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Nigeria in 1min: Economic, Business & Financial Headlines - 020614

Category: All One Min News

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Nigeria in 1min: Economic, Business & Financial Headlines - 020614

Thursday February 06, 2014 6.00 AM / Proshare News

Power: Govt targets $10bn new investments - New hydro power generation plants and transmission projects under the phase two of the National Integrated Power Project are likely to attract over $10bn fresh investments into the power sector. Source Punch Read More

Borno Budgets N204bn for 2014 Fiscal Year - Borno State Governor, Alhaji Kashim Shettima yesterday signed the state’s 2014 appropriation bill into law.The governor had on December 31, 2013 sent an appropriation bill of N176 billion to the House of Assembly, but the lawmakers raised the budget by N28 billion to the aforementioned amount. Source Thisday Read More

Nigeria to Contribute $400,000 to Lake Chad Reflation Budget - With the inclusion of Libya in the membership of the Regional Parliamentary Committee of the Lake Chad Basin (RPC-LCB) and its reflection in the budget of the Lake Chad Basin Commission (LCBC), Nigeria's contribution to the $1 million annual budget of the commission has now come down to $400,000 from its former assigned contribution of about half of the total budget. Source Thisday Read More

Capital Market
Market Maintains Negative Outlook as Key Market Indicator Hits Below 41,000bpts - The equities market closed today on a negative note, as NSE ASI depreciated by -0.45% to close at 40,878.11 basis points, compared with the depreciation of -0.73% recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.09%. Source Proshare Read More

Policy / Regulations

Interbank Rates Spike as CBN Enforces CRR Hike - The Nigerian Interbank Offered Rates (NIBOR) increased significantly to an average of 14.68 per cent yesterday as the Central Bank of Nigeria (CBN) enforced the 75 per cent Cash Reserve Requirement (CRR) on public sector deposits in banks. Source Thisday Read More

ARM DISCOVERY FUND Announces Closure of Unit Holders’ Register - Further to the market bulletin sent on January 29, 2014 on the closure of register for ARM Funds, the Fund Managers have notified the Nigerian Stock Exchange that in agreement with the Trustee, the ARM Discovery Fund and ARM Aggressive Growth Fund register of Unit holders will now close on Friday, February 7, 2014 Source Proshare Read More

Developments in the External Sector of the Nigerian Economy - Q3 2013 - The major developments in the external sector of the Nigerian economy during Q3 2013 are highlighted in this Report in comparison with developments in Q2 2013 and Q3 2012. Source Proshare Read More

CBN creates Retail Dutch account for authorised dealers - The Central Bank of Nigeria (CBN) yesterday released guidelines for the operations of the foreign exchange market. The apex bank also created a designated account for authorised dealers.The account named, Authorised Dealers Retail Dutch Auction System (RDAS) Account was opened at the CBN with account number 1000011194. Source THE NATION Read More

Investors Newsbeat
TRANSEXPR retraces after +182.24% surge in price level - TRANSEXPR Plc recorded a 5.00% loss to halt the 14days uninterrupted gaining streak as investors displayed profit-taking tendency towards the stock with a corresponding bearish volume. Source Proshare Read More

TRANSCORP Releases Notice of Board Meeting - In pursuant to the Post-listings requirements, Transnational Corporation of Nigeria Plc (‘’Transcorp’’) has notified The Nigerian Stock Exchange that its Board of Directors has scheduled to meet on February 7, 2014. Source Proshare Read More

FirstBank: Nurturing Entrepreneurial Development with the Strand Student Fair - As normalcy gradually returns to the various universities in Nigeria, First Bank of Nigeria Ltd an FBN Holdings Plc company, in partnership with Strand Student Fair is bringing to Nigerian higher institutions across the country, its annual Student Fair. Source Proshare Read More

