Nigeria in 1min: Economic, Business & Financial Headlines – 130317

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March 13, 2017 7:05 AM / Proshare News 

 

PROSHARE ECONOMY
What to expect from the markets this week - 120317 - The National Bureau of Statistics (NBS) would release its inflation report for February 2017 this week. The earlier wild swings in both the nominal effective exchange rate and real effective exchange rate, which unsettled price have began to give way for a mild one. Source Proshare Read More 

Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS - The States Disaggregated Mining and Quarrying Data for 2016 reflected Nigeria produced 43,495,423.12 tons of solid minerals in 2016. Source Proshare Read More 

Domestic debt servicing gulped N1.23tn in 2016 – DMO - The servicing of Nigeria’s domestic debt gulped N1.23tn in 2016, statistics obtained from the Debt Management Office have revealed. Source Punch Read More 

Adeosun: FG releases over N1tr on 2016 capital votes - Over N1Trillion has been released for various infrastructure projects across the country in the 2016 budget the Minister of Finance, Mrs. Kemi Adeosun has said Source Daily Trust Read More 

Fitch affirms IHS negative over Etisalat Nigeria’s difficulties - Fitch Ratings says that IHS Netherlands Holdco BV (IHS, B+/Negative) faces limited risks to its operations in Nigeria following recent press reports that Etisalat Nigeria, a key customer of IHS, has missed a debt payment. Source Daily Trust Read More 

N5bn debt: FG to release names of defaulting radio, TV stations today - The Federal Government will today release names of radio and television stations who owe it N5billion license renewal fees, Daily Trust learnt last night. Source Daily Trust Read More 

FG to raise N130bn from bonds sale this week - The federal  government is planning to raise N130 billion from its third bonds sale this year on March 15, the Debt Management Office has disclosed. Source Daily Trust Read More 

FG Approves 10% Funding For N5m NHF Loans - The federal government has approved that National Housing Fund (NHF) loans of N5 million and below would attract 10% funding just as loan applicants would no longer make down payments of 10% of the house price. Source Leadership Read More 

Terms for states as N500b Paris Club refund is ready - Another London-Paris Club loan refund (about N500billion) is on the way for states— with fresh hurdles for governors. Source THE NATION Read More

Budget Padding 101: For Beginners - Every good “intellekshual” article should start with definitions. I’m afraid that, having said that, it’s all downhill from here on in. Source Medium
Read More 

Nigeria to lose crown as Africa’s largest economy - In April 2014, Nigeria proudly declared that its economic output in 2013 had hit $509bn, displacing long time dominant economy, South Africa to claim the enviable title of Africa’s largest economy. Source BUSINESSDAY Read More 

FG yet to pay revised pension rate –PenCom - About three years after the Pension Reform Act 2014 mandated an upward review of the amount required by employers to be contributed into the Retirement Savings Accounts of their employees with their Pension Fund Administrators, the Federal Government is yet to comply with the regulation. Source Punch Read More 

PROSHARE REGULATORS
Nigeria central bank governor defends policy of limiting imports - Hard currency curbs imposed by Nigeria's central bank have helped boost local food production, central bank governor Godwin Emefiele was quoted as saying by two newspapers on Sunday. Source Reuters Read More 

 

PROSHARE MARKETS
Nigerian Stock Market Records +0.09% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by 0.27% to close at 25,238.01 basis points, as against 0.74% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.09%. Source Proshare Read More 

New Security Admitted to NASD OTC - The securities of Costain (West Africa) Plc have been admitted to trade on the NASD OTC market. The company’s securities were introduced by CSL Stockbrokers Limited. Source Proshare Read More 

15 firms’ exit costs stock market N24.075bn in one year - The removal of 15 erstwhile quoted companies from the official register has had a negative impact on the Nigerian Stock Exchange, STANLEY OPARA writes Source Punch Read More 

Banks seek buyers as CBN floods market with forex - Banks  are awash with dollars, as the Central Bank of Nigeria (CBN) continues to support the naira. Source THE NATION Read More 

