Nigeria in 1min: Economic, Business & Financial Headlines – 270616



June 27, 2016 7:40 AM / Proshare News 


‘States’ll not get bailout if monthly allocation hits N500bn’ - The monthly disbursement of the N90bn conditional loan facility to state governments announced by the Federal Government on June 14 will cease any month the allocation from the Federation Account Allocation Committee exceeds N500bn. Source Punch Read More

Bauchi uncovers 6,065 ghost workers on payroll - The Bauchi State Government said it had discovered 6,065 ghost workers on its payroll. Source Punch Read More

17 states provide land for FG’s housing project - Out of the 36 states of the federation and the Federal Capital Territory, only 17 have provided land for the National Housing Project, the Federal Government has said. Source Punch Read More 

Power firms reel under N44bn military debts - The N44.5bn electricity debt owed by the military is weighing   on the activities of power distribution firms across the country. Source Daily Trust Read More 

Kebbi, NASENI partner on rural electrification, tech - The Kebbi State government and the National Agency for Science and Engineering Infrastructure (NASENI) have announced a partnership that will see the agency handling the rural electrification and agricultural machinery projects in the state. Source Daily Trust Read More

NERFUND’s closure threatens N7bn loan recovery - The indefinite shutdown of the National Economic Reconstruction Fund by the Federal Government is currently threatening the recovery of the loans given out by the agency to individuals and businesses. Source Punch Read More 

No water project commissioned in last 10 years -Minister - The Minister of Water Resources, Engineer Suleiman H. Adamu, was a practising Civil Engineer & Project Management Consultant before his appointment in November 2015. In this interview he laments the lack of professionalism in service and the number of abandoned projects he found in the ministry. Source Daily Trust Read More

Bayelsa Restructures N50bn Bond Repayment - The Bayelsa State Government said it has approved the restructuring  of repayment of the N50 billion bond secured by the previous administration to 2019, instead of the 2017 it was initially scheduled to end. Source Thisday Read More

Inability to Secure Overseas Reinsurance Cover, Hurting Insurers - The current financial crisis plaguing businesses in Nigeria especially forex scarcity, is hitting insurance operators harder, as operators said it has been pretty difficult to pay reinsurance premium to their oversea reinsurers to whom they cede substantial part of big  businesses like oil and gas, aviation insurances. Source Thisday Read More

IGR: 36 states generate N682bn - 15 appear to be going bankrupt… Lagos generates more IGR than 32 states combined Rich states: Lagos, Rivers, Delta, Ogun, Edo Poor states: Yobe, Zamfara, Ekiti, Borno, Kebbi Source Vanguard Read More 



Brexit’ll boost Nigeria’s foreign exchange policy- CBN - The Central Bank of Nigeria (CBN) said that the decision of the British people to leave the European Union (EU) will boost Nigeria’s foreign exchange policy. Commenting on the outcome of the British referendum on Friday, CBN Deputy Governor, Economic Policy, Dr. Sarah Alade told Reuters that the bank expected Britain’s vote to exit the European Union to be good for its foreign exchange policy as interest rates are likely to stay low in the U.S., channelling foreign investors to Nigeria. Source Vanguard Read More 

CBN, NEXIM commence implementation of N550bn export funds - The Central Bank of Nigeria (CBN) and the Nigeria Export-Import Bank (NEXIM) have commenced the implementation of the N500 billion Non-Oil Export Stimulation Facility (ESF) and the N50 billion Export Rediscounting and Refinancing Facility. Source Vanguard Read More


Sentiment Analysis Report – W/E June 24, 2016 - Analysis of the market activity in the week ended June 24, 2016 technically revealed  sustained positive sentiments as investors displayed active optimistic trading pattern on the back of growing risk appetite towards investement in equities in the week. Source Proshare Read More 

NSE-ASI posts 4.79% gain WoW amid blood-bath across global markets - The equities market closed today on a negative note, as NSE ASI depreciated by 1.36% to close at 30,649.66basis points, compared with the 3.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.01%. Source Proshare Read More 

Externalisation of Differentials on OTC FX Futures Contracts for Foreign Portfolio Investors - To facilitate the operational efficiency of the emerging OTC FX Futures Market, organized by FMDQ OTC Securities Exchange (FMDQ), the Central Bank of Nigeria, in line with the powers vested on it by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 17 of 1995 and the BOFI Act of 1991, hereby issues the operational requirements to guide the externalization of the differentials on OTC FX Futures Contracts for Foreign Portfolio Investors (FPIs) Source Proshare Read More 

