Nigeria in 1min: Economic, Business & Financial Headlines – 080817




August 8, 2017 7:10 AM / Proshare News 

Nigeria signs double tax agreement with Singapore - Pursuant to the approval given by the Federal Executive Council in 2016, the Federal Government of Nigeria signed a double taxation treaty (DTT) with the government of Singapore on Wednesday, 2 August 2017. Source Proshare Read More 

PMI Reading Sustains Uptrend… Manufacturing Sector Expands for Fourth Month - On Wednesday, the CBN released the Purchasing Manager’s Index (PMI) for July, with data showing an expansion in manufacturing activity for the fourth consecutive month while non-manufacturing sector growth entered the third month. Source Proshare Read More 

FG grants 27 new industries eligibility for pioneer tax incentive - The Federal Executive Council (FEC) of Nigeria has approved a new list of industries and products that could benefit from tax exemption available under the pioneer incentive scheme. Source Proshare Read More  

FEC Lifts Moratorium on Pioneer Status Incentives - After concluding the critical reforms to the incentive regime, the Federal Executive Council (FEC) has lifted the administrative suspension on the processing of Pioneer Status Incentives (PSI) applications. Source Thisday Read More 

N7 trillion 2017 budget not enough for economic development, says Osinbajo - Acting President Yemi Osinbajo has said that the N7 trillion federal budget for 2017 is not sufficient to facilitate the desired economic development in the country, hence the government was making the investment climate profitable and easy for private sector involvement. Source Guardian Read More 

Russian firm to invest N30 billion in Greater Port Harcourt auto centre - A multi-billion naira ultra-modern spare parts and automobile centre would soon be constructed in the Greater Port Harcourt City, Rivers State. This followed the Memorandum of Understanding (MoU) signed by the Greater Port Harcourt City Development Authority (GPHCDA) and Global lnterstroy Limited of Russia. Source Guardian Read More 



CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017 - The letter also stated that effective from August 1, 2017, all customers without BVN linked to their account should not be allowed to make withdrawal from those accounts. Source Proshare Read More 

FinTechs won’t usurp banks’ traditional roles —CBN - THE Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services to customers. Source Vanguard Read More 



Skye Bank Plc: One Year After CBN Takeover - Handling a perennial problem usually takes the shine off repetitions. After the intervention of August 14, 2009 in the banking sector by the Central Bank of Nigeria (CBN); it would seem that lessons were not learnt or/and the evaluations were not thorough enough Source Proshare Read More

Union Bank Plc H1 2017 Conference Call & Earnings Presentation - The Key Takeaways  - Union Bank Plc held its H1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More

Market Opens The Week Positive as NSEASI Records +0.27% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.27% to close at 37,525.38 basis points as against +0.78% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +39.63%. Source Proshare Read More

Dangote Cement Plc - Earnings Surge on Pricing, Improved Fuel Mix - DANGCEM reported a 54% increase in H1’17 EBITDA (₦204 billion), coming in slightly behind our ₦206 billion estimate. Source Proshare Read More 

Dangote to Commence Operations in Fertiliser Plant in First Quarter 2018 - The construction of the fertilizer plant in Dangote Refinery and Petrochemical Complex will be completed in January and March 2018, Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote has said. Source Thisday Read More 

Union Bank has sufficent cover for loans to telecoms group 9mobile - Nigeria's Union Bank has sufficient cover for its 3.9 billion naira ($10.69 million) loan to telecoms group 9mobile and will focus on lending to agricultural and real estate businesses, its chief executive Emeka Emuwa said on Monday. Source Reuters Read More 

Nigeria's Union Bank aims to close 50 bln naira share sale year-end - Nigeria's Union Bank expects to close the sale of a 50 billion naira ($137 mln) share issue by the end of the year and hopes to win regulatory approval for it this quarter, it said on Monday. Source Reuters Read More 

