Nigeria in 1min: Economic, Business & Financial Headlines - 100914


Wednesday September 10, 2014 7:10 AM / Proshare News

65% of registered payers evade tax – Jonathan - President Goodluck Jonathan on Tuesday lamented the huge rate at which corporate businesses and individuals were evading tax in the country, stating that a diagnosis carried out by the Federal Inland Revenue Service revealed that as many as 65 per cent of registered tax payers had not filed their returns in two years. Source Punch Read More


Nigeria SWF to buy stake in gas processing plant - The Nigeria Sovereign Investment Authority (NSIA) will in a couple of weeks announce a major investment in gas processing plants with the aim of solving the problem of gas in the power sector of the economy, says Uche Orji, chief executive, NSIA, managers of the nation’s sovereign wealth fund. Source BUSINESSDAY Read More

Electricity, gas record 20.57% slump in NBS Q2 Data - According to the newly released Q2 GDP report by the National Bureau of Statistics, the electricity, gas, steam and air-conditioning supply sector recorded the slowest growth “as electricity output slowed during the quarter”. The contribution of the sector shrunk by 20.57% going by 2010 constant basic prices. Source BUSINESSDAY Read More

Terminal operators invest $925m on ports’ upgrade in eight years - TERMINAL operators under the aegis of Seaport Terminal Operators Association of Nigeria (STOAN), Tuesday in Lagos, dismissed allegations of arbitrary increase in charges, describing it as  unfounded and a “very wrong notion”. Source Guardain Read More


Construction Work on Second Niger Bridge to Begin Next Quarter - The Nigeria Sovereign Investment Authority (NSIA), one of the concessionaires of the Second Niger Bridge yesterday revealed that construction work at the bridge would commence before the end of the year. . Source Thisday Read More

Steady recovery sustained in the oil sector as growth of the non-oil sector slows in 2Q14. - Nigeria’s gross domestic product grew by 6.54% y/y in the second quarter of 2014, up by 114bps from 5.40% recorded in the 2Q13 and 33bps higher than the 6.21% posted in the previous quarter. The nominal GDP posted in 2Q14 was estimated at ~N21.73 trillion (c.$140.22bn) against N20.17 trillion (c.$130.13bn) and N19.93 trillion (c.$128.59bn) recorded in 1Q14 and 2Q13 respectively. Source Proshare Read More

IOSCO Reviews Implementation of PRA Principles - The International Organization of Securities Commissions today issued the report Implementation of the Principles for Oil Price Reporting Agencies (The ‘IOSCO Oil PRA Principles’), prepared in collaboration with the International Energy Association (IEA), International Energy Forum (IEF) and Organization of Petroleum Exporting Countries (OPEC). Source Proshare Read More

SEC Announces N9.34billion Ebonyi State Bond Application - The Commission as the apex regulator of the Nigerian capital market is empowered by the Investments and Securities Act (ISA) Cap 124, Laws of the Federation of Nigeria (LFN), 2007 to regulate and develop the Nigerian Capital Market. Consequently, the Commission is making this publication. Source Proshare Read More

NDIC advises ETI on Ecobank Nigeria’s independence - The Nigeria Deposit Insurance Corporation has called on Ecobank Transnational Incorporated to ensure the operational independence of its Nigerian entity in order to benefit fully from and consolidate on the gains achieved from the ongoing restructuring of the bank. Source Punch Read More

SEC Grants Waiver to Companies on Penalties - The Securities and Exchange Commission (SEC) has waived the penalties it imposed on companies for either late filing or non-filing of returns. This was sequel to intervention of the Nigeria Employers’ Consultative Association (NECA). Source Thisday Read More

May & Baker: Bears are moving in primary direction…. - In the past couple of days, the bears have been moving down, and in a big picture frame – the stock is fell down from its N2.30 level continuously but after making a low at the N1.60 level, the bulls managed to sustain that level. The bulls have since tried to take the price up but it was all in vain as the bears denied this and has moved down in the primary direction. Source Proshare Read More


Ikeja Hotels: Bulls are in full aggressive mode... - Over the last couple of days, the bulls have been moving up and have given us a valid breakout of previous swing. Traders and investors are showing a bullish tendency towards the stock at the moment. Presently the stock is trading above all major and minor EMA lines. Source Proshare Read More

