Nigeria in 1min: Economic, Business & Financial Headlines – 280115


January 28, 2015 7:00 AM / Proshare News

FG, states to cut cost over oil slump - The Federal Ministry of Finance, the commissioners of finance and accountants-general of the 36 states of the federation have begun moves to reduce the high cost of governance in the country following the continuous decline in crude oil prices in the international market. Source Punch Read More

FG names 80 firms for agric equipment centres - The Federal Government on Tuesday unveiled the names of 80 bid winners for its agricultural equipment hiring centres, which are to be deployed in 29 states across the country. Source Punch Read More

FG May Impose Restrictions on Importation of Palm Oil, Others - The significant drop in Nigeria’s revenue as a result of the slide in crude oil prices may compel the federal government to impose further restrictions on importation of certain agricultural products, a report has stated. Source Thisday Read More

Reform pace must quicken to escape the landslide - Today we delve further into the domestic portion of our core strategy document – the  Nigeria Strategy Report. In this piece, we review the fiscal picture over 2014 and proffer outlook on same for the current year. Source Proshare Read More

Accommodation and Food Services Sector 2010-2012 - NBS - The services sector primarily engages in hosting services such as restaurants, hotels, bars, cruise lines and many other related businesses. Globally, the services sector is a multi-billion dollar sector, however, in Nigeria, the most economically active of the services’ sector’s development is found in accommodations and food services. Source Proshare Read More

Immigration earns N12bn from e-passports - The Nigeria Immigration Service said on Tuesday that it generated N12.2bn from the issuance of e-passports to citizens in 2014. Source Punch Read More

Police spend $398m on bogus project as insecurity rages - The Ministry of Police Affairs has spent a total of $398 m to provide a mostly non-functional public security communications system across the country, even as insecurity in the form of bombings, kidnappings and terrorism continue unabated. Source BUSINESSDAY Read More

IMF warns Nigeria, others of China slowdown - The President, International Monetary Fund, Christine Lagarde, has warned that African economies including Nigeria could be hurt by a slowdown in China’s economy and an imminent hike in United States interest rates. Source Punch Read More

LCCI, OPS Fret over Private Companies Conversion Bill - The Lagos Chamber of Commerce and Industry (LCCI) and the Organised Private Sector (OPS) have once more expressed concerns over the proposed bill to compel private companies to convert to Public Limited Companies (PLC), noting that the bill is likely to impact local, foreign investment and the broader economy at large. Source Thisday Read More

Nebo: Nigeria Needs 160,000MW to Satisfy Demand for Stable Power - The Minister of Power, Prof. Chinedu Nebo, has said the country will need about 160,000 megawatts in order to reach the globally accepted standards and satisfy the demand for stable power supply for the 170 million Nigerians. Source Thisday Read More

Power generation drops by 2,042MW - The country is currently losing 2,042.2 megawatts of electricity due to gas supply shortage and poor water management. Source Punch Read More

Total completes gas pipeline for Alaoji power plant - Total Exploration and Production Nigeria Limited on Tuesday announced that a section of its Northern Option Pipeline that would supply gas to the National Integrated Power Plant at Alaoji in Abia State had been completed. Source Punch Read More

Eko Disco begins tender process for embedded generation project - Eko Electricity Distribution Company (EKEDC), on Tuesday began the tender process for the planned embedded power generation project. Embedded electricity generation project is an arrangement where bulk electricity is generated outside the national grid through a bilateral agreement between a distribution company Source BUSINESSDAY Read More

Emefiele rules out naira float - Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN),  said on Tuesday he would not allow the naira to float freely because it would lead to “major” depreciation of the currency. Source BUSINESSDAY Read More

CBN explains challenges in monetary and fiscal sector - The Central Bank of Nigeria (CBN) says excess volatility in exchange rates creates uncertainty and risk for economic agents and has devastating effects on macro economics. Moses Tule, Director, Monetary Policy Department, said this at a three-day National Treasury Workshop organised by Office of the Accountant-General of the Federation on Tuesday in Abuja. Source BUSINESSDAY Read More

Don’t panic, says Central Bank of Nigeria governor - Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, yesterday met with 300 of the nation’s business leaders for whom he brought a rather re-assuring word in these times of economic uncertainty. He said, “We will not panic and you don’t panic. Source BUSINESSDAY Read More

NCC threatens operator over SMS campaign fund - The Nigerian Communications Commission on Tuesday threatened to sanction one of the licensed Value Added Service Operators, TextNigeria Limited, for diverting a short code allotted to it for political campaign without obtaining requisite permission. Source Punch Read More

