Nigeria in 1min: Economic, Business & Financial Headlines – 140917



September 14, 2017 7:00 AM / Proshare News 

Nigeria’s Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017 - Total Imports value of N2,595.5 billion in Q2 2017 was 13.51% higher than Q1 2017 and 9.97% higher than Q2 2016. Source Proshare Read More 

FG uncovers revenue diversion in JAMB, NIMASA, orders probe – Adeosun - The Federal Executive Council (FEC) has ordered fresh investigation of its revenue generating agencies as it uncovered massive disparity in the remittance of internally generated revenue by some of the agencies. Source Guardian Read More 

Actis and Genesis Group Brings First Premier Cinema to Douala - Actis, a leading growth markets investor, and Genesis Group (Genesis) have signed an agreement to bring the first premier cinema to Doula. Source Proshare Read More 

Aquaculture in Need of a Leg-up - The FGN has rolled out several reforms for the agriculture sector over the past 24 months, some of which have been geared towards the fisheries industry. Source Proshare Read More


Securing Success For The FX Global Code - Central banks have a deep and enduring interest in the effective functioning of markets. Source Proshare Read More 

Emefiele: CBN to Ensure Growth-friendly Interest Rate Regime - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has assured Nigerians that the central bank would continue to explore measures that would see that interest rates are supportive of domestic production. Source Thisday Read More 


NSEASI Inches Up by +0.19% as Market Halts Three-day Losing Streak - Equities market closed today on a positive note, as NSE ASI appreciated by +0.19% to close at 35,464.34 basis points as against -0.75% depreciation recorded previously.  Source Proshare Read More 

Dangote Cement Approaches South Africa's PPC About Takeover Deal - Dangote Cement Plc said it approached PPC Ltd. about a takeover deal, signaling the start of a possible bidding war for South Africa’s biggest cement maker. Source Bloomberg Read More 

Nigeria plans 140 bln naira treasury bill sale next week - Nigeria plans to sell 140.9 billion naira ($433.5 million) worth of treasury bills at an auction next week, the central bank said on Wednesday. Source Reuters Read More 

9 Banks Make N59.6bn From Account Maintenance, e-transactions - Nine banks in the first six months of the year made N59.596 billion from account maintenance charges and electronic banking fees even as customers continue to groan under the several bank charges that are deducted from their accounts. Source Leadership Read More 

Aquila,NBC seal N2.3b transportation deal - Aquila Leasing Limited, a world class leasing company has signed a new N2.3billion transportation services contract with Nigerian Bottling Company Limited (NBC). Source THE NATION Read More 

Nigeria to Ban Importation of Dirty Petrol, Diesel December 1 - Nigeria, Togo, Ivory Coast and Benin Republic are expected to implement rules banning imports of petrol and other products with high sulphur content from December 1, 2017, after missing earlier deadlines. Source Thisday Read More 

Nigeria Loses $1bn to Illegal Bunkering Annually as Oil Companies Patronise Illicit Market - Nigeria loses an estimated $1 billion yearly in the West African bunkering market valued at over $3 billion as some oil companies operating in the country patronise cheaper petroleum products sourced from illegal bunkering activities to fuel marine vessels and Floating Production Storage Offloading vessels Source Thisday Read More 

NLNG, FG sign N120bn Bonny-Bodo road contract - A definite step towards the actualisation of the N120 billion 34-kilometre Bonny Island-Bodo road was taken yesterday (Wednesday) in Abuja, as the Nigeria Liquefied Natural Gas Limited (NLNG) signed an agreement with the Federal Government, represented by the Ministry of Power, Works and Housing, and Julius Berger Nigeria Limited Source BUSINESSDAY Read More 

NNPC: Oil production dips to 1.3mbd over vandalism - The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said an average of 700,000 barrels per day (bpd) of crude oil was deferred last year due to pipeline sabotage. He lamented that this brought production down to as low as 1.3 million (bpd)  from 2.2 million barrels targeted for the period. Source THE NATION Read More 

NNPC to Shut down Refineries for Rehabilitation, Inaugurates C’ttees - The Nigerian National Petroleum Corporation (NNPC) has disclosed that it will shortly close down its refineries in Kaduna, Warri and Port Harcourt for comprehensive rehabilitation aimed at bringing them back to their nameplate production capacities Source Thisday Read More 

Oil Price Up to $54.16pb Due to Lower OPEC Production - The naira has depreciated to N367/$ despite a further $250mn intervention by the CBN. The positive news is that oil price is up to $54.16pb due to lower OPEC production. Source Proshare Read More 