Low-income-earners: Stocks to buy; hold as Election Year Approaches - As Nigerian stock market finds it more difficult to climb the ‘wall of worries’ in the recent times, investors or portfolios in the Nigerian Stock Market are already going through portfolio rebalancing and stock reshuffling as the 2015 general election is fast approaching- this is considered necessary as the uncertainties associated with in-coming elections have strong potentials to disturb trends and affect wealth in the capital market. Source Proshare Read More
Nigerian Stocks Oscillate…depress YTD Performance Further - The equities market closed today on a positive note, as NSE ASI depreciated by -0.84% to close at 40,868.02 basis points, compared with the +0.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.12%. Source Proshare Read More

AMCON shortlists seven potential buyers for Mainstreet Bank - The advisers of the Assets Management Corporation of Nigeria have reduced the 23 investors lining up to buy Mainstreet Bank to just seven, with the bad assets manager hoping to name the successful buyer on October 31. Source Punch Read More

Afrinvest reports Tier 1 Banks control 68% of the Total Banking Assets in Nigeria - The performance of Nigerian Banks for the financial year 2013 came to the fore as Afrinvest, a leading West African investment research company committed to analyzing and reporting the banking sector efficiency in Africa’s rebased largest economy; launched the 2014 Nigerian Banking report. Source WebtVng Read More


LeapFrog Investments to Inject N16bn into Nigeria’s Financial Services - Nigeria’s growing financial services sector is expected to get a boost as LeapFrog Investments plans to invest about N16 billion ($100 million) into the sector. Source Thisday Read More

FirstRand to spend $924m on African expansion - FirstRand Limited, Africa’s biggest bank by market value, is setting aside 10 billion rand ($924m) for expansion across the continent as profit increases from regions outside its home market of South Africa, Bloomberg News reported. Source Punch Read More

Customers withdraw N168bn from other banks’ ATM monthly - The amount of cash bank customers withdraw from other banks’ Automated Teller Machines on monthly basis rose from N91bn in January 2013 to N168bn in December 2013, data compiled by the Committee of E-Banking Heads have shown. Source Punch Read More

Nigerian banks raise $3.9b from Eurobond - THE nation’s Deposit Money Banks (DMBs) have been exposed to international debt obligations- Eurobond market, to the tune of $3.9 billion as Tier II since 2011. Source Guardain Read More

AfDB’s $256m loan for Lekki Free Zone, others - The Board  of the African Development Bank Group (AfDB) has approved a combined $256 million for the financing of investments in Nigeria and Ethiopia as well as a multinational projects preparation facility.The approvals comprise a  $150-million senior loan to Lekki Port (LFTZ) Enterprise for the construction of a Greenfield seaport in the Lagos Free Trade Zone, 60 kilometres east of Lagos. Source THE NATION Read More

SEPLAT sets to break 15wks support level on growing sell sentiments - SEPLAT recorded a moderate loss of -4.4% as sell pressure towards the stock gained tempo, following a 3-week sideways and lackluster trading pattern recorded recently while investors’ sentiments towards the stock appeared mixed in the weeks. Source Proshare Read More

ICD acquires stake in Nigeria's Dangote Cement - Investment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, today agreed to purchase a minority interest in Nigeria’s largest cement manufacturer, Dangote Cement plc, from majority shareholder, Dangote Industries Limited. Source Proshare Read More

Off Market Trade: 1.3billion units of ASHAKACEM Crosses to Lafarge Africa Plc - A total of 1,312,444,260 ordinary shares of ASHAKA CEMENT PLC at N30.95 were crossed today via Off-Market. The buyer was LAFARGE AFRICA PLC while the seller was LAFARGE NIGERIA (UK) PLC. Source Proshare Read More

Forte Oil votes $90m for Geregu plant’s overhaul - Forte Oil Plc, the owner of the privatised Geregu Power Plant, has set aside $90 million to overhaul the plant, its Group Chief Executive Officer, Mr. Akin Akinfemiwa has said. Source THE NATION Read More


Union Dicon Salt to diversify business - Union Dicon Salt Plc has reviewed its strategy and said it would embark of major diversification of the business. Source Daily Trust Read More
Diamond Bank Opens Retail Banking Branch - Diamond Bank Plc has opened a flagship centre to cater for the needs of its retail customers.The branch, which is located at Ajose Adeogun, Victoria Island, Lagos, was inaugurated by the Group Managing Director/Chief Executive Officer of the bank, Mr. Alex Otti yesterday Source Thisday Read More

