Nigeria in 1min: Economic, Business & Financial Headlines – 211114


November 21, 2014 6:40 AM / Proshare News

New Pressure on State Government Finances - In response to the decline of N100bn in monthly gross revenues flowing into the federation account since July, the CME has called for enhanced monitoring of borrowing by state governments. Source Proshare Read More

FG launches commercial 10% composite cassava flour - In actualisation of the Federal Government’s cassava transformation agenda and the cassava inclusion policy in bread flour, the minister of Agriculture, Dr. Adesina Akinwumi, launched the first commercial 10 per cent composite cassava flour products in the country during the week. Source Vanguard Read More

Drop in oil price affecting ECA says NEC - The National Economic Council presided over by Vice President Namadi Sambo on Thursday regretted that the drop in oil price was affecting the inflow of money into the Excess Crude Account. Source Punch Read More

President seeks to cut fuel subsidies after oil decline - President Goodluck Jonathan has proposed to cut fuel subsidies in half in a bid to reduce spending after a retreat in global crude prices. Source BUSINESSDAY Read More

Oil Price Slump: FG to Increase Taxes, IGR - Owing to the slump in oil prices, the federal government on Thursday disclosed that it had mapped out measures to increase taxes and other forms of internally generated revenue (IGR) in the country. Source Thisday Read More

Chinese Firm Wins Nigeria’s $12 Billion Railway Deal - A state-owned Chinese company has signed a $12 billion agreement to build a railway along Nigeria’s coast that it billed as China’s single largest overseas contract, yesterday. Source Leadership Read More

Nigeria attracts N800bn private sector investments into agric sector - Federal Government has said that it attracted $5.6 billion (about N896 billion) private sector investments into the agricultural sector from 2012 to current year. Source Vanguard Read More

Seme Customs collects N973m in October - The Seme Area Command of the Nigeria Customs Service has collected a total of N973,540,612.78 in the month of October 2014 which is the highest monthly revenue collected this year, even as it has stepped up anti-smuggling measures as Christmas celebrations approaches. Source Vanguard Read More

Copyright commission, Customs seize 20 containers of pirated CDs  - The Nigerian Copyright Commission in collaboration with the Nigeria Customs Service has seized 20 shipping containers of infringing DVDs, VCDs and books of foreign and local authors. Source Punch Read More

NCC seizes telecoms gadgets from coy - he Nigerian Communications Commission (NCC) has clamped down on Owntel Communications and confiscated telecoms gadgets displayed for sales, for offering services without operating license. Source Daily Trust Read More

Oyo Witnessed $3.49m Capital Importation in First Half 2014, Says Ajimobi - Governor Abiola Ajimobi of Oyo State has said the amount of capital importation into the state had increased by 69 per cent, approximating $3.49 million, up from $500,000 between the first and second quarter in the year. Source Thisday
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Electricity consumers to pay more from December –NERC - There are indications that consumers will pay more for electricity from December 1, 2014 when the new price of gas for generating power takes effect. Source Punch Read More

CBN Releases Circular to All DMs and Merchant Banks on the Implementation of Swift SSS - In furtherance of the efforts of the Central Bank of Nigeria (CBN) to strengthen the National Payments Infrastructure and ensure compliance with global best practices; an information session was organized by the CBN, in collaboration with SWIFT, on the 11th of September 2014, to highlight the SWIFT Sanction Screening Service (SSS) and its objectives, and improve the transparency of international payments at the point of origination. Source Proshare Read More

CBN, Ministries and NERC sign MoU on the CBN-Nigeria Electricity Market Stabilization Facility - The Central Bank of Nigeria (CBN), in what has been described as an uncommon collaboration with the Ministry of Petroleum Resources, Ministry of Power and the Nigerian Electricity Regulatory Commission (NERC), has opened a new vista in Nigeria’s power sector with the signing of Memoranda of Understanding (MoU) on the CBN-Nigeria Electricity Market Stabilization Facility (NEMSF). Source Proshare Read More

CBN directs banks to adopt SWIFT sanction screening - The Central Bank of Nigeria (CBN) has directed deposit money banks and merchant banks in the country to subscribe to SWIFT Sanction Screening Service by December 1, 2014 and implement same before January 31, 2015. Source Daily Independent Read More

