Nigeria in 1min: Economic, Business & Financial Headlines - 020714


Wednesday July 2, 2014 6.30 AM / Proshare News

Jonathan Signs Pension Reform Bill 2014 Into Law - President Goodluck Jonathan Tuesday signed the Pension Reform Bill, 2014 into law.With this, the Pension Reform Act, No 2, 2004 has been repealed. Source Thisday Read More

FG to Float National Carrier With Chinese Investors - Indication emerged yesterday that federal government was mulling a collaborative synergy with some Chinese aviation experts to float the long-awaited national carrier. Source Thisday Read More

FG approves N1b take-off grant for Oil, Gas Polytechnic - The Federal Government has approved the establishment of a new federal polytechnic with specialisation in oil and gas.The polytechnic, which is situated in Bonny, Rivers State, also got approval for a take-off grant of N1 billion from the Federal Government to begin academic activities. Source Daily Independent Read More      

$230m lost as Nigeria fails to capture $46bn non-oil exports - Nigeria’s inability to properly capture the value of non-oil exports moving to different markets in Africa, Europe and  the Americas in five years, may have cost the country a whopping $230 million in revenues that could have accrued as export duties to the Federal Government. Source BUSINESSDAY Read More                                                                                                                                                                     

N35m capital: BDC operators meet N’Assembly, Emefiele - Operators of bureau de change on Tuesday met with the Committees on Finance of both chambers of the National Assembly to seek the intervention of the federal lawmakers on the N35m recently imposed on each of them as capital base by the Central Bank of Nigeria. Source Punch Read More

Capital Market
Nigerian Equities extend gains, start Q3’14 on bullish note - The equities market closed today on a positive note, as NSE ASI appreciated by +0.30% to close at 42,611.32 basis points, compared with the appreciation of by +0.70% recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.08% Source Proshare Read More

IOD lauds NSE; launches comprehensive register of Directors - The Institute of Directors, Nigeria has commended the Nigerian stock exchange for bringing stability and confidence back to the capital market, post 2007/08 crisis in the country. Source WebTV Read More


Policy / Regulations
Bank Credit: CBN Bars Loan Defaulters of over N500m -  The Central Bank of Nigeria (CBN) yesterday warned that no deposit money bank (DMB) should without its prior approval grant facilities to potential borrowers that are in default of any existing facilities to the tune of N500 million and above. Source Thisday Read More

Customers file 4,142 fraud petitions against banks  - Depositors filed 4,142 fraud related petitions against banks between March 2010 and last May, the Central Bank of Nigeria (CBN) has said. Source THE NATION Read More

SEC sets to sanction unregistered public companies - Securities and Exchange Commission (SEC) might start sanctioning public companies which shares are not registered with the apex capital market regulator following the expiration of the June 30, 2014 deadline for all the affected companies to redress their status. Source THE NATION Read More


Investors Newsbeat

UACN records improved patronage on renewed optimism - UACN experienced an active patronage with huge bullish volume to record an upper break-out. The stock gained 5.0% to break its 5wks resistance level at N65.00kobo while extending the uptrend to close at N65.10kobo. This indicates a fresh optimism from both the investors and shareholders as the stock maintained huge bullish volume pattern. Source Proshare Read More

FO Joins NSE "High Priced Stocks" - The Nigerian Stock Exchange (NSE) concluded its review of the prices of stocks, as part of its plans to improve liquidity and deepen the market, with the announcement of a new security that will be joining the league of High Priced Stocks. The stock announced is Forte Oil Plc. Source Proshare Read More

Oando sets new target for final acquisition of $1.65 billion ConocoPhillips assets -  OANDO Plc said it has reached an agreement ConocoPhillips set a new date, as target for completion of the proposed acquisition of the upstream oil and gas business of ConocoPhillips in Nigeria. Source Guardian Read More

Unity Bank Emerges Best in Agric Financing - Effort by Unity Bank Plc to develop the agricultural sector of the Nigerian economy has been rewarded as the bank emerged the “Best Bank in Agriculture Financing” at the BusinessDay Annual Banking recently. Source Thisday Read More



Corporate Earnings
FTNCOCOA declares N405.98million loss in '12 Audited result,(SP:N0.50k) - Source Proshare Read More

REDSTAREX declares N403.6m PAT in '13 Audited result,(SP:N5.01k) - Source Proshare Read More

AVONCROWN declares N129.4million PAT in '13 Audited result,(SP:N1.69k) - Source Proshare Read More

