Nigeria in 1min: Economic, Business & Financial Headlines – 120917



September 12, 2017 7:00 AM / Proshare News 


Price Pressures Resurface after Mild Cool Off - The month of August saw mixed retail price stories across our coverage segments with the overall concussion ultimately translating to an increase in the PURP index (0.7% MoM to 99.5 ppts)—with the bulk of the pressures occurring in the second and third week of the review month. Source Proshare Read More  

FG, States’ Public Debt Stock Hits N19.6tn - Nigeria’s public debt stock for both the federal government and the states as at June 30 stood at N19.63 trillion, a report by the Debt Management Office (DMO) has reveal. Source Thisday Read More 

FG approves concession of Lagos, Abuja airports - Vice-President Yemi Osinbajo says the federal executive council has agreed to concession the Murtala Muhammed Airport, Lagos and Nnamdi Azikiwe Airport, Abuja. Source News Matrics Read More 

FG, states need N700bn monthly for salaries, debt servicing – Osinbajo - Vice-President Yemi Osinbajo on Monday said that a minimum amount of N700bn must be generated and shared by the Federation Account Allocation Committee monthly to the three tiers of government to enable them to meet up with obligations of salaries payment, statutory transfers and debt servicing. Source Punch Read More 

Arik share value already eroded – AMCON - The Asset Management Corporation of Nigeria has laughed off the suit instituted by shareholders of Arik Air against the Federal Government and Ethiopian Airlines over purported talks to rescue the troubled carrier. Source Punch Read More 

Govt generates N1.2bn in 12 months from alien cards - The Federal Government generated N1.2bn in the last one year from the sale of the Combined Expatriate Residence Permit and Aliens Card to foreigners living and working in the country. Source Punch Read More 

Nigeria Issues Bills Settlement Order to Bénin, Togo for Unpaid Electricity Supply - Following a meeting with the Communauté Électrique du Bénin (CEB), an international electricity firm co-owned by the governments of Bénin and Togo, Nigeria has requested the CEB to pay up its outstanding debt for electricity supplied to it. Source Thisday Read More 


Towards the DMO’s 60 - 40 FGN Debt Target - The DMO’s medium-term strategy for 2016-19 has a target for a 60/40 mix for the FGN’s domestic and external debt obligations. Source Proshare Read More

FCMB Plc: A forgotten star? - Following a dramatic share price decline (-23% from the year-peak of N1.42), FCMB now looks attractively valued among our Tier 2 coverage and thus offers legroom for tactical play. Source Proshare Read More  

Nigerian Stock Market Maintains Downtrend to Start The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.81% to close at 35,664.94 basis points as against -0.44% depreciation recorded previously. Source Proshare Read More  

Afrinvest Stock Recommendation for the Week - 110917 - Contrary to the bearish sentiment on the local Bourse in the last week of August, sentiment improved last week at the equities market as the All Share Index (ASI) rose 1.3% W-o-W to close at 35,957.24 points, while YTD return rose to 33.8%. Source Proshare Read More  

Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan - Leading indigenous oil and gas company Oando Plc has assured shareholders that it is making progress in its restructuring plan, that will reposition the company on the path of  sustainability and profitability.  Source Proshare Read More 

CBN Injects Another $250m Into The Forex Market - The Central Bank of Nigeria (CBN), in its relentless effort to keep the inter-bank foreign exchange market liquid, on Monday, September 11, 2017 intervened with another sum of $250 million. Source Proshare Read More 

Nigeria’s top 30 listed firms earn N612 bn in Q2 2017 - Nigeria’s largest listed firms are enjoying a healthy growth in their profits despite a struggling economy. Source BUSINESSDAY Read More 

Higher Oil Production Sparks GDP Resurgence - Data released by the NBS showed that Nigeria’s economy posted a year-over-year growth of 0.55% in Q2 2017, following five consecutive quarters of economic contraction. Source Proshare Read More 

ExxonMobil to Raise 2018 JV Budget for Nigerian Fields - United States oil firm, ExxonMobil has unveiled plans to raise its budget for funding joint venture (JV) operations in Nigeria’s oil and gas fields with the Nigerian National Petroleum Corporation (NNPC) in 2018. Source Thisday Read More 

Shell Retail Looks to the Future With Car Charging, Clean Fuels - Royal Dutch Shell Plc wants 20 percent of income from its retail forecourts to come from vehicles that don’t burn diesel or gasoline, as the company anticipates an accelerating transition to clean energy over the coming decade. Source Bloomberg Read More 

