Nigeria in 1min: Economic, Business & Financial Headlines – 060617



June 6, 2017 7:10 AM / Proshare News 


Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS - In Q4 2016, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 81.15 million from 80.67 million in Q3 2016, representing an increase of 0.6% in the labour force during the quarter.  Source Proshare Read More 

Nigeria’s debts rise to over N19 trillion - Nigeria’s debt stock rose to N19.15 trillion ($62.91 billion at the official exchange rate of N304.4) as at March 31, 2017, against N17.36 trillion at the end of December 31, 2016. Source Guardian Read More 

External reserve falls by $535m in May - THE nation’s external reserve recorded its second monthly decline of $535 million last month. This came as the Central Bank of Nigeria (CBN) had intervened in the foreign exchange market by selling $6.84 billion from January to last month. Source Vanguard Read More 

Nigeria's PMI - Broad economic improvement in May - Nigeria’s economic environment improved in May, according to the Central Bank of Nigeria’s Purchasing Managers’ Index (PMI) with both manufacturing (52.5) and non-manufacturing (52.7) sectors expanding in the past month – a first since December 2015.Source Proshare Read More 

Anambra Revenue Service seals bank over N2bn debt - The Anambra State Internal Revenue Service (AIRS) has sealed some branches of Eko Commercial Bank in the state over alleged N2 billion tax default. Source Daily Trust Read More 

Firms face high debt risks for default - Companies operating in Nigeria with the history of default in paying their income taxes, will succeed in paving the way for higher tax debt, as the new administration of penalty and interest rates regime becomes effective on July 1. Source BUSINESSDAY Read More 

NBC expends $26 million for procurement of boxes for NTA’s digital switch-over - Modibo Kawu, the Director General of the National Broadcasting Commission (NBC), yesterday said the commission has expended a sum of $26 million to procure 620,000 set-up boxes for Nigerian homes. Source BUSINESSDAY Read More 

Nigeria requires N31tr not N7tr budget — Expert- Nigeria required N31trillion annually to address the current infrastructural deficit facing the country, an economic expert, Dr Doyin Salami has said. Source Daily Trust Read More 

BPE: FG yet to allot equity to Disco staff - The Federal Government is yet to allot the 10 per cent equity shareholding in the privatised power distribution companies to its workers because some state governments have not responded to the request by the Nigerian Electricity Regulatory Commission (NERC) to provide details of their investments in the distribution companies prior to their privatisation. Source Daily Trust Read More 

Reps seek N989.8b for takeoff of erosion control commission - As the world celebrated the 2017 World Environment Day yesterday, members of the House of Representatives pushed for the establishment of a commission to control and manage erosion across the country. Source Guardian Read More 

BPE to list privatised firms on Stock Exchange - The structure of the reform and privatisation process by the Bureau of Public Enterprises (BPE) envisages listing of privatised enterprises as the final outcome, its Director-General, Alex A. Okoh, has said. Source Guardian Read More 

NAFDAC Says EU Rejected 24 Nigeria Exported Products In 2016 - The National Agency for Food And Drug Administration and Control (NAFDAC), says European Union (EU) rejected 24 exported food products from Nigeria in 2016 for failing to meet standards. Source Leadership Read More 

Nigerian firm, Boeing sign $20bn aviation investment pact - Springfountain, one of Nigeria’s leading aviation infrastructure firms, and aircraft manufacturer, the Boeing Company of the United States, have signed a strategic agreement that will lead to a $20bn investment in the Nigerian aviation industry in the next few years. Source Punch Read More 

‘Africa losing $80bn annually to illicit financial flows’ - The Chair, International Anti-Corruption Conference Council, Akere Muna, on Monday stated that Africa was losing between $50bn and $80bn annually through illicit financial outflows. Source Punch Read More 

Nigeria must spend N31tn annually on infrastructure – Experts - Economic experts have said the amount being allocated to infrastructural development by all tiers of government in the country is grossly inadequate. Source Punch Read More 

