Nigeria in 1min: Economic, Business & Financial Headlines - 050216



 February 05, 2016 7:30 AM / Proshare News


The Nigerian Economy: Past, Present and Future - NBS - The turmoil in global commodity markets, witnessed in the second half of 2014 brought their full weight to bear on the Nigerian economy in 2015. Oil prices fell 66.8% from $114/barrel recorded in June 2014, to $38.0 by December 2015. Prices fell even further in 2016, to $32.6 as at 3rd February, 2016. Source Proshare Read More

2016: The Year of Stark Economic Reality - LBS Executive Breakfast Session - 2016 will be the year of the enthronement of the consumer in Nigeria. Improved access to market information, declining disposable income and industry fragmentation will increase consumers’ options and choice. Source Proshare Read More

January 2016 Inflation Rate Expected to Drop - FSDH - We expect the January 2016 inflation rate (year-on-year) to slow down to 9.24% from 9.55% recorded in December 2015. The moderation in the inflation rate would be as a result of the base effect of January 2015 and the drop in commodity prices. Source Proshare Read More

Currency woes and capital flows in emerging markets - View on Devaluation - We have had countless of time that capital inflows are just waiting in the wings to pour back in only if Nigeria can devalue its currency. Recent evidence from emerging markets suggests that they should go and tell that to the marines! Source Proshare Read More

Nigeria; A Dim Reflection with lower growth forecasts - Cordros Capital - The global economy is expected to grow at 3.1% in 2015 (vs. 3.4% in 2014) – according to IMF estimates - before picking up modestly to grow at 3.4% in 2016. The lower growth in 2015 was a result of patchy recovery in developed economies, while growth in emerging and developing economies Source Proshare Read More

Tax: FIRS to audit banks, NNPC, MDAs - The Federal Inland Revenue Service, in a bid to ensure that all tax revenues due to the government are collected and remitted into the Federation Account, has begun a tax audit of the Nigerian National Petroleum Corporation. Source Punch Read More

Ugwuanyi signs 2016 budget into law - ENUGU State Governor, Ifeanyi Ugwuanyi has signed the state’s N85b 2016 budget into law. Source Guardian Read More

Customs gives airport command N126 billion target - THE Controller General of Nigerian Customs, Col. Hameed Ibrahim Ali (Rtd) has given the Murtala Mohammed Airport Command, Lagos over N126 billion target to generate in 2016. Source Guardian Read More

FG Directs FAAN to Make All Airports Viable - The federal government has instructed the Federal Airports Authority of Nigeria (FAAN) to make all its airports to generate revenues in order to meet financial targets and also sustain their operations. Source Thisday Read More


Customs Records 41 Seizures in Western Marine Command - No fewer than 41 seizures were made by the Nigeria Customs Service (NCS) in the Western Marine Command in 2015. The seizures had duty paid value (DPV) of N72.7 million representing a 78 per cent increase as against the total number of 30 seizures and DPV of N28.8 million recorded in 2014. Source Thisday Read More

NCAA suspends Bristow’s ditched chopper brand - CONSIDERING the frequency of air crashes involving Bristow Helicopter, two in less than six months, the Nigerian Civil Aviation Authority (NCAA) yesterday suspended the use of the brand of the ditched aircraft by the airline. Source Guardian Read More

Africa Records 1.2% Freight Growth - The International Air Transport Association (IATA) has released global freight figures showing that African airlines Freight Tonne Kilometres flown (ie. revenue-generating cargo flown) declined by 8.4 per cent in December although for 2015 generally, the region grew by 1.2 per cent. Source Leadership Read More

BoI disburses N700m to MSMEs in Taraba - To drive industrial and economic development, as well job creation in Taraba State, the Bank of Industry (BoI) has disbursed N700 million for on-lending to entrepreneurs in the state. Source Guardian Read More 

Nigeria can generate N8.5tn annually from cassava —NCGA - As a concrete step towards diversifying the nation’s economy, the Nigeria Cassava Growers Association has charged the Federal Government with investing in the production of cassava. Source Punch Read More

Rice firm to create 7,000 jobs in Niger - A rice company, Pearl Universal Impex Limited, has stated that it is creating over 7,000 jobs through its rice farming project in Niger State. Source Punch Read More

Nigerians pay more for bread on 14% increase in price of flour - The price of bread, a staple food for most Nigerians will likely shoot up in the days and weeks to come, following a 14 percent increase in the price of flour, its major component, BusinessDay investigations show. Source BUSINESSDAY Read More


Cummins, Sapele Power plan 300MW plant - The move to ensure steady electricity supply in the country has received a boost as Cummins Cogeneration Limited and Sapele Power Plc have signed a Power Purchase Agreement in London, the United Kingdom. Source Punch Read More


Eko Disco Negotiates 100 MW From Egbin To Boost Supply - The Eko Distribution Company (EKDC) has concluded a bilateral agreement with Egbin Power Station for supply of 100 mega watts of electricity to boost power supply within its network Source Leadership Read More

