Nigeria in 1min: Economic, Business & Financial Headlines – 070515



May 7, 2015 7:00 AM / Proshare News


FG records N1.3tn revenue shortfall in three months - The persistent drop in oil prices and low receipts from non-oil sources may have led to a N1.31tn shortfall in revenue accruable to the federation in the first three months of this year, investigations have revealed. Source Punch Read More

Finance Ministry: FG Not to Blame If States are Unable to Pay Salaries - The Federal Ministry of Finance yesterday said the federal government  was not responsible for the failure of state governments to pay workers’ salaries. Source Thisday Read More

Fiscal Responsibility Commission recovers N350bn from MDAs - The Fiscal Responsibility Commission has said it has recovered N350bn from Ministries, Department and Agencies of the Federal Government in the last six years. Source Punch Read More

FRC Remits N350bn To Revenue Fund  - The acting chairman of the Fiscal Responsibility Commission (FRC), Mr Victor Muruako, has said the commission assessed and ensured the remittance of N350 billion operating surplus by scheduled corporations to the consolidated revenue fund between 2009-2014. Source Leadership Read More

ITF Spends N10bn Yearly On Trainings – DG - The director-general, Industrial Trust Fund (ITF), Dr Juliet Onaeko, has disclosed that the Fund spends about N10billion annually to train youths in vocational skills. Source Leadership Read More

Education sector crisis defies N4trn govt spending since 1999 - Nigeria, Africa’s largest economy, is experiencing an education sector crisis that is as old as the country’s return to democracy, 16 years ago, BusinessDay investigations have shown. Source BUSINESSDAY Read More

Rejuvenating a pivotal industry - Automotive policy has been at the forefront of the Nigeria Industrial Revolution Plan (NIRP). According to data from the National Bureau of Statistics, the motor vehicles & assembly sector grew by 26% y/y in 2014 (although we stress that this was from a low base). Source ProshareRead More

ACE signs performance contract with FG, World Bank - THE Africa Centres of Excellence (ACE) in Nigeria have signed Performance Contracts with the Federal Government and the World Bank, marking the last hurdle to be crossed before the release of the first tranche of funds to them. Source Vanguard Read More

World Bank approves N15bn developmental projects for Edo State -The World Bank has approved N15billion (US$75 million) International Development Association (IDA) credit for developmental projects in Edo State. Source Vanguard Read More


Minister advises against reversal of power privatisation - Power Minister, Prof. Chinedu Nebo  yesterday advised the incoming administration not to reverse the sector’s privatisation.Doing so, he warned, will not be in the interest of the country as it will bring the nation backwards. Source TEHE NATION Read More

Nigeria needs $20b to develop gas infrastructure  - Nigeria will require at least $20 billion to bridge its gas infrastructure deficit, the Vice President and Head, Energy and Natural Resources, FBN Capital, Rolake Akinkugbe, has said. Source TEHE NATION Read More


CBN Corrects Press Reports on FG's H2-2014 Budget Spending - The Central Bank of Nigeria will like to correct the erroneous reports in the Press, which suggest that the Federal Government overspent the budget by N365.35 billion during the second half of 2014.Source ProshareRead More

CBN Recertifies 74 More BDCs Operators - The Central Bank of Nigeria (CBN) has again recertified 74 more Bureaux De Change (BDCs) operators to continue in operation. This brings the total number of BDCs that have so far met the new capital requirement of N35 million to 2, 660 as at May 6. Source Daily Independent Read More

IOSCO publishes results of its survey on anti-fraud messaging - The International Organization of Securities Commissions (IOSCO) today published the results of its Survey on Anti-fraud Messaging, which describes strategies used by some securities market regulators to educate individual investors about how to protect themselves against investment fraud.Source ProshareRead More

Amendment Bill: NDIC Not Seeking Parallel Position With CBN - The Nigerian Deposit Insurance Corporation (NDIC) has reiterated that it, is not seeking to be a parallel or coordinate regulator for banks through the proposed amendment. Source Leadership Read More

CBN’s weekly sales to BDCs hit $79.8m - The Central Bank of Nigeria (CBN) disburses $79.8 million to 2,660 Bureau De Change (BDC) operators weekly. This follows the approval of over 80 BDCs after the regularisation deadline elapsed last July. Each BDC takes $30,000 weekly, down from $50,000 before the new guideline came into force. Source TEHE NATION Read More


Nigerian Stocks extend loses as investors dump banking stocks - The equities market closed today on a negative note, as NSE ASI depreciated by -0.50% to close at 34,427.03 basis points, compared with the -0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.66%Source ProshareRead More

