Nigeria in 1min: Economic, Business & Financial Headlines – 140317



March 14, 2017 7:00 AM / Proshare News 


Pathways to Self-Transformational Development - Ehiedu Iweriebor - In the period since independence in the 1950s, Africa has undergone profound social, cultural, economic and political changes. Some inherited and historically rootless colonialist political and social systems have collapsed, been transcended and reconstituted. Source Proshare Read More 

NBC revokes 54 radio/TV licences - The National Broadcasting Commission (NBC) revoked the licences because fees were not paid within the mandatory 60-day window. Source THE NATION Read More 

Adeosun urges CBN to extend BVN to micro finance banks - The Minister of Finance, Mrs. Kemi Adeosun, has urged the Central Bank of Nigeria (CBN) to extend Bank Verification Number (BVN) requirement to account holders in Microfinance Banks (MFBs). Source THE NATION Read More 

Grant autonomy to states’ revenue boards, Fowler urges governors - The Chairman, Joint Tax Board, Mr. Babatunde Fowler, has urged state governors to grant autonomy to their revenue boards to enable them to perform optimally. Source Punch Read More 

Investors plan N600billion fund for Delta Steel resuscitation - Investors in the moribund multi-billion naira Delta Steel Company, Ovwian-Aladja, now Premium Steel and Mines Limited (PSML), have said the resuscitation of the complex would gulp about N600 billion Source Guardian Read More 

FirstBank Leads Collaborative Efforts For Sustainable Interest in Agriculture - As part of its commitment to support agriculture businesses across the value chain and to play its enabling role in the nation’s drive for economic diversification through agriculture, First Bank of Nigeria Limited, Nigeria’s Most Valuable Bank Brand, will hold an inaugural agric expo on Tuesday, March 14, 2017 in Lagos. Source Proshare Read More 

Price of garri up 28% as cassava output falls 40% - ….Glut discourages farmers from planting cassava ….Produce substituted for maize in animal feed ….Herdsmen destroying  farms. Source BUSINESSDAY Read More 

Nigeria now feeding West, North, Central Africa – FG - Nigeria does not only feed itself, but now feeds other countries in West, North and Central Africa, the Federal Government has said. Source Punch Read More 

Tambuwal Flags Off N1.56bn Fadama III Agric Scheme - Governor Aminu Waziri Tambuwal has flagged off Fadama III additional financing for the year 2016/2017 dry season intervention in Sokoto State. Source Thisday Read More 

CBN moves to check forex abuse in banks - The Central Bank of Nigeria (CBN) has deployed mystery shoppers to commercial banks to guard against foreign exchange abuse by the lenders. Source THE NATION Read More 

FMDQ lists first ever Vetiva S&P Nigerian Sovereign Bond ETF - The Exchange Traded Fund market in Nigeria, received a boost in activity with the listing of the first ever Vetiva S&P Nigerian Sovereign Bond ETF, in the FMDQ OTC Exchange. Source Proshare Read More 

Nigerian Stock Market Opens The Week Negative; Records -0.40% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by 0.40% to close at 25,136.63 basis points, as against 0.27% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.47%. Source Proshare Read More

TA Associates Becomes Minority Investor in Interswitch, Operators of Quickteller - Here's this week's wrap of the most interesting Africa-related private equity, infrastructure and venture capital deal stories, market opinion articles and information pieces on the private capital investment themes, deals and fund raises in Africa. Source Proshare Read More 

Alarming Rise In Domestic Debt Service - In our second commentary on the DMO’s data release for end-2016, we highlight the alarming increase in FGN domestic debt service (see chart). Payments have soared from N354bn in 2010 to N1.23trn last year. Source Proshare Read More 

FBN Asset Management Regains Position as the 2nd Largest Mutual Fund Manager - Not too long ago Quantitative Financial Analytics reported that FBN Capital Asset management lost its position as the second largest mutual fund manager by assets to FSDH Asset Management Ltd. In the same article, it was predicted that based on historical trend of mutual funds asset under management, FBN Asset Management Ltd might regain the position before long. That has just happened.  Source Proshare Read More 

