Nigeria in 1min: Economic, Business & Financial Headlines – 100216



February 10, 2016 7:30 AM / Proshare News


#AskProshare: “Nigerian capital market, needs a fundamental shift” - Bashir - This was the assertion of Mr Saheed Bashir, the Vice-President and Head, Investment Research, Meristem Group who featured as the second guest in the second series of the tweet meet #AskProshare focusing on the “Nigerian economy and the investment opportunities for 2016”. Source WebTV Read More

Nigeria's Economic Scorecard in January 2016 - In this month’s review of trends across the domestic macroeconomic environment over the January, we examine developments on the fiscal front, currency, FI markets and inflation and proffer outlook on same. Source Proshare Read More

NASS suspends deadline for passing 2016 budget - Now, members of the National Assembly have begun questioning the integrity of the document before them and suddenly announced yesterday the indefinite suspension of the deadline they had earlier fixed for passing the budget. Source Guardian Read More

Budget: FG admits errors, threatens sanctions against perpetrators - The Ministry of Budget and National Planning on Tuesday admitted that there were errors in the 2016 Budget, blaming the development on the adoption of the Zero-Based Budgeting System. Source Punch Read More

FG: We Don't Want to Crowd out Private Sector from Debt Market - The Minister of Finance, Mrs. Kemi Adeosun has explained that the proposed external debt by the federal government was to ensure that the private sector was not crowded out from the domestic debt market. Source Thisday Read More

FG Shops for N240bn to Fund Teachers’ Programme - The federal government requires about N240 billion annually to fund the 500,000 teachers programme as part of the strategy to tackle unemployment and bridge the existing gap in shortage of teachers across the country. Source Thisday Read More


FG Targets 6,000km of Roads by 2019 - Approval for the N433 billion proposed in the 2016 budget which is currently before the National Assembly will ensure that the federal government is able to construct and complete about 6,000 kilometres of roads before 2019, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. Source Thisday Read More

Nigeria hopes to cut down on borrowing, graft due to better cash management: finance minister - Nigeria's decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption, its finance minister said on Monday. Source Reuters Read More


Govt moves to privatise Ajaokuta steel plant - The Federal Government aims to hand over the $4.5bn Ajaokuta steel complex to private operators this year as part of a plan to kick-start its industrial and mining industries, the Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said. Source Punch Read More


Lagos-Ibadan Expressway ready in 24 months –Fashola - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the Federal Government is concluding plans to complete the reconstruction of the Lagos-Ibadan Expressway and the Murtala Muhammed International Airport Road, Lagos, within the next two years. Source Punch Read More


W’Bank unveils N31.5bn employment initiative for Nigeria - The World Bank on Tuesday inaugurated a $160m (N31.5bn) growth and employment initiative aimed at stimulating economic activities in some sectors of the Nigerian economy. Source Punch Read More

Revenue: FG proposes improved pay for Customs - The Federal Government is planning to enhance the remuneration of officers and men of the Nigeria Customs Service to motivate them to raise the level of revenue generation for the government. Source Punch Read More

‘$4.5b Ajaokuta Steel Mill ‘ll be completed this year’ - Nigeria is aiming to hand over the $4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries, Minister of Solid Minerals Development Dr Kayode Fayemi has said. Source THE NATION Read More


Corruption, others stifle MSMEs’ growth, says World Bank - The World Bank Country Programme Director, Nigeria, Mr. Rachid Benmessaoud yesterday said survey has ranked access to finance, power, infrastructure, taxes and corruption as major constraints to the growth of Micro Small and Medium Enterprises. Source THE NATION Read More


Stamp duty, Nigeria’s new goldmine — NIPOST - The Nigerian Postal Service (NIPOST) said yesterday that implementation of the stamp duty policy would become a huge revenue base for the country. Source Vanguard Read More

Nigerians spend $2bn on school fees abroad - The Chairman  Senate Committee on Tertiary Institution and Tertiary Education Trust Fund, TETFund, Senator Binta Masi, yesterday said  Nigeria currently spends over  $2 billion annually as capital flight on education abroad. Source Vanguard Read More

Nigeria aviation hub effort stymied by poor infrastructure - Nigeria’s potential to become an aviation hub for Africa, using its natural advantages such as its central location on the continent, huge population and a growing middle class, is being stymied by poor aviation infrastructure and lethargy from a government which urgently needs to diversify its economy away from oil. Source BUSINESSDAY Read More

Nigeria losing revenue on cassava policy flip-flop - Policy somersaults are responsible for the loss of N127 billion savings which Nigeria could have made if the cassava flour milling industry were virile, say analysts. Source BUSINESSDAY Read More

‘Africa Pays 70% More On Transportation Of Imports’ - Developing countries in Africa pay between 40 and 70 per cent more on the average for the international transportation of imports than the developed economies in Europe and North America, the deputy minister of transport, Republic of Ghana, Mrs Joy Bawa Mogtari, has said. Source Leadership Read More