Nigeria's Shoreline Energy signs $300 mln gas deal with Shell - Nigerian energy company Shoreline has signed a $300 million agreement with the local unit of Shell to develop gas infrastructure around the commercial capital, Lagos, both companies said on Monday. Source Reuters Read More 

Nigeria’s excess oil revenue rises to N610m per day - Nigeria’s excess crude oil revenue has risen by 50 per cent between August and September, 2017 following the increase of price from $49 to $54 per barrel. Source Vanguard Read More 

NNPC remits $285m to Federation Account in six months - THE Nigerian National Petroleum Corporation, NNPC, remitted $284.724 million to the Federation Account between January and June 2017 from its crude oil and gas export proceeds. Source Vanguard Read More 

NNPC plans to lift 80% of crude oil - The Nigerian National Petroleum Corporation (NNPC) is planning to allocate 80 per cent of its crude Oil lifting deal to NNPC Trading, an arm of the corporation which evolved from the merger of its trading companies. Source THE NATION Read More 

Shell, Agip to fabricate 50% topsides in Nigeria – NCDMB - Two International Oil Companies (IOCs) – Nigerian Agip Exploration Limited (NAE) and Shell Nigeria Exploration and Production Company (SNEPCO) – have concluded plans to fabricate and integrate over 50 percent of the topsides of their projects’ floating, production, storage and offloading (FPSO) vessels in Nigeria. Source Vanguard Read More 

Electricity to rise above 4,000MW as Siemens plans 3GW addition by 2020 - Nigeria’s power supply may leap over 3,000 megawatts (MW) to over 4,000 MW as Siemens Nigeria has concluded plans to add 3 Gigawatts, GW, of electricity to the national grid by 2020 Source Vanguard Read More 

FG owes us N125bn, Egbin Power Plc claims - Controversy has trailed the actual Federal Government’s debt profile to electricity generating companies (Discos) in Nigeria.While the Discos had collectively claimed that the Federal Government owes them over N400 billion for electricity generated, the Minister of Power, Works and Housing, Babatunde Fashola, said government was only able to verify N27 billion. Source Guardian Read More 

Dangote-led Presidential Flood Committee Donates N250m to Benue Victims - Presidential Committee on flood relief and rehabilitaton in which Aliko Dangote is the chairman has provided N250 million (Two hundred and fifty million) as relief assistance to victims of the devastating floods in Benue State. Source Proshare Read More 

Strong Turkish Growth Alone Not Enough to Extend Lira's Rally - Turkey’s growth outlook is improving markedly but the onus to keep a rally in the nation’s assets going still rests firmly with the central bank, according to Quaestio Capital Management SpA. Source Bloomberg Read More 

Saudi Arabia Says It's Open to Another OPEC Cuts Extension - Saudi Arabian Energy Minister Khalid Al-Falih agreed with his Venezuelan, Kazakh and U.A.E. counterparts to keep all options open in their push to re-balance world oil markets, including the possible extension of output cuts beyond next March. Source Bloomberg Read More  

iPhone-Fueled Decade Helps Tech Accelerate Past Big Oil - Apple Inc.’s ambitious upgrade to the iPhone this week comes a decade after the smartphone was unveiled, when energy companies made up half of the top 10 businesses globally and Apple was ranked much, much lower. Source Bloomberg Read More

Zambia's economy to grow 4.3 percent this year: central bank - Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank said on Monday. Source Reuters Read More 

South Africa in danger of missing 2017 growth target: Gigaba - South Africa is in danger of missing its 1.3-percent growth target in 2017 due to poor performance of major sectors of the economy that will likely restrain tax revenues, Finance Minister Malusi Gigaba said on Monday. Source Reuters Read More


Deepening Financial Inclusion: Role of Financial Journalists and Banks’ Communication Managers - Financial Inclusion simply means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. Source Proshare Read More

FirstBank Set To Disburse N15bn to Private Secondary and Primary Schools in Nigeria - It is the beginning of another school term and as students return to school after the long holidays, First Bank of Nigeria Limited remains committed to supporting schools with their business requirements to enhance preparations for the school year. Source Proshare
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Review of Daily MM Wallet Transaction and BVN Requirement for Mobile Money Wallet Holders - In line with the initiative of the Bank to enhance access to financial services through the Mobile Money Services, the daily transaction limit and balance limit on mobile money wallets have been reviewed to afford users of Mobile Money Services, more flexibility in the use of mobile money wallet. Source Proshare Read More 





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