Nigeria in 1min: Economic, Business & Financial Headlines – 070815

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August 7, 2015 7:00 AM / Proshare News

 

NIGERIAN ECONOMY
FG Set For Forensic Audit Of NNPC, NIMASA, Customs, NPA, Others - Federal Government is to appoint two reputable international firm for a forensic audit of accounts of the all its revenue generating agencies, in a bid to promote and transparency in public accounting system. Source Daily Independent Read More
 

How the increase in headline inflation and misery index will affect investors and markets - FDC is projecting a marginal increase in Nigeria’s CPI (headline inflation) to 9.3% in July. If this forecast proves accurate, it will be the eighth consecutive rise in inflation recorded in 2015. Source Proshare Read More
 

Substandard goods imports rise by 200% –SON - The Standards Organisation of Nigeria has said lack of presence of its personnel at the nation’s seaports to check containers bringing goods into Nigeria accounts for a 200 per cent rise in the volume of substandard goods in the country in the last four years. Source Punch Read More
 

Competition in export markets and tame oil price outlook keep trade balance outlook negative - In line with our dour outlook for trade surplus, Nigeria recorded a trade deficit of $982 million over the first five months of 2015. Source Proshare Read More
 

Cash crunch hits House of Reps - The cut in the budget of the National Assembly from N150bn to N120bn is beginning to hit members of the House of Representatives hard, resulting in unpaid salaries. Source Punch Read More
 

Committee Recommends N37.2 Billion Investment to Resuscitate Textile Industry - The federal government committee set-up to examine and map-out strategies towards resuscitation of Nigeria's moribund Cotton,Textile and Garment (CTG) industry, has recommended  investment of N37.2 billion to revive the industry. Source Thisday Read More
 

Analyst Estimates Further Increase in July 2015 Inflation Rate - The National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of July 2015 on August 18, 2015, based on the Data Release Calendar available on the Bureau’s website as at the time of this report. Source Proshare Read More
 

Boosting non-oil exports - a fiscal necessity - The latest monthly Economic Report from the CBN puts non-oil exports provisionally at US$253m in April, indicating a sharp decline of 51% from the preceding month and a 49% drop on a year-on year basis. Source Proshare Read More
 

Nigeria - GDP growth loses ground in uphill climb - The Nigerian economy expanded 3.96% YoY in the first three months of 2015, the slowest growth since the last quarter of 2012. This marked the third straight quarter of slowdown as lower oil prices and supply constraints dragged the oil sector down. Source Proshare Read More


NIMC Set To Deploy Service Link To MDAs, Banks - The National Identity Management Commission (NIMC), yesterday, said that it has completed all plans to deploy the National Identification Number (NIN) authentication and verification service link to all ministries, departments and agencies (MDA’s) and banks across the country. Source Leadership Read More
 


 

POWER
Defunct PHCN Owed Eight States N6.5b Unremitted Tax - About eight states may have threatened to drag the Nigeria Electricity Liability Management Limited to court over N6.5billion unremitted Pay-As-You-Earn (PAYE) and Withholding Tax being taxes deducted from salaries of disengaged staff of the defunct Power Holden Company of Nigeria (PHCN) and not remitted to the coffers of the affected states. Source Daily Independent Read More
 

TCN Wheels out Record 101,088MW Hours of Electricity to Grid - The Transmission Company of Nigeria (TCN) on Thursday disclosed that it had attained an all-time maximum energy transmission per day of 101,088 megawatt hours (MWH) on the national grid. Source Thisday Read More

RULES & REGULATION
CBN Orders Banks To Pay For Dollar Purchases 48hrs In Advance - The Central Bank of Nigeria (CBN) on Thursday directed banks in the country to pay for their dollar purchases 48 hours in advance, as part of efforts to curb foreign exchange demand. Source Daily Independent Read More
 

 

 

