Nigeria in 1min: Economic, Business & Financial Headlines – 280916

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September 28, 2016 7:20 AM / Proshare News 

 

PROSHARE ECONOMY
Pension should cover informal sector-Obasanjo - Former Nigerian President Chief Olusegun Obasanjo has made a strong case for an inclusive pension system, covering the informal sector. Source Proshare Read More

The Mounting Debt Burden of the States - The latest data release from the DMO shows the external debt of the 36 states and the FCT at US$3.65bn at end-June. Since these borrowings are guaranteed by the FGN, they are included in the figure of US$11.27bn for the federal government’s external debt. Source Proshare Read More 

Nigeria’s foreign reserves drop to $24.74bn - Nigeria’s foreign reserves have reduced from $26.51 billion from the second quarter of 2016 to $24.74 billion in September, Budget and National Planning Udoma Udo Udoma, says. Source Guardian Read More 

Recession: Senate rejects bailout for aviation sector - The Senate, yesterday, rejected proposal to give bailout fund to airline operators in the country.Moving a motion tagged: “The looming crisis in the Nigerian aviation industry,” Senator Samuel Anyanwu(PDP, Imo ) said there was need for the federal government to grant the bailout fund to airline operators. Source Daily Trust Read More 

Adeosun: Our Focus is to Get the Economy Out of Recession - We are looking at a range of options and one of the biggest issues for us was the cost of borrowing because government is the biggest borrower. Source Thisday Read More 

Value of Global Mergers and Acquisitions Declines by 27% to $1.8trn - The value of global mergers and acquisition (M&A) has declined by 27.4 per cent to $1.8trillion between January and August 2016, according to data obtained by THISDAY on Monday. The data contained in the Global Merger Report showed that value of M &A was $2.5 trillion between January and August 2015. Source Thisday Read More 

FG to raise 250-340 bln Naira in bonds in Q4 – Debt Management Office - Nigeria plans to raise between 250 billion Naira and 340 billion Naira ($794.91 million-$1.08 billion) in local currency-denominated bonds in the fourth quarter, the Debt Management Office (DMO) said on Tuesday. Source Daily Trust Read More 

India business community injects $15bn into Nigerian economy - President Muhammadu Buhari has welcomed the proposed investment of $5 billion in the economy by Indian business community. Source Vanguard Read More 

LAPO disburses N12 billion to 70,819 farmers - The Lift Above Poverty Organisation (LAPO) a non-governmental organisation said it has disbursed N11.7 billion to 70,819 rural farmers from 2007 and July 2016. Source Guardian Read More 

Senate Rejects Sale of National Asset - The Nigerian Senate has rejected the proposed sale of national asset by the federal government. The Senate took the decision on Tuesday at the resumed plenary after extensive deliberation. Source Proshare Read More 

Committee recommends merger of Customs, FIRS - The National Tax Policy Review Committee that was constituted by the Federal Government last month has recommended the merger of the Federal Inland Revenue Service and the Nigeria Customs Service. Source Punch Read More 



PROSHARE REGULATOR

Nigerian banks remain strong, CBN tells Afreximbank - The Central Bank of Nigeria (CBN) has reiterated that the nation’s Deposit Money Banks are strong despite the ongoing challenges in the foreign exchange market. Source Guardian Read More 

 

PROSHARE MARKETS
Equities market ends lower as investors reduce exposure - The equities market closed today on a negative note, as NSE ASI depreciated by 0.05% to close at 28,248.86 basis points, compared with the 0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.37%. Source Proshare Read More

Access Bank to Raise New Euro Bond - Access bank released a bond prospectus on the Irish Stock Exchange showing its plans to raise a total of U.S $1 billion under its Global Medium Term Note Program- the amount to be borrowed in this series is yet to be announced. Source Proshare Read More

Stanbic IBTC opens public subscription to N2.5b funds - Stanbic IBTC Asset Management Limited (SIAML), the investment management arm of Stanbic IBTC Holdings Plc, has opened application lists for subscription to two newest mutual funds-Stanbic IBTC Dollar Fund (SIDF) and SIAML Pension ETF 40. Source THE NATION Read More

