Nigeria in 1min: Economic, Business & Financial Headlines – 280716



July 28, 2016 6:40 AM / Proshare News 


FG creates database for doctors - To eliminate quackery in the health sector and improve service delivery, the Federal Government has created a database for all doctors in the country. Source Punch Read More

MPC Takes a Gamble, Hikes MPR - FDC - Contrary to market expectations, the Monetary Policy Committee (MPC) made an audacious move by resuming a tightening monetary policy stance. The Monetary Policy Rate (MPR) was increased by 200bps to 14%p.a, with the asymmetric corridor retained at +200/-500bps. Source Proshare Read More 

ECOWAS electricity regulators commence plans for integration - Amidst complaints by Nigerians over the activities of the Nigerian Electricity Regulatory Commission (NERC), plans to integrate electricity regulatory activities in the Economic Community of West African States’ region (ECOWAS) have commenced. Source Guardian Read More 

Economic blueprint fetches $4.2bn investment in Anambra - Anambra State Governor, Chief Willy Obiano, has said that the economic blueprint developed by his administration on assumption of office had started yielding dividends. Source Daily Trust Read More 

Real Estate Vacancy Factor Index (VFIX) Up to 72% in June 2016 - We are releasing the Vacancy Factor Index (VFIX) for Q2 2016, which came in at 72% for the month of June. This is an indicator of the state of the real estate markets in the upper class neighborhoods of Lekki, Victoria Island and Ikoyi. These areas are proximate to the central business district (CBD) or downtown areas of the Lagos metropolis. Source Proshare Read More 

Fresh Look for Agriculture - The federal ministry of agriculture has released a new roadmap for the sector titled the Agriculture Promotion Policy. It aims to build upon the successes of the agriculture agenda by the previous administration. Source Proshare Read More

Tax Default: FIRS Shuts More Firms In Lagos, Abuja - The Federal Inland Revenue Service (FIRS), in its drive to enforce tax compliance exercise in Abuja and Lagos, yesterday, shut down the premises of defaulting companies. Source Leadership Read More


2015 Annual Report of Nigeria Electronic Fraud Forum - The year 2015 has been very eventful in the Nigerian e-Fraud Forum (NeFF) journey; the Central Bank of Nigeria (CBN) has continued to show leadership in driving NeFF – where Payments Industry stakeholders meet to share experiences on fraud and mitigating factors. Source Proshare Read More

Forex: CBN directs banks to review provision for foreign loans - The Central Bank of Nigeria (CBN), yesterday, directed banks to review the money set aside for non performing foreign currency loans based on the exchange rate of the naira in the interbank market. Source Vanguard Read More 

CBN, NBCC collaborate on investment drive - The Nigerian-British Chamber of Commerce says it will collaborate with the Central Bank of Nigeria to boost business between Nigeria and the United Kingdom and enhance economic growth. Source Punch Read More


Investors remain bullish as stocks stay above-the-line all-day - The equities market closed today on a positive note, as NSE ASI appreciated by 0.93% to close at 28,205.62basis points, compared with the 1.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.52%.Source Proshare Read More

FBN Holding Plc Net Interest Income Down by 15% YoY in Q2'16 - FBNH’s recently released results Q2 2016 were reflective of the depreciation of the local currency at the interbank market. This contributed to the significant spike in net gains on FX to N51.5bn in Q2 2016 against N1.4bn in Q1 2016. Source Proshare Read More 

Lafarge Africa Plc Upgraded from Neutral to Outperform on Marked Sell-off - Following Lafarge Africa’s (Lafarge) Q2 2016 results which came in well behind our forecasts, we have cut our EPS forecasts by -57% on average over the 2017E-18E period. Regardless of the cuts to our EPS forecasts and a 200bps increase to our risk-free rate to 14.5%, our new price target of N71.8 is barely unchanged mainly because we have rolled forward our valuation to 2017E. Source Proshare Read More 

FBN Holdings Plc: Strong FX Gain Tapers Impact of Impairment Loss - FBNH’s H1’16 results showed mixed performances across key line items. Amidst an overall weaker Q2 performance, Gross Earnings rose 49% q/q to ensure a flat H1 topline performance; 26% ahead of our estimate. Source Proshare Read More 

UBN declares N8.76 billion PAT in Q2'16 result,(SP:N4.50k)
- Source Proshare
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UBA Plc Has No Involvement in Recent Event in Turkey - UBA is aware of the on-going and spurious media speculation linking our institution to recent events in Turkey. Source Proshare Read More 

Okomu Oil Palm Plc Records Advancements in Sales, PBT & PAT Respectively in Q2'16 Results - This morning, Okomu Oil (Okomu) reported Q2 2016 results which showed that sales of N4.2bn were up 64% y/y while PBT and PAT grew by wider margins of 139% y/y and 147% y/y respectively to N2.3bn and N2.0bn. The strong sales growth was mainly responsible for the growth in earnings. Source Proshare Read More 

