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Nigeria in 1min: Economic, Business & Financial Headlines - 111116


November 11, 2016 7:10 AM / Proshare News   

N7bn released for capital projects in aviation - Minister - Out of the N18.05 billion appropriated for capital projects in the 2016 budget for the aviation sector, N7 billion has been released but only N2.838 billion has been expended on capital projects, as at 9th September 2016. Source Daily Trust Read More 

Buhari to launch economic recovery plan next month - President Muhammadu Buhari will next month launch the National Economic Reconstruction and Growth plan that would assist the federal government reposition the country to the path of sustainable growth. Source Punch Read More 

Senate Returns 2016-2018 MTEF, External Borrowing Plan to Executive - The face-off between the Senate and the executive of government over the alleged shoddy preparation of 2016-2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), as well as the poor handling of $30 billion external borrowing plan, is yet to be resolved as the upper chamber has returned both documents to the executive. Source Thisday Read More 

Okowa Presents N270.9bn as 2017 Budget Estimates - Governor Ifeanyi Okowa of Delta State on Thursday presented budget estimates totalling N270.9 billion for the 2017 fiscal year with a plea to all government functionaries to make fiscal discipline their watchword in the administration’s strive to minimize the effects of the current economic recession on its development blueprint. Source Thisday Read More 

Senate Pledges to Strengthen AMCON’s Debt Recovery Drive - The Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim yesterday said time would soon run out on recalcitrant obligors of the Asset Management Corporation of Nigeria (AMCON), given the renewed commitment of the lawmakers to support AMCON’s debt recovery drive. Source Thisday Read More 

State governments spend billions on unviable cargo airports - State governments in Osun and Benue are spending billions establishing cargo airports that have remained unattractive to airlines coming into the country. Source BUSINESSDAY Read More 

Shippers’ Council to terminate licenses of non-performing ICD concessionaires - ”If the concessionaires of Inland Container Depots (ICD) fail to live up to expectations in accordance with the agreement signed recently with the Infrastructure Concession Regulatory Commis­sion (ICRC) on behalf of the Fed­eral Government, we will revoke their licenses, the Nigerian Ship­pers’ Council (NSC)”, has warned. Source BUSINESSDAY Read More 

Lagosians consume N3bn foodstuffs daily, says Ambode - Governor Akinwunmi Ambode of Lagos State says daily consumption of foodstuffs in the state is worth over N3bn. Source Punch Read More 

Nigeria imports $660m wheat in nine months - The value of wheat imported into the country between January and September 2016 is $660m, according to data obtained from the United States Department of Agriculture. Source Punch Read More 

Nigeria loses $450bn to foreign firms’ exit - Nigeria lost $450bn worth of assets in 2016 due to withdrawal of some foreign firms from the country, according to the Nigerian-American Chamber of Commerce. Source Punch Read More 

Nigeria loses $1b yearly in coconut industry - Chairman, Nigeria Agribusiness Group (NABG), Mr. Sani Dangote yesterday said Nigeria is losing $1billion yearly from untapped potential in the coconut sector and not boosting exports. Source THE NATION Read More 


Complaints against Bytofel Securities and Trust Limited, Jenkens Investment Limited and 3 Others - Consequently, the under listed Directors and Sponsored Individuals of the above mentioned CMOs are hereby invited to a meeting with the Commission on the dates and time stated below. Source Proshare Read More 

In the Matter of the ISA 2007: Before the SEC APC: Rivers State Min. of Fin. & 32 Others V. BGL Plc - In The Matter Of the Investment and Securities Act 2007: Before the Securities and Exchange Commission Administrative Proceedings Committee (SEC APC) Source Proshare Read More 

Consumer Protection Framework for Banks and OFIs Regulated by the CBN - The Central Bank of Nigeria (CBN) in furtherance of its mandate to promote stable financial system embarked on the development of a Consumer Protection Framework (CPF) to among other things engender public confidence in the financial system. Source Proshare Read More  

Fresh demand lifts stocks after 6-day losing streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.18% to close at 26,221.75basis points, compared with the 0.72% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.45%. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – November 2016 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source Proshare Read More

FBN Holding Plc. Earnings Update -Huge Impairment charges, TP cut down to N3.21, downgraded to Hold - FBN Holding Plc. (Revised TP: N3.21, Rating: Hold) held its  conference call on the 26th of October, 2016. Please see below the group's 9M'16 performance update and key highlights from the call. Source Proshare Read More 