Euro value shoots up to N245/1 amid low foreign currency demand - A review of today’s parallel market activities and oil price behaviour highlights the following:Today, the naira recorded a marginal gain N0.50 by exchanging around N221.50/$1. Source ProshareRead More


Invest in FGN Monthly Bond Auction May 2015 -  The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications forSource ProshareRead More


Forte Oil sustains 6-wk free fall, sets to break 7Mths support - Today, Forte Oil Plc recorded a moderate loss of -3.4% as sell pressure towards the stock gained tempo to extend 6weeks downtrend, following 1-week rally of 18.3% as investors embarked on active sell-down. Source ProshareRead More

Nestle Nigeria Plc: The struggles of an overvalued top dog - Nestle Nigeria Plc released its Audited Financial Statements for the Year ended December 31, 2014 on February 25, 2015. The company reported an increase in sales volume during the period in comparison with the prior year, however, this increase did not translate to  stronger bottom-line  as the company reported a weaker net income performance as it struggled with daunting economic challenges; most critically the devaluation of the naira which escalated the company’s net finance costs.Source ProshareRead More

Wema Bank holds AGM, assures shareholders on dividend payment - Nigeria’s oldest indigenous bank, Wema has assured its shareholders of its commitment to dividend payment. This was the statement of the MD/CEO of the Bank Mr Olusegun Oloketuyi at its 2014 Annual General Meeting. Source WEBTV Read More

Dangote Cement Production Hits 30mn Metric Tonnes Across Africa - The chairman of the Dangote Cement Plc, Alhaji Aliko Dangote, said the company’s annual production across Africa stood in the region of 30 million metric tons. Source Leadership Read More

FBN Holdings Unveils Strategies to Enhance Performance - The Group Chief  Executive Officer of FBN Holdings Plc, Bello Maccido yesterday unveiled strategies to be adopted by the group in order to maintain its leadership position in the financial sector and deliver value to all. Source Thisday Read More

Caverton shareholders approve N335m dividend - Shareholders of Caverton Offshore Support Group on Wednesday approved the N335m dividend proposed by the company. Source Punch Read More

Summary of Corporate Results as @060515 - So far on Q1 2015 corporate results, seventy-nine (79) quoted firms have complied and filed their financial statements with The Nigerian Stock Exchange.Source ProshareRead More

BOCGAS declares N32.4million PAT in Q1'15 result,(SP:N5.21k) -Source ProshareRead More

LEARN AFRICA declares N116million loss in Q1'15 result,(SP:N1.39k) -Source ProshareRead More

CILEASING Proposes 8kobo Dividend per share in '14 Audited result,(SP:N0.54k) -Source ProshareRead M

CILEASING declares N219.7million PAT in Q1'15 result,(SP:N0.56k) -Source ProshareRead More

The NSE Draft Rules on Delisting from Daily Official List - TNI Q2/E6 -  The Nigerian Stock Exchange in its effort to complement the Securities and Exchange Commission on market development and regulation has exposed its draft rules regarding delisting of listed issuers from the Exchange for commetsSource ProshareRead More

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Investors stake N2tn on telecomms sector in four years - Foreign direct investors have staked $10bn (about N2tn) on the Nigerian telecommunications industry in the last four years, the Nigerian Communications Commission has said. Source Punch Read More

Smartphone penetration in Nigeria hits 30% - Global leader in personal computer (PCs, Lenovo, has said smartphone penetration in the country has reached 30 per cent mark, adding that there are still more rooms for growth in the smartphone segment considering the population of the country and huge youth population. Source TEHE NATION Read More

Telcos lose N20b yearly to opex, arbitrary fees - Telcos in Nigeria lose about N20 billion annually to punitive operating expenditure (opex) and multiple taxation and arbitrary charges, the Chief Executive Officer, Airtel Nigeria, Segun Ogunsanya has said. Source TEHE NATION Read More


Contempt: Bank Asks Court to Jail DMO’s DG - Ecobank Nigeria Limited has accused the Director General of the Debt Management Office (DMO), Mr. Abraham Nwankwo, for frustrating its move to recover a huge debt allegedly owed it by an oil marketing firm, First Deepwater Discovery Limited. Source Thisday Read More

My Stewardship- Eight Years Of Delivering Excellence. - Grateful for the platform to speak on this occasion. He pays tribute to the writer of the book, Sam Omatseye , the IOD and Chief EniolaFadayomi. When I agreed to deliver this lecture, I was not sure of the topic, because in the next 24 hrs  I am oblige to render account of my stewardship.Source ProshareRead More

