Nigeria in 1min: Economic, Business & Financial Headlines – 090517



May 9, 2017 7:00 AM / Proshare News 

Nigerian Economy Gathers More Momentum - A review of the latest Purchasing Managers’ Index (PMI) that the Central Bank of Nigeria (CBN) published for the month of April 2017 suggests that the Nigerian economy is on the way out of recession. Source Proshare Read More 

Nigeria Seeks $5.2 Billion From World Bank for Power Industry - Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. Source Bloomberg Read More 

FG offers two, three years savings bonds at 13.1%, 14.1% - The Federal Government on Monday offered for subscription two-year savings bond at 13.18 per cent and three-year savings bond at 14.18 per cent, the Debt Management Office (DMO) has said. Source THE NATION Read More 

FG sets up committee on N200bn pension debt - The Minister of Finance, Mrs. Kemi Adeosun, on Monday inaugurated an inter-ministerial committee to review all pension liabilities of the Federal Government and come up with strategies to offset them. Source Punch Read More

FG disburses N9.08 billion to Southeast farmers - The Bank of Industry (BOI) has said that the N9.08 billion injected into agriculture in the Southeastern part of the country was in line with Federal Government’s food programme for the country. Source Guardian Read More 

FG says funds to pay N56,000 minimum wage, allowances not available - The prospect of N56,000 minimum wage for Nigerian workers may not materialise until allowances of federal workers are cleared. This comes as the Federal Government has declared that it lacks funds to pay the backlog of allowances owed federal workers. Source BUSINESSDAY Read More 

FCTA Disburses N2.12bn to Six Area Councils - The six area councils in the Federal Capital Territory (FCT) and other stakeholders have received N2.12 billion from the FCT Administration as share of statutory allocation for the month of March. Source Punch Read More 

‘MMA2 processed 20m passengers, 400,000 flights in 10 years’ - Managing Director and Chief Executive Officer (CEO) of Bi-Courtney Aviation Services Limited (BASL), Captain Jari Williams has disclosed that the Murtala Mohammed Airport two (MMA2) processed 20m passengers in 10 years. Source Daily Trust Read More 

‘Investment in Lekki Free Trade Zone hits N4.55tr’ - The Lagos State government has said investment in the Lekki Free Trade Zone has hit about N4.55 trillion. Source THE NATION Read More 

Railway concession: GE to bring 20 locomotives, 200 wagons – Amaechi - Ahead of the proposed concession of the Nigeria Railway projects to General Electric (GE), the Minister of Transportation, Mr. Rotimi Amaechi yesterday met with railway workers assuring them of safety of their jobs.  Source Daily Trust Read More 

Domestic flight operations decline by 67% in first quarter – NCAA - The Nigerian Civil Aviation Authority on Monday said domestic flight operations declined by 67 percent in the first quarter of 2017, compared to the same period last year.Source Punch Read More 


NSEASI Sustains Uptrend With +0.70% Gain; Extends Six-Day Gaining Streak - Equities market closed today on a positive note, as NSE ASI appreciated by +0.70% to close at 26,418.33 basis points, as against +0.26% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.70%. Source Proshare Read More

NASCON plans new products as shareholders laud Company on dividend payout - The Management of NASCON on Thursday assured shareholders of bumper returns on their investment in the company as it has concluded arrangements to roll out more products before the end of this year. Source Proshare Read More  

NSE Automates Rights Trading and Settlement - The Nigerian Stock Exchange (The NSE or The Exchange) is pleased to announce the automation of Rights trading and settlement with effect from May 8, 2017. With this, shareholders can sell subscription rights both efficiently and at fair prices. Source Proshare Read More  

Stanbic IBTC Asset Management Consolidates Leadership Position - Stanbic IBTC Asset management has grown its assets by about 24% in the first quarter of 2017 to cement its position as Nigeria’s largest mutual fund company by asset. Source Proshare Read More  

NSE Delists UTC Nigeria Plc and 3 Others - The delisting of the afore-listed companies was approved by the Quotations Committee of the National Council of The Nigerian Stock Exchange (QCN) on Friday, 24 February 2017. Source Proshare Read More 

Dangote raises fraud alert on “Happy World Meal Gate” - The Dangote Group has raised alarm over a Ponzi scheme in circulation alleging partnership between the “Dangote brand, Nestle, Cussons and other reputable food processing companies” in launching a multi-level marketing initiative that intends to “fight hunger, poverty and stop recession” by paying participants in food. Source Proshare Read More 

SEC Dissolves Ikeja Hotels Plc Board; Appoints Interim Board - The Securities and Exchange Commission (SEC) has announced the dissolution of the board of Ikeja Hotels Plc due to unresolved internal crisis involving some majority shareholders of Ikeja Hotels Plc. Source Proshare Read More 

