Nigeria in 1min: Economic, Business & Financial Headlines – 080415


April 8, 2015 7:10 AM / Proshare News


FG moves MDAs capital accounts to CBN
- The Federal Government said it has successfully moved all the capital accounts of Ministries, Departments and Agencies of government to the Central Bank of Nigeria. Source Punch
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Fed Govt to sanction companies with fake EIA certificate - The Federal Government has threatened to sanction any erring company, local or multinational, that parades Environmental Impact Assessment(EIA) certificate  not duly issued by it. Source Punch Read More

Baiwa: Nigeria Loses $6bn in Trade with UAE - The Director General of Nigerian Trade Centre (NTC) in Dubai, Mohammed Baiwa has stated that the volume of trade between Nigeria and Dubai has continued to dwindle as a result of failure of the Nigerian Ambassador to the United Arab Emirates (UAE), Ibrahim Awailu to transfer NTC in Dubai to the Ministry of Industry, Trade and INVESTMENT (MITI), as directed by President Goodluck Jonathan  in 2012. Source Thisday Read More 

Nigeria Attracts over $3bn in Real Estate Development - Nigeria attracted $3.96 billion in real estate development in 2014, which is 11 per cent of the total sum of $36.4 billion expended on infrastructure construction projects in the country. Source Thisday Read More

Fixed instruments, investors re-price Nigeria’s socio-political stability - The prevailing peaceful atmosphere after the presidential election is already yielding economic dividend as the naira displayed strong character against the dollar, occasioning a drop in the yields on fixed income instruments. Despite initial anxiety about Nigeria’s political climate, early concession of defeat by outgoing President Goodluck Jonathan and the largely peaceful conduct Source BUSINESSDAY Read More


67 percent Nigerians saw no power supply improvement in 2 years - An average of 62.6 percent of Nigerian households saw no improvement in power supply to their households between 2013 and 2015 despite privatization exercise carried out in the sector. Source Daily Independent Read More

The Use Of Foreign Currency as a medium of Exchange in Nigeria -
The attention of the Bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates. Source Proshare
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CBN Releases Credit Conditions Survey for Q1 2015 - As part of its mission to maintain monetary and financial stability, the Bank needs to understand trends and developments in credit conditions. This quarterly survey of bank lenders is an input to this work.Source ProshareRead More

CBN Releases Q115 Business Expectations Survey - The Q1, 2015 Business Expectations Survey (BES) was carried out between the period of February 2—13, 2015 with a sample size of 1,900 business enterprises nationwide. A response rate of 98.9 per cent was achieved, and the sectors covered during the exercise included Industry, Construction, Wholesale/Retail Trade and Services.Source ProshareRead More

Funding, high interest rate bane of SMEs devt - Small and Medium Enterprises in the country may still have to wait a bit longer for their prayers to access fund at a single digit interest rate to be heard. Source Daily Independent Read More

No plan to compete with CBN, says NDIC chief - The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has cleared the air over reports that the corporation  wants to usurp the powers of the Central Bank of Nigeria (CBN)  by seeking amendments to its law. Source THE NAION Read More

Stocks pull-back from overbought range as Profit-taking sets in -
The equities market closed today on a negative note, as NSE ASI depreciated by -2.20 to close at 34,941.79 basis points, compared with the +3.92 appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.82%Source Proshare
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Bonus Shares Lift Forte Oil Market Capitalisation to N280bn - The   bonus issue of one new share for every five shares made by Forte Oil Plc to shareholders for the 2014 financial year has lifted the market capitalisation of the petroleum products company on the Nigerian bourse. Source Proshare Read More

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Naira Sustains gains as 'Election dollars' flood Black market -
The review of events in the parallel market for foreign exchange highlights the following key developments:The naira continues to sustain its gains in the parallel market since the conclusion of the presidential elections and is now exchanging around N199/$1. The gains recorded so far in the black market are due largely to ‘elections dollars’ that have made their ways to the parallel market. Source Proshare
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IMF cautions African nations on Eurobonds - The International Monetary Fund (IMF) has warned African countries against rushing to issue Eurobonds, saying they may face exchange rate risks and problems in repaying their debts. Source THE NATION Read More

The Nigeria Bond Watch - Review and Outlook @040715 - ANALYSIS During the week under review, market activities were influenced by maturity of OMO bills as well as the smooth conclusion of the highly anticipated presidential elections. Source ProshareRead More

Invest in FGN Monthly Bond Auction - April 2015 - 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 forSource ProshareRead More

Cameroon to issue $92m in bonds - Cameroon will issue up to 55 billion CFA francs ($92 million) in treasury bonds in the second quarter of this year, the state radio  quoted the finance ministry as saying. Source THE NATION Read More

COSTAIN holds ground against profit-taking, gains 28.81% in 4days - Today, COSTAIN closed with an impressive gain of +8.60% to extend the 4days gaining streak of 28.81% with a corresponding surge in accumulation level as against the general profit-taking that hits stocks across board on the bourse. Source ProshareRead More

