Nigeria in 1min: Economic, Business & Financial Headlines – 311014


Friday October 31, 2014 7:00 AM / Proshare News


FG to arraign NBC, Coca-Cola bosses Nov. 4 - The Federal High Court 8, Abuja has fixed Tuesday, November 4 for the arraignment of Coca-Cola Nigeria Limited and Nigeria Bottling Company Limited and their managing directors for alleged violation of the Consumer Protection Council Act. Source Punch Read More

Govt makes U-turn on commercial motorcycle ban - The Federal Government on Thursday reversed its plan to ban the operation of commercial motorcycles nationwide. Source Punch Read More


FG to replicate SME clusters in 9,555 wards nationwide — Minister - THE Federal Government is poised to replicate the success story of SME clusters in 9,555 wards in the country.The Minister of Science and Technology, Dr. Abdu Bulama, disclosed this  in Lagos during the opening ceremony of the Nigerian Raw Materials Exposition, 2nd NIRAMExpo 2014, tagged, “Achieving Nigerian Industrial Revolution Plan through Raw Materials Sourcing. Source Vanguard Read More

Substandard product level drops to 40% – SON - The level of substandard products in the country has dropped to 40 per cent from 85 per cent in the last four years, the Director-General, Standards Organisation of Nigeria, Dr. Joseph Odumodu, has said. Source Punch Read More

The Time for Deregulation is Now - We continue our examination of challenging policy reforms with a commentary on the merits of fuel price deregulation, having looked yesterday at calls for independent management of the federation account. In the case of deregulation, Nigerian governments, both civilian and military, have tried and failed to force through the change. Source Proshare Read More

Rice importers pay N23.1bn duty in nine months - Rice importers in the country paid about N23.1bn as duty on the produce in the first nine months of the year.Statistics obtained by our correspondent from the Tin Can Island Customs office showed that N7.92bn was paid on rice imports at seaports in the same period of 2013, thus showing an increase of N15.21bn or 191 per cent this year. Source Punch Read More

Onne customs rakes N68.6bn - The Comptroller of Area 2 Onne Command of the Nigerian Customs Services, Alhaji  Hamza  Gummi,  said  the command has generated a sum of N68.684bn from January to September 2014. Source Daily Trust Read More

Nigerians account for 60% Dubai apartment sales - A steady shift  from the development of residential to hotel apartments in Dubai, riding on the back of the huge tourist and business traffic, is likewise seeing a significant paradigm shift in the investment portfolio of Nigerian property investors  who today account for 60 percent of hotel apartment purchases in the burgeoning Dubai  hospitality market. Source BUSINESSDAY Read More

Chinese firm to construct new power grid – FG - A Chinese firm, Shandong Power Equipment Company Limited, is to construct a new power grid for the country, the Federal Government has said. Source Punch Read More

Power: N4bn FG, Manitoba contract shaky, 19 months after - Nineteen months after the federal government and Manitoba Hydro International (MHI) of Canada signed a 3-year pact for the management of the Transmission Company of Nigeria (TCN), the federal government is only presently evaluating the contract. Source Daily Trust Read More

CBN settles N20b ATM disputes - The Central Bank of Nigeria (CBN) yesterday said it has resolved disputes worth N20billion that arose between deposit money banks (DMBs) and their customers across the country, adding that it has done well so far at putting measures in place to check frauds in the banking industry. Source THE NATION Read More

PenCom Asset Hits Over N4.5trillion In 2014 - The National Pension Commission (PenCom) has appealed to both States and Local Governments who are yet to adopt the Contributory Pension Scheme(CPS) to do so to enable their employees benefit from the scheme, as its assets hit over N4.5trillion as at June 2014. Source Leadership Read More


NB Plc: Accumulation is possible… - The daily technical chart reveals that the stock is trading at a very crucial support level, a make-or-break level for traders. A morning star candlestick at key support level is providing us a bullish signal. Source Proshare Read More

StanbicIBTC: Buyers should have patience, let it fall, then initiate buying.. -  Stanbic is making successive higher highs and higher lows and is rising up by taking the support of the moving averages. However, since a few days back, we are witnessing bearish sentiments in the stock where the bears are dominating the bulls, taking it from the upper-end to the lower-side. - Source Proshare Read More


Panic-sell deepens on uncertainties …NSE-ASI slips into 37,000btps - The equities market closed today on a negative note, as NSE ASI depreciated by -0.44% to close at 37,979.99 basis points, compared with the -0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.10%. Source Proshare Read More

