Nigeria in 1min: Economic, Business & Financial Headlines - 290716


July 29, 2016 6:00 AM / Proshare News  

FG develops new agriculture policy - The Federal Government has published a review of the existing Agricultural Transformation Agenda established by the former administration of Dr. Goodluck Jonathan.   The government also called for more work on the ATA in order to find solutions to food and foreign exchange scarcity in the country. Source Punch Read More 

MPC Tightens to 14% P.A; Between a Rock and a Hard Place - FDC - Source Proshare Read More 

Highest FAAC Payout for One Year - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government picked up by N254bn to N559bn (US$1.69bn) in July (from June revenues). Source Proshare Read More 

Ogun attracts over 100 firms in five years - The Ogun State Commissioner for Commerce and Industry, Bimbo Ashiru, says the present administration has attracted over 100 companies to the state in the last five years. Source Punch Read More 

FIRS seals Abuja firms over N100m tax debt - The Federal Inland Revenue Service on Thursday sealed the premises of two firms operating in Abuja for failing to pay their tax liabilities amounting to N100.85m Source Punch Read More 

Nigerian Ports No Longer Destination For Automobile Ships - Week in, week out, the shipping data from the Nigerian Ports Authority (NPA) which shows all the vessels expected within a week at the Lagos ports of Apapa and Tin Can Island, which are major destinations for automobile vessels, do not indicate any presence of RoRo vessels at the ports. Source Leadership Read More 

4 months after polls, INEC owes NYSC ad hoc staff N3.6m   - Four months after the conduct of elections into the Federal Capital Territory (FCT) area councils, there are strong indications that the FCT Electoral Commission still owes over 300 ad hoc staff N3.6 million. Source BUSINESSDAY Read More 

‘Intels Monopoly Bid, Threat to Huge Investments at Nation’s Ports’ - Terminal operators and private investors in Nigerian ports have kicked against moves to grant monopoly for handling certain types of cargoes to Intels Nigeria Limited, insisting it will destroy the gains of the concession policy and erode existing and potential investments in the sector. Source Thisday Read More 

Local Airlines Lose N32bn to Paucity of Aviation Fuel - Domestic carriers may have lost over N32billion in revenue and additional costs paid for Jet A1 as the price of the product continues to soar owing to its scarcity. Source Thisday Read More 

Nigeria loses $2.8bn to importation of foreign ICT products - Barrister Adebayo Shittu, Minister of Communications, said that the federal government was ready to revalidate its directive on the patronage of locally produced ICT products and services by the Ministries, Departments and Parastatal (MDAs) as a means of promoting local content in the sector. Source Guardian Read More 



Provisioning For Foreign Currency Loans  - In continuation of the efforts to enhance efficiency, facilitate liquidity and transparency in the foreign exchange market, the CBN issued the Revised Guidelines for the Operations of the Nigerian Inter-bank Foreign Exchange Market on June 15, 2016. Source Proshare Read More  

Complaints of Alhaji Abass Bolatitio O. And 35 Others Against Fittco Securities Limited - The Commission is investigating complaints relating to the unauthorized sale of shares belonging to Alhaji Abass Bolatitio O. and 35 Ors. by Fittco Securities Limited. Source Proshare Read More 

CBN offers new 12-month futures contract of $1bn at N250/$ - One month into the June 27, 2016 introduction of and formal unveiling of the Naira-Settled OTC FX Futures Market, the pioneer 1M contract – NGUS JUL 27 2016 $/N279, for about $26.73 million executed between the Central Bank of Nigeria (CBN) and authorised Dealers on FMDQ OTC Securities Exchange, matured and was settled on Wednesday, July 27, 2016. Source BUSINESSDAY Read More 

DANGCEM Declares N103.42 billion PAT in Q2 2016 Result,(SP:N175.00k) - Source Proshare Read More  

SEPLAT Declares N12.81 billion Loss in Q2 2016 Result,(SP:N297.83k) - Source Proshare Read More 

DIAMONDBNK Declares N9.05 billion PAT in Q2 2016 Result,(SP:N1.60k) - Source Proshare Read More

SEPLAT H1'16 results - Suspension of Exports at Forcados Cut Earnings - Source Proshare Read More 

UAC of Nigeria Plc Records 12% PBT Growth in Q2'16 Results - This morning, the NSE published UAC of Nigeria’s (UACN) Q2 2016 results which showed that while sales of N19.3bn declined -3.5% y/y, PBT was up by 11.7% y/y to N2.2bn. Source Proshare Read More 

Stocks pull-back after 2days gain as risk appetite wanes - The equities market closed today on a negative note, as NSE ASI depreciated by 0.56% to close at 28,046.96basis points, compared with the 0.93% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.08%. Source Proshare Read More 

Dangote Cement Shares Outperform the ASI; Gains 5.9% YTD as PBT Grows by 20% in Q2'16 - This morning the NSE published Dangote Cement’s (Dangote) Q2 2016 result which showed marked growth across the P&L. Source Proshare Read More 

Earnings of Okomu Oil Palm Company Plc Surge on Solid H1'16 Margins
- OKOMUOIL’s H1’16 earnings showed strong y/y and q/q growth across every line item. Turnover for the 6-month period increased 51% y/y to N7.5 billion (Oil palm sales up 66% to N6.8 billion Source Proshare
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Caverton Sends Profit Warning, to Record Lower Earnings - Caverton Offshore Support Group Plc, provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria is expecting to report lower earnings for the half year ended June 30, 2016. Source Thisday Read More 