Innoson Laments Govt’s Low Patronage of Made-in-Nigeria Vehicles - The Chairman of Innoson Vehicle Manufacturing Company Ltd (IVM), Innocent Chukwuma, has appealed to the federal and state government institutions to increase the level of patronage of the vehicles manufactured by the indigenous company. Source Thisday Read More 


SEC Threatens to Revoke Registration of Inactive Operators - The Securities and Exchange Commission (SEC) has said it will revoke the registration of about 400 capital market experts or professionals who do not comply with the directive to provide updated information of their companies by July 31, 2017. Source Thisday Read More 

NBET to Repay CBN’s N701bn Power Intervention Fund in 10 Years - The Nigerian Bulk Electricity Trading Plc (NBET) will have up to 10 years to repay the N701billion financial facility obtained from the Central Bank of Nigeria (CBN) to guarantee payments for electricity generated by the generation companies (Gencos) for the next two years, a federal government memo has disclosed. Source Thisday Read More 


Afrinvest Stock Recommendation for the Week - 050617 - The Nigerian equities market appreciated 7.9% W-o-W to close at 31, 371.63 points while YTD return strengthened to +16.7%. Source Proshare Read More

Seplat Petroleum Devt Company Q4 2016 & Q1 2017 Results Review - A Change in Fortunes on the Cards - Seplat Petroleum Development Company’s (Seplat) Q1 2017 results were hurt by disruptions to the third-party operated Trans Forcados System (TFS), the company’s major export pipeline route. Source Proshare Read More  

NIPCO Gets SEC's Approval to Buy-out Mobil Shareholders - Following the successful acquisition of 60 per cent equity stake of Mobil Oil Nigeria Plc by Nipco Investment Limited (NIL) from ExxonMobil Oil Corporation, the company has applied to regulators to acquire additional shares from minority shareholders. Source Proshare Read More  

Nigerian Stock Market Opens the Week Positive as NSEASI Records +3.85% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +3.85% to close at 32,578.38 basis points, as against +3.49% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +21.22%.Source Proshare Read More  

Market Rally Signals Equity Capital Raising - The recent rally in the equity market has opened a window for the quoted companies to raise equity capital to finance their expansion projects. Source Proshare Read More 

GTI 5 Weekly Stock Picks - 050617 - The Nigerian equity market on Friday gained 3.49%, to continue movement in the positive territory. Similarly, market breadth closed positive recording 51 gainers against 7 losers. In summary, the All Share Index (ASI) gained 1057.49 absolute points, representing a growth of 3.49% to close at 31,371.63 points. Source Proshare Read More 

FX rates near convergence as CBN pumps in $190m - Following another injection of $190 million into the market by the   Central Bank of Nigeria (CBN) yesterday, the rates at the Foreign Exchange (FX) market are heading towards convergence as both the interbank and Bureau de Change segments traded side by side yesterday. Source Daily Trust Read More 

NNPC monthly fuel import now 1.3bn litres - The Nigerian National Petroleum Corporation (NNPC) has stepped up importation of refined petroleum products to address unforeseen short fall in supply following the stoppage of fuel importation by private oil marketers. Source Daily Trust Read More 

Reps committee indicts NNPC, CBN, FIRS in oil proceeds probe - A House of Representatives ad-hoc panel yesterday grilled officials of the Nigeria National Petroleum Corporation (NNPC) and the Central Bank of Nigeria over the sum of $17bn allegedly stolen from proceeds of Nigeria’s crude between 2011 and 2014. Source Daily Trust Read More 

NEITI says $590bn earned from oil, gas in 15 years - The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for closer partnership with the civil society to enable it implement remedial issues contained in its reports of the oil and gas industry. Source Daily Trust Read More 

Nigeria’s oil production declines to 1,388mbd in 1Q 2017 - Nigeria’s oil production declined to an average of 1,388 million barrels per day (mbpd) in the first quarter, Q1’17, data obtained from the Organisation of Petroleum Exporting Countries, OPEC, Source Vanguard Read More 