Skye Bank, Foundation Combat Cancer through Awareness Campaign - As the global community commemorates the 2014 World Cancer Day on February 4, Skye Bank Plc has demonstrated its commitment to public health and safety by promoting a public awareness campaign about the disease. Source Proshare Read More

Invest in FGN Monthly Bond Auction - February 2014 - 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 Source Proshare Read More

STDINSURE declares Q1, Q2 & Q3 results with N635.7m PAT in Q3 '13,(SP:N0.50k) - Source Proshare Read More

Oando secures funding for closure of ConocoPhillips acquisition - Toronto-listed Oando Energy Resources (OER), the upstream business of Oando Plc, said it had secured funding for the closure of the acquisition of the Nigerian upstream oil and gas business of United States-based group ConocoPhillips. Source BUSINESSDAY Read More


FBN, GTBank, Zenith Lead in Global Ranking - First Bank of Nigeria Limited for the third consecutive year has been adjudged Nigeria’s number one banking brand in the 2014 ‘Top 500 Banking Brands’ global ranking.The Nigerian bank and was joined in the ranking in second and third by Guaranty Trust Bank (GTBank) and Zenith Bank respectively.The ranking was done by the Banker Magazine, Financial Times Group and Brand Finance in the United Kingdom. Source Thisday Read More


Money Market
Weak regulation hinders Africa’s banks, says Fitch - The global rating agency Fitch has rated banking regulation in Nigeria, South Africa, Morocco and Kenya among the strongest in Africa. Outside these countries, most banks report according to local accounting standards, and transparency is limited, reports BusinessDay South Africa. Source BUSINESSDAY Read More

Banks paid N300bn tax in three years – AMCON - Deposit Money Banks paid over N300bn as tax revenue to the coffers of the Federal Government between 2011 and 2013, the Managing Director, Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi, has said. Source Punch Read More

Jonathan appoints secretary for RMAFC - President Goodluck Jonathan has approved the appointment of Mr. Iliya Wanapia as the secretary for the Revenue Mobilisation Allocation and Fiscal Commission.A statement issued by the Head of Public Relations, RMAFC, Mr. Ibrahim Mohammed, in Abuja on Wednesday, said the approval of the appointment was conveyed via a letter signed by the Secretary to the Government of the Federation, Senator Pius Ayim. Source Punch Read More

Frauds & Scandals
Atlantic Energy & Seven Energy's transactions with NPDC Illegal - CBN - At the National Assembly yesterday, the Governor of Nigeria’s Central Bank (CBN) Sanusi Lamido Sanusi told the Senator Ahmed Makarfi led committee on Finance raised fresh allegations against the management of transactions constituting part of the unaccounted for $20bn oil proceeds and called the transfer of proceeds to Atlantic Energy and Seven Energy as unconstitutional and Illegal. Source Proshare Read More



INEC Lists Challenges to 2015 Polls -
Ahead of the 2015 general election, the Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, has listed financial constraints and voters’ education as the two main challenges facing the commission. Source Proshare
Read More

Brent rises following US inventory drop - Brent crude edged up towards $106 a barrel on Wednesday, pulled higher by gains in United States benchmark oil after industry data showed a drop in inventories at the WTI contract’s delivery point . Source Punch Read More

Gold Retreats From Highest in a Week as Silver Extends Advance - Gold fell from the highest in more than a week as gains in equities and emerging-market currencies damped demand for alternative investments. Silver extended an advance to head for the longest rally since December. Source Punch Read More

Global Markets
Asian Stocks Climb With Aussie; Won to Rupee Advance - Asian stocks advanced for a second day while Australia’s currency climbed after the nation reported a surprise trade surplus on exports to China. Emerging-market currencies in the region increased with silver. Source Bloomberg Read More

Ghana Central Bank ready to act should cedi threaten inflation - Ghana’s central bank said it is ready to intervene to defend the cedi, which has weakened 3.1 percent against the dollar this year, should it breach an internal target that threatens to stoke inflation. Source BUSINESSDAY Read More


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