Nigeria in 1min: Economic, Business & Financial Headlines – 070217



February 7, 2017 6:10 AM / Proshare News 


FG Outlines Economic Recovery Plan, Targets 7% GDP Growth Rate - The federal government has outlined plans to pull the country out of recession and get it on a path of sustainable growth in the shortest possible time. Source Leadership Read More

FG secures $7. 5bn loan for Lagos-Kano rail line - Minister of Transportation, Mr Rotimi Amaechi, on Monday said Federal Government had secured 7. 5 billion dollars loan for the construction of standard rail gauge from Lagos to Kano. Source Daily Trust Read More 

Edo Assembly passes N153.2bn budget - The Edo House of Assembly yesterday passed the 2017 budget estimates of N153.2 billion for Governor Godwin Obaseki’s attention. Source Daily Trust Read More 

Abuja-Kaduna train fares rise by 50% - The Nigerian Railway Corporation (NRC) has increased the ticket fare for Abuja-Kaduna route. Source Daily Trust Read More 

Fitch rates Nigeria’s upcoming Eurobond B+ - GLOBAL rating agency, Fitch Ratings,Monday, assigned B+ ratings to Nigeria’s upcoming $1 billion Eurobond. Source Vanguard Read More 

N7.4bn allocated to NDDC in 4 years unaccounted for – NEITI - NIGERIA Extractive Indus-tries Transparency Initiative (NEITI), yesterday, said that N7.4 billion allocated to member states of the Niger Delta Development Commission (NDDC) for grass root development could not be accounted for, while twenty two of such projects valued at N1.19 billion were duplicated. Source Vanguard Read More 

Lagos -Ibadan, Ilorin-Kano rail lines to cost govt $7.6b - THE Federal Government plans to spend $6.1 billion on the construction of Ibadan-Ilorin-Minna-Kano standard gauge lines of the Nigerian Railway Corporation. Source THE NATION Read More 

Lagos needs $30b for 30 capital projects in five years - Lagos State Governor Akinwumi Ambode has said the state requires $30 billion to execute 30 capital projects in the next five years. Source THE NATION Read More 

96% of dams dysfunctional despite FG’s agric revolution claims - Despite the Federal Government’s renewed commitment to revolutionalise the agricultural sector, 96 percent of dams located across the country are dysfunctional, experts say. Source BUSINESSDAY Read More 

AFC, Others to Invest $205 in Mining - An international consortium including Africa Finance Corporation (AFC) is set to invest in Alufer Mining Limited to fund the development of Guinea-Conakry’s high grade bauxite reserves. Source Thisday Read More 

Reps summon Emefiele over $1bn forex sales by IOCs - An ad hoc committee of the House of Representatives on Monday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to explain how International Oil Companies got involved in the sale of foreign exchange to importers and marketers of petroleum products in 2016. Source Punch Read More 

Nigeria begins trade negotiations with African countries - The Federal Government will this week begin another round of negotiations with all the countries in the African region under the Continental Free Trade Agreement. Source Punch Read More 

Application of International Standard on Auditing (ISA) 701 in the Banking Sector - The attention of all banks and their external auditors is hereby drawn to the Rule 9 (Application of International Standard on Auditing (ISA) 701 - Communicating Key Audit Matters in the Independent Auditor’s Report) of the Financial Reporting Council of Nigeria (FRCN) which requires independent auditors of listed and unlisted entities to comply with the requirements of ISA 701 for audit of financial statements for periods ending on or after December 15, 2016 and June 30, 2017, respectively. Source Proshare Read More

CBN threatens to sanction banks over NCDF remittances -Money Deposit Banks, DMBs collecting payments under the Nigerian Content Development Fund without remitting same to dedicated account opened for the fund with the Central Bank of Nigeria (CBN) would be severely sanctioned,Governor of the apex bank ,Godwin Emefiele, has said. Source Daily Trust Read More 

CBN to Enforce International Standard on Auditing Rule in Banks - The Central Bank of Nigeria (CBN) monday advised all banks and their external auditors to adhere to Rule 9 (Application of International Standard on Auditing (ISA) 701 – (Communicating Key Audit Matters in the Independent Auditor’s Report) of the Financial Reporting Council of Nigeria (FRCN). Source Thisday Read More

Equities Market Records -0.83% Loss to Open the Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by 0.83% to close at 25,587.09 basis points, compared with the 0.52% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.79%. Source Proshare Read More

Skye Bank Plc Announces the Resignation of Some Executive Directors - Skye Bank has announced the voluntary resignation of some of its Executive Directors from the services of the Bank. Source Proshare Read More 

