Nigeria in 1min: Economic, Business & Financial Headlines – 010817



August 1, 2017 7:00 AM / Proshare News 

2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS - The Q2 2017 road transport data reflected that 2,503 road crashes occurred in Q2 2017. Speed violation is reported as the major cause of road crashes in Q1 and it accounted for 44.44% of the total road crashes reported. Source Proshare Read More 

FG adopts automated system for 2018 budget preparation - For the first time since it was acquired over five years ago, the Federal Government will be using the Government Integrated Financial Management Information System for the preparation of the 2018 budget. Source Punch Read More 

Foreign reserves near three-month high at $30.8b - The foreign exchange reserves have risen to an almost three-month high of $30.74 billion, latest Central Bank of Nigeria (CBN) data showed. Source THE NATION Read More 

FG releases N268.27bn for power, roads, housing in 2016 - Whooping sum of N268.27 billion was released by Federal Government for the implementation of various projects in the Power, Works and Housing sector in the 2016 fiscal year. Source BUSINESSDAY Read More 

Nigeria yet to spend $3.7m from $25m Technical Cooperation Fund - The Acting Director General of Directorate of Technical Cooperation in Africa, DTCA, Mohammed Kachallah, on Monday, said out of $25 million of the Nigeria Technical Cooperation Fund, NTCF, there is still $3.7 million unspent fund that would be used in the next two years. Source BUSINESSDAY Read More 

Kogi seeks extra N11b in supplementary budget - Governor Yahaya Bello of Kogi State has sent a letter to the state assembly seeking approval for a proposed supplementary budget of N11 billion for the 2017 fiscal year. Source Daily Trust Read More 

FEC Approves New Petroleum Policy - The Federal Executive Council (FEC) has approved a new petroleum policy, restructuring the Nigerian Petroleum Investment Management Services Limited (NAPIMS) and stripping it of its responsibility of regulating costing of projects. Source Thisday Read More 


Market Maintains Downtrend as NSEASI Dips Further to Open The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -2.77% to close at 35,844.00 basis points as against -1.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +33.37%. Source Proshare Read More 

FBN Holdings Plc. - Basking in the realm of high NIMs - FBN Holdings (FBNH) reported strong core earnings in Q2 17, with key metrics pointing to sustained momentum for the rest of the year. Source Proshare Read More

Dangote Cement’s half year results indicates 12.6 % sales volume increase across Africa - Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa. Source Proshare Read More

Afrinvest Stock Recommendation for the Week - 310717 - The benchmark index rose to a 31-month high of 37,245.17points following a 16-day bullish streak before the positive trend was bucked on Friday. Source Proshare Read More  

Okomu Oil Reports Q2 2017 Results as Sales, PBT and PAT Advance - This morning, Okomu Oil (Okomu) reported Q2 2017 results which showed that sales grew by 56% y/y to N6.6bn. PBT and PAT of N4.4bn and N3.2bn advanced by 94% y/y and 58% y/y respectively. Source Proshare Read More  

Julius Berger Nigeria Plc: FX Improvement Lifts H1 Results - JBERGER reported H1’17 loss of ₦364.7 million, a modest improvement from the ₦426.9 million loss recorded in the first quarter of the year. Source Proshare Read More  

Nestle Nigeria Plc: H1’17 Earnings Berth In Line With Estimates - Maintaining the run rate from Q1’17, NESTLE reported another strong topline growth in Q2’17 with cumulative revenue for the H1’17 period up 37% y/y to ₦121.9 billion (Vetiva: ₦121.4 billion). Source Proshare Read More 

Flour Mills of Nigeria Reports Q1 2018 Results - Gross Margin Contracted to 11.6% - This morning Flour Mill of Nigeria (FMN) published its Q1 2018 (end-June) results which showed that PBT grew by a modest 6% y/y to N6.2bn, much slower than that 25% y/y growth reported on the topline.  Source Proshare Read More 

DANGCEM Plc - Q2 Performance Consolidates On Concrete FY’17 Start - DANGCEM today made public its H1’17 results, showing strong y/y revenue growth but weaker on q/q—similar trend was observed with Lafarge H1) while profitability improved significantly boosted by cost efficiency and cut in tax expense. Source Proshare Read More

Lafarge Africa Plc. - Earnings Update Margins Break Historical Bounds - Sustaining the trend from the first quarter of the year, Lafarge recorded another strong topline growth in Q2 17 (+34% YoY to N74 billion) with its PAT of N14.6 billion (vs. N28 billion loss in Q2 16) exciting equity investors (company share price: +48% YTD at N60.75) in the last few days. Source Proshare Read More  

Diamond Bank Plc: Q1 Run Rate Maintained, PAT Beats Estimates - DIAMONDBNK released its H1’17 results, showing sustained earnings run rate in Q2’17 and posting a 3% y/y growth in PAT. Source Proshare Read More  