Naira Appreciates to N322.85/$1 on Interbank Market - The naira exchange rate pared some of the losses recorded against the dollar during the week as it climbed to N322.85 to a dollar on Thursday, stronger than the N330.12 to a dollar it had closed on Wednesday as the market continued on the path of price discovery. Source BUSINESSDAY Read More 

MPR: Banks raise interest rates on existing loans - Bank customers with existing loan obligations must brace for higher levels of indebtedness as the Deposit Money Banks have begun an upward review of the interest rates on all outstanding loans. Source Punch Read More 

NACCIMA seeks lower interest rates for agric investors - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has called for lower interest rates for investors in the agriculture, manufacturing  and services sectors of the economy  to stimulate growth in the sectors and facilitate an effective diversification of the economy. Source Punch Read More 

Akinlade: High Interest Rates are Killing the Real Estate Sector - Everyone agrees that there is a huge gap to be filled in the real estate sector, but in reality, the gap only exists at the affordable housing level. Source Thisday Read More 

Vehicle prices rise over forex scarcity, high duty - Two factors, scarcity of foreign exchange and increase in import duty, are largely responsible for the rise in prices of imported new vehicles. Source Punch Read More 

MTN to list on NSE, appoints transaction advisers - MTN Nigeria on Thursday said that as part of a settlement arrangement with the Federal Government following its fine, it had taken steps to ensure the listing of its shares on the Nigerian Stock Exchange next year, subject to suitable market conditions. Source Punch Read More 

Bulk trader, others owe power generation firms N140bn - Electricity generation firms in the country have put the debts owed them by the Nigeria Bulk Electricity Trading Plc and other industry stakeholders at over N140bn. Source Punch Read More 

Shell’s production in Nigeria drops by 41% - Global oil giant, Royal Dutch Shell, on Thursday said its liquids production available for sale in Nigeria plunged by 41 per cent in the second quarter of this year. Source Punch Read More 

Shell Earnings Tumble to 11-Year Low on Oil, Weaker Refining - Royal Dutch Shell Plc reported the lowest quarterly earnings in 11 years and missed estimates by more than $1 billion as a mix of lower energy prices, weaker refining margins and production halts weighed on Europe’s largest oil company. Source Bloomberg Read More 

Thousands of contractors, oil workers, now idle on militant attacks - Unrelenting attacks by militants and the consequent closure of terminals for repairs is taking a toll on economic activities in some of Nigeria’s oil producing states as thousands of local service contractors, vendors, temporary oil workers and ancillary service providers now idle away on account of shutting down of the terminals. Source BUSINESSDAY Read More 

Sinking Oil Prices Mean Fragile Unity for OPEC’s New Chief - When OPEC’s new chief starts next week, he’ll take over an organization that’s largely reconciled internal differences after a two-year fight over strategy. But as oil prices sink again, that unity could be at risk. Source Bloomberg Read More  


China, Africa ink $17 bln preliminary cooperation pacts: Xinhua - Chinese companies and banks agreed preliminary deals with African counterparts on $17 billion worth of cooperation in sectors including infrastructure, energy, pharmaceuticals and information technology, the official Xinhua News Agency reported on Thursday. Source Reuters Read More  

Brexit Sends U.K. Consumer Confidence Falling Most Since 1990 - Sentiment among British households fell this month at its fastest pace in more than a quarter century, reflecting uncertainty about the outlook for the economy in the wake of the Brexit vote. Source Bloomberg Read More  

Yen Jumps on BOJ Decision as Japanese Bonds Sink; Gold Climbs - The yen climbed with gold after the Bank of Japan’s expansion of monetary stimulus fell short of some traders’ expectations. Japanese government bonds plunged, while most Asian stocks fell. Source Bloomberg Read More 

Qatar Airways Said to Lift Stake in British Airways Owner to 20% - Qatar Airways Ltd. will further raise its stake in British Airways owner IAG SA, adding to its holding after the shares plunged in the wake of the Brexit vote, according to people familiar with the matter. Source Bloomberg Read More 

South African Q2 unemployment near record at 26.6 percent - South Africa's unemployment rate dipped slightly to 26.6 percent of the labour force in the second quarter of the year from a record 26.7 percent in the first quarter, data from the statistics office showed on Thursday. Source Reuters Read More 

South Africa's largest oil refinery operating, no strike impact - South Africa's largest oil refinery, jointly operated by Shell and BP, has not shut down due to a workers' strike over wages, a spokeswoman said on Thursday, contradicting an earlier union claim. Source Reuters Read More 

Anglo American cuts net debt to $11.7 bln, on track for less than $10 bln - Miner Anglo American cut its net debt to $11.7 billion by the end of June from $12.9 billion at the end of December, it said on Thursday. Source Reuters Read More



Huawei posts $11.6b profit on global smartphone shipments - Huawei Consumer Business Group has recorded profit after tax of $11.6billion in its 2016 half year financial results. Source Guardian Read More  

‘Recession’ trends on google as Anambra leads search in Nigeria - “Recession” is  trending  in Nigeria, according to search results released by Google Nigeria this week, which indicate that interest in the term peaked in July following recent comments on the issue by Central Bank of Nigeria governor, Godwin Emefiele, and Minister of Finance, Kemi Adeosun. Source BUSINESSDAY Read More  


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