Nigeria in 1min: Economic, Business & Financial Headlines – 200116



January 20, 2016 7:30 AM / Proshare News

Fiscal Imbalance Persists on Soft Oil Price - fiscal deficit to be much higher than budget - Federally collected revenue over 9M 15 fell short of budget (-13%) largely on the back of overly optimistic projections for customs and VAT  which weighed on non-oil receipts. Similarly, oil revenue was 10% shy of target on lower oil prices and production. Source Proshare Read More

Declining Federal Allocation Mounting Pressure on the States - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government in December (from November revenues) slumped to N370bn (US$1.86bn) from N474bn the previous month. We wonder how the majority of state governments are managing. Source Proshare Read More

IMF reviews Nigeria’s 2016 growth projection downward to 4.1% - The International Monetary Fund (IMF) has downwardly reviewed Nigeria’s 2016 growth projection by 0.2 per cent to 4.1 per cent, hinging the latest projection on tilting economic risks towards emerging markets. Source Guardian Read More

Nigeria loses N650b to NLNG tax holiday - TAX incentives by the Federal Government to the Nigeria Liquefied Natural Gas (NLNG) Limited has deprived the nation of about $3.3billion or N650 billion at an exchange rate of N197 to the dollar from 1999 when it began operations, according to a report. Source Guardian Read More

Okowa signs N267bn appropriation bill into law - The Delta State Governor, Senator Ifeanyi Okowa, has signed an appropriation bill of N267bn into law, with an assurance that projected Internally Generated Revenue will drive the implementation of the budget. Source Punch Read More

Kano Governor okays N274.3b budget - Kano State governor, Dr. Abdullahi Umar Ganduje has signed into law, the state’s 2016 Appropriation Bill, assuring that its implementation would commence immediately. Source THE NATION Read More

New export financing programmes coming - With the price of crude oil on the decline, the federal government has created two export financing programmes aimed at improving non oil export in the country. Source THE NATION Read More

N4.2b debts : Auditors worry over survival of John Holt - The survival of John Holt Plc, one of Nigeria’s oldest and earliest-listed companies, is under threat, according to the latest audit of the conglomerate. Source THE NATION Read More

Sub-Saharan African debt issuance raised $15.5 billion for 2015 - Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has released the annual investment banking analysis for Sub-Saharan Africa.Source BUSINESSDAY Read More

NUPENG protests against non-payment of N224 million owed by Lagos govt - Source Guardian Read More



IBEDC Seeks Settlement Of N5.9bn Debt By Military, MDAs - The management of Ibadan Electricity Distribution Company (IBEDC) said its in dire need of funds to boost its operations just as it called for speedy settlement of N5.9 billion owed by government agencies and the military formations to date. Source Leadership Read More


CBN blames declining non-oil revenue on low export loans - THE Central Bank of Nigeria (CBN) has blamed the country’s low revenue from non-oil export on stumpy loans to that sector. Source Vanguard Read More

CBN unveils N300bn fund for non-oil exporters - The Central Bank of Nigeria on Tuesday unveiled a N300bn special intervention fund to boost non-oil exports in the country. Source Punch Read More

CBN directs DMBs to charge N50per transactions in accordance with provisions of the Stamp Duties Act - As part of its efforts to boost its revenue base, the Federal Government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. Source Proshare Read More

CBN Holds 248th MPC Meeting on 25th & 26th January, 2016 - The 248th Meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows: Source Proshare Read More

Domestic and Foreign Portfolio Participation in Equity Trading - December 2015 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). The table below shows an analysis of transactions on The Exchange at the end of December 2015. Source Proshare Read More

Collateral Registry To be Launched In Q1 2016 - A collateral registry, which will enable individuals to obtain loans from financial institutions using movable assets and intellectual property as collateral, is set to be launched in the first quarter of the year. Source Leadership Read More

SEC, DMO Partner On Issuance Of First Sovereign Sukuk - The aspiration for issuing Nigeria’s first sovereign sukuk received a huge boost yesterday as the Securities and Exchange Commission (SEC) and the Debt Management Office (DMO) committed to strengthen collaboration towards realizing that goal. Source Leadership Read More

