Nigeria in 1min: Economic, Business & Financial Headlines – 181215



December 18, 2015 7:00 AM / Proshare News

Nigeria's Merchandise Trade Declines in Q3, 2015 - The total value of Nigeria’s merchandise trade at the end of Q3, 2015 was ₦4,021.4 billion. This was 7.8% less than the value (₦4,359.5 billion, Revised) recorded in the preceding quarter. Source Proshare Read More

FG Will Seek Foreign Loan In 2016 – Adeosun - Minister of finance, Mrs Kemi Adeosun, has said that Nigeria would borrow internationally and locally to fund the deficit in the 2016 budget. In a chat with Bloomberg, Adeosun explained that the decision was considered in light of the pressure confronting the economy as a result of plunging oil prices in the global crude market. Source Leadership Read More

FG To Sell Eurobond In Early 2016 To Plug Budget - The Federal Government of Nigeria is considering issuing international debt early next year for the first time since 2013, as it prepares to send a record spending plan to parliament to stimulate an economy hammered by crashing oil prices, finance minister, Kemi Adeosun said. Source Leadership Read More

Dwindling oil price: Explore alternative sources of revenue, FG tells states - AS the price of oil in  the international market continues to dwindle, the Federal Government insisted that state governments must begin to explore alternative sources of generating revenues in their respective states to augment what they were getting from the centre as monthly allocations. Source Vanguard Read More

FEC holds emergency meeting over budget - President Muhammadu Buhari has summoned an emergency meeting of the Federal Executive Council (FEC) over the 2016 budget. Source Daily Trust Read More

FG plans to revive Kaduna textile factories in 2016 - The Federal Government has disclosed that it plans to revive the manufacturing of textiles in Kaduna by reviving moribund factories in 2016. Source Daily Trust Read More

MTEF: Financing the Deficit in the 2016 Budget - In our third commentary on the 2016-18 Medium Term Expenditure Framework, we find that concerns about the projected N2.22trn (US$11.17bn) deficit for 2016 are overstated. The forecast would represent 2.2% of estimated GDP, and so fall within the 3% threshold set in the Fiscal Responsibility Act. Source Proshare Read More

2016 budget: Reps adopt $38 oil price bench mark - The House of Reprsentatives yesterday approved a benchmark of $38 per barrel of crude oil for the 2016 budget. Source THE NATION Read More

Lagos budgets N665.588bn for 2016 - Governor Akinwunmi Ambode of Lagos State yesterday presented the state’s 2016 budget proposal of N662.588 billion to the House of Assembly, with a pledge that his administration will not only implement the budget faithfully, but also ensure that it works in the best interest of Lagosians. Source Vanguard Read More

Govt inherits $26.3m, £19,033m Abacha loot - THE ‎Federal Government yesterday announced a total of $26.3 million and £19,033 as money it inherited out of the proceeds recovered from the late General Sani Abacha. Source Guardian Read More

Customs rakes in N826bn - The Nigerian Customs Service (NCS) now under intense pressure to expand collections and rev up government revenues severely bashed by low oil prices, says it generated about N826 billion between January and November this year. Source BUSINESSDAY Read More

Rice Importers Shun Lagos Ports - As the Yuletide countdown begins, Nigerian importers have shunned the nation’s seaports situated in Nigeria’s commercial centre, Lagos, THISDAY checks have revealed. Source Thisday Read More

NSC: Informal Sector Accounts for 70% of Importation - About 70 per cent of total cargoes imported into Nigeria is from the informal sector of the economy, the Executive Secretary and Chief Executive Officer (CEO), Nigerian Shippers’ Council (NSC), Mr. Hassan Bello has said. Source Thisday  Read More

Senate Asks FG to Revive Ajaokuta Steel Company - The Senate on Thursday implored the federal government to urgently put machinery in place to revive the Ajaokuta Steel Company, saying the move will create employment for local craft men, physically challenged at home and abroad and professionals in all fields. Source Thisday  Read More


Power supply drops by 725MW in 24 hours - Power supply to households and businesses across the country plunged by 724.98 megawatts in 24 hours to 3,107.31MW on Wednesday, down from 3,832.29MW on Tuesday. Source Punch Read More

Power Coys To Pay For Gas PHCN Consumed Before Privatisation - The unbundled power companies in the country are to pay the gas consumed by the defunct Power Holding Company (PHCN) before the privatisation, as the Central Bank of Nigeria (CBN), was expected to provide banking sector led intervention to provide liquidity to settle legacy gas debts. Source Leadership Read More

Eight firms get NERC’s licences for 1,648.25Mw - The Nigerian Electricity Regulatory Commission (NERC) yesterday licenced eight firms with a combined capacity to generate 1,648.25 megawatts (Mw) of electricity and a distribution company (DisCo). Source THE NATION Read More

Lagos needs 5000MW electricity, says Ambode - requirement at about 5000 Mega Watts (MW) against 1,000MW being supplied to the state from the national grid. from the national grid. Source Guardian Read More


