Nigeria in 1min: Economic, Business & Financial Headlines – 151116


November 15, 2016 7:10 AM / Proshare News  

CPI Rises to 18.3% in October, 0.48% Higher Than 17.9% September Rate - The Consumer Price Index (CPI) which measures inflation increased by 18.3 percent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in September (17.9 percent). Increases were recorded across almost all major divisions which contribute to the Headline Index. Source Proshare Read More  

Government to continue execution of 2016 budget till May 2017 - The Federal Government is to continue the implementation of the 2016 budget till May 2017, a top Presidency official told The Guardian yesterday. Source Guardian Read More 

Domestic Debt: FG to Issue Promissory Notes to Contractors in 2017 - In a move to reduce the huge debts owed local contractors and motivate them for optimal performance at the various project sites across the country, the federal government is planning to introduce the issuance of promissory notes in 2017. Source Thisday Read More 

Ogbe: Banks’ Outrageous Lending Rate Killing Businesses - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has condemned the lending rate currently being charged by banks in the country, pointing out that with the development, it would be difficult for businesses to survive in Nigeria. Source Thisday Read More 

2017 budget: Recovered loot to part-fund N2.69tn deficit - The Federal Government is proposing to fund part of the 2017 budget deficit of N2.69tn from funds recovered from treasury looters. Source Punch Read More

Average Petrol Price Drops to N145.9 in Oct'16 from N146.3 in Sep'16 - NBS publishes October 2016 PMS/Petrol Price Watch. Actual price paid by consumers for petrol in October 2016 stood at N145.9 lower than N146.3 paid in September 2016 and higher than N93.5 paid in September 2015. Source Proshare Read More 

Average Diesel Price Drops to N187.25 in Oct’16 from N192.69 in Sep'16 - NBS publishes AGO/Diesel price watch for October 2016. Average price actually paid for AGO/Diesel by consumers in September 2016 stood at N187.25 from N192.69 paid in September 2016. Source Proshare Read More 

Average Kerosene Price Increases to N292.73 in Oct’16 from N288.68 in Sep'16 - NBS publishes NHK/kerosene price watch for October 2016. Average price actually paid for NHK/kerosene by consumers in October 2016 stood at N292.73 from N288.68 in September 2016. Source Proshare Read More 

Nigeria's Consumer Price Index Rises to 18.3% in October 2016 - Nigeria’s Consumer Price Index rises to 18.3% in October 2016. The rate which started the year 2016 at 9.60% in January has been increasing YoY to get to its current rate of 18.3% in October 2016. Source Proshare Read More 

Setback as Lagos light rail December date flops - The much anticipated $1.2 billion Blue Line light rail project under construction on the Lagos-Badagry corridor faces yet another setback as it can no longer meet the December 2016  completion date. Source BUSINESSDAY Read More 

Nigeria Needs Oil Sector’s Contribution To Diversify Economy – Osinbajo - Nigerians have been warned to take cognisance of the trends in the global oil market which are gradually narrowing up and to take advantage of emerging opportunities and utilise the resources from it in tackling the country’s current economic challenges. Source Leadership Read More 


SEC Issues $20 Million Whistleblower Award - The Securities and Exchange Commission today announced an award of more than $20 million to a whistleblower who promptly came forward with valuable information that enabled the SEC to move quickly and initiate an enforcement action against wrongdoers before they could squander the money. Source Proshare Read More  

Bearish trend gains tempo as NSE-ASI slips below 26,000bpts - The equities market closed today on a negative note, as NSE ASI depreciated by 0.70% to close at 25,986.81basis points, compared with the 0.19% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.27%. Source Proshare Read More 

GTBank Q3 2016 Results Review- Limited Changes to Earnings ests and Price Target - On an annualised basis, GT Bank’s 9M 2016 PAT of N129bn is in line with management’s ROE guidance of “above 25%”. The fact that the bank’s Q3 2016 results featured strong fx-related gains did not come as a surprise to the market. Source Proshare Read More 

NNPC earns $181m from oil, gas export in one month - Nigerian National Petroleum Corporation, NNPC, earned $180.93 million, about N55.2 billion, from the export of crude oil and gas in the month of August 2016. Source Vanguard Read More 

Seven Energy, FG sign $112m World Bank guarantee for Calabar NIPP - Shortage of gas supply will soon be a thing of the past for the 560 megawatts, MW, Nigerian Integrated Power Project, NIPP, Calabar, Cross River State, as Seven Energy International Limited Source Vanguard Read More 

