Nigeria in 1min: Economic, Business & Financial Headlines – 170914



Wednesday September 17, 2014 6:45 AM / Proshare News

FG Invests N27bn To Boost Education - The federal government has invested over N27billion in the development of almajiri education, out-of-school boys and girl-child education programmes. Source Leadership Read More

FG records N28.67bn drop in revenue - The Federal Government on Tuesday said the country recorded N28.67bn decline in gross federally collected revenue from N630.32bn received in the month of July to N601.65bn in August. Source Punch Read More

N10 bn refunded by NNPC shared by FG, states, LGs - FAAC - Abuja - The Federation Account Allocation Committee (FAAC) on Tuesday shared N611.77 billion to the Federal, states and local governments for the month of August. Among the shared money is the N10 billion refunded to the federation account by Nigerian National Petroleum Corporation. Source Vanguard Read More

FG defends $9.3m cash seized in S-Africa, releases data on transaction - The Federal Government yesterday opened diplomatic discussions with South African authorities on the seizure of $9.3m illegally imported by two Nigerians and an Israeli citizen to purchase arms on behalf of Nigerian security services. The Nigerian government insisted that the deal was legal. Source Vanguard Read More

Nigeria’s capital importation rises to $5.8b - Capital imported into Nigeria rose to $5,803.89 million as at the second quarter of this year, representing an increase of 48.64 per cent from the $3,904.55 million recorded in the first quarter, 2014. Source Daily Independent Read More

‘Nigeria needs $3.4b to boost power supply’ -  FOR the nation to enjoy regular power supply in the short term, the transmission network would require about $3.4 billion (about N544 billion) to reinforce the infrastructure for immediate evacuation of power to the national grid. Source Guardian Read More

Govt inaugurates body for new agricultural policy - THE Federal Government, Tuesday, constituted a 14-member Policy-Working Group to develop innovative policies and institution that would facilitate the actualization of the Agricultural Transformation Agenda. Source Guardian Read More

Reps committees get 21 days to produce PIB, others - The Speaker of the House of Representatives, Mr. Aminu Tambuwal, gave marching orders to the committees of the House handling critical bills and other assignments on Tuesday to produce their reports within 21 days. Source Punch Read More

Ahead of MPC | Stable Policy Outlook …as GDP growth defies security challenges - The Monetary Policy Committee (MPC) will be meeting on the 18th and 19th of September, 2014 (the second meeting to be chaired by the new CBN Governor, Godwin Emefiele) to discuss developments in the global and domestic economy and deliberate on appropriate monetary policy responses. Source Proshare Read More

Kano-Jigawa Customs generates over N2bn in seven months - The Kano/Jigawa Command of the Nigerian Customs Service yesterday said it generated revenue of over N2 billion in seven months out of the command’s expected annual revenue target of N4.2 billion. Source Daily Trust Read More


CBN urges MDAs to deploy e-channels in remittances - THE Central Bank of Nigeria (CBN) has asked Ministries, Departments and Agencies (MDAs) to adopt e-payment channels for their transactions.Salaries, pensions and supplies and taxes are to be paid through the electronic channels. The policy applies to organisations with over 50 employees. Source THE NATION Read More


ETI: Bulls remain on the front foot with strong bullish signals - A closer look at the daily chart reveals some volatility in the ETI stock, and after a lot of whipsaws strong rally, bullish sentiments have taken over. Source Proshare Read More

Stocks Undulate as Negative Sentiments Persist - The equities market closed today on a negative note, as NSE ASI depreciated by -0.30% to close at 40,648.16 basis points, compared with the +0.24% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.65%. Source Proshare Read More


AMCON to release Enterprise’s bid price after payment - Asset Management Corporation of Nigeria will release the amount to be paid by the preferred bidder for Enterprise Bank after necessary payments must have been made, AMCON’s spokesman, Mr. Kayode Lambo, indicated on Tuesday. Source Punch Read More

CBN intervenes to halt naira fall - The Central Bank of Nigeria on Tuesday intervened to support the naira after the local currency shed 0.57 per cent from the start of the day’s trade to N163.85 against the dollar, dealers said. Source Punch Read More


Bauchi State seeks approval to raise N15 bn bond - Nigeria’s northeastern state of Bauchi is seeking approval to raise 15 billion naira ($92.05 million) in bonds to fund development projects, the Securities and Exchange Commission (SEC) said on Tuesday. Source Daily Trust Read More

CADBURY plunges further, hits 44wks low on sell pressure - CADBURY recorded another moderate loss of -4.60% to extend the active sell-down trend while investors sustained negative sentiments towards the stock to close battered among the bearish stocks on the Nigerian bourse. Source Proshare Read More

Lafarge Africa Plc Completes Consolidation Transaction - Lafarge Africa Plc (“Lafarge Africa”), formerly, Lafarge Cement Wapco Nigeria Plc announces the completion of its acquisition of Lafarge group’s (“Lafarge group”) shareholdings in Lafarge South Africa Holdings (Pty) Limited (“LSAH”), United Cement Company of Nigeria Limited (“Unicem”) through Egyptian Cement Holding BV, AshakaCem Plc (“Ashaka”) and Atlas Cement Company Limited (“Atlas”). Source Proshare Read More

Stanbic IBTC opens IPO for N1bn ETF - Stanbic IBTC Asset Management has opened its initial public offering for the Stanbic IBTC Exchange Traded Fund 30.The company, a member of Standard Bank Group, said in a statement on Tuesday that it opened the IPO on Monday with 10,000,000 units of the fund available at N100 each at par. Source Punch Read More

