Nigeria in 1min: Economic, Business & Financial Headlines – 200815




August 20, 2015 7:00 AM / Proshare News


Nigeria - On the Verge of a Currency Crisis. .. fundamental weaknesses exposed - Currency volatility is not peculiar to Nigeria. For example China, the 2nd largest global economy, recently unsettled the financial markets by devaluing its currency and moving to a managed float. Source Proshare Read More

Nigeria's Merchandise Trade Declines in Q2 2015 - The total value of Nigeria’s merchandise trade during Q2, 2015, was recorded at ₦4,372.4 billion. This was 0.5% less than the value of ₦4,392.7 billion recorded in the preceding quarter. Source Proshare Read More

Capital Importation to Nigeria drops Marginally by 0.20% in Q2'15 - At $2,666.36 million, the value of capital imported to Nigeria in the second quarter of 2015 represented a marginal drop of $5.24 million or just 0.20% quarter on quarter. Source Proshare Read More

NIPOST intercepts N125.2b financial instruments - Financial instruments worth over N125.2 billion have been intercepted by the Nigerian Postal Service (NIPOST) between 2006 and 2014. Source Punch Read More

How to fund economy, by AfDB - The Africa Development Bank (AfDB) has advised the Federal Government to develop multiple financial instruments to get funding for the basic sectors of the economy Source THE NATION Read More

Nigeria to raise tertiary education tax to 4% - The executive secretary of TETfund , Suleiman Bogoro, on Wednessday said the federal government may have started the process to increase the two percent education tax, with which it supports TETfund, to about four percent. Source Premium Times Read More


Manufacturers spend over N4b on diesel yearly, says MAN - Over N4billion is spent yearly by manufacturers under to procure Automotive Gas Oil (AGO), the President of Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs Udemba, has said. Source THE NATION Read More

Funding constraints, others stall 130 transmission projects —TCN - The Transmission Company of Nigeria has identified lack of funding as a major challenge hampering the completion of 130 ongoing transmission projects in the country. Source Punch Read More


Power supply to Nigerians averages 4.9hrs daily —Report - The average daily cumulative power supply received by consumers in the second quarter of 2015 stood at 4.9 hours, according to a new report released by NOIPolls Limited. Source Punch Read More


CBN Finalises Guidelines for the Enrolment of Nigerian Bank's Customer in Diaspora - As part of its efforts towards the full implementation of the BVN Project, CBN, in collaboration with key stakeholder in the Nigeria banking industry, has finalised the guideline for the enrolment of the Nigerian bank’s customers in diaspora. Source Proshare Read More

CBN to Review Guide to Bank Charges; Request List of Existing Products and Services - The CBN in the process of reviewing the guide to the Bank Charges (GBC) and hereby requests banks and other financial institutions to provide the following Source Proshare Read More

Harmonisation of the Unique Transaction Identifier (UTI), consultative report issued by CPMI-IOSCO - The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report entitled Harmonisation of the Unique Transaction Identifier (UTI). Source Proshare Read More

SEC Grants Extension on Notification of Intention by CMOs Considering Re-classification of Function - The Securities and Exchange Commission has granted an extension on the notification of intention by Capital Market Operators (CMOs) considering reclassification of function, reduction of functions or merger/acquisition in view of the recapitalization exercise, till August 31, 2015. Source Proshare Read More

CBN Announces TRIPPLEG, NSPM Plc and 3 Others as Qualified Cheque Printers for 2015/16 - In furtherance of its mandate to ensure an efficient Payment and settlement System The Central Bank of Nigeria, in collaboration with the MICR Technical Implementation Committee, conducted the accreditation and re-accreditation exercise, in line with the NICPAS qualification criteria and found the following Cheque Printers as qualified to print cheques for the Nigerian Market. Source Proshare Read More

CBN warns against money laundering - The Central Bank of Nigeria (CBN) has sounded the alert on a new form of money laundering which must be checked now to save the country from international sanctions. Source THE NATION Read More


Investors' Protection Fund, Infractions and Adequate Compensation - TNI Q3/E8 - The Board of Trustees of Investors’ Protection Fund managed by the Nigerian Stock Exchange recently announced that it will be paying its first set of compensations to Investors after its establishment. Source Proshare Read More