Shell, Agip to build new FPSOs in Nigeria - The Nigerian Agip Exploration Limited and Shell Nigeria Exploration and Production Company have set plans in motion for in-country fabrication and integration of over 50 per cent of their projects’ Floating, Production, Storage and Offloading Vessels. Source Punch Read More 

BEDC, others sign MoU on 20MW power plant - The Benin Electricity Distribution Plc has announced the signing of a Memorandum of Understanding with Thames Energy Limited and the Delta State Government on the construction of a 20 megawatts power plant in the area. Source Punch Read More 

Electricity: 11 distribution firms reject 7,308mw in 8 days - A total of 7,308 megawatts (mw) of electricity was rejected by the 11 Distribution Companies (DisCos) in eight days of August 2017, industry records have shown. Source Daily Trust Read More

IFRS 9 Standard Implementation: Building Organisational Capacity for Implementation Success - Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity. Source Proshare Read More 

Ghana raises minimum capital for banks to US$90m (N32.95bn) - Ghana’s Central Bank, the Bank of Ghana (BOG) has raised the minimum capital required for banks three-fold, to 400 million cedis ($90.2 million or N32.95 billion) as part of measures to ensure financial stability, its spokesman said on Tuesday. Source BUSINESSDAY Read More

Yen May Strengthen to 100 Against the Dollar by Year End, HSBC Says - The yen may advance to 100 against the dollar by the year end as investors conclude that Japan is still failing to sustain inflation gains five years after Abenomics was introduced, according to HSBC Holdings Plc. Source Bloomberg Read More 

Saudis Prepare for Possible Aramco IPO Delay to 2019 - Saudi Arabia is preparing contingency plans for a possible delay to the initial public offering of its state-owned oil company by a few months into 2019, according to people familiar with the matter. Source Bloomberg Read More 

Central London House Prices Post Worst Performance Since 2008 - Central London property prices continued to slump in August, contrasting with “resilient” performances elsewhere in the U.K., according to the Royal Institution of Chartered Surveyors. Source Bloomberg Read More 

Pressure on South Africa's central bank a key credit risk: Moody's - Moody’s on Wednesday warned that the gradual erosion of South Africa’s institutional framework and recent pressure on the central bank to change its price and inflation targeting mandate were key risks to the country’s credit rating. Source Reuters Read More 

South Africa expected to cut rates to 6.50 percent on Sept. 21 - South Africa’s central bank is expected to cut its benchmark interest rate by another 25 basis points next week, taking it to 6.50 percent, as inflation is considered likely to moderate, a Reuters poll found on Wednesday. Source Reuters Read More



FirstBank Drives Convenience with Lifestyle Offerings - As the most valuable banking brand in Nigeria, with over 120 years of banking heritage, First Bank of Nigeria Limited has been on a journey of strength and dynamism committed to providing the best financial solutions to its customers. Source Proshare Read More  

Netcore Forum Explores “Unleashing The Power of Transaction Emails to Maximize ROI” - Leading global marketing communications company, Netcore Solutions, held a power-packed forum involving major stakeholders with the theme: “Unleash the Power of Transactional Emails to Maximize ROI.” Source Proshare Read More 

US government bans Kaspersky software citing fears about Russian intelligence - Three months after the General Services Administration removed Kaspersky Lab from a list of approved federal vendors, Homeland Security is banning the Russian security software maker outright. Source TECHCRUNCH Read More 

North Korean Hackers Target Bitcoin Exchanges - North Korea’s hackers have been linked with many attacks, including the 2014 Sony hack, but it looks like the totalitarian state is now targeting bitcoin, and crypto coin exchanges in particular, with its hacking teams. Source TECHCRUNCH Read More 

RBI looking at cryptocurrency, but wary of bitcoins: Reserve Bank Executive Director - The Reserve Bank of India today said they are looking at fiat cryptocurrencies but is not comfortable with bitcoins or virtual currency (VC). Source Proshare Read More 

JPMorgan's Marko Kolanovic Joins His Boss in Bashing Bitcoin - Well, it ain’t Jamie Dimon, but there’s another heavy hitter at JPMorgan Chase & Co. who isn’t a fan of cryptocurrencies. Source Bloomberg Read More


Transition to New Small Business Capital Formation - Good morning everyone, and thank you, Steve [Graham] and Sara [Hanks].  I would also like to extend a warm welcome to J.W. [Verret], who was recently appointed to the Committee. Source Proshare Read More


SEC Launches Nationwide Search To Hire Agency’s First-Ever “Advocate For Small Business Capital Form - We are pleased to announce the launch of a nationwide search for candidates for a new senior executive position at the SEC, the Advocate for Small Business Capital Formation. Source Proshare Read More  





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