Nigeria in 1min: Economic, Business & Financial Headlines – 220615



June 22, 2015 7:00 AM / Proshare News




NBS: Air Passenger Traffic Down By 10.8% in First Quarter - Total air passenger traffic in the country’s airports declined by 10.88 percent to 3,710,618 passengers in the first quarter of the year (Q1 2015) compared to 4,163,762 passengers in the preceding quarter, according to the National Bureau of Statistics (NBS). Source Thisday Read More

Unpaid salaries: SERAP drags states, FG to ILO - Socio-Economic Rights and Accountability Project (SERAP) has dragged state and the Federal Governments to International Labour Organisation (ILO), “requesting its Governing Body to, suo motu, and in its own capacity, establish without delay a commission of inquiry to examine systematic and egregious non-observance of Convention No 29 on Forced Labour and other international standards on the right of workers to timely payment of salaries.” Source Vanguard Read More

No recovery in oil output  - The CBN’s Economic Report for April discloses that Nigeria’s oil output (including condensates and NGLs) increased by 5% to 1.91 million barrels per day (mbpd) from 1.82mbpd in March. Source Proshare Read More

Govt earns N735b in April, 35% higher than March - Federally-collected revenue in April was estimated at N735.07 billion, showing an increase of 35.8 per cent above the receipts in the preceding month, the Central Bank of Nigeria (CBN) Economic Report for April, said. Source THE NATION Read More

Lagos Asks Commercial Motorcyclists Not to Ride on 475 Restricted Routes - The Lagos State Government at the weekend asked commercial motorcyclists, popularly called okada to desist from operating on the 475 restricted routes across the state in compliance with Lagos Road Traffic Law, 2012. Source Thisday Read More


Nigeria selects two sites for nuclear power plants  - Nigeria has selected two sites for the construction of its planned nuclear power plants, as Africa's biggest economy tries to end decades of electricity blackouts that have blighted its growth. Source Reuters Read More

Electricity transmission gets N78bn JICA, ADB grants - The Federal Government has said it will receive a N78.196billion working grant from the Agence Française de Dévelopement (AFD) and the Japan agency, JICA to strengthen transmission networks across Abuja and Lagos axes. Source Daily Trust Read More

Nigeria's Transcorp says on track for 850 MW capacity this year - Nigeria's Transcorp is on track to boost its power generation capacity to 850 megawatts (MW) by the end of 2015 from 610 megawatts last year, the company's chief executive said on Friday. Source Reuters Read More


CBN Sanction 4 Banks N576m For Deposit Misclassification - Four deposit money banks have been fined N576 million by the Central Bank of Nigeria (CBN) for misclassifying some public sector deposits and not remitting what they should as cash reserve requirement in 2014. Source Leadership Read More

Sentiment Analysis Report - W/E June 19, 2015 - Analysis of the market activity in the week ended June 19, 2015 technically revealed active pessimistic trading as risk appetite waned further while investors remained cautious, driven by sustained apathy on the back of unclear economic direction. Source Proshare Read More

FUMMAN Agricultural Product Industries Plc now Trading on NASD OTC market - The securities of Fumman Agricultural Product Industries Plc have been admitted to trade on the NASD OTC market following its introduction by Integrated Trust & Investments Limited. The symbol code for the securities is SDFUMMAN.  This brings the total number of admitted securities on the platform to 22. Source Proshare Read More

Investors' apathy stokes bearish trend, stocks down by 1.08%WoW - The equities market closed today on a negative note, as NSE ASI depreciated by 0.61% to close at 33,257.90basis points, compared with the 0.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.04% Source Proshare Read More


Interbank rates rise on bonds, Treasury bills auction - The interbank lending rate climbed to an average of 15 per cent on Friday from 8.25 per cent the previous week as cash flowed out of the banking system to settle bonds and Treasury-bill purchases. Source punch Read More


