Nigeria in 1min: Economic, Business & Financial Headlines – 140617


June 14, 2017 7:00 AM / Proshare News  

N204.77bn Generated as VAT in Q1 2017 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q1 2017 reflected that the sum of N204.77bn was generated as VAT in Q1 2017 as against N207.35bn generated in Q4 2016 and N186.43bn in Q1 2016 representing 1.25% decrease Quarter-on-Quarter and 9.84% increase Year-on-Year. Source Proshare Read More   

How Businesses Can Tap Into The Solid Mineral Sector Under The ERGP - Solid minerals sector is one of Nigeria’s most promising growth sectors. Nigeria is abundantly endowed with a diversity of solid minerals of different kinds ranging from precious metals to precious stones and industrial minerals. Source Proshare Read More 

NBCC Real Estate Forum discusses Navigating Tax Issues in Nigeria - Stakeholders in the Real Estate sector in Nigeria converged today at the Nigeria-British Chamber of Commerce, to discuss "Navigating Tax Issues in the Real Estate sector in Nigeria". Source Proshare Read More  

The Nigerian Rice Conversation and the Nexus with Food Security – By Ade Adefeko - The Rice debate in Nigeria is an intense and fierce one by different players who don’t understand the dynamics and only tend to put out emotional arguments not grounded on facts and logic but aim to score cheap political points. Source Proshare Read More  

FG approves eight agencies for ports - The Federal Government has reviewed the number of agencies operating at the ports to eight, including the Nigerian Drug Law Enforcement Agency (NDLEA).Principal Manager, Public Affairs, Nigerian Ports Authority (NPA), Ibrahim Nasiru, yesterday said that eight agencies had now been approved to operate inside the ports as against the seven earlier announced by the Managing Director, NPA, Hadiza Bala Usman, during the stakeholders’ meeting on the presidential executive order in Lagos. Source Guardian Read More 

FG to present breakdown of the 2017 Budget on Monday - The Federal Government on Tuesday started a move to return the country back to a predictable January to December fiscal year with early preparation of the 2018 budget proposals, just it will present the breakdown of the 2017 Budget to the general public on Monday Source Vanguard Read More 

FG begins preparation for 2018 budget - Barely 24 hours after signing the 2017 Appropriation Bill into law, Acting President Yemi Osinbajo on Tuesday in Abuja started preparatory activities for the 2018 budget based on the Federal Government’s Economic Recovery and Growth Plan. Source Punch Read More 

Efforts on economy’ll fail if interest rates remain high – Senate - The Senate on Tuesday stated that business enterprises could not survive under the current interest rates being charged by financial institutions, which range between 25 and 30 per cent. Source Punch Read More 

Fed Govt, NSE seek $600m investment fund for mining - The Federal Government (FG) is working with the Nigerian Stock Exchange (NSE) and others to assemble a $600m investment fund for the sector, Acting President, Prof. Yemi Osinbajo has said. Source THE NATION Read More 

FIRS Generated N778.19bn in First Qtr of 2017 - The Federal Inland Revenue Service (FIRS) has said it generated N778.19 billion revenue in the first quarter of 2017. Source Thisday Read More 

FG’s Debt to Expand with N1.021tn Treasury Bills - In line with the federal government’s domestic borrowing plan, the Central Bank of Nigeria (CBN) plans to issue treasury bills worth N1.021 trillion between June and August this year. Source Thisday Read More 

Lagos releases N .698billion for Lekki Free Zone - The Commissioner for Commerce, Industry and Co-operatives in Lagos, Prince Rotimi Ogunleye, said a total of N698.47million has been so far released for infrastructural development in the Lekki Free Zone Development Company (LFZDC). Source Guardian Read More 

Porous airports, FX rates, raise cost of aviation insurance in Nigeria - Failure to meet internationally stipulated air safety and security standards is continually increasing the premium for aviation insurance in Nigeria. Source BUSINESSDAY Read More 

Ease of doing business ebbs to lowest in Apapa - The ease of doing business has hit rock  bottom in Nigeria’s premier port community of Apapa, leading to many more operators seeking alternative locations for their concerns. Source BUSINESSDAY Read More 

NERC considers options to liquidating troubled DisCos - The Nigerian Electricity Regulatory Commission (NERC) has developed new rules that could lead to the unbundling of Nigeria’s poorly performing electricity distribution companies (DisCos) barely 15 months to when they are expected to have delivered their sales and performance agreement targets. Source BUSINESSDAY Read More 