DANGSUGAR Plc -Target Price Upgrade on Strong H1’17 Earnings and margin Uplift - DANGSUGAR released its H1’17 results, showing a strong year-on-year (y/y) rebound in earnings and revenue growth. Source Proshare Read More  

Afrinvest Stock Recommendation for the Week - 070817 - Following a 16-day bullish run, the Nigerian bourse witnessed some profit taking in the early trading sessions of the previous week but sentiment turned bullish on Tuesday and this persisted till the end of the week. Source Proshare Read More

Dangote Cement - Moving To Neutral after Strong Rally - Dangote Cement’s (DangCem) Q2 2017 unit volumes declined by around 16% y/y to c.5.5 million metric tonnes (mmt). Despite this, the results showed strong y/y growth in sales and PBT. Source Proshare Read More 

5 Banks Loan Books Drop By N159bn In 6 Months - Banks in the first half of the year cut down on their lending to the private sector s the country struggled to exit the recession it officially entered last year, a tempo that is likely to continue as banks direct their small scale customers towards intervention funds for credit. Source Leadership Read More 

MTN to go ahead with Nigeria listing - MTN Group has confirmed it will proceed with plans to list on the Nigerian Stock Exchange (NSE) over the coming months up to 2018. Source THE NATION Read More 

FMDQ launches Investor Protection Fund - FMDQ OTC Securities Exchange has launched an Investor Protection Fund, IPF, to boost and sustain investors’ confidence in the Nigerian capital market. Source Vanguard Read More 

CBN boosts Forex market with $195 - The Central Bank of Nigeria (CBN) on Monday boosted the Foreign Exchange (FOREX) market by 195 million dollars intervention in three segments of the market. Source Daily Trust Read More


Reserves Holding Up Despite FX Interventions - Gross official reserves increased by US$550m in July to US$30.8bn. Since the recent low at end-October there has been an accumulation of US$6.9bn.  Source Proshare Read More 

India buys first US sweet crude, deals threaten Nigeria market - India’s state-run refiner Bharat Petroleum Corp Ltd (BPCL) bought one million barrels of  US crude oil grade, the West Texas Intermediate (WTI) Midland sweet crude, for delivery in October, making it BPCL’s first purchase of the sweet variety from the US. Source Daily Trust Read More


Crude oil production stands at 2.35m barrels per day - NNPC- The  Nigerian National Petroleum Corporation (NNPC) said on Monday the  nation’s  current crude oil production had risen to 2.35 million barrels per day. Source Daily Trust Read More 

Oil prices dip ahead of OPEC meeting - Oil fell as investors sought reassurance that the world’s largest oil producing countries are complying with their supply-cut deal. Source THE NATION Read More 

NNPC Clears JV Cash Call Debts by April 2018 - The Nigerian National Petroleum Corporation (NNPC) has indicated that it will clear its cash call debts to its Joint Venture (JV) partners in oil production before the anniversary of the first $400 million payment it made to them in April this year. Source  Thisday Read More 

NNPC Targets 5bcf of Gas for Domestic Market By 2020 - The Nigerian National Petroleum Corporation (NNPC) targets to deliver five billion cubic feet (5bcf) of gas per day to the domestic market by 2020, the Group Managing Director of the corporation, Dr. Maikanti Baru has said. Source  Thisday Read More 

NNPC owes oil firms N2tn in cash call —GMD - The Nigerian National Petroleum Corporation has put the cash call arrears owed oil companies for the development of joint venture assets at $6.6bn (N2.01tn). Source Punch Read More 

Ajaokuta-Warri rail ready in June 2018, says FG - The Federal Government on Monday announced that commercial activities will begin on the Itakpe-Ajaokuta-Warri rail line in June next year. Source Punch Read More 

Nigeria requires N3.05tr to increase oil production - The Nigeria’s oil and gas industry would require $10 billion (N3.05 trillion) over the next three years to increase crude oil production from 2.2 million barrels per day (bpd) to 3 million bpd. Source Guardian Read More 