NNPC restructuring still being deliberated, says FG - The restructuring or total overhauling of the Nigerian National Petroleum Corporation is still being deliberated and has not been effected, the Federal Government has said. Source Punch Read More 

Kachikwu wants oil blocks allocated to states - Petroleum practice should allow states to be allocated specific acreages and then encouraged to enter into joint ventures to explore and exploit oil resources in the allocated acreages. Source Daily Trust Read More 

FG, Seven Energy Seal $112m Risk Guarantee for Gas Supply - Seven Energy International Limited has signed a $112 million Partial Risk Guarantee (PRG) with the federal government for the supply of natural gas, by its wholly owned subsidiary Accugas, to the 560MW Nigerian Integrated Power Project (NIPP), Calabar, Cross River State. Source Thisday Read More 

Nigeria losing out as oil demand shrinks in 15 years - In as little as 15 years from now, the era of oil will be over and not only is Nigeria unprepared for life after oil, it’s current fiscal and regulatory inadequacies are causing it to lose investment and market share to other African countries. Source BUSINESSDAY Read More 

NNPC declares N6bn loss in September - Nigerian National Petroleum Corporation (NNPC) has recorded a group financial loss of N6 billion in September, its latest financial and operations report released on Monday shows. Source BUSINESSDAY Read More 

OPEC’s Barkindo say oil prices will worsen if supply cap agreement fails  - Muhammed Barkindo, OPEC’s secretary general has predicted that current instability in oil prices will only worsen if major producers do not reach a credible deal in three weeks to curb output. Source BUSINESSDAY Read More                                 

Missionaries to establish $1bn aviation fuel refinery in A/Ibom - Some Christian missionaries from Texas, United States of America (USA) and their Nigerian counterparts have concluded arrangements to build N1bn refinery in Uruan Local Government Area of Akwa Ibom State. Source Daily Trust Read More  


FinTech in a new SEC / Regulatory Environment - Good morning. Welcome to all of you, especially the distinguished panelists. I want to thank Chair White for holding today’s forum, as well as being forward-thinking about financial technology (“FinTech”) by creating the Commission’s first ever FinTech working group. Source Proshare Read More 

Understanding New and Emerging Technologies to Further Investors Interests - The rapid development of new platforms and technologies for financial services, which has been accompanied by tremendous growth in private investment and growing attention from regulators, makes this an ideal time to bring the relevant stakeholders together to discuss both the role of fintech in our securities markets today, and where it is headed. Source Proshare Read More 

MTN, Airtel, others face sanctions over unsolicited telemarketing - For failing to comply with the ‘Do Not Disturb’ directive issued to 13 network operators on April 20, 2016, the Nigerian Communications Commission on Monday said the operators risked severe sanctions. Source Punch Read More  

Mozambique to treat bondholders, commercial lenders same in debt restructuring -  Mozambique wants to strike a debt restructuring deal before the end of this year and aims to treat bondholders on par with its other commercial creditors, the country's legal advisor told Reuters. Source Reuters Read More  

Mauritian lender MCB posts 8 pct rise in first-quarter pretax profit - Mauritius Commercial Bank Group's (MCB) pretax profit rose 8 percent year on year to 2.05 billion rupees ($57.34 million) in its fiscal first quarter to Sept. 30, driven by higher net interest income. Source Reuters Read More 

Oil Investors Shrug Off U.S. Election While Focused on OPEC - Money managers raised bets on falling oil prices by the most in more than four years in the week leading up to Trump’s surprise win, amid waning belief in OPEC’s ability to meaningfully cut production. Source Bloomberg Read More 

China's Rising Prices Are a Sign of Trouble - By December 2015, China had endured four years of declining producer prices. Coal was down 38 percent on the year, and steel down 31 percent. Source Bloomberg Read More 

Asian Currencies Tumble to Seven-Year Low Amid Stock Outflows - A gauge of Asian currencies reached its weakest level since April 2009 as the dollar’s strength prompts investors to sell emerging-market assets. Source Bloomberg Read More 

Singapore Home Sales Climb to Highest in More Than a Year  - Singapore home sales rose to the highest in more than a year in October as developers marketed more projects on pent-up demand from homebuyers. Source Bloomberg Read More 


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