Nigeria in 1min: Economic, Business & Financial Headlines – 300914



Tuesday September 30, 2014 7:00 AM / Proshare News


FG to stop funding road projects by 2019 — Maku - Indications emerged penultimate weekend that the Federal Government will divest its funding of road construction in the country. The government plans to cede the construction of road projects to the private sector in 2019. Source Vanguard Read More

FG to establish 1,000MW coal power plant in Enugu - The Federal Government has announced plans to establish a 1000 mega watts coal power plant in Enugu state. The President, Goodluck Jonathan, who disclosed this in Enugu, said the plant is expected to help address the epileptic power situation in the country. Source Vanguard Read More

Power Producers Yet to Pay New Domestic Gas Price - Contrary to the concern being raised that the recent increase in the price of domestic gas from $1.5 per thousand cubic feet (mcf) to $2.5 per mcf would lead to immediate hike in electricity tariff, investigation has revealed that the electricity generation companies have not started paying the new price. Source Thisday Read More

Okonjo-Iweala to Transmit MTEF-FSP to National Assembly Tuesday - Baring any last minute hitches, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, will tuesday transmit the 2015-2017 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) to the two chambers of the National Assembly. Source Thisday Read More

Nigeria, 5 others to get N360.9m Power Africa challenge fund - Nigeria and five other countries emerged as winners of the Power Africa Energy Challenge and will receive grants of $2.2million (about N360.976million) to engage in renewable energy development. Source Daily Trust Read More

World Bank: Nigeria most expensive place to own property - World Bank Group says Nigeria is one of the most expensive and difficult places to register and acquire property for businesses in the world. Source Daily Trust Read More

‘AEDC to roll out 100,000 meters yearly’ - The Abuja Electricity Distribution Company (AEDC) will rollout 100,000 pre-paid meters yearly, the Managing Director, Neil Croucher, has said.Croucher, who made this known in Abuja, said the   measure is intended to address the company’s coverage areas’ metering gap . Source THE NATION  Read More

Auto firms secure N11 billion facility from NAC Fund - NIGERIA may have taken another leap towards joining the league of industrialised nations with the disbursement of N11 billion loan to no fewer than 35 automobile accessory manufacturers for the production of components for vehicle production. Source Guardian  Read More

Court vacates order granting AMCON possession of MMA2 - A Federal High Court in Lagos on Monday vacated an order granted the Asset Management Company of Nigeria (AMCON) to take over Terminal 2 of Murtala Mohammed International Airport. Source BUSINESSDAY Read More

EU Warns of Looming Food Insecurity in Nigeria - The European Union (EU) has warned Nigeria over a possible future food insecurity challenge and insurgency due to the high demographic growth rate in the Northern part of the country. Source Thisday Read More

Edo Assembly Passes N159.3bn Budget Estimate for 2015 - The Edo House of Assembly on has passed the 2015 budget estimates of N159.3 billion.Governor Adams Oshiomhole had on September 23 presented a budget size of N156.551 billion to the assembly for consideration. Source Thisday Read More


NDIC to increase mortgage bank customers’ deposit cover - The Nigeria Deposit Insurance Corporation on Monday unveiled plans to increase the deposit insurance coverage for customers of Primary Mortgage Banks operating in the country. Source Punch Read More


Transcorp Hotels extends N8b IPO, promises constant dividend -
The initial public offering of  Transcorp Hotels Plc (“THP”), formerly Transnational Hotels and Tourism Services Limited, which opened on Wednesday September 24,  2014 and was initially  to end on Tuesday October 30, 2014 has been extended till  Friday October 17, 2014. Source Daily Independent  
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Custodyins: Bulls may mark up a new high.. -
The daily technical chart is showing that the stock is trading in range bound territory and we have witnessed so many calm sessions. Presently, stock is trading above crossed moving averages and chances of bullish sentiments gaining momentum are high. A closer look at the daily technical chart reveals that short term to intermediate trend is up and in an uptrend market, it is advisable to always sit at the BUY side. Source Proshare
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Eterna: Bulls are trying to move up.. - The daily chart reveals that the stock was headed southwards till last week’s trading session when we saw a breaker and a hammer candlestick emerge - which is known as reversal signal on the daily technical chart. Source Proshare Read More

