Nigeria in 1min: Economic, Business & Financial Headlines - 130614


Friday June 13, 2014 6.00 AM / Proshare News

NEC approves $1.6 billion to boost transmission - THE Federal Government’s quest to boost the nation’s transmission infrastructure has been given a bigger support, as the National Economic Council (NEC) has given approval for government to take $1.6 billion from the sale of National Integrated Power Projects (NIPP) plants to strengthen transmission capacity. Source Guardian Read More

FG seeks $200m “soft credit” from Germany to establish development bank - The Federal Government is seeking 200 million dollars “soft credit” from the German Government for the establishment of a development bank, the Minister of Finance, Dr Ngozi Okonjo-Iweala, said on Thursday. Source BUSINESSDAY Read More

Funding for power transmission infrastructure hits $2.55bn – FG - The Federal Government has said the $2.55bn sourced from local and international organisations has been earmarked for the revamping of power transmission infrastructure. Source Punch Read More

US Imposes Conditions of Entry on Nigerian Vessels - The United States government yesterday imposed “Conditions of Entry (COE)’’ on vessels originating or calling from Nigerian ports.The US mission in Nigeria said in a statement that it was henceforth, required that Nigerian vessels met certain security measures before entering US ports. Source Thisday Read More

Lagos inaugurates planning, budget committee - The Lagos State Government yesterday inaugurated a Joint Planning and Budget Finance Management Committee to improve the synergy between the state and the local governments in the state. Source THE NATION Read More

Capital Market
Bears Re-surface on Nigerian bourse as Sell Pressure Outweighs Bargain Activities - The equities market closed today on a negative note, as NSE ASI depreciated by -0.29% to close at 41,228.65 basis points, compared with the appreciation of +0.29% recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.24%. Source Proshare Read More

Policy / Regulations
Banks lose 2.4% of revenue to fraud - The Deputy Governor, Financial Systems Stability, Mr. Adebayo Adelabu, on Thursday said 2.4 per cent of banking revenue was lost to fraud cases. Source Punch Read More

CBN Maintains Highest Level in Information Security Standard (ISO27001) Compliance - The Central Bank of Nigeria (CBN) has maintained the highest level in information Security Standard (ISO 27001) compliance since being certified in July, 2013. Source Proshare Read More

CBN orders banks to refund excess CoT charges - The Central Bank of Nigeria, CBN, has ordered banks to refund Commission on Turnover, CoT, charges above the regulatory maximum to customers.It also banned banks from imposing account maintenance fees on customers. Source Vanguard Read More

CBN raises N85bn at bond sale - The Central Bank of Nigeria sold N85.17bn in three-year and 10-year bonds to mostly local pension funds and some offshore investors, the Debt Management Office said on Thursday. Source Punch Read More

SEC Approves AfDB’s N160bn Medium Term Note Programme - The African Development Bank’s (AfDB’s) application to establish a N160 billion Medium Term Note Programme in the Nigerian capital market has been approved by the Securities and Exchange Commission (SEC) of Nigeria. Source Thisday Read More

SEC Nigeria intervenes in ETI’s alleged breach - In its avowed commitment to ensuring sound corporate governance in the nation’s capital market, the Securities and Exchange Commission, SEC Nigeria, recently waded into issues relating to corporate governance breaches in Ecobank Transnational Incorporated (ETI). Source THE NATION Read More

FRC appeals judgment on power to regulate firms - The Financial Reporting Council of Nigeria says it has appealed against the judgment of a Federal High Court which questioned its power to register and regulate private limited liability companies in the country. Source Punch Read More

Products & Services
Banks to begin customer biometric registration Monday - After months of planning during the pilot phase, the Nigeria Inter-Bank Settlement System Plc (NIBSS), on Tuesday, in Lagos, said all is now set for the rollout of the Bank Verification Numbers (BVN) on Monday, June 16, 2014. Source Proshare Read More