Devaluation Serves as Earnings Outperformance Catalyst for FBN Holdings Plc in H1 2016 - FBN Holdings Plc (FBNH) released its half year result for the period ended 30 June 2016, yesterday. Annualized EPS (earnings per share) was N1.97 (H1'15: N2.20), outperforming both consensus and our estimate of N1.24 and N1.25 respectively. Return on Average Equity (RoAE) for H1'16 decreased to 12.0%, from 14.4% in Q1'16 but was ahead of our forecast of 7.5%. Source Proshare Read More 

Naira falls to N330.12/$ on interest rate hike  - The naira yesterday depreciated to a record low of N330.12 against the US dollar after the Central Bank of Nigeria (CBN) raised interest rates. Source BUSINESSDAY Read More 

Treasury bills market bearish over MPC decision - The Treasury bills market traded slightly bearish on Wednesday with yields up by 30 basis points on the average. Source Punch Read More 

Meter manufacturers sack 50% of workforce - No fewer than 600 workers of meter manufacturers have lost their jobs in the past six months. Reason: lack of patronage in the power sector, The Nation has learnt. Source THE NATION Read More 

‘Eleme Petrochemical sold for $300m’ - The total of $300 million was realised from the sale of Eleme Petrochemical Company Limited (EPCL) in 2006, the Bureau of Public Enterprises (BPE) said yesterday. Source THE NATION Read More 

Logistics challenge affecting cooking gas supply – NNPC - The Managing Director, Gas and Power Investments, Nigerian National Petroleum Corporation, Mr. Sam Ndukwe, has said the domestic supply of Liquefied Petroleum Gas, popularly known as cooking gas, is being hampered by logistics challenge. Source Punch Read More 

Oil falls to $43 from peak of $52 - Global oil benchmark, Brent crude, extended its declines on Wednesday, trading around $43 per barrel, down from a 2016 peak of $52.54. Source Punch Read More 

Forcados shutdown: Nigeria loses N356.6bn in five months - Five months after it was attacked and shut down, Shell’s Forcados export line remains offline, causing the country a loss of about $1.6bn (N356.6bn) in revenue. Source Punch Read More 



Danjuma emerges ntel chairman amid $1bn investment - Lt.-Gen. Theophilus Danjuma (retd.) on Wednesday emerged as the Chairman of NatCom Development and Investment Limited, trading as ntel, after buying significant shares in the company. Source Punch Read More 

John Momoh is the new BON chairman - John Momoh, CEO of Channels TV, has been elected as the chairman of the Broadcasting Organisations of Nigeria (BON). Source BUSINESSDAY Read More 

Kenya eyes lower spending in 2017/18 fiscal year - Kenya expects public spending to fall to 27.7 percent of gross domestic product in the year to June 2018 from 30.6 percent in the current fiscal year, the Treasury said on Wednesday. Source Reuters Read More

Algeria to implement 'new growth model' to cope with oil price drop - OPEC member Algeria says it will launch a new "economic growth model" for the next four years focussed on reforming the tax system to bring in more revenue and reduce dependence on energy exports. Source Reuters Read More 

Dollar Extends Drop as Japan Leads Stocks Lower; Metals Rise - The dollar extended losses after the Federal Reserve reiterated its gradual approach to raising interest rates, despite acknowledging risks to the economy had abated. Japanese shares led most Asian stocks lower amid a comeback in the yen, while base metals rose. Source Bloomberg Read More 

U.K. Economy Grew Faster Than Forecast Before Brexit Vote - The U.K. economy had a stronger-than-expected performance before the shock decision to leave the European Union. Source Bloomberg Read More 

Mitsubishi Motors Posts $1.2 Billion Loss on Fuel Rating Scandal - Mitsubishi Motors Corp. reported a loss of 129.7 billion yen ($1.2 billion) for the quarter ending in June after a fuel economy ratings scandal prompted the Japanese automaker to halt minicar sales and seek a rescue by Nissan Motor Co. Source Bloomberg Read More


India's Bharti Airtel blames Nigerian losses as Q1 net profit drops 31 pct - India's largest telecom network operator, Bharti Airtel Ltd, reported a 30.8 percent fall in first-quarter net profit on Wednesday, blaming an adverse foreign exchange impact in Nigeria, although it beat analysts' estimates. Source Reuters Read More 

Facebook crushes Q2 earnings, hits 1.71B users and record share price - Coming off an all-time high stock price of $123.34, Facebook in Q2 2016 smashed earnings again. The social network continued steady growth just slightly slower at 3.63% compared to last quarter’s 3.77%, adding 60 million monthly users this quarter to reach 1.71 billion. Source TECHCRUNCH Read More 



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