Nigeria in 1min: Economic, Business & Financial Headlines – 130416

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April 13, 2016 7:30 AM / Proshare News  

PROSHARE ECONOMY
CPI Rises to 12.8% in March; 1.4% Higher Than February Rate - In March, the Consumer Price Index (CPI) which measures inflation recorded a sharp rise for the second consecutive month. The headline index increased by 12.8% (year-on-year), roughly 1.4% points higher from rates recorded in February (11.4%) reflecting an increase in the prices of goods and services across the nation to a year-on-year high last recorded in July of 2012. Source Proshare Read More

Lagos, Borno have the Highest Prison Capacity in Nigeria - NBS - Prison capacity rises from 47,646 in 2013 to 50,153 in 2015 with Lagos (3897), Borno (3422) and Kaduna (2702) as the states with highest capacities.Source Proshare Read More 

 

Pharma on the rise; McKinsey has 1.5 million households in Lagos - The story of Africa rising, positive demographics and robust household incomes underpins foreign direct investment. It is told usually in the context of consumer goods but is the rationale for a McKinsey study entitled Africa: A Continent of Opportunity for Pharma and Patients. Source Proshare Read More 

Average Petrol Price Rises to N135.69 in Mar’16 from N99.76 in Feb '16 - NBS releases March 2016 PMS/Petrol Price Watch. Average price of petrol paid by consumers rises by 36% to N135.69 in March 2016 (highest since tracking in Jan 2015) compared to N99.76 in February. Source Proshare Read More 

FG borrows N600bn annually for salaries – SGF - The federal government is borrowing an average of N600 billion annually to augment payment of workers’ salaries, the Secretary to the Government of the Federation David Lawal Babachir has said. Source Daily Trust Read More 

Nigeria to include yuan in its foreign reserves - Africa’s biggest economy Nigeria agreed Tuesday to include China’s yuan currency in its foreign reserves as Beijing seeks closer ties and greater political and economic heft on the resource-rich continent. Source Vanguard Read More

China offers $6bn infrastructure loan to Nigeria - China has offered Nigeria a loan worth $6bn to fund infrastructure projects in Africa’s biggest economy. Source Punch Read More

FIRS begins sealing off business premises - The Federal Inland Revenue Service (FIRS),Ebonyi State Office has begun sealing off business offices that have defaulted in their tax payment. Source THE NATION Read More
 

 

African airlines record highest passenger traffic growth – IATA - The International Air Transport Association (IATA) says African airlines posted the strongest demand growth globally with February traffic up by 12.7 per cent compared to same month in 2015. Source THE NATION Read More 

China offers $15million Agric support to Nigeria - China has offered $15 million agricultural assistance to Nigeria for the establishment of 50 Agricultural Demonstration Farms across the country. Source BUSINESSDAY Read More

Nigeria Tops as Hotel Devt in Africa Rises 30% to 64,000 Rooms - The number of planned hotel rooms in Africa has soared to 64,000 in 365 hotels, up almost 30% compared with the previous year, according to new figures from the annual W Hospitality Group Hotel Chain Development Pipeline Survey. Source Thisday
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PROSHARE REGULATOR

Power, telecom firms must go public – SEC - The Director-General, Securities and Exchange Commission, Mounir Gwarzo, has said power generation and distribution companies, and telecommunications firms operating in the country must be quoted on the Nigerian Stock Exchange and/or the NASD OTC securities market. Source Punch Read More 

 

CBN, China’s ICBC, agree on yuan transactions - Nigeria’s Central Bank and the Industrial and Commercial Bank of China Ltd (ICBC) – the world’s biggest lender- on Tuesday, signed an agreement on yuan transactions, a Chinese Foreign Ministry official said. Source BUSINESSDAY Read More

NAICOM Endorses IGI’s Plan to Convert Assets to Funds - The National Insurance Commission (NAICOM) has okayed the ongoing plan by the Industrial and General Insurance (IGI)  to convert part of its long-term assets to liquidity. Source Thisday
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PROSHARE MARKETS
Stocks extend 3days losing streak on cautious trading - The equities market closed today on a negative note, as NSE ASI depreciated by 0.04% to close at 24,639.48basis points, compared with the 2.68% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.98%. Source Proshare Read More 

 

NSE/LSE partnership will create larger liquidity pools-Oscar Onyema - At a time when the Nigerian and African capital markets are in dire need of liquidity, the strategic partnership between the Nigerian and London stock exchanges will help to create larger liquidity pools. Source Proshare Read More

Investors Trade N22.5tn Securities on FMDQ OTC in Three Months - The FMDQ OTC Securities Exchange recorded transactions worth N22.5 trillion in  the first quarter of 2016.  The FMDQ OTC Securities Exchange was licensed by the Securities and Exchange Commission (SEC) in 2013 as an over-the-counter (OTC) securities exchange and self-regulatory organisation to run the fixed income trading platform and organise the market to international standards. Source Thisday Read More

