Nigeria in 1min: Economic, Business & Financial Headlines – 280417


April 28, 2017 7:00 AM / Proshare News 

Calling the end of the recession - Although the national accounts for Q1 2017 are not due until late May, we have had some guidance from two prominent individuals.  Source Proshare Read More 

Nigeria Lawmakers Could Pass Budget Next Week After Work Stalled - Nigerian lawmakers could approve the 2017 budget next week with the process resuming after a top senator said work was stalled by police taking away key documents from his home, a presidential adviser said. Source Bloomberg Read More 

Firs realises N27bn from penalty waivers - The Federal Inland Revenue Service (FIRS) has disclosed that it realised N27 billion from the penalty wavers for tax defaulters exercise it concluded in December 2016. Source Daily Trust Read More 

Cargo dwell time in Nigerian seaports remains highest in Africa - Imported cargo into Nigeria stays longer in the port before being cleared by inspection authorities when compared with other seaports in Africa, a study funded by the Nigeria Shippers’ Council (NSC) reveals. Source BUSINESSDAY Read More 

We’ve enough dollars for end users, says CBN - The Bankers Committee of the Central Bank on Thursday declared that there was adequate stock of foreign exchange to sustain the spate of dollar sales to various segments of forex market. Source Punch Read More 

Stock Market Halts Downtrend as NSEASI Inches Up by +0.52% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.52% to close at 25,753.00 basis points, as against -0.77% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.17%. Source Proshare Read More

FBNH Releases Q4'16 and Q1'17 Results; Declares N16.1 bn Profit in Q1,(SP:N3.50k) - FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its audited results for the full year ended 31 December 2016. Source Proshare Read More

FIDELITYBK declares N4.32 billion PAT in Q1 2017 Results,(SP:N0.83k) - Source Proshare Read More

GUINNESS Declares N2.56bn Loss in Q3'17 Results,(SP:N60.00k) - Source Proshare Read More  

Guinness Nigeria Plc Grew PBT and PAT by 220% and 321% YoY Respectively in Q3 2017 - Late yesterday, the NSE published Guinness Nigeria’s (Guinness) Q3 2017 (end-Mar) results. Although sales of N30.4bn declined by -37% y/y, PBT and PAT of N2.2bn and N2.1bn advanced by 220% y/y and 321% y/y respectively. Source Proshare Read More  

ACCESS Declares N26.02 billion PAT in Q1 2017 Results,(SP:N6.40k) - Access Bank Plc., (Bloomberg: ACCESS NL / Thomson Reuters: ACCESS.LG) (“Access Bank” or the “Bank”), the full service commercial bank with headquarters in Nigeria and with operations across Sub-Saharan Africa, the UK, Asia and the Middle East, announces its unaudited results for the first quarter ended 31 March 2017. Source Proshare Read More  

UBA Declares N23.89bn PAT in Q1 2017 Results,(SP:N5.50k) - Source Proshare Read More 

Stanbic IBTC Holdings Q1 2017 Results Review - Earnings Running Well Ahead of Guidance - Such is the strength of Stanbic IBTC Holdings (Stanbic) results that we have increased our earnings estimates over the 2017-18E period by an average of 71% and our price target by 47% to N25.1.  Q1 2017 PBT grew 82% y/y, beat our forecast by 67% and equates to 50% of the FY2016 PBT result. The PAT equates to 67% of the FY 2016 result. Source Proshare Read More 

CBN Offers $100m in Wholesale Forwards - Buoyed by the impact of its interventions and stability in the foreign exchange market, the Central Bank of Nigeria (CBN) on Thursday, April 27, 2017 offered the sum of $100 million to authorized dealers to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.  Source Proshare Read More 

NSE, LSEG Renew Capital Market Agreement - The Nigerian Stock Exchange (NSE) and London Stock Exchange Group (LSEG) are pleased to announce the renewal of their strategic capital markets partnership agreement at the NSE office in Lagos today. Source Proshare Read More  

DMO Urges Nigerians to Invest in FG Savings Bond - The Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo has advised Nigerians to take advantage of the Federal Government’s Savings Bond and invest in the scheme. Source Thisday Read More 

Zenith, 9 Other Banks Contribute N287bn To Fund AMCON - With the sum of N153.5 billion paid into the Asset Management Corporation of Nigeria (AMCON) in four years, Zenith Bank Plc, United Bank for Africa (UBA) Plc, Access Bank Plc and seven others made contributions of N287.6 billion into the AMCON’s sinking funds as at December 31, 2016. Source Leadership Read More

Diamond Bank Plc – Funding Income Up by 25% YoY in Q1 2017 - Diamond Bank released its Q1 2017 results this afternoon. The results showed that both PBT and PAT were down y/y. PBT fell -17% y/y while PAT was down -3% y/y because other comprehensive income of N827m supported the results. Source Proshare Read More  

