Nigeria in 1min: Economic, Business & Financial Headlines - 102313


Wednesday October 23, 2013/ Proshare



Again, Senate Suspends Debate on MTEF - For the third time, the Senate Tuesday suspended debate on Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP) sent to the chamber by President Goodluck Jonathan on September 17, thus delaying the presentation of the 2014 Appropriation Bill. Source: Thisday Read More


Africacapitalism or Capitalist Africa? - In a tribute to the memory of Comrade Baba Omojola, who died last week in Akure, President Goodluck Jonathan acknowledged the patriotism of this great revolutionary fighter and a leading light of the Nigerian Left. There is something ideologically significant about this unusual official acknowledgement. Source: Thisday Read More


PRESIDENT JONATHAN LEAVES FOR ISRAEL Today ON PILGRIMAGE AND OFFICIAL VISIT - President Goodluck Jonathan will late Wednesday embark on a pilgrimage to Israel. President Jonathan will also meet with President Shimon Peres, Prime Minister Benjamin Netanyahu and members of the Israeli Parliament. Source: reubenabat Read More


RTC's Business and Economic Review for September 2013 - Source: Proshare Read More


Power supply to households improve slightly in Q3 2013 - Latest power sector poll results released by NOIPolls Limited for the 3rd Quarter of 2013 has revealed that more Nigerians experienced slight improvements in their power supply in Q3 (38%) compared to Q2 2013 (33%). Source: Proshare Read More


Combating Energy Poverty in Sub-Saharan Africa - With its high poverty levels and low degree of industrialization, Africa arguably faces the largest development gap of any region. Beyond the usual misery indices and welfare evaluation metrics, we have fundamental challenges that impede meaningful sustainable development. Energy is an incontrovertible challenge across sub-Saharan Africa (SSA). Source: Proshare Read More


Debt crisis seen as delays in statutory allocations may force state govts to borrow - Nigerian state governments may likely resort to internal and external borrowing in the near term with the current delays and shortfalls in remittances from the Federal Accounts Allocation Committee (FAAC), according to analysts. Source: BusinessDay Read More


FG records N882.55b deficit in eight months - Available data from the Central Bank of Nigeria (CBN) showed that between January and August this year, whereas the Federal Government has raked in an estimated N6.62 trillion from oil and non-oil sources, its fiscal operations has remained in deficit. Source: Daily Independent Read More


Less than 1% of aviation risks retained in Africa – AIO - Less than one per cent of risks emanating from the aviation industry in Africa are being retained within the continent, the Secretary General of African Insurance Organisation (AIO), Ms. Prisca Soares, has said. Source: Daily Independent Read More


Capital Market­
Market witnesses renewed optimism as the bulls re-surface - The equities market closed today on a positive note, as NSE ASI appreciated by +0.28% to close at 37,368.10 basis points, compared with the depreciation of -0.21% recorded previously. Its Year-to-Date (YTD) return currently stands at +33.08%. Source: Proshare Read More


Standard Chartered organises capital market forum- This forum is the first in a series of events the bank will be organising with the intent to encourage more business partnerships between regulators, operators and investors towards accelerating growth and development of the Nigerian capital market. Source: BusinessDay Read More


Investors Newsbeat
FO hits above N70 as investors commit to price recovery, shuns correction- Forte Oil (FO) Plc regained market optimism, after a previous day’s flat position – immediately after the release of a stellar performance; as both the investors and shareholders held their posture very firm, reaffirming the strong position of the driving zeal - an indication of strong commitment towards the price recovery mission of the firm while the bargain tendency overrides the previous low-key bargain sentiments observed yesterday in the technical analysis chart. Source: Proshare
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Money Market

How Closure of BDCs is Putting Pressure on Autonomous Forex Market - Fresh facts emerged Tuesday as to why the operating licences of FBN Bureau De Change (BDC) Limited and 19 other BDCs were revoked recently by the Central Bank of Nigeria (CBN) and how the action has put pressure on the autonomous foreign exchange market. Source: Thisday Read More


Why Nigeria elongated sovereign Yield Curve – DMO - The Debt Management Office (DMO) says it opted to elongate Nigeria’s sovereign Yield Curve to create a market for long term funds, and also provide funding opportunities to the private sector in Nigeria. Source: Daily Independent Read More