Eko Disco concludes plan to get 100MW electricity from Egbin - Eko Distribution Company (EKDC) has concluded agreement with Egbin Power Plc for a dedicated 100 Mega Watts (MW) to boost electricity power supply within its network. Source Guardian Read More

Electricity tariff: 45% increase’ll violate UN ruling —SERAP - The Socio-Economic Rights and Accountability Project, SERAP, has advised the Minister of Power, Mr Babatunde Fashola, to ensure regulatory authorities were not allowed to get away with 45 per cent increase in electricity tarrif by promoting compliance with the November 2013 ruling on the matter by two UN special rapporteurs. Source Vanguard Read More

Power: 51 transmission constraints cause poor supply in Abuja, 30 others - The Transmission Company of Nigeria (TCN) has revealed that 51 issues affecting transmission has caused power shortage in Abuja and thirty other places across the country. Source Daily Trust Read More

CBN Publishes Guidelines for the Operations of TSA by State Governments in Nigeria - State Governments continue to face intense pressure on their cash flows in the face of dwindling revenues and the need to meet increasing statutory and social responsibilities. Source Proshare Read More

Value Of e-transactions Rise To N48.93trn - The value of electronic transactions rose to N48.93 trillion as at December 2015, up from N43.85 trillion in 2014, indicating an increase of 11.6 per cent, even as volume rose by 43.4 per cent to 162.59 million from 113.42 million in 2014 Source Leadership Read More

PenCom recovers N10b pension contribution - The National Pension Commission (PenCom) has recovered over N10 billion unremitted pension contributions in principal and interest penalty, The Nation has learnt. Source THE NATION Read More


Stocks end volatile session positive, post weak gains - The equities market closed today on a positive note, as NSE ASI appreciated by 0.02% to close at 23,981.09basis points, compared with the 2.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.27% Source Proshare Read More


Naira drops to 313.5 as dollar shortage persists - The naira dropped further to 313.5 against the United States dollar at the parallel market on Tuesday as shortage of foreign exchange, especially the greenback, persists in the forex markets. Source Punch Read More

Interbank Rates Rise As Banks Await Forex Sales - Interbank lending rate which is the rate at which banks lend to each other jumped to 2.9167 per cent yesterday from 1.0317 per cent on Monday after the Central Bank of Nigeria (CBN) directed commercial lenders to fund their naira accounts to enable them take part in its foreign exchange intervention on Thursday, a trader said. Source Leadership Read More

23 Million Bank Customers Enrolled for BVN - A total of 23,345,964 million bank customers had obtained their Bank Verification Numbers (BVN) as at February 7, 2016. Source Thisday Read More

Banks Restructure Oil Sector Loans on Crude Price Slump - Given the continued decline in oil prices, commercial banks have started restructuring the tenures of their upstream loans to 10 years, up from five years, using a benchmark of $30 per barrel, a report has revealed. Source Thisday Read More

PORTPAINT Files Application for Approval & Listing of Rights Issue - Dealing Members are hereby notified that Portland Paints and Products Nigeria Plc (“Portland Paints” or the ‘’Company’’) has through its Stockbroker; Stanbic IBTC Stockbrokers Ltd, submitted an application to The Exchange for approval and listing of a Rights Issue of 600,000,000 Ordinary Shares of 50 Kobo each at N3.30 per share on the basis of 3 new ordinary shares for every 2 ordinary shares held. Source Proshare Read More

Forte Oil Joins UN Global Compact Corporate Responsibility Initiative - Forte Oil Plc, Nigeria’s premier integrated energy solutions provider, has been listed as a participant of the United Nations Global Compact, the world’s largest corporate social responsibility initiative. Source Leadership Read More

Dangote: We Crashed Cement Price to Widen Access to Our Quality Product - Regional Sales Director, Dangote Cement, Johnson Olaniyi said Dangote Cement considered incessant building collapse as an indictment on all sector operators, thus the decision of the company’s management to crash the price of the commodity to N1, 300, from N1, 800 to enable block moulders and Nigerians at large have access to Dangote’s quality cement. Source Thisday Read More

Lafarge Partners Fortis MFB on Mass Housing Project - Lafarge Africa Plc. and Fortis Microfinance Bank (MFB) have signed a memorandum of understanding (MoU) for the provision of low cost mass housing in Nigeria. Source Thisday Read More

AXA Acquires Minority Stake In AIG For €75m - A worldwide leader in insurance and asset management, AXA, has acquired an 8 per cent minority equity in Africa Internet Group (AIG), the parent company of a leading e-commerce group in Africa, Jumia, to strengthen its insurance and financial solutions across the continent. Source Leadership Read More


