Nigeria in 1min: Economic, Business & Financial Headlines - 220416


April 22, 2016 7:15A / Proshare News  

Private Sector Growth; Headed for the Rocks? - In what appears to be an open agreement with our opinion (expressed in our most recent economic note "Monetary Policy Committee May Tighten"), the CBN Governor, Godwin Emefiele, on Saturday (April 16, 2016), revealed that the country's Monetary Policy Rate (MPR) will still have to rise Source Proshare Read More

Nigeria Strategy Report Q2 2016 Outlook - Economic growth challenges show no sign of abating - In this report, we assess events on the global stage and domestic scene over Q1 16 to establish how these stack up to our expectations as communicated in our H1 16 Nigeria Strategy Report, but more importantly, possible implications for our proposed capital market strategy. Source Proshare Read More  

Fed Govt, States, Councils share N299.7b for March  - The cash shared for March, given out yesterday after the Federation Accounts Allocation Committee (FAAC) meeting,  dropped significantly to N299.747 billion from the N338.765 billion shared for February. Source THE NATION Read More 

FG, EU sign pact to access N334bn devt fund - Five states including  Adamawa, Kano, Kogi, Nassarawa, and  Osun yesterday signed a Memorandum of Understanding (MoU) with the Academic Study European Union (ASEU) Consultants  in order to access €1.5 billion euro (N334billion)  Europe Aid Funds in form of grants for development projects in the respective states. Source Daily Trust Read More 

FG Votes $300m To Fund Youth In Agriculture - The Federal government,through the Minister of State for Agriculture, Senator Heineken Lokpobiri has revealed that in its efforts to bridge funding challenges in the sector,it is set to invest 300 million USD to fund youths in agriculture. Source Leadership Read More 

FG stops deduction of loans from states’ allocations - The Federal Government has decided to stop the deductions for loan being made from the monthly allocations of each state of the federation in order to allow them to meet their obligations of paying workers’ salaries. Source Punch Read More 

FG gives 2-week ultimatum to FAAN, NAMA on Arik Air indebtedness - The Federal Government has issued a two-week ultimatum to Federal Airports Authority of Nigeria, FAAN, the Nigerian Airspace Management Agency, NAMA, and the Arik Air Group to resolve all indebtedness of the airline. Source Vanguard Read More 

Arik Air Resumes Domestic Flights, Says It Paid FAAN N18.9bn - Contrary to claims by aviation unionists that Arik Air owes the Federal Airports Authority of Nigeria (FAAN) N12.5 billion, the airline has said it does not owe FAAN, as it has paid N18.9 billion to date in excess of the said amount of debt. Source Leadership Read More

Buhari returns budget, meets Saraki, Dogara on Friday - President Muhammadu Buhari and the leadership of the National Assembly will meet on the controversial 2016 budget again on Friday (today). Source Punch Read More

NDIC seeks creation of national savings bank - The Managing Director, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has called for the re-establishment of the Nigerian Savings Bank to enable more people to have access to banking services. Source Punch Read More 

Africa’s food import bill hits $35.4bn in 2015 - The food import bill of African continent was $35billion in 2015, according to the African Development Bank (AfDB). Source Daily Trust Read More 

Sokoto Clears AMCON Debt, Retakes Possession of N1.5bn Furniture Coy - Sokoto government said on Thursday that it has paid the debt owed Assets Management Company of Nigeria (AMCON) and has retaken possession of the state-owned furniture company. Source Thisday Read More 

Aviation Industry Faces Severe Challenges - The Director General and CEO of the International Air Transport Association (IATA), Tony Tyler has said the aviation industry is battling with a lot of challenges but is resilient enough to survive them. Source Thisday Read More 

Nigeria collects $13.57 bln in government account: accountant-general - Nigeria's government has collected more than 2.7 trillion naira ($13.57 billion) in its Treasury Single Account (TSA), the accountant-general said on Thursday. Source Reuters Read More 

Nigeria’s economy choking under pangs of politics - Nigeria’s foreign exchange crisis and the insistence of President Muhammadu Buhari to conduct an inflexible exchange rate policy now better define the struggle for survival in Africa’s largest economy where economic activities have slowed considerably with resultant job losses as investors watch in despair. Source BUSINESSDAY Read More 

