Nigeria in 1min: Economic, Business & Financial Headlines – 200916

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September 20, 2016 7:10 AM / Proshare News  

 

PROSHARE ECONOMY
FG to Raise $2bn from Concession of Lagos-Kano/Port Harcourt- Maiduguri Rail - The federal government plans to raise $2 billion through the concession of the existing Lagos-Kano/Port-Harcourt-Maiduguri rail line, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said. Source Thisday Read More

Total Value of Capital Imported into Nigeria Estimated at $1,042.17 mln in Q2’16 - Summary The total value of capital imported into Nigeria in the second quarter of 2016 was estimated to be $1,042.17 million, which represents an increase of 46.58% relative to the first quarter, and a fall of 60.91% relative to the second quarter of 2015. Source Proshare Read More 

Nigeria’s foreign exchange reserves fall below $25b - Nigeria’s foreign exchange reserves have plummeted to a new low of $24.88 billion, indicating dwindling confidence in the economy, despite reassurances by authorities. Source Guardian Read More 

Adeosun Seeks Interest Rate Reduction As MPC Meets Today - The minister of finance, Kemi Adeosun, has urged the Central Bank of Nigeria (CBN) to lower benchmark interest rates in order to lower debt servicing costs for the government, which plans to increase local borrowing to boost the economy. Source Leadership Read More 

Federal Republic of Nigeria Ratings Lowered To 'B/B' On Weak Growth Dynamics; Outlook Stable - On Sept. 16, 2016, S&P Global Ratings lowered its long-term foreign and local  currency sovereign credit ratings on the Federal Republic of Nigeria to 'B'  from 'B+'. We also affirmed our 'B' short-term foreign and local currency sovereign credit ratings on Nigeria. The outlook on the long-term ratings is stable. Source Proshare Read More 

Nigeria plans "large injection of funds" through assets sales, license payments: minister - Nigeria plans an "immediate large injection of funds" into the economy though asset sales, advance payments for license renewals and infrastructure concessions, its budget minister said on Monday. Source Reuters Read More  

PROSHARE REGULATOR
Development of housing market key to economic growth —CBN - The development of Nigeria’s housing market is key to growing the economy and the Gross Domestic Product (GDP), Mr. Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), has declared. Source Vanguard Read More 

CBN Moves to Prevent Banks’ Exposure on e-Payment Solutions - The Central Bank of Nigeria (CBN) said it has observed the growing exposure of banks on payment solutions service providers’ (PSSPs) platform, due to operational failures. Source Thisday Read More 

Ernst & Young, Former Partners Charged With Violating Auditor Independence Rules - The Securities and Exchange Commission today announced that public accounting firm Ernst & Young has agreed to pay $9.3 million to settle charges that two of the firm’s audit partners got too close to their clients on a personal level and violated rules that ensure firms maintain their objectivity and impartiality during audits. Source Proshare Read More  

PROSHARE MARKETS
Big CAPs drive index lower as stocks start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.07% to close at 27,839.93basis points, compared with the 0.48% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.80%. Source Proshare Read More 

GTI Top-5 Weekly Stock Picks - 190916 - At the close of the Nigerian Equity Market on Friday, the on-going upward trend was extended to the 6th trading sessions in a row (backdated to Wednesday, September 7th, 2016). In summary, lead indicator, NSE-ASI gained 133.08 absolute points, representing a growth of 0.48% to closed at27, 858.48 points. Source Proshare Read More 

Temptation of the MPC to hike again  - The monetary policy committee (MPC) meets today and tomorrow in Abuja, and again has a difficult call. Since its last meeting in July, the economy has entered a technical recession while headline inflation has continued to accelerate, although the m/m rates have finally slowed. Source Proshare Read More 

August CPI at 17.6% - MPC between the devil and the deep blue sea - Data from the National Bureau of Statistics (NBS) shows that the Consumer Price Index (CPI) or inflation reading for August 2016 has risen to 17.6% year-on-year and remained in the double digit band for the seventh month in a row. Source Proshare Read More

New Participating Institution (PI) Admitted to the NASD OTC Market - NASD is pleased to welcome Kinley Securities Limited as the newest Participating institution on the NASD OTC Market. Investors are advised that they can now complete their trades in public unlisted securities through any of 118 participating institutions. Source Proshare Read More                                           

PwC launches mobile tax application- Tax247 - PwC Nigeria today announced the launch of a tax mobile application, a revolutionary tool that allows business leaders, investors, regulators and citizens easy access to all relevant tax and related laws and enables them keep abreast of developments in the economy especially as it relates to their tax obligations, government policies and the implications on their lives and businesses. Source Proshare Read More 



