Nigeria in 1min: Economic, Business & Financial Headlines – 290615

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June 29, 2015 7:10 AM / Proshare News
 

NIGERIAN ECONOMY
Nigeria loses over N8trn annually in untapped gold – Ekosin - To talk about the capacity of the solid minerals sector in the country, how important it is and what it can contribute to the economy, let’s take our minds back to the past. Source Vanguard Read More
 

Nigeria Loses N1.825tr Yearly To Apapa Gridlock –Experts - If there has ever been a time when the federal and Lagos State governments need to tackle the perennial traffic gridlock on road network in Nigeria’s port city- Apapa, Lagos, it is now. Source Daily Independent Read More
 

Customs gets N273m as levies in Katsina - About 273 million naira was realized as levies from 240 trucks cleared at Magama/Jibiya border in Katsina state, the Customs Area Controller for Kaduna/Katsina command, Maitama Kura has said. Source Daily Trust Read More
 

Outdoor advertising spend dropped to N20.5bn in 2014 – OAAN - The total amount of outdoor advertising spend in Nigerian dropped to N20.5 billion in 2014 from the N23.3 billion it achieved in 2013 representing a N3.2 billon decline. Source Daily Trust Read More
 

Lagos Now Headquarters of Lufthansa for Sub-Sahara Africa - German based international carrier, Lufthansa has designated Lagos as the center and regional headquarters of its Sub-Saharan sales, station and administration organisation leading marketing and sales for the airline across the continent, including East African and Southern Africa countries. Source Thisday Read More


POWER
Electricity consumers’ll pay efficient tariff – NERC - The Chairman, Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, has said that the commission will ensure that power customers pay only an efficient tariff. Source Punch Read More

 
Ondo, Korean firm to build 550MW power plant - The Ondo State Government and a Korean firm, Kingline Development Limited, have concluded plans to boost industrialisation in the state with the construction of a 550-megawatts power plant valued at $500m (N99bn). Source Punch Read More
 

RULES & REGULATION
NSE Reviews Composition of Market Indices - The Nigerian Stock Exchange (NSE) announced the results of the biannual review for The NSE 30 and the five Sectoral Indices of The Exchange - The NSE Banking, The NSE Consumer Goods, The NSE Oil & Gas, The NSE Industrial and The NSE Insurance. The composition of these indices after the review will be effective on Wednesday July 1, 2015. Source Proshare Read More
 

CBN forex rule to fuel bond sell-off - The Federal Government bonds are expected to witness increased buying, especially by local pension funds, that could lead to a drop in yields by around 20 basis points, traders have said. Source Punch Read More


NDIC warns banks against 2009 era abuses - The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has warned chief executives and stakeholders in the banking sector to pay attention to sound corporate governance practices as a foil against the 2009 systemic crisis’ recurrence. Source Guardian Read More
 

BVN Deadline Expires Tomorrow, As NIBSS Says No To Extension - As the deadline given to Nigerians by the Central Bank of Nigeria (CBN) for the registration of the banks verification number (BVN) expires tomorrow Tuesday June 30, 2015, the Nigerian Inter Bank Settlement System (NIBSS) has stated that there is no plan to extend the registration. Source Daily Independent Read More
 

CBN Approves Konga’s Acquisition of Zinternet - The Central Bank of Nigeria (CBN) has approved Konga’s acquisition of Zinternet Nigeria Limited (Zinternet) and its mobile money license. Source Thisday Read More
 

 

CAPITAL MARKET
Sentiment Analysis Report - W/E June 26, 2015 - Analysis of the market activity in the week ended June 26, 2015 technically revealed growing bearish tendency as investors remained cautious while short-term traders increased speculative trading. Source Proshare Read More
 

New authorized traders join the NASD OTC Market - Seven authorised traders joined the NASD OTC market this week, bringing the total registered traders of all participating institutions to 163. This growth is expected and indicates an increase in the number of brokers who are empowered to deliver above board services to investors in unlisted securities in Nigeria. Source Proshare Read More
 

Cautious trading stokes supply as stocks down by 1.22%WoW - The equities market closed today on a negative note, as NSE ASI depreciated by 0.81% to close at 32,853.49basis points, compared with the 0.44% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.20% Source Proshare Read More
 



 

MONEY MARKET
Sterling Bank set to publish debtors’ names - Sterling Bank Plc says it has concluded plans to publish the names of individuals and institutions with non-performing loans in its books on national newspapers and the social media if they fail to repay by August 1. Source Punch Read More
 

Forex: Interbank, BDC rates’ gap widens - Currency traders have expressed concern over the increasing gap between the interbank and the Bureau de Change rates which nears N30 a dollar. Source Daily Trust Read More