Capital market can fund entertainment industry – Oteh - The Director-General of the Securities and Exchange Commission, Ms. Arunma Oteh, has said the country’s capital market can play a major role in tackling the funding challenges being faced by the country’s entertainment industry. Source Punch Read More

Nigerians operate 70.18m bank accounts - AS at July, 2014, the total number of bank accounts in Nigeria was 70.18 million. Of the 70.18 million, 15.45 million are current, while 51.59 million are savings accounts. Source Guardian Read More

Nigeria records N80bn electronic transactions daily - As the adoption of electronic payment system increases in the country, about N80bn is electronically transferred daily from one bank account to the other in Nigeria. Source Punch Read More

Naira to see more pressure as AMCON injects N886bn into system today - The nation’s currency, the naira, is expected to experience further pressure, as the liquidity position worsens with the Asset Management Corporation of Nigeria (AMCON) set to inject N866 billion into the system through repayment of maturing obligations, BusinessDay investigations have shown. Source BUSINESSDAY Read More

Banks’ Debt Tap Turned Off by Oil-Price Slump - The Central Bank of Nigeria’s (CBN) rules to curb foreign-currency borrowing by Nigerian lenders threaten to halt Eurobond sales by banks in Africa’s biggest oil producer as lower crude prices heighten risks to the naira. Source Thisday Read More

Seven-up Bottling Company Plc to Join “High Priced Stocks” - The Nigerian Stock Exchange (NSE) as part of its commitment to improve liquidity and deepen the market announced that a new stock will be joining the league of High Priced Stocks.- Source Proshare Read More


Guinness Nigeria Plc - Weak beer market, weak Q1-15 results - Guinness Nigeria Plc (Rating: HOLD, TP: N201.03, Price: N170.05, Upside: +18.21%)Guinness Nigeria Plc (Guinness) released its Q1-15 (July – Sep 2014) results today 30 October, 2014. - Source Proshare Read More

Stanbic IBTC Holdings: Robust Operating Income and Tamed Expenses Boost Earnings - Our views on the results: Stanbic’s 9M-14 results are commendable in our view, given that it has maintained a stronger-than-expected growth at the top-line and at the bottom-line. - Source Proshare Read More

Skye Bank Q3’14 results: Despite healthy results, expect subdued reaction from market - Skye Bank (Skye) published its Q3 2014 results which showed that PBT and PAT both grew by 26% y/y to N5.1bn and N4.1bn respectively. Profit before provisions grew by just 5% y/y (due to some reclassification in 2013, we prefer not to comment in detail on y/y movements on the separate income lines) and combined with a 1.7% y/y reduction in opex to more than offset a 17.7% y/y increase in loan loss provisions to drive the double-digit growth in PBT. Source Proshare Read More

AIICO declares N2.72billion PAT in Q3 '14 result,(SP:N0.80k) – Source Proshare Read More

UNHOMES declares N1.3billion loss in Q3 '14 result,(SP:N0.50k) – Source Proshare Read More

LASACO declares N311.2million PAT in Q3 '14 result, (SP:N0.50k) - Source Proshare Read More

NNFM declares N180.9million PAT in Q2 '14,(SP:N21.99k) - Source Proshare Read More

PRESCO declares N2.22billion PAT in Q3 '14 result,(SP:N30.45k) - Source Proshare Read More

TOTAL declares N2.65billion PAT in Q3 '14 result,(SP:N166.00k) - Source Proshare Read More

REDSTAREX declares N209.4million PAT in Q2 '14 result,(SP:N4.15k) - Source Proshare Read More

EKOCORP declares N192.3million PAT in Q3 '14 result,(SP:N3.72k) -  Source Proshare Read More

SKYEBANK declares N9.87billion PAT in Q3 '14 result,(SP:N2.51k) - Source Proshare Read More

SEPLAT declares N35.4billion PAT in Q3 '14 result,(SP:N545.00k) - Source Proshare Read More

BETAGLAS declares N1.45billion PAT in Q3 '14 result,(SP:N20.00k) - Source Proshare  Read More

GUINNESS declares N1.5billion PAT in Q1'14 result,(SP:N170.05k) - Source Proshare Read More

AVONCROWN declares N0.44million loss in Q2 '14 result,(SP:N1.59k) - Source Proshare  Read More

RAKUNITY declares N51million PAT in Q3 '14 result,(SP:N0.31k) - Source Proshare ead More

