Nigeria in 1min: Economic, Business & Financial Headlines - 130215


February 13, 2015 7:00 AM / Proshare News

FG to ban fertilizer importation - A policy statement that will put a stop to the importation of fertilizer into the country will be announced by the Federal Government in the next few weeks, the Minister of National Planning, Dr. Abubakar Sulaiman, has said. Source Punch Read More

Nigeria’s foreign reserves fall $1bn in 12 days - Nigeria’s foreign reserves fell to $33.4 billion as at February 10, a drop of $1 billion over the previous 12 days as the Central Bank of Nigeria (CBN) sold hard currency to try to defend a plunging naira. The Nigerian currency has been witnessing a plunge due to the continuous fall in global oil prices since June last… Source BUSINESSDAY Read More

NBS Releases Preliminary Report on NAFDAC 2012 - 2014 - The information presented in this report was obtained from the National Agency for Food and Drug Control (NAFDAC). Variables obtained include number of licence applications received and approved by type, as well as the number of products registered by type during the years 2012 to 2014.Source Proshare Read More

Nigeria’s Housing Deficit Estimated at 17 Million as at August 2012 - NBS - The Real Estate sector offers a great potential source of growth for Nigeria. Until now, the understanding of its composition and growth has been somewhat limited to its required use in Nigerian national accounts. Source Proshare Read More

NCS Rakes in N9.6bn, Makes 686 Seizures at Seme - Nigeria’s premier border, Seme has proved its prominence once more as the Nigeria Customs Service (NCS) raked in not less than N9.6 billion as revenue in the area in 2014. Source Thisday Read More

Lack of funding slows 12,000 additional hotel rooms in Nigeria - As the naira continues in its free-fall, and banks tighten interest rate for long term lending to 23 percent, the Nigerian hospitality industry is at the risk of losing investments or experiencing delays in investments expected to deliver over 2,000 hotel rooms (from about  nine hotels in the pipeline) between 2015 and 2017. Source PBUSINESSDAY Read More

Passengers pay 65% of airfares as fuel surcharge - Up to 65 per cent of airfares paid by passengers travelling by air across the country end up as fuel surcharge to the airlines. Source Punch Read More

Nigeria firm to invest N800bn in 2,000MW plants - An indigenous consortium led by the FirstGate Group on Thursday signed a Memorandum of Understanding with the Federal Government to invest about $4bn (about N800bn) in the construction of two power plants with combined output of 2,000 megawatts. Source Punch Read More

FG loses 3,800mw to vandalism in 40 days - The Federal Government has said it lost over 3,800 megawatts (mw) to vandalism between December 2014 and February 2015 after recording six cases in 40 days. Source Daily Trust Read More

Nebo: To build 1,000mw plant requires $2bn  - The Minister of Power, Prof. Chinedu Nebo, has said building mega thermal power plant of 1,000megawatts (mw) requires huge financial muscle to the tune of about $2billion (about N408.2billion) to attain. Source Daily Trust Read More

Nigerian capital market will rebound, after election cycle.-Godwin Emefiele,CBN Governor - The Central Bank Governor Mr Godwin Emefiele has assured investors, that the Nigerian capital market and economy will rebound, after the election cycle. Source WEBTV Read More

CBN under pressure to devalue naira again - DEVELOPMENTS in the foreign exchange market are putting the Central Bank of Nigeria under intense pressure to further devalue the naira. Source Punch Read More

B-O-O-M: CBN Blows $1b in 12 Days Defending the Naira, Emefiele Says ‘Don’t Panic’ - The Central Bank has spent an estimated $1billion in the last 12 days in its bid to defend the Naira. A check on its website reveals external reserves has dropped from $34,378,477,248 on January 28 to $33,314,373,746 as at February 9. Source Nairametrics Read More

CBN Disburses N39.53bn to Second Batch of NEMSF Beneficiaries - Barely a week after it disbursed the sum of N18.26 billion to the first batch of beneficiaries of the N213 Billion Nigeria Electricity Market Stabilization Facility (NEMSF), the Central Bank of Nigeria, on Wednesday, February 11, 2015, disbursed another sum of N39.53 billion to the second batch of beneficiaries.Source Proshare Read More

SEC and NAICOM Pledge Better Collaboration to Sanction Erring Companies - The Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM) will collaborate for better enforcement against insurance companies who misappropriate funds raised from the capital market.Source Proshare Read More

CBN urged to redefine items at RDAS to stem forex round-tripping - Foreign exchange dealers and experts have called for the redefinition of some imported items excluded from access to the official foreign exchange rate by the Central Bank of Nigeria (CBN) so as to curtail the ongoing arbitraging and speculation opportunities in the foreign exchange market. Godwin Emefiele, the CBN governor, alluded to the different definitions Source PBUSINESSDAY Read More

Access Bank Plc Rights Issue Report - Capitalising to push strategic growth plan - Access Bank Plc is offering by way of Rights to existing shareholders 7.6 billion shares at N6.90 per share; an exercise that will enable the Company raise N52.63 billion.Source Proshare Read More

The Stock Market, Election Postponement and The Economy - TNI Q1/E7 - Stock market performance in an election period is an highly unpredictable outcome as uncertainties surrounding electioneering and where it will eventually end continues to put market stakeholders both locally and internationally on a surveillance mood.Source Proshare Read More

Macro impact of the postponement - FBNC - The postponement of the elections has a fiscal dimension in addition to the turmoil it has caused in domestic financial markets.Source Proshare Read More

Stocks extend 3days losing streak, ASI slips to 27,000bpts on SELL-OFF - The equities market closed today on a negative note, as NSE ASI depreciated by -2.73% to close at 27,935.77 basis points, compared with the -1.39% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.39%.Source Proshare Read More

