Nigeria in 1min: Economic, Business & Financial Headlines – 171215



December 17, 2015 7:00 AM / Proshare News

MDAs Remit N367bn Operating Surplus To FG’s Account - The Fiscal Responsibility Commission (FRC) has disclosed that it has recovered over N367 billion of operating surplus from ministries, departments and agencies (MDAs) of the federal government since 2009 to August 2015. Source Leadership Read More

The Numbers of Medium Term Expenditure Framework - Neither the new administration nor its early policy pronouncements have impressed the markets. The 2016-18 Medium Term Expenditure Framework (MTEF) offers the potential to make amends, and we draw on South Africa to make our point. Source Proshare Read More

Federal, states, council workers groan under unpaid November salaries - JUST nine days to Christmas, there are doubts whether the nation’s 250,000 federal workers and thousands more in states and local councils’ payroll will be part of the celebrations Source Guardian Read More

Senate passes govt’s expenditure plan for three years - PRESIDENT Muhammadu Buhari’s Medium Term and Expenditure Framework (MTEF) for 2016, 2017 and 2018 which he submitted to the National Assembly last week got the approval of the Senate yesterday. Source Guardian Read More

Nigeria, to benefit from Afreximbank’s $3 billion Programme to address Africa’s trade finance liquidity shortage - Nigeria and other member-countries of the African Export-Import Bank (Afreximbank) would soon benefit from a financing programme by the pan-African trading bank that would provide more than $3.5 billion to its member countries to enable them adjust to current adverse economic shocks, especially commodity price and terrorism-induced ones. Source BUSINESSDAY Read More

FG ready to partner Abia on railway - Minister of Transportation, Chibuike Amaechi, has accepted an offer by the Abia State government to extend the newly opened mass transit rail system from Aba to Umuahia and Isikwuato. Source BUSINESSDAY Read More

Reps to CBN: disclose interest on foreign reserve accounts - The House of Representatives has demanded to know how the nation’s foreign reserves accounts are managed by the Central Bank of Nigeria (CBN). Source THE NATION Read More

Customs Generates N13bn in 11 Months - With just two weeks to the end of year 2015, the Nigeria Customs Service (NCS), Oyo/Osun command has declared that N13billion was realised as revenue between January and November this year. Source Thisday Read More


Fed Govt to roll out growth plans for power, says BPE - The Federal Government has put in place modalities to drive the power sector for growth, just as it has driven the telecommunication industry for better performance, the Director- General, Bureau of Public Enterprises (BPE),Benjamin Dikki has said. Source THE NATION Read More

Nigeria's Egbin Power plans to double generating capacity - CEO - Nigeria's biggest power company Egbin Power Plc plans to double its generation capacity to 2,640 megawatts (MW) over the next three to four years at a cost of $1.8 billion to tap growing demand, its chief executive said. Source Reuters Read More


IOSCO Publishes results of the third annual Risk Outlook Survey - The Research Department of the International Organization of Securities Commissions (IOSCO) today published a Staff Working Paper entitled Risk Outlook Survey: Detailed methodology and results 2015, which provides a detailed analysis of responses to its annual Risk Outlook Survey. Source Proshare Read More


Equities market ends lower despite active opportunistic buy - The equities market closed today on a negative note, as NSE ASI depreciated by 0.01% to close at 26,948.43basis points, compared with the 0.84% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 22.24% Source Proshare Read More

Filing of Periodic Financial Returns and Q3'15 Defaulters - TNI Q4/E11 - Year 2015 financial calendar gradually continues to move towards its end as we approach a new year 2016. Source Proshare Read More


Dollar scarcity: Banks cut customers’ spending abroad by 80% - Nigerian bank customers who are planning to use their payment cards for shopping via Point of Sale terminals in malls and make hard currency withdrawals via Automatic Teller Machines overseas are in for a shock! Source Punch Read More

Naira plummets to 269 against dollar - The naira tumbled to 269 against the United States dollar at the parallel market on Wednesday as the Central Bank of Nigeria commenced rationing the greenback to Bureaux De Change operators in its weekly foreign exchange sale. Source Punch Read More

Street hawking of foreign currencies banned - IT may no longer be business as usual for operators of Bureau De Change (BDC) come 2016, as the Central Bank of Nigeria (CBN) has read the riot act to members, ordering them to stop street hawking of foreign exchange (forex) forthwith. Source Guardian Read More

Hedge fund assets under IOSCO’s management hit $2.6tr - The hedge fund assets under the management of International Organisation of Securities Commissions (IOSCO), has hit $2.6 trillion, representing 34 per cent growth over the previous year’s level. Source Guardian Read More

Shadow banking’ growth to slow down, says Fitch - The growth and success of shadow banks will begin to modestly slow in 2016 as regulators step up scrutiny of the sector and banks weigh competitive responses, according to Fitch Ratings. Source THE NATION Read More

Nigeria to issue 67.4 bln naira in T-bills - Nigeria plans to raise 67.45 billion naira ($338.94 million) by selling Treasury bills with maturities of three and six months on Dec. 24, the central bank said on Wednesday. Source Reuters Read More