Confusion as Naira Slumps to N452/$ on Parallel Market- The naira continued to plummet on the parallel FX market yesterday as it fell to N452 to the dollar, lower than the N445 to the dollar from the previous day as demand for the greenback continued to outweigh supply. Source Thisday Read More

Nigeria loses N4.7bn daily to Bonny Export Terminal pipeline damage  - Current efforts by government to raise cash and redirect the economy to growth may be at risk, as the country is faced with an estimated loss of N4.7 billion ($15,180,000) daily, following damage done to the trunk line which supplies crude oil to the Bonny Export Terminal in Rivers State. Source BUSINESSDAY Read More

 

 

We’ll settle $6bn JVs debt using tax – NNPC - The Nigerian National Petroleum Corporation (NNPC) says it is planning to pay its Joint Venture Cash (JVC) call arrears owed multinational oil companies. Source Daily Trust Read More

 



PROSHARE BUSINESS

Dangote to scale up investments in Nigeria & Africa despite recession - In recognition of his immense contribution to human capital development in Africa through the establishment of businesses across the African continent, a United States of America based Organization, Africa-America Institute (AAI) has honoured the President of Dangote Group, Aliko Dangote with the “2016 African Business Leader Award.”

World Bank unanimously reappoints President Jim Yong Kim - The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced Tuesday. Source Guardian Read More 

Saudis, Iran dash hopes for OPEC oil deal in Algeria - Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said the differences between the kingdom and Tehran remained too wide. Source Reuters Read More

Namibia's economy contracts 1.2 percent in Q2 -  Namibia's economy shrunk by 1.2 percent in the second quarter of 2016 compared with a revised 3.4 percent expansion in the first three months of the year, data on the statistics agency's website showed on Tuesday. Source Reuters Read More

Rwandan central bank maintains its key repo rate at 6.5 percent - Rwanda's central bank on Tuesday maintained its key repo rate at 6.5 percent, the central bank governor said. Source Reuters Read More

Moroccan central bank keeps rates unchanged, sees 4 pct growth in 2017 - Morocco's central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday, saying the inflation forecast was consistent with its price stability objective. Source Reuters Read More

Deutsche Bank Troubles Cast Long Shadow Over European Banking - The turmoil swirling around Deutsche Bank AG has brought simmering concerns about the health of Europe’s banks back to a boil. Source Bloomberg Read More

Asian Stocks Drop as Oil Below $45 Before Algiers; Dollar Gains - Asian stocks dropped by the most in two weeks and U.S. equity index futures declined as oil traded below $45 a barrel before major producers meet to discuss output constraints in Algiers. The dollar strengthened versus most peers. Source Bloomberg Read More

Saudis See Oil-Freeze Deal Possible in November, Not This Week - A deal by major oil exporters to freeze output may have to wait another couple of months. Source Bloomberg Read More

 



PROSHARE TECHNOLOGY

Visafone’s spectrum not sold to MTN, says NCC - The Nigerian Communications Commission (NCC) has said it did not approve the sale of the spectrum of former code division multiple access (CDMA) carrier, Visafone, to MTN, adding that it was careful not to further promote the latter’s dominant operatorship status in the country. Source THE NATION Read More

Nigerian lawmakers say to probe alleged MTN transfer of $13.9 bln - Lawmakers in the upper house of Nigeria's parliament agreed on Tuesday to investigate an allegation that South Africa's MTN, Africa's biggest telecoms company, illegally transferred $13.92 billion out of the West African country. Source Reuters Read More 

Disney Is Working With an Adviser on Potential Twitter Bid - Walt Disney Co. is working with a financial adviser to evaluate a possible bid for Twitter Inc., according to people familiar with the matter. Source Bloomberg Read More



PROSHARE STARTUPS

FirstStars Reality TV Show Premieres on September 28, 2016 - FirstBank in partnership with EbonyLife TV, through the First@arts initiative brings to your television screens the FirstStars Reality TV Show from Wednesday, September 28th2016. Source Proshare Read More 

BoI to partner entrepreneurs on intervention initiatives - The Bank of Industry (BoI) has expressed its readiness to partner entrepreneurs in tailoring its funding initiatives to achieve greater economic impact. Source Guardian Read More 

 

 

 

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