Nigeria in 1min: Economic, Business & Financial Headlines – 051017


October 5, 2017 7:10 AM / Proshare News 


N701.85bn Gross Revenue Generated in July 2017 - The fiscal statistics on government revenue and expenditure for July 2017 reflected that total gross oil revenue was put at N362.43bn as against N254.02bn in June 2017.  Source Proshare Read More 

PTAD discovers 15,600 ghost pensioners on FG’s payroll - The Pension Transitional Administration Directorate (PTAD) says it has discovered and removed 15,600 ghost pensioners from the Federal Government payroll. Source Guardian Read More 

An Unexpected Revival in the FAAC Payout - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government recovered in September (from August revenues) to N638bn (US$2.08bn) from N468bn. Source Proshare Read More 

Sweet Spot for World Economy Won't Last Beyond 2018 - The global economy has improved markedly this year and is on course to record its fastest expansion since 2010, but the current favourable mix of strong growth and highly-accommodative macro policies could be as good as it gets, says Fitch Ratings in its latest Global Economic Outlook (GEO). Source Proshare Read More 

United States gives additional $17million to reduce poverty in Nigeria - The United States Agency for International Development (USAID), on Wednesday, said it has given Nigeria an additional $17 million in development assistance to fulfill the goals outlined in its 2015 Development Objectives Assistance Agreement with the Government of Nigeria. Source BUSINESSDAY Read More 

Lagos, Stakeholders Endorse 14-Point Resolution to End Apapa Gridlock - After ordering all articulated vehicles to stay away from the state, the Lagos State Government and other stakeholders have agreed to a 14-point resolution to restore order and sanity to Apapa where the nation’s busiest seaports and oil depots are all located. Source Thisday Read More 

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CBN disburses N44bn to farmers  - The Central Bank of Nigeria (CBN) has disbursed N43.92 billion to active farmers under the CBN Anchor Borrowers Programme (ABP) since its inception on November 17, 2015. Source Daily Trust Read More 

CBN recovers N50bn banks’ excessive charges - Efforts to ensure Deposit Money Banks (DMBs) play by the rules are yielding significant yielding as the Central Bank of Nigeria (CBN) has recovered over N50 billion excessive charges. Source Vangaurd Read More 

Testimony On Examining US SEC's Agenda, Operation and Budget Before HoR Committee On Financial Services -Testimony On Examining The SEC's Agenda, Operation, And Budget, SEC Chairman Jay Clayton, Washington D.C., Oct. 4, 2017, Before The Committee On Financial Services, United States House of Representatives  Source Proshare Read More 

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NSEASI Inches Up by +0.15% to Resume Uptrend; Market Breadth Closes Positive - Equities market closed today on a positive note, as NSE ASI appreciated by +0.15% to close at 35,358.57 basis points as against -0.38% depreciation recorded previously. Source Proshare Read More 

NSE CEO Welcome Address at 2017 Market Data Workshop - I am pleased to welcome you to the 2nd edition of The Nigerian Stock Exchange (NSE) Market Data workshop. Leveraging on the strides achieved in the maiden edition held in 2016 Source Proshare Read More 

NSE Suspends Trading In the Shares of Four Listed Companies - The suspension of the four-listed companies will only be lifted upon the submission of the relevant accounts, provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. Source Proshare Read More 

#NSEMDW2017 explores Market Data as bedrock for wealth creation in Nigeria - Stakeholders in the Nigerian capital market eco-system, under the platform of the Nigerian Stock Exchange gathered for the second edition of the “Market Data Workshop”, as part of efforts to increase awareness on the critical role of Market Data in making sound investment decisions on both the buy and sell sides. Source Proshare Read More 

PZ Cussons Q1 2018 Results Showed a Loss after Tax on Input and Operating Cost Pressure - PZ Cussons yesterday released its Q1 2018 results (end-August) which showed a loss after tax on input and operating cost pressure. Source Proshare Read More 

Seplat Plc Announces Closed Period on Share Dealings - Pursuant to Clause 17.2 of the Amendments to the Listings Rules (the “Rules”) of the Nigerian Stock Exchange (the “Exchange”), please be notified that Seplat Petroleum Development Company Plc (“SEPLAT”) will be in a Closed Period for its Persons Discharging Managerial Responsibilities (“PDMRs”) and Insider Source Proshare Read More 

FG to raise N230bn bonds in Q4 –DMO - NIGERIA plans to raise between N270 billion and N330 billion ($857 million – $1.1 billion) in local currency-denominated bonds in the fourth quarter of 2017, the Debt Management Office (DMO) said on Wednesday. Source THE SUN Read More 

