Nigerian Stock Exchange in LSE tie-up talks

Details: Category: ECONOMY; Published on Sunday, 26 June 2011 16:13; Written by Administrator

(MarketWatch) The Nigerian Stock Exchange has discussed a possible tie-up with its counterpart in the U.K., the London Stock Exchange Group PLC (LSE.LN), The Independent On Sunday reported, citing the head of the country's capital markets regulator. Arunma Oteh, the director general of Nigeria's Securities and Exchange Commission, told the newspaper: "The NSE is exploring what potential partners could offer. It has spoken to the

Nigeria Central Bank Naira Rally Forecast on New Rules Doubted by Analysts

Details: Category: ECONOMY; Published on Friday, 24 June 2011 15:55; Written by Chris Kay - Bloomberg

(Bloomberg) Rising inflation and government spending in Nigeria will limit a naira rally forecast by the central bank after it relaxed investor restrictions, according to Citigroup Inc., Renaissance Capital and Exotix Ltd. The currency of Africa’s top oil producer may stabilize around 150 per dollar by the end of the year, the companies estimate. Lamido Sanusi, the governor of the Central Bank of Nigeria, said yesterday that the naira may appreciate to

Sanusi Fights Nigerian Elites as Bank Currency Policy Draws IMF Irritation

Details: Category: ECONOMY; Published on Thursday, 23 June 2011 11:02; Written by Nasreen Seria - Bloomberg

(Bloomberg) As a teenage Marxist, Lamido Sanusi remembers confronting his grand-uncle, the Emir of Nigeria’s northern city of Kano, about political power and how it can be abused, during chats in the palace courtyard. As central bank governor, Sanusi is challenging authority again: firing the chief executives of ailing banks, criticizing lawmakers for overspending and rejecting advice from the International Monetary Fund to weaken the currency.

Following Goodluck Jonathan’s election victory in April, Sanusi is now looking to help revive Nigeria’s moribund electricity industry in the face of union opposition to the sale of utilities, while pressuring lawmakers to invest more in road and rail links and spend less on government running costs.

Nigeria Sells $400 Million at Currency Auction, Less Than Banks Demanded

Details: Category: ECONOMY; Published on Wednesday, 22 June 2011 22:08; Written by Bloomberg

Nigeria’s central bank offered less foreign currency than demanded by lenders for a fifth straight auction today as the naira continued to depreciate against the dollar. Nigeria, sub-Saharan Africa’s second-biggest economy, sold $400 million at a foreign-exchange auction, less than the $476 million sought by lenders, the Abuja-based Central Bank of Nigeria said in an e-mailed statement.

Nigerian Eurobonds Rise to Record on Growth Estimates, Reserve Increases

Details: Category: ECONOMY; Published on Wednesday, 22 June 2011 14:05; Written by Administrator

(Bloomberg) Nigeria’s dollar bonds climbed to a record on speculation that Africa’s most populous country will continue to experience growth as high oil prices, rising foreign reserves and recent elections spur investor confidence. The 6.75 percent Eurobonds of Africa’s biggest oil producer due 2021 rose 0.1 percent to 104.981 cents on the dollar, the highest level since the debt was issued in January, lowering the yield two basis points, or 0.02

Nigeria to Ship 2.08 Million Barrels of Oil a Day in August

Details: Category: ECONOMY; Published on Wednesday, 22 June 2011 13:17; Written by Administrator

(Bloomberg) Nigeria, the largest oil producer in Africa, is scheduled to export 2.08 million barrels a day of 14 major crude grades in August, little changed from July, according to loading plans obtained by Bloomberg News. The country will ship 71 consignments in August totaling 64.6 million barrels, or 2.08 million barrels a day. This compares with next month’s plan to export 70 cargoes with a daily volume of 2.07 million barrels a day.

Sanusi Bows to Pressure, Backtracks on Sharia Banking

Details: Category: ECONOMY; Published on Tuesday, 21 June 2011 21:51

The Central Bank of Nigeria, (CBN) has issued new guidelines on non interest banking in order to cater for other variants of profit and loss sharing banking. In a statement by the apex bank titled: “Re: Framework for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria,” signed by the Acting Director, Financial Policy and Regulation Department, Mr. Chris O. Chukwu, explained that Islamic banking is not the only form of non-interest banking product in the country.

