Nigeria in 1min: Economic, Business & Financial Headlines – 040717



July 4, 2017 7:00 AM / Proshare News 


Fed Govt eyes $1b from new tax reform - Finance Minister Mrs Kemi Adeosun yesterday said the Federal Government planned to raise over $1billion from the executive order signed by Acting President Yemi Osinbajo. Source THE NATION Read More

FIRS generates N118bn in 18 months – Fowler - Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler has said the Service generated about N118 billion in the last 18 months through its taxation strategies. Source Daily Trust Read More 

PMI Reading No 51: Four Months above Water - Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows another improvement from 54.0 in May to 55.9. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

Nigeria’s shadow economy to shrink to 46.11% of GDP by 2025 — ACCA - ASSOCIATION of Chartered Certified Accountants, ACCA, in a recent study, revealed that Nigeria is on the course to reduce the size of its shadow economy to 46.11 per cent of the Gross Domestic Product, GDP, by 2025 from 48.37 per cent in 2016. Source Vanguard Read More 

Nigeria rated Africa’s 19th most attractive investment destination - Nigeria is the 19th most attractive economy for investments flowing into the African continent, a new report has indicated. Source Punch Read More 

Finally, N’Assembly Receives 2015 Audited Report of MDAs - The Auditor-General of the Federation (AuGF), Mr. Anthony Mkpe Ayine, last Thursday submitted the final part of the 2015 audited report of the ministries, departments and agencies (MDAs) of the federal government to the Clerk of the National Assembly, Alhaji Mohammed Sani Omolori, bringing to a closure the almost one-year delay in the submission of the all-important report Source Thisday Read More 

Adeosun: Executive Order on Asset Declaration, Sign of Govt’s Seriousness on Tax Compliance - The signing of an Executive Order on Assets and Tax Declaration by the Acting President, Prof. Yemi Osinbajo, underlines the seriousness attached to the Voluntary Asset and Income Declaration Scheme (VAIDS), theMinister of Finance, Mrs. Kemi Adeosun, has said. Source Thisday Read More 

Manufacturers spend N378b on power generation - Manufacturers spend at least N378 billion on private electricity generation to power their operations as public grid power supply remains unreliable Source THE NATION Read More 

Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD? - Benjamin Franklin was apt when he said “In this world nothing can be said to be certain, except death and taxes1”. Centuries after that famous quote by the one-time American President, taxation remains a certain and consistent source of revenue for governments, albeit to varying degrees of reliance. Source Proshare Read More  


NSEASI Dips by -1.05% to Open The Week Negative; Maintains Downtrend - Equities market closed today on a negative note, as NSE ASI depreciated by -1.05% to close at 32,769.80 basis points as against -0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +21.94%. Source Proshare Read More

Afrinvest Stock Recommendation for the Week - 030717 - The Nigerian bourse recovered from previous week’s loss as investors resorted to bargain hunting in stocks that had depreciated in prior trading sessions. Consequently, the benchmark index climbed 3.1% W-o-W to close at 33, 3117.48 points, bumping YTD gain to 23.2%. Source Proshare Read More

GTI 5 Weekly Stock Picks - 030717 - The equity market on Friday shed 0.64% closing the week in the red and bringing to a halt prior two days bull-run. Similarly, market breadth closed negative recording 17 gainers against 33 losers. Source Proshare Read More  

SEPLAT Plc Announces Closed Period On Share Dealings For Whole Company - Pursuant to Clause 17.2 of the Amendments to the Listings Rules (the “Rules”) of the Nigerian Stock Exchange (the “Exchange”), please be notified that Seplat Petroleum Development Company Plc (“SEPLAT”) will be in a Closed Period. Source Proshare Read More  

FGN Savings Bond July 2017 Opens Today - This is to notify you of the FGN Savings Bonds Offer opening today, Kindly find the features below, and download the subscription form here. The Offer closes Friday, July 07, 2017. Source Proshare Read More  

SEPLAT - One Yr Extension of Revolving Credit Facility Oversubscribed and Successfully Concluded - Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange. Source Proshare Read More 

ETI to Publish Q2 2017 Financial Results on August 24, 2017 - As communicated at the presentation of the full year results for 2016, Ecobank Transnational Incorporated (ETI) results for the period ended 30 June 2017 will be subject to audit by ETI’s statutory auditors. Source Proshare Read More 

Again, CBN Pumps $195m into FOREX Market - The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange market, has injected the total sum of $195 million into various segments of the inter-bank foreign exchange market. Source Proshare Read More 

FSB Reports To G20 Leaders On Progress In Financial Regulatory Reforms - The Financial Stability Board (FSB) published today, ahead of the G20 Summit in Hamburg on 7-8 July, a letter from its Chair Mark Carney to G20 Leaders. The FSB is also publishing today its third Annual Report on the Implementation and Effects of the G20 Financial Regulatory Reforms and, to further enhance the analysis in future, a framework for evaluating such effects. Source Proshare Read More 

FG owes IOCs $1bn in JV cash call - The Federal Government has yet to pay oil companies a total of $1.07bn in cash call required for the development of joint venture assets for the first four months of the year. Source Punch Read More 

IAEA assesses Nigeria’s nuclear, radiation emergency readiness - The International Atomic Energy Agency on Monday commenced an assessment of Nigeria’s nuclear and radiation regulatory framework in order to ascertain the country’s preparedness for nuclear emergencies. Source Punch Read More 

