Nigeria in 1min: Economic, Business & Financial Headlines – 030417



April 04, 2017 7:10 AM / Proshare News 

What To Expect From The Markets This Week - 030417 - The earning season has taken hold; early reports from corporate like Julius Berger, United Bank for Africa, Access Bank, Guaranty Trust Bank, Cement Company of the North have shown an accretion in revenue compared to the previous quarter. Source Proshare Read More 

Manufacturing PMI Stands at 47.7% in March 2017 from 44.6% in February 2017 - CBN - The Manufacturing and Non-Manufacturing PMI Report on businesses is derived from the data compiled from purchasing and supply executives. Survey responses indicate whether there is change or no change in the level of business activities in the current month compared with the previous month. Source Proshare Read More 

External Reserves Down by $67m as CBN Settles Matured Obligations - Nigeria’s external reserves dropped to $30.298 billion as at March 30, 2017 following settlement of matured obligations, mainly foreign exchange (FX) forwards, by the Central Bank of Nigeria (CBN).Source Thisday Read More 

Nigeria’s debt burden to hit N19.3tn by December - Analysts have cautioned the government against plunging the nation into another debt trap, even as there are plans to raise funds from external sources to finance critical infrastructure Source Punch Read More 

FAAC payments to states fall by N1.453tn — NEITI - The payments from the Federation Account Allocation Committee to state governments plunged by N1.453tn between 2013 and 2016, the Nigeria Extractive Industries Transparency Initiative has said. Source Punch Read More 

FG meets investor over modular refinery - Federal government has assured American energy investors of security and enabling environment for the takeoff of a multi-billion-dollar modular refinery project in Gbaramatu Kingdom of Delta State. Source Daily Trust Read More 

Customs to employ e-auction for seized goods - The Nigeria Customs Service (NCS), says it will soon start using electronic platform to conduct its auctions as part of measures to ensure transparency in the sale of seized goods. Source Daily Trust Read More 

Local airlines lose N39.2 billion yearly to expatriates - Local airlines are weighed down by a yearly wage bill of N39.2 billion for expatriate pilots and engineers.Some of these domestic carriers which are already in distress parade no fewer than 682 foreign pilots with cumulative wage bill in excess of N3.27billion a month. Foreign maintenance engineers are also in the excess of 300 across the board. Source Guardian Read More 

New land survey fees begin in Lagos, threaten homeownership - Hopes of cheaper construction cost and land ownership for prospective property developers may still be a pipe dream going by fresh increase in land survey fees in Lagos area by the Nigerian Institution of Surveyors (NIS). Source Guardian Read More 

Farmers seek investment as Nigeria’s cocoa production drops to 190,000mt - Nigeria’s cocoa production has dropped from 248,000 metric tonnes (MT) to 190,000MT, forcing investors and farmers to demand huge investment in the sector. Source BUSINESSDAY Read More 


We registered 1.6m shareholders under e-dividend platform – Gwarzo - Mounir Gwarzo is the Director General of the Securities and Exchange Commission (SEC). He assumed the responsibility as the head of the apex capital market regulatory body at the time the market was facing several challenges due to recession. In this interview with our reporters, Gwarzo explains his initiatives that helped attract investor’s confidence back to the market. Source Daily Trust Read More 

FX sales: We’ll sanction erring banks – CBN - The Central Bank of Nigeria (CBN) has said it will sanction severely any deposit money bank against whom legitimate forex denial to genuine customers  has been established. Source Daily Trust Read More


Corporate Earnings for the Week Ending 310317 – UBA Declares N72.26bn Profit in 2016  - During the week ending March 31st 2017, twenty-five quoted firms declared their results. Source Proshare Read More 

Union Bank plans N50b rights issue in Q2 - Union Bank of Nigeria (UBN) Plc is concluding arrangements to float a rights issue of N50 billion this quarter as the first-generation bank moves to accelerate its business growth. The new capital raising comes against the background of steady growths in key performance indicators of the commercial bank in 2016. Source THE NATION Read More 

NIPCO takes over ExxonMobil’s 60% stake in Mobil Oil Nigeria - NIPCO Investments Limited, a subsidiary of NIPCO Plc, at the weekend took over the 60 per cent majority equity stake of ExxonMobil Oil Corporation in Mobil Oil Nigeria Plc. Source THE NATION Read More 

Development Bank Takes Off With 20,000 MSMSEs - The newly-licensed Development Bank of Nigeria (DBN) will soon take off with the first 20,000 Micro, Small and Medium Scale Enterprises (MSMSEs), the managing director of the bank, Mr Tony Okpanachi has said. Source Leadership Read More 

8 Banks Earn N45bn For Maintaining Customers’ Account - For maintaining customers account in 2016, eight financial Institutions generated N45 billion upon the removal of Commission on Turnover (CoT) charges in the Banking Industry. Source Leadership Read More 