Naira to Appreciate Ahead of Heavy Injection of FX by CBN as FX availability excites manufacturers - Strong indications emerged over the weekend that the Central Bank of Nigeria (CBN) is set to inject more foreign exchange through intervention segments of the market thereby heightening expectations that the Naira will appreciate significantly during the week. Source Proshare Read More  

GTI 5 Weekly Stock Picks -080517 - The Nigerian equity market on Friday ended the week in the positive position with a gain of 0.26%, extending bullish run to six days in a row. Similarly, market breadth closed positive recording 28 gainers against 8 losers. Source Proshare Read More  

Fitch Downgrades Nigeria's Seven Energy to 'C' - Fitch Ratings has downgraded Nigeria-based Seven Energy International Limited's Long-Term Issuer Default Rating to 'C' from 'CC' following the non-payment of a material financial obligation. Simultaneously, Fitch has affirmed wholly owned subsidiary Seven Energy Finance Limited's USD300 million 10.25% senior secured notes due 2021 at 'C' with an 'RR6' Recovery Rating. Source Proshare Read More 

Total Nigeria Q1 2017 Result Review - Neutral Rating Maintained - Total’s Q1 2017 PBT of N4.3bn was up 11% y/y and beat our estimate by 14%. Sales were ahead by much more, but partially offset by higher costs for imported petroleum products which led to a -371bps y/y contraction in gross margin. Source Proshare Read More 

Marginal fields bid round to commence this month - Kachikwu - The federal government recently paid $400 million as part settlement of an outstanding 2016 joint venture cash call debts it owes international oil companies (IOCs), could you explain more on this? Source Daily Trust Read More 

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm - The Nigerian National Petroleum Corporation (NNPC) has awarded the construction of Ajaokuta- Kaduna-Kano Gas pipeline to a Chinese company-China Petroleum Group Engineering Co., Ltd (CPGE). Source Daily Trust Read More 

Nigerian oil sales slow as uncertainty surrounds DSDP - Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017. Source Punch Read More 

Oil Prices Rise after Hint of Longer Extension to OPEC Cut - Crude oil prices rose on Monday, reversing earlier losses, after the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members said they were considering extending their existing supply deal possibly into 2018, which helped offset the bearish impact of more increases in United States crude out output. Source Thisday Read More 

Global conventional oil discoveries drop to record low in 2016—Report - Global conventional oil discoveries fell to a record low in 2016 as companies continued to cut spending. Also, the number of conventional resources sanctioned for development last year reached their lowest level in more than 70 years, the International Energy Agency, IEA said. Source Vanguard Read More 

Over 40% of electricity diverted, stolen – Abuja DisCo - Abuja Electricity Distribution Company (AEDC) has said over 40 per cent of the energy generated is diverted and stolen by some disreputable individuals. Source Daily Trust Read More 

Fashola: DisCos’ poor remittance nearly collapsed power sector - The Minister of Power, Works and Housing, Mr Babatunde Fashola has scolded the Distribution Companies (DisCos) saying their poor remittance nearly collapsed power generation before the N701.9 billion intervention fund from the Central Bank of Nigeria (CBN). Source Daily Trust Read More 


Parts of Asia Will Grow Old Before Getting Rich, IMF Warns - Asia’s rapidly aging population means the region is shifting from being the biggest contributor to the global workforce to subtracting hundreds of millions of people from it, according to the International Monetary Fund. Source Bloomberg Read More 

Chinese Stocks Head for Longest Losing Streak in Three Years - Chinese stocks fell, with the benchmark equity index heading for its longest losing streak since December 2013 as the government cracks down on leverage in the financial system. Source Bloomberg Read More 

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018 - Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes. Source Bloomberg Read More 

Libya Adds to OPEC's Burden as Output Reaches Highest Since 2014 - Libya is pumping the most oil since October 2014 as the OPEC member restores output amid progress in mending the nation’s political divisions. Source Bloomberg Read More 

Taxation of entertainers and sportsmen in Nigeria: What, how and where? - It is trite that around the world, entertainers and sportsmen are some of the highest paid individuals. Their sources of income are vast, ranging from performance and appearance fees to endorsement deals, royalties from image rights, tournament participation fees, etc. Source Proshare Read More 


Drop in internet subscription on GSM platforms - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 90.0 million in March, representing a y/y contraction of -2.5%. Source Proshare Read More

South Africa's MTN to invest $295 mln in Iranian Net broadband network - South Africa's MTN Group has agreed to invest more than $295 million in Iranian Net, a fixed line broadband network in which it is to buy an initial 49 percent stake. Source Reuters Read More





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