Nigeria in 1min: Economic, Business & Financial Headlines – 030317



March 03, 2017 7:00 AM / Proshare News 


Reflections: Restructuring Nigeria For A More Efficient and Progressive Development - I have observed that people do not understand the restructuring option for Nigeria as it is being discussed. Let me attempt a simple explanation. Source Proshare Read More 

2016 budget: FG records N1.1tr shortfall in IGR - The Federal Government recorded a shortfall of N1.1trillion in the projected Internally General Revenue (IGR) for 2016, government officials told a Senate panel yesterday. Source Daily Trust Read More 

Japan commits $30bn to investments in Nigeria, others - The Japanese government has announced the country’s commitment of $30bn to a number of investment projects in Africa meant for infrastructural and human resources development, technological advancement as well as regional stability. Source Punch Read More 

Customs gives ultimatum for payment of duties on imported vehicles - The Comptroller-General of Customs, Col. Hameed Ali  has approved a grace period of one month, between Monday 13th March to Wednesday 12th April 2017 for owners of all vehicles within the country whose customs duty has not been paid, to do so. Source Punch Read More 

BPE selects advisers for commodity exchange transactions - In its bid to grow the country’s non-oil exports, the Bureau of Public Enterprises on Thursday selected three successful consortia as prospective advisers for transactions on the Nigeria Commodity Exchange. Source Punch Read More


Modernizing & Updating Disclosure Rules - Use of Hyperlinks and HTML - Next, we will consider and vote on a recommendation from the Division of Corporation Finance to issue an adopting release that will modernize and update our disclosure rules. Source Proshare Read More 

U.S. SEC Approves Rules To Ease Investor Access To Exhibits In Company Filings - The Securities and Exchange Commission today voted to adopt rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings. Source Proshare Read More 


Market Extends Two-Day Losing Streak by -1.40%. - Equities market closed today on a negative note, as NSE ASI depreciated by 1.40% to close at 24,829.59 basis points, as against 0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.61%.  Source Proshare Read More

Eurobond Listing, Trading and Settlement Framework - Source Proshare Read More 

Nigeria's Access swapped $50 mln with JP Morgan at 400 naira in Jan - Nigeria's Access Bank swapped a total of $150 million with two foreign lenders in January, central bank data showed. Source Reuters Read More 

Nestle Nigeria Cuts Dividend as Profit Declines 66% to N7.6bn - Nestle Nigeria Plc yesterday announced its audited results for the year ended December 31, 2017, showing the negative impact of tough macroeconomic environment. While the company grew its top line, bottom line declined by about 67 per cent. Source Thisday Read More 

IEI to Raise Operating Capital to N13 Billion - International Energy Insurance (IEI) Plc, has perfected plans to raise its operating capital to N13 billion. Source Thisday Read More 

BDCs demand $30,000 weekly allocation, rate harmonisation - Bureaux De Change (BDC) operators yesterday called on the Central Bank of Nigeria (CBN) to review their $8,000 weekly allocations upwards to $30,000 as dollar liquidity in the economy continues to improve. Source THE NATION Read More 

CBN sells N310b Treasury bills - The Central Bank of Nigeria (CBN) has raised N310.14 billion (about $985 million) at an auction of treasury bills at yields lower than the inflation rate Source THE NATION Read More 

3 million Nigerian’s lost N18bn to MMM ― NDIC - The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that three million Nigerians had lost N18 billion in the Mavrodi Mundial Movement Ponzi scheme (popularly called MMM). Source Proshare Read More 

FG files new charges against Shell, Eni, others over 2011 oilfield purchase – court documents - Nigeria’s financial crime watchdog has filed new corruption charges against Royal Dutch Shell Plc, Eni SpA and others regarding the $1.3 billion purchase of a long-disputed oilfield in 2011, according to court documents released on Thursday. Source BUSINESSDAY Read More 

Nigeria’s gas sector suffers N10tr foreign investment loss - Nigeria LNG Limited (NLNG) has put the immediate loss of foreign investment due to the delay in the takeoff of its Train 7 plant at $25 billion (N10 trillion). Source Guardian Read More 