58 Insurance Firms Generate N2.1trn Gross Premium - Despite low insurance adoption in the country, the 58 underwriting companies in insurance sector have generated a whopping N2.1 trillion as gross premium income from underwriting risks in the last seven years, LEADERSHIP checks have revealed. Source Leadership Read More 

Saudi’s show urgency with Aramco as Nigeria oil reforms stall - Saudi Arabia which produces about five times Nigeria’s crude oil output is showing remarkably more urgency in reforming its economy, amid tumbling oil prices, even as Nigeria dithers. Source BUSINESSDAY Read More 

FG, Shell, Agip to Sign FID for $13.5bn Zabazaba Deepwater Project in Q2 2017 - The federal government, Shell and the Nigerian Agip Exploration Limited (NAE) will sign the Final Investment Decision (FID) for the $13.5 billion Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245 in the second quarter of this year. Source Thisday Read More 

NNPC Meets NARTO, Tanker Drivers Today over Strike - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has invited leaders of the Petroleum Tankers Drivers (PTD) section of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the National Association of Transport Owners (NARTO) to a meeting today as part of efforts to avert the strike planned by PTD, which is also scheduled to begin today Source Thisday Read More 

Electricity Supply Drops to 3,800MW - After what seems like an improvement in power generation in recent weeks, supply dropped to an average of 3,800 megawatts yesterday, THISDAY’s investigation has revealed. Source Thisday Read More 

Cross River to Build Two Megawatts Power Plants in 18 LGAs - The Cross River Government has unveiled plans to build a two megawatts power plant across the 18 local government areas in the state. Source Thisday Read More 


The Constitutional Limits of the Limited Partnership Law of Lagos State  - Lagos State made certain amendments to its Partnership Law to allow individuals to carry on business as a Limited Partnership or as a Limited Liability Partnership in Lagos State. Source Proshare Read More 

UBA to Expand to Six More African Countries - The United Bank for Africa Plc (UBA) has said it plans to extend its presence in Africa from 19 countries, Nigeria inclusive, to 25 countries by 2024. Source Thisday Read More 

Group Signs MoU with Dangote - Bontus Group of Companies has signed a Memorandum of Understanding (MoU) with Dangote Group as part of efforts to promote its dynamic nature in the production of essential commodities in the economy. Source Thisday Read More

Egypt sees March foreign reserves at over $28.5 bln, highest since 2011 - MENA - Egypt's central bank expects foreign reserves to jump to over $28.5 billion for the month of March, the highest since March 2011, a bank deputy governor told the country's state news agency MENA on Sunday. Source Reuters Read More 

Average yield on Egyptian three-month treasury bill rises, yield on nine-month bill stable - Average yields on Egypt's three-month rose while the yield on nine-month treasury bills were stable at an auction on Sunday, data from the central bank showed. Source Reuters Read More 

S.Africa local debt rating downgrade could spark $10 bln outflow -UBS - The sacking of South Africa's respected finance minister leaves the country risking a two-notch downgrade on its local currency credit rating, which would see it ejected from a key bond index and cause up to $10 billion in outflows, UBS said on Friday. Source Reuters Read More 

Tanzania plans to import 400 MW of electricity from Ethiopia - Tanzania plans to import 400 megawatts (MW) of electricity from Ethiopia to power its industrial drive, Tanzanian President John Magufuli said on Friday. Source Reuters Read More 

Fitch says South Africa's cabinet reshuffle heightens political risk - Fitch said on Friday South Africa's President Jacob Zuma's cabinet shake-up heightened political risk and signalled policy change, an outcome that risks the country's sovereign investment-grade credit ratings. Source Reuters Read More 

Four Huishan Directors Resign in Wake of Mystery 85% Stock Plunge - China Huishan Dairy Holdings Co. said its four remaining non-executive directors resigned and the company still can’t locate its treasury head, adding to concern about the indebted farm operator’s corporate governance and finances. Source Bloomberg Read More 

Australia Home Prices Rise Most in 7 Years Amid Bubble Concern - Australian house prices rose the most in almost seven years in March as the country’s housing boom accelerated. Source Bloomberg Read More 

India Bond Sales Set to Drop After Best Quarter in 5 Years - After posting their best quarter in five years, rupee bond sales by Indian companies are set to retreat in the three months to June, if history is any guide. Source Bloomberg Read More 

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink - Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo.Source Bloomberg Read More 

El-Sisi May Find Kindred Spirit in Trump in Anti-Islamist Fight - Egypt’s president beat all other world leaders to the punch when he became the first to call Donald Trump to congratulate him on his election. Source Bloomberg Read More 


Nigeria loses N127bn annually to Internet fraud - Nigeria is losing over N127bn yearly to cases of Internet frauds across all sectors of the economy, the Minister of Communications, Mr. Adebayo Shittu, has said. Source Punch Read More 






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