Nigeria in 1min: Economic, Business & Financial Headlines – 190116

Proshare

 

January 19, 2016 7:30 AM / Proshare News
 

NIGERIAN ECONOMY
New Government's Progress Threatened by Headwinds - We continue our series of excerpts from ARM’s core strategy document—the Nigeria Strategy Report, but direct our focus towards developments on the domestic policy front. We start with their review of the socio-political landscape over the last six months and outlook for 2016. Source Proshare Read More
 

FG to Create 250,000 Jobs in Railway Sector - The federal government is set to reorganise the railway sub sector of the transport industry as a way of creating more jobs for Nigerians. Source Thisday Read More 

Explaining the Headline inflation jump to 9.6% - The National Bureau of Statistics yesterday released the official headline inflation rate for December 2015 at 9.6% year-on-year, 0.2% higher than the 9.4% recorded in November. Source Proshare Read More
 

14 firms bid for Asaba airport concession - No fewer than 14 companies have indicated their interest to bid for the proposed concession of the Asaba International Airport. Source Punch Read More
 

NIPOST Intercepts N84bn Illegal Transfers In 2015 - The Nigerian Postal Service (NIPOST) has revealed that it intercepted financial instruments worth over N83. 9 billion in foreign currencies meant for illegal transfers from January to December, 2015. Source Leadership Read More
 

IMF predicts 3.4% growth in 2016 - The International Monetary Fund (IMF) has projected 3.4 per cent global economic growth for 2016, indicating an increase of 0.3per cent over last year’s growth rate of 3.1per cent. Source THE NATION Read More
 

AfDB, Fed Govt in $300m loan deal - The African Development Bank (AfDB) and the Federal Government of Nigeria are planning for long-term solutions to youth employment in the agricultural sector. They will spend about US $300 million on the Enable Youth Empowerment Agribusiness Programme. Source THE NATION Read More
 

Bureau of Public Procurement saves N680b from contracts - The Bureau of Public Procurement (BPP) has saved N680 billion from following due process in awarding contracts, its Director-General, Emeka Eze, has said. Source THE NATION Read More
 

Ogun releases fund to support SMEs - The Ogun State Government has released the sum of N21m to support Small and Medium Enterprises in the state. Source Punch Read More




POWER

GE to sell appliances business to China’s Haier for $5.4b - GENERAL Electric Co said it would sell its appliance business to China’s Haier Group for $5.4 billion in cash, another step in its push to sell its non-core assets and project itself as a technology company. Source Guardian Read More
 

Azura-Edo power gets World Bank support - The Multilateral Investment Guarantee Agency, MIGA, the political risk insurance and credit enhancement arm of the World Bank Group, has pledged its support for the Azura-Edo Independent Power Producer, IPP. Source Vanguard Read More
 

 

RULES & REGULATION
SEC Publishes Summary of Proposed Amendments to the Rules and Regulations of the Commission - Amendments are proposed to rules on real estate investment schemes (REITS) in the areas of its definitions, constitution of real estate investment schemes, Asset allocation, Borrowing and Contents of a prospectus. Source Proshare Read More
 

BVN: CBN Cautions Banks Over Suspicious Change Of Name - The Central Bank of Nigeria has said anyone who tries to change the name on a bank account so as to link it with the Bank Verification Number (BVN) of another account should be reported as a suspicious activity. Source Leadership Read More

 
E-Dividend will reduce Infractions - Director General of the Securities and Exchange Commission Mounir Gwarzo has described the e-Dividend platform as a game changer in the market that will ensure that infractions are reduced to the barest minimum. Source Proshare Read More
 

 

FOREX
What Banks Used 36.82% of FX allotted for between Jan 2013 to May 2015 - The financial services sector is one critical segment of the economy that plays very important economic roles. The sector has been the highest beneficiary of FX utilization through January 2013 to May 2015. Source Proshare Read More
 

Manufacturing Sector spent $7.47b (8.61%) of FX between Jan 2013 - May 2015 - The drop in oil price at the international market has no doubt put the Nigerian foreign exchange market under pressure forcing the Central Bank of Nigeria (CBN) to take actions to protect the foreign reserves and ensure stability of exchange rate. Source Proshare Read More
 

