Nigeria in 1min: Economic, Business & Financial Headlines – 221014



Wednesday October 22, 2014 6:15 AM / Proshare News


Govt to provide N200bn for broadcast operators - The Federal Government has said it will float a N200bn fund to enable operators in the broadcast industry to deliver quality services to consumers. Source Punch Read More

Govt earns $85b from NLNG operations in 15 years  - THE Federal Government has earned about $85 billion from the operations of the Nigerian Liquefied Natural Gas (NLNG) in the past 15 years. Source Guardian Read More

FG mobilises N2.4trn in 4yrs, says Okonjo-Iweala - In the four years of President Goodluck Jonathan’s administration, the Federal Government has negotiated N2.4 trillion facilities in its efforts to mobilise funds for its various projects across different sectors of the economy. Source BUSINESSDAY Read More

FG raises FIRS, Customs revenue targets - The Federal Government has come up with a contingency plan that involves raising the targets of the key non-oil revenue agencies for next fiscal year in order to insulate the economy against the fall in the prices oil in the international market. Source Punch Read More

Okonjo-Iweala: FG borrows N2.4tr to fund projects - Nigeria has borrowed $14.1 billion (about N2.4trillion) external loan to fund various projects, the Minister of Finance, Mrs Ngozi Okonjo-Iweala, has said. Source Daily Trust  Read More

N26.9 trillion to be invested in infrastructure in 5 years - The initial five-year operational plan of the National Integrated Infrastructure Master Plan (NIIMP) has an investment portfolio of $166.1billion (N26.9 trillion) in order to deliver priority infrastructure projects across Nigeria, the Minister of National Planning, Abubakar Sulaiman, has said. Source Daily Trust  Read More

Nigeria not broke, says Okonjo-Iweala - The Federal Government yesterday, reassured that Nigeria is financially sound and has been meeting its local and international financial obligations despite dwindling revenues from crude oil exports. The assurance came from Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala. Source Vanguard Read More

Abuja-Kaduna rail line to be delivered by Dec —FG - Federal Government has said that the construction of Abuja (Idu)-Kaduna Standard guage rail line is 85 percent complete and would be delivered by December this year. Source Punch Read More

TCN targets $6.2 billion for power transmission projects - As electricity generation in the country went down by over 1,000 megawatts (MW) in the past few days, the Transmission Company of Nigeria (TCN) says it has lined up $6.2 billion to upgrade power transmission projects. Source BUSINESSDAY Read More

Power firms get two-week ultimatum to meter customers - The Nigerian Electricity Regulatory Commission on Tuesday said power distribution companies had been given a two-week ultimatum to provide meters for customers who had paid for them under the Credited Advance Payment for Metering Implementation scheme. Source Punch Read More

The Naira is Today's Issue, Not the Elections - Economic Outlook-  Recent falls in the oil price have prompted fears that the CBN will be unable to maintain exchange-rate stability. Our take is that the falls will be stemmed once OPEC starts to “smell the coffee”. We also cite geopolitical risks, the relatively high development costs of the fracking industry and many traditional producers such as Russia, and the advent of the northern hemisphere winter. Source Proshare Read More

Ogun overtakes Lagos in industrialisation  - INDICATIONS are increasingly emerging that Ogun is set to overtake Lagos in industrialisation as churches are being set up in place of factories in the latter state. Source Guardian Read More

Akwa Ibom Proposes 492bn Budget for 2015 - A total of N492 billion draft budget for 2015 fiscal year has been proposed and forwarded to the Akwa Ibom State House of Assembly for consideration and approval. Source Thisday Read More

P/H, Abuja, Lagos among 10 worst airports in Africa - Survey -  A survey released at the weekend by The Guide to Sleeping in Airports, a travel website that produces an annual survey to identify the world’s worst and best aviation terminals, has ranked Port Harcourt, Abuja and Lagos international airports as among the worst in Africa in 2014. Source Daily Trust  Read More


CBN sets Dec deadline for banks to capture bio data of customers  - Central Bank of Nigeria (CBN) has given deposit money banks till December 2014 to capture at least 40 per cent of their customers in the newly introduced bank verification number project. Source Daily Trust  Read More

CBN to launch financial instrument to support local firms - The Central Bank of Nigeria (CBN) said it would soon launch broad spectrum of financial enterprise instrument that would support all sectors in the economy as crude oil price nose dive. Source Daily Trust  Read More


BDCs appeal to CBN for increased forex sale - The association of Bureaux De Change operators in the country has appealed to the Central Bank of Nigeria (CBN) for an increase in the weekly sale of foreign exchange to each operator. Source Daily Trust  Read More


New loans must have BVN from November – CBN - The Central Bank of Nigeria has said all new loans from Deposit Money Banks must have the Bank Verification Number as a condition precedent to drawdown, with effect from November 3, 2014. Source Punch Read More


NSE Releases Notice of Deferral of Effective Date of Listings Rule - NOTICE IS HEREBY GIVEN THAT, the effective date of Article 23 of the "Amendments to the Listings Rules of The Exchange", titled "Request for Suspension at the Instance of the Issuer", has been deferred. Article 23 will not become effective on 1 November 2014 as previously announced. Source Proshare Read More


Nigerian Stocks Maintain Gain as YTD Stands at -6.18% - The equities market closed today on a positive note, as NSE ASI appreciated by +0.29% to close at 38,776.67 basis points, compared with the +1.22% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.18%. Source Proshare Read More


PRESCO Announces N3billion Proposed Rights Issue - Presco Plc announces that it has commenced the process to raise up to N3 billion by way of Rights Issue following shareholders’ approval at the Annual General Meeting held on 22 July 2014. Source Proshare Read More


