Nigeria in 1min: Economic, Business & Financial Headlines – 050417



April 05, 2017 7:40 AM / Proshare News 


Economic Associates Outlook for the First Quarter Of 2017 - The present, supply glut in commodities market has led to a depression in commodity prices. Whereby, lower commodity prices have trigged thinner foreign portfolio investment in developing economies, especially Nigeria. Source Proshare Read More 

The Law, The Environment And Permissible Noise Levels  - Issues bothering on the protection of the environment, delivering qualitative health care services in a fast industrialising and noisy world, has continued to occupy the attention of Environmental Regulators.  Source Proshare Read More 

RECALL: Recent Changes of Guards At The Central Bank of Nigeria - The appointment of a new governor to lead the Central Bank of Nigeria (CBN) from June 2014 to June 2019 brings the number of persons so appointed since 29 May 1999 to four, although only the last two appointments were made after the 2007 CBN Act was signed into law on 28 May 2007. Source Proshare Read More 

China offers Nigeria $4.5 bln loan for farm machinery - China has offered Nigeria a $4.5 billion loan for agricultural machinery and infrastructure, a Nigerian state governor said on Tuesday. Source Reuters Read More 

Airlines’ ticket sale charges hit N15bn - NCAA - The Nigerian Civil Aviation Authority (NCAA) yesterday replied airline operators  saying there would be no going back on the automaton of five per cent ticket and cargo sale remittance. Source Daily Trust Read More 

Abuja airport runway 75% completed - Sirika - Two weeks to the opening of the Abuja airport runway to traffic, the Minister of State, Aviation Sen. Sirika Hadi Sirika, has said the runway is 75 percent completed. Source Daily Trust Read More 

Customs begins duty-free bonded vehicles terminal licence - The Nigeria Customs Service (NCS) said it is ready to licence dealers to operate Bonded Vehicle Terminals in Nigeria with operators paying duty for imported vehicles after 28 days at such terminals. Source Daily Trust Read More 

Terminal operators’ earnings plunge by 22.4% in 10 years - The earnings of ports concessionaires is said to have nose-dived by about 22.4 per cent between 2006 and 2016, owing to depreciation of the naira, and rising inflation. Source Guardian Read More 

FMBN Signs MoU With REDAN, Shelter Afrique’s On $2bn Housing Fund - The Federal Mortgage Bank of Nigeria (FMBN) has signed a memorandum of understanding with the Real Estate Developers Association of Nigeria (REDAN) and pan-African finance institution Shelter Afrique to establish a $2 billion affordable housing fund. Source Leadership Read More 

FG Owes Insurance Operators N8.4billion Premium - Despite the ‘no premium no cover’ regime, the federal government is owing the Insurance Industry about N8.4billion, which ought to have been paid for the group life insurance coverage for all federal civil servants. Source Thisday Read More


Market Sustains Negative Posture as NSEASI Dips Marginally by -0.03% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.03% to close at 25,266.15 basis points, as against -0.95% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.99%. Source Proshare Read More

NIPCO Investments Limited Completes N90bn Acquisition of ExxonMobil’s Stake in Mobil Oil Nigeria Plc - Following the approval of the Securities and Exchange Commission (SEC) and The Nigerian Stock Exchange (NSE), NIPCO Investments Limited (NIPCO), a wholly owned subsidiary of NIPCO Plc, in a trade executed on the floor of the Nigerian Stock Exchange on Friday 31st March 2017, completed the acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc (NSE: MOBIL), in a deal worth N90 Billion and one of the biggest in the downstream sector in recent years. Source Proshare Read More

ETI Announces a Delay to the Publishing of Year Ended 31 December 2016 Results - Ecobank Transnational Incorporated (ETI) announces a delay to the publishing of results for the year ended 31 December 2016.  Source Proshare Read More 

PZ Cussons Nigeria - On a Path to Recovery - PZ Cussons Nigeria’s (PZ) Q3 2017 (end-Feb) results were remarkable. The company’s sales, which were its highest in recent times, beat our forecast by 16.9%. The improved revenue was primarily driven by price increases.  Source Proshare Read More  

SunTrust Bank grows Deposits by 432% to N4.2bn - As a sigh of absolute confidence in the Management of the technology-driven new bank; SunTrust Bank, its customers increased deposits in the bank by a whopping 432 per cent, making it possible for the bank to declare an impressive profit before tax of N343 million, an increase of 160.3 per cent over the N131.9million reported in 2015. Source Proshare Read More 

Record Of Bank of England’s FPC Meeting Held On 22 March 2017 - Maintained the UK countercyclical capital buffer (CCyB) rate at 0%. It reaffirmed its support for the clear supervisory expectation of the Prudential Regulation Authority (PRA) that firms should not increase dividends and other distributions as a result of the UK CCyB rate being maintained at 0%. Source Proshare Read More 

