Nigeria in 1min: Economic, Business & Financial Headlines – 030316


March 3, 2016 6:30 AM / Proshare News 

The shrinking of the fx cake in numbers  - The governor of the CBN, Godwin Emefiele, noted in a press statement dated 11 January that its monthly earnings had fallen from about US$3.2bn to as low as US$1.0bn. Our chart shows flows through the CBN on a monthly basis through to November, with inflows on a downward trend that has since continued. (We take “earnings” to be synonymous with inflows). Source Proshare Read More 

Investors elude $450m Lagos Lekki International Airport - Efforts to secure investors for the construction and management of the proposed $450million Lekki international airport, near Epe, in Lagos, are not producing the desired results, several years after the project was mooted and site earmarked. Source BUSINESSDAY Read More 

S&P says Sub-Saharan Africa commercial borrowing to fall 20% to $37 billion - The 18 publicly rated sub-Saharan African (SSA) sovereigns will borrow an equivalent of $37 billion from long-term commercial sources in 2016, projects Standard & Poor’s Ratings Services in a report published this week. Source BUSINESSDAY Read More 

Budget 2016 for passage March 17 - The National Assembly has said  the 2016 Appropriation Bill will be passed into law on  March 17.The Chairmen, Senate and House of Representatives Committee on Appropriation, Senator Danjuma Goje and Hon. Jibrin Abdulmu, in in a joint press briefing yesterday, that  reports from both chambers would be laid on March 16. On the 17th, the reports will be considered and passed. Source THE NATION Read More 

Nigeria gets USAID’s N20b rural agric cash - An agency funded by the United States Agency for International Development (USAID) called Maximising Agricultural Revenue and Key Enterprises in Targeted Sites (MARKETS) said it has facilitated N20 billion as rural agricultural loans in Nigeria. Source THE NATION Read More 


SEC Publishes 2016 Judges Workshop Communique on Effective Dispute Resolution  - The 2016 Edition of the SEC Judges workshop was held on the 24th -25th of February, 2016 at the National Judicial Institute, Abuja. The workshop, had in attendance an array of luminaries from the Legal Field and the capital market as well as top Government functionaries. Source Proshare Read More

CBN pegs mobile money monthly transactions at N40b - CBN Deputy Governor, Operations, Suleiman Barau, who disclosed it at the maiden edition of the Electronic Payment Financial Incentives Scheme (EFIS) Efficiency Award, said mobile money is where the future of banking lies. Source THE NATION Read More

NSE-ASI reclaims 25,000bpts as BIG CAPs sustain optimism  - The equities market closed today on a positive note, as NSE ASI appreciated by 2.25% to close at 25,472.46basis points, compared with the 1.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.07% Source Proshare Read More 

Asia shares scale 7-week peak, commodities on the mend - Asian shares were bound for a third straight session of gains on Thursday as upbeat data on U.S. jobs and a rally in a range of commodities whetted risk appetites globally. Source Reuters Read More

European shares end higher led by banks, miners - European shares rose on Wednesday, with banks making their fifth straight day of gains after previously suffering heavy losses, while eyewear maker Luxottica led the losers after it trimmed its profit guidance. Source Reuters Read More

UBA Board Approves 2015 Audited Financial Statements; Awaits CBN Approval for Official Release - The board of United Bank for Africa Plc at its meeting Tuesday, March 1, 2016 approved its audited financial statements for the year ended December 31, 2015, subject to the approval of the Central Bank of Nigeria (CBN) Source Proshare Read More

AFRIPRUD Declares N1.45 billion PAT in Q4'15 Result,(SP:N2.72k) - Source Proshare Read More

Why Oil Booms And Busts Happen  - What if I told you that there was a period in history where oil demand declined by 5 million barrels per day and non-OPEC supply increased by 5 million barrels per day, yet oil price rallied more than 50 percent? Would you believe me? Source Proshare Read More

Shareholders of Vitafoam endorse N247.5 million dividend - SHAREHOLDERS of Vitafoam Plc, yesterday commended the company’s board on its improved performance, even as they approved its N247.5 million dividend, translating to 25 kobo per share due to every shareholder of the company for the 2015 financial year. Source Guardian Read More

Loading of petrol improves at depots – Marketers - Petroleum products’ marketers said on Wednesday that loading of Premium Motor Spirit (petrol) had improved in some depots in Lagos. Source Punch Read More

Nigeria loses $21bn oil investment, faces stiff competition - The Nigerian oil and gas industry, which saw a decline of about $21bn in capital investment in 2015, needs to be repositioned to be able to compete globally for shrinking investment occasioned by the sharp drop in oil prices. Source Punch Read More

US crude export threatens Nigeria, others - Crude oil from Nigeria and other West African countries are being displaced by United States’ crudes, Light Louisiana Sweet and MEH, which represents WTI Midland crude at the Magellan East Houston Terminal. Source Punch Read More 

27 Ships Laden With Petroleum Products, Food Items, To Arrive Lagos - Twenty Seven ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from March 2 to March 28. Source Leadership Read More 