Poor innovation in packaging industry hurting FMCGs - Nigeria’s Fast-Moving Consumer Goods (FMCGs) are hard hit by low level of innovation in the local packaging industry, which hurts sales and profits. Source BUSINESSDAY Read More 

Nigeria’s rising illicit financial outflow at $26.7 billion raises concern -The rising trend of illicit financial outflow in Nigeria, which is up by 1491.37 percent to  $26.735 billion within nine years, has been a concern to regulators including African leaders, as they seek measures to curb the menace Source BUSINESSDAY Read More



UK's Financial Conduct Authority Wins Case in the Supreme Court - In a judgment issued today, the Supreme Court confirmed that Asset Land had been operating an unauthorised collective investment scheme (CIS) in the course of operating a land bank which involved the selling of small plots of land to investors at hugely inflated prices.Source Proshare Read More 

Hong Kong's Securities and Futures Commission Bans former HSBC Adviser for Life - The Securities and Futures Commission (SFC) has prohibited Mr Andrew Chow Ho Cheung from re-entering the industry for life following his conviction for offences of fraud and theft under the Theft Ordinance. Chow was sentenced to two years imprisonment by the District Court on 19 May 2015 (Notes 1 & 2) Source Proshare Read More 

Equities market extends northward trend, posts 1.15% gain in 3days - The equities market closed today on a positive note, as NSE ASI appreciated by 0.50% to close at 24,909.88basis points, compared with the 0.51% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.03%. Source Proshare Read More  

Why Skyebank Investors should expect a Profit fall/ loss - The sustained fall in price of banking stocks continues to reflect investors sentiments (fear) towards the sub-sector, as central-bank and government reform policies which for years lifted asset prices, are now hurting them; and in some cases, created disruptions. Source Proshare Read More

GT Bank Q1 2016 results reveal slight weakness in underlying Q1 2016 results - GT Bank’s Q1 2016 PBT figure of N30.7bn suggests that the bank has started the year on a good footing. However, since the rest of the year typically sees a reduction in the PBT as non-interest income falls to normalised levels, the bank will need to deliver stronger q/q growth than we were expecting previously to achieve its N125bn target for the full year. Source Proshare Read More 

Tough Year for Banks: Stocks Suffer under Economic Challenges - Banks have been hit with multiple dynamics – prolonged election cycle, low oil prices which impacted central bank decision of currency controls, introduction of the Treasury Single Accounts (TSA), low interest rates and energy-sector defaults, and as for some of the factors within their control; they have to contend with consumers reeling from multiplier effects of economic reforms or new governance and political reforms. Source Proshare Read More 

Extension of repairs at Forcados, affects Seplat's production uptime - The Forcados Oil Pipeline System is the second largest network in the Niger Delta, and transports oil, water and associated gas from fields in the western delta to the Forcados oil terminal. Source Proshare Read More 

Crude prices hit $46 a barrel record-year high - Crude oil prices hit a year-record high of $46 a barrel yesterday, giving Nigeria a buffer of $8 over its $38 a barrel 2016 budget benchmark, a feat, which it has not attained since January. Source Guardian Read More 

Yields on Nigeria’s Treasury Bills Rise Across Board
- Yields on Nigerian short-dated treasury bills rose significantly at an auction on Wednesday where the central bank sold a total of N167.51 billion worth of debt with maturities ranging between three months and one year. Source Thisday
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Blackout looms as electricity workers plan transmission shutdown - The nation may soon be thrown into a total blackout as electricity workers are planning to shut power transmission nationwide over breaches in labour issues and takeover of the defunct PHCN headquarters in Abuja. Source Daily Trust Read More 

AEDC Commits $200m To Mass Metering Project - The Abuja Electricity Distribution Company (AEDC) has announced plans to spend $200 million on mass metering of customers in its franchise area of the FCT, Kogi, Niger and Nassarawa States, over a five-year period, beginning from this year. Source Leaderhip Read More 

