Nigeria in 1min: Economic, Business & Financial Headlines – 190914



Friday September 19, 2014 6:45 AM / Proshare News

2015 Budget: FEC Approves Medium Term Fiscal Framework - The Federal Executive Council on Wednesday  approved the draft Medium Term Fiscal Framework, MTFF,  in preparation for the 2015 budget. The document was present to the council for deliberation by Finance Minister, Ngozi Okonjo Iweala. Source NewsWireNGR Read More

FG releases N200bn for third quarter capital projects - The Federal Government on Thursday said it had released the sum of N200bn to its Ministries, Departments and Agencies for the implementation of third quarter capital projects contained in the 2014 budget. Source Punch Read More

FG Reiterates Plan To Float National Carrier - The federal government has reiterated its plan to establish a national carrier stating that Nigeria with its size certainly deserves a national carrier. Source Leadership Read More

FG Pledges $3m to Host UN Habitat 111 Conference in Africa - Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, yesterday in New York, United States, pledged $3 million towards the hosting of the 3rd United Nations (UN), conference on Housing and Urban Development otherwise known as Habitat (111) in Africa in 2016. Source Thisday Read More

Nigeria to Earn N30bn Annually from Slot Allocation - There is an indication that Nigeria could make about N30 billion annually from slot allocation to foreign airlines as an alternative to royalties paid on Bilateral Air Service Agreement (BASA). Source Thisday Read More

EU to drive FDI growth in Nigeria with €600 million - THE European Union (EU) has stated plans to invest about 600 million Euros in Nigeria within the next five years as part of efforts to further attract foreign direct investments into the country. Source Guardian Read More

Lagos raked N384b revenue in 2013 - The Lagos state government realized N384,259,410,959.19 as internally generated  revenue for 2013, representing increases  of 75 per cent and 89 per cent of the amount collected in 2012  2011 respectively. Source Daily Independent Read More

Delta lost N2.8b in four months, says DBIR boss - Executive Chairman, Delta State Board of Internal Revenue (DBIR), Joel-Onowakpo Thomas, on Thursday, came down hard on the staff of the board, accusing them of being responsible for the loss of a whopping N2.8 billion in taxes in the last four months. Source Daily Independent Read More

NCAA: 60% of Aircraft Operated by Nigerians are on Lease - The Acting Director-General, Nigeria Civil Aviation Authority (NCAA), Mr. Benedict Adeyileka, yesterday said  more than 60 per cent of the aircraft operated by Nigerian airlines were on lease. Source Thisday Read More

Bill to Enable Production of Nigerian Cars, Tyres Passes Second Reading - A bill seeking to enable the production and assembly of cars and tyres in Nigeria as well as the provision of tariff incentives and income tax reliefs on all automobile and automotive components passed through second reading on the floor of the Senate yesterday. Source Thisday Read More


CBN seeks increased access to finance for women - The Central Bank of Nigeria has urged banks to develop platforms for products and services that will ultimately increase women’s access to finance. Source Punch Read More


Low-income-earners and insurance- Tips for choosing insurance policy - The benefits of insurance are greater than a mere protection against unforeseen circumstances. Insurance has strong potentials to go a long way to help safeguard your earning power. Source Proshare Read More


Access Bank – Technical Suspension ahead of Rights Issue - Access bank has announced that it has received shareholder approval for a N68Bn rights issue, post which the management of the bank approached NSE and requested for technical suspension of the stock till 27th January 2015. Source Proshare Read More

WAPCO: Bulls are in a party mood… - Looking at the daily charts, we can see many whipsaws but the bulls are making successively higher highs and higher lows leading to an uptrend line occurring on the chart and supporting the bulls. Investors and traders are displaying bullish sentiments towards the stock as a bullish marabuzo candlestick evolves on the daily chart. Source Proshare Read More

Presco: Bulls have woken up, receives valid breakout of downtrend line - From a long term to intermediate perspective, PRESCO was falling down and making successively higher highs and higher lows. Overall, the stock was trading and moving below the major and minor EMA lines which means no one was ready to put this stock in their basket. Source Proshare Read More

