Nigeria in 1min: Economic, Business & Financial Headlines - 062713


June 27, 2013/ The Analyst

Nigeria, still top investment destination in Africa —UNCTAD - For the second time in two years, Nigeria has retained its position as Africa’s number one destination for Foreign Direct Investment, according to the global FDI report released by the United Nations Conference on Trade and Development on Wednesday. Source: - Punch
Read More
Reps reject 2013 Budget Amendment Bill - House of Representatives on Wednesday rejected President Goodluck Jonathan’s proposed amendment to the 2013 Appropriation Act, saying it lacks the semblance of an Amendment Bill. Source: - Daily Independent Read More
Lagos-Ibadan Expressway reconstruction to cost N160.7bn - The reconstruction of the Lagos-Ibadan Expressway will cost the Federal Government N160.7bn.This figure was disclosed to our correspondent by the Senior Special Assistant to President Goodluck Jonathan on Public Affairs, Dr. Doyin Okupe, in an exclusive interview in Abuja on Tuesday. Source: - Punch Read More
Govt may commence construction of N1.4b Mambilla power plant soon - THE Federal Government may commence construction of the N1.4 billion Mambilla power plant by the last quarter of this year, going by the hints from the Presidency.The plant, which is planned for Taraba State, is expected to add about 3,050 Mega Watts (MW) to the national grid on completion. Source: - The Guardian Read More
Nigeria receives N2.08trn from global agencies - Nigeria has received a total of N2.08 trillion ($13 billion) from international donor agencies under the Country Assistance Framework, CAF, as at the end of 2012, according to a report on CAF programme for the Federal Republic of Nigeria. Source: - Vanguard Read More
Ajaokuta power plant to begin operation soon – FG - Efforts are on to put into operation the thermal power plant and the light section mill of the Ajaokuta Steel Company Limited, the Minister of Mines and Steel Development, Mr. Musa Sada, has said. Source: - Punch Read More
Oronsaye report: FG to scrap research institutes - The Federal Executive Council on Wednesday concluded its three-week discussion on the draft White Paper on the report of the Stephen Oronsaye-led Presidential Committee on the Rationalisation and Restructuring of Federal Government Parastatals, Commissions and Agencies. Source: - Punch Read More
FG Registers 10m Farmers In 2013 - The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, said that not less than 10 million farmers had been registered in 2013 under the Growth Enhancement Support scheme (GES). Source: - Leadership Read More 

Policy / Regulations
CBN grants Renaissance Credit state licence - The Central Bank of Nigeria has granted a state licence to Renaissance Credit Nigeria, which operates under the name Rencredit MFB Limited. Source: - Thisday Read More

SEC Gets New Structure as Bulls Return - The board of Securities and Exchange Commission (SEC) has approved a new organisation structure intended to strengthen and position the commission to   better discharge its mandates.SEC said in a statement that the approval was given at the  meeting of the board held on Tuesday. Source: - Thisday Read More

Capital Market
Market halts 4-day losing streak; NSE ASI climbs by +0.96%
- The equities market closed today on a positive note, as the NSE ASI appreciated by +0.96%to close at 36,095.27 points, compared with the depreciation of -1.96% recorded previously.. Its Year-to-Date (YTD) return currently stands at +28.55%. Source: - Proshare
Read More


Proshare Daily Stock Picks for Thursday, June 27, 2013 - These stocks below have experienced some unusual market activity, screened after last session (26 June 2013).  A daily review of the charts uncovers stocks that have recently started out on new trends, stocks breaking out of a consolidation pattern, or stocks that have had Positive breakouts for some other reason. Source: - Proshare Read More 

Penny Stocks showing Positive Posture: Changing Emphasis? - Choosing the right penny stocks remains a challenge because penny stocks are risky and investors stand a chance of losing their initial investment. Source: - Proshare Read More


