Nigeria in 1min: Economic, Business & Financial Headlines - 030816


August 03, 2016 7:10 AM / Proshare News 

Mass Housing Still on the Agenda - Nigeria’s housing deficit stands at 17 million units and the estimated cost of bridging this gap is N59.5trn. Industry estimates suggest that about 100,000 new houses are built each year in Nigeria, compared to estimated demand of 700,000 units. Source Proshare Read More 

Recession: Buhari’s economic team meets experts for help - The Federal Government’s Economic Management Team on Tuesday held what it called a consultative forum with a team of economic and financial experts across the country. Source Punch Read More 

Receding Weather Shocks Hand baton to Fundamentals - In the aftermath of the third strongest El-Nino on record , which resulted in unusual weather patterns across various key agriculture producing regions, the S&P GSCI Agriculture index posted a 17% gain over the first half of 2016 (H1 15:  -19%). Source Proshare Read More 

LAMATA, Japan to build $1bn Lagos urban rail - The Lagos State Government says it will partner the private sector, speficically Japan International Cooperation Agency, to construct a $1bn urban rail line. Source Punch Read More 

NIRSAL Guarantees N61.16bn Loans to Agriculture - Managing Director, Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu Hameed has said that the firm has guaranteed loans totaling N61.16billion to agriculture and disbursed N753.35million as rebate to borrowers who paid back loans on time between 2013 and 2015. Source Thisday Read More 

Shippers threaten to boycott Nigerian ports over rising duty - Shippers in the country have threatened to stop using Nigerian seaports to bring in their goods from overseas due to high duties payable on imported goods. Source Punch Read More 

Prices of new cars up 70% over forex crisis - Vehicle sales by auto dealers and importers have dropped sharply due to the increase in prices triggered by the rising exchange rate, Daily Trust findings have shown. Source Daily Trust Read More 

NPA budgets N14.3bn for Lekki Deep Seaport - The Nigerian Ports Authority (NPA) has set aside N14.3 billion as part of its financial commitment to the ongoing construction of Lekki Deep Seaport in 2016. Source Daily Trust Read More  

Beware of Unregistered Money Transfer Operators - The Central Bank of Nigeria (CBN) wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria. Source Proshare Read More  

CBN directs banks to accept cheques in savings account - The Central Bank of Nigeria, CBN, yesterday, directed banks operating in the country to accept deposit of cheques into savings account and to begin to embed Bank Verification Number, BVN in payment cards. Source Vanguard Read More

Regulator Suspends Trading in Firm after Missing Results Deadline - SIX Exchange Regulation exceptionally granted Accu Holding Ltd on their request to publish their audited annual report 2015 only on 29 July 2016. Source Proshare Read More 

CBN to raise N245b in T-bills at higher yields - The Central Bank of Nigeria (CBN) is planning to raise N245.18 billion ($773.44 million) worth of Treasury bills (T-bills) to settle short-term obligations. Source THE NATION Read More 


Proshare and NASD Plc form strategic partnership to boost the Nigerian Financial Market - Proshare, Nigeria’s premier Economic and Financial Information Hub and NASD Plc, Nigeria’s foremost securities exchange for unquoted public companies, today announced a landmark partnership aimed at communicating the activities and developments of the NASD OTC market towards fostering transparency, education and growth.. Source Proshare Read More

Market Net worth sheds N128.33bn in 4days as sell-down persists - The equities market closed today on a negative note, as NSE ASI depreciated by 0.04% to close at 27,831.95 basis points, compared with the 0.60% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.85%.. Source Proshare Read More  

ETI Q2'16 Conference Call & Earnings Presentation - The Key Takeaways  - In Q2, the bank operated and delivered its earnings results in a tough operating environment with economies across Africa slowing while Nigeria’s economy is stressed particular due to the impact of low oil prices and FX scarcity. Source Proshare Read More

Oando Plc Announces H1 2016 Results, Posts N212 Billion Top Line Revenue - Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the six months period ended 30 June, 2016, with the following highlights. Source Proshare Read More 

SF Markets Monthly Index Highlights: July 2016 - Monthly overview of the Nigerian financial markets as reflected through SF Markets equity and fixed income indices. SF Markets is a provider of innovative benchmark and tradable indices focused on the Sub-Saharan African region. Source Proshare Read More 

Monetary policy to appeal to old friends -
The core developments of the past quarter have been the devaluation in June and the monetary tightening in July. The second was designed to make the first effective, and its message to foreign investors could be paraphrased as ‘welcome back, all is forgiven’. These are bold steps by the authorities: bolder will be required in our view in the form of further rate hikes if the fx market is to attract sizeable autonomous flows and the exchange rate is to settle. Source Proshare
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Dangote Cement Plc Q2 16 - Net FX Gains Mask Weaker Operating Performance - Dangote Cement Plc. (Dangcem) released its unaudited Q2 16 result wherein pre-tax earnings rose 20% YoY to N70 billion well ahead of our estimates of N19 billion. However, PAT was 5% lower YoY at N50 billion following a 19pps rise in effective tax rates to 28%.. Source Proshare Read More 

