Nigeria in 1min: Economic, Business & Financial Headlines – 210717



July 21, 2017 7:00 AM / Proshare News 

FAAC Disburses N462.36bn in June 2017 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N462.36bn to the three tiers of government in June 2017 from the revenue generated in May 2017. Source Proshare Read More 

MPC to Maintain Status Quo as Economic Metrics Lean Towards Growth - The fourth Monetary Policy Committee (MPC) meeting for the year is scheduled to hold on the 24th and 25th of July, 2017. Source Proshare Read More 

Current Account Comfortably in Surplus - We observe from the balance of payments for Q1 2017 that the current-account surplus eased gently from the equivalent of 3.5% of GDP to 3.4%. Source Proshare Read More 

Osinbajo seeks N135.643 billion virement for priority projects - Acting President Yemi Osinbajo wants the approval of the House of Representatives for the virement of N134,643,018,749 billion from various budget lines to fund the Federal Government’s priority projects and programmes. Source Guardian Read More 

FG plans N25bn low interest loan facility for miners - Nigeria’s minister of Solid minerals, Kayode Fayemi has announced that his ministry is providing an initial N25bn loan facility to miners as federal government repositions the sector to attract investments and contribute more to the economy. Source BUSINESSDAY Read More 

TSA: Lenders kick as court orders seven banks to remit $793.2m to FG - The Federal High Court in Lagos on Thursday ordered seven commercial banks to temporarily remit a total of $793.2m allegedly hidden by them in contravention of the Federal Government’s Treasury Single Account policy. Source Punch Read More

Govt presents draft MTEF to governors - The Federal Government on Thursday presented a draft of the Medium Term Expenditure Framework 2018-2020 to the National Economic Council with a view to getting the contributions of state governors. Source Punch Read More

W’Bank working with 21 states to boost IGR - The World Bank has said it is currently providing technical support to the 21 state governments in the area of internally generated revenue and public financial management. Source Punch Read More

All states demanding mining licences – FG - Virtually all state governments in the country have demanded for mining licences from the Federal Ministry of Mines and Steel Development in the last one year, the Federal Government has said. Source Punch Read More

71 firms bid for C/River deep seaport, superhighway - Following the recent Environmental Impact Assessment approval by the Federal Ministry of Environment for the Cross River State signature project, the superhighway and the Bakassi deep seaport, over 71 companies are bidding to handle the projects. Source Punch Read More 

Road signage installation subject to competitive bid – FG - Minister of Power, Works and Infrastructure, Babatunde Fashola, says award of contracts for road signage installation across the country, where road projects have been completed, will be advertised in due course as required by law and subject to an open and competitive bids. Source BUSINESSDAY Read More 

FG to verify 63,532 pensioners in North Central, South West - The Federal Government is to verify a total of 63,532 pensioners in the North Central and South West zones. Source Daily Trust Read More 

NCAA imposes N120m fines, 79 sanctions in 2yrs - The Nigerian Civil Aviation Authority (NCAA) has in two years imposed 79 sanctions to airline operators and personnel including pilots, engineers and other crew members, a report has shown. Source Daily Trust Read More 

Osun Cocoa Industry Now Processes 20,000 Tonnes Daily - The newly resuscitated Osun State Cocoa Processing Industry in Ede has started processing cocoa in line with the industrialisation plan of the current administration in the state. Source Thisday Read More 


MPC Considerations and Policy Options - Time for Monetary Policy Reversal? - We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates at the current levels when the Committee meets on July 24 and 25, 2017.  Source Proshare Read More  


NSEASI Sustains Gaining Streak by +0.54% as Bullish Trend Persists - Equities market closed today on a positive note, as NSE ASI appreciated by +0.54% to close at 33,695.83 basis points as against +0.23% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +25.38%. Source Proshare Read More

Unity Bank explains the initiative behind the Resolution of its Legacy NPLs - In its bid to clean up its loan book, Unity Bank Plc has taken far-reaching measures and initiatives for the resolution of its Non-Performing Loans (NPL) being long outstanding from legacy. Source Proshare Read More

Wema Bank Plc H1 2017 Conference Call & Earnings Presentation - The Key Takeaways - Wema Bank Plc today holds its H1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More  

Lafarge Africa Plc - Q2-17 PAT; Strong Delivery, Amidst Energy and Leverage Challenges - Lafarge Africa Plc (LAFARGE) released Q2-17 result this afternoon, wherein revenue grew by 33.8% y/y while net profit was N14.57 billion, from a loss of N28.37 billion same period of last year. Source Proshare Read More  

Skye Bank outlines recapitalisation, future plans - Skye Bank Plc says it has appointed a reputable investment bank as its financial adviser for its proposed recapitalisation programme. Source Punch Read More 

UPDC REIT distributes N1.26bn dividend to unit holders - The unit holders of UPDC REIT, the largest Real Estate Investment Trust listed on the floor of the Nigerian Stock Exchange, have approved a final dividend of N1.26bn for the financial year ended December 31, 2016. Source Punch Read More 

Two Nigerian banks say do not owe government money -  Nigeria's United Bank for Africa said it has paid the government all the money due to it, its spokesman said on Thursday. Source Reuters Read More 

Wema bank plans equity raise next year to bolster capital ratio - Nigeria's Wema Bank plans to raise equity next year to bolster its capital ratio and cut its operating costs as its new digital strategy gains traction, a senior executive said on Thursday. Source Reuters Read More 

FG licenses 10 more modular refineries - As part of efforts to expand the nation’s refining capacity, the federal government has licensed 10 more modular refineries, making it 32 so far licensed. Source Daily Trust Read More 

