Nigeria in 1min: Economic, Business and Financial Headlines – 290419


Monday, April 29, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: UBA


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Grain Prices To Decline Further Due to Robust Supply - The average national grid power output declined sharply by 12.8% to 3,628MW/h due to gas constraints at Olorunsogo and Afam stations. The recent intermittent power supply has increased the demand for diesel which is used to power generators. FDC Ltd Read More 

Akwa Ibom State Reports Highest Unemployment Rate of 37.7% in Q3 2018 – NBS - This report presents the state breakdown of the results of the Labour Force Survey earlier publsihed by the National Bureau of Statistics. Source NBS Read More           

Oil Prices Crash As OPEC Prepares To Boost Supply - OIR 260419 - Oil prices fell sharply in early trading on Friday as the market reassessed the impact of U.S. sanctions on Iran. Analysts argue that Iran may succeed in mitigating the impact, maintaining some degree of exports. Source Oilprice Read More 

Manufacturing Index Rises Further in April - The Manufacturing Purchasing Manager’s Index (PMI) in the month of April, stood at 57.7 index points, indicating expansion in the manufacturing sector for the 25th consecutive month. The index grew at a faster rate when compared to the index in the previous month. Source Thisday Read More

Nigeria Loses $29.3b Yearly To Erratic Power Supply - The Executive Secretary, Association of Power Generation Companies (APGC), Joy Ogaji, in an emailed response to questions,  urged the Transmission Company of Nigeria (TCN) to upgrade its network to absorb the 8,000megawatts (Mw) capacity of the GenCos. Source TheNation Read More

FG Moves to Utilise 80% of Gas Being Flared - At least 80 per cent of gas from flaring locations across the country can be viably utilised, the Federal Government has said. Source Punch Read More 

Power Firms Weak, Technically Bankrupt, says TCN Boss The Managing Director/Chief Executive Officer, Transmission Company of Nigeria, Mr Usman Mohammed, has described the nation’s power firms as weak and technically bankrupt.  Source Punch  Read More 

NNPC Wooing European Refineries to Bridge Supply Gap — Baru - The Group Managing Director, Nigerian National Petroleum Corporation, Dr Maikanti Baru, says the corporation plans to bridge the gap of petroleum products supply in the country. Source Punch  Read More 


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The CBN Currency Operations Department Issues its Clean Notes Policy - Section 2 of the CBN Act, 2007 vests the issuance of legal tender currency on the Central Bank of Nigeria (CBN). The task entails design (including security features), production, and distribution of newly printed notes and fit notes as well as replacement of unfit banknotes which are destroyed or older series withdrawn from circulation. Source CBN Read More 

The CBN Currency Operations Department Releases Banknote Fitness Guidelines - One of the core mandates of the Central Bank of Nigeria (CBN) as enunciated in section 2 of the CBN Act, 2007, is the issuance and management of the legal tender currency in Nigeria. Source CBN Read More 

CBN Introduces Special Intervention Fund For MFBs - The Central Bank of Nigeria (CBN) has introduced a special intervention fund for microfinance banks (MFBs) in the country, even as it assured that it will soon issue a new MFB policy. Source Vanguard Read More 


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Tough Economic Lessons From Ghana - Though I may have been to Ghana, Nigeria’s closest English-speaking nation up to ten times now, there are always lessons to learn at each visit – good and bad. I will start from the airport.  Source Tope Fasua Read More 

Oando Optimizes Value from Midstream Business - The year 2019 continues to favor Oando PLC, Nigeria’s leading indigenous energy solutions provider. At the end of March the company published its FYE 2018 results with the announcement of a third consecutive year of profits. Source Oando Plc Read More 

GT Bank Q1 2019 Results Review: Q1 2019 PBT Tracking Ahead Of FY Guidance - GT Bank’s (GTB) Q1 2019 results surprised positively relative to our forecasts. As such, we have upgraded our 2019-20E EPS forecasts by an average of 2% and our price target by c.4% to N48.5. Source FBNQuest Research Read More 