Investment ONE gathers financial analysts & researchers to X-RAY Nigerian market - Investment ONE Financial Services, a Nigerian 'Investment Solution based group' in its bid to renew their commitment(s) to the discourse on practical solutions to the nigerian market and economy, organized its second 'Investors Forum' for the year at the Protea Hotel, Ikoyi today. Source: - Proshare Read More
Trading in non-listed securities begins next week - National Association of Securities Dealers (NASD) Plc will next week commence  operation of  an Over-the-Counter (OTC) market for the trading of non-listed securities. The trading of the securities of non listed companies has been scheduled to commence on July 2, 2013, after the formal launch of NASD on the first day of July, with about 40 stockbrokers. Source: - Proshare Read More


Investors Newsbeat
Union Bank Plc gains +10.00% as investors leverage on new support level - Union Bank Plc experienced a renewed bargain trend with a maximum gain of 10% after a prolonged lacklustre trading pattern, following the 10-day rally with +66.30% price appreciations experienced between May 27th and June 11th 2013. Source: - Proshare Read More

Q3 ’13 - High expectations as Financial Sector counts on Banking Stocks - The financial sector of the Nigerian bourse recorded moderate gains of +14.69% (average) to date in the year as at June 21 2013; far below our expectation as investors maintained active focus towards value and blue chip stocks only. Source: - Proshare Read More

FCMB Group Plc Announces Final Implementation of its HoldCo Structure - First City Monument Bank (FCMB) Plc, announced its transition into a Holding company structure having completed all the regulatory and legal processes required to set up a Holding Company to manage the governance of First City Monument Bank Plc and its subsidiaries. The Holding Company will be known as FCMB Group Plc. Source: - Proshare Read More

Julius Berger begins preliminary work on 2nd Niger Bridge - Work on the long-awaited second Niger bridge  has commenced. Wolfgang Goetsch, Managing Director of Julius Berger stated this at the 43rd annual general meeting of the company in Abuja. Source: - Transparency for Nigeria Read More

Unity Bank to Raise Share Capital to N40bn - Shareholders of Unity Bank Plc  Wednesday approved the move by the bank to increase its authorised share capital to N40 billion from the current N30 billion. The additional N10 billion share capital translates into 20 billion ordinary shares of 50 kobo per unit of share. Source: - Thisday Read More

UACN to consolidate acquisitions by 2015 - TO aid investors’ return on investments, the board of UAC of Nigeria Plc (UAC) has announced its intentions to conclude major acquisitions of some key institutions before the end of the 2015 financial year. Source: - The Guardian Read More

Money Market
Nigeria forex reserves fall to lowest in 3-months - Nigeria's foreign exchange reserves fell 0.16 percent month-on-month to $48.33 billion by June 24, the lowest level in more than three months, data from central bank showed on Wednesday. Source: - Reuters Read More

AfDB approves $80m loan for agribusiness - African Development Bank has approved $80m loan in local currencies for OLAM Africa Investment Programme to deepen its agricultural value chain in Africa through investments in wheat and palm oil processing. Source: - Thisday Read More

Foreign direct investment to Nigeria, S. Africa fell in 2012-UN - Africa was one of only two regions in the world to experience an increase in foreign direct investment in 2012 but inflows to regional giants Nigeria and South Africa declined, a United Nations report said on Wednesday. Source: - Reuters Read More

Osun Plans to Issue $10 Billion Sukuk Bond - Barring any unforeseen circumstance, Osun State will issue Nigeria's first Sukuk bond of N10 billion before the end of July. Source: - Thisday Read More

Gold closes at lowest level since Aug. 2010 - Gold for August delivery closed at its lowest level in nearly three years Tuesday after dropping 3.6% on rising expectations the Federal Reserve will move to slow the pace of monetary stimulus it has been supplying the economy. Source: - Market Watch  Read More

