Nigeria in 1min: Economic, Business & Financial Headlines - 080414


Tuesday April 08, 2014 6.00 AM / Proshare News

Reps to pass N4.6tn budget today - Barring a last minute change in plans, the House of Representatives is set to pass the 2014 budget of N4.6tn today (Tuesday).The Joint Committee on Appropriations/Finance is expected to brief the House on the budget today; following which lawmakers will consider its report and pass the budget in the Committee of the Whole. Source Punch Read More 

Rebasing: FG targets N16tn in tax revenue - Following the rebasing of the country’s Gross Domestic Product which had increased the rating of the Nigerian economy to the largest in Africa and 26th globally, the Federal Government has directed the Federal Inland Revenue Service to increase the country’s tax revenue to GDP ratio to 20 per cent (about N16tn). Source Punch Read More

Abuja Disco running at a loss – Tarney - Managing Director of CEC Africa, Michael Tarney lamented at the weekend, that the Abuja Electricity Distribution Company (AEDC) is still operating at a loss due to inadequate gas supply to generation companies.Vandalism of gas pipelines in the past month has seen total national power generation drop by over 1000 megawatts. Source Daily Independent Read More

Nigeria ranks low in social progress index - Nigeria and some countries in Africa and Asia are ranked among the worst performers in a new global index that ranks countries by social and environmental performance rather than economic output in a drive to make social progress a priority for politicians and businesses. Source Punch Read More


Capital Market
Market Opens the Week Negative as NSE ASI Dips by -0.22% - The equities market closed today on a negative note, as NSE ASI depreciated by -0.22% to close at 38,626.11 basis points, compared with the appreciation of +0.43% recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.54%. Source Proshare Read More

Policy / Regulations
Banking to resume in Kwara community, says CBN - Normal commercial banking will resume soon in Omu-Aran, headquarters of Irepodun Local Government Area of Kwara State, Acting Governor of the Central Bank of Nigeria (CBN), Mrs. Sarah Alade, has said. Source THE NATION Read More

Investors Newsbeat

NPFMCRFBK records+20.51% in 1wk, hits 9-mth high on strong bargain - NPFMCRFBK recorded moderate gain of +4.3%, setting to record higher high above N0.97kobo while extending the 9-day gaining streak as bargain sentiments towards the stock appeared very strong. Source Proshare Read More

ACCESS Uptick in CIR, Impairment Write-backfalls QoQ; Cardinal Stone Retains BUY Rating - Access Bank Plc (ACCESS), released its FY'13 results on the Nigerian Stock Exchange (NSE) today, reporting an 8% decline in EPS to N1.59 (EPS from continuing operations - N1.64). The bank also announced a dividend of N0.35 (dividend yield of 4.5%) and intends to close its books 17th of April 2014.  Please find our initial thoughts on the numbers; Source Proshare Read More

UBCAP Declares 25kobo Dividend per Share in '13 Audited Result - UBA Capital Plc has declared a 25kobo dividend per share for the financial year ended 31st December, 2013. Find below the details of the corporate action. Source Proshare Read More

Stanbic, Rencap, Cordros Top Brokers Performance Report for Q1'13 - Stanbic IBTC Stockbrokers Limited led the top 10 stockbroking on the Nigerian bourse for the first quarter ended March 31, 2014.  While the top 10 broking firms accounted for 61.2 per cent of the value of transactions in Q1, Stanbic IBTC dominated with 16 per cent or N87.371 billion. Source Proshare Read More

WEMABANK Records Significant Improvement in Profitability; Grows Asset by 35%. - WEMA Bank Plc, has announced its Full Year Audited results for the twelve month period ended December 31, 2013. Wema Bank Plc continues to reaffirm its position as one of Nigeria’s brightest prospects in the financial services industry with the successful completion of the first phase of its repositioning programme and its return to full profitability as announced in its audited results for the year ended December 31, 2013. Source Proshare Read More

FBN Capital, Seven Energy seal $170m financing deal - Seven Energy International Limited and its wholly-owned subsidiary, Accugas Limited, has closed a $170m 5.5-year medium-term acquisition finance facility with FBN Bank (United Kingdom) Limited and Ecobank Nigeria Limited. Source Punch Read More

Dangote Cement to double capacity - Nigeria’s biggest company by market capitalisation, Dangote Cement, expects to double its cement production capacity across Africa this year to 40 million tonnes, its chief executive said on yesterday. Source Daily Trust Read More

