Nigeria in 1min: Economic, Business & Financial Headlines – 110914



Thursday September 11, 2014 6:59 AM / Proshare News

Jonathan Inaugurates Presidential Jobs Board - Determined to ensure jobs creation, President Goodluck Jonathan Wednesday inaugurated Presidential Jobs Board.The board is saddled with the responsibility of creating 3 million jobs in the next twelve months. Source Thisday Read More

FEC okays establishment of rice, cassava mills - TEN integrated rice mills and six cassava processing mills were approved by the Federal Executive Council (FEC) to be established at different parts of the country, as the Federal Government pushes to boost local production of the commodities and discourage the importation of raw materials. Source Guardian Read More

FEC Ratifies Abidjan-Abuja Corridor Treaty, Approves $2.25m Transmission Contract - The Federal Executive Council (FEC) yesterday ratified the Abidjan-Abuja Corridor Treaty and approved over $2.25 million for the power sector. Source Thisday  Read More

FG considers national social protection policy - A national social protection policy that will institutionalise the standard of social protection packages and serve as a guide to all operators in the country will soon be unveiled by the Federal Government. Source Punch Read More

RMAFC to present draft revenue formula to Jonathan - The Revenue Mobilisation Allocation and Fiscal Commission is set to present the draft new revenue formula to President Goodluck Jonathan. Source Punch Read More

National Assembly moves to pass PIB before December - There are fresh hopes that the troubled Petroleum Industry Bill may eventually be passed by both chambers of the National Assembly before the end of this year. Source Punch Read More

IFC stakes $17b on development projects in sub-Saharan Africa - THE international Finance Corporation (IFC), a member of the World Bank Group,has  provided  $17 billion financing aids to entrepreneurs in sub-Saharan Africa during its most recent fiscal year. Source Guardian Read More

SURE-P spends N78b on East-West road project - The Subsidy Reinvestment and Empowerment Programme (SURE-P) has so far contributed N78 billion to the cost of executing the 338 kilometer East-West road project, which is now at 80 per cent completion. Source Daily Independent Read More

Lagos: How We Spent N160bn World Bank Loan on Light Rail Project - The Lagos State Government yesterday justified the N160 billion it borrowed from the World Bank, noting that the fund was channelled to finance its light rail (blue line) project. Source Thisday  Read More

AfDB Approves $256m Infrastructure Investment for Nigeria, Ethopia - The board of directors of African Development Bank Group (AfDB) has approved a total of $256 million for the financing of investments in Nigeria and Ethiopia. Source Thisday  Read More

Nigeria Registers 11,075 Domain Names in Seven Months - The campaign to sensitise Nigerians to adopt the country's code Top Level Domain name (ccTLD), which began in 2012 is beginning to yield positive results, as the Nigeria Internet Registration Association (NIRA), the body charged with the responsibility of controlling the country's ccTLD, said it registered over 11 thousand domain names between January and July this year. Source Thisday  Read More

Onu: Less than 50 Urban Settlements in Nigeria Have Devt Plans - The National President of Nigerian Institute of Town Planners (NITP), Chief Steve Onu, who is currently serving his second term, spoke with Amby Uneze on various issues, including the Institute’s activities and its role in national development. Excerpts: Source Thisday  Read More

‘Nigeria’s N1.3bn online monthly transactions driven by middle class’ - Managing Director of Nigeria’s online marketplace,, Evangeline Wiles, has said that the enormous growth rate being recorded on the e-commerce sector, about N1.3 billion per month, is driven by the middle class. Source Vanguard Read More

Power agreements on hold as electricity market fails to kick off - Delay in the declaration of the transitional electricity market (TEM) is holding down the implementation of several agreements, including power purchase agreements (PPAs), gas supply aggregation agreements (GSAA) and gas transportation agreements (GTAs), which would have unlocked the potential of the Nigerian electricity supply industry, BusinessDay investigations show. Source BUSINESSDAY Read More

FRC: SEC, NPA Failed to Remit N28bn Surplus - In spite of clear fiscal regulatory provisions that all federal government Ministries, Departments and Agencies  (MDAs) must return their annual operating surplus to the treasury, the Securities and Exchange Commission (SEC) and the Nigerian Ports Authority (NPA) failed to remit a combined N28.27 billion of such surplus funds. Source Thisday Read More


Skye Bank: Trading in a downtrend…. - Skye Bank Plc. is recording higher highs in the last the last 4 sessions ( close price are 2.7, 2.78, 2.8, 2.9=High of the days are 2.81, 2.80,2.89,2.96), the stock is weak but a gradual reversal trend from its 25months low on the daily technical chart and its price is trading in a downtrend channel from a long term to intermediate term point of view. Source Proshare Read More

ABCTRANS: Bears are dominating the bulls as predicted…… - Last month, we had mentioned in our report that a symmetric triangle had been formed on the daily chart and we suggested a SELL at the N0.86level for the target of N0.75 and N0.70 level. Source Proshare Read More

NSE-ASI Swings Northwards on Modest Gain as Oscillation Persists - The equities market closed today on a positive note, as NSE ASI appreciated by 0.04% to close at 40,885.40 basis points, compared with the -0.84% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.07%. Source Proshare Read More

CMC prepares 10-year capital market master plan - The Capital Market Committee has said it is finalising work on a 10-year master plan aimed at ensuring the guided growth of the Nigerian capital market. Source Punch Read More

SEC Approves Planet, Strategy & Arbitrage, Emerging Capital Merger - The Securities & Exchange Commission (SEC) has approved the merger of Planet Capital Limited, Strategy & Arbitrage Limited, and Emerging Capital Limited. Planet Capital Limited will be retained as the name of the emergent firm. Source Thisday Read More


