Nigeria in 1min: Economic, Business & Financial Headlines – 150517



May 15, 2017 7:30 AM / Proshare News 


What To Expect From The Markets This Week - 150517  - Certainly in the week ahead the National Bureau of Statistics will make available inflation figures for the month of April. Source Proshare Read More 

Govt bans MDAs from conducting business with unregistered firms - The Federal Government on Friday banned ministries, departments and agencies from transacting business with companies and other corporate bodies that are not duly registered by the Corporate Affairs Commission. Source Punch Read More 

Nigeria’s economy attracts N305bn investment in two months - Despite the challenges facing the country, the Nigerian economy attracted investments worth $1bn (about N305bn) in the first two months of this year. Source Punch Read More 

Nigeria among Top Global Investment Destinations for 2018 - Nigeria has been identified as one of the top five countries for growth acceleration for 2018. Other countries in the group include Kuwait, Oman, Kazakhstan and Tunisia. Source Thisday Read More 

Italian firm to invest 40m Euros in waste recycling plant in Calabar - An Italian firm, Management Environmental Finance (MEFIN), has expressed interest in establishing wastes recycling plant in Calabar with an investment package totalling 40 million Euros. Source Thisday Read More 

Port Concession: Terminal Operators’ Investments Hit $2bn - Aside changing Nigeria’s status as one of the most inefficient ports in the world, private terminal operators in Nigerian ports have since the concession, invested over $2billion (N618 billion) in modernising and upgrading their various terminals as well as in manpower development. Source Thisday Read More 

2017 Budget: FG targets N10.737trn revenue-Nigerian government has set out an ambitious N10.737 trillion revenue in the harmonised 2017 Appropriation bill passed by the Senate and House of Representatives. Source BUSINESSDAY Read More 

Arik, Aero may merge as national carrier  - A likely merger and conversion of assets of Arik Air and Aero Contractors is one of the options being considered by the Federal Government (FG) in the buildup to a new national carrier for the country. Source Guardian Read More 

Property prices in key global cities up by 4.3% - Prime property prices in leading cities around the world increased by 4.3 per cent in the 12 months to March 2017, led by Chinese cities, the latest global index shows. Source Punch Read More 

PFAs invest N216.8bn in real estate - The Pension Fund Administrators have invested a total of N216.8bn of the increasing funds under the Contributory Pension Scheme in real estate. Source Guardian Read More 


CBN to Auction N110.9bn Treasury Bills - The Central Bank of Nigeria (CBN) will this week conduct treasury bills auction of N110.9 billion on 91-day, 182-day and 364-day instruments. Source Thisday Read More 

AHCN, CBN to raise N500bn for mass housing - The Association of Housing Corporations of Nigeria and the Central Bank of Nigeria have commenced the structuring of a N500bn intervention fund to facilitate mass housing construction across the country. Source Guardian Read More 


NSEASI Dips by -0.81% to Halt Uptrend; Records +7.46% WoW Gain - Equities market closed today on a negative note, as NSE ASI depreciated by -0.81% to close at 28,192.46 basis points, as against +3.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.90%. Source Proshare Read More 

Corporate Earnings for the Week Ending 120517 – FTNCOCOA Declares N102.88mln Loss in Q1'17  - One out of the five results recorded growth in revenue while four recorded decline in revenue. Source Proshare Read More 

FBN Holdings Plc - Remediating the past, reinvigorated to unlock value - Following our meeting with the Chief Executive Officer of First Bank Nigeria & Subsidiaries and consequently a detailed understanding of the bank’s medium term strategy Source Proshare Read More 

Zenith Bank to list Tranche-2 of Term Notes on Irish Stock Exchange - Nigeria’s tier-1 lender, Zenith Bank Plc has notified investors of its intention to raise $500million in its upcoming issuance of five-year Senior Unsecured Notes. Source BUSINESSDAY Read More 