Investors Newsbeat
CONOIL records upper breakout, extends 5days gaining streak -
CONOIL experienced a sustained and impressive patronage with huge volume to record an upper break-out, gaining another 10.2% to extend a 5-day gaining streak. This indicates a strong optimism from both the investors and shareholders in the last 5days as the stock maintained huge bullish volume pattern. Source Proshare
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7UP Releases Notice of Board of Meeting - Seven-Up Bottling Company Plc has notified The Nigerian Stock Exchange that its Board of Directors will meet on Monday 23rd June 2014 at 12.00 noon. Source Proshare Read More

Sovereign Trust to raise fresh capital through rights issue - Sovereign Trust Insurance Plc has concluded plans to raise additional capital to expand its businesses through rights issue. Source Punch Read More

Shareholders applaud Portland Paints’ returns to profit - Shareholders of Portland Paints and Products Nigeria Plc have applauded the turnaround in its fortune.The shareholders at its annual general meeting on Thursday, particularly noted its return to profitability, with bottom line growing by 148 percent in 2013, from previous year’s loss of N222.7 million. Profit after tax for the period under review, rose to N107.5 million. Source Daily Independent Read More

Julius Berger Nigeria adds 120m shares - Julius Berger Nigeria has added 120 million shares to its outstanding shares following the listing of the bonus shares recently declared by the board of the company. Source THE NATION Read More

Caverton Recovers Further as Investors Renew Demand - The share price of Caverton Offshore Support Group Plc recovered further yesterday at the stock market as more investors renewed demand for the shares on news of the company’s move to diversify its income base. Source Thisday Read More

Corporate Earnings
ELLAHLAKES declares N66.7million loss in Q3 '14 result,(SP:N4.26k) - Source Proshare Read More

Some Chibok girls may not return, says Obasanjo - LAMENTING the continued detention of the Chibok schoolgirls by Boko Haram insurgents, former President Olusegun Obasanjo Thursday declared that some of them may never return. Source Guardian Read More

National confab votes for removal of immunity clause from constitution - THE ongoing National Conference yesterday voted overwhelmingly for the removal of immunity clause from the constitution. Source Guardian Read More

Sanusi saga: Police end siege to Emir’s palace - The police on Thursday ended their four-day siege to the palatial official residence of the traditional ruler of Kano Emirate. The police had on Monday deployed   armed officers and men in the palace following   a series of protests by some youths   who kicked against the appointment of a former governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, as the new Emir of Kano. Source Punch Read More

INEC to Create 30,000 Polling Units for 2015 Polls - In an apparent move to ensure the decongestion of existing Polling Units (PUs), the Independent National Electoral Commission (INEC) said that it will create additional 30,000 units across the country. Source Thisday Read More

Oil production drops by 40,000bpd - The country has lost about 40,000 barrels of crude oil per day following the suspension of production by Shell Petroleum Development Company of Nigeria Limited operated Joint Venture at the EA field for repair of the soft yoke mooring platform. Source Punch Read More

The World's Five Most Important Oil Fields - Much has been made about the role that hydraulic fracturing – or fracking -- has played in revolutionizing the energy landscape, unlocking vast new reserves of oil trapped in shale rock. Source Proshare Read More

Iraq conflict sparks oil price rise - Brent crude futures rose 3% to $113.27 per barrel, while US crude gained more than 2% to $106.71, the highest reading for both since September.Insurgents have taken over two Iraqi cities, prompting the US to say it was considering "all options" to help Iraq. Source BBC NEWS Read More

Global Markets
Asian Stocks Pare Drop as Energy Firms Advance With Oil - Asian stocks pared declines, with oil producers surging on the highest crude prices in eight months as violence in Iraq spurred supply concerns. India’s rupee retreated and China’s yuan headed for its biggest weekly advance in almost three years. Source Bloomberg Read More

European shares end little changed, consolidation hopes boost Iliad - European equities closed near recent multi-year highs on Thursday, as merger hopes buoyed some telecom stocks but mining shares fell amid global growth concerns. Source Reuters Read More

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