Nigeria in 1min: Economic, Business & Financial Headlines – 281216



December 28, 2016 6:20 AM / Proshare News 


FG fails to renew insurance of civil servants, others as year ends - With barely three working days left to the end of the 2016 business year, confusion continues to trail the Federal Government’s inability to renew the Group Life insurance coverage for its federal civil servants and insurance of its assets nationwide. Source Guardian Read More 

FG saves N200bn from 50,000 ghost workers in 2016 - The Presidency said the Federal Government’s payroll has been rid of 50,000 ghost workers, saving the nation of N200 billion.Source Daily Trust Read More  

External reserves fall by $4bn in one year - Despite the staggering crash in the value of the naira against the United States dollar and other major foreign currencies in 2016, the Central Bank of Nigeria spent $4bn from the nation’s external reserves to defend the local currency in 12 months, statistics obtained from the CBN website on Tuesday showed. Source Punch Read More 

FG to conduct statistical surveys with N947m - The Federal Government is proposing to spend a total sum of N946.6m to carry out 21 statistical surveys in the 2017 fiscal period through the National Bureau of Statistics. Source Punch Read More 

NCAA fines Arik N6m over luggage delay - The Nigerian Civil Aviation Authority (NCAA) has sanctioned Arik Air Limited over delay in conveying passengers’ luggage on its Lagos-London service.Source Daily Trust Read More 

Drug scarcity hits Nigeria’s healthcare sector - The restriction placed on 18 imported drugs by the National Agency for Food and Drug Administration and Control (NAFDAC) is causing a marked scarcity of drugs in Nigerian pharmacy stores. Source BUSINESSDAY Read More 


Financial Account: NAICOM, NSE Fine 10 Insurers N50m For Non-compliance - The National Insurance Commission (NAICOM) said 49 insurance companies has so far submitted their 2015 accounts. Just as investigation shows that, about 10 insurance companies are yet to submit theirs, three days to the end of the year. Source Leadership Read More 


Consumer Goods Sector – NESTLE, CHAMPION and NB Record Over 1,000 PE Ratio - The consumer goods sector has food products, beverages, automobiles, personal and households’ durables goods companies’ stocks, commonly referred to as FMCGs, listed in the sector. Source Proshare Read More 

Real Estate Sector -UAC-PROP Drops by -62.56%; Records 164.84 PE Ratio - The construction/Real Estate sector houses stocks of companies that are into building construction, infrastructure/heavy construction and property management. Source Proshare Read More 

Healthcare Sector Records No Gainer as EKOCORP Tops on EPS and PE Ratio - A review of the EPS ratio of the healthcare sector reveals that EKOCORP tops and closely followed by NIG-GERMAN and FIDSON while GLAXOSMITH and EVANSMED lead otherwise with negative EPS. Source Proshare Read More 

Market outlook for 2017 dims as NSE-30 company profits down 20.34% in Q3 - For the first in nine months through September 2016, the cumulative net income of 30 firms which make up the Nigerian Stock Exchange (NSE) 30 index or 87.50 percent of the total market capitalisation fell by 20.34 percent to N510.73 billion from N641.15 billion the previous year. Source BUSINESSDAY Read More 

Made-in-China 2025 Strategy and the Shanghai Stock Exchange - In order to boost the “Made-in-China 2025 Strategy” and implement the strategy of manufacturing power and cyber power, on December 13 and 14, 2016, the Ministry of Industry and Information Technology (MIIT) of the P.R.C. Source Proshare Read More 

Dangote extends partnership with CNN - Dangote Group has taken an investment decision to extend its multi-year partnership with CNN International, with its new focus on Africa’s Energy. Source Daily Trust Read More 

Guinness Nigeria eyes N40b new equity funds in rights issue - Guinness Nigeria PLC plans to raise about N40 billion from its shareholders as part of strategic plan to deepen its balance sheet and provide long-term financial support for its business. Source THE NATION Read More 

Eight power firms reject 1,337MWH despite poor supply - Eight power distribution companies rejected 1,336.75 megawatts-hour of electricity, representing 19 per cent of the total quantum of power supplied to them by the Transmission Company of Nigeria. Source Punch Read More 


Libya's oil production at 622,000 bpd - National Oil Corp - Libya's oil production stood at 622,000 barrels a day (bpd) on Monday, up slightly from levels recorded before an armed faction agreed to lift a two-year blockade on major western pipelines on Dec. 14, the National Oil Corporation (NOC) said. Source Reuters Read More 

Egyptian General Petroleum Corp seeks up to 178,000 T gasoil for Jan - Egyptian General Petroleum Corp (EGPC) is seeking up to 178,000 tonnes of gasoil for delivery in January, a tender document showed on Tuesday. Source Reuters Read More 

Qualcomm Fined $853 Million by South Korean Antitrust Agency - South Korea’s antitrust regulator slapped a record 1.03 trillion won ($853 million) fine on Qualcomm Inc. for violating antitrust laws, the latest in a string of government actions that threaten the U.S. chipmaker’s most profitable business. Source Bloomberg Read More 

Vietnam Defies Asia Slowdown as GDP Growth Holds Above 6% - Vietnam’s economy expanded more than 6 percent for a second year, defying a regional slowdown to remain one of the world’s best performers as manufacturing rose. Source Bloomberg Read More 

No Happy New Year in China as Currency, Liquidity Fears Loom - The first day of 2017 is when an annual $50,000 quota to convert the yuan into foreign exchange resets, stoking concern there will be a rush to sell the local currency. Source Bloomberg Read More 

Japan November Industrial Output Rises Most in Five Months - Japan’s industrial output rose the most in five months in November as export volumes rebounded sharply, pointing to an expected economic expansion in the fourth quarter. Source Bloomberg Read More 

Bond Buyers Left Bemoaning 13% Returns After Oil’s Wild Year - Last year, the biggest winners in the high-yield bond market were investors who eked out any positive gains. This year, even returns of 15 percent aren’t enough to make the top rank. Source Bloomberg Read More 

Japan Back in Deflation Doesn't Mean All Prices Fall - Shinzo Abe and Haruhiko Kuroda promised to drag Japan out of decades of deflation in 2013. That hasn't happened yet, with core inflation dropping in November for a ninth month. Source Bloomberg Read More 

Oil Caps Longest Winning Streak Since August Ahead of OPEC Cuts - Oil climbed in New York, capping the longest winning run in more than four months amid optimism that output cuts by major producers will help eliminate a supply glut. Source Bloomberg Read More

U.S. Stocks Near Record as Oil Gains, Bonds Fall: Markets Wrap - U.S. stocks traded near a record high amid thin trading as oil posted its longest winning streak in four months. Treasuries fell amid soft demand in an auction of two-year notes. Source Bloomberg Read More 


Sterling, BoI partner on N140b empowerment deal - Sterling Bank PLC is partnering  Bank of Industry (BOI) for the pilot phase of the N140 billion Government Enterprise Empowerment Programme (GEEP) to support micro business owners, such as market women, traders, artisans and farmers to grow their businesses. Source THE NATION Read More




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