Nigeria in 1min: Economic, Business & Financial Headlines - 280616


 June 28, 2016 6:10 AM / Proshare News   

Govt wage bill drops by N6.6b, says Adeosun - The Federal Government yesterday revealed that efforts at improving transparency in the management of public finance have enabled it save about N6.6billion on its payroll since November 2015. Source Guardian Read More  

FG releases N109bn for capital projects - Out of the N350bn set aside for capital spending in the first and second quarters of this year, about N109bn has been released by the Federal Government to various contractors. Source Punch Read More 

Fed Govt reduces 100 national housing model to 12 - The Federal Government yesterday said  it has reduced the country’s national housing design models from 100 to about 12. Source THE NATION Read More 

FG orders Discos to meter high consumers before Nov 30 - The Federal Government has directed that all higher consumers known as Maximum Demand (MD) customers be metered by the 11 electricity Distribution companies (Discos) before November 30, 2016. Source Daily Trust Read More

Money, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2016/2017 - The conduct of monetary policy by the Central Bank of Nigeria (CBN) in 2016/2017 will remain anchored on the Medium-Term Framework. The justification for such framework is based on the premise that monetary policy impacts its ultimate goal with a lag. Source Proshare Read More  

Delta State’s Private Sector to Discuss How to Close the Investment Gap in the State. - The private sector led think-tank and advocacy group, DESG is set to host its maiden economic discourse themed “Bridging the Investment Gap in Delta State”. Source Proshare Read More 

‘No state eligible to access N90bn budget support yet,’ says Finance minister - None of Nigerian states has met the 22 conditions to access the Federal Government’s N90 billion budget support fund, contrary to earlier reports that five states have complied, Finance minister, Kemi Adeosun said on Monday. Source BUSINESSDAY Read More 

States should publish accounts – Adeosun - Minister of Finance, Kemi Adeosun, yesterday, said that states must publish their accounts at end of every financial year to open their books to public scrutiny and ensure transparency and accountability. Source Vanguard Read More 

Nigeria’s minimum tax law keeps N38trn informal sector away - Nigeria’s minimum tax law, often regarded as an anti-tax avoidance measure, may be inflicting more damage than good on Africa’s largest economy, as it constitutes a major disincentive for attracting the country’s N38.7 trillion informal sector , BusinessDay investigations show. Source BUSINESSDAY Read More  


Supreme Court Rules Proof of Demand Essential for Bribery Convictions in India - The Prevention of Corruption Act 1988(1) is the main anti-corruption legislation in India. It addresses bribery and corruption offences committed by public servants.(2) Section 7 of the act deals with public servants taking gratifications other than legal remuneration in respect of an official act, while Section 13 of the act pertains to criminal misconduct by public servants. Source Proshare Read More  

Late publication of accounts: CBN to sack banks’ CEOs, chairmen - The Central Bank of Nigeria (CBN) has said it will sack chief executive officer and chairman of any bank that fails to publish its financial statement within the regulatory period. Source Vanguard Read More 

CBN foresees N225 convergence rate at futures, spot FX markets - The Central Bank of Nigeria (CBN) is aiming for a convergence of the spot and future dollar/ naira (USD/NGN) rate at N225/$ in a year’s time, data from the futures chain of the recently launched  Naira-Settled OTC FX Futures market show. Source BUSINESSDAY Read More 

Nigeria launches Naira-Settled OTC FX Futures Market - It was a big day for the Nigerian financial market and economy, as the Central Bank of  Nigeria formally launched Nigeria’s “Naira-Settled OTC FX Futures Market”, to be operated at the FMDQ OTC securities exchange in Lagos. Source Proshare Read More 

Stocks post 4.00% loss in 2days amid Brexit selloff  - The equities market closed today on a negative note, as NSE ASI depreciated by 2.63% to close at 29,840.23basis points, compared with the 1.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.18%. Source Proshare Read More

The Nigeria Bond Watch - Review and Outlook @062716  - During the review week, 1) treasury bills auction and redemption; 2) statutory allocation from FAAC and; 3) special retail auction by the CBN to clear the backlog of FX demand were major themes that influenced the domestic fixed income market. Source Proshare Read More

NEITI, EFCC Form Alliance to Target Firms Over Unremitted $11bn - The Guardian is reporting that the Economic and Financial Crimes Commission (EFCC) will soon embark on probe of erring oil firms in Nigeria over unremitted oil revenue to the Federal Government.Source Proshare Read More 

Alleged N5.5b debt: Court refuses to wind-up Honeywell - Justice Jude Dagat of the Federal High Court in Lagos yesterday struck out a winding up petition filed by Ecobank Plc against billionaire businessman Oba Otudeko’s three companies because a similar suit was already pending before another judge of the same court. Source THE NATION Read More 

