Nigeria in 1min: Economic, Business & Financial Headlines – 040716



July 04, 2016 7:10 AM / Proshare News 


FG to review N3bn Nollywood grant - The Minister of Finance, Mrs. Kemi Adeosun, has inaugurated a committee to review the N3billion Nollywood grant to ensure it creates the most value. Source Daily Trust Read More 

FG earns N724bn from oil in three months - The Federal Government generated a sum of N724.63bn as oil revenue within the first three months of the year, figures obtained from the Federal Ministry of Finance have indicated. Source Punch Read More 

FG to Boost Economies of 9 Oil Producing States with Industrial Parks - To stimulate economic development in nine oil producing states, the Federal Government has acquired 270 hectares of land in each of the states for the creation of industrial parks. Source Thisday Read More 

#Brexit: Expectations from the CBN - On June 23rd,2016 Britons went to the polls to decide they will either “Leave” or “Remain” in the European Union, surprisingly the former prevailed triggering a #Brexit. Source WebTV Read More 

#Brexit and the Banking Issues in Nigeria - Exactly a week after the UK voted to leave the European Union in a referendum, the global markets have experienced several levels of volatility. Source WebTV Read More

Consumers groan as price of cooking gas increases - The price of Liquefied Petroleum Gas (LPG), otherwise called cooking gas has increased in the last few weeks in Lagos, Abuja and many other states due to supply hitches. Source Daily Trust Read More

MDAs operate bank accounts in violation of TSA guidelines - Some federal government agencies now operate bank accounts in violation of the Treasury Single Account (TSA). Source Vanguard Read More

Nigeria’s economy slides into recession in Q2 - The Central Bank of Nigeria (CBN) on Friday reported that economic activities declined faster in June, confirming that the nation’s economy formally entered into recession in the second quarter of the year. Source Vanguard Read More


AfDB approves $350m loans to First Bank, FSDH Merchant Bank - The Board of Directors of the African Development Bank (AfDB) has approved $300 million and $50 million Trade Finance Loans to First Bank of Nigeria (FBN) and FSDH Merchant Bank Nigeria (FSDH), respectively. Source Daily Trust Read More 

IoT: Africa, Middle East To Invest $6.6bn In 2016 - Organizations in the Middle East and Africa (MEA) will invest more than $6.6 billion in Internet of Things (IoT) hardware, software, services, and connectivity in 201‎6, according to the latest global semiannual Internet of Things Spending Guide from International Data Corporation (IDC) released at the weekend. Source Leadership Read More 

Federal Cooperatives Seek N100bn Government Intervention To Stabilise - The National Federation of All Cooperatives has called on the Federal Government to support the Scheme with an N100 billion Development Fund. Source Leadership Read More 

AFC, Others Arrange $425m Facility for Oil Firm - The Africa Finance Corporation (AFC) has said it is acting as lead arranger for about $425 million senior mezzanine facility for New Age (African Global Energy) Limited, a privately held oil and gas exploration, development, and production company with assets primarily across Africa. Source Thisday Read More


Nigeria, others down on devt indices, says World Bank - Nigeria and half of the countries in Africa posted relatively weak performance in their policy environment, supporting development and poverty reduction, the  World Bank has said. Source THE NATION Read More


Nearly half of exporters are dormant, says NEPC - Nearly half of Nigerian exporters are inactive, according to the Nigerian Export Promotion Council (NEPC). Source THE NATION Read More

Manufacturers lose N348.6bn to new forex policy - Manufacturers who had outstanding dollar requests and Letters of Credit (applied for at N197/dollar) before the new foreign exchange policy came into existence lost approximately  N348.6bn by Monday, June 20, 2016, the day the policy commenced, findings by our correspondent have revealed. Source Punch Read More


NSDC identifies 10 sites for sugar factories - The National Sugar Development Council (NSDC) said it has identified 10 sites for the development of sugar factories across Nigeria. Source Daily Trust Read More

Africa prepares for single air transport market - Nigeria, Egypt, Morocco, South Africa, Rwanda and Zimbabwe are set to meet a single air transport market target by the end of next year, Secretary-General, African Airlines Association (AFRAA), Dr. Elijah Chingosho, has said. Source THE NATION Read More



CBN to banks: don’t give sensitive roles to contract staff - The Central Bank of Nigeria (CBN) has warned commercial banks to desist from giving sensitive banking roles to contract staff, as they may not have a stake in the banks. Source THE NATION Read More 


Sentiment Analysis Report – W/E July 01, 2016 - Analysis of the market activity in the week ended July 01, 2016 technically revealed pessimistic trading pattern amid active price volatility as investors displayed  strong profit-taking tendency in the week. Source Proshare Read More 

NASD records positive returns on its index - The NASD OTC market closed the first half of the year with a growth of 13.29% on its Index. Despite the policy flip flops, exchange rate uncertainty and budget delay which faced the Nigerian economy, it recorded a growth at the end of the first six months of the year. Source Proshare Read More 