Emefiele: CBN’s Forex Demand Management is Starting to Work - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has maintained that CBN policies aimed at managing demand for foreign exchange were beginning to have the desired impact. Source Thisday Read More

 

CAPITAL MARKET
Moderate bargain pushes market higher for forth day - The equities market closed today on a positive note, as NSE ASI appreciated by 0.29% to close at 31,495.73basis points, compared with the 3.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.12% Source Proshare Read More

 

 
MONEY MARKET

Four banks hold 34% of industry’s toxic assets - The “name and shame” exercise has revealed more about the depth of toxic assets in four of the worst hit banks so far published – Union, Diamond, Unity and First banks. Source Guardian Read More
 

Naira depreciates by N7  - The naira yesterday could not sustain the gains recorded on Wednesday, as it depreciated against the US dollar in the parallel market, closing at N222 to a dollar.  This represents a depreciation of N7 from Wednesday when a dollar exchanged for N215 in Lagos and Kano, and N220 to a dollar in Abuja. Source Vanguard Read More
 

Nigerian Recieves $7m World Bank Grant - A 2014 fellow of the Mandela Washington Fellowship, a flagship programme of President Barrack Obama’s Young African Leaders Initiative, Saidat Shonoiki, has received a $7 million grant from the World Bank to build a sustainable agricultural training centre. Source Leadership Read More
 

BoI, Taraba Govt To Disburse N700m Loan To MSMES - The Bank of Industry (BoI) and Taraba Government on Thursday collaboratively earmarked N700 million for disbursement as soft loans to Micro, Small and Medium Enterprises (MSMEs) in the state. Source Leadership Read More
 


 

INVESTORS NEWSBEAT
TRANSCORP tops investors' radar, records 31.07% gain in 4days - TRANSCORP sustained uptrend with an upper break-out by 16.7%, recording another maximum gain of 9.8% to push gaining streak into fourth day. This indicates strong optimism from both the investors and shareholders in the recent weeks. Source Proshare Read More

 
INTBREW Rated NEUTRAL; Records Slight Gross Margin Expansion to 49.9% - Although global average prices over the April-June period for sugar and maize (raw materials) declined by around 31% y/y and 21% y/y respectively, it appears that the price declines were more than offset by the devaluation of the naira, thereby limiting the gross margin expansion. Raw materials account for about 80% of the company’s cost of sales. While the company sources maize locally, all of its barley is imported. Source Proshare Read More

 
USDNGN devaluation keeps Nestle Nigeria Plc finance expenses elevated, SELL Rating issued - Nestlé Nigeria Plc (Nestlé) reported 1.9% YoY reduction in revenues for H1 2015 to N65.9 billion while PBT and PAT declined 23.9% and 24.9% YoY to N10.6 billion and N8.9 billion respectively. Source Proshare Read More
 

 

ISLAMIC FINANCE 
Development of an Islamic finance industry could help Africa fund infrastructure needs - S&P - Standard & Poor's Report indicated that “Regulations And Fiscal Incentives Could Speed Islamic Finance Development In Africa” Source Proshare Read More

 
CORPORATE EARNINGS
INTBREW Declares N420.81 mln PAT in Q1'16 result,(SP:N18.24k) - Source Proshare Read More

 

PEOPLE
Vacancy: General Manager, Property Development/Project Management - An opportunity has opened up for a result oriented and self motivated professional in a financial services group. Source Proshare Read More
 


 

 

 

PRODUCT & SERVICES
UBA Acquires, Deploys Banking Software In 17 Countries - To consolidate its leadership position and safeguard its vast assets, the management of United Bank for Africa (UBA) has approved the implementation of a-state-of-the-art accounts reconciliation software, CLIREC, across all branches in Nigeria and global operations in 17 countries. Source Punch Read More
 

 

FRAUDS & SCANDALS
$2.1m cash: I’m ready for EFCC, says ex-NHIS boss - The man the Economic and Fiancial Crimes Commission (EFCC) is seeking to question over the $2.1 million cash seized at the Lagos Airport yesterday denied that he was on the run. Source THE NATION Read More
 