Islamic Banking leaders gathered today at the 2nd Annual International Forum on Islamic Finance - Sudan’s Central Bank Governor, Minister of Finance & Vice President; renowned PwC thought leader; and Business Week’s “Top 40 Under 40” tech expert – speak at Africa’s landmark forum Source Proshare Read More


BVN: Banking fraud drops by N4bn - The introduction of the Bank Verification  Number (BVN) in May has started bearing fruits in more than one way as the Central Bank of Nigeria has disclosed that the value of fraud in the financial sector dropped by N4 billion in 2015. Source Daily Trust Read More

NIBSS: 43% of Bank Fraud Takes Place on ATMs - Data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that the highest number of fraudulent transactions in the banking sector takes place on Automated Teller Machines (ATMs). Source Thisday Read More


E-commerce to drive growth of SMEs - Internet subscription in Nigeria grew by 31% y/y to 97 million in September 2015. This represents a penetration of 57% using 170 million as the country’s population size. Source Proshare Read More

NCC to check activities of BBM, WeChat, WhatsApp, Facebook - ACTIVITIES of the Over-The-Top (OTT) players in the Nigerian telecommunications market will be coming under checks any time soon. Source Guardian Read More

NCC declares Glo best network in internet subscription - The Nigerian Communications Commission (NCC) has declared Globacom the leader in new internet subscriber acquisition in the country’s telecommunications industry. Source Daily Trust Read More

N1.04trn Fine: Minister Gives Condition For Settlement - The minister of communications, Mr Adebayo Shittu, has asked MTN to make a substantial payment out of the N1.04 trillion it was fined by the Nigerian Communications Commission (NCC) for contravening the SIM card registration regulation as a condition for a peaceful out of court settlement with the federal government. Source Leadership Read More

Unicorn joins Africa’s biggest game as internet group’s value romps past $1bn - Africa Internet Group is set to become the continent’s first “unicorn” after securing an investment valuing the ecommerce group at more than $1bn, the Financial Times reports. Source BUSINESSDAY Read More

Osinbajo: Half a Trillion Naira Social Investment Allocation in 2016 Budget Unprecedented - The Vice-President, Professor, Yemi Osinbajo, has said the Buhari administration will put in place effective primary healthcare centres across the country so as to ensure access to healthcare for all Nigerians. Source Thisday Read More


‘Refineries to resume month end’ - Nigeria’s refineries are expected to restart before the end of the month after attacks on their feedstock pipelines forced their closure in January, the head of refining at the state oil company said yesterday. Source THE NATION Read More

NNPC, IOCs’ bleak earnings signify more troubles ahead - The recent financial results released by the Nigerian National Petroleum Corporation and some global oil majors signify more troubles ahead for the oil and gas industry. Source BUSINESSDAY Read More

Global oil demand will continue to fall in 2016 – IEA - The International Energy Association (IEA) has forecasted that global oil demand will ease back considerably in 2016  to 1.2 million barrels per day having peaked at a five-year high of 1.6 million barrels per day in 2015 pulled down by notable slowdowns in Europe, China and the United States Source BUSINESSDAY Read More

‘Nigeria imported 6bn litres of petrol in 2015’ - The Nigerian National Petroleum Corporation (NNPC) imported 6.2bn litres of premium motor spirit (PMS) popularly known as petrol, last year to remain one of Africa’s highest petrol importers. Source Daily Trust Read More

NNPC accounts not audited since 2010 – FRC - The Acting Chairman of the FRC, Chief Victor Murako, made the accusation in Abuja on Tuesday at a meeting called by the commission to discuss various contraventions of the Act by the oil corporation. Source Punch Read More


Asia stocks drop as bank concerns smoulder, yen stands tall - Asian stocks fell on Wednesday on growing concerns about the health of the world's banks, particularly in Europe, pushing investors into safer assets such as the yen, which stood near a 15-month high versus the dollar. Source Reuters Read More

European Stocks Retreat to Lowest Since 2013 as Banks Tumble - European stocks tumbled for a seventh day and a gauge of banks slid to its lowest level since 2012 as the global equity rout showed no signs of abating. Source Bloomberg Read More

Zambia scraps 73 pct rise in electricity tariffs - state power firm Zesco - Zambia has scrapped a nearly 73 percent hike in electricity tariffs for industrial and commercial users following an outcry from consumers, a spokesman for state power firm Zesco said on Tuesday. Source Reuters Read More

Ghana targets 5.4 pct GDP growth in 2016 vs 4.1 pct in 2015: finmin - Ghana is targeting 5.4 percent gross domestic product growth in 2016, up from 4.1 percent last year and will aim to reduce inflation to 10 percent this year from 17.7 percent in 2015, Finance Minister Seth Terkper told a news conference on Tuesday. Source Reuters Read More

GM suspends Egypt operations due to currency crisis: company source - General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Source Reuters Read More



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