Market Maintains Negative Outlook as NSEASI Dips Further by -0.28%
- Equities market closed today on a negative note, as NSE ASI depreciated by -0.28% to close at 33,141.85 basis points, as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.32%. Source Proshare
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Naira lifted Again As CBN Injects $418m; Investors and Exports Segment Hits $2.2BN - The Naira is set to be given further lift in the forex market with CBN’s injection of another $418 million into various segments of the inter-bank Foreign Exchange market on Tuesday, June 13, 2017. Source Proshare Read More

CBN Boosts FOREX Market With $413.5m - The Central Bank of Nigeria (CBN) has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million, further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira. Source Proshare Read More

UBA’s $500m Eurobond Oversubscribed 240% by Global Investors - United Bank of Africa Plc (UBA) successfully raised USD500 million, through a debut Eurobond, which was 240% over-subscribed. Source Proshare Read More  

Oando concludes 396.8m shares debt-to-equity deal - Oando Plc yesterday concluded a debt-to-equity conversion with the listing of about 396.8 million ordinary shares that resulted from the transaction at the Nigerian Stock Exchange (NSE). The transaction was valued at N3.17 billion at the closing value of the integrated energy group. Source THE NATION Read More 

CAP Plc Shareholders Approve N1.54 Billion Dividend - Shareholders of CAP Plc, a subsidiary of UAC of Nigeria Plc, on Tuesday approved the sum of N1.54 billion recommended as dividend for the year ended December 31, 2016. The dividend, which translates to 220 kobo per share was approved by the shareholders at the annual general meeting (AGM) in Lagos. Source Thisday Read More 

Transactions at new FX window for investors/exports hit $2.2bn - Transactions at the Investors’ & Exporters’ (I&E) segment of the Foreign Exchange market has reached $2.2bn inception just as the Naira is set to be given further lift in the market with CBN’s injection of another $418m into various segments of the inter-bank Foreign Exchange market yesterday. Source Daily trust Read More 

Nigeria to sell N100bn debut sukuk this month - DMO - Nigeria plans to sell a 100 billion naira ($328 mln) debut sovereign sukuk in the local market this month to help fund road projects, the Debt Management Office (DMO) said on Tuesday. Source Daily trust Read More 

Load rejection stops 2,900mw into electricity grid - The nation’s electricity grid crashed significantly to a peak generation of 3,346 megawatts (mw) yesterday, hours after 27 turbines were deprived of generating 2,979mw because of poor gas supply and transmission line problems Source Daily trust Read More 

NNPC Shuts Down Ejigbo Depot over Missing Petrol - The Nigerian National Petroleum Corporation (NNPC) has shut down the Ejigbo Depot to investigate persistent disappearance of petroleum products pumped into the facility Source Thisday Read More


South African banks and insurers downgraded by Moody's - Ratings agency Moody's has downgraded five of South Africa's largest banks and four insurers with a negative outlook after the country's credit rating was downgraded last week. Source Reuters Read More 

Tanzania central bank announces new capital rules, orders banks to cut bad loans - Tanzania's central bank announced new rules on Tuesday for capital conservation buffers, a move that will force banks to hold more capital to withstand financial shocks following a sharp rise in non-performing loans. Source Reuters Read More 

Ghana President Favors Constitutional Change to Improve Finances - Ghana’s President Nana Akufo-Addo said he is in favor of changes to the West African country’s constitution that will allow lawmakers better oversight over public finances. Source Bloomberg Read More 

Qatar Banks Said to Boost Deposit Rates to Attract Dollars - Some Qatari banks are boosting interest rates on dollar deposits to shore up liquidity as a Saudi-led campaign to isolate the gas-rich Arab state intensifies, people familiar with the matter said. Source Bloomberg Read More 

Morgan Stanley Says Bitcoin Needs Regulation to Keep Rising - While Morgan Stanley is high on the blockchain technology that underpins bitcoin, analysts at the investment bank are a bit more cautious when it comes to the surge in the price of the virtual currency. Source Bloomberg Read More 


Verizon acquires Yahoo for $4.48 billion - Verizon Communications yesterday completed its purchase of Yahoo’s Internet business for $4.48 billion.Yahoo will be combined with AOL, another faded web pioneer, into a new division of Verizon called Oath, under the leadership of AOL’s chief executive, Tim Armstrong. Source Guardian Read More 

Why you have not Secured Investors - Every investor wants to bet on a winning horse. I mean what’s the point in losing money on purpose? But that’s the risk taken on a gamble. Source Proshare Read More  






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