Shareholders approve Honeywell Flour Mills N1.3bn dividend - Honeywell Flour Mills Plc on Tuesday received the approval of its shareholders to pay a dividend of N1.34bn, representing N17 kobo per share for the financial year ended March 31, 2014. Source Punch Read More

Access Bank to raise N68bn from share sale - Access Bank Plc is seeking to raise N68bn to fund operations and bolster cash reserves. A spokeswoman for the bank, Busola Osilaja, said shareholders would vote on October 13 on the proposal to sell shares to existing investors, Bloomberg reported. Source Punch Read More


UBA Verve Cardholders get Cash Rewards - United Bank for Africa (UBA) Plc in partnership with Verve International has launched an offer tagged “UBA Verve Rewards” in which Cardholders could win e-cash, free airtime, Nokia mobile phones and up to N35,000  cashback Source Proshare Read More

Stanbic IBTC, NBET Sign Payment Service Deal - Stanbic IBTC and the Nigerian Bulk Electricity Trading Plc (NBET) yesterday signed an agreement affirming the former as payment management service provider to the bulk trader. Source Thisday Read More

Transcorp Ughelli to create 15,000 jobs - The  target of 1,000Megawatts (Mw) generation by the first quarter of next year by the  Transport Ugehlli Power Limited (TUPL) will culminate in the creation of 15,000 job opportunities, it was learnt yesterday. Source THE NATION Read More


N1.1BN SUBSIDY FRAUD: EFCC, oil marketer differ on diversion of products - An oil marketer, Opeyemi Ajuyah, yesterday, faulted the claim by the Economic and Financial Crimes Commission (EFCC) that her company diverted over 10,000 metric tonnes of petrol. Source Vanguard Read More

Zambian minister accuses Dangote Cement of bribery - A row is brewing between Zambia and Dangote Cement, a major employer in Africa’s second largest copper producer, after a government minister accused an executive at the local unit of the Nigerian company of attempting to bribe him. Source Punch Read More

$9.3m Seizure: NCAA To Sanction Crew Of Alleged Jet - The Nigerian Civil Aviation Authority (NCAA) has said the authority would sanction the crew of the alleged private jet belonging to the president of the Christian Association of Nigerian (CAN), Ayo Oritsejafor, linked with illegal laundering of about $9.3 million in South Africa. Source Leadership Read More

TRANSEXPR Appoints Aderonke Fatade as Independent Director - Trans-Nationwide Express Plc has notified The Nigerian Stock Exchange of the appointment of Mrs Aderonke Fatade as an Independent Director of the company with effect from Thursday, 12 June 2014. Source Proshare Read More

NESTLE Appoints Syed Saiful as Executive Director - Nestle Nigeria Plc has notified The Nigerian Stock Exchange that Mr. Martin Kruegel, an Executive Director, has notified the Company of his decision to resign from the Board of Directors on 30 September 2014 as a result of his transfer to Nestle Malaysia/Singapore. Source Proshare Read More

President Names Usman NCAA DG, Nwezeh Supreme Court Justice - President Goodluck Jonathan yesterday named Captain Muktar Usman as the Director General of the Nigeria Civil Aviation Authority (NCAA). Source Thisday Read More


Senate Asks FG to Declare Total War against Boko Haram - There were fears in the Senate yesterday that the 2015 general election might not hold in February next year as scheduled if the dreadful activities of Boko Haram insurgents in the North-eastern part of the country continue. Source Thisday Read More

Total to sell $2.5bn Usan oil field - France’s Total SA, Europe’s second largest oil company, has put one of its offshore Nigerian oil fields up for sale again, the company said, after a 2012 deal with Sinopec Corp failed. Source Punch Read More

‘Nigeria has recorded 600 oil spills this year’ - The German Development Minister, Mr. Gerd Müller, has slammed the Federal Government for what he describes as rising cases of oil spill in the Niger Delta. Source Punch Read More

WTI Crude Trades Near Two-Week High on OPEC Target; Brent Steady - West Texas Intermediate traded near the highest price in almost two weeks after OPEC’s secretary general said the group may cut crude-output targets next year. Brent was steady in London. Source Bloomberg Read More

Asian Stocks Rally With Copper as Chinese Bonds Advance - Asian stocks rose, halting the regional index’s longest slump in 12 years, while industrial metals climbed and Chinese bonds rallied as the country’s central bank boosted stimulus. The dollar rose before the Federal Reserve reviews interest rates. Source Bloomberg Read More

Europe stocks slip as Fed jitters eclipse M&A fever - European stocks fell on Tuesday, with a regional index hitting a two-week low, as this week's referendum on independence in Scotland and the Federal Reserve's policy meeting kept investors on edge. Source Reuters Read More

Alibaba Buyers Say IPO Too Cheap to Miss Even With Risks - U.S. fund managers studying an investment in Alibaba Group Holding Ltd. are worried about everything from corporate governance to bull market fatigue. They’re buying anyway, afraid of missing a bargain. Source Bloomberg Read More

Here’s how BlackRock would change stock-market trading - The issue over whether stock-market trading is rigged or broken has dominated the headlines since the publication of Michael Lewis’s book on high-frequency trading. Fund giant BlackRock has sent its wish list on stock-market reform to the Securities and Exchange Commission. Here’s what the firm recommends: Source Market Watch Read More




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