Nigeria in 1min: Economic, Business & Financial Headlines - 060916


September 06, 2016 6:30 AM / Proshare News   

Full Transcript of Professor Charles Soludo's lecture at the APC Governor Progressive Forum, Kaduna - Assigned Topic “Building the Economy of States: Challenge of Developing Inclusive and Sustainable Growth”. Has been focus of policy since 1962! Still ‘the issue’ today! Expectation? We can’t write a “blueprint” in a lecture. Only broad pillars possible, while a “dedicated Team” sits to iron out the “Details”. Dealing with Twin Shocks: Oil/economic and political— Response depends on whether interpreted as “temporary” or “permanent” shocks; Denial versus Reality? Source Proshare Read More  

What is Happening to the Airlines? - Local air travel passengers received the surprise news of the exit of Aero Contractors and First Nation Airline from the market.  First Nation is the 7th airline to suspend, withdraw or close outright its operations in Nigeria in 2016 alone.  Source Proshare Read More 

Five Worst Performing Sectors from the National Accounts for Q2 2016 -  From the national accounts for Q2 2016 we today highlight the five worst performing sectors. We cover what the NBS terms activity sectors, and then only those accounting for at least 1% of GDP at constant basic prices. Source Proshare Read More 

2017 budget:FG proposes another N500bn for social intervention - The Federal Government said it would again set aside the sum of N500bn in the 2017 budget for its social intervention programme. Source Punch Read More 

Solid minerals sector has annual capacity for N5trn – Minister - The Minister of Solid Mineral Development, Dr. Kayode Fayemi, disclosed that the solid minerals sector contributes 0.34 per cent to the nation’s Gross Domestic Product, GDP, after he took over office. Source Vanguard Read More 

FG settles N65bn debt owed fertiliser suppliers - The Federal Government has decried the inability of the previous administration to settle the outstanding N65 billion fertiliser debt owed to suppliers of the commodity. Source Daily Trust Read More 

Nigeria records lowest capital inflow by $2bn — NBS - Nigeria has recorded the lowest level of capital inflows on record with a drop of N $2 billion from $2.67 billion recorded at the second quarter of 2015, to $647.11 million recorded in the second quarter of 2016 Source Daily Trust Read More 

Katsina, firms sign MOU for power, industrial park, others - The Katsina State government and a Chinese energy firm have signed a Memoranda of Understanding (MOU) to experiment a micro megawatt power model project across the state. Source Daily Trust Read More 

NIPOST revokes 12 courier licences, seals four firms - The Courier Regulatory Department of the Nigerian Postal Service has revoked the licences of 12 courier companies for various offences ranging from non-renewal of operational licences to sundry unethical practices. Source Punch Read More 

‘Local aircraft maintenance’ll save $3b yearly’ - Nigeria will save $3 billion yearly, if indigenous airlines maintain their aircraft locally.Speaking at the weekend, Chief Executive Officer (CEO), Onedot Aviation, Capt. Henry Oludotun Ogunyemi, said the amount covered heavy maintenance checks on  some aircraft type, including Beoing, for which the Nigerian Civil Aviation Authority (NCAA), had given its approval. Source THE NATION Read More 

Block moulders begin strike over cement, granite price hike - Block moulders in the country on Monday commenced strike over the latest increase in the prices of cement, granite and other construction materials. Source Punch Read More 

Budget Constraint Crippling the Judiciary, Says CJN - The Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, has said that the judiciary is suffering more than any other arms of government under the present budgetary challenges. Source Thisday Read More 


Complaints of Alhaji Abass Bolatitio O and 35 Others against Fittco Securities Limited - The Commission is investigating complaints relating to the unauthorized sale of shares belonging to Alhaji Abass Bolatitio O. and 35 Ors  by Fittco Securities Limited. Source Proshare Read More 

CBN Reads Riot Act on N213bn Electricity Stabilisation Fund - The Central Bank of Nigeria (CBN) has rolled out penalties to be meted out to participating commercial banks that fail to comply with the terms and conditions in implementing the Nigeria Electricity Market Stabilisation Facility (NEMSF). Source Thisday Read More 

Equities market extends loses, starts week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.18% to close at 27,707.12basis points, compared with the 2.33% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.23%. Source Proshare Read More 

The Nigeria Bond Watch – Review and Outlook @050916 - During the review week, activities in the domestic fixed income market were influenced by: 1) Treasury and OMO bills auctions and redemption by the CBN; 2) The release of 2nd Quarter GDP & Inflation figures by the National Bureau of Statistics (NBS). Source Proshare Read More                                       

FBNH: Any More Charge in the Big Elephant?!!! - FBN (‘’The Company’’) released its unaudited H1 -2016 result for the period ended June, 30 2016 on 26th July 2016.Gross earnings was down 14% to N203.91billion ($641.22M) from N238.97billion ($751.47M) YoY. The 17% and 5% decline in Interest income and fee & commission income respectively were responsible for the pressure on gross earnings in the review period. Source Proshare Read More  

GTI 5 Weekly Stock Picks - 050916 - The equity market on Friday reversed previous day uptrend as investors took significant profit on Dangote Cement. Note that the stock of Dangote Cement has witnessed 5-day consecutive uptrend before today. Source Proshare Read More 