CBN May Stop Forex Sales for Goods that Can Be Made in Nigeria - The Central Bank of Nigeria (CBN) is considering halting the sale of dollars for imported goods that are already manufactured in the country as it seeks to reduce pressure on the naira hit by a drop in oil prices. Source Thisday Read More


Change in Offer Terms for Oando Plc Rights Issue - Oando PLC (referred to as Oando or the Group), listed on both the Nigerian and Johannesburg Stock Exchange, today announced a change in Offer Terms on an ongoing Rights Issue. Source Proshare Read More


Equity market oscillates on mixed sentiments, adds N26.61billion - The equities market closed today on a positive note, as NSE ASI appreciated by +0.27% to close at 29,859.06 basis points, compared with the -0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.84%. Source Proshare Read More

Towards the floor for the NSEASI - The NSEASI shed 14.0% ytd through to Friday, and 13.0% in the first week of the month alone. We should view the underperformance relative to Nairobi (+2.1%) and Johannesburg (+0.1%) in the context of the oil price. Source Proshare Read More

GTI 5 Weekly Stock picks for the week 270115 - 020215 - The NSE All-Share Index and Market Capitalization appreciated by 2.68% to close on Friday at 29,812.05 and N9.930 trillion respectively. Similarly, all indices finished higher during the week with exception of the NSE Oil & Gas index that dipped by 1.36%, while NSE ASEM Index closed flat in the just concluded week. Source Proshare Read More

NASD OTC records N590bl market capitalisation in 2014 - The National Association of Security Dealers Over-the-counter (NASD OTC) an alternative trading platform in the capital market, recorded a total market capitalization of N590bl in 2014. Source Proshare Read More

NASD Plc to Introduce 15% Price Band - NASD Plc will from next month introduce a price band in the over-the-counter (OTC) market to replace the current  free pricing regime. The NASD Plc is the platform for the trading of unlisted securities in the over-the-counter (OTC) market. Source Thisday Read More

FrieslandCampina WAMCO Nigeria Plc Offers 21,014 Ordinary Shares at N350 per share - FrieslandCampina WAMCO Nigeria Plc (WAMCO) is an affiliate of the Royal FrieslandCampina of the Netherlands. WAMCO was incorporated in 1973 and started local production of Peak Milk, its flagship brand, in 1975. Source Proshare Read More

AMCON transfers Enterprise, Mainstreet banks to new owners - The Asset Management Corporation of Nigeria has transferred the ownership of Mainstreet Bank Limited and Enterprise Bank Limited to their new owners, Skye Bank Plc and Heritage Bank Limited, respectively. Source Punch Read More

Worst Case Scenario - Naira - The Naria has been declining again, and only a short while after the CBN devalued the currency, it is now trading at almost N200 to the USD. This brings to question, what is the worst case. Sadly, the $1=N200 equation is upon us, and given the overall bleak economic output, fueled by the dropping oil prices, there seems unlikely to be any improvement in the situation even in the medium term. Source Proshare Read More

NIBBS processes N6.6tr worth of cheques in 11 months - THE Nigerian InterBank Settlement Systems (NIBSS) has recorded about 14.1 million units of cheques transactions, estimated at N6.62 trillion from January to November of 2014. Source Guardian Read More

13,000 debtors owing AMCON, says Chike-Obi - The Asset Management Corporation of Nigeria (AMCON) yesterday said it is still being owed debts valued at billions of naira by 13,000 debtors. Source THE NATION Read More

CONOIL: Investors dump shares further, price hits 15Months low - CONOIL slipped further to record another moderate loss of -5.00%, extending the sell-off pattern after a prolonged flat posture. Source Proshare Read More

Lafarge Africa to pay N1.85b to Ashakacem’s minority shareholders - Lafarge Africa Plc has set aside about N1.9 billion as cash payments for the minority shareholders of Ashaka Cement Plc as Lafarge Africa wraps up a mandatory tender offer (MTO) that seeks to absorb minority shareholders of Ashaka Cement in a cash and equity deal. Source THE NATION Read More


Dangote: Nigeria to Become Largest Exporter of Urea in Africa by 2017 - President of the Dangote Group, Alhaji Aliko Dangote yesterday said Nigeria will be the largest exporter of urea in Africa by 2017. Source Thisday Read More

NDIC abandons N604m fraud case against bank MD, Directors  - A Federal High Court in Lagos on Tuesday closed the criminal case filed by the Nigeria Deposit Insurance Commission (NDIC) against the Managing Director of the defunct Integrated Microfinance Bank, Simon Ademola Akinteye. Source Daily Independent Read More