Stanbic IBTC Absolute Fund Ends Another Year with Positive Returns - Stanbic IBTC Absolute Fundmade an 11.5% return for the year ended Dec. 31 2016 and its asset increased by almost a corresponding percentageto N5.33 billion. This information comes from analysis by Quantitative Financial Analytics Ltd, Nigeria’s foremost mutual and pension funds analytics platform. Source Proshare Read More 

Dangote Refinery to receive compressor trains - In a bid to make Dangote Oil Refining Company in Lagos world class, Germany-based MAN Diesel and Turbo will deliver two compressor trains to the company. Source Vanguard Read More 

Nigeria Puts Naira Float to Bed, Slams Currency `Criminals' - Nigeria’s central bank Governor Godwin Emefiele said he is committed to a currency regime that sent foreign investors fleeing from the nation’s markets and exacerbated a dollar shortage. Source Bloomberg Read More 

Banks clear forex demand backlog on CBN’s $2m weekly intervention - Deposit money banks have cleared substantial backlog of foreign exchange demand for Personal Travel Allowance (PTA), Business Travel Allowance (BTA) and school fees, following the intervention of the Central Bank of Nigeria (CBN) to the tune of $2 million weekly in the market. Source BUSINESSDAY Read More 

OPEC's Best Signal of Success No Longer Looks So Promising - When OPEC announced production cuts last year, the most reliable indicator of oil-market supply started signaling a shortage ahead. Now it’s pointing the other way. Source Bloomberg Read More 

U.S. Shale Growth Threatens OPEC Deal - Indications emerge at the global crude oil market on Monday that the recovery efforts induced by cut in production output by organisations of petroleum exporting countries (OPEC) and some non-OPEC producers is under threat. Source Leadership Read More 

Aiteo Emerges Nigeria’s Leading Oil & Gas Firm With Record 90kpod Output In A Year - Integrated energy group Aiteo  has announced a peak production of 90kpod just one year after its acquisition of sub-Saharan Africa’s reputedly largest onshore oil bloc OML 29.Source Proshare Read More

Kuwait Becomes First OPEC Nation to Call for Longer Oil Cuts - Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded. Source Bloomberg Read More 

FG begins oil bloc bid rounds in May - The Federal Government has picked May for the commencement of a new licensing round for award-ing oil blocs and allocation of marginal fields, New Telegraph has learnt.A memo of the Ministry of Petroleum Resources sighted by this newspaper, revealed that the minister, Dr. Emmanuel Kachikwu, settled for May as a desirable period to begin the process. Source New Telegraph Read More 

NNPC to Collaborate With IOCs to Boost Oil Production - The Nigerian National Petroleum Corporation (NNPC) has identified key areas of collaboration with the international oil companies (IOCs) in Nigeria to boost oil and gas production in the country. Source Thisday Read More 

Fashola commissions Transcorp Power’s 115MW turbine - MINISTER of Power, Works and Housing, Mr. Babatunde Fashola, and Governor Ifeanyi Okowa of Delta State, were among dignitaries yesterday at the unveiling of a new 115MW, turbine by Transcorp Power Ughelli, Delta State. Source Vanguard Read More 

Military, MDAs owe power companies N51 billion - An audit report of debt by Federal Government ministries, departments and agencies (MDAs) to power distribution companies (DISCos) has revealed an indebtedness of N59.3 billion by top 100 customers, like defence, military and security agencies owing N51 billion. Source Guardian Read More 

Ibadan Disco Attracts $400m Investment in Metering, Network Upgrade - The Ibadan Electricity Distribution Company (IBEDC) has attracted $400million investment from Trans Sahara Consortium that will ensure installation of Smart Metering Programme, infrastructure upgrade within the distribution area of the company, and put a stop to energy theft which is a huge revenue drain in the sector. Source Thisday Read More 