Nigerian Stocks Zag by -0.11%...YTD slips Further to -1.56% - The equities market closed today on a negative note, as NSE ASI depreciated by -0.11% to close at 40,683.45 basis points, compared with the +0.20% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.56%. Source Proshare Read More

M&A windows open as over 150 brokers weigh risks of licence loss - Nigeria’s capital market is engrossed in mergers and acquisitions (M&A) discussions now that it is unlikely the Securities and Exchange Commission (SEC) will push up the December 31,  2014 deadline for recapitalisation of  operators. Source BUSINSSSDAY Read More


Enterprise Bank: AMCON, Heritage Bank to Sign Share Purchase Agreement Today - The Asset Management Corporation of Nigeria (AMCON) and Heritage Bank Limited will today, sign a Share Purchase Agreement (SPA) to pave way for the latter to acquire Enterprise Bank Limited. Source Thisday Read More

Nigerian Banks to Inject $160m into Ibadan Disco - A consortium of Nigerian financial institutions is set to inject $160 million into the Ibadan Electricity Distribution Company (IBEDC) as the company marks its first year anniversary. Source Thisday Read More

Naira to face more pressure next week - The naira is seen under pressure next week after oil prices continued to decline and offshore investors sold down their local debt holdings, Reuters reported. Source Punch Read More


FG raises N100 billion in bonds, yields mixed - The Debt Management Office (DMO) sold N100 billion ($610.1 million) worth of bonds at higher yields for three- and 10-year paper while it was able to offer lower yields on 20-year benchmark debt. Source BUSINESSDAY Read More

VONO gains +58.62% in 2wks, breaks 7wks resistance on growing optimism - VONO recorded active bargain tendency to break its key resistance line at N1.37kobo as investors displayed strong optimistic tendency amid bearish market atmosphere. The stock closed among top performers with a sustained bullish volume, recording +9.50% gain. Source Proshare Read More

FO Announces Preliminary Discussion on Possible Acquisition of a Downstream Asset - Forte Oil PLC (formerly AP PLC) has notified The Exchange that the management of the Company has begun initial discussions with a downstream company with the intention to acquire the assets of the said company. Source Proshare Read More

UNITYKAP Announces Notice of Emergency Board Meeting - Please be informed that an Emergency Board Meeting of UnityKapital Assurance has been scheduled to hold on Monday 22nd September, 2014 at 11:00am in the board room of the Company's Head Office at Plot 497 Abogo Largema Street, Central Business District, Abuja FCT. Source Proshare Read More


Dangote Group sponsors CNN’s ‘Facetime’ - Dangote Industries Limited (DIL) would sponsor the prestigious ‘Facetime’ segment on CNN Marketplace Africa, a CNN International’s show that offers a unique window into African business. Source Daily Trust Read More

GSK to make 10,000 doses of Ebola vaccine   - The global pharmaceutical giant, GSK, is to manufacture ten thousand doses of its experimental Ebola vaccine following the commencement yesterday in the UK of human trials of the medicine the world is pinning its hopes on to contain an unprecedented outbreak in parts of West Africa. Source BUSINESSDAY Read More

Lafarge, IFC, Wartsila Partner To Boost Power Supply By 220mw - The International Finance Corporation (IFC), Lafarge, and Wärtsilä, Development and Financial Services Company based in Finland have announced a new agreement to more than triple the output of the Ewekoro power plant from 90 megawatt (mw) to 310mw. Source Leadership Read More

Slok Group Set to Unveil Nigerian Made Phone - The Slok Group will soon launch a Nigerian made smart mobile phone into the local, African and Asian markets. The phone will be sold giveaway price in order to make it affordable to ordinary users. Source Thisday Read More


Wigwe Seeks Banks’ Collaboration to Tackle Fraud - The Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe has called for greater collaboration among deposit money banks in the country in order to tackle the rising incidence of fraud in the sector. Source Thisday Read More