 

WAPCO: Retaining Outperform rating on marked sell-off - Following Lafarge Africa’s (Lafarge) weaker-than-expected 2015 results, we have cut our EPS forecasts by an average of -36% over the 2016-17E period. In addition to the weak 2015 results, Source Proshare Read More 

Nigeria's Dangote signs Chinese bank loan for two cement plants - Dangote Group, the company owned by Africa's richest man Aliko Dangote, signed a deal on Tuesday for a $2 billion loan from the Industrial Commercial Bank of China Ltd for two cement plants, he told Reuters. Source Reuters Read More 

CIS suspends CEO of Foresight Securities - THE Chartered Institute of Stockbrokers (CIS) has announced the suspension of Barrister Alex Ogbebor from all stock market activities for a period of six months over fraudulent practices. Source Vanguard Read More 

Subsidy on petrol rises to N9.09 per litre - The amount the Federal Government is subsidizing Premium Motor Spirit, PMS, also known as petrol, rose, yesterday, to N9.09 per litre, according to the latest pricing template released by the Petroleum Products Pricing Regulatory Agency, PPPRA. Source Vanguard Read More 

Nigeria LNG pays N10.9tr to Government, JV, shareholders - Nigeria LNG Limited (NLNG) has since inception, paid $55 billion (about N10.9 trillion) to Joint Venture (JV), shareholders and the Federal Government. Source Guardian Read More 

Racketeering distorts fuel distribution – NNPC - The Nigerian National Petroleum Corporation (NNPC) has said panic buying as well as racketeering at various filling stations in the country are distorting smooth fuel distribution. Source Daily Trust Read More 

Blackout: Power firms agree to supply stranded electricity - Some power distribution companies have agreed to supply the stranded electricity in their locations to consumers in order to reduce the effect of the blackout currently being experienced all over the federation. Source Punch Read More

P/H Refinery Resume Operations – NNPC - The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that the Port Harcourt Refinery has again resumed operations with a daily production of five million litres of petrol. Source Leadership
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NLNG paid FG N436bn taxes in 2015 - The Nigeria Liquefied Natural Gas Limited says it paid the sum of S2.2billion (about N436billion) to the federal government as income tax in 2015. Source Daily Trust Read More 



PROSHARE BUSINESS

Senegal Airlines To Close After Big Losses - Senegalese authorities have announced that the country’s national carrier Senegal Airlines will be replaced by a new one in the coming weeks. Source Leadership Read More 

 

South Africa's economy seen weighed down by policy uncertainty: IMF - South Africa's economy is now expected to grow by 0.6 percent in 2016, down slightly from the 0.7 percent seen in January, as weaker exports and policy uncertainty take their toll, the International Monetary Fund said on Tuesday. Source Reuters Read More

Uganda's economy expanded by 2.1 pct in Q2 of 2015/2016 financial year - Uganda's economy grew by 2.1 percent in the second quarter of 2015/2016 (Jul-Jun) fiscal year from a revised 1.8 percent in the previous quarter, helped by faster expansion in the agricultural sector, official data showed on Tuesday. Source Reuters Read More 

World's Top Traders Say the Worst Is Over for Oil - Top executives at the world’s largest oil-trading houses said the worst of the market’s woes are probably over, with some predicting prices will climb to $50 a barrel by next year. Source Bloomberg Read More 

U.K. Inflation Rate Hits 15-Month High on Early Easter Boost - U.K. inflation accelerated to a 15-month high in March as an early Easter boosted air fares and clothing prices increased. Source Bloomberg Read More 

PROSHARE STARTUP
FirstBank’s DMD Hosts SME Entrepreneurs at EDC Breakfast Session - Consistent with its quest to build capacity amongst SME players and deepen the development of small and medium scale businesses in Nigeria, FirstBank’s Deputy Managing Director, Gbenga Shobo will play host to over 100 SME entrepreneurs across various business sectors at the maiden edition of the2016 EDC/FirstBank SME Breakfast Series Source Thisday Read More 



PROSHARE TECHNOLOGY

MTN not under obligation to pay N1.4tr fine, says justice minister - Minister of Justice and Attorney-General of the Federation (AGF), Mr. Abubakar Malami, yesterday said the N1.4 trillion fine slammed on Mobile Telecommunications Network (MTN) by the Nigerian Communications Commission (NCC) should not be considered a fine that is binding on the outfit. Source Guardian Read More 

 

FG Directs Varsities To Subscribe To NigREN - The federal government has directed tertiary institutions including universities, polytechnics, and colleges of education across the country, to move their connectivity and services to the Nigerian Research Educational Network (NgREN), a flagship of the National Universities Commission (NUC). Source Leadership Read More 

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