Nigeria in 1min: Economic, Business & Financial Headlines – 290617



June 29, 2017 7:20 AM / Proshare News 

Another Subpar FAAC Payout - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government picked up in June (from May revenues) from N419bn to N462bn (US$1.51bn).  Source Proshare Read More 

Nigeria: Growth Positive, But Lacklustre - There are some promising signs of recovery in the Nigerian economy, and we have made a moderate upward revision to our 2017 real GDP forecast for the country, from 1.7% to 2.0%. This compares to the Bloomberg consensus forecast of 1.5%. Source Proshare Read More  

20,000 jobs threatened, as INTELS, NPA rift deepens - No fewer than 20,000 jobs that are currently in the service of INTELS Nigeria Limited are on the risk, as the rift between the oil and gas logistic giant and the Nigerian Ports Authority (NPA) lingers. Source Guardian Read More


AFCO to provide 5.5 million housing units to Nigerians - The African Farmers and Cultural Organisation (AFCO) a Non Governmental Organisation( NGO) has revealed plans to address 17 million housing deficit in the country with 5.5 million housing units for Nigerians. Source Guardian Read More 

FG okays gas masterplan to boost industrial growth - Fresh move to unveil a new gas master plan to drive Nigeria’s industrial growth is underway, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Guardian Read More 

72 Metric Tonnes Of Yam Leave Nigeria For Europe, US Today - Efforts by the federal government to diversify the economy is beginning to yield results, as the federal government is set to export 72 metric tonnes of yam to Europe and the United States today. Source Leadership Read More 

Nigeria Generates N1.22bn Annually From Cassava Starch - The managing director, Psaltery International Company Limited, Mrs Oluyemisi Iranloye,  has said that the country has started benefiting from its investment as the import substitution policy of the federal government in cassava starch has earned it $4 million (about N1.22 billion) in the financial year ended 2016. Source Leadership Read More 

Kaduna, Akwa Ibom boost PAYE by 50% in 2016 - Kaduna and Akwa Ibom states in 2016 fiscal year boosted their PAYE revenue by 57 percent and 50 percent, respectively, and thus emerged as the states with the highest growth in PAYE for the period. Source BUSINESSDAY Read More 

AfDB wants credit providers to increase African MSMEs lending to $135bn - African Development Bank (AfDB) has called on financial markets to increase affordable loans to the tune of $135 billion, while also providing more diverse and innovative financing instruments to Africa’s micro, small and medium sized enterprises. Source BUSINESSDAY Read More 


SEC extends deadline for e-dividend registration to Dec. 31, 2017 - The Securities and Exchange Commission (SEC) has extended the deadline for  stoppage of issuance of physical dividend warrants in the nation’s capital market to Dec. 31, 2017. Source Daily Trust Read More 

Public Offers: Investors with multiple subscriptions to forfeit investment — SEC - THE Securities and Exchange Commission, SEC, yesterday, said that investors in the Nigerian capital market with multiple subscriptions for public offers of any firm quoted on the Nigerian Stock Exchange, NSE, may forfeit their investments. Source Vanguard Read More 

Banks Don’t Require Licences for Agency Banking, Says CBN - The Central Bank of Nigeria (CBN) has said that banks do not need licences to operate agency banking. Source Thisday Read More 


Stock Market Opens The Week Positive as NSEASI Records +1.67% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +1.67% to close at 32,657.30 basis points, as against -2.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +21.52%. Source Proshare Read More  

Investment and Export Opportunities Advantageous To Cameroon’s External Position - Cameroon's international investment position will remain firmly in negative territory over our forecast period. Inward foreign direct investment (FDI) is set to increase in future due to foreign interest in the country's oil, gas and manufacturing sectors. Source Proshare Read More 

Unilever Nigeria to launch N59b rights issue - Unilever Nigeria Plc yesterday said it plans to raise about N58.86 billion by selling new ordinary shares to existing shareholders. Source THE NATION Read More 

Nigeria to sell $100 mln at special forex auction - Nigeria's central bank will sell $100 million at a special foreign exchange auction on Wednesday, the bank said as the local currency held steady in all segments of the foreign exchange market. Source Reuters Read More 

Nigeria's crude account one of world's least transparent - NRGI - Nigeria's Excess Crude Account tied for the world's most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute (NRGI) released on Wednesday. Source Reuters Read More 

NNPC to continue managing refineries — FG - The Federal Government, yesterday, stated that the management of the country’s refineries would remain within the purview of the Nigerian National Petroleum Corporation, NNPC, irrespective of whatever model the government adopts to revamp and upgrade them Source Vanguard Read More 

Nigeria only oil producing country struggling with importation of refined products – Kachikwu - MINISTER of State for Petroleum Resources, Ibe Kachikwu Wednesday stated that the present oil that has remained the main stay of the nation’s economy may not last beyond 39 years. Source Vanguard Read More 

Nigeria needs $10b yearly to achieve Gas Master Plan’s goals - To achieve the objectives set out in the Nigerian Gas Master Plan, at least $10 billion yearly investment is required over two to four years period, the President of the Nigerian Gas Association (NGA) Dada Thomas, has said. Source THE NATION Read More

Crude Rises to One-week High as US Weekly Production Eases - Crude oil prices rose wednesday to their highest in more than a week despite a surprise build in crude oil inventories, as buyers were encouraged by a small weekly decrease in United States production. Source Thisday Read More 