OASISINS Announces Actions for Interested Shareholders to Accept Offer - Source Proshare Read More


Money Market
AMCON dismisses Intangis claims over Mainstreet Bank -
Asset Management Corporation of Nigeria, AMCON, has dismissed as frivolous the claims made by Intangis Holdings on Mainstreet Bank. Intangis Holdings is an American financial and investment company that specialises in Emerging Markets. Source Vanguard
Read More

Time for the CBN to Stop the Excesses it Created through BDC's - Nigeria’s central bank has intensified work to address the current state where it has inadvertently created a huge arbitrage in the FX market and consequentially, aided the dollarization of the economy. Source Proshare Read More

Cashless Policy: FG Transacts N12trn On e-Payment Platform - With the take-off of the cashless policy across the 36 states of the federation yesterday, the federal government (FG) has conducted over N12 trillion transactions on the integrated government e-payment powered by a one-stop multibank electronic payments, e-collections, e-payroll and e-schedules platform, Remita. Source Leadership Read More

Lagos bans illegal use of siren -
The Lagos State Government on Tuesday banned indiscriminate and unlawful use of siren in the state. Source Punch
Read More

The Academy rounds up season 1 - The WebTV premier business program focused on business development and entrepreneurship ‘The Academy’ has concluded its season 1 series. Source WebTV Read More 

Politicians sabotaging war against Boko Haram – Shettima
- The Governor of Borno State, Kashim Shettima, on Tuesday raised the alarm over the activities of an unnamed political cabal, which he accused of undermining the war against terrorism in his state. Source Punch
Read More

Delegate seeks death penalty for election rigger- A delegate, Alhaji Aliyu Abdulkarreem, has said the National Conference is full of those he described as “active election riggers.” Source Punch Read More

Nigeria arrests businessman in connection with girls' abductions - Nigerian troops have arrested a businessman suspected of being at the head of a Boko Haram intelligence network that helped plan the abduction of more than 200 school girls in the northeast, the military said on Tuesday. Source Reuters Read More

Bomb kills 20 in Nigeria market - A bomb in a van carrying charcoal exploded in a busy market in northeast Nigeria on Tuesday, killing at least 20 people in the latest suspected attack by Islamist militants, witnesses said. Source Reuters Read More

Nigeria oil production rebounds to 2.15 mbpd in June - Nigeria’s crude oil production rose by 200,000 barrels a day to 2.15 million in June, a Bloomberg survey of Organisation of Petroleum Exporting Countries (OPEC) producers showed. Source BUSINESSDAY Read More

WTI Trades Near Three-Week Low Before Supply Data; Brent Steady - West Texas Intermediate crude traded near the lowest price in almost three weeks before stockpile data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London. Source Bloomberg Read More 

Gold Trades Below 3-Month High as Rally Deters Physical Buyers -  Gold traded below a three-month high on signs that the rally damped physical demand and as investors assessed the outlook for U.S. borrowing costs before Federal Reserve Chair Janet Yellen speaks today. Platinum fell from the highest since September and palladium snapped a seven-day rally.  Source Bloomberg Read More


Global Markets
Asian Stocks Trade at Six-Year High as Aussie Retreats - Asian stocks climbed, with the regional index at a six-year high, and credit risk in the region fell as expanding manufacturing in the largest economies buoys the global outlook. Australia’s dollar dropped after worse-than-estimated trade data, while platinum and copper slid. Source Bloomberg Read More

European shares start month with aplomb, BNP Paribas buoyant - European shares began the month with a gain, as BNP Paribas rose on relief it had settled a U.S. sanctions case and mining companies rallied after encouraging economic data came out of China, the world's top metals consumer. Source Reuters Read More

4 signs the U.S. economy is about to take off - Whatever your opinion on the financial health of the country, you can find data or evidence to support it. This fact has seemed particularly salient in recent weeks as investors and economy-watchers have been hit with data that makes it look like we’re on the verge of another recession (like the news that the economy shrank at a 2.9% annualized rate in the first quarter) and other information that suggests that the recovery is actually gaining steam. Source FURTUNE Read More

After BNP, U.S. targets range of firms in crackdown on illicit money flows - BNP Paribas’ guilty plea and agreement to pay nearly $9 billion for violating U.S. sanctions is part of a larger U.S. Justice Department shift in strategy that is expected to snare more major banks and other firms across the financial food chain. Source Reuters Read More


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