Nigeria in 1min: Economic, Business & Financial Headlines – 230517



May 23, 2017 7:40 AM / Proshare News 


FG increases interest rate on unpaid taxes to 5% - The Federal Government has approved a new interest rate spread on unpaid taxes for the year 2017. The new interest rate was approved by the Minister of Finance, Mrs. Kemi Adeosun. Source Daily Trust Read More 

CAC stops manual registrations in Abuja, Kano, 4 other locations - The Corporate Affairs Commission (CAC) has stopped accepting physical submissions of new applications for registration of companies in six locations across the country. Source Daily Trust Read More 

S&P assigns ‘B and B’ ratings and stable outlook on UBA Plc - International Rating Agency, Standard and Poor’s (S&P) assigned  its ‘B’ long term and ‘B’ short term global scale counterparty credit ratings to the United Bank for Africa Plc (UBA).Source Proshare Read More 

Nigeria-Based United Bank For Africa PLC Assigned 'B and B' Ratings; Outlook Stable - S&P Global Ratings said today that it assigned its 'B' long-term and 'B' short-term global-scale counterparty credit ratings to Nigeria-based United Bank for Africa PLC (UBA). The outlook is stable. Source Proshare Read More 

SPNS Consulting Hosts Discourse 0n “Managing Business Rules Within a Challenging Economy” - SPNS Consulting, as part of its contribution to drive economic growth and development in Nigeria, hosted a business breakfast meeting with the theme: “Managing Business Rules for Business Profitability within a Challenging Economy-The benefits and Restrictive Capacity of Business Rules and its Effects on Developing and Driving a Process Innovation Based Organization”. Source Proshare Read More 

AskProshare: Proshare Discusses 256th CBN MPCDECISION - Following the release of personal statements from the meeting in March on Friday by the CBN, the monetary policy committee (MPC) opens its latest meeting in Abuja today, and is due to announce its decisions tomorrow afternoon. Source Proshare Read More 

Moody’s: Nigeria, Other Countries’ Recovery from Foreign Currency Shortages Will Take Time - While foreign currency shortages in sub-Saharan Africa stemming from lower oil and commodity prices are easing, it will take time for Nigeria and other countries in the region as well as banks and non-financial companies to restore their financial health, Moody’s Investors Service said in a report on Monday. Source Thisday Read More 

FG, Private Firms to Sign Mou on Repair of Wharf Road, Apapa - The federal government and a group of undisclosed private firms are shortly expected to sign a Memorandum of Understanding (MoU) which would enable them invest over N100 billion in the reconstruction of the decrepit Wharf Road in Apapa, Lagos State, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed. Source Thisday Read More 

Nigeria loses fresh $30b ICT investment to South Africa - The combination of poor power generating capacity; harsh business climate; foreign exchange volatility; high level corruption, and a host of others, have caused Nigeria to lose a major Information and Communications Technology (ICT) investment to South Africa. Source Guardian Read More 

Price of cooking gas rises by 100 % in one year - THE price of cooking gas has risen by 100 per cent in Nigeria’s domestic market between April 2016 and April 2017 as a result of increased demand, supply disruptions and foreign exchange issues. Source Vanguard Read More 

Revenue shortfall pushes FG’s fiscal deficit to 12-month high - The Federal Government of Nigeria’s fiscal deficit ran at a 12-month high in the month of February, according to data provided by the Central Bank, as actual revenues flunked budget targets and officials overshot spending. Source BUSINESSDAY Read More  

Nigeria’s cocoa, other exports to Europe at risk due to non-signing of EPA - Export products from Nigeria to Europe especially cocoa, may be at risk of higher prices from other West African products due to zero tariff to other competing countries. Source BUSINESSDAY Read More 



Personal Statements by the MPC Members at the 112 MPC Meeting of Mar 20-21,2017 - Following the resolution at the last meeting to correct the wide distortion in the foreign exchange market, a remarkable improvement has been recorded as evidenced in the narrowing of the margin between the two markets.  Source Proshare Read More

Monetary Policy Set To Remain On Hold - FBNQuest - The monetary policy committee (MPC) opens its latest meeting in Abuja today, and is due to announce its decisions tomorrow afternoon. Source Proshare Read More  

Presco Q4 2016 and Q1 2017 Results Review - Upgrading to Outperform - Presco reported better-than-expected Q4 2016 and Q1 2017 results, with double-digit sales growth in Q4 and triple-digit sales growth in Q1.  Source Proshare Read More  

Dangote Flour Mills’ Return to Profitability; Launches New Affordable Pasta - Shareholders at the weekend in Lagos applauded the Dangote Flour Mills return to profitability after posting a profit before tax of N11.82bn for its financial year ended December 31, 2016. Source Proshare Read More 

