Nigeria in 1min: Economic, Business & Financial Headlines – 201016



October 20, 2016 7:00 AM / Proshare News 


Response to Recession: Tactically Barking At The Wrong Tree - Certainly the present macro environment has been a challenging one so far, it has been characterised by twin shocks. On one hand cyclical shock which have relatively kept oil price subdued. While on the other end it finds itself up against socio political shocks which have cut oil production to new minimum levels. Source Proshare Read More 

FEC approves N30bn for mining - The Federal Executive Council (FEC) yesterday approved the sum of N30 billion as intervention fund for the mining sector. Source Daily Trust Read More 

FG begins new housing programme with N35bn -  In its bid to remove obstacles to the supply of affordable housing units across the country, the Federal Government has commenced the pilot phase of the National Housing Programme with the sum of N35bn. Source Punch Read More 

FG in talks with Saudi company for sukuk loan - The Federal Government is in talks with the investment arm of Saudi Arabia-based Islamic Development Bank about issuing the country’s first sukuk as the government seeks to diversify its sources of funding. Source Punch Read More 

47 airlines have folded up in Nigeria —Operators - Airline operators on Wednesday blamed the dwindling fortunes of some airlines in the country on the harsh operating environment. Source Punch Read More 

Maritime Operators Owe NIMASA $420.5m—Peterside - The Nigerian Maritime Administration and Safety Agency (NIMASA) has stated that debts owed the agency by some operators in the maritime industry from 2004 till date amount to about $420.5 million. Source Daily Independent Read More 

FIRS seals popular Abuja hotel over tax matters - The Federal Inland Revenue Service (FIRS) on Wednesday sealed the Bolingo Hotel, Abuja, over suspected tax matters. Source Daily Trust Read More 


SEC Issues Alert over an Illegal Operator - The attention of the Securities & Exchange Commission has been drawn to an illegal operator in the Capital Market known as RUBY GOLD VENTURES (CRYPTO CURRENCY INVESTMENT). Source Proshare Read More 

Amendments to the Guidelines on Transaction Switching in Nigeria - In strengthening the electronic payments system landscape in Nigeria, the Central Bank of Nigeria took cognizance of the need for a competitive environment while promoting shared services and innovation. Source Proshare Read More 

CBN to Settle 60-day FX Forward, Guarantees  LCs for Importers - In fulfilment of its pledge to fund forward sales under the flexible FX  regime, the Central Bank of Nigeria (CBN) has disclosed plans to within the next few months, fund the 60-day forward sales and request from the agricultural, aviation, machinery and raw materials sectors, thus guaranteeing letters of credit (LCs) for importers to ship in required goods. Source Thisday Read More 

N2.54bn MDAs, LGs’ funds trapped in 47 failed banks —NDIC - THE Nigeria Deposit Insurance Corporation, NDIC, has said that more than N2.54 billion belonging to some local governments and Ministries, Departments and Agencies (MDAs) of the federal and state governments remain trapped in 47 banks in-liquidation, without the affected parties filing proof of claims for insured deposits and liquidation dividends. Source Vanguard Read More 

CBN, Banks To Tackle N4bn Electronic Fraud Losses - The Central Bank of Nigeria (CBN), deposit money banks and electronic payment players in the payment sector will next month, converge on Lagos to brainstorm on how to tackle cases of electronic frauds which currently stands at over N4 billion as at 2015, according to the Nigerian Interbank Settlements System Plc. (NIBSS). Source Leadership Read More 

Investors reduce exposure further as stocks post 3.03% MTD loss - The equities market closed today on a negative note, as NSE ASI depreciated by 0.28% to close at 27,478.04basis points, compared with the 0.29% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.06%. Source Proshare Read More

GUARANTY Declares N119.93 bn PAT in Q3 2016 Result,(SP:N23.30k) - Source Proshare Read More 

GUARANTY Shares Rated Neutral; Reports Significant Increase in Loan Loss Provisions in Q3'16 Results - GT Bank’s Q3 2016 results which were published today showed a very strong PAT result of N46bn, up 97% y/y, off the back of a PBT result of N49bn, up 71% y/y. PAT growth was stronger y/y due to other comprehensive income of N4.3bn, which was up 172% y/y. OCI was boosted by fx translation gains. Source Proshare Read More 