2014 Pearl Awards Nite Press Conference; DANGCEM & FO Among Nominees - On behalf of the Board of Governors and Secretariat of PEARL Awards Nigeria, I have the singular honour and privilege of welcoming you all to today’s Press Conference on the 2014 PEARL Awards Nite. Source Proshare Read More

Arik Named Best Airline in W/Africa - The organisers of the award said the process leading to the choice of Arik Air as the best airline in West Africa was painstaking and the airline has become a pride to Nigerians. Source Thisday Read More



Heritage Bank Partners American Film Market to Drive New Vision for African Film Development -
Nigeria’s Heritage Bank has announced its plans to participate at the 2014 edition of the celebrated American Film Market (AFM) and Conferences, holding between November 5 and 12 in Santa Monica, United States of America as one of the key international Corporates to drive new vision for Africa’s fast developing film industry. Source Proshare
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CAVERTON Appoints Titilola Adigun as Deputy Chief Financial Officer- Caverton Offshore Support Group Plc (COSG) has notified The Nigerian Stock Exchange of the appointment of Mrs. Titilola Adigun as Deputy Chief Financial Officer of COSG. - Source Proshare Read More

N800m lost to Nigerian cyber criminals —FBI - The Federal Bureau of Investigation says 250 vendors have lost nearly $5m (about N800m) to 400 actual and attempted “purchase order frauds” allegedly organised by Nigerian cyber criminals. Source Punch Read More

Court declares ban on BringBackOurGirls rallies illegal - A Federal Capital Territory High Court in Maitama, Abuja, on Thursday declared illegal and unconstitutional the police ban of #BringBackOurGirls peaceful protests. Source Punch Read More

Jonathan Picks up Nomination Form, Pledges to Redouble Efforts - The National Organsing Secretary of the ruling Peoples Democratic Party (PDP) Alhaji Abubakar Mustapha on thursday  handed over the presidential nomination and expression of interest forms to President Goodluck Jonathan as the party’s sole candidate for the 2015 presidential election. Source Thisday Read More

‘Collapsed Synagogue building not approved’ - AGAINST expectations, it emerged yesterday that the collapsed guesthouse belonging to Synagogue Church of All Nations (SCOAN) has no approval from the Lagos State Government. Source Guardian Read More

Shell loses N23bn over insecurity in Nigeria, others - Royal Dutch Shell said yesterday that it lost $146 million, about N23.36 billion from insecurity in Nigeria, and from the impact of its divestment across the globe, among others, in the third quarter of 2014. Source Vanguard Read More

Oil Set for Biggest Monthly Drop Since 2012 on Global Oversupply - West Texas Intermediate and Brent headed for the biggest monthly decline in more than two years amid signs that OPEC boosted output to a 14-month high even as crude slumped into a bear market. Source Bloomberg Read More

Why Oil Prices Went Down So Far So Fast - The reasons oil prices started sliding in June were hiding in plain sight: growth in U.S. production, sputtering demand from Europe and China, Mideast violence that threatened to disrupt supplies and never did. Source Bloomberg Read More

Asia Stocks Rise, Extend Weekly Gain, as U.S. Growth Improves - Asian stocks rose after the U.S. economy grew faster than forecast and amid a report that Japan’s $1.2 trillion Government Pension Investment Fund will increase holdings of equities. Source Bloomberg Read More

European shares rise but Fed's tougher tone limits gains - European stocks ended higher on Thursday following a roller-coaster session, as positive corporate results and strong U.S. growth figures helped offset the Federal Reserve's tougher tone on policy. Source Reuters Read More

Government of Burkina Faso Collapses - The government of Burkina Faso collapsed on Thursday as demonstrators protesting the president’s plans to stay in office after 27 years surged through the streets of Ouagadougou, the capital, overrunning state broadcasters, setting fire to the Parliament building and torching the homes of the president’s relatives. Source NYT Read More

10 Innovations For The Bank Of The Future  - Around 100 of the U.K.s finest minds in the financial technology sector gathered Tuesday for the Financial News and WSJD inaugural Fintech Conference in London. The group, which included members of Financial News’ 40 Leaders in Fintech, were broken up into working groups, each looking at different aspects of the future of banking, including regulatory requirements, security concerns, big data conundrums and rapidly changing customer demands. Source WSJ Read More

Bank of Japan Unexpectedly Eases Policy - The Bank of Japan on Friday unexpectedly announced additional stimulus measures, bolstering its asset purchases for the first time in more than a year and a half, as its 2% inflation target looks increasingly untenable. Source WSJ Read More


 Highlights of the opening session of the 18th Annual CIS Summit



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