Chinese-owned oil firm Addax shuts offices after Swiss bribery case - Chinese-owned oil firm Addax Petroleum is shutting its offices in Geneva, Houston and Aberdeen, it said on Monday, a month after it agreed to pay 31 million Swiss francs ($31.85 million)to settle charges of suspected bribery of foreign officials. Source BUSINESSDAY Read More 

Electricity generation dips by 774mw, drops to 3,292mw in 24hrs - Electricity generation yesterday dropped by 774 megawatts (mw) barely 24 hours after it reached a peak of 4,066mw, national statistics from the Independent System Operator (ISO), a public firm has shown. Source Daily Trust Read More 

Foreign professionals now require local certification to work in Nigeria - Consequently, foreigners intending to practice any profession in science, engineering, technology, medicine, accountancy etc. are required to acquire appropriate professional certifications from relevant regulatory bodies in Nigeria. Source Proshare Read More 

N8.68bn frauds perpetrated by bank workers in 2016 - The management of Nigerian Deposit Insurance Company (NDIC) said a total sum ofN8.68 billion were either stolen, reported as cases of frauds or forgeries and outright theft involving bank staff in 2016. Source Daily Trust Read More


S.Africa's unemployment steady at 14-year high, economy in "precarious" position - South Africa's unemployment rate stayed at a 14-year high in the second quarter, with the statistics agency saying on Monday the country was in a "precarious position" of not creating enough jobs to make a dent in poverty. Source Reuters Read More 

Shoprite shares fall after Steinhoff says could buy controlling stake - Shares in South Africa's Shoprite fell more than 5 percent on Monday as investors digested news that Steinhoff through its African spinoff could acquire a controlling stake in the supermarket operator in a share deal worth 35.5 billion rand ($2.6 billion). Source Reuters Read More 

Billionaire Saudi prince to invest about $800 million in Egypt - Saudi Arabia's Prince Alwaleed bin Talal will invest about $800 million to expand the Four Seasons resort in Sharm el-Sheikh, in partnership with Talaat Moustafa Holding Group, Egypt's Investment Minister Sahar Nasr said on Monday. Source Reuters Read More 

Uganda Picks GE for Group to Develop Oil Refinery Project - Uganda chose a group including General Electric Co. to build and operate a 60,000-barrel-a-day refinery that will process crude from fields being developed by Total SA and Tullow Oil Plc. Source Bloomberg Read More 

Libya's Largest Oil Field `Back to Normal' After Disruption - Libya’s biggest oil field Sharara is “back to normal” after a disruption caused by protests in the politically fragmented country, the state National Oil Corp. said. Source Bloomberg Read More 

Saudi Arabia Builds Cities in the Sand to Move Beyond Oil - After relying on oil to fuel its economy for more than half a century, Saudi Arabia is turning to its other abundant natural resource to take it beyond the oil age -- desert. Source Bloomberg Read More 

China's Trade Surplus Widens for Fifth Month as Imports Moderate - China’s trade surplus widened for a fifth month in July as export growth remained solid and imports moderated, keeping the spotlight on a trade gap U.S. President Donald Trump aims to narrow. Source Bloomberg Read More 



SoftBank CEO Masayoshi Son says he wants to invest in either Uber or Lyft - SoftBank has been heavily linked with an investment in Uber in recent weeks, and today CEO Masayoshi Son confirmed his interest in pursuing a deal. However, in a twist, Son said that SoftBank is also considering buying into Uber’s arch-enemy in the U.S., Lyft, instead. Source TECHCRUNCH Read More

Hackers Demand Millions for Stolen 'Game of Thrones', HBO Data - A group of hackers posted a fresh cache of stolen HBO files online Monday, and demanded a multimillion-dollar ransom from the network to prevent the release of entire television series and other sensitive proprietary files. Source Bloomberg Read More








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