Bursa Malaysia Derivatives Launch Enhanced 3yr,5yr & 10yr Malaysian Govt Securities Futures Contract -
Bursa Malaysia Derivatives (“BMD”) has successfully launched the enhanced 3-Year, 5-Year and 10-Year Malaysian Government Securities (“MGS”) Futures products or better known as FMG3, FMG5 and FMGA respectively, today. Source Proshare
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Monetary Policy Committee Decision Review - Access Bank Plc - The Central Bank of Nigeria’s Monetary Policy Committee (MPC) will meet on the 19th and 20th of September 2016. Based on analysis of the prospects for global growth, domestic output, inflation, foreign reserves, financial stability concerns as well as developments in money markets, the Committee will determine the configuration of monetary policy for the near-term. Source Proshare Read More 

Oando Plc Signs $115.8 Million Midstream Agreement with Helios Investment Partners - Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”). Source Proshare Read More 

Unilever buys US brand, Seventh Generation - Dutch food and cosmetics giant Unilever said on Monday it was acquiring eco-conscious US cleaning products group Seventh Generation, expanding its range of environmentally friendly brands. Source Punch Read More 

Banks to close branches as recession bites hard - A number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder, investigation by our correspondent has shown. Source Punch Read More 

Naira appreciates against dollar at interbank market - The Naira on Monday appreciated against the dollar at the interbank market, the News Agency of Nigeria (NAN) reports Source Guardian Read More 

Marketers sell petrol above N145/L in 16 states - Amidst controversies over appropriate pump price for petrol, reports of the National Bureau of Statistics, NBS, has indicated that petrol marketers in16 states of the country are selling the product significantly higher than the N145 maximum price stipulated by the federal government. Source Vanguard Read More 

N145 fuel price: Marketers were given N30 per litre margin – CBN - At  the  time this programme  started we were told that they could procure forex at not more than N280 to the dollar and the price should not be more than N145 per litre. Source Vanguard Read More 

FG, African govts to blame for dirty fuel — Oil traders - Swiss commodity traders, under the aegis of Geneva-based African Refiners Association, ARA, yesterday, accused the Federal Government and those of other African countries for the shipment of toxic, poisonous and dirty fuels to West Africa. Source Vanguard Read More 

Global oil outlook darkens more quickly – IEA - The global oil market will show a surplus into next year, as an abrupt deterioration in demand growth meets rising supply, pushing world inventories to yet another record high while confounding the previous expectations of leading energy agencies. Source Vanguard Read More 

Militants bomb NPDC oil facility in Delta - The Niger Delta Greenland Justice Mandate has attacked another major crude oil delivery line belonging to the Nigerian Petroleum Development Company in Delta State. Source Punch Read More 

Oil Price Climbs To $46.15 As Venezuela Predicts Output Deal - Prospects of oil prices gaining stability emerged yesterday as price gained 38 Cents from multi-week lows after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilize the market. Source Leadership Read More 

IPMAN’s 50,000 mt of kerosene arrives - The ship carrying  50,000 metric tons of Dual Purpose Kerosene (DPK) which the Independent Petroleum Marketers Association Nigeria (IPMAN) imported is billed to arrive Lagos today. Source THE NATION Read More 

Undeclared oil shipment: FG sues Agip, Total for $635m - The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014. Source Punch Read More 

NNPC to create incentives across gas value chain — Baru - Nigerian National Petroleum Corporation, NNPC, has started the process of creating incentives for investors across all parts of the gas value chain to ensure maximum use of the nation’s vast resource. Source Vanguard Read More 



PROSHARE BUSINESS

Angolan parliament approves smaller 2016 budget due to low oil price - Angola's parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa's largest crude exporter. Source Reuters Read More 

Bank of Ghana holds rates; cuts signalled with inflation view - Ghana's inflation will fall faster towards government targets than expected, the head of the central bank said on Monday, raising prospects of a cycle of interest rate cuts as it held benchmark borrowing costs at 26.0 percent. Source Reuters Read More 

African nations should borrow closer to home, AfDB president says - African governments in the grip of Eurobond fever should look closer to home to secure financing vital to their economic development as borrowing costs on international debt markets rise, the president of the African Development Bank said. Source Reuters Read More 

Asian Stocks Near One-Week High Before BOJ, Fed as Kiwi Climbs - Asian stocks held near a one-week high ahead of Wednesday policy decisions by the Bank of Japan and the Federal Reserve. New Zealand’s dollar rose with milk prices and oil fell. Source Bloomberg Read More 

Corruption undermines nations’ prosperity —Lagarde, IMF boss - Amid growing global concerns over corruption in public and private sectors and its consequences on nations’ growth, Managing Director of International Monetary Fund, IMF, Christine Lagarde, has said that corruption undermined prosperity because of its micro economic implications. Source Vanguard Read More 

PROSHARE TECHNOLOGY
Telecoms operators connect 227 million, as active telephone lines slide further - Going by the latest subscribers’ statistics from the Nigerian Communications Commission (NCC), the telecommunications operators have jointly connected 227 million telephone lines in the last 15 years of the telephony revolution in the country. Source Guardian Read More 



PROSHARE STARTUPS

BoI, NIRSAL sign agro-lending pact - The Bank of Industry (BoI) has signed a Memorandum of Understanding (MoU) with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) on risk-free agro-lending. Source THE NATION Read More

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