UBA confirms 25% subsidiaries’ contribution to profit - The Group Managing Director/ CEO, United Bank for Africa, Mr. Kennedy Uzoka, has said the banks African subsidiaries contributed 25 per cent of the group’s profit and account for over a quarter of its  overall total deposit base, which is largely made up of low-cost savings and current account deposits. Source Punch Read More 

Naira Bounces Back After Record Low - The naira opened strong on Monday, recovering from last week’s record low of N425 per dollar at the parallel market. Source Leadership Read More 

We’ve contributed $26bn to Nigeria economy— NLNG boss - Managing Director of Nigeria Liquefied Natural Gas Limited, NLNG, Mr. Tony Attah, has said the company in which Nigeria holds 49 per cent equity, has contributed $20 billion in revenue and $6 billion in taxes to the economy in the last five years. Source Vanguard Read More

No plans to increase fuel price – FG -
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, said, yesterday, there was no plan by the Federal Government to hike the price of Premium Motor Spirit, PMS, otherwise known as petrol. Source Vanguard
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Marginal fields contribute less than 4% of oil output - More than 13 years after the award of the first marginal fields’ Oil Mining Leases, OML, and the subsequent award of a total of 30 OMLs, marginal oil fields are yet to make any significant impact in the Nigerian oil and gas industry and are currently accounting for less than four per cent of the country’s crude oil output. Source Vanguard Read More

Seven Energy loses $42m to militant attack - Seven Energy Finance Limited, an integrated gas company in Nigeria with operations in the upstream, has raised alarm over the continued attacks of facilities by militants, adding that such illicit acts had impacted on its operations, resulting to a loss in output valued at $42 million in first half of 2016, H1’16. Source Vanguard Read More 

‘NLNG’s Act repeal ‘ll jeopardise $20b  investment’ - The Nigeria Liquified Natural Gas (NLNG) has warned that any tinkering with the law guiding its activities may spell doom for the country. Source THE NATION Read More 

NLNG’s Cooking Gas Vessel Stranded as Customs Detains Petrol Vessel - A vessel laden with Liquefied Petroleum Gas (LPG), better known as cooking gas brought into Lagos by the Nigeria LNG Limited from the Bonny Island plant of the company was stranded at Apapa Jetty in Lagos up till the weekend, due to lack of berthing space, THISDAY has learnt. Source Thisday Read More 

3050mw Mambilla hydro power project set to start - Forty Chinese engineers have visited the site of the 3050 WM Mambilla hydro-power project at Gembu in Taraba State. Source Daily Trust Read More 


Angolan President fires finance minister Manuel - Angolan President José Eduardo dos Santos fired Finance Minister Armando Manuel on Monday two months after the government of Africa's biggest oil producer broke off talks with the IMF over emergency funding. Source Reuters Read More 

Angola's central bank leaves benchmark lending rate unchanged at 16 pct - Angola's central bank left its benchmark lending rate unchanged at 16 percent during its latest monetary policy meeting, the regulator said on its website on Monday. Source Reuters Read More 

Asia Stocks Rise to One-Year High as Aussie Gains; Oil Above $45 - Asian stocks rose to a one-year high and the dollar maintained losses from the last session as prospects for a U.S. interest-rate increase this month remained subdued. Australia’s dollar held gains after a central bank policy meeting and oil maintained Monday’s advance. Source Bloomberg Read More

Saudi, Russia Vow Oil Cooperation Without Agreeing to Freeze - The world’s top two crude-oil producers pledged to cooperate to stabilize global markets, while failing to announce any specific measures to bolster prices. Source Bloomberg Read More 


eTranzact Plc bags 2 ISO certifications - Nigeria’s premier e-payment solution provider eTranzact Plc, achieved a significant stride in its operations and service delivery with the receipt of two British standards certifications of high global standards. Source Proshare Read More

Telecom sector attracts $35bn investment in 15years - The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has said that Nigeria’s Information and Communications Technology (ICT) sector received over $35bn from Foreign Direct Investments (FDIs) in the last 15 years. Source Daily Trust Read More

NCC Seeks New Investors For Telecom Sector - The Nigerian Communications Commission (NCC is galvanising the Information and Communications Technology (ICT) stakeholders to seek fresh investment vistas at the forthcoming International Telecommunications Union (ITU) World 2016 coming up in Bangkok, Thailand just as the Foreign Direct Investment (FDI) in the sector has climbed to $35 billion. Source Leadership Read More 

Nigeria Moves up from 10% to 14% Broadband Penetration - The Nigerian Communications Commission (NCC), monday in Lagos, revealed that broadband penetration in the country has moved from 10 per cent in 2014 to 14 per cent in 2016. Source Thisday Read More 


ECOWAS, Elumelu Foundation Sign MoU on Youth Empowerment - The ECOWAS Commission and the Tony Elumelu Foundation (TEF) have signed a memorandum of understanding (MoU) to deepen both institutions’ efforts in supporting micro, small and medium enterprises (MSMEs) as well as promoting entrepreneurship and wealth creation Source Thisday Read More 


 eTranzact Plc bags 2 ISO certifications

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