Investors reduce exposure; stocks post 4.39% loss WoW on profit-taking - The equities market closed today on a negative note, as NSE ASI depreciated by 0.99% to close at 29,305.40basis points, compared with the 0.72% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.32%. Source Proshare Read More 

eTranzact Plc holds 12th AGM, pays 10k dividend - Despite a challenging 2015 financial market year in the Nigerian economy, eTranzact Plc Nigeria’s premier e-payment solution provider achieved a commendable result. Source WebTV Read More 

Corporate Earnings for the Week Ending July 1st, 2016 – Source Proshare Read More 

Seven-Up Slashes Dividend to 160 kobo as Profit Declines by 53% - Seven-Up Bottling Company (SBC) Plc has cut its dividend for the year ended March 31, 2015 by 42 per cent following a decline in the company’s profit for the year. Source Thisday Read More 

Insurance Industry’s Total Premium Hits N350bn  - The insurance industry has announced a total premium of N350 billion in its business activities in 2015, against N294billion it recorded in 2014. This represents 19per cent increase from last year’s figure. Source Thisday Read More 

10 Brokers Traded N98.430 Billion Shares in June - Activities on the floors of the Nigerian Stock Exchange (NSE) 2016 as measured by volume of trading by the top 10 stockbrokers for the month of June, totalled 7.218 billion shares . The volume of trading by these top 10 brokers represented 46.79 per cent of the total volume traded in the month under review. Source Thisday Read More 

NCAA warns foreign airlines over sale of tickets in dollars - The Nigerian Civil Aviation Agency (NCAA) has warned foreign airlines to desist from the sale of their tickets in dollars. Source Daily Trust Read More 

10 Nigerian banks make top 1000 world bank ranking - Ten Nigerian banks led by Zenith, First Bank and Guarantee Trust Bank (GTB) have made the 2016 Top 1,000 World Bank ranking by Financial Times. Source Daily Trust Read More 

Lafarge Africa pays N13.66bn dividends - Lafarge Africa Plc has declared N13.66 billion dividends, which translates to 300kobo per share and bonus issue of one new share for every 10 previously held by shareholders for the year ended December 31, 2015. Source Vanguard Read More

Nigeria, six others record $756m premium on micro-insurance - Micro-insurance across Africa is beginning to take its rightful place in insurance market as the premiums written from the class stands at $756million in 2014. Source Vanguard Read More 

Hong Kong Oil Investment Company Plans Nigeria’s 2nd Largest Refinery - Blooming Faith Petroleum Ltd, a subsidiary of Blooming Faith Global Holdings Ltd is partnering with the Nigerian government to build and operate a 200, 000 barrels per day capacity refinery in Akwa Ibom. Source Vanguard Read More 

Fuel importers face fresh hurdles over $950m debt - Uncertainty is dogging in the supply of petroleum products for local consumption as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million. Source Guardian Read More



Osborne Floats 15% Business Tax to Boost Post-Brexit Economy - Chancellor of the Exchequer George Osborne set a goal of lowering the corporate tax rate to 15 percent in an effort to keep businesses investing in the U.K. as it prepares to leave the European Union. Source Bloomberg Read More

Asian Stocks Rise With U.K. Futures as Brent Crude Above $50 - Asian stocks rallied for a fourth day, U.K. equity index futures rose and silver jumped on optimism central banks in some of the world’s leading economies will step up monetary stimulus. Source Bloomberg Read More

U.S. Crude Losses Outpace Supply From Some OPEC Members - U.S. oil production losses in April from a year earlier exceeded the monthly output of some members of the Organization of Petroleum Exporting Countries, signaling the success of the group’s two-year oil-market strategy. Source Bloomberg Read More

Egypt's current account deficit at $14 bln in first nine months of 2015/16- Al Ahram - Egypt's current account deficit almost doubled in the first nine months of 2015/16 to $14 billion from $8 billion in the same period a year earlier, central bank governor Tarek Amer said in remarks in state newspaper Al Alhram. Source Reuters Read More 

Egypt due for another devaluation in 2016/17, economists say  - As Egypt's foreign currency shortage intensifies and the gap between official and unofficial currency rates widens, economists say another devaluation is inevitable this fiscal year. Source Reuters Read More 

South Africa's petrol pump price to rise by 0.6 percent in July - The retail price of petrol in South Africa will increase by 0.6 percent from July 6, and the price of wholesale diesel will go up by 3.7 percent, the energy department said on Sunday. Source Reuters Read More



68% Of Nigerian Subscribers Engage In Mobile Banking – Study - A new survey carried out by global trade body, Mobile Ecosystem Forum (MEF) in association with Etisalat Nigeria, has revealed an increasing appetite for mobile apps and entertainment services among Nigerian telecoms consumers with 68 per cent of subscribers engaging in mobile banking. Source Leadership Read More 



 Highlights of 12th eTranzact Plc AGM

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