Nigeria in 1min: Economic, Business & Financial Headlines – 290416



April 29, 2016 6:10 AM / Proshare News 


Preparation for 2017 budget has commenced – FG - The Federal Government, in a bid to avoid the repetition of the crisis that trailed the 2016 budget, said on Thursday that it had commenced preparations for the 2017 budget process. Source Punch Read More

FG to link rail lines to seaports - Many existing structures will be demolished in order to link rail lines with seaports across the country, the Federal Government has said. Source Punch Read More 

Budget: Presidency, N/Assembly panel concludes work today - The committee set up by the Presidency and the National Assembly to look at the “grey areas” raised by President Muhammadu Buhari will conclude its work today Source Daily Trust Read More 

FG, W/Bank to partner on land transport - The Federal Ministry of Transportation is ready to partner the World Bank on the development of a comprehensive land transportation policy. Source Daily Trust Read More

Economist advises FG to break monopoly in rail, power transmission and gas pipelines - As Nigeria seeks to boost its profile as a strategic investment destination in Africa with a divested economy, notable economist Dr Ayo Teriba has advised the Federal Government to break its monopoly in rail, power transmission and gas pipelines. Source WEbTV Read More

NNPC's February Accounts Show Operating Deficit of N24.2bn - The NNPC’s accounts for February show a group operating deficit of N24.2bn (US$123m) vs N3.6bn the previous month.Source Proshare Read More 

Govs want funds in Excess Crude Account shared - The 36 state governors have told President Muhammadu Buhari to approve the sharing of funds in the Excess Crude Account among the three tiers of government in order to improve the liquidity position of the states. Source Punch Read More 

Buhari: States still owe workers despite bailout - Twenty four states are still in distress and are finding it difficult to pay salaries, President Muhammadu Buhari has said. Source Daily Trust Read More 

States’ insolvency threatens GES agric scheme - Nigeria’s cash-strapped states can hardly sustain the Growth Enhancement Support (GES) initiative as their monthly allocations continue to nosedive on the back of dwindling oil revenues. Source BUSINESSDAY Read More 

‘Airlines cancel 95, delay 2,815 flights in March’ - Eight airlines operating domestic flights in the country were responsible for a total of 95 cancelled flights and 2,815 delays out of a total of 4,892 flights operated in March. Source Guardian Read More 



Fidelity Bank Cooperates With the EFCC over Transaction Investigations - Our attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015.Source Proshare Read More 


Equities market regains patronage, erases previous loss - The equities market closed today on a positive note, as NSE ASI appreciated by 0.60% to close at 24,957.08basis points, compared with the 0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.87% Source Proshare Read More

DIAMONDBNK Reports N11.5bn Pre-tax Loss Driven by Increase in Impairment Charges - This afternoon, the NSE published Diamond Bank’s (Diamond) Q4 2015 results which showed an after-tax loss of N9.9bn.Source Proshare Read More 

MOBIL Q1 revenue hits 4-year high - MOBIL reported strong growth in Q1’16 revenue, up 37% y/y and the strongest quarterly figure reported since Q2’12 - we note though that y/y growth is bolstered by weak comparable period of Q1’15.Source Proshare Read More

WAPCO Q1’16 Results - Marked Downward Revisions to Consensus 2016 PBT Forecast Expected - This afternoon the NSE published Lafarge Africa (Lafarge) Q1 2016 which showed marked declines across key headline items and an after-tax loss of -N6.4bn. Sales declined by -29% y/y to N52.4bn, driven by a combination of production challenges and benign cement prices. - Source Proshare Read More 

OKOMUOIL's Operating Expenses Grow by 17% in Q1'16 Results - This afternoon, Okomu Oil (Okomu) reported Q1 2016 results which showed that sales of N3.33bn grew 37% y/y while PBT and PAT of N1.64bn and N1.60bn were both up 38% y/y and 55% y/y respectively. Source Proshare Read More