ExxonMobil, Taleveras, Ophir Win Oil Blocks In Equatorial Guinea - Three major oil firms, including Exxon Mobil, Taleveras, and Ophir yesterday won Oil Blocks in Equatorial Guinea. Source Leadership Read More 

Ajumogobia: Shell JV Oil Blocks, Nine Divested Blocks to Expire in 2019 - A former Minister of State for Petroleum, Mr. Odein Ajumogobia has stated that all the onshore oil blocks belonging to the Shell Petroleum Development Company (SPDC) and nine other blocks sold to indigenous operators by the oil giant and its partners would expire by 2019. Source Thisday Read More 

NPDC loses N260bn as production capacity falls by 70% - The oil production subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, has been recording steady monthly losses arising from its inability to sell substantial volume of crude oil it is producing. Source Punch Read More 

Dilution of DisCos shares seen offsetting N800bn shortfall in electricity market - Experts are urging the Federal Government to dilute the shares of the core investors in Nigeria’s 11 electricity distribution companies (Discos) using the funding clause in their performance agreement as a way of resolving the current shortfalls in the electricity market, valued at over N800billion. Source BUSINESSDAY Read More 

Power supply records 16,045MW drop in May - Power supply to distribution companies, DISCOs, witnessed a reduction of 16,045 megawatts, MW, in May, according to the daily operational report of the Nigerian Electricity System Operation, NESO, obtained by Vanguard Sweetcrude. Source Vanguard Read More 

Australia's Central Bank Leaves Key Interest Rate Unchanged at 1.50% - Source Bloomberg Read More 

China's $17 Trillion Debt Mountain Isn't as Scary as It Looks - There’s been no shortage of bad news when it comes to China’s massive debt pile, from turbulence in the corporate bond market to last month’s sovereign rating downgrade by Moody’s Investors Service. Source Bloomberg Read More 

Oil Slips as Gulf Diplomatic Clash Seen to Have Limited Impact - Oil dropped to the lowest level in more than three weeks as the market refocused on glut concerns after a diplomatic clash involving Saudi Arabia and Qatar was seen as having a limited impact on supply. Source Bloomberg Read More 

The Cost of Renting a London Home Is Falling Fast - The cost of renting a home in the U.K. capital fell the most in eight years in May as a glut of rental properties came onto the market and affordability issues led Londoners to seek cheaper accommodation. Source Bloomberg Read More 

Egypt allocates $8 bln for fuel subsidies in FY 2017-18 budget -  Egypt has allocated 145 billion Egyptian pounds ($8 billion)for fuel subsidies and 80 billion pounds for electricity subsidies in its budget for the 2017-18 fiscal year beginning in July, a cabinet statement said on Monday. Source Reuters Read More 

Gold hits highest in over 6 weeks as US jobs data disappoints - Gold held steady after hitting its highest in over six weeks earlier on Monday, buoyed by disappointing U.S. jobs data that appeared to dilute the prospects for an aggressive string of interest rate hikes in the United States. Source Reuters Read More 

Affordable Luxury Developments and Investment Opportunities with Oak Homes - Oak Homes Limited has increased its offerings across various needs in its areas of operations; which include Ikoyi, Victoria Island and Victoria Island Annex (Oniru), Lagos. It currently has ongoing developments of Luxury flat apartments, Detached, Semi-detached and Terrace duplexes with affordable prices. Source Proshare Read More

6 Most Attractive Benefits of Buying and Investing in Empire Queen's Victoria Island - The Empire Queen's Apartments is an iconic project located on 49, Olosa Street, opposite Eko Hotels & Suites, off Adetokunbo Ademola Road, Victoria Island. Source Proshare Read More 


We’re still discussing with banks – Etisalat - Etisalat Nigeria has said that it is still in discussions with its lenders regarding existing obligations under the syndicated loan agreement signed in 2013. Source Punch Read More 


Related News