Nigeria in 1min: Economic, Business & Financial Headlines – 161014

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Thursday October 16, 2014 7:30 AM / Proshare News

 
NIGERIAN ECONOMY
FG proposes $78 oil benchmark for 2015 budget - The Federal Government has proposed $78 as the benchmark price for a barrel of crude oil and fixed the exchange rate at N160 per dollar for the 2015 national budget Source Punch Read More
 

FEC Approves N2.7bn for Abuja Roads - In a bid to rehabilitate some roads in the Federal Capital Territory (FCT), the Federal Executive Council (FEC) Wednesday approved N2.7 billion to that effect.It equally approved the procurement of branded sports equipment for 981 primary schools across the country. Source Thisday Read More
 

Nigeria Contributes N8.5bn To Receding Lake Chad Basin Project - The Federal Government of Nigeria has contributed the sum of N8.5 billion ($5 million) for the feasibility study to restore Lake Chad Basin which receded from about 25,000 square kilometres in 1960 to about 2,500 square kilometres at present, a reduction of 90 per cent. Source Leadership Read More
 

W’Bank, WTO Pledge Trade Facilitation Support for Nigeria, Others - The World Bank Group and the World Trade Organisation (WTO) have agreed to enhance their co-operation in assisting Nigeria and other developing and least-developed countries to better utilise trade facilitation programmes which can help countries reduce trade costs and more fully engage in the global economy. Source Thisday Read More
 

IFC Invests $50m in Seven Energy’s Debt Issuance - The International Finance Corporation has bought almost 13 per cent of the debt sold by Seven Energy International Limited, a Nigerian oil and gas company, with some proceeds earmarked for a pipeline in Africa’s biggest economy. Source Thisday Read More
 

NBC Seeks Domestication of Local Content for Global Broadcasting - With rapid development in digital broadcasting across the globe, the National Broadcasting Commission (NBC), has urged local television content developers in Nigeria to come up with local content production for television viewing that has global standard and must be domesticated in Nigeria, for global broadcasting. Source Thisday Read More
 

Critical ICT Infrastructure Bill to be Passed in November, Says NCC - Succour will soon come the way of over 130 million Nigeria telecoms subscribers, who have been groaning under poor service delivery across networks, as the Nigerian Communications Commission (NCC) has announced an imminent passage of Critical Information and Communications Technology (ICT) Infrastructure Bill, which is expected to address the issue of ICT infrastructure theft and destruction, that hamper quality service delivery. Source Thisday Read More
 

Why FG Spends N1bn Annually on Importation of Raw Materials for Yoghurt, Cheese, Others - The Director General, Raw Materials Research and Development Council, Mr. Hussaini Ibrahim, has said Nigeria spends more  than N1 billion annually  on importation of various types of microbes based industrial raw materials for yoghurt, cheese, pharmaceutical and other products, due to lack of well equipped Microbial Culture Centre (MCC) in the country. Source Thisday Read More
 

World Bank, ICRC to address hurdles to PPP projects - The Infrastructure Concession Regulatory Commission in collaboration with the World Bank has begun moves to address all impediments to Public Private Partnership projects in the country. Source Punch Read More
 

4 Nigerian coys win Power Africa energy grid contest - Four Nigerian companies have emerged winners of the Power Africa Off-Grid Energy Challenge sponsored by General Electric (GE), the U.S. Africa Development Foundation (USADF) and the U.S. Agency for International Development (USAID).Each of the companies received a grant of $100,000. Source Daily Trust Read More
 

Seme Customs raked in N964m revenue in September - The Customs Authority in charge of Seme Area Command in Badagry, Lagos State, generated about N964 million in September.The Command explained that it was the highest monthly collection it received between 2013 and 2014. Source Daily Trust Read More
 

Nigeria needs smarter electricity metering systems –Techno - Electricity distribution companies in Nigeria have been urged to deploy smarter prepaid metering systems owing to the peculiarities of the Nigerian market, which is characterised by power supply diversions and meter overloading, among other issues. Source Punch Read More
 



 

PUBLIC OFFERS PRIVATE PLACEMENTS
STANBIC Releases Closure Notice of SIBTC ETF 30 Fund IPO Offer - All Dealing Members are by this notice informed that the STANBIC IBTC ETF 30 FUND (SIBTC ETF 30 Fund) Initial Public Offer will close on Wednesday 15 October 2014. Source Proshare Read More
 

 

POLICY / REGULATIONS
CBN warns bank directors on corporate governance practices - The Central Bank of Nigeria (CBN) has warned bank directors that they would henceforth face the consequence of poor corporate governance in the banks.CBN Governor, Mr. Godwin Emefiele gave this warning in a keynote address delivered at the CBN/FITC 2014 continuous education programme for directors of banks and other financial institutions in Lagos. Source Vanguard Read More
 

SEC retains ‘Most Innovative Capital Markets Regulator’ award - The Securities and Exchange Commission (SEC) Nigeria has won for the second year running, the 2013 edition of the Africa Index Series Award for the category of the continent’s ‘Most Innovative Capital Markets Regulator’ Source Daily Trust Read More

