Nigeria in 1min: Economic, Business & Financial Headlines – 130617



June 13, 2017 7:40 AM / Proshare News 

125,790 Cases of Reported Offences Recorded in 2016 - NBS - Crime Statistics on reported offences reflected that a total of 125,790 cases were reported in 2016. Offence against property has the highest number of cases reported with 65,397 of such cases reported. Source Proshare Read More 

May 2017 Headline Inflation to decline sharply to 16.1% - Our forecast for headline inflation in May is likely to confound many. This is because a decline of over 100bps to 16.1% may not reflect the price reality. Source Proshare Read More  

FG Spends N7.1trn On Debt Service In 8 Years - The federal government has spent a whopping N7.1 trillion on debt servicing alone in the last eight years Source Leadership Read More 

Growth in Africa to reach 3.4 pct in 2017, 4.3 pct in 2018: OECD, AfDB - The Organisation for Economic Co-operation and Development (OECD) and the African Development Bank (AfDB) expect economic growth in Africa to pick up this year and next. Source Reuters Read More 

Air Peace, FAAN bickering continues over N7m debt - The bickering between the Federal Airports Authority of Nigeria (FAAN) and Air Peace continued yesterday with the airline accusing the latter of sponsoring falsehood aimed at tarnishing its corporate image. Source Daily Trust Read More 

Arik Secures Major Investor to Offset AMCON, Other Creditors’ Debts - The controversy rocking Nigeria’s major carrier, Arik Air, may soon be over as the shareholders are now deeply in discussion with a major investor, who would take over significant shares from the company and provide the funds to offset the debts of the airline owed to Asset Management Corporation of Nigeria (AMCON) and other creditors. Source Thisday Read More 


Nigerian Stock Market Opens The Week Negative as NSEASI Dips by -0.12% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.12% to close at 33,235.28 basis points, as against +1.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.67%. Source Proshare Read More  

Afrinvest Stock Recommendation for the week - 120617 - The Nigerian equities market appreciated 6.1% W-o-W to close at 33, 276.68 points while YTD gain improved to +23.8%. Source Proshare Read More

SEPLAT Petroleum Development Company Plc Issues Operations Update - Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today issues an operations update. Source Proshare Read More

The better news on external debt - In stark contrast to the challenging burden of its sovereign domestic debt service, the data for Nigeria’s external obligations are comforting. Source Proshare Read More  

International Breweries Plc Reports Q4 2017 Results - Operating Expenses Grew by 115% YoY - Late last week, the NSE published International Breweries’ Q4 2017 (end-Mar) results which surprised positively. Source Proshare Read More  

GTI 5 Weekly Stock Picks - 120617 - The Nigerian equities market on Friday gained 1.03%, ending the week in the green and also extending the bull-run to three trading sessions in a row. Market breadth closed positive recording 44 gainers against 17 losers. Source Proshare Read More  

Market Forces May Drive Down Interest Rate - Our review of recent macroeconomic indicators and financial developments in Nigeria suggests that market forces may soon drive down interest rates and yields on fixed income securities. Source Proshare Read More 

Investors oversubscribe UBA’s $500m Eurobond by 240% - United Bank for Africa Plc (UBA) has successfully raised USD500 million, through a debut Eurobond, which was 240% over-subscribed. Source Daily Trust Read More 

Money market deals resume bullish trend at N9.5trn in May - FINANCIAL Market Derivative Quote (FMDQ) Over the Counter, OTC, has returned to its bullish volume in the month of May 2017, recording a total transaction value of N9.49 trillion, representing a growth of 7.32 per cent from N8.79 trillion in April. Source Vanguard Read More 

Again, FG Turns to Original Builders of Refineries for 100% Restoration Exercise - The federal government is again contemplating inviting the original builders of the three refineries operated by the Nigerian National Petroleum Corporation (NNPC) in Kaduna, Warri and Port Harcourt, to undertake their planned restoration to their nameplate capacities, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has disclosed. Source Thisday Read More 