South Africa's central bank sells shares of investors deemed to have too many -South Africa's central bank on Thursday said it would put up for sale nearly 150,000 of its shares owned by people who have exceeded limits set by a court to prevent undue influence in the regulator. Source Reuters Read More 

Bitcoin price tops gold for the first time ever - The price of a bitcoin has climbed above that of a troy ounce of gold for the first time on record after the cryptocurrency enjoyed a dramatic upswing in interest since last year. Source FT Read More  

World’s Biggest Banks Fined $321 Billion Since Financial Crisis - Banks globally have paid $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group. Source Bloomberg Read More

Ghana aims to narrow budget deficit to 6.5 pct in 2017: budget speech -Ghana will aim to reduce its budget deficit to 6.5 percent of gross domestic product in 2017 from 8.7 percent on a cash basis last year, Finance Minister Ken Ofori-Atta told parliament on Thursday in the annual budget. Source Reuters Read More

Ghana to review its $918 mln programme with IMF -annual budget - Ghana will review the structural benchmarks of its $918-million International Monetary Fund programme that is designed to stabilize national finances, Finance Minister Ken Ofori-Atta told parliament on Thursday in the annual budget. Source Reuters Read More

MTN keeps dividend flowing after first loss in 20 years -  Africa's biggest mobile phone operator MTN Group promised to pay a dividend in 2017 on Thursday, sending its shares surging as investors shrugged off a loss that underscored its risks in investing in frontier markets. Source Reuters Read More

Soaring Hong Kong Office Rents Are Now Triple Those of Singapore - Hong Kong’s office rents are almost three times more expensive than those in Singapore as property markets in two of Asia’s largest commercial centers have diverged sharply in recent years. Source Bloomberg Read More

Marijuana Helped the World's Top Hedge Fund Gain 145% - Bets on marijuana companies helped an Australian manager soar 145 percent last year to become the world’s best-performing hedge fund. Source Bloomberg Read More

Saudi Arabia Still Bears Brunt of Oil Cuts as OPEC Output Drops - Saudi Arabia continued to lead OPEC’s efforts to cut production, helping the organization get closer to a goal set out in a historic accord last year. Source Bloomberg Read More

Iraqi Kirkuk Oil Exports at Risk as Kurds Seize Pump Station - Iraqi oil shipments of about 105,000 barrels a day were halted briefly on Thursday after Kurdish troops seized control of a pumping station in disputed Kirkuk province and demanded that crude shipments to the country’s central government be stopped. Source Bloomberg Read More

Snap's Two Co-Founders Are Now Worth $5.3 Billion Each After IPO -  Snap Inc.’s Evan Spiegel and Bobby Murphy each added $1.6 billion to his fortune Thursday after shares in the photo-sharing mobile app closed at $24.48, 44 percent above their listing price. Source Bloomberg Read More

Spotify Hits 50 Million Paid Subscribers, Lifting Music Industry - Spotify has surpassed 50 million subscribers, extending its lead over rivals Apple Music, SoundCloud and Google as the world’s largest paid music streaming service. Source Bloomberg Read More

Hearing on Suit by Aderinokun's Daughter against GTBank, Others Fixed for March 24 - A Federal High Court in Lagos tuesday adjourned till March 24, 2017, hearing in the suit filed by Miss Oluwatise Aderinokun, the eight-year-old and last child of the late founder and former Managing Director of Guaranty Trust Bank Plc (GTB), Olutayo Aderinokun, against the bank and six others over alleged manipulation of her late father’s shares. Source Proshare Read More 

Latest Thinking on Wills and Trusts - Why Estate Planning is Essential - Estate Planning is more important now than ever. Without proper planning, you could loose a large share of what you have spent your whole lifetime accumulating. We have prepared this brochure to guide you in setting up a proper Estate Plan. Source Proshare Read More 


Telecom sector contributed 8.9% to national GDP in 2016 - NCC - The Nigerian Communications Commission (NCC) has said the telecom industry contributed 8.9 per cent to the National Gross Domestic Product of the country against the 8.6 per cent in 2015. Source Daily Trust Read More 





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