MAS Issues Prohibition Orders Against Individuals Involved In 1MDB-Related Breaches - The Monetary Authority of Singapore (MAS) announced today that it has issued a 10-year Prohibition Order (PO) against Mr Tim Leissner, a former director of Goldman Sachs (Singapore) Pte (GS S’pore). Source Proshare Read More 

Diageo Unit to Offer Kenya's First Corporate Bond Since 2015 - East African Breweries Ltd. plans to raise 6 billion shillings ($58.5 million) in a sale of five-year debt, breaking a 17-month drought of corporate-bond issuance in Kenya. Source Bloomberg Read More 

China Home Sales Surge 23% in First Two Months, Defying Curbs - China home sales remained resilient in the first two months of the year, signaling policy makers are struggling to check the booming housing market. Source Bloomberg Read More 

Toshiba Faces Delisting Risk After Missing Earnings Deadline - Toshiba Corp. will miss its second deadline to report third-quarter earnings, delivering another blow to investor confidence and moving a step closer to being delisted from the Tokyo Stock Exchange. Source Bloomberg Read More 

U.K. 2017 Outlook Lifted After Consumers Beat Expectations - The British Chambers of Commerce became the latest forecaster to upgrade their U.K. growth projections after stronger-than-expected household spending, though they don’t expect it to last. Source Bloomberg Read More 

Saudi Arabia's Billionaire Olayan Family Plans Local Listing - Saudi Arabia’s billionaire Olayan family, Credit Suisse Group AG’s largest shareholder, is considering selling shares in some of its local assets, according to a company spokesman. Source Bloomberg Read More

Zimbabwe seeks new South African electricity supply deal - Zimbabwe is negotiationg a new deal to continue importing power from South African utility Eskom to make up for shortfalls in generating capacity at its Kariba hydropower station, the energy minister said on Monday. Source Reuters Read More 

Kenya's central bank finalising licences for two new banks -  Kenya's central bank said on Monday it would process requests for licences by two new banks, ending a moratorium it put in place in 2015 on licensing new commercial banks. Source Reuters Read More 


Startup Pitch Challenge Announced as Part of FinTech Nigeria Forum - FinTech Associates, a Nigerian FinTech solution provider and the Digital Finance Institute, a digital finance think tank based in Canada are pleased to announce a Startup Pitch Challenge for startups and students all across Nigeria as part of their FinTech Nigeria Conference being held on April 24, 2017, in Lagos. Source Proshare Read More

Abu Dhabi's Etisalat could sell Nigerian unit stake after debt deal -sources - Abu Dhabi-listed Etisalat is considering a sale of its stake in Etisalat Nigeria after the local unit defaulted on a $1.2 billion loan payment but wants the unit's debt restructured before it starts the sale process, two sources told Reuters. Source Reuters Read More

Global Fintech Association Endorses 1st Fintech Nigeria Forum for April 2017 - The Global Fintech Association (GFA) has endorsed and encouraged members to attend the “Fintech Nigeria Forum 2017” holding on April 24, 2017, in Lagos, Nigeria and jointly organized by Canada’s Digital Finance Institute and Nigeria’s FinTech Associates. Source Proshare Read More 

UK FinTech Market Matures As Focus Turns To Artificial Intelligence And Putting Customers First - In a new report, ‘The start-up view: a year in FinTech’, Startupbootcamp and PwC analyse application data from Startupbootcamp’s FinTech accelerator programme as well as the volume of deals in the UK FinTech market in 2016. Source Proshare Read More


Japan And Singapore Establish FinTech Cooperation Framework - The Financial Services Agency (FSA) of Japan and the Monetary Authority of Singapore (MAS) announced the establishment of a Co-operation Framework to enhance FinTech linkages between both countries. Source Proshare Read More 






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