Ebola Patients Buying Survivors' Blood from Black Market, WHO Warns - As hospitals in different countries  hit the hardest by the Ebola virus struggle to keep up, desperate patients are turning to the black market to buy blood from survivors of the virus, the World Health Organisation has warned. Source Thisday Read More

Rivers Uncertain of Sept 22 Schools' Resumption Date - The Rivers State Government has expressed doubts over the September 22 fixed by the federal government for the resumption of primary and secondary schools in the state. Source Thisday Read More


Seized $9.3m: Senate Summons NSA, CDS, COAS - The Senate has summoned the National Security Adviser (NSA) Col Sambo Dasuki (rtd), Chief of Defence Staff Air Marshall Alex Badeh and the Chief of Army Staff (COAS) Lt-Gen Kenneth Minimah over the smuggled $9.3million seized by South African government. Source Leadership Read More


National Stewardship Awards - 2013/2014 - The President, Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, GCFR, has approved the Award Of National Honours to the following Nigerians and friends of Nigeria, in various categories as listed Source Proshare Read More

PDP adopts Jonathan as presidential candidate for 2015 - A DAY after the governors of the People’s Democratic Party (PDP) officially adopted President Goodluck Jonathan as their candidate for the February 14, 2015 presidential election, more support came for him Thursday. Source Guardian Read More

Jega: Insurgency Can't Stop Elections in North-east - In what appeared to be a change of mind, the National Chairman of the Independent National Electoral Commisssion (INEC), Prof. Atahiru Jega, yesterday dismissed insinuations that elections might not hold in tthe roubled North-eastern part of the country, arguing that if elections could hold in more volatile countries such as Iraq and Afghanistan, the case of Nigeria and the North-east in particular could not be different. Source Thisday Read More


Workers cut gas supply to Egbin, Geregu, darkness looms - The on-going strike by members of the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria could result in nationwide power outage as major power stations have suffered gas cut off. Source Daily Independent Read More

Diezani, Others Shun House Summons - The Minister of Petroleum Resources, Mrs  Diezani Allison-Madueke and leaders of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigerian Union of Petroleum and Natural Gas workers (NUPENG)  Thursday refused to honour the invitation of the joint House of Representatives Committee on Petroleum (Downstream & Upstream) and Gas Resources. Source Thisday Read More

Gold Holds Near Eight-Month Low to Head for Third Weekly Loss - Gold headed for a third weekly decline after retreating to an eight-month low as the Federal Reserve raised its interest-rate forecasts, strengthening the dollar and damping demand for a store of value. Source Bloomberg Read More

Oil Heads for Weekly Gain on Speculation OPEC May Cut Production - Brent and West Texas Intermediate crude headed for this month’s first weekly increases as the Organization of Petroleum Exporting Countries considers cutting its production target next year. Source Bloomberg Read More

Pound Jumps With U.K. Futures on Scotland as Yen Plunges - The pound headed for its biggest two-day jump in almost a year, U.K. share-index futures rose and Treasuries fell as Scotland voted to reject independence. The yen fell, while Japanese equities and U.S. stock-gauge futures climbed. Source Bloomberg Read More

European shares hit 2-week high, focus on Scottish results - European equities closed higher on Thursday, with a key index climbing to a two-week high after the U.S. Federal Reserve renewed its pledge to keep interest rates ultra-low for a considerable time. Source Reuters Read More

Scotland Rejects Independence as U.K. Wins Reprieve - Scotland voted to remain in the U.K. after an independence referendum that put the future of the 307-year-old union on a knife edge and risked years of political and financial turmoil. Source Bloomberg Read More

Alibaba IPO prices at top of range, raising $21.8 billion - Alibaba Group Holding (BABA.N) priced its initial public offering at $68 a share, the top end of the expected range, raising $21.8 billion on Thursday, in the latest sign of strong investor appetite for the Chinese e-commerce juggernaut. Source Reuters Read More






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