Credit bureau borrowers hit 26m - The Central Bank of Nigeria says the number of borrowers under the credit bureau system in the country grew to 26,639,641 in 2015 from 14,523,780 in June 2012 Source Daily Trust Read More

Un-credited contributions major challenge, says PenCom - The issue of un-credited contributions as a result of contributions without appropriate schedules from employers in the pension industry remains a major challenge for the National Pension Commission (PenCom) and the Pension Fund Administrators (PFAs), PenCom has said. Source THE NATION Read More

Stocks book slight losses to extend 7day losing streak - The equities market closed today on a negative note, as NSE ASI depreciated by 0.42% to close at 22,456.32basis points, compared with the 4.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -21.60% Source Proshare Read More


DMO to Raise $1.75bn from Bond Market in First Quarter- This is to inform you that the DMO through the CBN on behalf of the Federal Govt. of Nigeria shall be conducting a public auction of bonds on Wednesday, January 20th, 2016 which will be delivered on Friday January 22nd, 2016. Source Proshare Read More


Currency speculators dump domiciliary accounts on naira depreciation - The widening margin of between N95/N108 on every dollar exchanged at the  unofficial exchange market is making currency speculators shy away from making foreign exchange cash deposits into their domiciliary accounts, Business Day investigations have revealed. Source BUSINESSDAY Read More


Kuwait International Bank (KIB): Full Service Islamic Bank - Kuwait International Bank KSCP is a public Kuwaiti shareholding company incorporated in the State of Kuwait on 13 May 1973 as a specialised bank and is regulated by the Central Bank of Kuwait. The Bank’s shares are listed on the Kuwait Stock Exchange. Source Proshare Read More

Interview with the Chairman of Kuwait International Bank: Sheikh Mohammed Al Jarrah Al Sabah - For over forty years, Kuwait International Bank (KIB) has been at the forefront of the drive towards innovation and excellence in banking. Recognised as a pioneer, KIB’s efforts have resulted in exponential growth and innovation. Source Proshare Read More


Forte Oil Plc Issues Update on Bonus Issue; to apply same March 2016 - Forte Oil Plc wishes to update the Exchange on issuance of the Bonus Issue.We have been working with the SEC on resolving the outstanding issues raised in our application for approval and have assured the SEC that it will be resolved before the end of the first quarter 2016. Source Proshare Read More


DAARCOMM declares N2.12 bln loss in Q3'13 Result,(SP:N0.50k) - Source Proshare Read More

GNI declares N95.5 mln loss in '14 Audited Result,(SP:N0.50k) – Source Proshare Read More


Nigeria signs agreements with UAE on recovery of stolen funds - Determined  to recover Nigeria’s stolen funds stashed in foreign banks, the Federal Government, yesterday, signed different bilateral agreements with the United Arab Emirates, UAE. Source Vanguard Read More

NIMASA Could Not Account For N363bn – FG - Transportation minister, Rotimi Chibuike Amaechi yesterday alleged that the Nigerian Marintime Administration and Safety Agency, (NIMASA) could not account for the sum of N63billion it generated in 2015, adding that federal government may be may compelled to send Bill to the National Assembly to repeal the Act that sets up the agency. Source Leadership Read More


NATCOM Injects $1bn In NITEL, Begins Operations In March - The new owners of Nigerian Telecommunication Limited (NITEL), NATCOM Development and Investment Limited, and its sister company, Mobile Telecommunication Limited (Mtel), has reportedly spent about $1 billion to revive the beleaguered national carrier. Source Leadership Read More

MTN says Nigeria unit to report roughly $955 mln FY profit -  South African telecoms group MTN said on Tuesday its Nigerian business is likely to report about $955 million in annual profit after tax, confirming a newspaper report in the west African country. Source Reuters Read More

Senate adopts corrected version of 2016 budget - AFTER the controversy that trailed the 2016 budget, the Senate unanimously adopted a corrected version of the fiscal plan sent to it by President Muhammadu Buhari yesterday. Source Guardian Read More

