Nigeria in 1min: Economic, Business & Financial Headlines - 112813



Thursday November 28, 2013/ Proshare

FEC approves N42bn for roads rehabilitation - The Federal Executive Council, FEC, yesterday, approved contracts worth N42 billion for the rehabilitation of roads across the country. Minister of Information, Mr. Labaran Maku, told newsmen after the weekly meeting of the council that the contracts include  rehabilitation of three federal roads in Kogi, Kwara, Bauchi, Plateau and Adamawa states and dualization of one federal road in Kano State. Source Vanguard Read More

External reserves drop by $2bn - Nigeria’s external reserves have been depleted by $2bn in the last 10 weeks, latest data from the Central Bank of Nigeria has shown.The data, posted on the central bank’s website, showed that the foreign reserves fell from $46.77bn on September 6 to $44.66bn on November 25, 2013. Source Punch Read More

Pension assets to hit N11.1tn in 2016 –PenCom - The pension industry is expected to triple its assets the next three years to $70bn (about N11.1tn), as the government targets small businesses to get more people into the pension scheme, the National Pension Commission has said. Source Punch Read More

FG to stop kerosene subsidy in 2014 - There are indications that the Federal Government will stop kerosene subsidy in 2014 bringing to an end a scheme that has been widely criticised as corrupt and controversial. Source Punch Read More

Okonjo-Iweala: FG Targets N2.95tn Non-oil Revenue in 2014 - In its determination to broaden its revenue base, the federal government Wednesday said it was targeting N2.95 trillion in tax revenue from the non-oil sector in 2014 by tightening the noose around tax evaders.Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, made this known while briefing State House correspondents after the weekly Federal Executive Council (FEC) meeting. Source Thisday Read More


Policy / Regulations
CBN, Sterling Bank inaugurate agent banking - The Central Bank of Nigeria on Wednesday joined Sterling Bank Plc to inaugurate its agent banking, which is expected to boost the financial inclusion strategy introduced by the central bank in 2012. Source Punch Read More 

Capital market records 38% growth – Oteh - Between January and November this year, the Nigerian capital market has recorded a 38.8 per cent growth, the Director-General, Securities and Exchange Commission, Ms Arunma Oteh, has said. Source Punch Read More

Capital Market
Bargain hunting outweighs sell pressure; ASI retracts with +0.09% marginal gain. - The equities market closed today on a positive note, as NSE ASI appreciated by +0.09% to close at 39,011.31 basis points, compared with the depreciation of -0.63% recorded previously. Its Year-to-Date (YTD) return currently stands at +38.94%. Source Proshare Read More

Investors Newsbeat
Negative Sentiments depress Oando further against market outlook - Today, investors maintained strong bearish sentiments toward Oando Plc as the stock's price depleted further by -6.67%, closing among worst performers after Transcorp Plc despite improved moderate optimism witnessed on the Nigerian bourse to end the session with a modest gain of +0.09%. Source Proshare Read More

Nigerian Banks: Risks mask hidden value for tier-2 banks - With the dust settled post Q3 earnings, we adjudge most of our coverage banks particularly in the tier 1 space stable and resilient. The case for most of the tier 2 banks is however different as we saw a much more watered-down earnings on the back of the tougher regulatory environment. Source Proshare Read More

CORNERST declares N416.2m PAT in Q3 '13 result,(SP:N0.50k)- Source Proshare Read More



United Bank for Africa Appoints Ambassador Joe Keshi As Chairman
- United Bank for Africa (UBA) Plc, the pan- African financial services group is delighted to announce the appointment of Ambassador Joe Keshi as Chairman of the Board. Ambassador Keshi was appointed to the Board of UBA in 2010 and was made Vice Chairman on January 1, 2011. He has over 35 years working experience at the highest levels of government as a career diplomat, serving as Permanent Secretary, Ministry of Foreign Affairs, Permanent Secretary, Cabinet Secretariat, The Presidency, Charge d’Affaires, Embassy of Nigeria, The Hague, Netherlands and Consul-General of Nigeria, Atlanta, Georgia. Source Proshare
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Oduah to appear before Senate committee Dec. 5 -
The Senate Committee on Aviation on Wednesday formally  invited the embattled Minister of Aviation, Ms. Stella Oduah, to appear before it on Thursday, December 5, by noon. A letter of invitation signed by the Clerk of the committee,  Mr. Victor Aborisade, and obtained by our correspondent explained that Oduah and the chief executive officers of agencies under her ministry would brief members at the Senate New wing. Source Punch
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WTI Oil Trades Near Six-Month Low as U.S. Crude Stockpiles Gain - West Texas Intermediate traded near the lowest price in almost six months as crude stockpiles rose for a 10th week in the U.S., the world’s biggest oil consumer. Source Bloomberg Read More


Global Markets
Asian Stocks Rise on U.S. Economic Growth Optimism -  Asian stocks rose, with Japan’s Nikkei 225 Stock Average headed for its highest close in nearly six years as the yen touched a sixth-month low after U.S. employment and consumer confidence reports boosted optimism in the world’s largest economy. Source Bloomberg Read More


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