Nigeria in 1min: Economic, Business & Financial Headlines – 200716

Proshare

 

July 20, 2016 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
With Inflation at 16.5%,Nigeria Stumbles into the Reform Path-LBS Executive Breakfast Session Jul'16 -  After months of confused rhetoric, the Nigerian public were partially relieved to hear that Nigeria had accepted to adopt a managed floating exchange rate system. The euphoria was short-lived as the policy implementation appeared to be marred by glitches and structural defects. Source Proshare Read More 

IMF cuts Nigeria’s growth forecast to -1.8% - The International Monetary Fund (IMF) has further downgraded the growth projections of Nigeria to negative in its latest World Economic Outlook (WEO) released yesterday. Source Daily Trust Read More 

Debt Servicing Gulped N1.02trn In 2015 – DMO - The federal government last year spent N1.018 trillion to service its local debts, an amount that is N152.32 billion or 17.6 per cent higher than the N865.81 billion it spent on servicing local debts in 2014. Source Leadership Read More

 

Niger Gets N16.8bn Bailout, Mops N424.6m In TSA - In view of the prevailing economic situation in Niger state, the state commissioner for Finance, Alhaji Ibrahim Balarabe, has stated that the state received an approximated N16.8 billion bailout funds in phases from the federal government even as the state Treasury Single Account TSA mopping funds hit N424.6 million. Source Leadership Read More 

FG Directs Extension of Anchor Borrower Programme to 14 States - President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) and its development partners, such as the Bank of Industry (BoI) to extend the Anchor Borrowers’ Programme (ABP) to 14 other states in the country. Source Thisday Read More

Total tax base of individuals in Nigeria is 10m – Fowler - The Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, says the total tax base for individuals in Nigeria is 10 million. Source Punch Read More 

No let-up in Inflationary Surge; Records Fifth Successive Acceleration - The latest inflation report from the NBS shows the fifth successive acceleration in the headline rate to 16.5% y/y in June from 15.6% the previous month. Our own contribution to wire service polls of analysts was a rate of 16.2% y/y. There was a steep increase in the core measure to 16.2% y/y from 15.1%. Source Proshare Read More 

NBS Publishes Historical Revision of Annual GDP Post Rebasing - NBS has published the historical revision of annual GDP post rebasing which covers 1981-2010. In 2014 NBS rebased GDP by moving the base year from 1990 previously used to 2010 in line with international best practice for GDP to be rebased every 5 years. Source Proshare Read More 

Port Exchange Rate: Customs Frustrating Importers – Freight Forwarders - Freight forwarders under the aegis of the National Association of Government Approved Freight Forwarders (NAGAFF) have vehemently condemned the adoption of N283 per dollar as new exchange rate by the Nigerian Customs Service (NCS) following the liberalisation of foreign exchange rates by the Central Bank of Nigeria (CBN). Source Leadership Read More 

Local airlines lose N500m daily as fuel scarcity cripples sector - Aside the inconveniences experienced by air passengers on account of delayed or canceled flights since the week began, airline operators are counting their loses as the fuel scarcity continue to bite harder grounding at least two in every three flight operations nationwide. Source Guardian Read More 

Aviation Fuel Scarcity: NCAA Directs Airlines to Cut Operations - The Nigerian Civil Aviation Authority (NCAA) has advised airlines to reduce flight operations as they cannot source aviation fuel to meet their schedule obligations, instead of allowing passengers to come to the airport and stranded. Source Thisday Read More 

 



PROSHARE REGULATOR

Nigeria’s economy in bad shape – CBN - THE Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, yesterday, painted a gloomy picture of the economy during a closed-door meeting with senators. Source Vanguard Read More

Crude oil earnings drop by N41bn in one month – CBN - The increasing spate of bombings in the Niger Delta region has continued to take its toll on the Nigerian economy, as the Central Bank of Nigeria, CBN, yesterday, disclosed that Nigeria’s oil revenue dipped by 18.01 per cent to N186.7 billion in April 2016. Source Vanguard Read More

SEC seeks open lifespan for dividend claim - Securitis and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has urged the National Assembly to amend the provision of the Companies and Allied Matters Act (CAMA), which limits the lifespan of dividends to ensure that shareholders or their beneficiaries could claim their dividends at any point in time. SEC estimates unclaimed dividends at over N80 billion. Source THE NATION Read More

 

PROSHARE MARKETS
Sell pressure persists, Stocks YTD returns slide-back to negative - The equities market closed today on a negative note, as NSE ASI depreciated by 0.85% to close at 28,488.56basis points, compared with the 0.25% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.54%.. Source Proshare Read More

UNILEVER declares N52.19 million PAT in Q2'16 Result,(SP:N33.00k) - Unilever Nigeria Plc for period ended June 30, 2016 posted a turnover and Profit after Tax of N32.28 billion and N1.094 billion, respectively. Source Proshare Read More