7 Stocks sink for every survivor as sell-offs deepen - The equities market closed today on a negative note, as NSE ASI depreciated by 0.23% to close at 30,042.38basis points, compared with the 0.68% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.32% Source Proshare Read More



The primacy of Kenya in mobile banking - Our chart shows the steady increase in mobile money moved from KES192bn at the start of the series in Q3 2010 to KES639bn in Q4 2014. Total transactions last year of KES2.37trn (US$27.0bn) were equivalent to 44.2% of GDP, while the number of mobile money users (25.3 million) represented 58.7% of the population. Source Proshare Read More


Banks jittery over low cash inflow - There were indications that public sector funds component of banks’ deposit base may have started to shrink, raising fears that it will affect the nation’s economy. This is as the overall cash inflow from the system in the month of August, so far, is about N440 billion compared to about N613 billion in the corresponding period of last month. Source Vanguard Read More

Afren Plc owes Zenith, Access, Stanbic banks N37b - Afren Plc’s  debt to Zenith Bank Plc, Access Bank Plc and Stanbic IBTC Bank Limited stands at N37 billion ($185 million) says Renaissance Capital (RenCap). Source THE NATION Read More

STERLNBANK: Participation phase has started - A closer look on the daily chart of STERLNBANK reveals that earlier stock was falling down and making successive lower lows and lower highs; but after arriving at N2.00 level bulls reacted and did not allow further movement downwards and at this level we have so many consolidated sessions where both bulls and bears were fighting. Source Proshare Read More


CADBURY hits 32wks low; remains depressed as investors dump share - CADBURY recorded another moderate loss of -5.00% to extend the 10wks falling trend after a prolonged sideways trading pattern. The stock broke its key supports level at N30.00kobo as investors maintained active pessimistic postures. Source Proshare Read More

ASHAKACEM: Upgrading to Outperform on strong Q2 - Following Ashaka Cement’s (Ashaka) Q2 2015 results which came in ahead of our estimates on almost every criterion, we have increased our EPS forecasts by 29% on average over the 2015-17E period and upgraded our recommendation from Neutral to Outperform. Source Proshare Read More

MOBIL: Moving from Underperform to Neutral - Mobil Oil Nigeria’s (Mobil) Q2 2015 results surprised positively on many lines. The key drivers were a 641 bp y/y expansion in gross margin and an 86% y/y rise in other operating income. Source Proshare Read More

OMOSAVBNK Releases Q1 and Q2'15 Results with N40.48 mln PAT in Q2,(SP:N0.92k) – Source Proshare Read More

RTBRISCOE declares N489.7 million Loss in Q1 2015 Result,(SP:N0.58k) - Source Proshare Read More


Fidelity Bank Introduces Save-4-Shelter Savings Promo - Fidelity Bank Plc has unveiled a reward scheme for its customers tagged the 'Save-4-Shelter' savings promo. Source Thisday Read More

NCC, Telcos Spent N46.1bn on SIM Card Registration in 5 Years - The Nigerian Communications Commission (NCC) and the four operators of Global System for Mobile Communications (GSM), spent about N46.1 billion on SIM card registration from 2010 to 2015, THISDAY investigation has revealed. Source Thisday Read More



EFCC moves in as $4.5b tax scandal hits agency - How did 20 oil companies get $4.5 million tax holidays to which they are not entitled?This is the puzzle the Economic and Financial Crimes Commission (EFCC) is battling to resolve. Source THE NATION Read More

NDDC diverted N183bn Niger Delta development money, Auditor General insists - At least N183 billion that was meant for the development of Nigeria’s oil rich Niger Delta, was diverted by those put in charge of the government development commission for the area, the Auditor General of the Federation, Samuel Ukura said Wednesday. Source Premium Times Read More

Foreign ministry challenges Industrial Court’s N84m compensation judgment - The Ministry Foreign Affairs says it has appealed against a National Industrial Court judgment directing it to pay N84 million as compensation to a former member of staff of the ministry. Source Premium Times Read More

Many Nigerian investments done with dirty money –Ribadu - A former Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, on Wednesday alleged that a lot of investments being done in the country were from funds earned through illegal activities. Source Punch Read More