Guinness Nigeria Plc Q3 19 - Intense Competition Bite Earnings - The volume erosion which started in Q1 2019, persisted in the third quarter, with Guinness results released yesterday showing decline in revenue by 3.8% YoY. Source ARM Research Read More 

Investors Lose N123.70bn WoW As NSEASI Dips By -1.15% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.60% to close at 29,740.41 points as against 0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.38%. Source Proshare Read More 

FBN Holdings Plc. Reports Gross Earnings of N145.8bn in Q1 2019 - FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its unaudited results for the three months ended 31 March 2019. Income Statement Gross earnings of 145.8 billion, up 5.0% year-on-year (y-o-y) (Mar 2018: 138.9 billion). Source FBN Holdings Plc Read More 

FBNH Releases Q1'19 Results; Declares N15.79 bln PAT in Q1'19 (SP:N7.90k) - FBN Holdings Plc released its unaudited first quarter results for the period ended March 31, 2019. Source NSE Read More  

NASD OTC Market CAP Increased By 2.58% WoW To Close At N546.15bn - As at close of trade week on 26 April 2019, market Capitalisation increased to546.15 billion As at close of trade week on 26 April 2019, market Capitalisation increased to 546.15 billion from last week's previous 532.39 billion, which shows a 2.58% increase in Capitalisation. Source NASD Read More          

Market Review and Round-Up of Corporate News Announced During The Week Ending 260419 - The equities market recorded mixed performance – the listed equities market recorded -1.15% loss WoW while the NASD OTC recorded +2.58% gain WoW. Source Proshare Read More   

Corporate Earnings For The Week Ending 260419 – FBNH Declares N15.79bn PAT in Q1 2019 Results - Thirteen (13) firms declared growth in revenue. CCNN records 213% growth in earnings to emerge as the firm with highest growth in earnings while TRANSCORP records 30% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More  

Fidelity Bank Plc Holds 31st AGM, Pays Shareholders 11k Dividend - Fidelity Bank Plc today hosted its 31st Annual General Meeting in Lagos, which provided an opportunity for the board of the bank to make public details of its operating performance. Source Proshare Read More 

What To Expect From The Markets This Week - 290419 - Whilst the CBN continued to hold-off on OMO auctions today, system liquidity moderated, following an FX auction. Accordingly, the Interbank Call rate advanced 10.29% d/d to settle at 16.43%. Source Proshare Read More 


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Bank Of Agriculture Eyes N200billion Capital Base - The Bank of Agriculture (BoA) plans to raise N200billion capital through public funding, Managing Director, Lead Capital Consortium, Dr Wale Adeoye, said at the weekend. Source TheNation Read More

Tin-Can Customs Command Generates N78.8bn in Q1, 2019-The Tin-Can Island Port Command of the Nigeria Customs Service (NCS) says it generated N78.8 billion in the first quarter of 2019, up from N76.7 billion realised in the corresponding period of 2018. Source Vanguard Read More


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FG, Financial and Telco Regulators Restate Commitment to Scaling Fintech Industry in Nigeria - The Federal Government and financial regulators including the Securities and Exchange Commission, SEC, Central Bank of Nigeria, CBN ,and the Nigeria Communications Commission, NCC have restated their commitments to the successful scaling and growth of the Fintech Industry in the country. Source Proshare Read More

China Urges UK Not to Discriminate Against Huawei in 5G Development - China on Sunday warned Britain not to discriminate against companies involved in developing the 5G network and to resist pressure from other countries over whether it should work with Huawei Technologies. Source Reuters Read More


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Nigerian Business Owners Groan Under Poor Infrastructure; Ask For Tax Breaks - Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation, Tony O. Elumelu has called for far reaching Tax reforms and for the National Assembly to urgently pass the Executive Tax bill into law. Source CITN Read More


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