Retail Prices Remained Stubbornly Static as Naira Strengthened at the New Forex Window - he naira strengthened at the new forex window (investors and exporters) to close at N380/$. At the parallel market the naira also appreciated to N386/$. This concentric movement in exchange rates is beginning to reflect a more realistic value of the naira. Source Proshare Read More 

Investments return with $20bn in oil sector – Barkindo - The oil industry is reversing ‘cut backs’ trend with the investment of around $20 billion in the energy sector in the US for the first quarter of 2017, the Secretary General, Organisation of Petroleum Exporting Countries (OPEC), Mohammed S. Barkindo, has said. Source Daily Trust Read More 

NEITI commences audit of oil, gas sector – ES - The Nigerian Extractive Industries Transparency Initiative (NEITI) yesterday said it has commenced a comprehensive, independent audit of the nation’s oil and gas sector that would cover the periods of 2015 and 2016. Source Daily Trust Read More 

Modular Refineries could offer 500% return on investment-Pwc  - Setting up a diesel-oriented modular refinery in Nigeria could fetch investors five times their initial investment within two years and guarantee an operating profit margin of about 15 percent, global consulting firm, Price Waterhouse Coopers (PWC) told a room of investors and stakeholders in the oil and gas sector Source BUSINESSDAY Read More 

GenCos unpaid invoices hit N500bn - The 26 electricity Generation Companies (GenCos) in Nigeria have said the federal government is owing them about N500bn debt, just as they spend N36 billion monthly to produce electricity. Source Daily Trust Read More 

Niger Delta states sue FG over N500tr oil revenue loss - Citing negligent execution of petroleum production contracts by multinationals operating in Nigeria, Bayelsa, Akwa Ibom and Rivers states have filed a suit at the Supreme Court against the Federal Government to challenge the loss of N500 trillion in oil revenue. Source Guardian Read More 

LADOL invests in 50MW gas-fired power plant - The Lagos Deep Offshore Logistics (LADOL), has disclosed that it is investing in a gas fired power plant, which will be built in phases. Source Guardian Read More 

Libya's Sharara oilfield restarts after pipeline protests end - Libyan oil source - Libya's Sharara oilfield, with a production capacity of around 330,000 barrels per day, is back online after protests blocking pipelines there ended, a Libyan oil source said on Thursday. Source Reuters  Read More 

Egypt imposes tariff on exports of fish- Trade Ministry - Egypt's Trade Ministry on Thursday imposed a tariff on the exports of fresh and frozen fish of 12,000 Egyptian pounds per tonne for four months. Source Reuters  Read More 

Angola in full compliance with OPEC output cuts - oil minister - Angolan oil minister José Maria Botelho de Vasconcelos said on Thursday his country was more than fully complying with OPEC production cuts, and that he believed a deal to curb output would be extended beyond June. Source Reuters  Read More 

Libya's Biggest Oil Field to Reopen as Refinery Back On - Libya’s biggest oil field, Sharara, reopened as crude began to move through a pipeline connected to the Zawiya refinery, according to a person with direct knowledge of the matter. Source Bloomberg  Read More 

Jeff Bezos Is Just $5 Billion Away From Being the World's Richest Person - A surge in after hours trading for Inc. added $3.3 billion to the fortune of Jeff Bezos, putting him less than $5 billion away from becoming the world’s richest person. Source Bloomberg  Read More 

Swiss Court Fines Egypt $2 Billion, Muddies Mideast Gas Market - A Swiss court ordered Egyptian natural gas companies to pay Israel’s state-owned electricity provider $2 billion in fines for breach of previous contracts, a step that could complicate chances for the two nations to sign future gas deals as Israel seeks to become an energy exporter. Source Bloomberg  Read More 

Euro Global Foods achieves 85% local content - In a bid to support the Federal Government’s import substitution and backward integration policy, Euro Global Foods and Distilleries, a member of Sona Group of Companies, has disclosed that it is already using 85 per cent local raw materials in its productive value chain to boost made-in-Nigeria products. Source Punch Read More 

NCC gives operators 14 days to quit wireless frequency - The Nigerian Communications Commission has given service providers an ultimatum to quit the use of the 5.4GHz band spanning the 5.470 to 5.725 GHz frequency range within 14 days. Source Punch Read More

FG to use drones for mapping, surveying - The Federal Government is to deploy drones for the mapping and surveying of the country from this year. Source Punch Read More

FG set to establish satellite industrial centres - The Federal Government is set to establish satellite industrial centres across the six geo-political zones of the country to fast-track its plan on the diversification of the nation’s economy. Source Punch Read More



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