Flour Mills of Nigeria Results Review - Strong Q3'17 Results; Maintaining OP Rating - Flour Mills of Nigeria’s (FMN) Q3 2017 (end-Dec) PBT came in well ahead (+104%) of our forecast. The key drivers behind the strong results were positive surprises in sales and gross margin, which beat our forecasts by 13% and 67bps respectively. Source Proshare Read More 

ExxonMobil Earns $7.8bn in 2016, Compared to $16.2bn in 2015 - Exxon Mobil Corporation has announced estimated 2016 earnings of $7.8 billion, representing a 51 per cent decline from $16.2 billion in 2015. Source Thisday Read More 

Private Equity Emerging Market Review for WE 040217, AFC Backs Alufer Mining in $205m Deal - Here's this week's wrap of the most interesting Africa-related private equity, infrastructure and venture capital deal stories, market opinion articles and information pieces. Source Proshare Read More

NSE Records First New Listing in 2017; Proshare Launches Mobile APP - Jan '17 SSS Report - Nigeria’s Equities Market records –3.12% loss to close the month of January 2017 red as against +6.47% gain recorded in December 2016 to maintain the negative sentiment witnessed in most trading days in 2016 as the market ended the year with -6.17% loss. Source Proshare Read More

Non-performing bank loans rise to 11.7 % – GTB - The ratio of non-performing loans in the banking industry  have doubled the threshold at 11.7 percent, the experts at the Guarantee Trust Bank (GTB) has said in their 2017 Economy Outlook. Source Daily Trust Read More 

‘NDDC got N135b, $1.1b from Shell, SNEPCo’ - The Shell Petroleum Development Company (SPDC) and its subsidiary, Shell Nigeria Exploration and Production Company (SNEPCo) have contributed over N.3 trillion to the development of the Niger Delta Development Commission (NDDC) since it was established. Source THE NATION Read More 

Oil prices rise to $57.01 on weaker dollar - Oil prices rose yesterday with traders shifting money into crude futures as the dollar weakened and on concerns that new U.S. sanctions against Iran could be extended to affect crude supplies. Source THE NATION Read More 

Two coys partner on Jigawa 50MW power project - Oriental Renewable Solutions, a subsidiary of the Oriental Group at the weekend, signed  an agreement with GreenWish Partners (“GreenWish”) to co-develop the company’s solar power project in Jigawa State. Source Daily Trust Read More 

NCDMB plans forensic audit of oil industry - The Nigerian Content Development and Monitoring Board has said it will embark on a forensic audit of the nation’s oil and gas industry in a bid to ensure full compliance with the Nigerian Content Development Fund. Source Punch Read More 

Again, First Bank leads GTBank, Zenith, Access, UBA in Top 500 Global Banking Brands - First Bank of Nigeria Limited has been named as the most valuable banking brand in Nigeria in The Top 500 Banking Brands of The Banker magazine of the Financial Times  and Brand Finance, London, United Kingdom for the sixth consecutive time. Source Proshare Read More 

Tanzania says needs $46 billion in power investment by 2040 - Tanzania said on Monday it needs $46.2 billion in investment over the next 20 years to revamp ageing energy infrastructure and meet soaring demand for electricity. Source Reuters Read More 

Morocco's official jobless rate falls to 9.4 percent - Growth in service and construction industries lowered Morocco's official unemployment rate to 9.4 percent last year from 9.7 percent in 2015, the country's planning agency said on Monday. Source Reuters Read More 

‘Death Spiral’ Looms for Zimbabwe Economy as Cash Runs Out - Zimbabwe’s crippling cash shortage has left a black hole in the financial system that’s crushing the rest of the economy. Source Bloomberg Read More 

Quest for Diaspora Dollars Takes Nigerian Bank Globetrotting - Tunji Adeyemi traveled from Lagos to Britain seeking to persuade Nigerians living there to deposit their pounds in his bank’s vaults. Based on the crowds of people sitting at tables filling out forms in a Glasgow arts center, he’s finding a receptive audience. Source Bloomberg Read More 

Fairfax Said to Raise About $500 Million for New Africa Fund - Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. Source Bloomberg Read More 

Near-1,000% Debt Level to Worsen for Korean Air as Won Seen Weak - Korean Air Lines Co. ended last year with a credit rating downgrade and debt-to-equity ratio approaching 1,000 percent -- the worst among Asian full-service carriers. Investors of the money-losing airline face an even bleaker 2017 as a weaker won raises the cost of repaying foreign debt. Source Bloomberg Read More 



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