Top-5 Nigerian Equities League for the week commencing 29 September, 2014 - The NSE All-Share Index and Market Capitalization dropped by -0.56% to close on Friday at 40,819.72 and N13.478 trillion respectively. Source Proshare Read More


Stocks extend gains, trim YTD loss as week starts on positive note - The equities market closed today on a positive note, as NSE ASI appreciated by +0.70% to close at 41,105.38 basis points, compared with the +0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.54%. Source Proshare Read More

Rep explains bill compelling companies to list - The Deputy Chairman, Capital Market Committee of the House of Representatives, Mr. Chris Azubogu, has said his decision to sponsor a bill seeking to compel top companies to list on the Nigerian Stock Exchange is influenced by the provisions of the country’s constitution. Source Punch Read More


The Nigeria Bond Watch - Review and Outlook @092914 -
Activities during the week under review were influenced by the treasury and OMO bills auction that took place during the week. Source Proshare
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Naira gains on CBN dollar intervention - The naira firmed 0.12 percent to close at 163.70 against the dollar on Monday, after the Central Bank of Nigeria (CBN) sold dollars directly to lenders on the interbank market to prop up the ailing currency, dealer said. Source BUSINESSDAY Read More


GUINNESS extends gaining streak with engulfing bullish pattern -
GUINNESS recorded an active bargain tendency to extend the 3-day gaining streak with an engulfing bullish pattern- an indication of strong enthusiastic trading tendency from both investors and shareholders. Source Proshare
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First Bank to fund Kaztec’s $1.3bn Addax contract - First Bank Plc has expressed willingness to support the funding of a $1.3billion fabrication contract by Kaztec Engineering, a subsidiary of the Chrome Group, awarded by Addax Petroleum. Source Vanguard Read More


Understanding the latest NCC Numbers: Subscriber Spike under Review
-Recently, the Nigerian Communications Commission (NCC), the market regulator for the telecommunications industry published fresh statistics relating to the subscriber base of the various telecommunication outfits operating in the country. Source Proshare
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CAC Upgrades Service Through New Online System - In continuation of its efforts aimed at improving customer service, the Corporate Affairs Commission (CAC) has deployed a new online registration system. Source Punch Read More

Dangote Group to support shippers’ association - Dangote Port Operations, owners of Greenview Development Nigeria Limited (GDNL) terminal in Apapa, has pledged its support to Shippers Association of Lagos (SALS). It said the port cannot survive without the shippers. Source THE NATION Read More


National Honours: In the interest Of Real Honours - YESTERDAY Monday, 29th September 2014 was another day of pomp and pageantry at the International Conference Centre, Abuja, as President Goodluck Jonathan presented the 2014 edition of National Honours to no fewer than 304 recipients. Source Vanguard Read More

Lagos offers to fund Iwu’s abandoned Ebola research work - Governor Babatunde Fashola of Lagos State, yesterday, expressed readiness of his administration to fund Prof. Maurice Iwu’s abandoned research work on infectious diseases, such as the deadly Ebola Virus Disease, EVD, if he so desired to benefit from the state’s N142,239,000 million research grant Source Vanguard Read More

FCMB Appoints Martin Dirks as a Non-Executive Director - FCMB Group Plc notified The Nigerian Stock Exchange of the appointment of Mr. Martin Dirks as a non-executive director of the company. Source Proshare Read More

AMERC re-elects Oteh chairperson - Director General, Securities and Exchange Commission (SEC), Arunma Oteh, has been returned unopposed as chairperson of the African/Middle East Regional Committee (AMERC) at the 39th annual conference of the International Organisation of Securities Commissions (IOSCO). Source Daily Trust Read More


$9.3m scandal: I have no hands in the deal – Oritsejafor - The President of the Christian Association of Nigeria, Pastor Ayo Oritsejafor, on Monday, said he knew nothing about the controversial $9.3m smuggled into South Africa by two Nigerians and an Israeli, using his private jet. Source Punch Read More