NSEASI Dips by -0.12% as Market Opens The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.12% to close at 28,078.30 basis points, as against +0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.48%. Source Proshare Read More



Forte Oil QI 2017; Powering The Future? - First Quarter 2017: Revenue down by 7%, Profit after Tax up by 97% Forte Oil (or the “Company” or “FO”) Plc, an indigenous downstream petroleum Company released its first quarter earnings for the period ended March 31, 2017 on the 19th of April 2017.  Source Proshare Read More  

GTI Top-5 Weekly Stock Picks -220517 - The Nigerian equity market on Friday, grew marginally by 0.04%, extending bullish run to four days in a row. Similarly, market breadth closed positive recording 22 gainers against 21 losers. Source Proshare Read More  

CBN injects $205m as Naira falls to N379/$ - The Central Bank of Nigeria (CBN) yesterday injected $205 million into the foreign exchange market even as the naira depreciated to N379 per dollar in the parallel market. Source Vanguard Read More 

Kachikwu: I’ll resign if Nigeria imports fuel by 2019 - Minister of State Petroleum Resource/NNPC GMD, Ibe Kachikwu said he will quit the government if he fails to deliver on the promise to end fuel importation in Nigeria by 2019. Source Daily Trust Read More 

‘100 % unpaid invoices causing liquidity problems in power sector’ - Market Operators in the power sector have cited the non-recovery and unpaid 100 per cent of its invoices as one of the major liquidity problems confronting the sector and hindering it from efficient service delivery. Source Guardian Read More 

TCN commissions 70MWA power transformer in Bornu, Gombe - AMIDST report of inadequate power supply witnessed across the country, the Transmission Company of Nigeria, TCN, said it has successfully completed the installation and commissioning of power transformers in Bornu and Gombe States respectively. Source Vanguard Read More 

Discos demand tariff hike, Gencos seek N504bn payment - Power generation companies have put the outstanding debt being owed them at N504bn and demanded that it be paid for them to continue generating electricity. Source Punch Read More 

Energy theft: Discos plan to adopt whistle-blowing policy - The Association of Nigerian Electricity Distributors has said that it may adopt a whistle-blowing policy as part of efforts to address energy theft in the country. Source Punch Read More 



China's imports from North Korea sink below $100 million in April as coal ban bites - China's total imports of North Korean goods in April fell below $100 million to a multi-year low, accelerating a months-long decline after China halted coal shipments from its isolated neighbor, data showed on Tuesday. Source Reuters Read More 

Ghana to request extension of IMF programme to Dec 2018 - Ghana's government will ask the International Monetary Fund to extend its support programme to December 2018 from April 2018 to boost efforts to stabilize the economy, senior government sources said on Monday. Source Reuters Read More 

IMF offers three-pillared prescription for African growth - Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. Source Reuters Read More 

Ghana central bank cuts interest rate by 100 basis points to 22.5 pct - Ghana's central bank lowered its benchmark interest rate on Monday by 100 basis points to 22.5 percent, citing a downward trend in inflation towards medium term targets of 8 percent plus or minus 2 percentage points, Governor Ernest Addison said. Source Reuters Read More 

Noble Group Halted After 32% Plunge as S&P Sees Default Risk - Noble Group Ltd.’s crisis deepened on Tuesday after S&P Global Ratings flagged the risk that the embattled commodity trader may default on its debt, triggering a 36-minute slump in the company’s shares, an exchange query, and a trading halt ahead of an announcement. Source Bloomberg Read More 

Guide to $400 Billion in Saudi-U.S. Deals: Black Hawks to Oil - Saudi Arabia signed billions of dollars of deals with U.S. companies during President Donald Trump’s visit to Riyadh. Estimates of their total value vary from $300 billion to close to $400 billion. Source Bloomberg Read More 

Iraq Paves Way for OPEC Deal With Support for 9-Month Extension to Cuts - Iraq backed a proposal from Saudi Arabia and Russia to extend output cuts for nine months, removing one of the last remaining obstacles to an agreement at the OPEC meeting in Vienna this week. Source Bloomberg Read More 

China Spins a Global Food Web From Mozambique to Missouri - Inside a gated compound patrolled by armed guards, hulking towers and concrete buildings loom over fields where Silva Muthemba once grew maize and fattened his cattle. Source Bloomberg Read More 

Trump Seeks $3.6 Trillion in Cuts to Reshape Government - President Donald Trump would dramatically reduce the U.S. government’s role in society with $3.6 trillion in spending cuts over the next 10 years in a budget plan that shrinks the safety net for the poor, recent college graduates and farmers. Source Bloomberg Read More 

Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve - The White House plan to trim the national debt includes selling off half of the nation’s emergency oil stockpile, part of a broad series of changes proposed by President Donald Trump to the federal government’s role in energy markets. Source Bloomberg Read More 






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