Lafarge-Holcim merger to produce 14mtpa - The completion of ongoing Lafarge-Holcim merger is expected to produce about  14 million tons per annum (Mtpa) of cement.Already, the merger has increased the  production capacity of the firm to 8.5 mtpa. Source THE NATION Read More
 

Ex-FRSC boss buys off govt’s 7-day old N13m SUV as scrap, paying N150, 000 - A former Corps Marshal of the Federal Road Safety Commission, FRSC, Haladu Hananiya, is in trouble for allegedly paying N150,000 for a brand new Toyota Land Cruiser SUV worth N13 million. Source Premium Times Read More
 

Nigeria earned $11.8bn from LNG; not $5.6bn claimed by PDP, Jonathan govt. - Nigeria earned at least $11.8 billion as dividends from the Nigerian Liquefied Natural Gas Company, and not $5.6 billion as claimed by former Nigerian governments led by the People’s Democratic Party, PREMIUM TIMES can confirm today. Source Premium Times Read More
 

House to Investigate Finance Ministry’s N1.7bn Withdrawal from Sokoto River Basin - The House of Representatives has resolved to investigate the circumstances surrounding the conditional release and subsequent retrieval of N1.7 billion from the accounts of Sokoto Rima River Basin Development Authority by the Federal Ministry of Finance in March 2015. Source Thisday Read More
 

 

POLITICS
Dasuki Reels out Weapons Procured under Jonathan - The immediate past National Security Adviser (NSA), Col. Sambo Dasuki (rtd.), has opened up on how the previous administration of President Goodluck Jonathan facilitated the acquisition of once elusive weapons in the last one-year and recovered many local governments in the North-east, which were occupied by Boko Haram terrorists. Source Thisday Read More

 
Election Tribunal Grants Nnamani’s Application to Bring Forensic Expert - The National Assembly Election Petitions Tribunal sitting in Enugu on Thursday granted an application by the former governor of the state, Dr. Chimaroke Nnamani of the People for Democratic Change (PDC), for the leave of the court to call an additional witness, a forensic expert, pursuant to his petition over the senatorial seat in Enugu East senatorial district. Source Thisday Read More

 
Kaduna Closes Down Multiple Bank Accounts - The Kaduna State Government yesterday announced its decision to close down its multiple bank accounts in commercial bank to enable it to commence the implementation of the Treasury Single Account (TSA) framework by September 1, 2015. Source Leadership Read More
 


 

COMMODITIES
Could WTI Trade At A Premium To Brent By Next Year? - A flood of bearish news has pushed down oil prices to their lowest levels in months, with WTI nearing $45 per barrel and Brent flirting with sub-$50 territory. Source Proshare Read More
 

Shell Declares Force Majeure on Gas Supply to NLNG - Nigeria’s export of Liquefied Natural Gas (LNG) has suffered setback as Shell Petroleum Development Company (SPDC) has declared force majeure on gas supplies to the Nigeria Liquefied Natural Gas (NLNG) plant on Bonny Island in Rivers State. Source Thisday Read More
 

 

GLOBAL MARKET
Asian shares track Wall Street lower ahead of jobs data - Asian shares got off on the back foot on Friday, on track for a weekly loss, following Wall Street lower as caution reigned ahead of U.S. employment data that may help determine whether the Federal Reserve could raise interest rates as early as next month. Source Reuters Read More

 
European shares slip back; Novozymes slumps on weak results -
European shares retreated on Thursday, with some weak corporate results hitting the shares of enzyme company Novozymes and Deutsche Post . Source Reuters
Read More

 
Botswana's central bank cuts benchmark rate to 6 pct - Botswana's central bank cut its benchmark lending rate by 50 basis points to 6 percent on Thursday, saying this would help keep inflation within its medium-term target range. Source Reuters Read More
 

 

 

 

 

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