 
CAPITAL MARKET
Market Networth drops to N12.97trn, sheds N638.82bn in 8 straight days -  The equities market closed today on a negative note, as NSE ASI depreciated by -1.02% to close at 39,278.47 basis points, compared with the -0.92% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.96%. Source Proshare Read More
 

 

BOND MARKET
FG to raise N96.3bn in Treasury bills - The Federal Government plans to raise N96.26bn ($587m) with Treasury bills with maturities ranging between three months and one year on October 23, the Central Bank of Nigeria said on Wednesday. Source Punch Read More
 

 

MONEY MARKET
Heritage Bank completes payment to acquire Enterprise Bank - Heritage Bank Limited Wednesday completed the payment of N56 billion to acquire Enterprise Bank.Enterprise Bank is one of the three nationalised banks bought by Asset Management Corporation of Nigeria (AMCON) in 2011, following the failure to meet the recapitalisation deadline of the Central Bank of Nigeria. The other banks are Mainstreet Bank and Keystone Bank. Source Vanguard Read More
 

Naira sheds 0.24 pct as demand for dollars grows - The Nigerian naira fell 0.24 percent against the dollar on Wednesday as demand for the U.S. currency strengthened despite the sale of large amounts of dollar by the local unit of Royal Dutch Shell, dealers said. Source BUSINESSDAY Read More





INVESTORS NEWSBEAT

IKEJAHOTEL: Profit-taking begins after +111.18% gain in 9days - IKEJAHOTEL recorded a -5.00% loss to halt the 9days uninterrupted gaining streak, following a significant decline in bargain appetite as both investors and shareholders displayed profit-taking tendency towards the stock with a corresponding surge in bearish volume by 1881.59%. Source Proshare Read More
 

SEPLAT Announces Notice of Board Meeting - Seplat Petroleum Development Company Plc has notified The Nigerian Stock Exchange that the company’s board of directors will meet in London on 29th October 2014 at which meeting a decision would be taken to declare an interim dividend. Source Proshare Read More
 

TOTAL Releases Notice of Board Meeting - Total Nigeria Plc has notified The Nigerian Stock Exchange that its board of directors will meet on Wednesday 5th November 2014 at the Boardroom, Total House, 4 Churchgate Street, Victoria Island Lagos at 10.00 a.m. Source Proshare Read More
 

ExxonMobil invests $40bn on hydrocarbon - AMERICAN oil major, ExxonMobil, said it has spent about $40 billion in oil and investment in countries where it exploits hydrocarbon including Nigeria in 2012. Source Guardian Read More
 

Dangote To Invest In Coal Mine In Tanzania - The chairman and president of the Dangote Group, Alhaji Aliko Dangote, is set to invest in developing the Mbinga Coal Mine in West Tanzania to power the Mtwara cement plant. Source Leadership Read More
 

 

CORPORATE EARNINGS
FORTEOIL declares N4.02billion PAT in Q3 '14 result,(SP:N209.00k) - Source Proshare Read More

 
WEMABANK declares N2.1billion PAT in Q3 '14 result,(SP:N0.93k) - Source Proshare Read More
 

 

PRODUCTS & SERVICES
Transcorp and Hilton Worldwide Continue To Expand In Nigeria With The Signing Of Transcorp Hilton Port-Harcourt -Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation of Nigeria Plc, today signed an agreement with Hilton Worldwide, to develop a 250 guestroom Hilton Hotels & Resorts-branded property in Nigeria’s garden city, Port Harcourt. Source Proshare Read More

 
Very few Africans have bank accounts and even fewer borrow from banks - In most African countries, fewer than half of adults had a bank account and fewer than 10% borrowed from a formal financial institution in 2011, the latest figures available, according to the 2014 Africa Survey to be released October 28th by Good Governance Africa (GGA). Source Proshare Read More
 

‘First Bank sustains support for the blind on White Cane Day’ - First Bank of Nigeria Limited says it is providing inclusion, advocacy and public enlightenment for blind and visually impaired persons in the country through its consistent support for the Nigeria Association of the Blind (NAB) White Cane and Safety Day. Source Daily Trust Read More
 



 

PROFESSIONAL
Lifting the Lid on Emerging Nigeria – FBN Capital’s 4th Annual Investor Conference - FBN Capital Limited, the Investment Banking and Asset Management subsidiary of FBN Holdings Plc, will once again host key stakeholders at the 4th edition of its Annual Investor Conference, holding on the 11th and 12th of November 2014 at the Federal Palace Hotel in Lagos. Source Proshare Read More


Africa Investor International Awards recognizes the NSE for support to SME’s - Africa investor (Ai), a leading international investment and communications group, yesterday announced the winners of the prestigious Ai Investment and Business Leader Awards 2014, which took place at the Ritz Carlton Hotel in Washington DC, during the Ai CEO Investment Summit on the eve of the World Bank Annual Meetings. Source Proshare Read More


