Nigeria in 1min: Economic, Business & Financial Headlines – 190916



September 19, 2016 8:00 AM / Proshare News 


S&P cuts Nigeria credit rating due to oil production drop - Ratings agency Standard & Poor’s cuts Nigeria’s credit rating on Friday, saying the drop in oil production and a restrictive foreign exchange regime was hurting its economic prospects. Source Guardian Read More 

NBS puts investment inflow at $1.04bn - The National Bureau of Statistics on Sunday released a revised version of the capital importation report for the second quarter, with estimated investment inflow of $1.04bn. Source Punch Read More 

FIRS registers 700,000 fresh taxpayers - The Federal Inland Revenue Service said it had registered about 700,000 new corporate taxpayers in the last one year in a bid to widen the tax net and boost government revenue. Source Punch Read More 

FG to probe banks for non-remittance of taxes - The Federal Government is set to appoint about 150 firms as consultants to probe revenues collected by banks on behalf of the Nigeria Customs Service and the Federal Inland Revenue Service between July 2012 and December 2015. Source Punch Read More 

…$66bn Spent On Bureau de Change in 11 years - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that the central bank frittered away a whopping $66 billion over an 11-year period funding Bureau de Change (BDC) operators, blaming this as one of the several policies that led to the erosion of Nigeria’s foreign reserves and is partly to blame for the economic crisis in the country today. Source Thisday Read More 

McKinsey: Nigeria to Remain Africa’s Largest Consumer Market by 2025 - McKinsey Global Institute, the business and economics research arm of McKinsey & Company, has projected that Nigeria would continue to be the Africa’s single largest consumer market, controlling 15 per cent of overall growth in consumer spending by 2025. Source Thisday Read More 

First Nation Begins Operations as FG Inaugurates Committee on Aero - First Nation Airways which grounded its operations a fortnight ago has resumed operation yesterday when the airline completed the repair of its aircraft, three days longer than it planned to resume due to late clearance of spare parts by the Nigeria Customs Service (NCS). Source Thisday Read More 



CBN: Don’t patronise banks not insured by NDIC - The Central Bank of Nigeria (CBN) warns Nigerians to be careful of any deposit money institution not insured by the Nigeria Deposit Insurance Corporation (NDIC). Source Daily Trust Read More 

CBN selects MFBs for affordable housing finance - The Central Bank of Nigeria, in a bid to reduce the housing deficit in the country, has selected eight microfinance banks to provide affordable houses for the citizens. Source Punch Read More 

Nigeria’ll start getting out of recession in Q4, says Emefiele …recovery not possible until 2017 – Experts - The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has predicted that the nation’s economy will likely come out of recession by the fourth quarter of this year when the result of the various measures put in place by the Federal Government and the monetary authorities becomes manifest. Source Punch Read More 

CBN To Resolve Bottlenecks In Non-oil Export Stimulation Facility - The Central Bank of Nigeria (CBN) has disclosed its determination to resolve all bottlenecks and issues relating to the non-oil Export Stimulation Facility (ESF), including N500 billion low interest rate non-oil export loans. Source Leadership Read More 



Sentiment Analysis Report – W/E September 16, 2016 - Analysis of the market activity in the week ended September 16, 2016 technically revealed growing optimism along with significant decline in speculative trading while investors displayed modest bargain hunting towards equities in key active sectors. Source Proshare Read More 

Corporate Earnings for the Week Ending September 16, 2016 - Source Proshare Read More 

Ahead of MPC Meeting - MPC in a Dilemma …Growth Vs Price Stability - The Monetary Policy Committee (MPC) will converge on the 19th and 20th of September, 2016 to assess the state of the Nigerian economy and thereafter decide on key monetary policy parameters, having considered the persistent inflationary pressures (17.12% in July), declining output (-2.06% in Q2:2016) and unabated FX scarcity. Source Proshare Read More 

Do Nothing - An Option: MPC Considerations and Policy Options - We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates when it meets on September 19-20, 2016. The current economic recession does not support an increase in rates; rather it supports rate cut to boost output. Source Proshare Read More 

Personal Statements by Members at the 108 MPC Meeting of July 25 and 26 2016 - Macroeconomic performance has been broadly positive since the beginning of the year. Inflation pressure has largely been subdued, headline being at single digit since January, while real GDP growth has also remained robust. Source Proshare Read More 