AMCON’s Hewett Benson joins Board of Ecobank Transnational Incorporated - Ecobank Transnational Incorporated (ETI) announces the co-option of a new member of the Board of Directors. On Monday 31 March 2014 Hewett Adegboyega O. Benson (48), became a Non-Executive Director, representing AMCON on the board. The appointment of Mr. Hewett Benson brings the total number of members of the Board of Directors of ETI to thirteen. Source Proshare Read More


Why FBNH Plc delay earnings report after deadline - The delay in earnings report by any quoted company is usually a pointer to unknown distress, in which investors should be well guided against if it is becoming a tradition i.e. forming an ugly pattern, just as in the case of FIRST BANK HOLDING Plc. Source Proshare Read More

Corporate Earnings
ACCESS declares 35kobo dividend per share in '13 Audited result,(SP:N7.70k) - Source Proshare Read More

Money Market
NDIC decries loss of depositors’ funds - The Managing Director/Chief Executive Officer, Nigerian Deposit Insurance Corporation, Mr. Umaru Ibrahim, has decried losses suffered by many bank depositors who placed their funds in illegal and unlicensed institutions not insured by the NDIC. Source Punch Read More  

Bond Market
The Nigeria Bond Watch - Review and Outlook @040714 - The major highlights of the review week were the persistent issuance of OMO bills by the CBN and an observed increase in interest from domestic investors, especially pension funds Administrators (PFAs). Source Proshare Read More

Zenith Bank Plc's Smooth Succession - In line with global corporate governance practices regarding CEO succession, Zenith Bank Plc through its Board of Directors has again been able to ensure a smooth succession in the leadership of its organisation. Source Proshare Read More

TRANSCORP Appoints Abdulquadir Jeli as Director while Mohammed Nasir Resigns. - Transnational Corporation of Nigeria Plc (Transcorp) notified The NSE that sequel to its Board of Directors’ meeting held on March 31, 2014 the board unanimously accepted the resignation of Alhaji Mohammed Nasir Umar from the Board. Source Proshare Read More

Etisalat cites competition, fires 74 - Etisalat, Nigeria as part of efforts to remain competitive, strengthen operations and improve efficiencies has sacked 74 of its workers. Acting Chief Executive Officer, Etisalat Nigeria Matthew Willsher, said: “This is a strategic business decision as we continue to match our structure and quality of delivery with our customers’ expectations which is what makes customers happy and our business successful”. Source Daily Independent Read More

Fed Govt to Scrap NAPEP, FRC, Merge Aviation Agencies - The federal government has agreed to scrap the National Poverty Eradication Programme (NAPEP) and the Fiscal Responsibility Commission  (FRC) in line with the recommendations of the Presidential Committee on Restructuring and Rationalisation  of Federal Government Parastatals, Commission and Agencies. Source Proshare Read More

Jonathan sacks NNPC company secretary - President Goodluck Jonathan on Monday relieved the Coordinator, Legal Services and Company Secretary of the Nigerian National Petroleum Corporation, Mr. Anthony Madichie, of his appointment.No reason was given for the sack of Madichie who has been holding the post since February 2011. Source Punch Read More

Tax Agenda for the National Conference - In his 1986 address to the White House Conference on Small Business, former American President - Ronald Reagan said, “the government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it”. Source Proshare Read More

Controversies in Oil Assets Divestments Hinder Local Participation - Chika Amanze-Nwachuku examines the ongoing divestments of oil and gas assets by international oil companies and writes that unnecessary' controversies may hamper the programme designed to grow local participation in the industry. Source Thisday Read More

Shale: Nigeria’s crude export to US declines by 91% - NIGERIA has started to witness the negative effect of shale oil exploration in the United Stated of America, USA, and other parts of the world, as Nigeria’s crude oil export to North America dropped by 91.31 per cent in one year. Source Vanguard Read More

WTI Rebounds as Gasoline Stockpiles Seen Shrinking; Brent Steady - West Texas Intermediate crude rebounded amid speculation gasoline supplies dropped for a seventh week in the U.S., the world’s biggest oil consumer. Brent was steady in London. Source Bloomberg Read More


Global Markets
Asian Stocks Fall Second Day as Health-Care Shares Drop - Asian stocks fell for a second day, following the biggest three-day rout in U.S. shares in more than two months, as health-care to technology companies retreated in Japan. Chinese equities rose. Source Bloomberg Read More

UK Set to Overhaul Accounts after 15 Years - The United Kingdom is set to embark on a radical overhaul of its national accounts for the first time in 15 years this autumn, which will double the country’s official measure of household savings, reports the Financial Times. Source Thisday Read More 

World Stocks slip from six-year high - World stocks slipped from last week’s six-year high yesterday on concerns about technology shares, while speculation the European Central Bank will ease policy further pushed down European bond yields. Source Daily Trust Read More

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