Nigeria to Increase Qua Iboe, Bonga Oil Shipments in August

Details: Category: ECONOMY; Published on Monday, 20 June 2011 20:14; Written by Administrator

(Bloomberg) Nigeria, a favored supplier of oil to U.S. refiners, plans to ship 12 cargoes of benchmark Qua Iboe crude in August, one more than July, according to a loading schedule obtained by Bloomberg News. Africa’s largest oil producer will also export nine cargoes of Bonny Light crude, including one of 300,000 barrels, the plan showed. This compares with the original shipping plan for July of six 950,000-barrel cargoes and one 650,000-barrel lot.

Sanusi says inflation risks still high

Details: Category: ECONOMY; Published on Monday, 20 June 2011 20:02; Written by Administrator

(Reuters) - Nigeria's Central Bank Governor Lamido Sanusi said on Monday that inflation risks in Africa's most populous state remained high and that there was no choice but to focus on tightening monetary policy. Sanusi said high food and fuel prices, coupled with high government recurrent spending, meant overall inflation would be a concern in the near-term. "I think that the indications are that ... we have to look at the money supply situation very

Nigeria; CBN Approves First Islamic Bank

Details: Category: ECONOMY; Published on Monday, 20 June 2011 17:20; Written by Elombah.com

Nigeria plans to issue its first sovereign sukuk within the next 18 months in a move aimed at boosting Islamic banking in West Africa's largest economy, Nigeria's central bank governor, Lamido Sanusi said on Monday. Sanusi said Nigeria was on track to approve its first Islamic bank and was working towards become a regional hub for Islamic banking.

Sanusi Says Tightening Alone Won’t Address Nigeria’s Rising Inflation

Details: Category: ECONOMY; Published on Friday, 17 June 2011 18:02; Written by Administrator

(Bloomberg) Nigerian Central Bank Governor Lamido Sanusi said monetary tightening alone won’t address accelerating inflation in the West African nation. The rising cost of imported food and unsubsidized fuel products indicate the risks to inflation are still on the upside, Sanusi said by phone yesterday from the capital, Abuja.

Nigeria Terminates Privatization of Nitel, Public Enterprises Bureau Says

Details: Category: ECONOMY; Published on Wednesday, 15 June 2011 20:43; Written by Administrator

(Bloomberg) Nigeria halted the sale of Nigerian Telecommunications Ltd. after the second-highest bidder for the state-owned company failed to meet a payment deadline, the country’s privatization agency said. Omen International Ltd. didn’t pay a $105 million bid security to show it is still interested in Nitel, as the company is known, “in spite of a grace period granted” to the end of today, Chukwuma Nwokoh, spokesman for the Bureau of Public

Nigeria to Offer $448 Million of Bonds at Auction After May Rate Increase

Details: Category: ECONOMY; Published on Tuesday, 14 June 2011 18:08; Written by Administrator

(Bloomberg) Nigeria will offer 70 billion naira ($448 million) of bonds at a monthly debt auction tomorrow, after the central bank raised its benchmark interest rate for the third time this year in May to curb inflation. The West African country will sell 35 billion naira each of debt due in 2014 and 2015, the Abuja-based Debt Management Office said in a statement published on its website. Demand for the notes due 2015 exceeded supply by the most

Blue Label pulls out of Nigeria, shifts global focus to India, Mexico

Details: Category: ECONOMY; Published on Monday, 13 June 2011 13:37; Written by Administrator

JSE-listed technology services company Blue Label Telecoms has decided to terminate its business activities in Nigeria and look to redeploy its resources to other international businesses, particularly its growing Indian and Mexican markets, Blue Label Telecoms joint CEO Mark Levy said on Monday. The company, which has a 36.72% stake in Africa Prepaid Services Nigeria through its 72% shareholding in Africa Prepaid Services, cited the cancellation of

