Nigeria in 1min: Economic, Business & Financial Headlines - 121313


Friday December 13, 2013/ Proshare

FAAC distributes N675.65bn to FG, states, LGs …transfers N56.9bn to ECA - The Federation Accounts Allocation Committee on Thursday night allocated the sum of N675.65bn to the three tiers of government.The allocation, which is for the month of November, was N107.23bn higher than the N568.4bn shared in the preceding month. Source Punch Read More

PHCN privatisation, greatest achievement of govt – Nebo - The Minister of Power, Prof. Chinedu Nebo, at a media chat in Abuja, on Thursday, described the privatisation of the power sector as one of the greatest achievements that could be recorded by any government. Source Punch Read More

FG, Stakeholders to Decide on National Carrier in January - The final decision whether Nigeria would have a national carrier or not will be decided in January when President Goodluck Jonathan, airline operators and other stakeholders would meet in a planned retreat. Source Thisday Read More

‘PHCN owes N713b debts to creditors, MDAs, pensioners’ - Managing Director/Chief Executive of the Nigeria Electricity Liability Management Company (NELMCO) Limited, Dr. Samuel John Agbogun yesterday put total liabilities inherited from the defunct Power Holding Company of Nigeria (PHCN) at over N713 billion. Source Daily Independent Read More

Policy / Regulations
Currency in circulation hits N1.571tr, up 9.78% - The Central Bank of Nigeria (CBN), on Thursday reported a 9.78 per cent growth in currency revolving around the nation’s economy, as currency-in-circulation stood at N1.571 trillion at the end of November, 2013. Source Daily Independent Read More

CBN Set to Enforce Basel Accord Regulations - The Central Bank of Nigeria (CBN) Thursday rolled out modalities for the implementation of both Basel 2 and 3 in the country.The Basel accords are a set of agreements that provide recommendations on banking regulations in regards to capital risk, market risk and operational risk accepted globally. Source Thisday Read More

CBN warns against politicisation of $49.8bn diverted revenue - The Central Bank of Nigeria has warned against the politicisation of the alleged diversion of $49.8bn revenue that ought to have accrued to the federation by the Nigerian National Petroleum Corporation. Source Punch Read More

Capital Market

ASI records modest loss as sell pressure wanes, WTD stands at +0.27 - The equities market closed today on a negative note, as NSE ASI depreciated by -0.01% to close at 38,841.49 basis points, compared with the depreciation of -0.30% recorded previously. Its Year-to-Date (YTD) returns currently stands at +38.33%. Source Proshare Read More


Investors Newsbeat
UNIONDICON hits new 52-week high, records +33.50% gain in a week - Today, UNIONDICON recorded an impressive gain of +9.12% with an upper breakout to extend the active gaining streak in the week as bargain sentiments towards the stock appeared very strong. Source Proshare Read More

Fidelity Bank Plc: Projected fall in operating income warrants downgrade-Chapel Hill - Fidelity Bank Plc (Fidelity) recently published its 9M-13 results which showed an EPS decline of 16% yoy, behind of our FY-13E run-rate of a 12% yoy growth. Subsequently, we cut our 12-month target price for Fidelity down to N2.93 from N3.81 and downgrade the stock to a HOLD. Source Proshare Read More

IHS declares N135.7m PAT in Q1 '13 result,(SP:N2.66k) - Source Proshare Read More

ELLAHLAKES declares N2.54b loss in Q1 '13 result,(SP:N4.26k) - Source Proshare Read More

Dangote Plans $16bn Investment in Africa - Dangote Group, the Nigerian company controlled by Africa’s richest man Aliko Dangote, plans to invest about $16 billion in cement, petrochemicals and agriculture over the next four years to boost expansion. Source Thisday Read More

Money Market
Economic Outlook: Inflation forecast for November 2013 - Background to our forecast. The headline Inflation for November 2013 is expected to be released by the National Bureau of Statistics on the 17th of December 2013. We state that inflationary threats have remained largely subdued in 2013 in view of the significant decline of 420bps from 12.00% in December 2012 to 7.80% as at October 2013 (fig. 1). Source Proshare Read More

AMCON to Repay N1.7tn Bond in December - The Asset Management Corporation of Nigeria (AMCON) will redeem its N1.699 trillion zero coupon Series 1 Bond on December 30, 2013.The bad bank debt bank has bonds with a face value of about N5.7 trillion, with the Central Bank of Nigeria (CBN) holding  about 63 per cent or N3.6 trillion. The balance is held by public and private investors. Source Thisday Read More 

Bankers’ Committee targets 7% growth in agric loan - The Bankers’ Committee is targeting a loan growth of seven per cent in the agricultural sector of the Nigerian economy by 2015, Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has said. Source Punch Read More 

Lessons from Audu Ogbeh, OBJ and Reuben Abati - Yesterday, a letter penned on December 02, 2013 to His Excellency, President Goodluck Jonathan by the elderly and retired three-time ‘head of state’, General (rtd.) Olusegun Obasanjo broke on PremiumTimes, an online media. Source Proshare Read More  

Frauds & Sandals
NNPC’s Missing $49.8 billion: CBN Stands By Its Allegation, Says President Jonathan Shares The Bank's "Concerns" - The Central Bank of Nigeria (CBN) said today it would neither confirm nor deny a widely-circulated letter sent to President Goodluck Jonathan by its governor, in which he scandalously revealed that the Nigeria National Petroleum Resources has between 2012 and 2013 failed to remit nearly $50 billion into the Federation Account.  Source Sahara Reporters Read More 


DPR Gives Investors Two-year Deadline to Develop Marginal Fields - The Department of Petroleum Resources (DPR) has asked investors bidding to acquire marginal oil fields in the current bid round to make sure that fields that would be allocated to them are developed within two years upon allocation or risk losing them. Source Thisday Read More

Gold Snaps Two-Day Drop as Prices Near July Low May Lure Buyers - Gold halted two days of losses on speculation the price decline toward a five-month low may lure buyers, countering concern that the Federal Reserve may reduce stimulus as soon as next week. Silver fell to a one-week low. Source Bloomberg Read More 

WTI Poised for Weekly Loss Amid Fed Stimulus Taper Expectations - West Texas Intermediate crude headed for a weekly drop on speculation that the Federal Reserve will slow the pace of economic stimulus in the U.S., the world’s biggest oil consumer. Source Bloomberg Read More

Global Markets
Asian Stocks Pare Second Weekly Decline as Yen Weakens - Asian stocks pared a second weekly loss on the regional benchmark index as the yen weakened against the dollar to the lowest since 2008, driving Japanese shares higher ahead of a Federal Reserve policy meeting next week. Source Bloomberg Read More

Kim Jong Un's Uncle, Formerly North Korea's No. 2, Is Executed - North Korea has announced that Jang Song Thaek, the uncle of leader Kim Jong Un and formerly the second most powerful man in the country, has been executed after being found guilty of treason by a military tribunal. Source npr News Read More

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