Nigeria in 1min: Economic, Business & Financial Headlines – 270917


September 27, 2017 7:00AM / Proshare News


CBN Communiqué No. 115 of the MPC Meeting – Sep 25-26, 2017
- The Monetary Policy Committee met on the 25th and 26th of September, 2017 against the backdrop of a relatively optimistic global economy. Source Proshare Read More

Nigeria gets ‘illusory’ improvement in global competitiveness ranking
- Nigeria reversed five successive declines since 2012 after increasing its competiveness ranking to 125 of 138 countries in the World Economic Forum’s (WEF) 2017-2018 index, but the rise is deceptive, as it is only because other countries are deteriorating faster. Source Businessday Read More

Buhari to sign new executive orders
- The Federal Government will on October 2 inaugurate a new 60-day action plan that will run till November 3 that will focus on the reforms that all its Ministries, Department, and Agencies will be working on. Source Punch Read More

Brent oil edges up, near 26-month high amid supply concerns
- Brent oil prices rose on Wednesday to sit not far off 26-month highs hit in the previous session amid threats from Turkey that it could cut crude exports from Iraq’s Kurdistan region. Source Reuters Read More

FG to apply Technology in harvesting taxes of largely untaxed informal economy- Osinbajo
- Vice President Yemi Osinbajo on Tuesday said the federal Government would be employing modern Technology in harvesting taxes from Nigeria’s largely untaxed informal economy, as he raised concern that the country’s Tax ration to Gross Domestic Product is still very low. Source Businessday Read More

N336bn released for capital projects in first quarter – Adeosun
- The Federal Government has said it has released a total sum of N336bn for the implementation of capital projects contained in the 2017 budget. Source Punch Read More

Saraki reshuffles Senate committees
- Senate President, Bukola Saraki on Tuesday announced the reshuffling of some committees in the Senate. Source Businessday Read More

Senate fears poor budget implementation could return Nigeria to recession
- The Senate has expressed concerns that Nigeria could return to economic recession due to poor implementation of the 2017 budget. Source Businessday Read More

Dogara set up 11-member Ad-hoc Committee on restructuring, political agitations
– Speaker Yakubu Dogara has set up 11-member Ad-hoc committee on restructuring and political agitations as part of efforts geared toward dousing the lingering socio-political crises across the country. Source Businessday Read More

Reps kick against bailout grants to local oil firms
- Members of the House of Representatives on resumption for the third year in the 8th Assembly on Tuesday opposed a motion which seeks to provide grants to indigenous oil companies to enable them compete favourably with multinational companies. Source Businessday Read More

MPC Leaves Policy Rates Unchanged
- At the end of its 258th meeting (fifth this year), the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) voted to maintain status quo for the seventh consecutive session by retaining. Source Proshare Read More

Citi Says Get Ready for an Oil Squeeze
- Those in the oil market fearing a flood of OPEC supply next year will probably be better off preparing for a shortage, according to Citigroup Inc. Source Bloomberg Read More

el-Rufai Inaugurates Steering Committee On Open Govt Partnership -
Kaduna State government has signed into the Open Government Partnership (OGP) for transparency, accountability and citizens participation in all of its activities in the state. Source Leadership Read More

LIRS Issues Public Notice on Taxation of Employee Share and Stock Options
- The Lagos State Internal Revenue Service (LIRS) recently issued a public notice (the Notice) with respect to the taxation of share-based payments in the hands of employees.  Source Proshare Read More

LIRS Issues Public Notice on Taxation of Foreigners with Temporary Work Permit
- Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) regarding the taxation of non-nationals with temporary work permit (TWP). Source Proshare Read More

Interest Deductions on Owner Occupied Residential Houses Limited to First Application Only – LIRS
– The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 20 September 2017 with respect to allowable interest deductions on owner-occupied residential houses. Source Proshare Read More


CAC reduces cost of business registration
- The Registrar-General, Corporate Affairs Commission, Bello Mahmud, said on Tuesday in Abuja that the cost of business registration in Nigeria was now cheaper and its process simplified to enable small entrepreneurs to register their businesses. Source Eagle Online Read More

Reps give 2 weeks ultimatum to SEC to resolve Oando shareholders’ impasse
- House Committee on Capital Market and other Institutions on Tuesday issued a two weeks ultimatum to Securities and Exchange Commission (SEC) to resolve the impasse over Oando shareholders. Source Businessday Read More