NNPC daily gas supply to power plants increases by 64% - Despite the fact that the average national daily gas supply to the nation’s power plants has risen by 64 percent, most consumers still agonise over the lack of adequate supply in most parts of the country. Source BUSINESSDAY Read More 

Downstream oil sector has $10bn investments deficit – Kachikwu - There is an absolute urgency for Nigeria to begin to address her infrastructural problems, Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu said yesterday. Source Daily Trust Read More 

Refineries realise N62 billion from refined products - Nigeria’s refineries – the Port Harcourt Refining Company Limited Port Harcourt Refineries Corporation (PHRC); Kaduna Refining and Petrochemicals Company Ltd. (KRPC); and Warri Refining and Petrochemicals Company Ltd. (WRPC) realised N62 billion from refined products in May 2017. Source Guardian Read More 

Nigeria to explore African market for crude oil sale, says Kachikwu - The Minister of State for Petroleum, Dr. Ibe Kachikwu has announced that Nigeria would explore the possibility of selling crude oil to African markets. He spoke in Abuja yesterday at the 2017 edition of the Sustainability in the Extractive Industries (SITEI) conference. Source Guardian Read More 

Electricity: Grid loses 689mw after hitting 4,345mw - The electricity grid continued its fluctuation as it dropped to 3,656 megawatts (mw) yesterday after it attained 4,345mw on Wednesday, a report has shown. Source Daily Trust Read More 

US SEC Bars Lawyer Who Committed Fraud - The Securities and Exchange Commission today barred a New York-based attorney from appearing or practicing before it and acting as an officer or director of a public company after finding that he made false and misleading statements in corporate filings. Source Proshare Read More 

FG probes NDDC over N1trn debt - Worried by over the N1 trillion debt owed contractors by the Niger Delta Development Commission, NDDC, the Federal Government has commenced investigations into the activities of the commission with a view to finding out what happened to huge funds it got since inception, 17 years ago. Source Vanguard Read More 

Labour Minister applauds Tony Elumelu’s commitment to job creation and poverty alleviation - At the 30th Anniversary celebration of the award-winning Transcorp Hilton Abuja, the Honourable Minister of Labour and Employment, Chris Ngige, commended the relentless efforts of the chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu CON, towards job creation as a strategy for poverty alleviation in Nigeria and Africa. Source Proshare Read More 

UBA Increases International Spend Limit on Naira Cards to $2000 - Pan-African financial institution, United Bank for Africa (UBA) Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid Naira cards from $100 to $2,000. Source Proshare Read More 

South Africa cuts repo rate, denies political pressure - South Africa's central bank unexpectedly cut its benchmark lending rate for the first time in five years on Thursday, citing weak growth and easing inflation, and denied any pressure from recent political attacks on its mandate. Source Reuters Read More 

Zimbabwe budget deficit rose to $1.4 billion in 2016 - Zimbabwe's budget deficit shot up to $1.4 billion, or 10 percent of national output, in 2016, above previously revised estimates, its finance minister said on Thursday. Source Reuters Read More

IMF urges Mozambique to address debt audit concerns - Mozambique should take steps to address information gaps that remained regarding the use of loans granted to three state-owned companies, the International Monetary Fund said. Source Reuters Read More 

North Korea's Economy Is Growing at Its Fastest Pace Since 1999 - North Korea’s economy grew in 2016 at the fastest pace since 1999, helped by a recovery from a drought in 2015. Military spending, including on testing nuclear weapons and missiles, also boosted growth, and raised tensions in the region. Source Bloomberg Read More 

Kuwait Cuts Number of Iranian Diplomats Over Espionage Case - Kuwait has downsized Iran’s diplomatic contingent and shut its cultural mission and other affiliate offices, following a final Supreme Court ruling in an espionage case, according to state-run KUNA news agency. Source Bloomberg Read More 

RBA Lets Loose Rate Hike Speculation: Australia's Week in Charts - Australia’s central bank minutes were far from the usual yawner, reversing perceptions of two weeks ago that Governor Philip Lowe was eschewing the hawkish turn many of his global peers had taken in June. Source Bloomberg Read More 

Jumia Travel launches a new feature to scale Facebook Messenger as a CS channel - Facebook Messenger is now fully integrated in Jumia Travel’s system as a powerful channel for Customer Service. The integration of customer service for Messenger in Jumia Travel’s system marks a new dawn for its customer service experience, as it offers a live chat experience on Facebook Messenger. Source Proshare Read More  


Reshaping The Supervisor-Market Participant Relationship - Digital Innovation - It is a great pleasure to be here at the Europlace Financial Forum and I would like to warmly thank the conference sponsors and, in particular, the Global Association for Risk Professionals, for inviting me to be here. Source Proshare Read More  

Qualification Requirements to participate in Data Science Nigeria’s 2ND BOOTCAMP - The bootcamp space is going to be keenly competed for across the country, both in the academic community and in the industry practitioners' space. The quality of the output of the programme and the desire to upscale attendees' readiness to support the industry means that all the would-be participants must demonstrate a proven commitment to self-development and capacity building prior to the bootcamp. Source Proshare Read More 

Etisalat Group severs ties with Nigeria’s EMTS - The United Arab Emirates-based Etisalat Group said it will terminate all rights granted to the Emerging Markets Telecommunication Services Limited and EMTS lenders to use its Etisalat brand on Friday, July 21, 2017. Source Punch Read More

Microsoft earnings beat expectations thanks to strong cloud performance - Following its longstanding tradition of reporting quarterly earnings for its fourth financial quarter of the year in July, Microsoft today announced non-GAAP revenue of $24.7 billion and GAAP earnings per share of $0.83 (and non-GAAP earnings per share of $0.98) for the last three months. Operating income was $7.0 billion non-GAAP. Source TechCrunch Read More 





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