Cement Company of Northern Nigeria Plc - Weak Topline, Cost Pressure Derail Q3'16 Earnings - CCNN’s 9M’16 PAT was down 56% y/y to N0.7 billion (Vetiva estimate: N1.0 billion) following a disappointing Q3. Despite q/q increase in cement prices (46% price hike only took effect from September), revenue over the 3-month period declined 5% q/q to N2.7 billion and suggests volume must have been down over the period. Source Proshare Read More 

Union seeks N25,000 minimum pension - The Nigeria Union of Pensioners (NUP) has demanded for N25,000 as new minimum pension.The union said it is sad that many pensioners were still paid less than N5,000 monthly, even with the high rate of inflation and recession Source THE NATION Read More 

Nigerian security agents raid black market FX dealers to stop slide of naira - Nigerian security agents raided the offices of black market currency dealers on Thursday, detaining some dealers and ordering others to sell dollars at a lower rate in a bid to break the fall of the currency, dealers said. Source Reuters Read More 

ABU builds 1-barrel-per-day oil refinery - The Department of Chemical Engineering of the Ahmadu Bello University (ABU), Zaria, has established a refinery with capacity to process one barrel of crude oil per day. Source Daily Trust Read More

Kaduna Electric to establish $250m meter plant - MD - Kaduna Electricity Distribution Company on Wednesday said it would establish a $250 million meter manufacturing plant in Kaduna before the end of 2016. Source Daily Trust Read More 

Nigeria spends huge forex on food imports in face of dwindling oil prices - Vice president Yemi Osinbajo says Nigeria is spending vast amounts of foreign exchange on food imports, amidst dwindling oil revenue. Source Daily Trust Read More 

NNPC stops kerosene importation - The Nigerian National Petroleum Corporation has stopped the importation of Dual Purpose Kerosene into the country for three months running, its latest financial and operations report has revealed. Source Punch Read More 



Telecom Active Users Stands At 153.2m In Sept. – NCC - The Nigerian Communications Commission (NCC) says active users of telecommunications services in the country stands at 153.2 million in September. Source Leadership Read More  

First Brexit, now Trump - Yesterday, the United States elected Donald Trump as its incoming President to replace Barack Obama, defeating the Democratic Party candidate, Hillary Clinton. The 45th President-elect will be sworn in on 20 January 2017. Source Proshare Read More  

The “Trump” - In what was a stunning victory in the race for the White House following yesterday's election, Republican Donald Trump defeated the widely expected-to-win (according to polls leading to the election) Hillary Clinton to halt America's eight years of democrat-led government. Source Proshare Read More 

South Africa's manufacturing output flat, points to slowing economy - South Africa's factory output was flat in September from a year ago, data showed on Thursday, contrasting strong second quarter economic growth and increasing the risk of a credit rating downgrade. Source Reuters Read More 

Mauritius central bank holds benchmark rate at 4.0 pct - The central bank of Mauritius held its benchmark lending rate at 4.0 percent on Thursday, with inflation expected to be contained at 1 percent for 2016 while growth was expected to be 3.5 percent for the year, the governor said. Source Reuters Read More 

China’s Yuan Set for Steepest Weekly Loss Since January Turmoil - China’s currency is heading for its steepest weekly drop since January, when a series of weaker fixings roiled global financial markets, as Donald Trump’s election victory boosted the dollar and raised the threat of a more protectionist America. Bonds tumbled. Source Bloomberg Read More 

Malaysia GDP Growth Beats Estimates as Private Sector Held Up - Malaysia’s economic expansion beat estimates as private consumption growth quickened, helping counter weak government spending. Source Bloomberg Read More 

Ghana’s ADB May Restart Enlarged $150 Million IPO Next Week - Agricultural Development Bank Ltd. of Ghana may reopen an initial public offering next week, increasing its funding target by half after rejecting bids in a share sale that closed in March. Source Bloomberg Read More 

Alibaba’s U.S. Growth Ambitions at Risk After Trump Victory - Chinese internet companies face a new reality after Donald Trump’s surprise victory as U.S. president-elect -- and Alibaba Group Holding Ltd. has the most to lose. Source Bloomberg Read More 



Highlights of Obama & Trump  meeting after #USElections2016




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