Nigeria in 1min: Economic, Business & Financial Headlines - 090315



March 09, 2015 7:10 AM / Proshare News

Foreign reserves down by $3bn in one month - External reserves otherwise known as foreign exchange reserves fell by $3.07 billion as of March 4 signifying 9.04 per cent drop compared to a month earlier, data from the Central Bank of Nigeria showed yesterday. Source Daily Trust Read More

Is the Naira Ever Going to Recover? - Mar' 15 LBS Executive Breakfast Session - When the price of oil crashed to $45pb, it seemed that the wheels had come off the Nigerian economy.Surely but reluctantly the economic adjustments have started. The main question now is what are the effects of these measures on manufacturers, investors and markets? Source Proshare Read More

FG reviews policy on tax holiday - The Federal Government has revised its policy on tax holiday for investors in the economy granted under the Pioneer Status Incentive (PSI) Scheme. The tax relief would now be for three years instead of five years. Source Vanguard Read More

Agriculture contributes N777bn to economy - The Federal Government says the country has earned N777bn from the agricultural sector through its transformation programme. Source Punch Read More

How Unfriendly Port Environment Causes N2 Trillion Yearly Revenue Loss To Nigeria - NIGERIA may have been recording a whooping yearly revenue loss of N2 trillions as a result of diversion of Nigeria bound cargoes to ports in neighbouring countries, the Nigerian Shippers Council has said. Source Guardian Read More

Business Confidence Index Drops By 7.7% In First Quarter - The Lagos Chamber of Commerce and Industry (LCCI) has said that Nigeria’s Business Confidence Index (BCI) declined by 7.7 per cent in the first quarter of 2015. Source Leadership Read More

Private jet owners get 90-day ultimatum - The Federal Government has issued a 90-day ultimatum to private jet owners to streamline their operations according to civil aviation regulations. Source THE NATION Read More

‘N700bn capital budget can’t fix infrastructure deficit’ - President of the Lagos Chamber of Commerce and Industry (LCCI) has said that the sum of N700billion earmarked as capital budget under 2015 draft budget is grossly inadequate to narrow the huge infrastructure deficit in the country. Source Daily Trust Read More

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Govt Blames Power Outage On Pipeline Vandalism  - THE Minister of Power, Professor Chinedu Nebo has blamed the lingering irregular power supply and total blackout experienced in the South-West region, on continuous attacks on gas pipeline by vandals. Source Guardian Read More

MAN condemns electricity tariff increase - The Chairperson, Abuja Council of the Manufacturers Association of Nigeria, Dr. Wosilat Shittu, has condemned the withdrawal of the Multi Year Tariff Order by the Nigerian Electricity Regulatory Commission. Source Punch Read More

N9.6 Trillion Required to Finance MSMEs, Says Emefiele - The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said about N9.6 trillion is required for adequate financing of micro, small and medium scale enterprises (MSMEs) in the country. Source Thisday Read More

Nigerian banks safe, CBN assures - The Central Bank of Nigeria has said the country’s Deposit Money Banks are safe and have no liquidity problems. Source Punch Read More

CBN to issue $5bn Treasury bills in Q2 - The Central Bank of Nigeria is planning to issue Treasury bills worth N995.5bn ($5bn) during the second quarter of this year.The debt notes will have tenors of between three-month and one-year maturities, according to a debt issuance calendar obtained on Sunday. Source Punch Read More

Rates trend lower as market opens liquid - THE reign of high rates in the money market for three consecutive weeks was tamed last week, as liquidity surfeit hallmarked activities from the first trading day. Source Guardian Read More

N58b suit: CBN, AMCON fail to stop Bank PHB shareholders  - The preliminary objections filed by the Central Bank of Nigeria (CBN), the Asset Management Corporation of Nigeria (AMCON) and others against a suit by some shareholders of the defunct Bank PHB have all been dismissed by a Federal High Court in Lagos. Source Daily Idependent Read More

De-listed securities automatically migrate to NASD OTC...and other news - Shareholders in companies that recently delisted from the NSE need not be concerned about how to trade their holdings.  NASD OTC and CSCS have agreed on an automatic and easy migration from the NSE to the OTC market. This way , the securities can always be traded on a SEC regulated market irrespective of their listing status providing apex regulator protection for investors. Source Proshare Read More

Stallion opens new show room in Lagos - Stallion NMN, an authorised Nissan sales company, has inaugurated another multimillion billion naira 3S (sales, spares and service) facility in Victoria Island area of Lagos to provide one-stop shopping convenience to customers. Source Daily Trust Read More

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Quoted Firms, Listing Requirements and the Issue of Delisting - Delisting of quoted companies represents the last resort regulators usually employ to maintain market standard as it is usually not n the best interest of poor investors who had parted with their hard earned money to invest in such firms. Source Proshare Read More

Sentiment Analysis Report - W/E March 06, 2015 - Analysis of the market activity in the week ended March 06, 2015 technically revealed an improved bargain appetite as investors appeared more optimistic towards investment in equities. Source Proshare Read More

Stocks regain momentum, end week bullish by 3.14% on growing demand - The equities market closed today on a positive note, as NSE ASI appreciated by +2.25% to close at 31,049.37 basis points, compared with the -0.82% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.41%. Source Proshare Read More