PEOPLE
LAWUNION Appoints Stephen Oluwaseun as an Alternative Director - Law Union and Rock Insurance Plc has notified The Nigerian Stock Exchange that sequel to its Board of Directors’ meeting held on Tuesday, 30th September 2014; it has approved the nomination of Messrs Stephen Oluwaseun Dawodu as an Alternative Director to Mr Folarin Ademola Familusi on the Board of the company effective from 30th September 2014. Source Proshare Read More
 

Lagos bars Liberia, others from trade fair - Lagos Chamber of Commerce & Industry (LCCI) on Tuesday said they will not allow participants from some West African countries currently devastated by the Ebola Virus Disease (EVD) such as Liberia, Guinea and Sierra Leone at this year’s International Trade Fair slated for between the 7th and 16th of next month, Source THE NATION Read More
 

Navarro College in U.S rejects Nigerian applicants over Ebola - A college in Texas has sent out letters to applicants from Nigeria telling them they will not be admitted to the school because of Ebola, United Kingdom’s Dailymail reports. Source BUSINESSDAY Read More


FRAUDS AND SCANDALS

Court Discharges Ajudua of $1.9m Fraud Charge - An Ikeja High Court Wednesday discharged a socialite and businessman, Fred Ajudua, of $1.69 million (about N252.8 million) fraud charge.Justice Kudirat Jose discharged Ajudua and his co-defendant, Charles Orie, following the withdrawal of the charge by the Economic and Financial Crimes Commission (EFCC). Source Thisday Read More

 
Court Reserves Judgment in Akingbola’s Appeal - The Court of Appeal in Lagos Wednesday reserved judgment in the appeal filed by a former Managing Director of the defunct Intercontinental Bank Plc, Mr. Erastus Akingbola, challenging the ruling of Justice Lateef Lawal-Akapo of an Ikeja High Court on the issue of jurisdiction. Source Thisday Read More





POLITICS
House Approves 71 Amendments to Constitution - The House of Representatives Wednesday rejected referendum in the determination of the recommendations of the fate of the National Conference. Source Thisday Read More

 
Health workers begin nationwide strike Thursday - HEALTH workers across the country will today begin an indefinite strike over alleged government’s refusal to accede to their demands. Source Guardian Read More
 

Chukwu, Maku, Five Other Ministers Quit Cabinet - Seven ministers in President Goodluck Jonathan’s cabinet who are interested in contesting the governorship elections in their respective states in 2015 Wednesday resigned from the Federal Executive Council (FEC). Source Thisday Read More

 
Buhari Declares for Presidency, Says Boko Haram is Ungodly - Former military Head of State and three-time presidential contender, Major-General Muhammadu Buhari (rtd), Wednesday formally declared his intention to enter the presidential race on the platform of the All Progressives Congress (APC), promising to fight corruption and wipe out Boko Haram, which he described as “ungodly”. Source Thisday Read More

 
59 Soldiers Face Death for Refusing to Fight Boko Haram - In a solemn trial that began Wednesday, 59 soldiers of the Nigerian Army face the possibility of bagging death sentences following charges of mutiny and refusal to fight Boko Haram terrorists in Borno State levelled against them. Source Thisday Read More
 

 

COMMODITIES
Lagos to join oil producing states in 2015 - Lagos State is set to join the league of oil producing states in the country come next year as the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the field. Source Punch Read More
 

Poverty, hopelessness worsening oil theft - Apart from the lack of political will to totally stop oil theft and illegal refining of crude, poverty, impunity, hopelessness and deprivation in the country are said to be worsening the situation. Source Punch Read More
 

Flared gas can generate 100,000MW of electricity – Expert - Despite growing domestic gas demand in the country, oil companies in the first half of the year flared a quantum of natural gas capable of generating 100,000 megawatts of electricity. Source Punch Read More
 

Commodities Extend Drop to Five-Year Low Led by Oil Slump - Commodities sank to a five-year low as energy prices extended losses on rising supplies and U.S. economic data that missed estimates added to concern that global growth may be faltering, hurting the outlook for raw materials. Source Bloomberg Read More

 
WTI Extends Rout From Two-Year Low on Rising Supply; Brent Falls - West Texas Intermediate extended its drop from the lowest price in more than two years amid speculation rising U.S. supplies are exacerbating a global glut that’s driven prices into a bear market. Brent fell in London. Source Bloomberg Read More
 




GLOBAL MARKETS
Rise of the Chinese economy, fall of the US hegemony? - The Chinese economy, being largely government controlled and undeveloped, was nothing to reckon with prior to 1978. However, with some dosage of capitalist reforms in a slow and steady fashion, the economy has recorded average annual growth of c.10% over the last 30 years. Source Proshare Read More
 

Asian Stocks Head to Six-Month Low; Bonds Rise, Oil Drops - Asian stocks slid toward a six-month low and average bond yields for the biggest developed economies fell to a record on concern that Europe’s economic woes may scupper the global recovery. Crude oil extended declines, dragging a gauge of commodities to the lowest since 2009. Source Bloomberg Read More

 
European stocks suffer biggest one-day slide since 2011 - A sell-off in European stocks accelerated on Wednesday, with a key index suffering its biggest one-day slide in nearly three years as investors slashed exposure to risky assets on mounting worries about global growth. Source Reuters Read More

 

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