STERLNBANK declares N2.54bn PAT in Q1 2016 Result,(SP:N1.41k) -  Source Proshare Read More 

DIAMONDBNK Declares N5.76 billion PAT in Q1 2016 Result,(SP:N1.42k) –  Source Proshare Read More

FBN Holdings to downsize to boost profitability - FBN Holdings Plc, the parent company of First bank Limited said it would cut jobs and focus less on providing loans to the oil industry in a bid to reverse last year’s 82 percent slump in profit. Source Vanguard Read More

African capital markets to raise $3.1bnIPOs in 2016 – NSE boss - Despite the challenging operating environment in 2015, there has been a prediction that African capital markets are expected to see a gradual pickup in growth in 2016, with the markets expected to raise Initial Public Offers, IPOs of $3.1 billion. Source Vanguard Read More 

Electricity consumers paying outrageous bills – NERC - The Nigerian Electricity Regulatory Commission on Thursday said it had commenced investigations into the various metering claims presented to it by power distribution companies. Source Punch Read More 

Electricity: FG to complete 47 transmission projects - The federal government is set to boost electricity supply with the completion of 47 ongoing transmission projects across the country, Power, Works and Housing Minister, Mr. Babatunde Fashola, has said. Source Daily Trust Read More 

NLNG opposes legislators’ move to amend Act - The Nigeria LNG Limited has urged members of the House of Representatives not to amend the NLNG Act, saying if the move sails through, it will portray the country as one that does not honour agreements. Source Punch Read More


Dollar Drops to 11-Month Low as Asian Stocks Fall; Oil Near $46 - The dollar dropped against almost all of its major peers after weaker-than-expected U.S. economic growth dimmed prospects for a Federal Reserve interest-rate increase at a time when monetary easing is being put on hold elsewhere. Source Bloomberg Read More

Europe Stocks Inch Higher Amid Mixed Earnings as Miners Advance - European stocks edged higher as gains in commodity producers helped erase an earlier drop and investors assessed earnings reports. Source Bloomberg Read More

Facebook Spent $12.5 Million to Protect Zuckerberg Since 2013 - Facebook Inc. revealed that it spent $4.26 million on security for Mark Zuckerberg last year, its first disclosure of such costs, and the highest among companies in the Standard & Poor’s 500 Index that have filed proxy statements for fiscal 2015. Source Bloomberg Read More

Mozambique PM puts foreign borrowing at $9.89 bln: state media - Mozambique has $9.89 billion in foreign debt, a slight increase from previous estimates of $9.64 billion, state media quoted Prime Minister Carlos Agostinho do Rosario as saying on Thursday. Source Reuters Read More 

S&P sees South Africa's banks up against growing credit risks - South Africa's banks will find it tougher to turn a profit as the economy remains feeble for the next few years and credit risks rise, credit ratings agency Standard & Poor's said on Thursday Source Reuters Read More 

Lafarge Africa to market $302 mln bond to refinance loans - Lafarge Africa is in the middle of a roadshow to market a 60 billion naira ($302 million) bond programme to refinance loans at United Company of Nigeria (UNICEM), which it acquired last year, its finance chief said on Thursday. Source Reuters Read More 



Telecoms operators battle NCC over VAS market regulations - The planned regulations of the Value Added Service (VAS) segment of the Nigerian telecommunications market may have pitted the operators against the Nigerian Communications Commission (NCC) over some sections of the draft regulatory framework for the service in the country. Source Guardian Read More 

BoI, UNDP unveil solar micro-grid for 200 homes in Edo - No fewer than 200 off-grid houses in Obayantor 1 community, Edo State, have been provided with access to clean and affordable power supply courtesy of the Bank of Industry (BoI) and the United Nations Development Programme (UNDP) 24KW solar micro-grid scheme. Source Guardian Read More 



FG should break monopoly in rail, power & pipelines.-Teriba

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