Nigeria in 1min: Economic, Business & Financial Headlines – 130717



July 13, 2017 7:00 AM / Proshare News 

Non-oil Revenue Already Below Budget - We return today to the paucity of non-oil revenue collection. CBN data show flows into the federation account in February of N252bn, which were 49% below the projection in the 2017 budget proposals. (In stark contrast, inflows from oil of N293bn were less than 1% below the provisional target. Source Proshare Read More 

FEC approves IOUs to clear N740.75bn local debts – Adeosun - The Federal Executive Council on Wednesday approved the issuance of promissory notes for the settlement of debts owed local contractors worth N740 billion. Source Daily Trust Read More 

FG to offset N2.7trn pension, salary arrears, others - The Federal Executive Council yesterday approved the process to validate and pay inherited Federal Government contractor and employee liabilities totalling N2.7 trillion. Source Daily Trust Read More 

Courier operators oppose 2.5% annual operating levy - Courier operators have opposed the proposed annual operating levy as contained in a bill seeking to excise regulatory functions from the Nigerian Postal Services and establish a new regulatory authority. Source Punch Read More

Customs recover N229.9m unpaid duties in one month - The Nigeria Customs Service, Federal Operations Unit, Zone A, Ikeja, said that it recovered unpaid duties amounting to N229.9m between June 13 and July 10. Source Punch Read More

Power sector depleting national treasury –NSE - The power sector has been depleting Nigeria’s treasury by hundreds of billions of naira despite being privatised more than three years ago and has since failed to record tangible improvement, the Nigerian Society of Engineers has said. Source Punch Read More 

Global Sovereign Rating Outlook Improves, but High Debt Lingers - The global sovereign credit cycle reached an inflection point at the end of last year and has turned less negative in 2017, says Fitch Ratings in its mid-year Sovereign Review and Outlook. Source Proshare Read More  

17th Monthly Power Ministry Stakeholders Meeting: Key Developments - The Honourable Minister for Power, Works and Housing Mr. Babatunde Fashola (SAN), hosted the 17th monthly Power Ministry Stakeholders meeting in Abuja to discuss, evaluate and assess the developments in the sector. Source Proshare Read More  

The OECD releases 2017 Revised Transfer Pricing Guidelines - The Organisation for Economic Cooperation and Development (OECD), on 10 July 2017, released the revised edition of the Transfer Pricing (TP) Guidelines for Multinational Enterprises and Tax Administrations. Source Proshare Read More  


Market Extends 4-Day Gaining Streak as NSEASI Records +0.47% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.47% to close at 32,827.98 basis points as against +0.65% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +22.72%. Source Proshare Read More

Highlights of Flour Mills of Nigeria 2017 Audited Financial Statement - 2016/17 financial year was remarkable for its overwhelming macroeconomic challenges for the Nigerian manufacturing industry, a fallout of some global political and economic developments leading to foreign exchange volatility, business uncertainties and a significant weakening of the Naira which impacted our business in a negative way. Source Proshare Read More 

DMO raises N106bn through FGN Bond auction - The Debt Management Office, DMO, yesterday, raised N106 billion through the Federal Government of Nigeria, FGN, Bonds. Source Vanguard Read More

Insurer Prudential enters Nigeria via insurance buy, Zenith Bank deal - British insurer Prudential said it had bought a majority stake in Nigeria's Zenith Life to give it access to the African country's fast-growing insurance market. Source Reuters Read More 

Dangote Unveils Plan to Replicate Cement Revolution in Rice Production - The President of Dangote Group of Companies, Alhaji Aliko Dangote, has revealed that the focal point of the company is to replicate the revolution it brought about in cement production into agriculture particularly rice and sugar. Source Thisday Read More 

Nigeria Signals Willingness to Agree on Oil Production Cap - Nigeria signaled its willingness to cap its oil production to support OPEC’s efforts to ease a global supply glut. Source Bloomberg Read More 

IOCs’ N4.3 trillion oil assets up for grabs in two years - International Oil Companies (IOCs) are expected to relinquish interest in over $12 billion (N4.3 trillion) oil blocks, which are expected to expire between 2017 and 2019. Source Guardian Read More 