NSE unveils Adopt-A-School Initiative, commissions Learning & Development Centre in Lagos - The Nigerian Stock Exchange (NSE or The Exchange) has launched its Adopt-A-School initiative with the commissioning of a Learning and Development Centre donated to Oke Odo Junior College, Abule Egba, Lagos. Source Proshare Read More

CPMI-IOSCO Publishes Harmonisation of the Unique Product Identifier (UPI) - The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report entitled Harmonisation of the Unique Product Identifier (UPI). Source Proshare Read More

NSE Launches Broker Oversight & Supervision System - The Nigerian Stock Exchange (“The Exchange”) has launched the Broker Oversight & Supervision System (“X-BOSS”). The system, which is the first of its kind in the West African capital market, seeks to redefine the compliance and regulation experience between The Exchange and its Dealing Members. Source Proshare Read More

South Africa's MTN to challenge Nigeria fine in court - South Africa's MTN Group said on Thursday it would challenge in a Lagos court a fine imposed by Nigeria's telecoms regulator for failing to cut off unregistered users. Source Reuters Read More

CBN blames naira slide on speculators - The Director, Monetary Policy Department of the Central Bank of Nigeria (CBN), Mr. Moses Tule has said the naira was under pressure because of  currency speculators. Source THE NATION Read More

BVN: Beware of Fraudsters, CBN Warns Bank Customers - Following repeated complaints from bank customers over unsolicited mails and text messages, alerting them of deactivation or suspension of their bank  accounts due to   uncompleted   Bank   Verification Number (BVN) registration, the Central Bank of Nigeria (CBN) has again cautioned customers to beware of fraudsters. Source Thisday Read More


Stocks record modest gain on improved demand posture - The equities market closed today on a positive note, as NSE ASI appreciated by 0.02% to close at 26,948.43basis points, compared with the 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 22.23% Source Proshare Read More

NMRC lists N8bn mortgage refinancing bond on NSE - The Nigeria Mortgage Refinance Company on Thursday listed a N8bn bond on the Nigerian Stock Exchange with an interest rate of 14.9 per cent and a maturity date of July 29, 2030 issued under the company’s N140bn Medium Term Note programme. Source Punch Read More


Naira in free fall, slides to 280 against dollar - The naira continued its free fall on Thursday, crashing to 280 against the United States dollar at the parallel market. The greenback sold for N269 on Wednesday. Source Punch Read More

Naira, banks to feel impact of US Fed rate hike - Emerging Markets currencies like the naira and corporates with dollar denominated borrowings, such as Nigerian banks, will be the first to feel the impact of the hike in interest rates by the United States Federal Reserve Bank Source BUSINESSDAY Read More

Political interference in our operations over – AMCON DG - AMCON was established to bring relative stability to the financial sector and to help the banking industry address the issue of non-performing loans. Around 2009/2010, the non-performing loan ratio to total loans in the industry was about 60 per cent. This was very bad for an economy that was passing through a global financial crisis. Source Daily Trust Read More


SEPLAT set to deliver upside of 81.4%; applies for 2yrs waiver extension - FBNQuest initiated this coverage on Seplat Petroleum Development Company (Seplat) with an Outperform rating and a price target of N368.3, implying a potential upside of 81.4% from current levels. Source Proshare Read More

Fidson Healthcare PLC: a rose on concrete? - Fidson Healthcare PLC released its unaudited 9M-2015 result for the period ended September 30th, 2015, on 26th October, 2015. The Company reported an 18% decrease in revenue to N6.16 billion from N7.51 billion YoY. Also, input costs and operating expenses declined by 14% and 31% respectively. Source Proshare Read More

Resort Savings & Loans Plc Relocates Head Office - The Board of Directors at its meeting that held on November 30, 2015, resolved that the Head office of the Company be relocated from 5th Floor, 6 Catholic Mission Street, Lagos to 25, Olowu Street, Ikeja, Lagos. Source Proshare Read More

Sterling Bank to Raise Fresh Tier-2 Capital by February - Sterling Bank Plc on Thursday disclosed its plan to raise fresh tier-2 capital to fund its expansion before the end of February 2016. Source Thisday Read More


South Africa's MTN pays $124 mln to extend Ivory Coast licence -  South Africa's MTN Group this week paid 75 billion CFA francs ($124 million) to extend its operating licence in Ivory Coast, it said. Source Reuters Read More

Econet secures $500m funding facility - Econet Wireless has secured a $500mn loan facility to procure network equipment and develop its networks in Africa Source Guardian Read More

‘Nigeria’s telecoms sector has attracted N4.98trn’ - The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has told the ongoing World Trade Organization (WTO) summit in Nairobi that the telecommunications sector has attracted over N4.98 trillion ($25 billion) to Nigeria. Source Daily Trust Read More

PUNCH suspends its membership of NPAN - PUNCH Nigeria Limited has suspended its membership of the Newspaper Proprietors’ Association of Nigeria. Source Punch Read More

Oronsaye committee: FG to merge ministries in 2016 - The Federal Government has concluded plans to implement the report of the Stephen Oronsaye’s committee on civil service reforms in 2016. Source Punch Read More