FBN Holdings Reports 21.3% Rise in Gross Earnings to N480.6 Billion in 2014 FYE - FBN Holdings Plc. (“FBNH” “FBN Holdings” or the “Group”) today announces its audited results for the full year ended December 2014. Source ProshareRead More

Dangote commences cement production in Cameroon - The management of Dangote Cement Plc has said that its planned consolidation of the African expansion drive remains on course with the commencement of production of its $150m Cameroon plant in Douala. Source Punch Read More 

UACN Rated Outperform After the Release of Q4 2014 Results; Opex up by 9.2% YoY - The Nigerian Stock Exchange (NSE) published UAC of Nigeria’s (UACN) Q3 2014 results late last week which showed marked y/y growth in sales, PBT and PAT. While sales were up by 34% y/y to N25.1bn, PBT and PAT grew by 41% y/y and 75% y/y respectively. Profitability was chiefly supported by a positive surprise in profits from associates of around N3bn. Source ProshareRead More

AIICO completes restructuring, cancels 1.87b shares - AIICO Insurance Plc has completed its group corporate restructuring and consolidation as the insurance group seeks to enhance its corporate efficiency and reduce costs. Source THE NATION Read More

Unilever Unhealthy Financials to prolong investors waiting - Unilever Nigeria Plc, was incorporated as Lever Brothers (West Africa) Ltd on April 11, 1923 by Lord Leverhulme. After a series of mergers/acquisitions, the company diversified into manufacturing and marketing of foods, non-soapy detergents and personal care products. Source ProshareRead More

TRANSCORP Announces Withdrawal from OPL 281 by SacOil Holdings - Transnational Corporation of Nigeria Plc (Transcorp) notes the statement released to the Johannesburg Stock Exchange by SacOil Holdings Limited (“SacOil”), announcing SacOil's withdrawal from participation in OPL 281 on 1 April 2015, as part of SacOil’songoing portfolio rationalisation.Source ProshareRead More

WAPCO: Unsatisfactory sales: top-line down 0.11% YoY - Following the release of its audited results for the full year to December 2014, we hereby update our views and maintain our long term positive outlook on the company. Source ProshareRead More

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MORISON declares N82.3million loss in '14 Audited result,(SP:N1.82k) -
Source Proshare
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UNIONDICON declares N111.2million PAT in '14 Audited results,(SP:N12.46k) -Source ProshareRead More

PORTPAINT declares N148.4million PAT in '14 Audited results,(SP:N3.50k) -Source ProshareRead More

FBNH declares N82.8billion PAT in '14 Audited result,(SP:N9.21k) -Source ProshareRead More

ETRANZACT declares N407.6million PAT in '14 Audited result,(SP:N3.39k) -Source ProshareRead More 

Non-issuance Licences By NCC To Cost Nigeria N862bn -
The continual suspension and non-issuance of telecommunications spectrum licences by the Nigerian Communications Commission (NCC) which would have unlocked economic growth through the rollout of mobile broadband services may cost Nigeria at least N862 billion in gross domestic product (GDP). Source Leadership
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NBC faults scorecard report on digital TV switchover - The National Broadcasting Commission (NBC) has faulted an earlier media report that 78 per cent of Nigerians may miss out in digital television switchover. Source Guardian Read More  

NCC records 81m GSM internet users - Since the Global System for Mobile communications, GSM debuted in the country a decade and half ago, it has brought rapid developments in communications, business and social life However, the most amazing contributions of the GSM is its ability to transform other sectors other than communications. It is also shocking how it has established itself as growth determinant factor to technologies that had hitherto taken root before its arrival. Source Vanguard Read More

Broadband Council okays 4 coastal states for cable landing … tasks NCC on incentives - The National Broadband Council, last week, approved the building of fibre optic cable landing points in four coastal states to ensure widespread penetration of high capacity internet bandwidths in the country. Source Vanguard Read More

Elumelu foundation reiterates commitment to SMEs devt - The chairman of the Tony Elumelu Foundation, Tony Elumelu, has reiterated the determination of the foundation to impact and transform the lives of ten million people across Africa in ten years. Source Daily Independent Read More

Russian hackers reached sensitive White House systems: CNN
- Russian hackers penetrated sensitive parts of the White House computer system after intruding at the U.S. State Department in recent months, CNN reported on Tuesday, citing U.S. officials briefed on the matter. Source Reuters
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E-banking: Fresh concern over identity theft by cyber criminals - Mobile financial services are still high priority for many mobile operators, financial institutions, technology firms, and governments in most sub-Saharan African countries, including Nigeria. However, the growing fear of identity theft has stalled the otherwise progress that should have been recorded in that genre of financial transaction. Source Vanguard Read More