Falling oil price’ll definitely affect 2017 budget – Kachikwu - The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget, the Minister of Petroleum Resources, Ibe Kachikwu, has said. Source Punch Read More 

Nigeria lost out on $10bn oil asset divestment – Operators - Nigeria failed to benefit from the over $10bn raked in by international oil companies from recent divestment of assets in the country, industry operators said. Source Punch Read More 

Capital Oil Pays NNPC N2bn For Diverted Products - The Nigeria National Petroleum Corporation (NNPC) on Wednesday revealed that the Chairman of Capital Oil, Chief Ifeanyi Ubah under investigation for diversion of N11billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC) has paid back N2 billion out of the N11billion to the NNPC.Source Leadership Read More 

Emissions Declining as U.S. Power Shifts Green Despite Paris Agreement Withdrawal - Fitch Ratings believes the announcement by the Trump administration to withdraw from the Paris climate agreement will not reverse the tide for the ongoing greening of the U.S. power sector. Source Proshare Read More

First Bank: Building Social Investments through Corporate Citizenship - First Bank of Nigeria Limited, Nigeria’s Most Valuable Bank Brand, has distinguished itself through its various interventions in its Corporate Responsibility and Sustainability programme. Source Proshare Read More 

REDTV receives Industry nod, bags Multiple 2017 NEA Awards Nominations - The pan-African online network REDTV has received nominations in several categories in the prestigious Nigerian Entertainment Awards (NEA). The lifestyle entertainment network is powered by the United Bank for Africa. Source Proshare Read More

South Africa consumer confidence slips as growth concerns weigh - South Africa's consumer confidence slipped deeper into negative territory in the second quarter, highlighting households' concerns about the weak outlook for the economy, a survey showed on Wednesday. Source Reuters Read More 

Ghana inflation falls to 12.1 pct in June vs 12.6 pct in May - Ghana's annual consumer price inflation fell to 12.1 percent in June from 12.6 percent the previous month, the statistics office said on Wednesday. Source Reuters Read More 

Egypt to halt flour subsidy and cut wheat imports by up to 10 pct - Egypt, the world's largest wheat buyer, will stop subsidising flour for its sweeping bread subsidy programme next month in a move expected to cut wheat imports by up to 10 percent by curtailing smuggling, the supply ministry said on Wednesday. Source Reuters Read More 

Kenya is finally slashing salaries and generous perks for its highly paid lawmakers - Kenya is set to cut the salaries and allowances of top state officers in a bid to reduce the country’s wage bill to sustainable levels and to improve government service delivery. The decision is being made just weeks to a closely fought election and with a backdrop of protests and strikes over low pay by doctors, nurses and teachers among other workers over the last year. Source Quartz Read More 

Bank of Canada Raises Rates for First Time in 7 Years - Canada cautiously became the first Group of Seven country to join the U.S. in raising interest rates on Wednesday, feeding speculation the world’s central bankers are entering a tightening cycle. Source Bloomberg Read More 

China June Exports Rise as Global Trade Rebound Keeps Momentum - China’s overseas shipments rose from a year earlier in June as global demand holds up and trade tensions with the U.S. are kept in check amid ongoing talks. Source Bloomberg Read More 


Nigeria Domain Name Registration Soars, Hits 90,696 - The .ng domain name registration, the country code top level domain name (ccTLD), which is Nigeria’s identity in cyberspace, has recorded a quantum leap in the last two years, bringing the total number of active .ng domain name registrations in the country to 90,696 as at June this year. Source Thisday Read More 

Swiss Bank Launches Bitcoin Asset Management Service  - A private bank in Switzerland is offering its clients services to help them better manage their bitcoin holdings. Source CoinDesk Read More

Google Spared $1.3 Billion Tax Bill With Victory in French Court - Google won its fight against a 1.12 billion-euro ($1.3 billion) French tax bill after a court rejected claims the search-engine giant abused loopholes to avoid paying its fair share. Source Bloomberg Read More 





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