Guaranty Trust Bank Plc to Submit Half Year Audited Financials Not Later Than 30th Sept, 2016 - Pursuant to the post-listing requirements of the Nigerian Stock Exchange for quoted companies, we hereby inform you that the board of Directors of our Bank is scheduled to meet on Wednesday, July 27, 2016 to consider the Audited Financial Statements for the half year ended June 30, 2016. Source Proshare Read More 

CSCS Achieves 98.4% Dematerialization Success Rate  - The Central Securities Clearing System (CSCS) Plc has disclosed that 98.4% of shares quoted on the Nigerian Stock Exchange are now available in an electronic format in CSCS depository leaving only 1.6% of share certificates still in physical certificate form. Source Proshare Read More 

Nigeria Sterling Bank ends talks to buy Keystone Bank, plans bond issue - Nigeria's Sterling Bank has ended talks to buy rival Keystone Bank after finding it an unsuitable fit and is now focused on raising funds as it considers other acquisitions, its chief finance officer said on Tuesday. Source Reuters Read More 

Naira falls to 368/dollar - The naira fell against the dollar at the interbank and parallel markets on Tuesday as inadequate foreign exchange liquidity at the interbank market continued to mount pressure on the naira. Source Punch Read More 

Oil prices hit two-month low on high inventory - Crude oil prices were two-month low early yesterday, on fears that global inventories of crude and the increase in United States rig count could remain high. Source Guardian Read More 

Funding gap in electricity sector now N300bn – Discos - The 11 electricity Distribution companies (Discos) have said the funding gap in the power sector is now over N300 billion. They are therefore imploring the federal government to create mechanisms to drive further investments in the sector. Source Daily Trust Read More 

NNPC To Set Up Energy Renewable Plant In Benue – Official - The Nigeria National Petroleum Corporation (NNPC) says plans are underway to set up an energy renewable plant that will use agro products to generate energy. Source Leadership Read More 

Petrol Scarcity Looms as NARTO, PTD Threaten to Withdraw Services - Nationwide supply of petrol and other associated products may face fresh disruptions in the next seven days as members of the National Association of Road Transport Owners (NARTO) and Petroleum Tanker Drivers (PTD) on Tuesday served notice of their intention to withdraw their services if their demands are ignored. Source Thisday Read More 

Discos: Nigerians Would Have to Choose between Darkness and Light - Electricity distributing companies in Nigeria (Discos) has said Nigerians would have to choose between working with them to improve the country’s electricity system for their benefits and going back to darkness which they said had been the situation long before they took over from the government. Source Thisday Read More 

 



PROSHARE BUSINESS

Asian Stocks Near Three-Month High as Yuan Rises With Crude Oil  - Asian stocks traded near a three-month high as positive earnings reports from some of the world’s biggest companies countered concern the global economy is losing steam. The yuan strengthened as oil rose from a two-month low and industrial metals retreated. Source Bloomberg Read More

Facebook Pilots Offline Video for India in Duel With YouTube - Facebook Inc. is piloting a feature in India allowing users to save videos to watch offline, chasing a similar program from Google’s YouTube, as the companies attempt to crack a market ridden with poor internet connectivity. Source Bloomberg Read More

South Africa's Implats revises debt facilities up $278 mln - South Africa's Impala Platinum (Implats) has extended the tenure and amount of its existing debt facilities from certain local banking institutions in order to further strengthen its balance sheet, it said on Tuesday. Source Reuters Read More 

Barclays begins Egypt sale process, at least 2 interested - sources -  Barclays has begun a formal process to sell its Egyptian unit, with at least two banks from the Middle East and North Africa region expressing interest in the business, sources familiar with the matter said on Tuesday. Source Reuters Read More

 

PROSHARE TECHNOLOGY
Nigeria loses N127bn annually to cybercrime — Adebayo Shittu  - THE Minister of Communication, Mr Adebayo Shittu , has disclosed that Nigeria loses about N127 billion annually to cybercrime. Source Vanguard Read More 

MTN Group Issues Profit Warning over Nigeria Fine, Devaluation - MTN Group Limited fell in Johannesburg trading as the Africa’s largest mobile-phone company said it expects to report a first-half loss after agreeing to pay a record fine in Nigeria. Source Thisday Read More 



PROSHARE STARTUPS

Content Board, Bol in $100m deal - The Bank of Industry (Bol) and Nigeria Content Development Board have signed a $100 million deal to support indigenous oil and gas operators. Source THE NATION Read More 

BoI, NCDMB Launch $100m Intervention Fund to Boost Local Content - The Bank of Industry ( BOI) has partnered the the Nigerian Content Development and Monitoring Board (NCDMB) to launch a $100 million fund aimed at boosting local content in Nigeria. Source Thisday Read More

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