SEC seeks review of CAMA, effective corporate governance - The nation’s capital market regulator, the Securities and Exchange Commission (SEC) is currently pushing forward the idea of reviewing certain provisions of the Company and Allied Matters Acts (CAMA), especially the provision on elections at  annual general meetings. Source Daily Independent Read More

Nigeria’s Central Bank to Hold All-Important MPC meeting on Nov 24-25 - The 241st Meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows Source Proshare Read More

Livestock: Bears are still in charge, exercise patience before a buy…. - The daily chart reveals that LIVESTOCK is making successively lower lows and lower highs and trading in a perfect downtrend where the bears are dominating the bulls at every nook and corner. The way the bears are reacting would seem to suggest a defence against any bull run at this time. Source Proshare Read More

WAPIC: Has stock really bottomed out.. ? - A closer look at the daily chart reveals that earlier on, WAPIC was making successive lower lows and lower highs and trading in a perfect downtrend. Source ProshareRead More

Sell-OFF maintains tempo on Nigerian bourse, YTD stands -19.20% - The equities market closed today on a negative note, as NSE ASI depreciated by -2.10% to close at 33,428.76 basis points, compared with the -2.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.20%. Source Proshare Read More

CBN intervention fails as naira crashes to N176 - The Central Bank of Nigeria’s intervention at the interbank foreign exchange market failed again on Thursday as the naira crashed further against the dollar to N176.10, down from Wednesday’s N174.15 Source Punch Read More

Naira Falls To Record Low, Sells At N183 At BDCs - The value of the naira continued to sink amidst falling oil prices and imminent credit crunch in the Nigerian economy, selling as low as N177.17 at the interbank market and N183 at bureaux de change at the close of business yesterday. Source Leadership Read More

Traditional banking to end by 2025, say experts - Information and Communications Technology experts have predicted that traditional banking will end by 2025 or 2030.According to the experts, a market economy could readily emerge without banks, as we have traditionally known them. Source Punch Read More

BoI approves N25.322b loans in first quarter - Acting Managing Director/Chief Executive Officer of the Bank of Industry (BoI), Waheed Olagunju, has said that the bank has approved loans valued at N25.322 billion to 968 enterprises in the first quarter of 2014. Source Daily Independent Read More

5, 300 farmers get BoA’s N1.4b cash - The Bank of Agriculture (BoA) said yesterday  that it has disbursed N1.4bn out of the N9.9bn Small and Medium Enterprise fund to 5, 300 cassava farmers cultivating 11,000 hectares of cassava. Source THE NATION Read More

GUARANTY hits 8Mths low, may regain investors’ loyalty soon -  GUARANTY sustained the downtrend to slip further into an oversold region with a modest loss of -1.20%, extending the price correction pattern. Source Proshare Read More

Skye Bank - Capital raising concerns likely to remain a drag - In addition to capital raising (by mid-2015 reiterated), following the recent acquisition of rescued bank Mainstreet Bank by Skye Bank (final regulatory approvals still in the works), the market will have a lot to ponder in the coming year. Source Proshare Read More

Fidelity Bank Plc - Deteriorating non-interest income warrants a TP cut - Fidelity Bank Plc (Fidelity) recently published its 9M-14 results that showed EPS growth of 1.6% yoy, behind our FY-14E expected growth. Following new insight from the management call, we revise our 12-month target price down to N1.60 from N2.45 and downgrade our recommendation to a HOLD from a BUY. Source Proshare Read More

Banking Sectoral Review Post-9M'14 Earnings - Following the release of 9M'14 results for the period ended 30th September 2014, we present our revised estimates for the banks within our coverage. Our perception is that overall sector performance was generally mixed, with a few banks reporting modest earnings growth. We remain more optimistic on Tier 1 Banks as these counters generally offer better risk/reward tradeoff. Source Proshare Read More

Okomu Oil Palm Company Plc - Cost reduction strategy improves performance - In the nine months period to September 2014, Okomu Oil Palm recorded an increase in revenue to N6.90billion, up by 1.6% compared with N6.79billion in the previous year. Source Proshare Read More

Lafarge Africa approves N55b acquisition of Unicem - The board of Lafarge Africa Plc has approved initial agreement by its affiliate, Nigerian Cement Holdings (NCH) B.V., to buy out minority stake in United Cement Company of Nigeria (Unicem) Limited and make the Calabar-based cement company a wholly-owned subsidiary of NCH. Source THE NATION Read More