EFCC secure 126 convictions in 2014  - The Economic and Financial Crimes Commission (EFCC) said it garnered 126 convictions last year.This was a significant improvement from that of 2013 when it recorded 117 convictions. Source THE NATION Read More


Elections 2015: The Ugly Side of Buhari and Jonathan - Opinion polls commissioned by ANAP Foundation and conducted by NOI Polls (using Gallup methodology) show that President Goodluck Ebele Jonathan (GEJ) and his main challenger, Major-General Mohammadu Buhari (Buhari) are currently running neck-to-neck in the 2015 Presidential race. Source Proshare Read More

100 days in office: Fayose admits owing Ekiti workers N7.5bn - Ado Ekiti—Ekiti State governor, Mr Ayo Fayose has lamented that the state government needed the sum of N7.5 billion to settle arrears of entitlements of public servants in the state. Source Vanguard Read More

INEC Distributes 1,328,715 PVCs in Akwa Ibom, Take - The Akwa Ibom State Resident National Electoral Commissioner,  Mr Austin Okojie, has revealed that 1,328,715 Permanent Voters’ Cards (PVCs) or about 91.4 per cent have so far been distributed in the state ahead of the next month general election. Source Thisday Read More

5 Reasons President Jonathan and Gen Muhammadu Buhari(Rtd) should debate - Presidential debates across democracies in the globes are great opportunities for aspiring leaders to sell themselves and communicate to the electorate, through the articulation of their ideas, programs, philosophy and leadership approach. Source WebTVNG Read More

Boko Haram Bomb Maker Arrested by Security Forces - A man suspected of being behind the manufacture of explosives used in a series of Boko Haram suicide attacks has been arrested in the North-east, a senior police officer told AFP on Tuesday. Source Thisday Read More

US$/N is N210 today in the Black Market– 270115 - As we continue to monitor the performance of the naira against the dollar following the devaluation of the Nigerian currency in November 2014, we highlight today how the naira fared against the dollar in the parallel market. Source Proshare Read More

FG abandons LPG policy for kerosene to make more money - The Federal Government may have abandoned the implementation of the Liquefied Petroleum Gas (LPG) national strategic policy for importation of Kerosene because it is making more money from the latter product. The LPG policy highlights steps to be taken to stimulate and promote the use of LPG among  the Nigerian populace, with a view to… Source BUSINESSDAY Read More

Oil price recovers as dollar weakens against euro - Oil prices steadied above 48 dollars a barrel on Tuesday, recovering from earlier losses as the dollar weakened against the euro. Source BUSINESSDAY Read More

Oil price crash: Gulf countries have $2.7trn war chest —Yuguda - Gulf Co-OPERATION Council countries adequately prepared for the current crashing crude oil prices with a war chest of about $2.7 trillion, the Minister of State for Finance, Amb Bashir Yuguda, disclosed yesterday. Source Vanguard Read More

Oil Prices Changing The Face Of Global Geopolitics - In a documentary that aired recently on the Canadian Broadcasting Corporation's popular The Fifth Estate program, an allegory of Vladimir Putin was presented. The wily Russian president was described growing up in a shabby St. Petersburg apartment, where he would often corner rats. Source Proshare Read More

Bond king: Oil won't go back to $90 this year - If would be easy to dismiss the comments from Gundlach, founder of DoubleLine Capital, just because he's a bond guy. But he correctly predicted back in October that oil would tumble to $70 a barrel. He was also early to note Saudi Arabia may actually want low prices to pressure rivals like Iran. Source CNNMoney Read More

World steel production rises by 1.2 per cent  - WORLD crude steel production reached 1,662 million tonnes (mt) for the year 2014, representing a 1.2 per cent increase compared to what it recorded in 2013. Source Guardian Read More


Asian Stocks Slide From Four-Month High as Japan Retreats on Yen - Asian stocks fell, with the regional benchmark index retreating from a four-month high, as Japanese shares slid on a stronger yen and U.S. earnings and durable-goods orders disappointed investors. Source Bloomberg Read More

European stocks driven back by Greek worries and weak corporate figures - Renewed concern over Greece and weak results at companies such as Siemens and Philips put an end to a winning run for European stock markets on Tuesday. Source Reuters Read More

Strong dollar threatens debt crisis in sub-Saharan Africa - The strong dollar is threatening an Asian-style debt crisis in sub-Saharan Africa, a thinktank has warned. Source theguardian Read More

Market reaction muted after S&P drops Russia to 'junk' - Russian financial markets saw a muted reaction on Tuesday after ratings agency S&P downgraded the country's sovereign credit rating to 'junk', with the rouble strengthening and Moscow-listed shares broadly steady. Source Reuters Read More



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