Dr. Mahmoud Isa-Dutse Resigns from Access Bank Board as a Director - The Board of Directors of Access Bank Plc. has received the written resignation of Dr. Mahmoud Isa-Dutse as Non-Executive Director of the Bank due to his other work engagements requiring more time and attention. Source Proshare Read More

Mbanuzuo: Nigerians See Airlines as Cash Cows - Dana Air's Accountable Manager and Chief Operating Officer, Obi Mbanuzuo  in this interview with Chinedu Eze, X-rays the aviation industry and calls for the commercialisation of nation’s airports. Excerpts: Source Thisday Read More


Skye Bank, KIA Motors sign auto finance pact - Skye Bank Plc and Kia Motors have signed a strategic auto finance agreement to enable customers of Skye Bank, who wish to purchase brand new Kia vehicles, do so without difficulty. The arrangement covers Kia models like Picanto, Rio, Cerrato, Optima and Sportage. Source THE NATION Read More


Bauchi MDAs operate 335 accounts - One hundred ministries, departments and agencies (MDAs) in Bauchi State have been discovered to have been operating 335 bank accounts. Source Daily Trust Read More


Three million Nigerians living illegally in UK, says Senate - NO fewer than three million Nigerians are living illegally in the United Kingdom (UK), the Senate said yesterday through its Committee on Foreign Affairs. Source THE NATION Read More

INEC Reviews Security Situation in Bayelsa - As expectations continue to build over the cancelled governorship election in the Southern Ijaw area of Bayelsa State, the Independent National Electoral Commission (INEC), on Wednesday went into a crucial meeting with security agencies to assess the state of things in the area. Source Thisday Read More

Bayelsa Governorship: Political Parties Agree on January 9 for Re-run - The Independent National Electoral Commission (INEC) has reached an agreement with  political parties to schedule the Bayelsa governorship supplementary election in Southern Ijaw and other Polling Units where elections were cancelled in Bayelsa State for January 9, 2016. Source Thisday Read More


Forte Oil, Oando win Nigeria's 2016 Crude Oil Contracts - Indigenous companies, Forte Oil Plc and Oando Plc were among 21 companies handed crude oil term lifting contracts for 2016 by the Nigerian National Petroleum Corporation. Source Proshare Read More

How Much Oil Is Needed To Power Santa's Sleigh? - Every year around the world, hundreds of millions of children wait anxiously for Santa Claus to arrive and bring presents and good cheer. But what if Santa never came? What if this year the reindeer all fall ill, perhaps due to Crazy Reindeer disease (the analog to Mad Cow) and Santa is forced to cancel Christmas? The result would be devastating. Source Proshare Read More

Nigeria says its oil refineries produce nothing - Nigeria, aiming to boost its crude output, is still grappling with decrepit refineries that fail to produce fuel, which it has to import, the head of state oil firm the Nigerian National Petroleum Corporation (NNPC) said on Thursday. Source Reuters Read More

Nigeria no longer has resources to fund oil industry — FG - The Federal Government stated, yesterday, that the country no longer has the resources to fund the oil and gas industry, and is therefore, considering and developing new models of financing the industry in the days ahead. Source Vanguard Read More

Petrol to still sell at N87 next year, says Kachikwu - Source Guardian Read More

Nigeria’s crude oil exports dropped by N372.8bn in Q3 – NBS - The value of Nigeria’s crude oil export dipped by N372.8 billion in the third quarter of this year over the value recorded in the second quarter. Source Daily Trust Read More

NNPC: Half of staff to be redeployed in massive shakeup - A final phase restructuring that will unbundle the Nigerian National Petroleum Corporation (NNPC) into four key components: an upstream company, downstream and midstream companies and a refining group holding company will commence over the next few months the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed yesterday. Source Daily Trust Read More

Gold tumbles to six-year low - Gold prices tumbled 2.5% on Thursday to $1,049.60 an ounce -- the lowest level since October 2009. It was gold's worst day in nearly two months. The precious metal is down 11% so far this year. Source CNN MOney Read More


Asian shares dip but on track for weekly gain - Asian shares took their cue from Wall Street and slipped on Friday, but were still on track for gains in a week marked by a depreciating yuan in China and the first U.S. interest rate hike in nearly a decade. Source Reuters Read More

European shares rally after Fed rate hike, Casino slumps - European shares surged on Thursday as investors took the U.S. Federal Reserve's interest rate rise and the prospect of further tightening as a sign of confidence in the world's biggest economy. Source Reuters Read More

South Sudan's central bank to sell $20 mln to banks next week - official - South Sudan's central bank will auction $20 million to commercial banks on Monday, it said on Thursday, days after the finance minister said the country had abandoned its official fixed exchange rate and switched to a floating rate. Source Reuters Read More

Mali produces 2.45 mln T of rice as 2015/16 harvest nears end - Mali has produced 2,451,321 tonnes of rice as it approaches the end of the 2015/16 harvest, up 13 percent from last season but short of an initial forecast, government statistics showed on Thursday. Source Reuters Read More



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