The Regional Stock Exchange (BRVM) becomes the 1st Stock Market for Islamic Finance in Africa - The Regional Stock Exchange (BRVM) admitted in its listing the first five Sukuks issued by Côte d'Ivoire, Senegal and Togo, on the sidelines of the 2nd Forum on Islamic Finance in Africa held in Abidjan Source Proshare Read More 

Divestment of Shares by ExxonMobil Oil Corporation from Mobil Oil Nigeria Plc - Mobil Oil Nigeria Plc has been informed by its majority shareholder, ExxonMobil Oil Corporation that it has agreed, subject to regulatory approvals, to sell its shares representing 60% of Mobil Oil Nigeria's shares to Nipco Investments Limited, a wholly-owned subsidiary of Nipco Plc (both of which are Nigerian companies). Source Proshare Read More 

NTB Auction Today: Oct 19 2016 - On Thursday, 20th October 2016, the sum of N138.17 billion will be injected into the banking system through maturing treasury bills. This comprises N36.79 billion, N35.00 billion and N66.39 billion of the 91-day, 182-day and 364-day bills respectively. Source Proshare Read More 

Access Bank hauls $300mn in Bond, set to promote export - Leading financial institution, Access Bank Plc has successfully raised US$300 million via a Eurobond from the international bond market. The bank recently accessed the international market to raise the bond with maturity date in October 2021, at a coupon of10.5%. Source BUSINESSDAY Read More 

UBA’s internet transactions hit N50bn monthly - The United Bank of Africa(UBA),says its transactions through internet and mobile applications of the bank have reached over N50 billion a month. Source Daily Trust Read More 

FMDQ to start listing of short-term bonds - FMDQ OTC Securities Exchange has introduced short-term bonds to the Nigerian fixed income market. Source Punch Read More 

Forex threatens power production - The imbalance in the foreign exchange (forex) market has hindered smooth operation by the nation’s power sector as dollar exchanged for about N470 at the parallel market, The Nation has learnt. Source THE NATION Read More 

EU, OPEC back stable global oil market - The European Union (EU) and the Organisation of Petroleum Exporting Countries (OPEC) have pledged their support to ensure a stable global oil market. Source THE NATION Read More 

Crude oil climbs 2.2% as U.S. stocks fall sharply - United States  crude oil stocks fell last week as refineries continued to run down inventories during a seasonally slower period, while distillate inventories fell and imports dropped, the U.S. Energy Information Administration said on Wednesday. Source Daily Trust Read More


Asian Stocks Rise With U.S. Futures, Mexican Peso After Debate - Asian stocks rose with U.S. equity index futures and the Mexican peso as the third and final American presidential debate was seen strengthening Hillary Clinton’s prospects of winning next month’s election. Oil traded near a 15-month high after an unexpected drop in American stockpiles. Source Bloomberg Read More

South Africa's rand firmer after CPI, retail data; stocks up - South Africa's rand held on to gains against the dollar on Wednesday as data showed headline consumer inflation rose while retail sales growth slumped, bolstering expectations that an interest rate cut was unlikely this year. Source Reuters Read More 

Nigeria's overnight interbank rate falls to 20 percent after FX auction disappoints - Nigeria's overnight interbank rate crashed on Wednesday to around 20 percent from 150 percent after the central bank sold less hard currency than expected at a special auction, traders said. Source Reuters Read More 

Uber Nigeria Partners FirstBank To Pave Way for Driver-Partners to Grow Businesses - Uber Nigeria today announced that it is now making low-interest, used-vehicle loans available to its top-rated driver-partners. The pioneering move is the result of partnerships entered into between Uber Nigeria and First Bank of Nigeria Limited, as well as smaller financiers. Source Proshare Read More 

$13.9bn transfer: Senate hires forensic experts to probe MTN - The Senate on Wednesday said it had engaged the services of foreign forensic experts and lawyers to probe the $13.9bn allegedly transferred from Nigeria by MTN Nigeria illegally. Source Punch Read More 





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