Contract Scam: Ex-Gov Audu’s Trial Resumes April 15 - Justice A.O Adeniyi of the Federal Capital Territory High Court sitting in Abuja has fixed Wednesday April 15 for further hearing in the on-going trial on N11 billion contract scam involving the former governor of Kogi State, Prince Abubakar Audu. Source Thisday Read More

Court orders N’Assembly to disclose Allowance paid to lawmakers - A Federal High Court in Abuja has ordered the National Assembly to disclose financial details of its highly secretive constituency allowances, in a landmark judgment that may unearth the true scale of allowances earned by Nigerian lawmakers. Source Premium Times Read More

Lagos too important for APC to lose – Buhari - Nigeria’s President-elect, Muhammadu Buhari, on Tuesday said that Lagos State is too important for the All Progressives Congress to lose to the opposition. Source Premium Times Read More

Forgive Akiolu and move on, Buhari tells Igbo - The President-elect, Maj. Gen. Muhammadu Buhari (retd.), has urged the Ndigbo and other non-indigenes in Lagos State to forgive all that has been said against them and move on for the sake of peace. Source Punch Read More

16 parties storm INEC, demand Rivers REC’s removal - Sixteen political parties from Rivers State stormed the national headquarters of the Independent National Electoral Commission in Abuja on Tuesday, asking for the immediate removal of the state’s Resident Electoral Commissioner, Ms. Gesilia Khan. Source Punch Read More

Oba Akiolu's Threat: Lagos APC Tenders Apology to Igbos - Determined to calm the anger and umbrage arising from the inflammatory vote for APC or perish remarks by the Oba of Lagos, Rilwan Akiolu, to the Igbos resident in Lagos State, the All Progressives Congress (APC) in the state yesterday tendered an apology and urged them to ignore the threat by the Oba. Source Thisday Read More

The oil price slide in an African context - Last week we attended a briefing which set out to explore the “Impact of the fluctuating oil price in Africa”. Hosted by a London-based firm of international lawyers and organised by the Business Council for Africa, it brought together representatives of two private equity houses, one with Nigeria links, a newish London-based corporate advisory boutique and a firm of brokers.Source ProshareRead More

Nigeria earned N12.5 trillion as oil revenue in 2012 – NEITI - The Nigeria Extractive Industries Transparency Initiative said that Nigeria earned $62.9 billion(about N12.5 trillion) as revenue from the oil and gas sector in 2012. Source Premium Times Read More

Indigenous oil firms flare 80% of gas produced - Nigerian independent oil and gas firms and marginal field operators burnt most of the natural gas produced on their fields in the fourth quarter of last year, data from the Nigerian National Petroleum Corporation has shown. Source Punch Read More

African Oil Producers Demand Production Cut - The African Petroleum Producers Association (APPA), which represents oil and gas producers from Algeria to South Africa, has called for a cut in oil output globally. Source Thisday Read More

Shell seeking to buy BG in first oil super-merger in over a decade - Royal Dutch Shell is in advanced talks to buy BG Group in the first oil super-merger since early 2000s to extend its global lead in gas production and close the gap with the world's biggest oil major U.S. ExxonMobil. Source Reuters Read More

Ghana's main oil refinery says shuts down due to breakdown - Ghana's main oil refinery has been shut down due to a mechanical fault at its and it will be closed for around a month, Tema Oil Refinery's spokeswoman Aba Lokko said on Tuesday. Source Reuters Read More


Japan shares flirt with 15-year high, Bank of Japan awaited -
Japanese shares probed 15-year peaks on Wednesday as Asian stocks benefited from speculation of more stimulus from China and Japan, as well as a delayed start to any tightening by the U.S. Federal Reserve. Source Reuters
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Europe shares rise as FedEx/TNT bid feeds M&A fever - European shares rose on Tuesday as FedEx's 4.4 billion euro ($4.8 billion) bid for Dutch package delivery firm TNT Express prompted a rally in the shares of other postal companies. Source Reuters Read More

Egypt's foreign reserves fall to $15.291 bln: c. bank - Egypt's foreign currency reserves fell to $15.291 billion at the end of March from $15.456 billion the previous month, the central bank said on Tuesday. Source Reuters Read More

South Africa's Eskom says to cut 1,000 MW of power on Tuesday - South Africa's power utility Eskom said on Tuesday it would cut 1,000 megawatts of electricity from 1400 GMT to 2000 GMT, citing a shortage of generation capacity. Source Reuters Read More

Tunisia to sell stake in state banks, expects $1 bln in World Bank, IMF loans -  Tunisia plans to sell a 10 to 15 percent stake in several state-run banks to raise around 1.3 billion Tunisian dinars ($668.66 million), the country's finance minister said on Tuesday. Source Reuters Read More

Kuwait fund to lend Egypt $1.5 bln over next five years - The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund's director-general Abdulwahab al-Bader told Reuters on Tuesday. Source Reuters Read More


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