 
CBN’s Approach To Forex Prone To Abuse, Corruption, Says LCCI - Lagos Chamber of Commerce and Industry (LCCI) has said that the recent directive by the Central Bank of Nigeria on the management of foreign exchange market, which excluded 41 products from access to the foreign exchange market, could have unintended consequences and also prone to abuse and considerable corruption. Source Daily Independent Read More
 

Investment Value: 12 Nigerian Banks Among Top 20 In Africa - A research conducted by investment house has revealed that 12 Nigerian banks are among the top 20 whose investment value has not yet been eroded out of the 62 African banks considered. Source Daily Independent Read More

 
INVESTORS NEWSBEAT
Dangote Eyes $10b From Cement, Petrol Exports By 2017 - Aliko Dangote, President and Chief Executive of the Dangote Group, one of Nigeria’s most diversified conglomerates, at the weekend applauded the decision by the Central Bank of Nigeria (CBN) to stop sale of foreign exchange to importers of 40 identified goods and services that can be produced in the country. Source Daily Independent Read More
 

Insurance Industry Paid N403bn Claims in Six Years - The Nigeria insurance industry, between the year 2009 and first quarter 2015 paid a total of N403billion claims. Source Thisday Read More
 

 

FRAUD & SCANDAL
Labour Demands Prosecution of Oil Marketers Indicted for Subsidy Fraud - Organised labour in Nigeria has called on President Muhammadu Buhari to prosecute all the oil marketers indicted for various subsidy infractions. Source Thisday Read More

 





POLITICS

Seeking to Reform, No Ministers for Buhari for Two Months - As the clamour for President Muhammadu Buhari to unfold an economic blueprint and appoint ministers to his cabinet grows louder, there are indications that the president may not appoint any members to his cabinet for at least two months. Source Thisday Read More

 
President’s protection: CSO revokes ADC’s order to DSS officials - PRESIDENT Muhammadu Buhari’s Chief Security Officer, Abdulrahman Mani, has revoked the order by the Aide-De-Camp to the President, Lt.-Col. Lawal Abubakar, removing operatives of the Department of State Services from giving Buhari close body protection. Source Punch Read More
 

Our Legislature Should Be Part-time –Bola Ajibola - Former Attorney-General of the Federation and Minister of Justice, Prince Bola Ajibola, on Sunday said that for the Federal Government to reduce high cost of governance, elected legislators especially in the National Assembly, should be made to serve on a part-time basis. Source Daily Independent Read More
 

LUTH Resident doctors begin strike today - Resident doctors at the Lagos University Teaching Hospital, LUTH, Idi-araba will today embark on an indefinite strike following failure of the hospital management to resolve the lingering crisis after they called off their three-day warning strike. Source Vanguard Read More
 

Buhari Inaugurates National Economic Council Today - President Muhammadu Buhari will today inaugurate his administration’s National Economic Council (NEC). Source Leadership Read More
 

 

COMMODITIES
SPDC JV’s Afam VI delivers 20million MWh Electricity into National Grid - Shell’s Afam VI Power Plant in Rivers State has delivered over 20 million Megawatt-hour (MWh) of electricity into the Nigerian grid between its inauguration in 2008 and June 2015, thereby consolidating its position as a leading contributor to the country’s grid generation. Source Thisday Read More

 
Allow illegal refineries to operate, stakeholders urge FG - Stakeholders in the Nigerian oil and gas industry have urged the President Muhammadu Buhari-led administration to encourage more private sector players in the setting up and operation of new refineries across the country. Source Punch Read More
 


 

GLOBAL MARKET
Greek Banks Will Not Open Monday - Greece said it would temporarily close banks on Monday in a bid to prevent its banking system from collapsing after the European Central Bank moved to cap the amount of emergency loans it provides for the country's cash-strapped lenders. Source WSJ Read More
 

Euro, stocks slide on looming Greece default - The euro fell almost 2 percent and share prices tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs. Source Reuters Read More

 
China’s $8 Trillion Penny Stock: The Market of Boom-Bust-Repeat - It looks like the price chart of an over-the-counter penny stock: dizzying gains, abrupt U-turns, harrowing declines. Source Bloomberg Read More
 

Egyptian pound steady at official auction, weaker on black market - Egypt's central bank kept the Egyptian pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened slightly on the black market. Source Reuters Read More

 
Congo Republic cuts budget by nearly 12 pct amid oil price drop - Congo Republic's parliament has voted to cut the current 2015 budget by nearly 12 percent to compensate for a sharp drop in world oil prices, according to the modified text seen by Reuters on Saturday. Source Reuters Read More
 

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