Senate has no time for PIB now – Ndume - Senate Leader, Ali Ndume, on Wednesday, said the upper chamber had no time to consider the Petroleum Industry Bill now because the PIB was not the priority of the current administration. Source Punch Read More

Nigeria has highest number of displaced persons – UN - Nigeria has the highest number of displaced persons in the world, the United Nations has said. Source Punch Read More

AUN Floats N1bn Fund for IDPs - Building on its successes with the Adamawa Peace Initiative, the American University of Nigeria has launched a N1billion Resettlement Appeal Fund to assist returning internally displaced persons (IDPs) rebuild and resettle in their homes in North-east Nigeria devastated by Boko Haram. Source Thisday Read More 

Over 100m Nigerians living below poverty line – Osinbajo - Vice President Yemi Osinbajo Wednesday stated that about 110 million Nigerians were still living below poverty line despite the policies of past governments to improve their welfare. Source Vanguard Read More

Okowa signs DESOPADEC amendment bill into law - The Delta State Governor, Senator Ifeanyi Okowa, has signed the Delta State Oil Producing Areas Development Commission amendment bill into law. Source Punch Read More

Rivers’ Tribunal Strikes out APC’s Request to Transfer Election Materials to Abuja - The Rivers State Election Tribunal sitting in Abuja has refused the request of All Progressives Congress (APC) governorship candidate, Hon. Dakuku Peterside and his party to compel the Independent National Electoral Commission (INEC) to move the election materials used on April 11 to Abuja for inspection. Source Thisday Read More

Governors Meet Ahead of NEC Meeting Today - Ahead of this Thursday’s National Economic Council (NEC) meeting with President Muhammadu Buhari, governors of the 36 states of the federation met over night on Wednesday to articulate and harmonise major issues bordering the nation. Source Thisday Read More


Independent petroleum producers target 1.2m bpd by 2020 - Members of the independent petroleum producers group on Wednesday said they would achieve 1.2 million barrels per day domestic refining capacity of petroleum products by 2020. Source Punch Read More

Buhari to NNPC: work with indigenous oil producers - President Muhammadu Buhari yesterday assured indigenous companies operating in Nigeria’s oil and gas sector of the full support and protection of his administration. Source THE NATION  Read More

DPR Sanctions 23 Private Depots in Lagos - The Controller, Department of Petroleum Resources (DPR) in Ilorin, Kwara State capital, Mr. Amos Jokodola, Wednesday said  the department had clamped down about 23 private depots in Lagos for allegedly using middlemen to cause the recent  increase  in the pump price of fuel in some parts of  the country. Source Thisday  Read More 

NNPC GMD, Others for NAEC Conference Today - The Group Managing Director (GMD),  Dr. Emmanuel Ibe Kachikwu of the Nigerian National Petroleum Corporation (NNPC) will be leading Federal Government delegation to the annual August conference of the National Association of Energy Correspondents (NAEC) holding on Thursday in Lagos. Source Thisday  Read More

‘880,000bpd of crude coming from offshore fields’ - The Energy Research group of Ecobank Development Corporation (EDC) has projected additional production of 880,000 barrels of oil per day from Nigeria’s offshore fields over the next three years. Source THE NATION  Read More 


Asian shares slide; dollar loses edge on Fed minutes - Concerns about slowing growth in China sent Asian shares to two-year lows and pressured oil prices on Thursday while minutes from the U.S. Federal Reserve's July meeting dented expectations for a rate hike in mid-September. Source Reuters Read More

China Edges Closer to IMF Seal of Approval With Yuan Policy Move - The yuan’s surprise devaluation roiled global markets and drew scorn from Donald Trump. Still, China’s new market-driven exchange rate bolstered its bid to join the world’s most elite currency club. Source Bloomberg Read More

South Africa's June retail sales up 3.5 year/year - South Africa's retail sales grew by 3.5 percent year-on-year in June, as expected, after expanding by a revised 2.3 percent in May, the government's statistics agency said on Wednesday. Source Reuters Read More

Namibia's cenbank leaves lending rate unchanged at 6.5 pct - Namibia's central bank left its benchmark lending rate unchanged at 6.5 percent on Wednesday, saying it remained concerned about the high growth in credit extended to households. Source Reuters Read More







  Investors’ Protection Fund, Infractions and Adequate Compensation – TNI Q3/E8


















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