VP Osinbajo inspects facilities at Dangote Petrochemical refinery - Vice President Prof Yemi Osinbajo today alongside 4 federal ministers Mr Babatunde Fashola(Power, Works & Housing), Mrs Kemi Adeosun(Finance), Dr Okwechukwu Enelamah(Industries, Trade and Investment) and Dr Kayode Fayemi(Solid Minerals) visited the Dangote Petrochemicals/Fertilizer refinery. Source Proshare Read More 

Dangote Lekki Refinery, Petrochemical projects will boost Nigeria's economy- Ambode - Lagos State Governor, Mr. Akinwunmi Ambode on Saturday said that the refinery, petrochemical, gas and fertilizer projects being undertaken by Africa's richest man and business mogul, Aliko Dangote at the Lekki Free Zone (LFZ) in Lagos would significantly boost the economy of Lagos and Nigeria in general. Source Proshare Read More 

Top 100 AMCON Debtors - June 2016 - Further to our various publications advising debtors to come and settle their obligations with us, and in line with the directive of the Central Bank of Nigeria (CBN) instructing us to publish the list of 217 chronic debtors. Source Proshare Read More 

NSE Facilitates N11tn Securities Investment in 10 Years - The Nigerian Stock Exchange (NSE) has facilitated the investment of N11.094 trillion in the nation’s capital market in the last 10 years, according to data obtained by THISDAY at the weekend. The data showed that the investments were made in equities and bonds. Source Thisday Read More 

Interbank Rate Falls after Banks Rediscount Debt Notes
- Nigeria’s interbank overnight rate eased 20 per cent points to 15 per cent on Friday from Thursday’s close after some banks approached the Central Bank of Nigeria’s (CBN) discount window for short-term cash accommodation, traders said. Source Thisday
Read More 

Shareholders get N158b dividends from 9 banks in 2015 - Shareholders of nine banks quoted on the Nigerian Stock Exchange, NSE received 42.2 per cent or N158.4 billion as Return on Investment, ROI , out of the total banks’ Profit After Tax, PAT, of N375.8 billion for the financial year, 2015. Source Vanguard Read More 

Liquidity pressure: Banks borrow N930bn from CBN - Liquidity pressure heightened in the banking industry, last week, forcing banks’ borrowings from Central Bank of Nigeria’s Standing Lending Facility, SLF, to rise 230.61 per cent to N929.52 billion. Source Vanguard Read More 

Expectations as FMDQ OTC go live today - Following the release of the revised Central Bank of Nigeria (CBN) guidelines for the operation of the Nigerian inter-bank foreign exchange (FX) market, the two-way quote (2-WQ) inter-bank FX market will go live on the platform of FMDQ OTC Securities Exchange today. Source Daily Trust Read More 

AMCON takes over AfriJet Airlines over N10bn debt - The Asset Management Corporation of Nigeria (AMCON) has taken over possession of properties belonging to Afrijet Airlines Limited, owned by Chief Vitalis Ibe. Source Daily Trust Read More 

NEITI, EFCC go after oil firms over unremitted $11 billion - The Economic and Financial Crimes Commission (EFCC) will soon embark on probe of erring oil firms in Nigeria over unremitted oil revenue to the Federal Government. Source Guardian Read More 

MTN Appoints First Nigerian Chief Financial Officer - Mr. Adekunle Awobodu has been appointed the new Chief Financial Officer (CFO) of MTN Nigeria. He is the first Nigerian to occupy that position. He takes over from Ferdi Moolman, who became the CEO of the company in December 2015. Source Thisday Read More


Five measures of growth that are better than GDP - GDP is like a speedometer: it tells you whether your economy is going faster or slower. As in cars, a speedometer is useful but doesn’t tell you everything you want to know. For example, it won’t tell you whether you are overheating, or about to run out of fuel. Source Wef Read More 

Saudi Arabia Said to Hire JPMorgan, Citi, HSBC for Dollar Bond - Saudi Arabia appointed JPMorgan Chase & Co., HSBC Holdings Plc and Citigroup Inc. to arrange its first international bond sale, people with knowledge of the matter said. Source Bloomberg Read More



e-Payment: Nigeria yet to explore 70% market potential, says eTranzact - eTransact has disclosed that about 70 per cent of the country’ e-payment market potential is yet to be explored. Source Daily Trust Read More

SMEs get $5m boost from growth fund - A Group Co Creation Hub has earmarked $5 million to support Micro, Medium and Small-Scale Enterprises (MSME) over the next two years. Source THE NATION Read More 



VP Osinbajo inspects Dangote Petrochemical Plant

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