Buhari orders his security personnel to obey traffic rules - The President-elect, Maj.-Gen. Muhammadu Buhari in Abuja on Wednesday ordered the security personnel attached to him to endeavour to obey traffic rules. Source Guardian Read More

Impeachment: Police bar lawmakers from sitting in Niger - The Police on Wednesday prevented members of the Niger State House of Assembly from sitting, claiming that those attempting to gain entrance into the assembly complex were non members. Source Punch Read More

Court Stops Newspaper from Covering Jega’s Activities - An Abuja High Court has stopped the Nigerian Pilot newspapers and Nigerian Newsworld Magazine from publishing stories on the Chairman of Independent National Electoral Commission, (INEC), Prof. Attahiru Jega and his activities. Source Thisday Read More


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FG slashes 2015 fuel subsidy by 90 per cent following oil price slide - The federal government will slash petrol subsidies by 90 percent this year because government revenues have been hit by the slump in oil prices. Source BUSINESSDAY Read More

FG Can Save $20b From Local Manufacturing –NNPC - Group Executive Director Gas and Power of the Nigerian National Petroleum Corporation (NNPC), Dr. David Ige, on Wednesday said the country would save as much as $20 billion annually in foreign exchange by reducing importation and increasing local manufacturing. Source Leadership Read More

Scarcity: Independent marketers refuse to load petrol - Independent oil marketers have stopped loading petrol, because they are aggrieved that the Federal Government has ignored them in the recent payment of subsidy arrears. Source Punch Read More

Oil price fall shouldn’t affect economy – NNPC - The country’s economy should not be a victim of the global fall in oil prices based on its enormous gas potential, the Nigerian National Petroleum Corporation has said. Source Punch Read More

Black marketers push petrol price to N300/litre in Ondo - AS the scarcity of petrol bites harder across Ondo state , major marketers of the commodity now divert their consignment to independent marketers who sell between N150 and N300 per litre. Source Vanguard Read More

Shell declares force majeure on Nigeria's Forcados crude exports -  Shell has declared force majeure on exports of Nigeria's Forcados crude oil stream, a spokesman for the company said on Wednesday. Source Reuters Read More

Tanzania raises petrol, diesel prices, cuts kerosene - Tanzania's energy regulator raised the maximum retail prices of petrol and diesel on Wednesday but cut the price of kerosene, citing swings in international energy prices and a weakening local currency. Source Reuters Read More

Erin Energy begins oil production from Oyo field - Erin Energy Corporation, formerly known as CAMAC Energy Inc., said it had commenced production from the Oyo-8 well located in Oil Mining Lease 120 offshore Nigeria. Source Punch Read More

Amosun Blames NNPC for Pipeline Vandalism - Ogun State Governor, Senator Ibikunle Amosun has charged the federal government on the management of petroleum pipelines, attributing the incessant vandalism in various parts of the country to dereliction of duty on the part of the Nigerian National Petroleum Corporation (NNPC). Source Thisday Read More

Asia slides, euro at two-month peak as global bond rout rattles markets - Asian stocks fell on Thursday, led by losses on Wall Street, while a rise in euro zone debt yields amid a global bond rout kept the euro near a two-month peak versus the dollar, while the pound lost ground ahead of Britain's election later in the day. Source Reuters Read More

Netanyahu clinches deal to form new Israeli government - Prime Minister Benjamin Netanyahu clinched a deal to form a new government on Wednesday just before a deadline expired, but his coalition will rule by the slimmest of majorities in Israel's turbulent parliament. Source Reuters Read More

U.S. Stocks Fall to One-Month Low - The dollar sank and U.S. stocks fell to a one-month low after data on jobs and productivity added to concern economic growth is not robust enough to withstand higher interest rates. The rout in global bonds continued, while oil advanced amid a drop in supplies. Source Bloomberg Read More

Failing Ghana cocoa harvest drives global prices higher -  A poor cocoa harvest in Ghana has left the world's number two producer struggling to fulfil sales contracts and is driving up the price of the commodity on global markets. Source Reuters Read More

South African stocks book biggest drop in 6 weeks, track global markets - South Africa's main stock index booked its biggest daily percentage decline in more than a month on Wednesday, tracking global markets as anxiety from a sell-off in global government bonds spread to equities. Source Reuters Read More

Kenya's central bank holds benchmark lending rate - Kenya's central bank held its benchmark lending rate at 8.50 percent on Wednesday, saying it would pursue a tightening bias to contain inflation through money market operations. Source Reuters Read More




 The NSE Draft Rules on Delisting from Daily Official List – TNI Q2/E6












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