Issuing Houses consider N50bn unclaimed dividend for Repo transactions - As foreign liquidity constraints continue to impair the performance of Nigerian equities, Nigerian issuing houses are proposing how liquidity can be created in the market by looking inwards. One of the considerations is creating a repurchase agreement (repo) market for securities. Source PBUSINESSDAY Read More

Interbank Market resumes trading at N206.35 - $1 after circuit breaker triggered - For the 2nd consecutive day, the Interbank market hit its limit at N204.10 and triggered the circuit breaker, leading to a closure for an hour on all 2-way deals.Source Proshare Read More

Exchange rate: Gap in Interbank and Black Market shrinks as Scarcity looms - A review of prices in the market today, following the activities at the foreign exchange market confirmed the following key developments:Source Proshare Read More

FMBN lifts ban on estate development loan - The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria, Mr. Gimba Ya’u Kumo, has disclosed that the bank is planning to lift the embargo placed on estate development loan. Source Punch Read More

CIBN Cautions MFBs over Loans’ Disbursement - The Chartered Institute of Bankers of Nigeria (CIBN) has cautioned operators of microfinance banks (MFBs) in the country against giving out loans beyond their capacity. Source Thisday Read More


Bond sale fails to meet target, investors seek higher yields - Nigeria’s bond auction fell short of its target, attracting low interest among investors who were demanding higher yields in the wake of a weaker naira currency and falling oil prices. Source PBUSINESSDAY Read More

GUARANTY: will it defy market sentiments at N17.39kobo? - key entry point - GUARANTY experienced sustained sell pressure on the back of growing speculative tendency towards the stock as indicated by falling momentum. The stock declined by -5.6% to extend the short term profit-taking, following the recent rally of 28.88%. Source Proshare Read More

Trading Account: Frozen or Not Frozen? - The portfolio management case involving Valueline Securities & Investment Ltd, Living Faith Church and the Nigerian Stock Exchange has generated comments and queries from market participants and stakeholders within a few days the news hits the online media.Source Proshare Read More

Ecobank Board Meets as Lender Weighs Response to Damages Rulings - Ecobank Transnational Inc.’s board is due to meet Thursday in Ghana after the lender was ordered to pay compensation to its former Chief Executive Officer Thierry Tanoh by courts in Ivory Coast and Togo. Source Bloomberg Read More

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NB Proposes N3.50 dividend per share in '14 Audited result,(SP:N131.80K) -Source Proshare Read More

STANBIC IBTC Bank holds two-day training for entrepreneurs - One of Nigeria’s leading financial institutions, Stanbic IBTC Bank, in furtherance of its commitment to growing business enterprises in Nigeria, organised a 2 day seminar for SME’s in the Country. The seminar featured topics on the Economic Outlook for 2015/Business Planning, Achieveing success in Marketing, People Management, Making operations cheaper, faster and better and developing financial records. Source WEBTV Read More

Telecoms Growth Slowed in the Number of Active Lines in 2013 and 2014 - NBS - Development in the Nigeria telecommunications sector shows overall positive growth garnered by entry of several operators in the market space, additional services such as SMS messaging, lower tariff rates for longer call durations and most especially exponential increase of subscribers lines over the years. Source Proshare Read More

Telephony: Govt to connect 1.6 million rural dwellers - The Federal Government has set out four to six weeks for the completion of 158 new Base Transceiver Station sites in rural areas across the country. Source Punch Read More

1bn data hacked in 2014, report says - One billion data records were hacked by cybercriminals in 2014, a data security report by a South African based digital security firm, Gemalto, has said. Source Daily Trust Read More

Nigeria Loses N20bn Annually to Illegal Charter Operators - The federa government loses N20 billion annually through privately licensed aircraft, which are used to operate illegal charter service, THISDAY investigations have revealed. Source Thisday Read More


No provision for interim govt in 1999 Constitution —FG  - The Federal Government, yesterday, ruled out the institution of an Interim National Government to mid-wife the forthcoming national elections, saying the idea is totally alien to the constitution. Source Vanguard Read More

Election: NLC delegates trade punches, destroy ballot boxes - The National Delegates Conference of the Nigeria Labour Congress ended in crisis on Thursday as participants failed to elect   a new president to succeed Abdulwahed Omar. Source Punch Read More

PDP Makes U-turn, Passes Vote of Confidence on Jega - After days of bombardment and harsh criticism of the Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, over the commission’s preparedness or lack thereof for the general election, the Peoples Democratic Party (PDP) made a U-turn on Thursday when its national chairman, Adamu Mu’azu, passed a vote of confidence on Jega. Source Thisday Read More

Total plans to sell $5bn assets - French oil giant, Total, has said it will sell $5bn worth of assets this year as it plans to accelerate its asset sale programme of $10bn up to 2017. Source Punch Read More

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Asian shares jump on Ukraine ceasefire, hopes on Greece - Asian shares gained on Friday on news of a ceasefire accord in Ukraine, while Sweden's surprise move to cut its main rate into negative territory and hopes of a resolution between debt-strapped Greece and its creditors burnished risk appetite. Source Reuters Read More

European shares lifted by Ukraine peace deal and Greek rebound - European stocks hit multi-year highs on Thursday, boosted by a Ukraine peace agreement, Swedish economic stimulus measures and as investors held out hope for a Greek debt deal. Source Reuters Read More

Equity debuts at the Rwanda Stock Exchange - Equity Bank shares are Thursday set to start trading at the Rwanda Stock Exchange following its cross listing. Top bank officials are reported to have travelled to attend the function in Kigali. Source Business Day Read More



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