Jos Disco invests N2bn on critical electricity infrastructure - The Jos Electricity Distribution Company (JEDC) said it had invested about N2 billion in critical electricity infrastructure, including the procurement of new transformers to improve power supply. Source Daily Trust Read More

Delta Signs MoU for Solar-powered Plant - Delta State government has taken a bold step towards boosting electricity supply by signing a Memorandum of Understanding (MoU) with a Chinese Company, Yutal Li Nigeria Limited for the provision of a 100 megawatts solar powered electricity generating plant. Source Thisday Read More


CBN Extends BVN Registration For Nigerian Banks’ Customers Abroad - Four days after the deadline for Nigerian banks’ customers abroad to enroll for the Bank Verification Number (BVN) elapsed, the Central Bank of Nigeria (CBN) has further extended it by six months. Source Leadership Read More



SEC Lists Benefits of E-Dividend, Takes Sensitisation Campaign to Lagos - Director General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo has restated the commitment of the Commission to the implementation of the electronic e-Dividend, saying it will ensure that infractions are reduced to the barest minimum in the nation’s   capital market. Source Thisday Read More

Sentiments remain negative, stocks shed N132.21billion in 4days - The equities market closed today on a negative note, as NSE ASI depreciated by 0.38% to close at 23,517.19basis points, compared with the 0.96% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.89% Source Proshare Read More

Naira falls to record low at 311 a dollar - Naira hits record low against the dollar and other major foreign currencies yesterday in the parallel market, extending the wide gap between official rate and that of black market. Source Daily Trust Read More

220 firms owe AMCON N1.14 trillion - Asset Management Corporation of Nigeria (AMCON) yesterday said that Seawolf Nigeria Limited, and 219 other companies are indebted to it to the tune of N1.14 trillion. Source Vanguard Read More

Microfinance banks customers to lose N8bn yearly on N50 stamp duty - The beleaguered poverty stricken customers of grassroots banks are likely to lose N8billion yearly over N50 stamp duty deductions on loan repayments, BusinessDay findings indicate. Source BUSINESSDAY Read More

GTBank to Redeem $500m Eurobond Ahead of Maturity Date - As part of efforts to assuage the fears expressed by international investors over its ability to redeem its Eurobond, Guaranty Trust Bank Plc (GTBank) has invited holders of its $500 million 7.50 per cent Eurobond initially due by May 2016, to tender their securities for redemption by the bank from yesterday. Source Thisday Read More


FCMB Q3'15 Conference Call & Earnings Presentation: The key takeaways - The macro-economic challenges remain daunting; with corresponding strict industry regulations. The new policy by Federal Government on full implementation of Treasury Single Account compounded the liquidity challenges within industry. Source Proshare Read More


Oando E&P Holdings serves notice to acquire all minority shares of Oando Plc in OER - Oando Energy Resources Inc. today announced that it has filed on SEDAR and is mailing a Notice of Meeting and Management Information Circular in respect of a special meeting of shareholders scheduled to be held on Thursday, February 25, 2016 in Vancouver, British Columbia. Source Proshare Read More

Flour Mills of Nig records negative PBT/PAT in Q3-15/16; Downside risks remain - Yesterday afternoon, the NSE published Flour Mills of Nigeria’s Q3 2016 (end-Dec) results which showed pre-tax and after tax losses of –N4.3bn and –N5.2bn respectively. Source Proshare Read More

Rallying of the troops by the FIRS chairman - The executive chairman of the FIRS, Babatunde Fowler, said on Tuesday that the service aimed to raise N4.96trn (US$24.9bn) this year, including N2.00trn from VAT and N1.87trn from companies’ income tax (CIT). Source Proshare Read More

FLOURMILL Declares N19 billion PAT in Q3'16 Result,(SP:N18.05k) - Source Proshare Read More

BVN exposes 23,306 ‘ghost workers’ on Fed Govt payroll - No fewer than 23,306 names are to be deleted from the Federal Government’s payroll.A team probing multiple salary payments recommended 23,306 civil servants and some banks for thorough investigations. source THE NATION Read More

2016 Outlook for MSMEs: Critical Times, Strategic Choices - In 2015, global growth suffered major setbacks as markets witnessed increased volatility and sustained decline in crude oil prices, amongst other major headwinds. Global growth across various geographical demarcations varied in the course of the year. Source Proshare Read More

Maryam Uwais Resigns as an Independent Non-Executive Director from Stanbic IBTC Board - We hereby notify the Nigerian Stock Exchange of the resignation of Mrs. Maryam Uwais MFR as an Independent Non-Executive Director from the Board of Stanbic IBTC Holdings Plc (“Holdco”). Her resignation is effective from 02 February 2016. Source Proshare Read More


Telecoms Sector Records 7.71% Contribution to GDP in Q3'15 - NBS - In real terms, the telecommunications sector contributed N 1,385.85 billion to GDP in the third quarter, or 7.71%, a slight increase relative to the 7.57% contribution recorded in the third quarter of the previous year. Source Proshare Read More

Nigerians on Facebook hit 16m, platform connects 54% to businesses - Facebook executives, in an interview with The Guardian, yesterday in Lagos, revealed that there are now 16 million Nigerians on the social networking platform, the highest in Africa. Source Guardian Read More

