Nigeria in 1min: Economic, Business & Financial Headlines - 012114


Tuesday January 21, 2014/ Proshare

Nigeria: Budget 2014 Proposal Details - All you need to Know! - Kindly find below the full details of the 2014 budget proposals as submitted, courtesy of the budget office. Source Proshare Read More

FG springs surprise with social security initiative - Coming straight out of the blue, the Federal Government yesterday announced it was in discussions with the Brettonwoods institution,the World Bank, to trash out what it terms “a comprehensive social protection scheme” for the country. Government said the scheme will kick off next month as part of an extensive social rehabilitation programme across the country. Source BUSINESSDAY Read More

FG blames high recurrent expenditure on salary increase - The Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday blamed the high recurrent expenditure pattern in the 2014 budget on increase in the salaries of workers. Source Punch Read More

President Jonathan for World Economic Forum in Davos - President Goodluck Jonathan will leave Abuja Tuesday for the World Economic Forum in Davos, Switzerland where he will lead efforts to attract beneficial global participation in this year's World Economic Forum on Africa which will be hosted by Nigeria in Abuja from May 7-9 in Abuja. Source Proshare Read More

Nigeria will start exporting cars soon —Jonathan- President Goodluck Jonathan on Monday expressed the belief that with the measures put in place by his administration, especially the new National Automotive Industry Policy; the country would soon be exporting cars to other countries. Source Punch Read More

Power supply worsens as gas shortage continues - Nigerians will remain in the dark for a long time to come as the electricity supply situation has grown worse due to shortage of gas supply to the power generating plants. Source Punch Read More 

Ihejirika: Army Acquires Drones to Deal with Terrorists - The immediate past Chief of Army Staff (COAS), Lt-Gen. Azubuike Ihejirika, has disclosed that the Nigerian Army acquired large amounts of Unmanned Aerial Vehicles (UAVs) popularly known as drone to deal with the contemporary security situation in the country. Source Thisday Read More

Lagos Assembly Passes Law Banning Smoking in Public - The Lagos State House of Assembly  Monday finally passed a bill for a law to regulate smoking in public places in all parts of the state.The bill has been sent the state Governor, Mr. Babatunde Fashola (SAN), for an ascent. Source Thisday Read More

We’ll end B’Haram insurgency before April – CDS - The new Chief of Defence Staff, Air Marshal Alex Badeh, has given an assurance that the military will bring the Boko Haram insurgency in the country to an end before April this year. Source Punch Read More

Africa's economic growth failing to stimulate development and jobs - Economic growth in Africa is expected to accelerate to 4.7% this year and 5% in 2015, but the advance is failing to translate into job creation and the broad-based development needed to reduce high poverty and rising inequality rates in many countries, the UN has said. Source global development  Read More

AfDB, others will fund $4bn power projects – FG - The Minister of Power, Prof Chinedu Nebo, has said the Federal Government will access $4bn from development agencies to fund power transmission infrastructure. Source Punch Read More

Senate may get ministerial list today - The Senate is expected to receive a list of ministerial nominees from President Goodluck Jonathan today, Daily Trust learnt last night.Among the names that may be on the list are those of former Nigerian Ambassador to China Alhaji Aminu Wali (Kano), former commissioner Mr. Felix Tangwami (Adamawa), former ambassador Musiliu Obanikoro (Lagos), former House of Representatives leader Mohammed Wakil (Borno), Alhaji Mohammed Arzika Tureta (Sokoto) and Mrs. Eyakenyi Akon (Akwa Ibom). Source Daily Trust Read More


Capital Market
Equity Market Dips by -0.67% to Open the Week Negative; Thanks to Big CAP - The equities market closed today on a negative note, as NSE ASI depreciated by -0.67% to close at 41,471.28 basis points, compared with the appreciation of +0.03% recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.34%. Source Proshare Read More

Top-5 Nigerian Equities League for the week commencing 20 January, 2014 - The Nigerian Equities Market sustained another week of gains. The market was up by 1% to 41,751.55 up from 41,440.19 in the just concluded trading week. The positive market sentiment is supported by the expectation that most companies will generally turn out good performances when the FY 2013 earnings season comes through. Source Proshare Read More