Polymer scandal: FG may extradite ex-Mint boss to UK - The United Kingdom has requested the extradition of a former Managing Director of the Nigerian Security Printing and Minting Company, Mr. Emmanuel Okomoyon, to face prosecution in relation to an alleged scam involving printing of polymer notes. Source Punch Read More

N1.1bn Subsidy Fraud: Court Summons Prosecution Witness - An Ikeja High Court monday issued a summons against a prosecution witness, Mr. Kehinde Akinmoloya, directing him to appear before it to testify in a fuel subsidy fraud case. Source Thisday Read More

NNPC Retirees Seek Dissolution of Board - The Retired Staff Association of the Nigeria National Petroleum Corporation.(NNPC), has asked Federal Government to immediately dissolve  the board of the corporation for lack of competence  and failure to actualise the dream of its founding fathers. Source Thisday Read More


W’Bank Scores Ogun, C’River, Ekiti Others High on Business Reforms - The World Bank yesterday identified Ogun, Cross River, Ekiti, Niger and Rivers States as entities which have continued to improve on the implementation of regulatory business reforms in the country although challenges to local entrepreneurs still exist. Source Thisday Read More

Fayose Calls on NJC to Probe Ekiti Crisis - The Ekiti State Governor-elect, Mr Ayodele Fayose, has called on the National Judicial Council (NJC) to launch an investigation into the allegation of beating up a judge by him and other happenings in the state judiciary in recent times, saying it will expose the cans of worms. Source Thisday Read More

Seadrill, Heirs Holdings launch new deepwater drill ship for Total - Seadrill Nigeria and Heirs Holdings have launched new deepwater drill for Total Nigeria, a statement from the companies said yesterday. Source Daily Trust Read More

Nigeria loses N78bn to crude, petroleum products theft - Nigeria lost N77.87 billion worth of crude oil and other petroleum products in 2013, the Nigerian National Petroleum Corporation, NNPC, has revealed. Source Vanguard Read More

Nigeria’s Oil Industry Stagnates on Endless Reforms - The reform of Nigeria’s oil and gas industry started when former President Olusegun Obasanjo on April 24, 2000, set up the Oil and Gas Reform Implementation Committee (OGIC), headed by his Honorary Special Adviser on Energy and Strategic Matters, the late Dr. Rilwanu Lukman, to carry out the first comprehensive reform of the oil and gas industry. Source Thisday Read More

DPR to sanction marketers for adulteration, under-dispensing - The Department of Petroleum Resources, DPR, the regulator of the nation’s petroleum industry, said it will sanction petroleum marketers who engage in the manipulation of their pumps and adulteration of products. Source Vanguard Read More

Nigeria earns N6.11bn from NGL lifting in one month - Nigeria earned about $38.19 million, about N6.11 billion from the lifting of 132,224 metric tonnes, MT, (about 966,822 barrels) of Natural Gas Liquid, NGL, in May 2014, the Nigerian National Petroleum Corporation, NNPC, has said. Source Vanguard Read More

West African Gas Pipeline’s idle capacity now 474mscf/day - The idle capacity of the West African Gas Pipeline operated by the West African Gas Pipeline Company has been put at 474 million standard cubic feet per day.The pipeline can currently carry 170mscfd and has potential to carry additional volumes of up to 474 mscfd. Source Punch Read More

Oil glut beyond OPEC’s control - The supply side glut in the oil market combined with the decline in global demand makes it difficult for oil producers to effectively exercise any control over oil prices, according Seth Kleinman, Citi Energy Analyst. Source THE NATION  Read More

Asian Stocks Slide With Hong Kong as Dollar Holds Advance - Asian stocks fell, with the regional index headed for its biggest monthly drop since May 2012, amid tensions in Hong Kong and as a Chinese manufacturing gauge missed estimates. The dollar pared its largest quarterly advance since the global financial crisis. Source Bloomberg Read More

HSBC, other Hong Kong-exposed shares underperform as European equities fall - HSBC, LVMH and other companies exposed to Hong Kong underperformed a broader drop in European stock markets on Monday as civil unrest in the Asian city continued. Source Reuters Read More


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