Telkom Stops Funding Multi-Links Nigeria as Sale Deal Fails

Details: Category: ECONOMY; Published on Monday, 13 June 2011 13:22; Written by Sikonathi Mantshantsha

(Bloomberg) -- Telkom South Africa Ltd., Africa’s largest fixed-line telephone operator, predicted declining voice revenue and said it’s stopping funding for Nigerian division Multi-Links Telecommunications Ltd. after a deal to sell the unit’s CDMA wireless business failed. The board is ending all funding to Multi-Links, Telkom said in a filing today. Telkom had agreed to sell the unit’s CDMA business to Visafone Communications Ltd. for $52 million. “Certain

Nigeria interbank rates rise on cash reserves hike

Details: Category: ECONOMY; Published on Friday, 10 June 2011 16:45; Written by Reuters

(Reuters) - Nigerian interbank rates climbed to an average of 12.50 percent this week from 10.58 percent last week after a new rise in lenders' cash reserve requirement came into effect, traders said on Friday. The secured Open Buy Back (OBB) closed flat at 10 percent, 200 basis points above the benchmark rate and 4.0 percentage points over the Standing Deposit Facility (SDF) rate.

Nigeria uncommitted in a divided OPEC

Details: Category: ECONOMY; Published on Wednesday, 08 June 2011 22:59; Written by Administrator

Head of Nigeria's OPEC delegation Goni Musa Sheikh listens to journalists at the beginning of an OPEC meeting in Vienna, June 8, 2011. Credit: Reuters/Heinz-Peter Bade

(Reuters) In a deeply divided OPEC, Nigeria was the only party willing to side with either camp, the head of its OPEC delegation told Reuters on Wednesday. OPEC talks collapsed after a Saudi-led move to raise production for the first time in four years was met with strong opposition focussed on Iran and Venezuela. "Some wished for an increase and others felt there was a need to discuss further and watch the market for a couple of months," said Nigeria's delegation head Goni Musa.

Why Indian firms are bidding to buy up Nigeria's decrepit electrical grid

Details: Category: ECONOMY; Published on Wednesday, 08 June 2011 00:42; Written by Drew Hinshaw

(csmonitor.com) More than 200 companies – including India's Tata Group, New Jersey's Honeywell Energy, and Nigerian conglomerate Dangote Group – have signed up to own a rusty piece of Nigeria's grid. Nearly 1,000 bids have been placed by companies – some large, some small – looking to buy up one of the wonders of the modern world: Nigeria's electric grid.

Shareholders, regulator at odds on Nigeria bank deals

Details: Category: ECONOMY; Published on Tuesday, 07 June 2011 18:11; Written by Chijioke Ohuocha - Reuters

(Reuters) - Disgruntled shareholders in Nigeria's rescued lenders face a showdown with the central bank after it set a September deadline for recapitalisation deals they have gone to court to try to prevent. The central bank said last week the banks had until the end of September to reach recapitalisation deals with new investors or face liquidation if they refuse to accept funds from a state "bad bank", which would effectively mean

Essar to finance Nigerian power plant

Details: Category: ECONOMY; Published on Tuesday, 07 June 2011 08:22; Written by Administrator

(economictimes) Indian company Essar African Holdings will finance a 600-MW power plant in Cross River State in the West African nation of Nigeria, company officials say. The power plant will come up in state capital Calabar. Nigeria, with a population of more than 140 million, is said to be one of the fastest growing economies in the world. Nigeria is the biggest economy in sub-Saharan Africa and poised to become the biggest in Africa and one of the

Togo, Nigeria Lead in Deforestation Rates, Timber Organization Study Shows

Details: Category: ECONOMY; Published on Tuesday, 07 June 2011 00:50; Written by Alex Morales

(Bloomberg) Togo, Nigeria and Ghana have the biggest rates of deforestation out of 65 nations, according to a study described by its authors as the most comprehensive analysis of tropical forests. Togo lost an average of 5.75 percent of its forests a year from 2005 through 2010, according to the study, published today by the wood products trade group, the International Tropical Timber Organization in Yokohama, Japan. Nigeria posted a 4

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