FSDH Merchant Bank establishes N30b commercial paper programme - Following the successful establishment of its N30billion commercial paper programme, FSDH Merchant Bank Limited has launched its debut commercial paper (CP) issuance to raise up to N15 billion in the Nigerian money market with the issue of N814.12 million series 1 90-day and N14.17 billion series 2 269-day CP. Source Guardian Read More 

Recession: Investors lose N281bn in less than 9 months - Investors in the nation’s stock market have lost about N281 billion of their investment value in the past eight months as the ongoing economic recession continues to hit the financial market. Source Vanguard Read More 

OTC market records N9.75tri turnover - Over-The-Counter  (OTC) market, last month, recorded a turnover ₦9.75 trillion. This figure, according to FMDQ OTC Securities report was 23.49 per cent (₦2.99trn) lower than the value recorded in the month July. 2016. Source Guardian Read More 

AMCON takes over Cityscape assets - The Federal High Court Lagos Division has granted interim orders in favour of Asset Management Corporation of Nigeria (AMCON) against Cityscape International Limited. AMCON has since appointed Mr. Anire Kanyi as Receiver to Cityscape, a major player in the real-estate sector in the country. Source Daily Trust Read More 

Nigerian interbank rates rise on naira shortage - Nigeria’s overnight naira interbank lending rate rose sharply to an average of 40 per cent on Friday, up from 15 per cent, last week, after the Central Bank of Nigeria (CBN) debited commercial lenders’ accounts for treasury bills and bonds purchases. Source Daily Trust Read More 

Honeywell oil changes name to HOGL Energy - An indigenous oil and gas marketing company, Honeywell Oil and Gas Limited has officially changed its business name to HOGL Energy Limited. Source Daily Trust Read More 

Energy crisis: 10 power plants shut, 1,041MW lost - The nation’s power generation fell by over 1,000 megawatts as four power plants were down on Saturday, bringing the total number of plants not generating electricity at the moment to 10. Source Punch Read More 

Nigeria may soon be in total darkness — Egbin CEO - The Managing Director and Chief Executive Officer, Egbin Power Plc, Mr. Dallas Peavey, Jr., in this interview with ‘FEMI ASU, says the nation may be enveloped in darkness in the coming weeks due to a myriad of challenges in the power sector Source Punch Read More 

Perennial Funding Challenges Haunt Power Sector - As the nation continues to grapple with the quest to increase electricity supply, indications are beginning to emerge that the schedule of fund disbursement in the sector may be faltering, writes Chineme Okafor and Olaseni Durojaiye Source Thisday Read More 



OPEC chief: Algiers meeting not for "decision making" -Algerian state media - OPEC Secretary-General Mohammed Barkindo said the meeting of OPEC members and non-OPEC producers in Algiers this month would be an informal meeting for consultations and not for decision making, Algerian state news agency APS said on Satuday. Source Reuters Read More 

Ghana to issue first domestic dollar bond next month - Finance Minister - Ghana plans to issue its first domestic investor only dollar bond next month in efforts to deepen the government's financing streams and bolster the local bond market, Finance Minister Seth Terkper said on Friday. Source Reuters Read More 

Private equity in Africa loses its shine - Major private equity firms have seen a number of top management departures in Africa, individuals familiar with the matter said, as the funds grapple with investments hurt by a weak economy. Source Reuters Read More 

Mozambique delays MPC meeting by a month - The Mozambique central bank's Monetary Policy Committee (MPC) will hold its next meeting in October and not September as earlier planned, the bank said on Friday, without giving reasons. Source Reuters Read More 

China Rich Help Europe Banks Raise $14 Billion Since August - The appetite of China’s wealthy to diversify from a weakening yuan is helping European finance companies boost capital to prepare for the next financial crisis. Global fund managers are urging caution. Source Bloomberg Read More 

Asian Stocks Rise With European, U.S. Futures as Oil Rebounds - Asian stocks rose with European and U.S. equity index futures as a rebound in oil bolstered risk appetite ahead of heavily-anticipated central bank policy meetings this week. A gauge of the dollar retreated from a seven-week high, while yuan borrowing costs surged in Hong Kong. Source Bloomberg Read More 



CPC Issues Ultimatum to Samsung over Recall of Galaxy Note 7 - Following reports of explosion of dozens of Samsung Galaxy Note 7 while charging, the Consumer Protection Council (CPC) has issued a seven-day ultimatum to Samsung Electronics West Africa Limited to provide information on the full status of its compliance with the global directive of Samsung on the recall of the defective mobile phone. Source Thisday Read More 





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