Nigeria lags behind 16 African countries in oil governance - Although Nigeria is Africa’s top oil producer and exporter, the country falls short when it comes to the governance of its oil and gas industry, a new global report has shown. Source Punch Read More 

No concession approval for refineries, says Kachikwu - The Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday stated that the country’s three refineries were embroiled in confusion, but added that there was no approval to sell the plants or give them out to private investors as concessions. Source Punch Read More 

Japan outlaws restrictions on resale of LNG cargoes - Japan has outlawed restrictions stopping customers from reselling cargoes of liquefied natural gas, in its latest move to liberalise a market where Japanese utilities have long been the biggest buyers.Source Punch Read More 

C’River to build 26MW power plant in Tinapa - The Cross River State government has expressed its readiness to commence the construction of another power plant in addition to an ongoing 21 megawatts plant in the state. Source Punch Read More 

NASS’ Recourse to Personal Attacks Fails to Address the Issues I Raised – Fashola - The Minister of Power, Works and Housing, Mr Babatunde Fashola SAN has expressed deep concern over the recourse of the National Assembly’s Spokespersons to name calling over his observations on the 2017 Budget. Source Proshare Read More 


Fidelity Bank Admits Disbursing Diezani Bribe To INEC Staff - Mr. Olaobaju, who gave testimony as a prosecution witness, told the court on Wednesday that a sum of N115,000,000 was deposited into the bank by different oil companies and some individuals on the instructions of former minister for petroleum, Mrs. Diezani Alison-Madueke. Source Sahara Reporters Read More 

Dangote Petrochemical Refinery will transform and diversify Nigeria's economy - Aliko Dangote - The President of Dangote Industries, Alhaji Aliko Dangote has assured that the planned petrochemical refinery project of the conglomerate, will transform and diversify the Nigerian economy. Source Proshare Read More 

Increased Foreign Participation Positive for UK Rail Operators - Fitch Ratings views the increase in the number of joint-venture bids with foreign players for UK rail franchises as marginally positive for Fitch-rated UK rail operators as this strengthens the bids in relation to franchise requirements and limits the UK companies' capital exposure. Source Proshare Read More  

Côte D’Ivoire – Weak Cocoa Prices and Capital Imports Will See Deficit Widen - Weak cocoa prices and robust infrastructure spending will see Côte d'Ivoire's current account deficit widen in future. Source Proshare Read More  

Sub Saharan Africa Economic Outlook Ahead of Upcoming Elections - While we expect an uptick in violence in the run-up to Kenya’s August 8 election, it will have only a temporary effect on the shilling. Source Proshare Read More 

AngloGold considers 8,500 job cuts in South Africa revamp - AngloGold Ashanti is considering laying off 8,500 workers, some 30 percent of its workforce, Africa's biggest gold miner said on Wednesday, as it looks to restructure its South African mines. Source Reuters Read More

Ghana asks IMF to extend aid deal, more money expected to be sought - Ghana's government has asked the International Monetary Fund to push back the end date of its $918 million aid programme from April 2018 to December 2018, IMF and government sources told Reuters on Wednesday. Source Reuters Read More

Egypt M2 money supply up 39.4 pct at end of May - central bank - Egypt's M2 money supply was up 39.4 percent at the end of May from a year earlier, central bank data showed on Wednesday. Source Reuters Read More 

Ghana Signs $10 Billion Bauxite Project Agreement With China - Ghana signed an agreement with China that may culminate in the development of a $10 billion bauxite venture that will include the construction of alumina refineries and railway infrastructure, according to a senior government official. Source Bloomberg Read More 

Euro Gains for Third Day on ECB Hawkish Tilt as Dollar Falters - The euro strengthened for a third day against the dollar as comments from President Mario Draghi this week bolstered bets the European Central Bank is preparing to unwind stimulus. Source Bloomberg Read More 

Greece Gets Investor Thumbs Up on Possible Return to Bond Market - If Greece returns to the bond market this year, Mark Dowding would be a buyer. Source Bloomberg Read More 

Suddenly the U.S. Is Exporting More Crude Than a Bunch of OPEC Members - Move over, Equatorial Guinea. Slide aside, Gabon. Make room, Ecuador. There's a new major oil exporter on the world stage, and it's the United States of America. Source Bloomberg Read More 

A Nigerian Oil Investor Owns New York's Biggest-Ever Foreclosure - The owner of a $50.9 million Manhattan condo that is scheduled to be sold at a foreclosure auction next month is Kolawole “Kola” Aluko, a Nigerian businessman accused in court filings of defrauding that country’s government. Source Bloomberg Read More 

Bribes, Borders and Middlemen: Why India’s GST Is a Game Changer - Seized vehicles. Bribes. Days-long delays. Moving goods across Indian states isn’t exactly easy -- and that’s a major barrier to economic growth. Source Bloomberg Read More

In Attempt to Absolve Themselves, Etisalat-Mubadala Directors Resign - In an attempt to absolve themselves of criminal and civil liability for the non-payment of a $1.2 billion loan taken from 13 Nigerian banks, the directors of Etisalat Nigeria, save for its chairman, Hakeem Belo-Osagie, have resigned en masse from the seven-man board of the network operator. Source Thisday Read More

SEC Malaysia And ASIC Sign Innovation Cooperation Agreement To Establish Fintech Bridge - Securities Commission Malaysia (SC) yesterday entered into an Innovation Cooperation Agreement with the Australian Securities and Investments Commission (ASIC) to further promote innovation in financial services in their respective markets. Source Proshare Read More  





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