Forex: $1.42m was spent on health related service btw Jan 2013 to May 2015 - Health tourism is a modern form and means through which people travel around the globe. Lack of credible and quality healthcare and healthcare facilities have been the usual reasons why people, more importantly prominent people, seek medical assistance away in others countries. Source Proshare Read More
 

Top 10 Sub-Sectors with Highest FX Utilisation between Jan 2013 and May 2015 - FX has come under intense CBN control in recent times due to the high rate of demand from its users. Source Proshare Read More
 

FX Utilisation in Nigeria - Jan 2013 to May 2015: Exclusive Details - Foreign exchange earnings are very important for countries in international trade being proceeds from the export of goods and services of a country, and the returns from its foreign investments. Source Proshare Read More
 



 

CAPITAL MARKET
Sell-Offs gain fresh momentum, NSE-ASI slips below 23,000bpts - The equities market closed today on a negative note, as NSE ASI depreciated by 4.10% to close at 22,550.83basis points, compared with the 2.99% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -21.27% Source Proshare Read More
 

Transcorp Hotel lists N10b bond on NSE, FMDQ platform - The Daily official list of the Nigerian Stock Exchange (NSE) swelled yesterday, with the listing of N10 billion (Series 1) in the name of Transcorp Hotel Plc. Source Guardian Read More
 

FMDQ OTC Trades N7.43trn Securities in One Month - Total turnover on the FMDQ OTC Securities Exchange for fixed income securities and currencies in December 2015 stood at N7.43 trillion.  Trading data obtained by THISDAY last Friday showed that the performance   was down by 26.4 per cent compared to N10.09 trillion recorded in November. Source Thisday Read More 

 

BOND MARKET
The Nigeria Bond Watch - Review and Outlook @011816 - The overall direction of the market during the review week was dictated by: 1) the issuance of FGN bond issuance calendar for 1st quarter, 2016; and January 2016 FGN Bond Offer Circular by the DMO and; 2) OMO bills redemption – which influenced liquidity levels and affected market behavior. Source Proshare Read More

MONEY MARKET
Naira appreciates to N296/$ - The Naira, yesterday, appreciated to N296 per dollar in the parallel market due to expectation that the Central Bank of Nigeria (CBN) will sell autonomous dollar to  bureaux de change this week. Source Vanguard Read More
 

Naira crash: CBN gov to appear before Senate today - The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele is expected appear before the senate today over the continued crashing of naira against the dollar. The senators had on Thursday summoned Emefiele following a point of order raised by the Senate Leader, Ali Ndume on the exchange rate Source Daily Trust Read More
 

 

INVESTORS NEWSBEAT
FCMB Group PLC issues a technical "profit warning" - In its press release, the Group announced that it would release its "long-awaited" Q3'15 earnings before the end of January 2016. Source Proshare Read More



 

 

CORPORATE EARNINGS 
DAARCOMM declares N107.01mln Loss in '14 Audited Result,(SP:N0.50k) – Source Proshare Read More
 

 

FRAUDS & SCANDALS
55 people stole N1.3tr in 7 years – Fed Govt - The federal government has said 55 people stole a total of N1.34 trillion, in seven years – between 2006 and 2013. Minister of Information and Culture Alhaji Lai Mohammed announced this at a press conference in Abuja yesterday. Source Daily Trust Read More
 

 

PRODUCTS & SERVICES
UBA Partners Visa on Banking Solution - One of the global electronic payments company, Visa, in partnership with the United Bank of Africa Plc (UBA) have launched the ‘SmartMoney,’ a banking solution that comprise a prepaid card and a mobile app for the African market. Source Thisday Read More
 

 

PEOPLE
Muhammad Abdallah Appointed NDLEA Chairman - President Muhammadu Buhari has approved the appointment of Mr. Muhammad Mustapha Abdallah as the Chairman/Chief Executive Officer of the National Drugs Law Enforcement Agency(NDLEA). Source Leadership Read More
 

 

TELCOs
Rise of the Robots Will Eliminate More Than 5 Million Jobs - Over five million jobs will be lost by 2020 as a result of developments in genetics, artificial intelligence, robotics and other technological change, according to World Economic Forum research. Source Bloomberg Read More
 