The Big Winners in Kenya’s Oil Debut - Kenya will start pumping its first commercial oil next year and begin exporting in 2016, but this is just the opening salvo: new discoveries in recent months and fast-track new well development make Kenya the darling of East Africa from an investor’s perspective. Source: Proshare Read More

Frauds & Scandals

House Probes NCAA’s Purchase of Armoured Cars for Oduah - The House of Representatives Tuesday ordered an investigation into the controversial purchase of two armoured BMW 760 Li cars by the Nigeria Civil Aviation Authority (NCAA) for the Minister of Aviation, Ms. Stella Oduah. Source: Punch Read More

Zenith bank fake-out, retraces on weak bargain as it eyes 4months high - Today, Zenith Bank Plc confirmed its price correction trend which was started yesterday, pulling back from N22.04kobo - well above its 3-months high, yet it failed to hit above its 4-months high (N22.25kobo recorded on June 12 2013) as was reported in one national daily yesterday. Source: Proshare Read More

N225m cars scam - Jonathan queries Oduah Jonathan’s query, signed by one of his aides asked the minister to explain her role in the purchase of the vehicles which had generated nationwide controversy. It was further learnt that the President also asked the minister to explain the circumstances under which the purchase of the cars were made. Source: Vanguard Read More




Fidelity Bank Appoints Nnamdi Okonkwo CEO-Designate - The Board of Directors of Fidelity Bank Plc, last Monday, met to approve a successor to the incumbent Managing Director/Chief Executive Officer Mr. Reginald Ihejiahi who will serve out his 10-year maximum term by February 2014. Source: Thisday Read More


Don't Put off that Travel in Q3 2013 when you can get more for less - The summer holidays are over and you are back at work, most likely suffering from post-vacation blues. You are probably biting at your boss and colleagues because you now have to wake up early after cursing the alarm on your newly acquired iPhone 5s. Perhaps you are brooding over your overspending during your trip. Source: Proshare Read More


Strike: It is impossible to meet ASUU’s demands –FG - Federal Government on Tuesday repeated its call on the striking university teachers to return to work in the interest of students and prevent further damage to the education system. Source: Daily Independent Read More



APC to Shun National Conference - The All Progressives Congress (APC) has said it will not be a party to the national conference as proposed by President Goodluck Jonathan. Source: Thisday Read More


Explosion Rocks Warri Refinery, MEND Claims Responsibility - The Movement for the Emancipation of the Niger Delta (MEND) Tuesday claimed responsibility for the explosion that rocked the Warri Refinery and Petrochemical Company (WRPC) in Delta State. MEND in a statement signed by its spokesman, Jomo Gbomo, said the attack on the oil facility was an indication that ‘Hurricane Exodus’ was on course. Source: Thisday Read More



FG to spend N457bn on power transmission infrastructure - The Federal Government will spend $2.86bn (N457.6bn) between now and 2017 in order to give the nation a power transmission infrastructure that can carry 16,000 megawatts of electricity. Source: Punch Read More


Products and Services

FBN Life introduces ‘First Family Shield’ protection against the Unexpected - FBN Life Assurance Limited in partnership with First Bank of Nigeria Limited has introduced ‘The First Family Shield’ cover in its bid to give families flexible plans to cushion effects of life’s uncertainties. The cover is an offshoot of the firm’s Bancassurance products initiative designed to cater to a wider segment of the society. Source: Proshare Read More

Global Markets

Washington Is Writing Our Investing Playbook, So Let's Follow It - Global trade has an enormous influence on the financial markets and worldwide economy.  So when the currency that serves as the guidepost for valuing assets drops 1 percent, all investors are affected. That's exactly what happened to the U.S. dollar last Thursday. Source: Proshare Read More


US job growth lost momentum before budget fight hit - US employers added far fewer than expected workers in September, suggesting a loss of momentum in the economy that supported the Federal Reserve's decision to maintain its monthly bond purchases. Source: Buenos Aires Herald Read More


Crude prices drop on soft U.S. jobs report, supply data weigh - Oil prices fell on Tuesday after the U.S. September jobs report disappointed investors and painted a picture of a U.S. economy still battling headwinds along its road to recovery, one that may demand less fuel and energy than once anticipated. . Source: Read More


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