CBN injects $195m as naira depreciates to N367.88/$ on NAFEX - The naira yesterday depreciated marginally to N367.88 per dollar in the Investors & Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market. Source Vanguard Read More 

Nigerian conglomerate UAC plans 15.4 bln naira rights issue - Nigerian conglomerate UAC is seeking regulatory approval to raise 15.4 billion naira ($42.3 million) from existing shareholders and expects a stronger result for the second half of the year, the company said on Monday. Source Reuters Read More 

N50bn capital raising on course – Union Bank - Union Bank of Nigeria Plc has reaffirmed its commitment to meeting its key 2017 business objectives, including plans to raise up to N50bn in tier-1 capital through a rights issue during the third quarter. Source Punch Read More 

Dangote Petrochemical Refinery project keys into the 7 Big Wins - Kachikwu - The Dangote Petrochemical Complex has been described as a strategic project that keys into the 7 Big Wins reforms of the Petroleum sector, of the Federal Government. This is particularly in the area of gas revolution and refinery and local production capacity. Source Proshare Read More 

Oil nears $53 on tighter U.S market - Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Source Daily Trust Read More 

We spent N3.4bn to meter 120,000 customers – AEDC MD - The Managing Director of the Abuja Electricity Distribution Company (AEDC), Engr. Ernest Mupwaya, said the firm has recorded much progress since 2016, especially with its ongoing N3.4 billion metering project for 120,000 customers. Source Daily Trust Read More 

Sustained Sub-$50 Oil Could Hurt Some HY E&P Ratings - A sustained sub-$50 crude oil price scenario through 2018 will likely drive weaker operating profiles and lower production forecasts for some high yield oil exploration and production (E&P) companies, pressuring their ratings, Fitch Ratings says. Source Proshare Read More

Oil industry loses $300b to price slump - THE Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the global oil and gas industry lost over $300 billion worth of investment in three years due to decline in oil prices. Source THE NATION Read More 

Weir oil completes KOP acquisition for $114m - Weir Oil and Gas, a leading upstream provider of pressure pumping and pressure control equipment and services, has completed its acquisition of KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. Source Daily Trust Read More 

South Africa's rate cut signals political pressure on Moody's - The first interest rate cut in five years by South Africa's central bank will likely boost the country's economic growth potential, ratings firm Moody's said, but warned that the policy decision also signalled growing political pressure on the bank. Source Reuters Read More 

Ghana lowers 2017 budget deficit to 6.3 pct of GDP - Ghana has lowered its 2017 budget deficit to 6.3 percent of gross domestic product (GDP) from 6.5 percent as the West African nation presses on with its fiscal consolidation, Finance Minister Ken Ofori-Atta said on Monday. Source Reuters Read More 

World Bank sees Mozambique's economic growth at 4.6 percent in 2017 - Mozambique's economy is likely to grow 4.6 percent this year, the World Bank said on Monday, driven by recovering of coal, aluminium, gas and improved farm output. Source Reuters Read More 

Banks May Be Hit With $50 Billion Capital Needs After Brexit - Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, according to Oliver Wyman Inc. Source Bloomberg Read More 

Some Global Banks to Shift Qatar Business From Dubai Hub - Some international banks are serving Qatar from London and New York instead of Dubai’s financial center as a regional dispute makes it harder to do business with clients in the gas-rich Gulf state, according to people familiar with the matter. Source Bloomberg Read More 

Saudis Weigh Oil-Price Linked Tax for Aramco Before IPO - Saudi Arabia is considering a flexible tax system for state-owned oil company Aramco that would increase royalty payments when crude prices rise, according to people familiar with the deliberations. Source Bloomberg Read More 

Mukesh Ambani Tops Li Ka-shing as Asia's Second-Richest Man - Mukesh Ambani has elbowed past Li Ka-shing to become Asia’s second-richest man as investors rallied behind his efforts to arm India’s poor with cheap data-loaded phones. Some analysts are beginning to focus on the costs of his ambition. Source Bloomberg Read More 


Deepening Internet Penetration - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 91.6 million in June, representing a y/y contraction of -1.9%.  Source Proshare Read More  

Payment cards hit 14bn globally — SURVEY - THE number of payment cards globally increased by 8 percent in 2016 to 14 billion with one billion new cards issued in 2016, according to a survey conducted by London-based research firm, RBR. Source Vanguard Read More 

NCC: 90% of Nigerian ISPs dead - About 90 per cent of Internet Service Providers (ISPs) in Nigeria are dead, the Nigerian Communications Commission (NCC), has said. Source THE NATION Read More 

Sultan of Sokoto commends the Tony Elumelu Foundation - The Sultan of Sokoto, Sultan Muhammadu Sa'ad Abubakar III, commended the Tony Elumelu Foundation and its Founder, Tony O. Elumelu for their contribution to entrepreneurship and creation of jobs for young people in the North. Source Proshare Read More  





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