Oil Prices Rise on US Inventory Decline, Lower Saudi Exports - Crude oil rose more than one per cent Monday on signs of inventory declines in the United States and news that Saudi Arabia will limit volumes of crude to some Asian buyers in July and deepen cuts to the United States. Source Thisday Read More 

NNPC boosts power supply by 3,056mw - The Nigerian National Petroleum Corporation, NNPC, yesterday, said it supplied 689 million standard cubic feet of gas per day, mmscfd to power plants in the country in the month of March 2017 Source Vanguard Read More 

NNPC records lowest operational loss in one year - The monthly losses suffered by the Nigerian National Petroleum Corporation (NNPC) in the course of its oil and gas operations have dropped to the lowest level for the first time since March 2016. Source Daily Trust Read More 

NERC to Disband Boards of Discos over Poor Performance - The Nigerian Electricity Regulatory Commission (NERC) has initiated a regulatory proceeding that may lead to the sack of the management boards of the 11 electricity distribution companies (Discos) in the country over their poor performance, its Commissioner for Engineering Performance and Monitoring, Prof. Frank Okafor, has disclosed. Source Thisday Read More 

NBET: Benin, Niger Republics Owe Gencos $92m Electricity Bills - Electricity generation companies (Gencos) in Nigeria’s power sector are still being owed about $92,315,986.20 by their international customers for electricity supplied to them overtime, the Nigerian Bulk Electricity Trading Plc (NBET) has said. Source Thisday Read More 

Bank Charges & Recent Regulatory Guidelines - Allegations of arbitrary, unauthorised and unfair trade practices in the financial services industry continue to be a matter of much contention and acrimony. Source Proshare Read More 

KCB Group offers to take over National Bank of Kenya - KCB Group, Kenya's biggest lender by assets, has proposed to take over National Bank of Kenya through a share swap, to increase its share of the government's banking business, documents seen by Reuters showed on Monday. Source Reuters Read More 

Sudan inflation hits 35.52 percent in May - Sudan's annual rate of inflation rose to 35.52 percent in May from 34.81 percent in April, as food and energy prices continued to rise following subsidy cuts implemented in November, the Central Statistics Office said on Monday. Source Reuters Read More 

Asia Stocks Climb as Tech Rout Eases; Pound Flat - Asia-Pacific stocks advanced as the global selloff in technology shares showed signs of easing, while the pound held losses as Theresa May fought to survive the fallout from the British general election. Source Bloomberg Read More 

Safaricom Plans Mobile-Money Roll-Out After Vodafone Stake Sale - Safaricom Ltd. may expand its popular mobile-banking service M-Pesa into countries such as Nigeria and Angola, as East Africa’s biggest company grapples with regulatory scrutiny in its home market of Kenya. Source Bloomberg Read More 

Bank of Canada Rate Hike Signal Sends Loonie Higher - The Bank of Canada offered its strongest signal yet that it’s ready to raise interest rates as the economy gathers steam, in surprise comments that sent the Canadian dollar and bond yields soaring. Source Bloomberg Read More 

America's Stubborn Oil-Supply Glut Catches Funds Off Guard - Hedge funds boosted bets on a rally just before West Texas Intermediate prices tanked from a report showing surging American stockpiles. Wagers rose 7.3 percent to the highest since April in the week through June 6, U.S. Commodity Futures Trading Commission data show. Source Bloomberg Read More 

Trump Travel Ban Loses Again as Supreme Court Showdown Looms - A second federal appeals court upheld the block on President Donald Trump’s proposed travel ban as the U.S. Supreme Court considers whether to take up the administration’s request to reinstate it. Source Bloomberg Read More 

Saudis accelerate plans for renewable energy - The Saudi government is making good on its pledge to introduce solar and wind power into the kingdom's energy mix so that renewable energy becomes a growing part of the feedstock for the country's electricity genera­tion. Source UPI Read More 


‘Active telecom subscribers declined by 3.2m in April’ - The Nigerian Communications Commission (NCC) has disclosed that active telecommunication subscribers have reduced from 152,467,198 in March, 2017 to 149,249,510 in the month of April. Source Daily Trust Read More 





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