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Nigeria in 1min: Economic, Business & Financial Headlines - 020714

Category: All One Min News

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Nigeria in 1min: Economic, Business & Financial Headlines - 020714

Friday February 07, 2014 6.00 AM / Proshare News

FG inaugurates committee for national quality policy - Minister of Trade and Investment, Olusegun Aganga, has inaugurated the committee for national quality policy with the aim of ensuring enterprise in Nigeria so as to meet up with global challenges. Source Daily Trust Read More

Okonjo-Iweala: Lawmakers’ Assertions on 2014 Budget Faulty - The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the barrage of allegations and assertions against her on the 2014 budget by National Assembly members are not based on facts, stressing that the allegations made by the lawmakers that she is responsible for rising recurrent expenditure are unfounded. Source Thisday Read More

Africa private equity deals hit 5-year high of $1.6 billion in 2013 – report - Sub-Saharan Africa attracted 1.6 billion dollars private equity investment in 2013.This is the highest in five years, with the East Africa region experiencing the biggest increase in deal activity, a survey showed. Source BUSINESS Read More

Economic Update: January 2014 - Headline inflation rose to 8% YoY in December, again 10bps higher than preceding month, whilst the MoM reading was 6bps higher than November at 0.78%. Core inflation continued its uptrend for the sixth consecutive month rising 10bps from November to 7.9% YoY and bucking a 3-month flat MoM trend by climbing 20bps to 0.8%. Source Proshare Read More

Capital Market
Stock Market Sustains Downtrend as Sell Pressure Wanes; ASI Records -0.28% Loss - The equities market closed today on a negative note, as NSE ASI depreciated by -0.28% to close at 40,766.16 basis points, compared with the depreciation of -0.45% recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.36%. Source Proshare Read More

Policy / Regulations
Re: CBN Awards N9.5bn to Bankrupt Firm - In the THISDAY edition of Monday February 3, 2014, we published a story entitled, “CBN Awards N9.5bn Contract to Bankrupt Firm.” The story claimed that DERMALOG Identification Systems GmbH, which was awarded a contract by the Central Bank of Nigeria (CBN) to install a biometric payment system for Nigerian banks, “went into voluntary liquidation in 2012 and was technically broke”. This story also appeared in the online version of ThisDay of February 3, 2014. Source BUSINESS Read More

CBN releases fresh guidelines for forex dealers - The Central Bank of Nigeria has released a new directive, asking authorised dealers in foreign exchange to fund a newly opened special account in the central bank two days before the weekly auctions on Monday and Wednesday. Source Punch Read More

CBN dollar sale jumps by 260% - The increasing pressure on the naira may have made the Central Bank of Nigeria’s weekly dollar sale at the Retail Dutch Auction System to increase by 260.5 per cent, according to the central bank’s statistics. Source Punch Read More

859,541 projects benefitted from N71.47b CBN agric fund since 1978 - The Central Bank of Nigeria (CBN), on Thursday said a total of 56,227 projects were funded with N9.424 billion under its Agricultural Credit Guaranty Scheme (ACGS) last year. Source Punch Read More

CBN orders MRCs to keep 50% investments in bonds - The Central Bank of Nigeria (CBN) has said Mortgage Refinance Companies (MRCs) are required to have a minimum of 50 per cent of their investments in debt obligations issued or guaranteed by the Federal Government of Nigeria or any of its agencies. Source THE NATION Read More

Investors Newsbeat
NEIMETH gains 44.6% in 4days, sets new high on bullish fundamentals - Neimeth International Pharmaceuticals Plc recorded another impressive gain of +9.70% with an upper breakout to extend the active gaining streak in the week  with corresponding growing bullish volume as bargain appetite towards the stock appeared very strong. Source Proshare Read More

RAKUNITY declares N11.2m PAT in Q3 '13 result,(SP:N0.31k) - Source Proshare Read More