MTN’s Nigeria business threatened as no clarity on fine 2 weeks to deadline - Two weeks to a deadline to pay a $3.9 billion fine imposed by the Nigerian telecommunications regulator on the nation’s largest mobile network, MTN Group Ltd., there is still a lack of clarity on an issue that threatens to bankrupt what was once the poster boy of foreign direct investments (FDI) into the country. Source BUSINESSDAY Read More

Etisalat seeks $2b bank loans - United Arab Emirate (UAE)-based telecoms operator, Etisalat is talking to banks about raising a $2 billion loan as the telecommunications firm seeks funding amid a shift in Gulf loan markets. Source THE NATION Read More


Obama Taps Treasury Adviser Adewale Adeyemo for International Economics Post - President Barack Obama has tapped Adewale “Wally” Adeyemo, who served in top roles at the Treasury Department, to succeed Caroline Atkinson as his deputy national security adviser for international economic affairs Source Proshare Read More

Paul P. Andrews of FINRA Named IOSCO Secretary General - The Board of the International Organization of Securities Commissions (IOSCO) today announced it has appointed Paul P. Andrews as its new Secretary General. Mr. Andrews is currently the Vice President and Managing Director of International at the Financial Industry Regulatory Authority (FINRA). He will take up his position at IOSCO for a three-year renewable term in March 2016. Source Proshare Read More


Proshare Launches purpose-built Newsstand for Omole Phase II CDA - Proshare Nigeria’s leading information and intelligence hub, as part of its “Corporate Social Responsibility”   launched its “Newsstand”.This is designed to  beautify  the landscape of the Omole Phase II Estate and also strengthen the “Good Neighbourhood” initiative of the Community Development Association. Source WEBTV Read More

Lafarge unveils affordable housing units - Lafarge Holcim has unveiled a self-contained studio-flat at its Oregun, Ikeja, Lagos office in a move that may meet the desire of the majority, especially the low and middle income earners. Source THE NATION Read More


Investors to build new refineries within old plants - The Federal Government is engaging private investors to build new refineries within the existing old ones, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Punch Read More

Idle refineries slow N22bn chemicals market growth - The growth of the nation’s oilfield chemicals markets is being hampered by the state of government-owned refineries, among other challenges, the Chief Executive Officer, Matrix Petro-Chem Limited, Dr. John Erinne, has said. Source Punch Read More

OPEC Secy-Gen says low oil price will not continue - Global crude oil prices at seven-year lows will not continue and could swing upwards in as little as a year, OPEC Secretary-General Abdullah al-Badri said on Tuesday, as the low-price cycle leads to cuts in output from some producers. Source THE NATION Read More

Kachikwu: "We Stopped OPAs, Crude Swap to Cut Rent Seekers" - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on Wednesday said that the federal government decided to do away with the country's former practices of Offshore Processing Agreements (OPAs); crude-for-products-exchange arrangement and other unprofitable products and crude oil arrangements because it wanted to cut off rent seekers from benefitting from the country's oil and gas resources. Source Thisday Read More


European Stocks Rise, Paring Gains in Countdown to Fed Decision - Investors pushed European stocks higher for a second day before the Federal Reserve’s much-awaited interest-rate decision, though equities pared gains in the last hour of trading. Source Bloomberg Read More

South Africa says addressing Moody's concerns about fiscal slippage - South Africa's Treasury said on Wednesday it was addressing concerns about the rising risk of fiscal slippage raised by ratings agency Moody's, pledging to focus on debt stabilisation in the medium term. Source Reuters Read More

IMF trims forecast for Kenya's growth in 2015 and 2016 - The International Monetary Fund trimmed its forecast for Kenya's economic growth on Wednesday, projecting gross domestic product would expand about 6 percent next year after growing a less-than-expected 5.6 percent in 2015. Source Reuters Read More

Namibia inflation slows to 3.3 pct y/y - Namibia's consumer inflation slowed to 3.3 percent year-on-year in November from 3.4 percent in October, the statistics office said on Wednesday. Source Reuters Read More

The global impact of the US interest rate rise- After nearly a decade of what has been, essentially, a global economic effort - and experiment - to save the world from financial calamity, the Federal Reserve, the central bank to the world's largest economy, has decided, finally, to try a touch of "normalisation". Source BBC Read More

After the Fed's historic decision to raise rates, Janet Yellen explains why a recession isn't likely and why the future of interest rates will be unpredictable - Federal Reserve Chair Janet Yellen has taken the mic after the Fed elected to raise interest rates for the first time since June 2006. Source Business Insider Read More

Brazil stripped of investment grade rating as crisis deepens - Brazil lost its coveted investment-grade rating on Wednesday after Fitch became the second credit agency to downgrade the country's debt to junk status, citing concerns about an economic and political crisis threatening to topple President Dilma Rousseff. Source Reuters Read More



 Proshare launches “ Newsstand” for OPRA II CDA





















 Filing of Periodic Financial Returns and Q3’15 Defaulters - TNI Q4/E11























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