We can’t meter one million customers yearly – Discos - Electricity distribution companies have said the deadline given to them by the Federal Government to meter one million electricity consumers annually is not realistic. Source Punch Read More 

Asteven Solar plans to generate 50MW - Asteven Solar Nigeria has said it plans to generate about 50 megawatts of electricity over the next 24 months. Source Punch Read More 

UNIDO plans 3mw power projects across states - The United Nations Industrial Development Organisation (UNIDO) has said it will partner with stakeholders to develop 3.1megawatts (mw) renewable energy projects in Nigeria. Source Daily Trust Read More 

Forex scarcity pushes Nigeria toward trade deficit - Analysis of Nigeria’s merchandise trade data show that the country’s trade balance has been on a rapid decline, raising concerns that the country is heading towards trade deficit. Source THE NATION Read More 

Chinese Yuan accounts for 6.7% of $27.34b forex reserves - Chinese Yuan constitutes only 6.7 per cent of Nigeria’s $27.34 billion foreign exchange (forex) reserves, data from the Central Bank of Nigeria (CBN) has shown. Source Daily Trust Read More 

NNPC’s contracting bottlenecks blow up cash call debt - The backlog of joint venture (JV) cash call debt which stands at about $6bn, blamed on the Nigerian National Petroleum Corporation’s  (NNPC)  unwieldy contracting process is taking a heavy toll on the country’s economy. Source BUSINESSDAY Read More



Asian Stocks Retreat as BOJ Negative-Rate Proposal Weakens Yen - Asian stocks retreated from a four-month high as companies including Sony Corp. and Microsoft Corp. reported earnings that missed estimates. Japanese shares rose and the yen weakened on news the Bank of Japan may consider offering negative-rate loans to banks. Source Bloomberg Read More 

Uber Drivers' $100 Million Deal May Set Pace for Gig Economy -Uber Technologies Inc. resolved the biggest threat to its business by settling with California drivers suing to be treated more like traditional employees, a move that could have broad-ranging implications for companies across the sharing economy. Source Bloomberg Read More

The $2 Trillion Project to Get Saudi Arabia’s Economy Off Oil - Early last year, at a royal encampment in the oasis of Rawdat Khuraim, Prince Mohammed bin Salman of Saudi Arabia visited his uncle, King Abdullah, in the monarch’s final days before entering a hospital. Source Bloomberg Read More 

Shell eyes $700mln exit from Gabon -  Royal Dutch Shell is working on selling out of its onshore assets in Gabon, according to two sources familiar with the matter, seeking to refocus its African presence. Source Reuters Read More 

Zambia deputy finmin said Moody's downgrade did not affect kwacha - The depreciation of Zambia's kwacha currency this week was not caused by a ratings downgrade by Moody's but dollar demand from the government to import medical supplies, deputy finance minister Christopher Mvunga said on Thursday. Source Reuters Read More  

Personal Finance – Find one of 76 Properties Listed for Sale - Here is a list of available properties for sale in the portfolio of Jide Taiwo & co, Ikeja Branch which we are publishing in part, as an extension of our personal finance research into how investors, young families and self-employed entities are responding to the current economic realities. Source Proshare Read More 


NCC To Offer Subsidy To Infracos To Connect 33.7m Nigerians - Executive Vice Chairman of the Nigerian Communications (NCC), Prof. Umar Danbatta has promised to provide subsidies to telecommunications Infrastructure Companies (InfraCos) who would take telecom infrastructure and services underserved and un-served areas round the country in order to connect 33.7 million Nigerians yet to have access to telecom services. Source Leadership Read More


No new MTN talks until Reps probe ends – Minister - Hope of an early resolution of the controversy surrounding the deadline for the payment of a $3.9bn fine slammed against MTN dimmed on Wednesday as the Minister of Communication, Adebayo Shittu, said the planned new talks with the telecommunication firm would be delayed until after the probe by the House of Representatives. Source Punch Read More 

MTN’s Subscriber Base Falls 1.4% in First Quarter - MTN Group Limited’s subscriber numbers fell during the first quarter as disconnections ordered by the government in Nigeria, its biggest market, curbed the growth of Africa’s largest wireless operator. Source Thisday Read More 


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