Courts nullifies 81 elections, upturns 15 others, says INEC - THE Independent National Electoral Commission (INEC) yesterday disclosed that high courts sitting across the States and Federal Capital Territory (FCT) have so far nullified a total of 81 elections including Senatorial, House of Representatives and two governorship polls that would proceed to the Supreme Court. Source Guardian Read More

Five S’West States Okay Lagos as Co-owner of Odu’a Group, Target N20bn Revenue in 2019 - As parts of efforts to foster regional integration and reposition Odu’a Investment Company Limited for greater productivity, the Governors of Oyo, Ondo, Ogun, Osun and Ekiti States on Tuesday approved the inclusion of Lagos State as co-owner of the company. Source Thisday Read More


Warri, Kaduna refineries shut - AS a fallout of the attack on some oil and gas pipelines in Gbaramatu area of Delta State by suspected militants at the weekend, the Nigerian National Petroleum Corporation (NNPC) has shut down the Kaduna and Warri refineries. Source Guardian Read More

Nigeria to re-focus on renewable energy, says Kachikwu - The quest for energy security in the country may have taken a new dimension, as the Federal Government declared its intension to re-focus on development of renewable energy sources, which are in aboundance across the country. Source Guardian Read More

NLNG: Shell, Total, ENI fleece Nigeria of $3.3bn —ActionAid - International advocacy group, ActionAid, yesterday, accused Shell, Total and ENI of fleecing Nigeria of $3.3 billion in seven years, through their investments in the Liquefied Natural Gas, operated by the Nigeria LNG Limited, NLNG. Source Vanguard Read More

FIRS may shut NNPC operation over tax evasion – Fowler - Operation of the Nigeria National Petroleum Corporation (NNPC) may be shut-down by the Federal Inland Revenue Service (FIRS) over tax evasion offense, chairman of the service, Tunde Fowler, said yesterday. He said FIRS has the constitutional powers to shut-down operations of any government agency over the offense, which NNPC was found to be committing through its subsidiary company, Duke Oil Limited. Source Daily Trust Read More

Over-supply will drown world oil market – IEA - The International Energy Association released its Oil Market Report (OMR) for January yesterday, stating that oversupply of oil will drown the market sending prices even lower as demand growth slows and Iran pushes supply into the international market. Source BUSINESSDAY Read More

Oil Extends Drop From 12-Year Low as U.S. Supplies Seen Rising - Oil extended its decline from the lowest close in more than 12 years before weekly U.S. government data forecast to show crude stockpiles expanded, exacerbating a global glut. Source Bloomberg Read More



Asia stocks hit four-year trough as oil spirals lower - Asian share markets were in full retreat on Wednesday as a relentless slide in oil prices soured an attempted rally on Wall Street and dealt a further blow to global investors' appetite for riskier assets. Source Reuters Read More

Miners help European shares to bounce back from lows -  European equities bounced back from 13-month lows on Tuesday, with mining and energy stocks leading the market higher as prices of major industrial metals and crude oil surged following the release of Chinese growth data. Source Reuters Read More

IMF Cuts Global Growth Forecast to 3.4% in Year of ‘Great Challenges’ - The International Monetary Fund cut its world growth outlook, as the commodities slump and political gridlock push Brazil deeper into recession, plunging oil prices hobble Mideast crude producers, and the rising dollar curbs U.S. prospects. Source Bloomberg Read More

U.S. Stocks Recover After Testing Lows Amid Oil Slump; Yen Falls - U.S. equities erased losses that brought them to the brink of lows not seen since last August’s selloff, with gains in consumer and utility shares outweighing losses among commodity stocks as oil resumed its tumble. Haven assets retreated. Source Bloomberg Read More

Algeria energy earnings drop 41 pct in 2015, posts $13.71 bln trade deficit: finance minister - Algeria's energy earnings dropped 40.8 percent in 2015 from the previous year, causing a trade deficit of $13.71 billion after a $4.306 billion surplus in 2014, the Finance Ministry said. Source Reuters Read More

ISIS cuts its fighters' salaries by 50% - Wartime pressure on the Islamic State is forcing it to slash its fighters' salaries by half, according to documents leaked from inside ISIS territory. Source CNN Read More



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