Naira hits two-month low, NNPC dollar sale fails - The naira fell to its lowest level in two months against the dollar on Wednesday, as the sale of the greenbacks by the Nigerian National Petroleum Corporation failed to meet market expectations. Source Punch Read More

UBN fails to stay above its key resistance level, Price correction looms - UBN recorded a modest gain of 1.10%, following a significant decline in bargain appetite observed during intra-day session as short term traders set to engage in profit-taking after an active 8-days rally of +28.46% recorded recently. Source Proshare Read More

FTNCOCOA- Snapshot on TRANSMAR deal - FTNCOCOA held its annual general meeting (AGM) on Thursday 4th September, 2014 where several issues revolving around the company were discussed. Source Proshare Read More

LeapFrog Investments to inject up to ₦16BN into financial services firms in Nigeria - LeapFrog Investments has raised a new ₦65 billion (US $400m) fund, to invest in financial services companies in Africa and Asia. Nigeria is a priority country. Source Proshare Read More

Fidelity, Skye, Heritage jostle to buy Enterprise Bank - Fidelity Bank Plc, Skye Bank Plc and Heritage Bank are among the five banks shortlisted to buy Enterprise Bank by the Asset Management Corporation, a source close to the deal disclosed to our correspondent on Wednesday. Source Punch Read More

Flour Mills chairman assures investors of stronger returns - The Chairman, Flour Mills of Nigeria Plc, Mr. George Coumantaros, on Tuesday told its shareholders that the group’s prospects were very good following strategic investments and the restructuring of its operations. Source Punch Read More

Transcorp Ughelli eyes 1,000Mw - Transcorp Ughelli Power Limited (TUPL), a subsidiary of Heirs Holdings, will  generate 1,000Megawatts (Mw) of electricity by first quarter of next year, its chairman, Mr. Tony Elumelu  has said. Source THE NATION Read More

SacOil Holdings' acquisition of Lagia Oil Field - SacOil, the African independent upstream oil and gas company, today announced the signing of an agreement to acquire the Cyprus-registered Exploration and Production Company, Mena International Petroleum Company Ltd (MIP). Source Proshare Read More


TheAnalyst website to undergo changes - We are very glad to inform you that our website  - is currently undergoing a number of changes and enhancements that should make it more useful for you. Our goal is to give you a site that is as current, compelling, easy to use as much as possible and a value-for-money service. Source Proshare Read More

Enterprise Bank introduces new loan scheme - Enterprise Bank says it has introduced a new loan scheme to specially cater for armed forces personnel. Source Punch Read More


Waheed Olagunju of BOI named Corporate Ambassador at the 2014 Nigeria Arise Awards - Mr Waheed Olagunju the Bank of Industry’s Executive Director, Small and Medium Enterprises has been conferred with the award of Corporate Ambassador at the 2014 Nigeria Arise Awards ceremony organized recently by BEN Television of London.  Source Proshare Read More

Ebola Update – 50 DAYS AFTER IN NIGERIA - According to a press briefing held by the Federal Minister of Health yesterday, it has been 50 days since Ebola Virus Disease was imported into Nigeria through Lagos, and 38 days since it was introduced into Port Harcourt. So far, all the cases that have been confirmed in Nigeria are traceable to the index case, the Liberian-American, Mr. Patrick Sawyer. Source Proshare Read More

Govt insists on Sept 22 for resumption of schools - DESPITE a protest by some stakeholders, the Federal Government will not review the September 22, 2014 it has fixed for schools to resume.  Source Guardian Read More

Teachers threaten strike over schools’ resumption date - The Nigerian Union of Teachers has threatened to go on strike if the Federal Government fails to put in place measures to protect its members and pupils from contracting the deadly Ebola Virus Disease before the   resumption of schools. Source Punch Read More


President Jonathan orders removal of offensive #BringBackJonathan2015 signs - President Goodluck Ebele Jonathan has directed that the #BringBackJonathan2015 signs and banners around Abuja which he and many Nigerians find offensive and repugnant  be brought down immediately. Source Proshare Read More


OPEC cuts demand outlook by most in 3 years on US shale - OPEC reduced forecasts for the amount of crude it will need to supply by the most in at least three years as surging North American shale output reduces reliance on the group’s supplies, reports Bloomberg. Source BUSINESSDAY Read More

Nigeria loses N31.8b to gas flaring - The Federal Government  lost N31.8billion through gas flaring in the month of February this year alone, the Social Development Integrated Centre (Social Action), a non-governmental organisation (NGO),  has said. Source THE NATION Read More

Gold Holds Near 3-Month Low on U.S. Rates View as Tensions Ease - Gold traded near a three-month low as investors assessed the outlook for U.S. monetary policy amid easing tensions between Ukraine and Russia. Source Bloomberg Read More

WTI Oil Trades Near 8-Month Low on Adequate Supply; Brent Steady - West Texas Intermediate traded near an eight-month low amid speculation that rising U.S. crude output will add to excess supply in the world’s biggest oil consumer. Brent was steady in London. Source Bloomberg Read More

Asian Stocks Climb as Chinese Shares Rally After CPI Data - Asian stocks rose, with the benchmark index heading for its first advance in six days, as Chinese shares rallied after weaker-than-expected inflation spurred speculation that the government will add stimulus. Source Bloomberg Read More

Europe Factors to Watch-Shares set to rise; Scotland in focus - European stocks were set to inch higher on Thursday, halting a recent slide and tracking gains on Wall Street where Apple rebounded, boosted by bullish analyst notes. Source Reuters Read More



  DANGCEM Plans Operational Expansion in 13 Countries by 2017; Sells Stake to Dubai Firm - TNI Q3/E11 


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