Globacom’s new direction for mobile money development in Nigeria - When the Central Bank of Nigeria (CBN) launched mobile money service in 2010, many industry observers believed the country held all the aces to become a dominant player in the African market. Source BUSINESSDAY Read More

Dangote’s brother wants N5.2bn case reassigned to another judge -  The Chief Executive Officer of Dansa Foods Limited and Bulk Pack Services Limited and younger brother to Alhaji Aliko Dangote, Mr. Sani Dangote, has approached the Lagos Division of the Appeal Court, asking for an order to change the judge that ordered the freezing of his bank accounts in 20 commercial banks in Nigeria. Source Punch Read More

The personal well-being Index increased by 1.8bp & Consumer Confidence declined by 0.5bp - The Portfolio of Indices report released by NOIPolls Limited has unveiled that the NOIPolls Personal Well-Being Index (PWBI) increased by 1.8-points to stand at 43.3-points in August 2014. Source Proshare Read More


Reps want Sept 22 schools’ resumption date changed - The House of Representatives said on Tuesday that a postponement of the September 22 resumption date for private and public primary/secondary schools in the country was likely. Source Punch Read More

Nigerian Army Medical Corps Doctors Embark on Strike - Some personnel of the Nigerian Army (NA) Medical Corps, one of the many arms in the service, on Monday embarked on a strike to protest the alleged non-payment of their salaries Source Thisday Read More

31 Vessels Laden with Petrol, Commodities Berth at Lagos Ports - The Nigerian Ports Authority (NPA) has said 31 vessels laden with petroleum products and other commodities have berthed at the Lagos ports. Source Thisday Read More


‘Powerful Local, International Actors Behind Oil Theft’ - The scale of oil theft in Nigeria has gone beyond the level of locals scooping oil with buckets to become one that has the interests of most of the key stakeholders and gatekeepers factored-in, anti-corruption campaigner, Soji Apampa, has said. Source Leadership Read More

WTI Near 8-Month Low Before U.S. Stockpile Data; Brent Steady - West Texas Intermediate traded near the lowest price in almost eight months before government stockpile data that will signal the strength of fuel demand in the U.S. Brent was steady in London. Source Bloomberg Read More

Asian Stocks Drop on China While Dollar Gains; Oil Rises - Asian stocks fell, with the regional index dropping the most in a month on concern that China’s growth is slowing and amid speculation that U.S. interest rates will rise sooner than estimated. The dollar reached a fresh six-year high to the yen and crude oil rose. Source Bloomberg Read More

Apple Unveils Smartwatch, Payment System and Larger-Screen iPhones - In an ambitious blitz of new products, Apple unveiled a sleekly designed smartwatch, a pair of larger-screen iPhones and a new payment system allowing users to make store purchases with a smartphone. Source WSJ Read More


Stocks decline for second day; Apple falls - Stocks declined for a second day Tuesday as investors worked through a bundle of corporate news from Apple, Home Depot and General Mills. Investors also continued to watch international markets, where the dollar reached a six-year high against the Japanese yen. Source LAT Read More

American Recovery Drives The Dollar Sharply Higher - A strengthening American economy, combined with a gloomy outlook for growth elsewhere, is pushing the U.S. currency sharply higher Source AP Read More

Mark Carney warns Scotland over pound - Bank of England governor Mark Carney has told trade unions that currency union in the event of Scottish independence would be "incompatible with sovereignty". Source BBC Read More

Apple Just Announced A Boon For Marketers - But It's Not The Big New iPhones Or The Apple Watch - Marketers will always find a way to advertise their wares, absolutely anywhere, so it seems obvious that they must already be thinking about new ways to reach people on the big new iPhones and the Apple Watch that Apple introduced today. Source FORBES Read More

ISIS Has Committed A Grave Strategic Error — Here’s How The US Should Exploit It - With these words, the dark-hooded messenger in the James Foley execution video signaled a key transition for ISIS. Its leaders have moved away from a long period of fighting in the shadows as an insurgency and embraced conventional warfare. They have chosen to take and hold territory. Source BI INTELLIGENCE Read More



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