Ecobank total asset hits $24.2 bn as shareholders laud performance - Ecobank Transnational Incorporated (“Ecobank”), parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, concluded its 27th Annual General Meeting in Dar es Salaam, Tanzania last Friday. Source Daily Trust Read More


US-based Journalist, Laolu Akande, to Be Appointed as Osinbajo’s Spokesman - President Muhammadu Buhari is set to name a former North American Bureau Chief of The Guardian Newspapers, Laolu Akande, as a Senior Special Assistant to lead the media and communication unit in the office of Vice-President Yemi Osinbajo. Source Thisday Read More

FEC treated only 2% of federal contracts last year –BPP boss - The Federal Executive Council only approved two percent out of the total contracts awarded by the federal government last year, the Director General of the Bureau of Public Procurement (BPP), Engineer Emeka Ezeh, has said. Source Daily trust Read More

Wema Bank Director Retires - Wema Bank Plc has announced the retirement of its Executive Director, Nurudeen Fagbenro. Source Thisday Read More


CPC probes MultiChoice for alleged subscriber rights abuse - The Consumer Protection Council says it has commenced investigation into the operations of MultiChoice Nigeria through its Digital Satellite Television offering based on complaints of alleged consumer rights violations. Source punch Read More


UNPAID SALARIES: Buhari meets governors tomorrow - Following an appeal by the 36 state governors seeking President Muhammadu Buhari’s intervention over the inability of some states to pay workers’ salaries, the President has agreed to meet with governors tomorrow. Source Vanguard Read More

Kano Slashes Pay Of Appointees By Half - KANO State Governor, Abdullahi Umar Ganduje, has reduced the salaries and allowances of all political appointees. The move aimed at realigning the state with current economic realities, also includes himself and his deputy. Source Guardian Read More

NLNG Generates $85bn in 15 Years - The Nigeria Liquefied Natural Gas Company Limited (NLNG), a joint venture between the federal government and foreign oil majors, has generated some $85 billion from exports since its inception 15 years ago. Source Thisday Read More

NNPC slashes Nigeria’s crude oil prices over supply glut - The Nigerian National Petroleum Corporation, NNPC, weekend, reduced the prices of Nigeria’s crude oil grades — Bonny Light and Qua Iboe — to their lowest points in over a decade. Source Vanguard Read More

NLNG eyes $1.5 bln debut ship yard in Nigeria - Nigeria Liquefied Natural Gas Company (NLNG) is sponsoring the construction of the first major ship yard in Africa's biggest economy at the cost of $1.5 billion, in its attempt to turn the country into a hub for maritime operations on the continent. Source Reuters Read More

Nigeria crude differential hits 10-year low as glut takes toll - Official prices for Nigerian crude have hit their lowest in at least a decade as a nagging oversupply of physical oil takes its toll. Source Reuters Read More

Nigeria's four oil refineries to resume production in July - Nigeria's four oil refineries will resume production in July, a spokesman for the state-owned Nigerian National Petroleum Corporation (NNPC) said on Friday. Source Reuters Read More


Asian Stocks Rise With Euro Before Greek Summit; Treasuries Drop - Asian stocks climbed with U.S. index futures and the euro ahead of an emergency summit on Greece’s debt crisis. Treasuries declined. Source Bloomberg Read More

JPMorgan: Greece's Financial System Just Had a Terrible Week - Failure to reach an agreement between Greek and European Union leaders last week spelled bad news for the banking system of the Hellenic Republic. Talk of capital controls is heating up, and with it the amount of money being pulled from Greece appears to be accelerating. Source Bloomberg Read More

U.S. Growth No Longer Lifting Asia's Exports -
If you wanted to figure out where Asian exports were headed, U.S. manufacturing data used to be a logical place to start. Not anymore. Source Bloomberg
Read More

Your bank account: The next thing to go obsolete - Not only is banking not for everyone, accounts are inaccessible to about half of the world. People are too poor, live too far from a bank or don't have the required documentation. Abra, a new startup, makes banking more accessible while completely cutting out the actual bank. Source CNN Money Read More






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