NCC Insists $3.9bn MTN Fine’ll Not Scare Investors - The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Garba Danbatta, on Thursday insisted that the $3.9 billion fine it imposed on the telecommunication giant MTN for SIM card registration infarctions, will not scare away foreign and local investors. Source Thisday Read More

NLC Declares Nationwide Protest over Electricity Tariff Increase - The Nigerian Labour Congress (NLC) on Thursday fixed Monday, February 8 for a nationwide protest against the federal government’s increase of electricity tariff early this week. Source Thisday Read More

Nigeria To End Oil Swaps, Go Directly To Refiners From March – NNPC - Nigeria will replace crude oil swap agreements in March with a system under which it will directly sell crude oil to refiners and purchase refined oil products from them, the state oil company said on Tuesday. Source Guardian Read More

FG orders oil firm to pay unremitted N81.6bn - The Presidency has directed an oil firm to remit to the account of Nigerian Petroleum Development Company, NPDC, unremitted funds amounting to N81.6 billion ($408m). Source Vanguard Read More

Acorn Petroleum to raise share capital by 200 per cent - The Shareholders of Acorn Petroleum Plc. have approved the increase in share capital of the company by 200 per cent at an Extra-Ordinary General Meeting (EGM) from N1.5 billion to N4.5 billion. Source Guardian Read More

Fitch: Nigeria’s oil response has fiscal, growth risks - Nigeria’s response to the oil price shock is focused on achieving state-led development that would boost economic growth and import substitution, Fitch Ratings agancy, has said Source THE NATION Read More

Shell Profit Drops 44%, Matching Estimates, as Crude Tumbles - Royal Dutch Shell Plc, which is on the brink of completing the oil industry’s largest deal in a decade, reported fourth-quarter profit that matched analyst estimates. The shares rose the most in almost seven years amid a rebound in global stocks and a selloff in the dollar. Source Bloomberg Read More

Shell shelves $12bn Nigerian Bonga S’West project  - Global oil giant, Royal Dutch Shell, has announced the postponement of the final investment decision on the $12bn Bonga South-West project in deep-water Nigeria amid the sustained drop in oil prices. Source Punch Read More

Shell to cut 10, 000 jobs - Royal Dutch Shell has confirmed it is cutting 10,000 jobs amid its steepest fall in annual profits for 13 years.It made $1.8bn (£1.23bn) for the fourth quarter of the year, compared with a $4.2bn profit for the same period the year before. Source THE NATION Read More

Oil Seen `Lower for Longer' by Morgan Stanley as Forecasts Cut - Low oil prices will persist for longer than previously expected, according to Morgan Stanley, which reduced its quarterly crude forecasts for this year by as much as 51 percent. Source Bloomberg Read More

Texas Isn't Scared of $30 Oil - A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel, according to an analysis by Bloomberg Intelligence. Source Bloomberg Read More


Asia stocks subdued, dollar wobbles before U.S. jobs data - Asian equities were subdued on Friday and the dollar wobbled ahead of the closely watched U.S. jobs report, which could provide clues on the Federal Reserve's monetary policy outlook. Source Reuters Read More

European shares end down in choppy trade, led by Credit Suisse -  European shares fell on Thursday as weak U.S. data fed concerns that the world's biggest economy may be slowing down, with export-oriented auto stocks leading the decline and Credit Suisse tumbling after reporting a full-year loss. Source Reuters Read More

Moody's Says South African Debt Could Surpass 50% of GDP - South Africa’s government debt could climb to more than 50 percent gross domestic product for the first time in more than a decade as weak economic expansion curbs tax revenue, according to Moody’s Investors Service. Source Bloomberg Read More

Pound Drops as BOE Votes Unanimously to Hold Rates at Record Low - The pound fell after Ian McCafferty, the Bank of England’s only policy dissenter over the past six months, dropped his call for higher interest rates and officials cut their growth and inflation forecasts. Source Bloomberg Read More

Zimbabwe says foreigners can buy stakes of up to 49 pct in local firms - Zimbabwe will allow foreigners to buy stakes of up to 49 percent in companies listed on its stock exchange as it tries to boost investment and revive its struggling economy, central bank governor John Mangudya said on Thursday. Source Reuters Read More

S&P cuts Glencore's credit rating, outlook stable - Standard & Poor's downgraded commodities trader and miner Glencore's credit rating on Thursday, citing a slump in commodities prices and uncertainty about metals demand. Source Reuters Read More

Egypt sees World Bank funds arriving soon, eyes more Saudi aid - Egypt expects to receive a $1 billion World Bank loan approved in December once outstanding paperwork is finalised and is negotiating to secure more aid from Saudi Arabia, International Cooperation Minister Sahar Nasr said on Thursday. Source Reuters Read More

The state of venture capital in 2016: 'No longer growth at all costs' - Venture funding of startup companies has surged during the last seven years and is now back to pre-recession levels. Source BUSINESS INSIDER Read More



 NSACC Breakfast Meeting discusses 2016 Nigerian Business Outlook

















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