Naira loses 49 kobo, interbank lending resurges over tight liquidity - The travails of the naira have continued with the national currency losing 49 kobo yesterday, exchanging for N281.49, as the Central Bank of Nigeria intervened with an undisclosed amount in the $32 million dollar trade volume, helping the local unit to withstand pressure. Source Guardian Read More 

Oil price slumps to $46 amid Brexit concerns - Global oil benchmark, Brent crude, traded sharply lower on Monday, extending its declines following Britain’s vote to exit the European Union on Thursday. Source Punch Read More

Nigeria seeks $50bn oil investment from China, others - Nigeria is seeking $40bn to $50bn investment in oil projects with the commencement of a major road show in China, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said on Monday. Source Punch Read More 

TCN to raise revenue by N700m with 3 projects -
The Transmission Company of Nigeria (TCN) said it has identified three key transmission projects which could be completed within six months and would raise its wheeling charges by over N700million. Source Daily Trust
Read More 

Tax evasion: FIRS seals Capital Oil, others - The Federal Inland Revenue Service (FIRS) yesterday resumed its enforcement,  shutting down tax-defaulting companies in Lagos and Owerri, Imo State. Source THE NATION Read More

NEITI: How DPR Undervalued NNPC’s 8 Oil Blocks - The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio has explained how the Department of Petroleum Resources (DPR) undervalued eight Oil Mining Leases (OMLs) belonging to the Nigerian National Petroleum Corporation (NNPC). Source Thisday Read More

‘Nigeria’s Gas Sector Worth $55bn of Investment Opportunities’ - The President of Nigeria Gas Association (NGA), Mr. Bolaji Osunsanya has stated that the Nigeria’s gas sector has over $55 billion worth of investment opportunities, thus indicating great potentials for extremely growth in the economy and in key areas such as exploration and production, processing, supply, and distribution. Source Thisday Read More

Ebonyi, Chinese Company Partner on 10MW Solar Power Plant - Ebonyi State Government has sought partnership with a Chinese firm, CAMC Engineering Company Ltd, in the area of power, agriculture,mining, manufacturing and health. Source Thisday Read More 

S&P Strips UK of its Triple-A Credit Rating, Warns of Instability after Brexit Vote - Standard & Poor’s Global Ratings stripped the U.K. of its pristine triple-A credit rating on Monday, warning the country’s vote to leave the European Union will lead to a less predictable, stable, and effective policy framework. Source Proshare Read More  

Uncanny but True - How Nick Clegg Predicted UK Gridlock Post-Brexit  - This is as spooky as a prediction will ever get. Nick Clegg, a British Liberal Democrat politician who was the Deputy Prime Minister of the United Kingdomwrote this eerie prediction on June 22, 2016 and was published in the Ipaper on June 23, 2016. Source Proshare Read More 

Remarks By Jacob J. Lew At The 2016 Bretton Woods Committee Annual Meeting - Good morning.  Thank you, Randy, for that kind introduction and for your leadership within this great organization.  It is a pleasure to join you all again for this important and timely discussion. Source Proshare Read More 

BREXIT Bedevils Plan to Unify EU Capital Markets - The U.K.’s vote to leave the European Union threw a wrench into long-running efforts to build a unified European financial system, creating a new source of uncertainty about the rules governing one of the world’s largest financial-services markets. Source Proshare Read More 

Brexit vote sees UK credit rating downgraded to AA negative by Fitch - Fitch has downgraded the UK's credit rating to AA negative, after similar moves by Moody's and S&P, following Britain's vote to leave the EU. Source INDEPENDENT Read More 

Statement By The UK Chancellor Following The EU Referendum - Today, I want to reassure the British people, and the global community, that Britain is ready to confront what the future holds for us from a position of strength. Source Proshare Read More 

European Stocks Slide as Brexit Fallout Concern Spurs Bank Rout - European stocks slid for a second day, extending losses as investors continued to speculate on the fallout from Britain’s shock vote to leave the European Union. Source Bloomberg Read More 

Russia Takes a $6.1 Billion Bite Out of Banks to Crimp Liquidity - It’s been blamed for fighting inflation at the expense of the economy and turning its targets into “fetishes.” Now Russian lenders say the central bank’s latest swipe at price risks is putting pressure on their bottom line and credit. Source Bloomberg Read More  


WEF: Blockchain A Game Changer For The Future Of Financial Transactions -  Blockchain, an online data ledger, is set to make a big impact in financial services, and has applications in a range of other industries from e-commerce to insurance and voting Source Proshare Read More  

Sahara Group Upgrades Vocational Centers, Empowers 2600 Beneficiaries Annually - A total of 2600 beneficiaries in Lagos now have access to capacity building opportunities annually through vocational centers supported by leading energy giant, Sahara Group. This is in keeping with Sahara’s quest to enhance economic growth and development in Nigeria. Source Proshare Read More  


Dangote Petrochemical Plant Justifies Private Sector Led Industrialisation in Nigeria



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