835.58m Crude Oil Processed from 1997 to 2014 - The petroleum statistics on crude oil production and oil refining reflected that a total 32.70bn barrel of crude oil valued at N118.49trn has been produced between 1961 and 2014. Source Proshare Read More 

Kachikwu/Baru feud: Presidency keeps mum, Senate to probe NNPC boss - Twenty-four hours after a letter he wrote to President Muhammadu Buhari was made public, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday joined his colleagues for the weekly Federal Executive Council meeting at the Presidential Villa, Abuja. Source Punch Read More 

NNPC reopens Ibadan depot - The Group Managing Director, Nigeria National Petroleum Corporation, Maikanti Baru, on Wednesday reopened the NNPC depot in the Apata area of Ibadan, Oyo State after some years of inactivity. Source Punch Read More 

Saudi King Seeks Oil-Pact Extension on 'Epochal' Russia Visit - Saudi King Salman bin Abdulaziz is beginning an historic first visit to Russia by a monarch of the Gulf kingdom as he seeks an understanding with President Vladimir Putin to extend an agreement curbing oil supplies. Source Bloomberg Read More 

Putin says oil cut deal with OPEC could last to end of 2018 - Russian President Vladimir Putin said on Wednesday a deal between OPEC and other oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested till now in the bid to curb a supply glut. Source Reuters Read More 

Cheap Option to the Oil Sands Emerges as Hot Play in Canada - There’s a land grab quietly taking place in a little-known corner of the Canadian oil sands. Source Bloomberg Read More 

PENGASSAN, NUPENG plan nationwide strike over N800b debt - Petroleum and Natural Gas Workers Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG) have vowed to go on strike if the Federal Government delay in the payment of N800 billion subsidy arrears to oil marketers. Source Guardian Read More 

Federal Government approves N26 billion to pay debt owed DISCOs by MDAs - The Federal Executive Council (FEC) yesterday approved N26 billion to facilitate the payment of accumulated debt owed electricity Distribution Companies (DISCOs) for power consumed by Ministries, Departments and Agencies (MDAs). Source Guardian Read More 

Nigerian manufacturers self-generate 13,223MW of power - As persistent power outages continue to haunt industrial zones, causing production shortfalls and raising cost, Nigerian manufacturers are increasingly generating power on their own, with annual self-generating capacity in the industry put at 13,223 megawatts. Source BUSINESSDAY Read More 

Fashola says DISCOS owe FG N500bn - The Federal Executive Council yesterday put the indebtedness of power distribution companies DISCOS, to the Nigerian Bulk Electricity Trading Company NBET, a subsidiary agency of the Federal government at N500bn. Source BUSINESSDAY Read More 

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South African Banks Urge KPMG to Produce Results of Gupta Probe - Nedbank Group Ltd. and Investec Plc are among South African lenders stepping up pressure on KPMG LLP to provide the results of an independent investigation into the work it did for the politically connected Gupta family. Source Bloomberg Read More 

Ghana's Banks Need More Cash Than Its Markets Can Provide - Ghana’s banks face a daunting race to meet new capital rules by the end of next year. Source Bloomberg Read More 

Only One Major Asian Stock Market Has Shrunk This Decade - Australia’s economy has grown faster than its developed-world peers over the past decade, uniquely avoiding a recession. That means its stock market has grown handsomely too, right? Source Bloomberg Read More 

Trump Speaks and a $3.8 Trillion Market Hears an Existential Threat - Even before Wall Street awoke, Wednesday looked like a wild day for the nation’s $3.8 trillion municipal-bond market. Source Bloomberg Read More 

Vodacom Slumps on South Africa Probe of Treasury Contract - Vodacom Group Ltd. slumped the most in more than seven years after South Africa’s antitrust regulator started a probe into a contract with the National Treasury that may constitute an abuse of market dominance. Source Bloomberg Read More 

Ford to Slash $14 Billion in Costs Under New CEO - Ford Motor Co. will cut $14 billion in costs and drop some car models from its lineup under Chief Executive Officer Jim Hackett, who’s focusing the company’s future on sport utility vehicles, trucks and electrification. Source Bloomberg Read More 

Toronto Housing Prices Fall for a 4th Straight Month - Toronto housing prices fell for a fourth month in September as sales remained sluggish, particularly in the detached-home segment that has borne the brunt of the correction in Canada’s biggest city. Source Bloomberg Read More 

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Solar power is the fastest growing source of global energy - Solar power was the fastest-growing source of global energy last year, overtaking growth from all other forms, according to the International Energy Agency (IEA). Source Engadget Read More 

Motion-controlled robot performs delicate microsurgery - Surgeons in the Netherlands recently performed a procedure requiring immense precision as it's carried out on super tiny blood and lymphatic vessels. Source Engadget Read More 


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