Naira hits 8-month low as firms hedge currency risk - The naira eased to an 8-month closing low of 165.55 against the dollar on Tuesday, due to strong dollar demand from importers and companies reducing their exposure to the local currency, dealers said. Source BUSINESSDAY Read More


COSTAIN sustains reversal trend, breaks away with 10.00% gain - The shares of COSTAIN gapped up, recording a break-away rally within the band. The stock leads market performance with +10.00% gain as money inflow index surged significantly to reflect a strong reversal trend. Source Proshare Read More

BETAGLAS Announces Plan to Explore Strategic Options by Parent Company -  Beta Glass Plc has notified The Exchange that Frigoglass SAIC in Attens, the parent company of Frigoglass Industries Nigeria Limited, which is the core investor in Beta Glass Plc has announced that it is commencing an exploratory process relating to strategic options for its Glass business. Source Proshare Read More

MRS Reschedules Board Meeting - MRS Oil Nigeria Plc has notified The Nigerian Stock Exchange that its Board meeting earlier scheduled for to hold on 30 October 2014 to consider the 3rd quarter unaudited results of the company has been re-scheduled to 12 November 2014. Source Proshare Read More


ABBEYBDS declares N86.3million PAT in Q3 '14 result,(SP:N1.30k) - Source Proshare Read More


LIVESTOCK declares N163.56million PAT in Q3 '14 result,(SP:N2.78k) - Source Proshare Read More


WHO sets Jan 2015 for Ebola vaccine trials in W’ Africa  - STILL in search of an effective and safe cure for the Ebola Virus Disease (EVD), the World Health Organisation (WHO) has set January 2015 for larger medical trials in West Africa on two experimental vaccines. Source Guardian Read More


BERGER Appoints Raj Mangtani, 2 Others as Non-Executive Directors - Berger Paints Nigeria Plc has notified The Exchange of the appointment of following; Mr Raj Mangtani, Mr Adekunle Olowokande and Engr. Patrick Buruche as Non-Executive Directors of the Company as approved by the Board of Directors of the Company. Source Proshare Read More



FIRS probes six firms over N2.4bn tax liabilities -
For failing to remit tax revenue amounting to N2.4bn, the Federal Inland Revenue Service has quizzed top officials of six companies operating in Lagos. Source Punch
Read More

Insurance Coys Lose N50bn To Fraudsters’ - The pervasiveness of insurance fraud in Nigeria is driving up costs for all consumers and costs the insurance industry about N50billion each year. Source Leadership Read More

Court Fixes Nov 13 for Definitive Hearing of Ibru’s Suit against FG - A Federal High Court in Abuja has fixed November 13 for a definite hearing of the suit brought before it by former Managing Director and Chief Executive Officer of the defunct Oceanic International Bank Plc, Mrs. Cecilia Ibru, wherein she accused the federal government of violating the terms of her plea bargain agreement. Source Thisday Read More

EFCC: Adigwe, Others Contrived Documents to Cover Up Fraud - An Economic and Financial Crimes Commission (EFCC) witness, Emmanuel Al-Hassan, on Tuesday told a Lagos High Court that a lot of documents were contrived by the former Managing Director of the defunct Afribank Plc, Sebastian Adigwe, and other directors to cover up over N15 billion allegedly stolen from the bank. Source Thisday Read More


Constitution Review: Office of Attorney General, Justice Ministry to be Separated -
The Senate on Tuesday approved the Conference Committee report of the National Assembly on the review of the 1999 Constitution by adopting 23 out of the 71 amendment proposals recommended by both chambers of the National Assembly. Source Thisday
Read More

US Urges FG to Respect Ceasefire - In its first statement since the declaration of a ceasefire between the Nigerian government and the terror group, Boko Haram, the United States government has urged both sides to adhere to the ceasefire accord. Source Thisday Read More

Court Reserves Judgment in Suit Challenging Constitutionality of National Conference - A Federal High Court in Abuja has reserved judgment till November 27 in a suit filed by Dr. Tunji Abayomi, challenging the constitutionality of the recent National Conference. Source Thisday Read More

National Assembly okays independent candidacy  - THE two chambers of the National Assembly yesterday approved a constitutional amendment for independent candidate in future elections. Source Guardian Read More

Newswatch Gives Notice of Appeal to Judgment - Newswatch Communications has filed a notice of appeal before the Federal High Court in Lagos against the judgment of Justice Ibrahim Buba, which declared the sale of the majority shareholding in the company invalid, alleging various grounds of misdirection in facts and law. Source Thisday  Read More



Shell okays Nigerian assets sale - Royal Dutch Shell has signed the sale and purchase agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country, a spokesman said on Tuesday. Source Punch Read More

‘ExxonMobil generates N1tr revenue yearly for Fed Govt’ - American oil giant, ExxonMobil’s Nigerian operations, generates over N1 trillion for the Federal Government, it was learnt. Source THE NATION Read More

WTI Holds Above$82 as Fuel Supply Seen Falling; Brent Steady  - West Texas Intermediate crude held above $82 a barrel before a report that may show motor-fuel inventories shrank to a two-year low in the U.S., the biggest oil consumer. Brent was steady in London. Source Thisday Read More

Asia Stocks Extend Global Rebound as Bond Risk Drops  - Asian stocks rose while credit risk in the region retreated to a three-week low after U.S. shares jumped the most in a year. Australian bonds pared a decline as inflation slowed more than estimated.  Source Thisday Read More

KENYA: A leg up from rebasing for Kenya too - The rebasing of the Nigerian national accounts in April resulted in a 89% increase in the official estimate of total output, to N80.1trn (US$503m) in 2013. Source Proshare Read More











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