Nigeria in 1min: Economic, Business & Financial Headlines – 230616



June 23, 2016 7:00 AM / Proshare News 


Revenue rises by N24bn as FG, states, LGs share N305bn in May - Revenue accruing to the federal, states and local governments went up significantly in May 2016 by N23.628 bn. Source Daily Trust Read More 

RMAFC, FIRS to Assist States Raise Revenue - Concerned about the economic status of states, two federal agencies – the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and the Federal Inland Revenue Service (FIRS) have moved in to assist states on how to raise their revenue Source Thisday Read More

Expect to see a pick-up in FGN external borrowing - The DMO has set a medium-term target of a 60/40 blend for the FGN’s domestic and external obligations in its Debt Management Strategy, 2016-19. Source Proshare Read More 

Akwa Ibom to re-introduce contributory pension scheme - Akwa Ibom State government has unfolded plans to reintroduce the Contributory Pension Scheme (CPS), with the view to ensuring sustainable administration of the programme. Source Guardian Read More 

... Loses $2.2bn yearly to foreign seafarers - Nigeria loses, at least, $2.2billion, annually, to foreign ship owners and seafarers Engr. Olu I. Akinsoji, the chairman, ministerial committee on the modalities for the establishment of a Nigerian fleet has said. Source Daily Trust Read More

Lagos, Abuja among world’s most expensive cities for visitors - Lagos and Abuja are among the world top 20th most expensive cities to stay, for employees on international assignments, according to the Mercer’s 22nd annual Cost of Living Survey. Source Daily Trust Read More 

NDDC awarded N2.4trn projects in 15 years, says Report - The Niger Delta Development Commission (NDDC) awarded 8,557 infrastructure development projects valued at N2.4 trillion between 2001 and March 18, a report has said. Source THE NATION Read More 

Denham, GreenWish To Fund $1bn Renewable Energy Projects In Sub-Saharan Africa - Denham Capital, a leading global energy-focused private equity firm, and GreenWish Partners, a renewable energy investment company dedicated to sub-Saharan Africa, yesterday announced a partnership to develop, build and finance a portfolio of 600 megawatts (MW) of renewable energy assets across sub-Saharan Africa by 2020 to the tune of $1 billion. Source Leadership Read More 



UAE's Securities and Commodities Board Approves Regulations for Central Clearing Houses - At A Meeting Chaired By H.E. Sultan Al Mansoori, the UAE's Securities and Commodities Authority Board approved regulations for Central Clearing Houses Source Proshare Read More 

CBN opens discount window as interest rate hits 74% - The Central Bank of Nigeria (CBN), yesterday, opened its discount window in apparent bid to save the banking system from scarcity of funds which sent interbank interest rate to 74 percent at the close of business. Source Vanguard Read More


Bargain hunters drive stocks to new high, ASI hits above 30,000bpts - The equities market closed today on a positive note, as NSE ASI appreciated by 2.40% to close at 30,127.82basis points, compared with the 2.27% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.19%. Source Proshare Read More

Union Dicon Plc Replaces Cargill as Core Investor in $100m Alape Staple Crop Processing Zone - The Federal Ministry of Agriculture and Rural Development (FMARD) has agreed that Union Dicon Salt Plc will replace Cargill as the core investor in the $100m Alape Staple Crop Processing Zone in Kogi State. Source Proshare Read More

Singapore Says Renminbi Investments to be Part of Official Foreign Reserves - The Monetary Authority of Singapore (MAS) announced today that it will be including its Renminbi (RMB) financial investments as part of its Official Foreign Reserves (OFR) from June 2016 onwards. Source Proshare Read More

Listing Strengthens Dubai's Development as Global Capital of Islamic Economy  - Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, rang the market-opening bell today to celebrate the listing by the bank of a 750 million dollar Sukuk on Nasdaq Dubai. Source Proshare Read More

New PowerShares Equity Index ETF Launched On Xetra; Tracks Firms from Emerging Countries - ETF Tracks High-Dividend Low-Volatility Companies From Emerging Markets .A new index fund from the ETF offering issued by PowerShares Global Funds has been tradable on Xetra and Börse Frankfurt. Source Proshare Read More