Monthly forex inflow into CBN drops by 414.3% in two years - … Emefiele urges Nigerians to support 41 items policy for economy’s restructuring. Source BUSINESSDAY Read More 

CBN to Auction N219bn Treasury Bills - The Central Bank of Nigeria (CBN) is expected to auction treasury bills worth N218.8 billion this week, in line with its mandate to manage the volume of liquidity in the system. Source Thisday Read More 

ALTON Cautions against Exemption of Telecoms from Priority FX Allocation - The Association of Licensed Telecoms Operators of Nigeria (ALTON), the umbrella body for all licensed telecoms operators in the country has raised the alarm of an impending danger over the subsisting Foreign Exchange (FX) regime on telecoms. Source Thisday Read More 

Unclaimed dividend drops from N117bn to N75bn -   … as SEC pays out N42bn unclaimed dividend to investors   Securities and Exchange Commission (SEC) says about N42 billion out of about N117 billion unclaimed dividends have been paid out to investors. Source BUSINESSDAY Read More 

Century Power begins 2000Mw power plant construction - Century Power Limited, a subsidiary of the Obijackson Group, owners of Nestoil Limited, plans to start the construction of a-2000megawatts (Mw) thermal power plant in Anambra State, it was learnt. Source THE NATION Read More 

Discos: N701bn Power Intervention Funds May Worsen Revenue Shortfalls - The 11 electricity distribution companies in the country under the aegis of the Association of Nigerian Electricity Distributors (ANED) have stated that the N701 billion intervention funds approved by the federal government for the power sector have the potential to worsen the revenue shortfall bedeviling the power sector. Source Thisday Read More

 

PROSHARE BUSINESS
Sudan inflation hits 33.53 pct in February - Sudan's annual rate of inflation rose to 33.53 percent in February from 32.86 percent the previous month, as food and energy prices kept rising after subsidies were cut in early November, the Central Statistics Office said on Sunday. Source Reuters Read More 

Portugal's CGD bank seeks to sell Spanish, S.African operations - Portugal's largest bank, the state-owned Caixa Geral de Depositos, plans to slash its foreign assets by half by 2020 as part of an ongoing restructuring and will prioritise selling its Spanish and South African businesses, the lender said. Source Reuters Read More 

U.K. House Prices Rise Fastest in a Year as London Rebounds - U.K. house prices rose at their fastest pace in a year last month as high-value London property showed signs of a rebound. Source Bloomberg Read More 

Exxon-BP Acquisition Talk Resurfaces: Is a Deal Really Likely? - BP Plc’s shares surged the most this year after a London newspaper reported on rumors that Exxon Mobil Corp. sounded out major shareholders over a potential takeover. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Nigeria's telecoms regulator sees deal in Etisalat debt talks - Nigeria's financial and telecoms regulator said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. Source Reuters Read More 

Transaction volumes on Remita platform hit $30bn - SystemSpecs, one of the nation’s financial technology companies and owner of Remita, says volume of transaction on its networks grew to $30 billion in 2016. Source Daily Trust Read More 

INTELS acquires N1.8b crane, largest in Africa - In line with its commitment to making Nigeria the hub of Oil and Gas logistics services in Africa, INTELS Nigeria Limited has acquired a 600-tonne Liebherr crane worth $6 million (about N1.83 billion). Source THE NATION Read More 

PROSHARE START-UPS
BoI, Kebbi to float N2bn MSMEs fund - The Bank of Industry (BoI) and Kebbi State government have agreed to set up N2 billion loan scheme to support entrepreneurship development in the state. Source Daily Trust Read More 

BoI, Diamond Bank partner on N140b loan to cooperatives, farmers - The Bank of Industry (BoI) says it has partnered Diamond Bank to provide soft loans worth N140 billion to traders, artisans, cooperatives, youth and farmers. Source THE NATION Read More 

 

 

 

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