Groups seek probe into Shell’s operations after arrest of contractors - A major fire that forced Shell to close its Trans Niger Pipeline in Rivers State raises serious questions about the way the oil giant is operating, and the Nigerian National Coalition on Gas Flaring and Oil Spills (NACGOND) said. Source: - Nigerian Telegraph Read More



New oil site found in Nigeria offshore - Optimum Petroleum Development Limited and its partner Afren Nigeria have announced that the high impact Ogo-1 well located on the OPL 310 licence offshore Nigeria has discovered a significant light oil accumulation, based on the results of drilling and wireline logs. Source: - Vanguard Read More


Optimum, Afren make new oil discovery offshore Nigeria - The nation’s reserves of crude oil may received a boost, as Optimum Petroleum Development Limited and its partner Afren Nigeria, on Wednesday, announced the discovery of a significant light oil accumulation at the high impact Ogo-1 well located on the Oil Prospective Lease (OPL 310) offshore Nigeria. Source: - Daily Independent Read More


NCDM, Shell to build N800m pipe mill - THE Nigerian Content Development and Monitoring Board (NCDM) has reaffirmed Shell Petroleum Development Company of Nigeria (SPDC) commitment to build a jetty worth $5 million in support of the pilot pipe mill being promoted by the board in Polaku, Bayelsa State. Source: - The Guardian Read More


Frauds & scandals
$4,095 SEC Fraud: You Have A Case To Answer, Court Tells Hembe, Azubogu - Former Chairman of the House of Representatives Committee on Capital Market, Hon. Herman Hembe and his deputy, Hon. Chris Azubogu who are being prosecuted by the Economic and Financial Crimes Commission, EFCC for a $4,095 estacode scam, have a case to answer,  a statement by the EFCC said Wednesday. Source: - The Will Read More


Jega admits presence of corrupt staff in INEC - Chairman of Independent National Electoral Commission, INEC, Professor Attahiru Jega, has admitted the presence of corrupt officials and staff who aid and abet rigging and other electoral malpractices during elections in the commission. Source: - Vanguard
Read More


NGF Defers to the President, Shifts Meeting - In deference to the dinner invitation from President Goodluck Jonathan, the Rotimi Amaechi-led faction of the Nigeria Governors’ Forum (NGF), Wednesday shifted its meeting so that the group could attend the dinner hosted by President Jonathan. Source: - Thisday Read More


Global Markets

Asian Stocks Gain as Slow U.S. Growth Lifts Stimulus Bets - Asian stocks rose, with the regional benchmark index on course for its biggest gain in nine months, after slower-than-estimated U.S. economic growth stoked speculation the Federal Reserve may hold back from reducing stimulus. Source: - Bloomberg Read More

Britain Reconsiders £3,000 Visa Bond - British Prime Minister David Cameron has halted the controversial plan by his country to demand a £3,000 bond from each visa applicant from “high risk countries”. Under the proposal canvassed by Britain’s Home Secretary, Theresa May, as part of efforts to cut immigration and abuses of the system, first time visitors from Nigeria, Bangladesh, Sri Lanka, Ghana, Pakistan and India from November will be required to pay the £3,000 visa bond before they would be allowed to enter Britain. Source: - Thisday Read More

EU Finance Chiefs Said to Reach Deal on Failing Banks - European Union finance chiefs struck an agreement on how to handle failing banks, a step they said would bolster investor confidence and help overcome the euro-area financial crisis. Source: - Bloomberg Read More


Kenya's 182-day T-bill yield falls, 364-day rises - The weighted average yield on Kenya's 182-day Treasury bills fell to 5.549 percent at auction on Wednesday from 5.642 percent at last week's sale, the central bank said. Source: - Reuters Read More


World GDP - FOUR years after the worst of the financial crisis and the world appears to be faltering again. According to The Economist's calculations, world GDP grew by just 2.1% during the first quarter of 2013 compared with a year earlier. Just 12 months ago, output was growing at a reasonable clip of 3.1%. Source: - The Economist Read More


Related News