Increase In U.S. Rig Count Will Not Cap Oil Prices - The impact of rising oil prices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. The premise was you could get out of the army if you were crazy but you weren’t crazy to try to get out of the army. Source Proshare Read More 

Investors interest in Nigeria surges on FX reforms - There has been a major surge in investor interest in Nigerian assets following the introduction of a floating currency by the Central Bank, several market sources Source BUSINESSDAY Read More

FLASH: Senator @benmurraybruce and his business family members have defaulted in the repayment of N11b loan to AMCON –
Source Sahara Reporters
Read More 

Naira rises to 282, CBN boosts dollar supply - The naira strengthened against the United States dollar in the new interbank market on Wednesday as the Central Bank of Nigeria sought to stabilise the market by selling dollars. Source Punch Read More 

Investors cheer Nigeria currency float but won't rush back yet - Nigeria's swift one-step move to a floating currency has been welcomed by investors but most nonetheless will stay away until Africa's biggest economy shows signs of recovering from damage inflicted by the 16-month old exchange rate peg. Source Reuters Read More 

Local firms can produce 150,000 meters monthly – Manufacturer - The Chairman and Chief Executive Officer, Mommas Systems Nigeria Limited, Dr. Kolawole Balogun, has said local manufacturers can produce about 150,000 electricity meters monthly. Source Punch Read More 

AFC, Harith merge $3.3bn African power assets - The Africa Finance Corporation and Harith General Partners, a pan-African fund manager, have merged their power sector assets, expertise and experience to create a new energy entity combining both renewable and non-renewable power generating assets in Africa. Source Punch Read More 

Inadequate JV funding delays gas-gathering projects – Shell - Lack of adequate joint-venture funding has delayed the planned start-up dates for two major gas-gathering projects, Forcados Yokri Integrated Project and Southern Swamp Associated Gas-Gathering Solutions. Source Punch Read More 

Kachikwu: Govt ‘ll save N1.4t yearly from subsidy removal - The Federal Government will save over N1.4 trillion yearly from the removal of oil subsidy, Minister of State for Petroleum Resources Dr. Ibe Kachikwu,has said. Source THE NATION Read More 

Total’s Ofon field platform takes off - The new wellhead platform of Ofon Phase 2 have been inaugurated. The ceremony took place at Nigerdock’s Snake Island Integrated Free Zone in Lagos. Source THE NATION Read More


The State of Law and Practice - Freezing of Fayose's Zenith Bank Accounts - The contribution below is being rebroadcast to help finance practitioners appreciate and contribute to the substance of the legal issues and practice issues involved in this case/development.Source Proshare Read More  

Pound Jumps With Asian Stocks as U.K. Vote Day Dawns; Yen Falls - The pound climbed to this year’s high, the euro strengthened and Asian stocks rose, reflecting confidence that the U.K. will vote to remain a member of the European Union in Thursday’s referendum. Haven assets including the yen and sovereign bonds fell. Source Bloomberg Read More 

China Money Rate Increases Most Since March as Banks Hoard Cash - China’s money-market rate jumped by the most in almost three months as injections of funds by the central bank were overwhelmed by quarter-end demand. Source Bloomberg Read More 

Africa-focused funds fuse $3.3 billion electric power assets - Two Africa-focused funds have created a new energy joint venture capable of generating 1,575 megawatts (MW) of electricity in at least 10 countries by merging assets totalling $3.3 billion. Source Reuters Read More 

Ghana producer inflation edges up to 11.3 pct in May - Ghana's producer price inflation (PPI) edged up to 11.3 percent year-on-year in May from a revised 11.2 percent the month before, the statistics office said on Wednesday. Source Reuters Read More 



Warri Business Seminar Identifies Money Mistakes of Salary Earners - The second edition of Warri Business Seminar took place in Warri on June 18, 2016. It was a huge success as individuals from different institutions and backgrounds came together and were incubated for several hours by coaches who have distinguished themselves in their various fields with outstanding testimonies. Source Proshare Read More


Public warning system launches on 4G LTE service in Taiwan - On April 1 2016 all five of the 4G long-term evolution (LTE) operators in Taiwan launched a public warning system via the cell broadcasting centre for sending instant emergency and disaster alerts to 4G mobile users. Source Proshare Read More 



CBN Flexible FX Policy & Nigerian Business Environment

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