Striking FY 16 Loss: Is Seplat Plc Off The Hook? Sell Recommendation - Last week, Seplat Petroleum Development Company Plc. (Seplat) published its FY 16 audited result, which revealed striking before and after tax losses of $172.7million and $166.1million respectively (2015: PBT - $87.1million, PAT - $65.6million), following sustained force majeure on its key export route (Trans Forcados System) as well as foreign exchange and derivative losses. Source Proshare Read More 

Forex: Dealers Subscribe Fully to CBN $150m Wholesale Offer - The authorised foreign exchange dealers have fully subscribed to the $150 million offered by the Central Bank of Nigeria (CBN) at the forex auction in the interbank wholesale window on Tuesday, April 4, 2017. Source Proshare Read More 

Dollar glut hits market - There is no agreement among stakeholders on whether the Central Bank of Nigeria (CBN) has succeeded in one of its foreign exchange (forex) transaction objectives, which is to ease access to the dollar. Source Guardian Read More 

Fed Govt launches second tranche of savings bond - The Federal Government has opened application for subscription to the second tranche of its Federal Government of Nigeria Savings Bond (FGNSB). The application list for the second tranche will run till close of business on Friday, April 7, 2017. Source THE NATION Read More 

CBN to meet forex requests of Airlines, manufacturing, others - The Central Bank of Nigeria (CBN) yesterday said it will intervene in the retail auction window for forex sales to the airlines, manufacturing, agricultural and petroleum sectors. It said commercial banks have started submitting requests made by their customers to make purchases. Source THE NATION Read More 

N7.2tr held by NNPC can end recession – NEITI - The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked the Federal Government to put in place urgent measures to recover the sums of $21.778 billion and N316.074 billion from the Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Nigerian Petroleum Development Company (NPDC). Source Daily Trust Read More 

UK S/Court frees NNPC from paying over $100m bank guarantee - The Supreme Court of the United Kingdom has granted a reprieve to the Nigerian National Petroleum Corporation (NNPC) over a $100m bank guarantee in a case involving the corporation and a service company IPCO (Nigeria) Limited. Source Daily Trust Read More 

We’ll commence oil drilling in North August – Bako -Where are we so far since President Muhammadu Buhari directed the NNPC to increase the tempo on search for crude oil in the Lake Chad Basin and Benue Trough? Source Daily Trust Read More 


Investing in People: Amid Economic Recession, UBA Promotes 3,000 Staff - United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members, reinforcing its commitment to human capital investment and career progression, at the current challenging operating circumstances.  Promotions were made across UBA’s global network. Source Proshare Read More 

Moody's pushes back South Africa credit rating decision - Moody's said on Tuesday it will not issue a sovereign credit rating decision on South Africa this Friday, as previously planned, but will do so after a review that could take 30 to 90 days. Source Reuters Read More 

Britain Offers to Help to Wean Saudi Economy Off Oil Dependency - U.K. Prime Minister Theresa May plans to help Saudi Arabia lower its dependency on oil exports and increase the participation of women in the workforce as the Gulf kingdom seeks to modernize its economy. Source Bloomberg Read More

Saudi Arabia to Switch Crude Oil Pricing for European Refiners - Saudi Arabia is to tweak the benchmark it uses to sell its crude in Europe, in a concession to refiners in the region that have long complained about their ability to hedge using the current measure. Source Bloomberg Read More

Boeing Wins $3 Billion Iran Sale in Potential Test for Trump - Boeing Co. landed its second jetliner sale to an Iranian airline since the 1970s, a $3 billion deal that sets up a test of the planemaker’s ties with President Donald Trump. Source Bloomberg Read More 


Facebook's Whatsapp Is Getting Into Digital Payments in India - Facebook Inc.’s WhatsApp is getting into digital payments in India, a first for a global messaging service that’s only just begun to explore ways to generate revenue. Source Bloomberg Read More 

Amazon to Pay $50 Million to Stream NFL Thursday Games: Source - Inc. won the rights to broadcast 10 National Football League Thursday night games live online this season as part of its video subscription service, the online retailer’s latest effort to boost the value of Prime membership. Source Bloomberg Read More 


FG grants N756m to 81 young innovators - Nigeria’s Vice President, Professor Yemi Osinbajo, has presented Aso Villa Demo Day (AVDD) Grant worth N756 million to 81 young innovators to grow and expand their enterprises. Source Daily Trust Read More 

Devt Bank should support export-oriented MSMEs – Fortis MFB CEO - The newly established Development Bank of Nigeria (DBN) should support export-oriented Micro, Small and Medium Scale Enterprises (MSMEs) to boost foreign exchange earning for Nigeria. Source Daily Trust Read More 

Anambra provides N2bn loan to SMEs - Anambra State government has provided a total of N2 billion to small business enterprises as loan in the past two years. Source Daily Trust Read More 





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