ARBICO declares N120.8million Loss in Q3 '14 result, (SP:N5.30k) - Source Proshare Read More


Why NMRC may not work in Nigeria, by Chike-Obi - NOTWITHSTANDING the good ideas behind the emergence of the Nigerian Mortgage Refinancing Company (NMRC), the initiative may be bedeviled with serial challenges that may render it unviable. Source Guardian Read More

Dangote prescribes leeway to sliding oil price challenges -PRESIDENT of the Dangote Group, Alhaji Aliko Dangote, has identified local processing of crude oil and consumption as solution to tackling the challenges posed by the declining oil price in Nigeria. Source Guardian Read More

APGA Adopts Jonathan as Presidential Candidate - The All Progressives Grand Alliance (APGA) has formally taken a decision to adopt President Goodluck Jonathan as its presidential candidate and to campaign for his re-election. Source Thisday Read More

Buhari Launches Presidential Campaign Fund Initiative, Targets About N7bn - Former Head of State and one of the presidential aspirants seeking the ticket of the All Progressives Congress (APC), Major-General Muhammadu Buhari (rtd), has commenced an initiative to pull campaign funds  from amongst his supporters in the country. Source Thisday Read More

CODER Urges Nigerians to Insist on 2011 Manual Voters’ Register - Nigerians have been advised to demand that the Chairman, Independent National Electoral Commission (INEC),  Prof. Attahiru Jega, should use the 2011 compiled manual register for the 2015 general election or else the election  will be a failure. Source Thisday Read More

Mark Shuts Down Legislature as Emergency Rule Expires - Hopes appeared to be bright for the extension of emergency rule in the beleaguered North-east states when the Speaker of the House of Representatives, Hon. Aminu Tambuwal, on Tuesday reconvened the House so that it could consider President Goodluck Jonathan’s request for the extension, which expired on Thursday. Source Thisday Read More

Nigerian parliamentarians scuffle with police - The president of Nigeria's Senate has suspended legislative proceedings in the National Assembly until Tuesday following a scuffle between parliamentarians and police.David Mark announced the closure on Thursday after police fired tear gas inside the parliament building. Source Aljazeera Read More


Oil, Gas Producers, Exporters Owe FG N55bn Statutory Fees - The oil and gas producers and exporters in Nigeria owe the federal government total statutory fees of N55 billion ($300million) since 2012. Source Leadership Read More

Gas resource can turn Nigeria into geopolitical heavyweight - Russia’s recent $400 billion gas deal with China highlights how gas is increasingly becoming a tool for countries wishing to be geopolitical heavyweights. Source BUSINESSDAY Read More

Fiscal commission kicks against $73 oil benchmark - Against the backdrop of falling oil prices, the Fiscal Responsibility Commission has kicked against the proposal to set the 2015 budget benchmark for crude oil at $73 per barrel. Source Punch Read More

Nigeria: Oil Price is $1.05c above 2105 benchmark - 201114 – Source Proshare Read More

Shell completes N96bn sale of OML 24 to Newcross - Shell Petroleum Development Company of Nigeria Limited (SPDC), yesterday, said it has completed the sale of its 30 per cent stake in Oil Mining Lease (OML) 24 and other related facilities to Newcross Exploration and Production Limited for $600 million, about N96 billion. Source Vanguard Read More


Yen Climbs on Aso Comments; Oil Gains, Asia Stocks Flat -  Japan’s yen rose for the first time in seven days as Finance Minister Taro Aso said its decline has been too fast. Asia’s (MXAP) benchmark stock index was little changed and heading for its biggest weekly retreat since mid-October, while crude oil climbed for a second day. Source Bloomberg Read More

European shares dip on weaker-than-expected euro zone data - European shares fell on Thursday as weaker than expected euro zone manufacturing data added to worries about the outlook for growth and triggered a sell-off in southern European stocks. Source Reuters Read More

Obama Says Deportation Reprieve Helps Fix a Broken System - President Barack Obama said he’ll defer deportations and open the chance of better jobs for about 5 million undocumented immigrants, ending months of build-up and initiating a showdown with congressional Republicans. Source Bloomberg Read More



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