Unilever UK to inject N38b into Unilever Nigeria - Unilever Plc, United Kingdom (UK), will inject about N38 billion into its Nigerian subsidiary, Unilever Nigeria Plc under a new capital raising programme approved by the shareholders of the fast moving consumer goods company last week. Source THE NATION Read More 

CHI shareholders get N120m dividend - Consolidated Hallmark Insurance Plc is paying N120 million as dividend, having received the nod of the shareholders at its 22nd Annual General Meeting (AGM) at the weekend in Lagos. Source THE NATION Read More 

Lucot Agrees to Fund Solar Power Project in Cameroon Cities For $500m - Cameroon’s Capital City Yaounde and other Cameroon cities have for some time now been suffering from a lack of good consistent street lighting. Source Proshare Read More 

Court Orders Bank to Take over Intercontinental Hotel over Alleged Debt - The Federal High Court in Lagos has ordered Skye Bank Plc to take over Intercontinental Hotel over an alleged debt. Source Thisday Read More 

PenCom reviews investment regulations - The National Pension Commission has reviewed the regulations of investment of pension funds. Source Punch Read More 

FMDQ approves Stanbic IBTC’s N20bn commercial paper - The FMDQ OTC Securities Exchange Board’s Listings, Markets and Technology Committee has approved the registration of the Stanbic IBTC Holdings Plc N20bn Commercial Paper Programme on its platform. Issues from this programme are to be quoted on the OTC Exchange. Source Punch Read More 

GE plans 2GW hydroelectric power in Nigeria -The General Electric is planning to install hydroelectric plants that will generate additional two gigawatts of electricity in the country by 2030 in view the the nation’s growing power demands. Source Punch Read More 

Azudialu-Obiejesi: Neconde Still Owes 10 Banks over $558m for OML 42 - The Group Managing Director of Obijackson Group, Mr. Ernest Azudialu-Obiejesi, has stated that one of the group’s subsidiaries, Neconde Energy, is still indebted to over10 banks for the $558 million paid by the company for the acquisition of Oil Mining Lease (OML) 42 from Shell Petroleum Development Company (SPDC) and its partners. Source Thisday Read More 

FG Directs Oil Companies to Renew OMLs - As a sign of its willingness to allow oil firms to continue to operate existing oil mining leases (OMLs), the Federal Government has directed operators to renew their expiring leases. Source Thisday Read More 


Fitch upgrades Ghana outlook to stable, says govt making progress -Fitch ratings agency upgraded Ghana's outlook to stable on Friday and said the government was making progress in stabilizing the economy after a period of crisis. Source Reuters Read More

IMF reaches staff level agreement for second loan instalment to Egypt - The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan instalment that would make available about $1.25 billion. Source Reuters Read More

Kenya gets $1 bln syndicated loan from commercial banks: IFR - Kenya borrowed $1 billion via a syndicated loan from commercial banks, $200 million more than anticipated, Thomson Reuters publication IFR reported on Friday. Source Reuters Read More

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018 - Saudi Arabia and Russia said they favor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. Source Bloomberg Read More 

Mubadala Plans to Invest Up to $15 Billion in SoftBank Tech Fund - Abu Dhabi’s Mubadala Investment Co. plans to invest as much as $15 billion in SoftBank Group Corp.’s Vision Fund and start two new venture capital funds to build its technology holdings. Source Bloomberg Read More 

Oman Cut to Junk by S&P as Crude Oil Decline Imperils Finances - Oman was cut to junk by S&P Global Ratings, which said a drop in crude could hamper exports from the largest Arab oil producer outside OPEC and jeopardize its finances. Source Bloomberg Read More 

New Wave of Ransom Threats Seen in Unprecedented Global Attack - An unrivaled global cyber-attack is poised to continue claiming victims Monday as people return to work and turn on their desktop computers, even as hospitals and other facilities gained the upper hand against the first wave. Source Bloomberg Read More




Austin Okere’s “5 Forces Model” for Analysing the Future of Banking – The Fintech Challenge - Around the world, central banks from England to China have publicly floated the notion of issuing their own national digital currencies. Conceptually, they like the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up. Source Proshare Read More 





Related News