JOHNHOLT declares N188m loss in Q1 '13 result,(SP:N1.40k) - Source Proshare Read More


Dangote opens new depot - Dangote Cement Plc yesterday officially commissioned a new cement depot in Idi-Iroko, Ogun State.The commissioning of the 72,000 bags capacity purpose-built cement depot is another statement by the firm to remain on the driver’s seat of innovation in the cement industry. Source THE NATION Read More

Oando Targets N100bn Earnings Annual Earnings - The Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, Thursday told stockbrokers on the trading floor of the Nigerian Stock Exchange (NSE) in Lagos that the ConocoPhillips (COP) Nigerian assets would boost its earnings before tax to N100 billion yearly. Source Thisday Read More

Money Market
Interbank rates drop on N370.52bn TB maturity - Interbank rates yesterday dropped across tenor buckets by 1.8 percent from 26.04 percent rise on Wednesday. Source Proshare Read More

GE, BoI pledge $500m support for SMEs - General Electric and the Bank of Industry have agreed to a $500m funding support for small and medium-sized enterprises in the area of infrastructure provision. Source Punch Read More

Pan African Venture: Elumelu Foundation donates $150,000 - In its support for growth in Africa , Tony Elumelu Foundation has made a commitment to back the emergent African development initiative.Following the convening of the African Union Heads of State Summit in Addis Ababa , the inaugural promoters’ meeting of the newly established “African Union Foundation” was held. Source Vanguard Read More

Otudeko vs Dangote: Defendants object to ‘irrelevant’ documents tendering - Chairman of Dangote Industries Alhaji Aliko Dangote and others yesterday raised objections over some documents which Honeywell Group, owned by multi-billionaire businessman Oba Otudeko, sought to tender during the hearing of a property dispute. Source THE NATION Read More

An Overview of The Nigeria Mortgage Refinance Company (NMRC) - CBN Perspective  - NMRC was established to bridge the funding cost of residential mortgages and promote the availability as well as the affordability of good housing to Nigerians by providing increased liquidity in the mortgage market though the mortgage and commercial banks. Source Proshare Read More

INEC Fixes March 12 to 19 for Osun, Ekiti Voters' Registration - The Independent National Electoral Commission (INEC) has fixed March 12 to 19, for the Continuous Voter Registration (CVR) exercise for Osun and Ekiti States governorship elections.INEC’s Director (Voter Registration), Mr. Emmanuel Akem, who disclosed this yesterday at a stakeholders’ forum on the “Status of Continuous Voter Registration (CVR) toward the 2015 general elections”, in Abuja, said this would enable the commission to accommodate all complaints that may arise from voter registration before the governorship elections. Source Thisday Read More


PPPRA: Nigeria Consumed 39.66m Barrels of Petrol in 2013 -
The Petroleum Products Pricing Regulatory Agency (PPPRA) Thursday stated that the total amount of petrol consumed in Nigeria last year (2013) was 39.66 million barrels.PPPRA also noted that the consumption figure was a lot different from the 60.20 million barrels consumed in 2012 and which it paid out subsidies for in line with the federal government's petrol subsidy regime. Source Thisday
Read More

Gold Poised for Weekly Advance Before U.S. Data as China Returns - Gold headed for a weekly gain before data on U.S. jobs and as China, which probably overtook India as the largest consumer in 2013, returned from the Lunar New Year break. Silver halted its longest rally since December. Source Bloomberg Read More

WTI Crude Trades Near One-Week High on U.S. Fuel Demand Outlook - West Texas Intermediate crude traded near the highest price in a week as stronger-than-forecast economic data bolstered the outlook for fuel demand in the U.S., the world’s biggest oil user. Source Bloomberg Read More


Global Markets
Asian Stocks Pare Weekly Loss on Jobless Claims, Earnings - Asian stocks rose, with the regional benchmark index paring its sixth straight weekly loss, as U.S. jobless claims fell and investors weighed company earnings. Source Proshare Read More




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