All Round Pressure Sinks Skye Bank FY'15 Earnings - After a prolonged delay, SKYEBANK released a disappointing FY’15 result, reporting a loss after tax of N40.7 billion – a significant deviation from 9M’15 profit of N12.0 billion and our N13.2 billion estimate.. Source Proshare Read More 

Flour Mills of Nigeria plans 40 bln naira share sale - Flour Mills of Nigeria has registered plans with regulators to raise up to 40 billion naira ($128 million) in equity over the next three years, its chief financial officer said on Tuesday. Source Reuters Read More

Forte Oil plans N50b new capital raising in second half - Directors of Forte Oil Plc has stepped up arrangements to d plan to raise N50 billion in new debt capital before the end of this year. Source THE NATION Read More

Sterling Bank concludes plan for N35b new capital in H2 - Sterling Bank Plc is concluding arrangements to raise N35 billion tier 2 capital in the second half of this year, as improved assets quality and lower cost of fund steadied the performance of the bank in the first half of this year. Source THE NATION Read More 

Five Banks Support Customers with N6.6trn Loans in Six Months - Five banks have boosted the businesses of their customers with N6.561trillion in the first six months of the year through loans and advances, THISDAY checks have revealed. Source Thisday Read More 

70% of Onshore Oil Output Shut in, FG Resumes Payments to Militants - As the federal government resumed cash payments to militants in the Niger Delta, it was revealed on Tuesday that up to 70 per cent of oil and gas production from traditional onshore and shallow water terrain has been locked in due to the attacks on oil infrastructure in the region. Source Thisday Read More 

AMCON to lease seized assets to raise cash - Asset Management Company AMCON, an agency set up six years ago to take on non-performing loans in banks and rescue the nation’s banking industry from systemic collapse may begin to lease out properties seized from companies that are failing to repay loans as it grapples with cash crunch. Source Vanguard Read More 

Naicom blocks International Energy Insurance’s asset sale - The National Insurance Commission (Naicom) has directed the interim management of the International Energy Insurance (IEI) Plc to suspend the proposed sale of the company’s major equity stake in IEI Anchor Pensions Limited. Source THE NATION Read More 

Oil Price Drops To $40 As Glut Hits Market - Global oil prices fell below $40 a barrel at the beginning of the week as oil output from OPEC countries showed outputs for the 13-member bloc at record highs when compared to figures in recent history. Source Leadership Read More

Electricity grid sustains 3,000mw for 20 days in July - The national electricity grid has sustained 3,000 megawatts (mw) daily generation for 20 days in July to the delight of consumers. Source Daily Trust Read More  


HSBC Plans $2.5 Billion Buyback in 2016 as Profit Falls 45% - HSBC Holdings Plc announced a $2.5 billion share buyback for this year as Chief Executive Officer Stuart Gulliver tries to reverse a stock slump, while backing away from annual dividend increases and the timeline for a key profitability target. Source Bloomberg Read More 

Stock Losses Deepen in Asia With Crude Below $40; Kiwi Weakens - Asia stocks extended their drop as oil’s selloff revived concerns over global growth and after Japan’s fiscal stimulus package fell short of what some investors had expected. High-yielding currencies retreated. Source Bloomberg Read More

Ghana's parliament rejects key IMF financing requirement - Ghana's parliament on Tuesday overwhelmingly rejected a key tenet of a $918 million aid deal with the International Monetary Fund (IMF), breaching the terms of a 3-year programme meant to fix an economy dogged by high public debt. Source Reuters Read More 

Gold rises back towards $1,360 as talk of U.S. rate hikes fades - Gold rose on Tuesday as European shares fell 1 percent and the dollar hit its lowest in over a month versus the euro, after last week's soft U.S. growth data dented expectations for a near-term interest rate hike. Source Reuters Read More  


‘Multiple taxation, others cripple telcos’ - The Executive Vice Chairman, Nigerian Communications Commission (NCC),  Prof. Umar  Danbatta, yesterday lamented that multiple taxation and regulation, constraints in securing approval for right of way (RoW) and others were taking tolls on the quality of telecoms services across the country. Source THE NATION Read More  

Bitcoin Sinks After Hackers Steal $65 Million From Exchange - Bitcoin plunged after one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency. Source Bloomberg Read More  


NASD-Proshare partner to boost OTC market



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