Nigeria-Based Guaranty Trust Bank 'B-B' And 'ngBBB-ngA-2' Ratings Affirmed; Outlook Stable
- We expect Guaranty Trust Bank PLC (GTBank) will continue to display good earnings and above-sector-average asset quality metrics despite slow economic recovery in Nigeria. Source Proshare Read More

Nigeria-Based Zenith Bank 'B-B' And 'ngBBB-ngA-2' Ratings Affirmed; Outlook Stable - We believe Zenith Bank will continue to display better asset quality indicators than its domestic peers and sound earnings generation amid slow economic recovery in Nigeria. Source Proshare Read More

NSE Elects New Council Members, Votes Ogunbanjo as President - The Nigerian Stock Exchange (“NSE” or “The Exchange”) is pleased to announce the election of Mr. Abimbola Ogunbanjo as the new President of National Council of the Exchange. Source Proshare Read More 

Union Dicon Salt: Swinging Along With The Tide - The financial position and balance sheet of Union Dicon Salt Plc for the year ended 2016 was made public on Wednesday 5th September 2017.Source Proshare Read More   

PwC's Nigeria Capital Markets Update September 2017 - This snapshot of the equity and debt capital markets in Nigeria for the half year ended June 30, 2017 includes issuances for the past 5 years and our thoughts and insight on what we're seeing in the market. Source Proshare Read More  

Dollar, yields rise on hawkish Yellen; Asian shares still weak - The dollar climbed to a one-month high and bond yields rose on Wednesday as risks grew for a U.S. interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated. Source Reuters Read More 

Royal Exchange Plc Announces Closed Period - We write sequel to our notice of Board Meeting scheduled to hold on Wednesday, October 18, 2017 to consider the Financial Statements for the third quarter, September 30th, 2017. Source Proshare Read More  

Ikeja Hotel Plc Announce Filing of its Audited Financial Statements - Ikeja Hotel Plc wishes to notify its esteemed shareholders and other stakeholders that the company has filed its arrears of Audited Financial Statements for the years ended 31 December 2014, 2015 and 2016 to The Nigerian Stock Exchange on 19 September, 2017. Source Proshare Read More 

Investment In Nigeria’s Telecom Sector Hits N21.4trn - Investments inflows into Nigeria’s telecommunications sector soared to N21.4 trillion ($70 billion) in 2017, up from the $68 billion it was last year. Source Leadership Read More 

FG’s N100bn Debut Sukuk Offer Oversubscribed by 6% - Defying its critics, the N100 billion seven-year debut Sukuk offer by the Debt Management Office (DMO), which closed last week Friday, has been oversubscribed by 5.87 per cent. Source Thisday Read More 

NSEASI Closes Below 35,000bpts; Dips Further by -1.15% - Equities market closed today on a negative note, as NSE ASI depreciated by -1.15% to close at 34,951.27 basis points as against -0.37% appreciation recorded previously Source Proshare Read More 

Proshare CEO Receives Award from the Association of Northern Nigerian Students - The Association of Northern Nigerian Students (ANNS) on September 26, 2017, conferred on Mr. Olufemi Awoyemi, MD/CEO, Proshare Nigeria Limited, the Sir Ahmadu Bello Sardauna Platinum Excellence/Leadership Award and Investiture to (ANNS) Hall of Fame as an “Icon of Societal Development”. Source Proshare Read More 

Aig-Imoukhuede joins Oxford varsity advisory board - The Chairman, Africa Initiative for Governance, Aigboje Aig-Imoukhuede, has joined the International Advisory Board of the Blavatnik School of Government, University of Oxford. Source Punch Read More 

Former Afren CEO, COO to face criminal charges - The UK’s Serious Fraud Office has confirmed that it will criminally charge the former chief executive and chief operating officer of Afren, the oil company that crashed out of the FTSE 250 amid a payments scandal. Source Financial Times Read More 

Elumelu Bags Nigeria Economic Society Fellowship - The Chairman, Heirs Holdings Limited UBA Plc Mr. Tony Elumelu has been conferred with the Fellowship of the Nigerian Economic Society (NES). Source Thisday Read More 

UNCTAD Appoints Moghalu to High Level Expert Group - The Governing Board of the United Nations Conference on Trade and Development (UNCTAD), the Trade and Development Board, has appointed Prof. Kingsley Chiedu Moghalu, former Deputy Governor  of the Central Bank of Nigeria and the President of Sogato Strategies LLC as a member of the Intergovernmental Expert Group on Financing for Development (IGEG FfD). Source Thisday Read More 

