare
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CCNN Declares N1.2 billion PAT; Proposes 10k Dividend in 2015 Audited Results,(SP: N8.60k) - Source Proshare Read More

MOBIL Declares N4.87 bn Profit; Proposes 720k Dividend in 2015 Audited Result,(SP:N156.00k) - Source Proshare Read More 

JBERGER Declares N2.44 billion PAT; Proposes N1.50k Dividend per share in 2015 Audited Result,(SP:N4 – Source Proshare Read More 

Electricity generation inches up to 2,905 Mega Watts
- The nation’s power situation, yesterday, received a slight uplift as power generation inched up to 2,905 Mega Watts (MW), from about 2,600MW recorded on Monday. Source Guardian Read More

Operators seek govt’s guarantee for $40b facility to stabilise electricity - Players in Nigeria’s power sector yesterday said $40 billion (about N9 trillion) was required to guarantee a 20,000 mega watt (MW) electricity supply in parts of the country. Source Guardian Read More 

Fuel scarcity ends in 2 weeks, Kachikwu recants - MINISTER of State for Petroleum, Ibe Kachikwu, yesterday, said the ongoing fuel scarcity in the country would permanently come to an end by the second week of April. Source Vanguard Read More 

Fuel Scarcity Worsens As Loading Shrinks To 20 Trucks A Day – IPMAN - The fuel situation in Lagos metropolis which has over the past one month bred columns of black market operators along all nooks and crannies of the state may not abate despite new assurances by the Nigerian National Petroleum Corporation (NNPC) that normalcy would return in the next few days. Source Leadership Read More 

Oil falls below $40 - Global oil benchmark, Brent crude, fell on Tuesday, reflecting growing concerns that a two-month rally might be fading, as supply looked set to keep rising and there appeared to be little immediate prospect of demand keeping pace. Source Punch Read More 

Nigerian firm acquires Mart Resources of U.K. in $89.2m deal - Nigerian-based Midwestern Oil and Gas Company has sealed an agreement to acquire Mart Resources Incorporation of the United Kingdom (U.K.) in what analysts described as a veritable bailout option for the financially distressed British firm. Source Guardian Read More

U.S. Lifted The Crude Oil Export Ban, And Exports Went…Down - Just over three months after the authorities lifted the four-decade ban on crude oil exports, the U.S. has actually exported less this year than it did over the same period the year before, when the ban was still in place. Source Proshare Read More 

U.S. to press Nigeria on FX exchange rate flexibility - The United States said on Monday it would press Nigeria in talks this week to adopt a more flexible foreign exchange rate to boost growth and investment in Africa’s largest economy. Source BUSINESSDAY Read More 

Only private sector involvement can stop fuel scarcity – LCCI - The Lagos Chamber of Commerce and Industry (LCCI) has accused the government of being responsible for the perennial fuel scarcity which is gradually bringing   the economy to its knees. Source BUSINESSDAY Read More 

‘Dangote refinery will end fuel crises’ - The Dangote Group, which is currently building what it calls the world’s largest refinery, has given an assurance that when the plant comes on stream, it will put an end to the recurring fuel crises in the country. Source Punch Read More 


Banks frustrating $6.5bn empowerment fund disbursement —IES - Institute of Empowerment and Strategy, IES, has accused banks in the country of frustrating the disbursement of the $6.5 billion empowerment fund to beneficiaries who have met the requirements to be empowered to start small scale businesses. Source Vanguard Read More 

African Development Bank agrees to lend Zambia $125 million - The African Development Bank has agreed to lend Zambia $125 million on concessional terms for the improvement of sanitation, food security and support to women entrepreneurs, the government said on Tuesday. Source Reuters Read More 

National Bank of Kenya Sends CEO on Forced Leave to Allow Audit - National Bank of Kenya Ltd. placed Managing Director Munir Ahmed on compulsory leave pending an internal audit, a day after dismissing… Source Bloomberg Read More

Ghana central bank governor says he will retire end-March - Bank of Ghana Governor Henry Kofi Wampah will retire at the end of March, he told Reuters on Tuesday, cutting short a four-year term during… Source CNBC Read More

MTN South Sudan lays off staff as economic crisis bites - MTN South Sudan, one of the country's biggest telecoms operators, is cutting dozens of jobs and cancelling expansion projects such as the construction of new cellular sites due to an economic crisis, it said on Tuesday. Source Reuters Read More


Interswitch, VANSO In N15bn Acquisition Deal - Interswitch has acquired VANSO Limited, a premium financial technology solutions provider with a footprint in mobile payments, banking and messaging platforms, in a N15 billion deal that would further deepen the contribution of electronic payments to the Nigerian economy. Source Leadership Read More



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