FIRS: Trafigura Owes $642.5m in Taxes from $24 billion Crude Oil Swap Deals - The Federal Inland Revenue Service (FIRS) on Wednesday revealed that Amsterdam based Trafigura BV, owes the Federal Government $642.5 million taxes from the crude oil swap deal worth $24billion. Source Thisday Read More 

Power supply drops by 1,647MW
- Power supply in the country has dropped by 1,647.88 megawatts from 4,447.88MW achieved on February 2, thereby worsening the rationing that the electricity distribution companies have been subjecting consumers to in recent days. Source Punch
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EKEDC laments poor grid supply, outages - Eko Electricity Distribu-tion Company (EKEDC) management is lamenting the slump in power supply from national grid, which within last month has fallen between 1,589 and 624 megawatts (Mw) after the attainment of a record 5,074.70Mw early in the month. Source THE NATION Read More 

Nigeria, Angola, others oil exports to fall by 600,000bpd in six years - Nigeria and  her counterparts in Africa  producing crude oil  will  have  their crude oil exports  fall by 600,000 barrels  per day (bpd)  over the next six years as production from  Africa’s biggest producers slips and rising regional refinery activity absorbs more domestic output, the International Energy Agency says. Source BUSINESSDAY Read More 

Seplat’s projected 525m scf/d gas capacity to boost Domestic market - The domestic gas market in Nigeria will be strengthened as Seplat Petroleum Development Company Plc has announced plans to increase its gas processing capacity to 525 million standard cubic feet/day by the end of the fourth quarter of 2016 according to Austin Avuru, managing director and chief executive of the company. Source BUSINESSDAY Read More 

FX Challenges frustrating imports of materials for billion naira local furniture business - Oduwole Kayode is the Managing Director and CEO of Fountain Fields, a local furniture producer. In this interview with PHILLIP ISAKPA, Editor of BusinessDay, DANIEL OBI and FRANK ELEANYA, Kayode listed some of the challenges that local furniture manufacturers in Nigeria face against foreign competition. Source BUSINESSDAY Read More 

Naira gains 6%, sells for 310 against dollar - The naira gained six per cent against the United States dollar at the parallel market on Wednesday, closing at 310 against the greenback, foreign exchange dealers said. Source Punch Read More

UK to Start £4.2 Billion Green Bank Sale - U.K. Business Secretary Sajid Javid said the government is starting an auction to sell U.K. Green Investment Bank Plc in a deal that may value the institution at as much as 4.2 billion pounds ($5.9 billion). Source Bloomberg Read More

South Africa Competition Head Seeks Building Industry Reform - South Africa’s Competition Commissioner plans to seek “serious reforms” in the construction industry three years after some of the biggest companies were fined for colluding on stadium building before the 2010 Soccer World Cup. Source Bloomberg Read More 

Barclays Profitability Likely to ‘Suffer in Short Term’: Moody’s - Moody’s Investors Service says in note that measures taken by Barclays are positive for long-term capital and funding, while weakening current profitability. Source Bloomberg Read More

Zimbabwe banks face cash crunch, central bank blames distribution problem - Some Zimbabwean banks are struggling to provide cash and are limiting amounts to individuals and companies, which the central bank blamed on the financial institutions underestimating demand and failing to improve cash distribution to branches. Source Bloomberg Read More


Fed Govt, MTN begin fresh talks over $3.9b fine - Nigeria will start new talks with South African mobile phone operator MTN “very soon” to settle a dispute over a $3.9 billion fine but the final decision rests with President Muhammadu Buhari, Communications Technology Minister, Adebayo Shittu has said. Source THE NATION Read More

 Zuma to meet Buhari over MTN fine - The Minister of Communications, Mr. Adebayo Shittu, on Wednesday said that the Federal Government had concluded plans to meet with the MTN Group to resolve the dispute over the N1.04tn fine imposed on the telecommunications firm, which was later reduced to N780bn. Source Punch Read More

Shipping firm introduces e-platform - A shipping group, Grimaldi, has introduced new electronic services through its web portal to enhance efficiency and effectiveness of its processes. Source Punch Read More

Bharti Telecom plans to raise stake in Airtel to over - BHARTI Telecom Ltd (BTL), the holding company jointly owned by Sunil Mittal and Singtel, plans to raise its stake in Bharti Airtel to over 50 per cent through open market purchases, shelving its earlier proposal of buying out the 6.65 per cent holding of Mittal family-owned investment firm. Source Guardian Read More

Senate Rejects Request to Make Nigeria Dumping Ground for Sub-standard Goods - The Senate wednesday rejected a request seeking the resolution of the National Assembly to prohibit perceived moves to turn Nigeria into a dumping ground for sub-standard products. The request was raised after a motion by Senator Enyinnaya Abaribe which advocated the need to patronise made-in-Nigeria goods. Source Thisday Read More 


 Nigeria without Oil: Strategies for Divestment





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