News headlines

Naira gains vs US dollar on the interbank, weakens at auction: The naira strengthened to N161.3 to the US dollar on the interbank market on Monday from N161.4 on Friday's close after two energy firms sold about US$91m. At the official window, the central bank sold US$200m at N156.50 to the dollar, short of the US$229.1m demanded and compared with US$200m sold at N156.31 to the dollar at the previous auction on Wednesday. (Source: Reuters)

Ecobank to seek Oceanic merger approval: Ecobank Nigeria said on Monday it would seek shareholders' approval on December 22 2011, to merge its operations with rival Oceanic Bank, after Ecobank's parent firm ETI acquired 100% of Oceanic in September. It said shareholders in the enlarged Ecobank would get 1 share in ETI for every 5.16 Ecobank shares owned. Pan-African lender ETI would then own the merged entity and Ecobank would subsequently delist from the Nigerian Stock Exchange. (Source: Reuters)

New car imports soar as credit flows recover: Nigerian new vehicle imports jumped 45.0% in the first 11 months of 2011 compared with the same period last year, as credit flows recovered after the central bank completed a round of banking sector reforms. Nigerian port figures showed new vehicle imports increased to 47,267 units in 11 months to November, from 32,634 units in the same period of last year, following the 16% y/y growth in bank credit to the private sector at the end of October. (Source: Reuters)

Nigeria’s crude output set to hit 2.8mbpd due to production at Usan field: Nigeria’s crude oil production, including condensates, is set to hit 2.8mbpd from the current level of 2.6mbpd due to the anticipated increase in crude production by Total Exploration and Production Nigeria. According to Total, its crude production is set to rise from 470,000bpd to 650,000bpd by  Q1 2012 on the back of its Usan field which will begin production with a capacity of 180,000bpd. (Source: Thisday)

FG seals N155bn investment deal with Indonesian consortium: The federal government (FG) on Monday signed a memorandum of understanding with the Barkie Group of Indonesia for the investment of N155bn (US$1.0bn) in critical sectors of the Nigerian economy. The amount will be invested in mining, rubber and oil plantations in Ogun and Akwa Ibom states over the next five years. (Source: Punch)

Fuel subsidy - importers to defend N1.43trn received: Petroleum marketing companies that benefited from the N1.43trn  (US$9.3bn) 2011 fuel subsidy payments will next week appear before the Senate to defend the amounts they were paid. The Senate joint committee investigating the fuel subsidy scheme last Friday came out with a list of over 100 fuel importers who have benefited from the subsidy programme. The committee claimed that it had discovered about 73 companies that did not qualify to participate in the process since they had no depots or tank farms as required by the guidelines. (Source: Punch)