Policy / Regulations
CBN, IFC to establish asset collateral registry - A member of the World Bank group, the International Finance Corporation, is collaborating with the Central Bank of Nigeria and the Ministry of Industry, Trade and Investment to establish asset collateral registry in the country. Source Punch Read More 

2.3GHz Broadband Spectrum Winner to Pay Additional N374m - In addition to the bid price, which is presently fixed at a minimum of N3.6 billion, the eventual winner of the wholesale frequency spectrum licence in the 2.3GHz band on auction by the Nigerian Communications Commission (NCC) will pay N374.6 million, according to sources at NCC. Source Thisday Read More
Investors Newsbeat
ACCESS records break-away gap on renewed bargain hunting - ACCESS recorded a moderate gain of +3.20% with an upper breakout to extend the low-key gaining streak as bargain sentiments towards the stock remained positive. Source Proshare Read More

IST ruling: Lessons from Eze vs Fidelity Securities & Others (2) - The  Investment Securities Tribunal, IST, ruling on the case of Eze A. Eze vs Fidelity Securities Limited, Fidelity Bank Plc, Securities and Exchange Commission (SEC), and First Registrars Limited, addresses one of the challenges confronting  investors in the Nigerian capital market. It is the challenge of share certificate verification and dematerialisation of shares. Source Vanguard Read More

Money Market
Nigeria, others get $43b FDI inflow rise in 2013 – World Bank - The net Foreign Direct Investment (FDI) inflows to Nigeria and other African countries grew by 16.2 per cent to $43 billion in 2013, the World Bank revealed at the weekend. Source Daily Independent  Read More 

Frauds & Scandals
‘Missing’ $10.8bn spent by Nigerians – NNPC - The Nigerian National Petroleum Corporation on Monday stated that the $10.8bn it allegedly failed to remit to the Federation Account was not missing but was instead spent by Nigerians. Source Punch  Read More


Ibru Family Dispute Stalls Emergence of Aero as National Carrier -
Squabbles among members of the family of the scion of the Ibru business dynasty, Chief Michael Ibru, as to who controls the 40 per cent minority shares in Aero Contractors is stalling the take-off of the national carrier, THISDAY investigations have revealed. Source Thisday
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2015 elections won’t be perfect – Jega -
Chairman of Independent National Electoral Commission, INEC, Professor Attahiru Jega, yesterday, asked Nigerians not to expect next year’s general elections to be perfect. Source Vanguard
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APC members vow to disobey court over leadership changes in House of Reps - Members of the All Progressives Congress, APC, in the House of Representatives, yesterday, vowed to disobey a court order restraining them from effecting leadership changes in the House today. Source Vanguard Read More

Nigeria tops list of least favourable countries for oil, gas investments - A new report released by the Norwegian research group DNV GL, further reinforces the long held view that failure of Government to pass the Petroleum Industry Bill (PIB) is damaging Nigeria’s oil and gas sector. Source BUSINESSDAY Read More 

Nigerians slam Chevron with $5bn suit for gas explosion - Chevron is being sued by Nigerians over a 2012 offshore gas exploration rig explosion that killed two workers. Chevron was presented with a $5 billion lawsuit in California federal court according to Law 360 reports. Source Vanguard Read More

FG to begin new measurement policy in oil sector - The Federal Government says it will commence full implementation of Weights and Measures Act on measuring instruments used in oil and gas sector of the economy February 1, 2014. Source Daily Trust Read More

WTI Oil Drops on Concern Slowing China Economy Will Curb Demand -West Texas Intermediate crude fell amid speculation a slowing economy in China will reduce fuel demand in the country, the world’s second-biggest oil consumer. Source Bloomberg Read More

Gold Drops From Six-Week High as Investors Weigh Demand Outlook - Gold fell, snapping three days of gains that lifted prices to the highest level in almost six weeks, as investors assessed the impact of the rally on demand while the dollar strengthened. Source Bloomberg Read More


 Global Markets
Asian Stocks Rise as China Acts to Pare Rates; Yen Drops - Asian stocks climbed as China’s money-market rates fell the most in four weeks after the nation’s central bank injected funds into the financial system. The yen slid against major peers as policy makers meet to review Japan’s monetary policy, while oil retreated. Source Bloomberg Read More


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