Nigeria in 1min: Economic, Business & Financial Headlines – 251215

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December 25, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
Budget: FG raises transportation ministry’s allocation by 1,428% - The budget for the Federal Ministry of Transportation as contained in the 2016Appropriation Bill is over 1,000 per cent higher than what was approved for both the Transport and Aviation ministries in the 2015 Appropriation Act. Source Punch Read More
 

NEPC seeks removal of regulations impeding non-oil exports - THE Nigeria Export Promotion Council, NEPC, has called for removal of regulations that are hindering the growth of non-oil exports. Source Proshare Read More
 

Umahi signs 2016 appropriation bill into law - GOVERNOR David Umahi of Ebonyi State, yesterday, signed into law the 2016 Appropriation Bill of N101.1billion. Source Proshare Read More
 

Nigeria to complete new terminals at four airports next year  - THE new terminals at the four international airports under construction in the country would be completed by December 2016. The airports are those in Lagos, Kano, Abuja and Port Harcourt. Source Guardian Read More
 


 

POWER
Electricity tariff hike by NERC not justifiable —Reps - The House of Representatives on Thursday expressed shock over the decision of the Nigerian Electricity Regulatory Commission to impose a higher tariff regime on electricity consumers in the country. Source Punch Read More
 

FG targets 13,000MW electricity from solar energy - The Federal Government has announced plans to develop about 13,000 megawatts of off-grid electricity from solar energy. Source Punch Read More
 

 

RULES & REGULATION
CBN cautions banks on regulations, international standard - The Central Bank of Nigeria, CBN, has promised that it would not hesitate to apply appropriate sanctions against banks that flout laid down regulations and international best practices. Source Proshare Read More
 

 

STOCK PICKS
VONO: Bears tested the depth of the stock - A closer look on the daily chart of VONO reveals that stock was heading towards south side and was falling down due to pressure from the downtrend line and making successive lower highs and lower lows. Source Proshare Read More

 
MOBIL: Trend has changed completely with bullish storm - A closer look on the daily chart of MOBIL reveals that stock was heading towards south side and was falling down by taking the supply pressure from the downtrend line and making successive lower highs and lower lows. Source Proshare Read More
 


CAPITAL MARKET
The Launch of the NSE X-BOSS - TNI Q4/E12 - The Nigerian Stock Exchange has officially launched the Brokers Oversight and Supervision System also known as X-BOSS which is expected to redefine and automate the level of compliance and market regulation experience between NSE and the Dealing Member Firms. Source Proshare Read More
 

 

MONEY MARKET
BoI/Kaduna Govt Develop Entrepreneurship Programme For 4,500 Youths - The Bank of Industry (BoI), in collaboration with the Kaduna State government and Kaduna Business School have developed a business development programme aimed at training 4,500 business operators in the state. Source Leadership Read More

INVESTORS NEWSBEAT
HONYFLOUR Notifies of its Legal Dispute with Ecobank Nigeria Limited - 3 member companies of the Honeywell Group – Honeywell Flour Mills Plc, Anchorage Lesiures Limited and Siloam Global Services Limited – obtained facilities from Oceanic Bank for commercial purposes between 2006-2008. Oceanic Bank was later acquired by Ecobank in 2011. Source Proshare Read More

 


TELCOs
FG Insists on Payment of $3.9Bn, MTN - MR Adebayo Shittu, minister of Communications, said that the federal government would neither be cowed nor threatened by MTN’s court action against the N1.4trn (about $5.2 billion) fine which was later reduced to N780 billion ($3.9 billion), insisting that the telecommunications company risks another fine if it fails to pay on deadline. Source Guardian Read More
 

Blueprint For ICT Sector Out In January 2016 - The federal government has informed of plans to unveil a blueprint for the ICT sector. Source Leadership Read More
 

 

PRODUCT & SERVICES
Stanbic IBTC Stockbrokers wins NSE’s 2015 ‘Best Dealing Member Firm’ award - Stanbic IBTC Stockbrokers Limited, a member of Stanbic IBTC Holdings Plc, has been named the 2015 Best Dealing Member Firm on The Nigerian Stock Exchange (“The Exchange” or “The NSE”) at the 2015 NSE CEO Awards, which held in Lagos. Source BUSINESSDAY Read More
 

 

POLITICS
Ghana President Bans First Class Travel For Public Officials To Cut Wasteful Spending - Public officials in Ghana will no more enjoy the pleasure of travelling first class in Ghana as it’s President John  Dramani Mahama has banned such practice. Source Nairametrics Read More
 

 

COMMODITIES
DPR begins 24-hour surveillance on depots, filling stations - The Department of Petroleum Resources (DPR) says it has set up a 24-hour special task force to supervise and monitor petrol sales at depots and stations. Source Proshare Read More
 

Nigeria’s gas revenue drops by 50% - Gas proceeds from the Nigeria Liquefied Natural Gas and others have dropped by 50.2 per cent from $169.728m in January, the latest data from the Nigerian National Petroleum Corporation have showed. Source Punch Read More
 

OPEC to lose market share by 2020 as rivals keep pumping oil - Global demand for OPEC’s crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fuelling a debate on the merits of its strategy to let prices fall to hurt other producers. Source Daily Trust Read More
 


 

GLOBAL MARKET
European Stocks Little Changed With Low Volume Before Christmas - European equities trimmed a weekly advance amid little trading and shut markets on Christmas eve. Source Bloomberg Read More

 
Bank of Korea to Reduce Rate-Decision Meetings From 2017 - The Bank of Korea said it will reduce the number of its rate-decision meetings to eight from 12 a year so that it has more time to consider the impact of monetary policy. Source Bloomberg Read More

 
ECB Reverse Auctions to Add Competition in Extended QE Program - Bond purchases under the European Central Bank’s quantitative-easing program in 2016 may surprise some investors who grew accustomed to trading on a strictly bilateral basis -- via a phone call, e-mail, or on private trading systems. Source Bloomberg Read More

 

 
Zimbabwe gives foreign firms March deadline for empowerment plans - Zimbabwe's finance minister on Thursday gave foreign-owned firms operating in the country, including mines and banks, a March 2016 deadline to submit plans on how to comply with a law requiring them to sell at least 51 percent shares to locals. Source Reuters Read More

 

 
Botswana's economy in recession after Q3 contraction - Botswana's economy shrank 3.7 percent in July-September compared with the previous three months as diamond and copper production plunged, its second quarterly contraction in a row and marking a technical recession. Source Reuters Read More

 

 
Egypt's treasury-bill yields drop slightly at auction - Yields on Egypt's six-month and one-year treasury bills dropped at an auction on Thursday, data from the central bank showed. Source Reuters Read More

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