POLITICS
Buhari’s budget fails integrity test, says Senate - AN alleged discovery of strange projects in the second version of the budget 2016 document brought by the presidency to the National Assembly was responsible for its rejection, the Senate declared yesterday. Source Guardian Read More
 

Nigeria's Buhari requests withdrawal of 2016 budget to make changes - sources - Nigerian President Muhammadu Buhari has written to parliament requesting the withdrawal of the 2016 budget in order to make changes, sources at the presidency and Senate said on Sunday. Source Reuters Read More
 

 

COMMODITIES
Our oil price projection not less than $35p/b – Kachikwu - I don’t expect to see the price of oil falling to $20 per barrel. I expect it to hover around $30 or thereabouts for about a month or two and then it should begin to climb. I am optimistic that the price will close at an average of $40-$50 per barrel by the end of 2016 Source Daily Trust Read More
 

Iran Gives Order to Boost Crude Oil Output Amid Global Glut - Iran’s oil ministry issued an order to increase production by 500,000 barrels a day as the country moved ahead with plans to add supply to a glutted market even at the risk of contributing to a price collapse. Source Bloomberg Read More

 
Oil crash: Nigeria, others to witness $380bn projects delays - OIL’S slump to 13-year lows has led to serious cutbacks in investments by energy companies, as 68 large upstream oil and gas projects worth $380 billion have already been put on hold. Source Vanguard Read More


Nigeria’s oil exports to India threatened by Iran entrance - The lifting of sanctions against Iran could take up Nigeria’s share of oil export to India, findings have shown. Economic sanctions on Iran were lifted on Saturday after the UN nuclear agency certified that the country has committed stop of its nuclear programme. Source Daily trust Read More

 
Gas flaring: Oil firms pay N1.8bn fines - Oil and gas companies operating in Nigeria were fined N1.81 billion in nine months, between January and September 2015, for flouting Federal Government’s directives on gas flaring, a data from the Central Bank of Nigeria, CBN said. Source Vanguard Read More
 

Oil Market Will Rebound In 2016 – OPEC - The Organisation of Petroleum Exporting Countries (OPEC) forecast yesterday that oil supply from non-member countries will post a larger-than-expected decline this year due to the collapse in prices, boosting the need for crude from the producer group. Source Leadership Read More

 
2016 budget under threat as oil price nears production cost - The current dip in oil prices will significantly reduce the Federal Government’s take from the profits of oil and gas companies this year, raising further questions about the viability of the 2016 budget document. Source BUSINESSDAY Read More
 

Gold edges higher as stocks slide, oil slumps to 12-year low - Gold edged higher on Monday as crude oil prices slid to 12-year lows and European stocks fell on persistent worries about global growth, prompting investors to seek assets considered a safe store of value. Source Reuters Read More


GLOBAL MARKET
Asia stocks up modestly as China GDP figures match expectations - Asian stocks rose modestly and crude oil prices nudged up on Tuesday after Chinese GDP figures were mostly in line with expectations. Source Reuters Read More
 

Euro zone banks fall to knock back European shares -  Euro zone banks weighed on European stocks on Monday after news that the European Central Bank was scrutinising some non-performing loans, sending a top index back to its lowest point in over a year. Source Reuters Read More

 
China fourth-quarter growth weakest since 2009 as policy misstep fears grow - China's economic growth in the fourth quarter slowed to the weakest since the financial crisis, adding pressure on a government that is struggling to restore the confidence of investors after perceived policy missteps jolted global markets. Source Reuters Read More

 
China to lend Egypt c.bank $1 bln during president's visit: ambassador - China is expected to lend Egypt's central bank $1 billion to help shore up its foreign reserves during a visit by the Chinese president this week, Egypt's ambassador to Beijing said in comments to the official MENA news agency late on Sunday. Source Reuters Read More

 
Sub-Saharan Africa 2015 debt issuance falls 22 pct -  Debt issuance in sub-Saharan Africa fell to its lowest annual total in three years in 2015, data from Thomson Reuters showed on Monday, as sinking currencies and faltering economies kept borrowers out of the market. Source Reuters Read More

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