Nigeria fails to enforce ban on dirty fuel imports - The Federal Government’s ban on the importation of dirty fuels into the country failed to come into effect on July 1, 2017 as announced in December last year. Source Punch Read More 

Shell Blames Third Parties for Non-diversion of Bonga Gas to Domestic Market - Shell Petroleum Development Company (SPDC) has blamed the non-diversion of natural gas from the deep-water Bonga oilfield to the domestic market on third parties, stressing that it has largely concluded its technical scope of the Bonga diversion project initiated to supply 120 million standard cubic feet of gas per day, an equivalent of 650 megawatts of electricity into the domestic market. Source Thisday Read More 

NNPC, international firms lift N11trn oil in 12 months  - The Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) operating in the country including independent oil companies lifted  crude oil and condensate worth over $36.023 billion between March 2016 and March this year, according to NNPC April statistical report. Source Daily Trust Read More 

OPEC's Output Rose to the Highest This Year - OPEC’s crude production rose to the highest this year in June as member nations exempt from output curbs pumped more. Source Bloomberg Read More 

Grid loses 3,500mw as gas, frequency leave 36 turbines idle - The electricity grid lost 3,500 megawatts (mw) last Wednesday due to shortage of gas, transmission frequency issue and the inability of feeders across some Distribution Companies (DisCos) to take power. Source Daily Trust Read More 

Power sector records 213 systems collapse, blackout in 9yrs - The electric power sector in Nigeria has experienced 213 systems collapse that caused severe nationwide outages in the last nine years, industry data have shown. Source Daily Trust Read More 

Power sector needs N1.260tr to maintain 4,000MW in 2017 - The Federal Government has concluded plans to raise $3.5 billion (N1.260 trillion) from the sale of government owned power plants, borrowing from banks and other multilateral financial institutions to maintain electricity generation of 4,000 MegaWatts (MW). Source Guardian Read More

Elumelu Commends Afrexim Bank….Urges Other DFIs to Support African Businesses - At the24th Annual General Meeting of the African Export-Import Bank(Afrexim), held in Rwanda, Tony O. Elumelu, CON, Chairman of Heirs Holdings and the Tony Elumelu Foundation, congratulated Afrexim for the critical support that the Bank, led by President Oramah, provides for African businesses and its significant contribution to the development of cross-border trade and investment in Africa. Source Proshare Read More 

Afrexim Signs $1bn Loans with Dangote - The African Export Import (AFREXIM) Bank has signed a $1billion memorandum of understanding (MoU) with the Dangote Group of Companies at the 24th Annual General Meeting of the bank holding in Kigali, Rwanda. Source Proshare Read More 

South Africa to unveil action plan to lift growth: Gigaba -South Africa's Treasury will unveil an action plan on Friday detailing structural changes and timelines to boost growth to 6 percent in an economy mired in recession, Finance Minister Malusi Gigaba said on Monday. Source Reuters Read More 

Fuel price hike to add 3-4.5 percentage points to Egypt's inflation - Egypt's inflation rate, which was around 30 percent in May, will rise by between 3 and 4.5 percentage points following last week's fuel price hike, Deputy Finance Minister Ahmed Kojak told Reuters on Monday. Source Reuters Read More 

Kenya's Barclays Bank says to shut down seven branches - Barclays Bank of Kenya said on Monday it plans to close seven of its branches in the East African country in October as part of cost cutting measures. Source Reuters Read More 

Fuel price hike to add 3-4.5 percentage points to Egypt's inflation - Egypt's inflation rate, which was around 30 percent in May, will rise by between 3 and 4.5 percentage points following last week's fuel price hike, Deputy Finance Minister Ahmed Kojak told Reuters on Monday. Source Reuters Read More 

As U.S. Retires From World Leadership, China and Germany Step Up - The U.S. traditionally takes point in the search for common approaches to the big global issues of the day at G-20 summits. Not this time. Source Bloomberg Read More 

Santander Sees First-Half Profit Rising as Bank Sells Stock - Banco Santander SA said its deal last month to take over failing Banco Popular Espanol SA will have a minimal effect on earnings in the first half of the year, and that it expects to report a profit of 3.6 billion euros ($4.1 billion) for the period. Source Bloomberg Read More 


Samsung Plans $18 Billion of New Investments in Chip Production - Samsung Electronics Co., the world’s biggest maker of memory chips, announced 20.4 trillion won ($18 billion) of new investments to expand semiconductor output in South Korea. Source Bloomberg Read More 

Etisalat CEO, CFO Resign as Crisis Deepens - The debt crisis rocking Etisalat Nigeria took a new turn Monday when the company’s chief executive officer (CEO), Mr. Matthew Willsher, and chief financial officer (CFO), Mr. Wole Obasunloye, resigned their appointments. Source Thisday Read More 

Orange, Vodafone in race for Etisalat Nigeria - Orange and Vodafone Group are in “strong running” to buy 65 per cent of Etisalat Nigeria following Etisalat’s exit from the troubled operator, according to local sources. Source Daily Trust Read More 

Customs launches e-auction portal as bidding begins - The Comptroller General of Customs, Col. Hameed Ali (Rtd), has launched the Electronic Auction (E-Auction) portal as bidding for seized and overtime vehicles started by 12:00 noon on Monday. Source Daily Trust Read More 





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