9jaeconomist: October 2015

Friday 30 October 2015

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President Muhammadu Buhari had earlier expressed his views that a further devaluation of the Nigerian Naira was not healthy for the economy.

The Central Bank of Nigeria has ruled out possibility of extending the deadline for Bank customers that are unable to obtain their bank verification numbers (BVNs) before the close of business today, Friday. These customer would not be able to operate such accounts again.

Globacom has been named one of Africa’s top two most admired brands for the second year running, in the annual Brand Africa 100 rankings announced in Johannesburg, South Africa recently.

Indication emerged on Thursday that imported used cars, otherwise known as Tokunbo, would still be around for the next 19 years.

The new Port Harcourt International Airport terminal and the remodelled old terminal would be completed and commissioned in 2016, says the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr. Saleh Dunoma.

The dynamics of economics and demographic planning have finally caught up with the world's second largest economy China. The abolition of the one child policy comes amidst a global economic crunch, putting severe pressure on its young/ middle age population to continue funding the pension pot of the elderly.The Chinese demographic structure is an inverted pyramid with improvements in healthcare and an ageing population, while the age bracket of the working population has slimmed considerably. Just like France, i foresee a campaign by the government to encourage "love making" to boost population growth and reduce the pressure on the working population. Enjoy the piece...

Equities rebound as ASI appreciates by 0.17%

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization appreciated by 0.17%, at today's trading with the All Share Index closing at 29,446.95points against the previous close of 29,396.31 points while Market Capitalization closed at N10,120.30 trillion against previous close of N10,102.90 trillion.

Equities depreciate by 0.60%

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.60%, at today's trading with the All Share Index closing at 29,396.31points against the previous close of 29,572.90 points while Market Capitalization closed at N10,102.90 trillion against previous close of N10,163.59 trillion.

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The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that 278 companies were vying to secure the contract for the trading of about 950,000 barrels per day of Nigeria’s crude oil from January 2016.Speaking at the bid opening ceremony for the sale and purchase of crude oil grades in Abuja, Group Managing Director of NNPC, Mr. Ibe Kachikwu, said the Federal Government was committed to ensuring transparency in the trading of Nigeria’s crude oil.

The Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, has said that Nigeria would need $3.9 trillion investment over the next 30 years to close infrastructure gap.

Seplat Petroleum Development Company Plc recorded low performance in the third quarter as net profit dropped by 62 per cent to N13.6 billion.
The board of directors of Seplat Petroleum Development Company Plc has however recommended distribution of interim dividend of $0.04 or four cent to shareholders of the upstream oil company.
Shareholders whose names are found on the company’s register at the close of business on October 29, 2015 will be entitled to the cash benefit. Nigerian investors and others who may opt to receive their dividends in Naira will use the exchange rate on October 29 to determine the equivalent Naira value.

The All Progressives Congress, APC, is in a dilemma over the imminent vacancy being created by the departure of its veteran spokesman, Alhaji Lai Mohammed. Officials of the party are said to be in quandary over the ill-defined succession procedures as laid in its constitution that could make Mohammed’s present deputy, Comrade Timi Frank, to succeed him.

Ibrahim Lamorde, EFCC Chairman

Nigeria’s lower chamber, the House of Representatives on Tuesday asked its committee on Financial Crimes to probe the alleged non-remittance of assets and funds worth over N1 trillion which was ordered by courts at different times to be forfeited to the Federal government by suspects tried by the Economic and Financial Crimes Commission, EFCC.

Air Force jets hit Boko Haram auto workshop, ammo dump

The Nigerian Air Force (NAF) Alpha Jets have destroyed the Boko Haram vehicle workshops, fuel and ammunition dumps all within the Sambisa Forest, the force public relations director, Air Commodore Dele Alonge said.

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.86%, at today's trading with the All Share Index closing at 29,572.90 points against the previous close of 29,828.95 points while Market Capitalization closed at N10,163.59 trillion against previous close of N10,251.59 trillion.

We now know when we'll be able to get our hands on Street Fighter V (apart from the betas taking place). It was just announced at Sony's Paris Games Week press conference that Street Fighter V will release in Europe and the Americas on February 16, 2016.

‘Thank you, Elon Musk – you saved my life’: DreamWorks’ Jeffrey Katzenberg credits Tesla CEO for his survival after car accident

Jeffrey Katzenberg has credited Tesla CEO Elon Musk with his survival after a car accident.

Nigeria's state oil firm NNPC began auctioning annual crude term contracts on live television on Tuesday and vowed to cut the number of contract holders by a third in a drive to boost transparency at an institution dogged by corruption.

Twenty-three years after the release of Nollywood hit epic movie ‘Living in Bondage’, award winning Nollywood Star Ramsey Nouah in partnership with entertainment entrepreneur Charles Okpaleke are set to produce the sequel to the flick that was the forerunner of the Nollywood phenomenon.

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The news about countries accepting refugees from the far East and giving them sometimes a rousing welcome is least to say heart warming. In Europe , Germany has been the most receptive to the refugees fleeing the Syrian civil war which shows no sign of abating. While in far away South America, Brazil has recently processed over 8,000 visas and job permits for Syrian refugees even though many will never be able to reach that destination because of the cost of doing so.

In Nigeria, the near civil war in the North East is taking it’s toll on the resources of the Nation as the continuation of the attacks have seen people fleeing their homes and seeking refuge in safer places.