FirstBank Celebrates its CRS Week themed Promoting Kindness - Putting You First-First Bank of Nigeria Limited has initiated a whole week of celebrating its Corporate Responsibility and Sustainability (CR&S) initiatives from September 25 – 29, 2017. Source Proshare Read More 

N8bn CBN scam: Court adjourns ruling in bankers’ bail request - Justice Mrs. J.O. Abdulmalik of the Federal High Court, Ibadan Division, on Tuesday, adjourned ruling on the bail request made by the eight bankers standing trial in the Central Bank of Nigeria N8bn mutilated currency fraud. Source Punch Read More 

How Europe’s changes to copyright law will affect America – Europe is considering changing its copyright law. At first blush, you might think this couldn’t possibly affect the way you debate the news of the day online, upload family videos or run your startup. Source TechCrunch Read More 

Continuing Revival by the PFAs - The assets under management (AUM) of the regulated Nigerian pension industry increased by 20.6% y/y in May to N6.73trn (US$22.0bn). Source Proshare Read More  

An Entire Real Estate Deal Takes Place Online, Using Cryptocurrency Technology - As digital currencies such as bitcoin grow more popular, proponents have predicted there will come a time when major transactions like real estate sales will be done entirely online, down to the recording of property titles. Source WSJ Read More  

UBA Disrupts the Market, Delights Customers with Callback Technology-It would appear that the United Bank for Africa Plc has carved a niche for itself and gone way above its peers with its deployment of Al-powered Callback Technology. Source Proshare Read More 

US SEC Announces Enforcement Initiatives To Combat Cyber-Based Threats And Protect Retail Investors-The Securities and Exchange Commission today announced two new initiatives that will build on its Enforcement Division’s ongoing efforts to address cyber-based threats and protect retail investors. Source Proshare Read More 

NCC woos investors into Nigeria’s $70bn telecoms industry - The Nigerian Communications Commission has described the country as the preferred investment destination for telecommunications investors in Africa, with the industry having grown from $50m to $70bn in 16 years. Source Punch Read More 

A Crypto Fund King Says Bitcoin Will Be the Biggest Bubble Ever - Mike Novogratz is reinventing himself as the king of bitcoin. The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Source Bloomberg Read More 

Cisco appoints MD for Sub-Sahara Africa - Cisco has appointed Cathy Smith as the managing director for its Sub-Saharan African office. Smith joined Cisco in April 2015 as the head of the company’s business operations across South Africa. Source Punch Read More 

Microsoft Excel is about to get a lot smarter - Microsoft Excel users rejoice. Your favorite spreadsheet is about to get a lot smarter, thanks to the help of machine learning and a better connection to the outside world. Source TechCrunch Read More 

Google to Create Shopping Service Unit to Satisfy EU - Google will create a standalone unit for its shopping service and require it to bid against rivals for ads shown on the top of its search page, in an effort to satisfy European Union concerns over the display of product results, three people familiar with the investigation said. Source Bloomberg Read More 

Jobberman launches ‘Quick Recruit’ service - Jobberman has introduced a new employment solution, Quick Recruit, which it says makes recruitment simpler, faster and easier. Source Punch Read More 

Google Cloud acquires cloud identity management company Bitium - Google Cloud announced today that it has acquired Bitium, a company that focused on offering enterprise-grade identity management and access tools, such as single-sign on, for cloud-based applications. Source TechCrunch Read More 

Twitter trials expanding tweets from 140 characters to 280 - Twitter for the first time is expanding beyond its 140-character limit, the company announced today. The social network says it will now try out a longer limit of 280 characters in select languages, including English, in order to allow people to share their expanded thoughts without running out of room to tweet. Source TechCrunch Read More 

The makers of the Solarin secure cellie are building a bitphone - Bitcoin-powered cellphones — basically phones that can securely hold and send cryptocurrencies — have long been a fascinating if undeveloped concept in the crypto community. Source TechCrunch Read More  

10 start-ups receive N1m JAF grant - The Joan Agha Foundation says it is inspiring more young people to become entrepreneurs in the country and has given N100,000 each to 10 start-ups to support this cause. Source Punch Read More 

Fidelity Bank Boosts Entrepreneurial Capacity of SMEs - The Group Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo has identified lack of capacity as one of the major impediments to the growth and development of small scale businesses in the country. Source Thisday Read More  


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