WAPCO: NSE Removes Company from List of 10,000Unit Market Trade Equities - With reference to Rules and Regulations governing Dealing Members Amendments and Additions (VI) Article 100: Pricing methodology which states as follows: Source Proshare Read More

10 Brokers Responsible for 73% of Transactions on NSE in February - As a clearer picture of transactions on the Nigerian Stock Exchange (NSE) for the month of February emerges, it has been established that 10 leading stock-broking firms were responsible for 72.51 per cent of total transactions on the exchange. The stock-broking firms traded shares worth N133.4 billion. Source Thisday Read More

Rates trend lower as market opens liquid  - THE reign of high rates in the money market for three consecutive weeks was tamed last week, as liquidity surfeit hallmarked activities from the first trading day. Source Guardian Read More

Naira Devaluation: Seaport Terminal Operators’ Revenue Slumps By 58% - Impact of the falling naira has hit the seaport concessionaires, making their earnings to slump by about 58 per cent. Source Leadership Read More


Nigeria’s Keystone Bank completes divestment from Ugandan subsidiary - KEYSTONE Bank Limited has fully divested from Orient Bank Ltd, its Ugandan subsidiary.A statement from the bank signed by its  Head of Brand and Communications, Omobolanle Osotule, explained that the lender’s 80 per cent stake was acquired by the erstwhile minority shareholders as part of a consortium led by 8Miles LLP; AN Africa- focused private equity Fund Source Guardian Read More


Corporate Earnings for the Week Ending March 6, 2015 - Source Proshare Read More


Zenith Bank Recognised as ‘Cashless Champion of the Year’ - Zenith Bank Plc said it has been named the ‘cashless champion of the year’ by MasterCard.A statement from the bank explained that it beat other Nigeria’s major banks to the award as it said it achieved overall percentage growth on all its e-channels (PoS, ATM, e-commerce, and others). Source Thisday Read More

FBN Holdings Appoints Two New Board Members - FBN Holdings Plc has announced the appointment of Mr. Omatseyin Akene Ayida and Mrs. Bosede Adebola Osibogun as non-executive directors on its board. Source Thisday Read More


Telecoms stability under threat as interconnect debt rises to N30bn - The rising number and volume of interconnect indebtedness amongst mobile telephony operators, amplified by unsavoury industry practices, is threatening the stability of Nigeria’s telecommunications market. Source BUSINESSDAY Read More

Edwin: How We Built Dangote Group into Largest Manufacturer in Africa - We started with a strategy of backward integration, investing in manufacturing of the products that were being imported and traded by us. Source Thisday Read More

‘Missing N30 trillion’: SERAP replies Okonjo-Iweala - The Socio-Economic Rights and Accountability Project, SERAP, has urged the Minister of Finance, Ngozi Okonjo-Iweala, to “embrace constructive engagement on issues of human rights, transparency and accountability,” and “to avoid sound bite and opportunistic attacks on civil society organizations simply working to make the government fit for purpose so that it can function to improve the conditions of millions of marginalized and disadvantaged Nigerians.” Source Premium Times Read More

PVC collection deadline extended for two weeks - The All Progressives Congress, the Peoples Democratic Party and   lawyers on Sunday lauded the Independent National Electoral Commission for extending the deadline for the collection of permanent voter cards from March 8 to March 22. Source Punch Read More

No More Election Postponement– Jega, CDS, IGP -Ahead of the 2015 general elections, the chairman of the Independent National Electoral Committee, Prof Attahiru Jega alongside the nation’s security chiefs yesterday held a closed door meeting with members of the monitoring committee of the Abuja Peace Accord. Source Leadership Read More


Corruption stalls mega gasfields in energy starved Nigeria - In energy starved Nigeria, corruption and negative government interference in the oil industry has stalled the development of several mega gas fields, even as local industries collapse from lack of a cheap and reliable power source. Source BUSINESSDAY Read More

Asian stocks fall after US jobs data sparks rate concern - Asian stock markets fell Monday after strong U.S. jobs data increased chances that the Federal Reserve will raise interest rates sooner. Source AP Read More

The bull market is six years old. Now what? - Investors brave enough to pull the trigger on stocks back then would have made a killing: The S&P 500 is up more than 200% since March 2009, making this the fourth-longest bull market in history. Source CNN Money Read More

Sudan's inflation rate 23 pct in Feb -statistics agency - Sudan's inflation rate was 23 percent in February, down from 24 percent in January, due to a continuing drop in food prices, the Central Statistics Office said on Sunday. Source Reuters Read More

Egyptian pound holds steady on official market - Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Sunday, while the pound also remained stable on the black market. Source Reuters Read More

Egypt's economy grew 4.3 pct in fiscal second quarter - minister - Egypt's economy grew 4.3 percent in the quarter ended December, compared with 1.4 percent during the same period last year, Planning Minister Ashraf al-Arabi said on Saturday. Source Reuters Read More

Shell has no timeline for Nigeria oil well restart after leak -  Shell has no timeline to restart the Seibou 2 wellhead in Nigeria that it closed in January after it leaked 550 barrels of crude oil, a spokeswoman said on Friday. Source Reuters Read More

Bombings in Nigeria's Maiduguri city kill at least 50 – Reuters

Anxiety over Boko Haram’s pledge of allegiance to ISIS – Guardian

Niger, Chad launch offensive against Boko Haram in Borno- Niger government



Why Boko Haram ran to ISIS —FG






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