Ariyike Akinbobola, one of the great TV personalities, has done it again. In recognition of her works, she has been nominated for 2 awards. read her comments below

Lagos State Governor, Mr. Akinwunmi Ambode, monday disclosed that his administration was waiting for President Muhammadu Buhari to constitute his cabinet to enable him take decision on his policy direction.

Nestle Nigeria PLC, Nigeria’s leading Nutrition, Health and Wellness Company in the world, released its’ Q3:2015 results for the nine month ended 30th September 2015.

MTN Group Ltd. plunged the most in nearly 17 years after the Nigerian telecommunications regulator fined Africa’s biggest wireless company $5.2 billion for failing to disconnect customers with unregistered SIM cards.

UNION Bank of Nigeria Plc has announced impressive financial performance for the nine month period ended September 30, 2015 with the profit before tax for the period growing to N13.17 billion.
This represents 11 per cent increase over N11.89 billion posted in the corresponding period in 2014. Also, its profit after taxation rose to N13.0 billion as against N11.79 billion in quarter three (Q3) 2014, representing 11 per cent increase.

FOLLOWING his emergence as the Ooni-elect, only coronation-rites away from occupying the pre-eminent monarchical stool among an estimated 60 million Yoruba worldwide, Prince Adeyeye Enitan Ogunwusi, yesterday said his ascension to the throne was a divine call, as “only God chooses kings.”

The Federal Government has ordered an immediate probe into an allegation that the Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ibrahim Lamorde, illegally diverted about N1trillion, being proceeds of corruption that was recovered by the agency.

The Central Bank of Nigeria (CBN) has against the advice of its predecessor, Sanusi Lamido Sanusi, Emir of Kano strengthened its exchange rate peg slightly to N196.97 to the dollar on the interbank market yesterday, from the mark of N197.00 set two weeks ago, traders said.

The United States sent a warship very close to one of China's artificial islands in the South China Sea on Tuesday, a potential challenge to Beijing's territorial claims in the contested waters.

A U.S. defense official told CNN that the destroyer USS Lassen "conducted a transit" within 12 nautical miles of Subi Reef in the Spratly Islands on Tuesday morning local time.

I miss Don Jazzy- Wande Coal

Oluwatobi Wande Ojosipe a.k.a Wande Coal is one youngster who was instrumental in encouraging the likes of Davido and Wizkid to pursue their passion for music.

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.61%, at today's trading with the All Share Index closing at 29,828.95 points against the previous close of 30,011.89 points while Market Capitalization closed at N10,251.59 trillion against previous close of N10,314.46 trillion.

The Financial Reporting Council (FRC) Monday suspended the Chairman of Stanbic IBTC Holdings, Mr. Atedo Peterside and three directors of the company from signing any financial statement, over allegations of improper discloses in the financial statement of the bank for 2013 and 2014.
These include the Managing Director/Chief Executive, Stabic IBTC, Mrs. Sola David-Borha, Mr. Arthur Oginga and Dr. Daru Owei.

An industry source explained that FirstBank concealed N37,548,198,102.41 belonging to the Nigerian National Petroleum Corporation’s (NNPC) instead of remitting it to the TSA as directed.
On the other hand, UBA concealed N58,843,793,029.05 of NNPC funds, which attracted the penalty.

Toyota Motor has regained its crown as the world’s biggest car company by sales, displacing Volkswagen as the embattled German manufacturer grapples with the fallout from its emissions cheating scandal.

Volkswagen had overtaken Toyota in global sales for the first half of 2015, threatening to end the Japanese group’s three-year reign as the world’s top-selling carmaker.

The Governor of the State of Osun, Ogbeni Rauf Adesoji Aregbesola has approved the appointment of a new Ooni of Ife.

Kogi State Governor, Idris Wada, has cautioned President Muhammed Buhari to be careful of those playing politics with the issue of bail out fund earmarked for states.

In the discharge of its core responsibility to retirees, Trustfund Pensions Plc has paid over N20 billion to its retirees since it began operation.

Tanzania Election: Ruling Party Faces Fight To Stay In Power

Tanzanians are voting in elections that will determine whether the ruling party will give way to a new coalition or maintain its 54-year grip on power.

Former British Prime Minister Tony Blair acknowledged the 2003 invasion of Iraq played a part in the rise of the Islamic State militant group, and apologized for some mistakes in planning the war, in an interview broadcast on Sunday.

Amidst glitz and fanfare, the much-anticipated premiere of Mo Abudu’s classic feature film, FIFTY, held in London’s Leicester Square last Saturday.

Oando Plc announced a loss after tax of N179 billion for the financial year ended on December 31, 2014.

The Central Bank of Nigeria (CBN) yesterday dismissed the call for further devaluation by the Emir of Kano, and immediate past Governor of the bank, Mallam Muhammad Sanusi II, saying there would be no further devaluation of the naira.
Sanusi on Friday had faulted the decision of the CBN and the federal government not to further devalue the naira, and also to retain fuel subsidy.

Toyota is the latest in a string of auto companies to issue recalls in recent years because of safety defects that have raised questions about US vehicle safety. To name a few versions based on the recall, they are the Matrix, RAV4, Highlander, Tundra, Sequoia as well as Scion xB.

HTC One A9 smartphone priced at $400 was launched this week. This is the HTC Corp's new flagship smartphone and is an attempt by it to take on Apple’s latest iPhone 6s and iPhone 6s Plus.

Manchester United will be aiming to show their Premier League title credentials as they take on league leaders Manchester City on Sunday afternoon.

Friday 30 October 2015

Thursday 29 October 2015

Wednesday 28 October 2015

Tuesday 27 October 2015

Monday 26 October 2015

Sunday 25 October 2015