Nigeria in 1min: Economic, Business & Financial Headlines – 260617



June 26, 2017 7:00 AM / Proshare News 


What To Expect From The Markets This Week - 260617 - Currency outside banks at the end of 2016 rose from N1.456 trillion to N1.820 trillion. Thereby reflecting a rise of 23% and 25% compared to the previous quarter. Eventually bolstering the intermediation efficiency ratio from 0.051 t0 0.729 compare to previous periods of downward tilt in the ratio. Source Proshare Read More  

2018: FG warns MDAs against inflating personnel budgets - The Federal Government has issued a warning to the chief executive officers of all its Ministries, Departments and Agencies against inflating their personnel budgets for the 2018 fiscal period. Source Punch Read More 

Paris Club refund: Inadequate funds delay further releases - The limited inflow of revenue into the Federation Account as well as the ongoing reconciliation of states’ claims by the Federal Government has been identified as a major reason for the delay in releasing the second tranche of Paris Club refund to state governments. Source Punch Read More 

FG begins special training for community tax officers - The Federal Government on Friday commenced training of 27 unemployed graduates that were recruited as Community Tax Liaison Officers to boost tax awareness. Source Punch Read More 

Nigeria Sees 2017 Tax Amnesty Adding $1 Billion to Public Funds - The Nigerian government expects to raise more than $1 billion in a tax amnesty program that encourages individuals and companies to clear unpaid bills by the end of this year. Source Bloomberg Read More 

Nationwide tax amnesty takes off July 1 - The Federal Government has fixed July 1 for the take-off of a planned tax amnesty that it hopes will rake in US$1 billion in unpaid taxes. Source BUSINESSDAY Read More

Nigeria faces upgrade on investment index - Nigeria’s ranking as the 19th most attractive country for investments flowing into Africa, among the 54 countries tracked by the research unit of Quantum Global, will probably be reviewed upward this year, as dollar shortages ebb and economic fortunes improve. Source BUSINESSDAY Read More

UNICEF requires $251m to fight poverty in Nigeria, Somalia, South Sudan, Yemen - In Nigeria, Somalia, South Sudan and Yemen, UNICEF requires $251 million to provide children with food, water, health, education, and protection services until the end of the year, the agency said in a statement on Thursday. Source BUSINESSDAY Read More

Onu: Nigeria Spends over $6bn on Emoluments Annually - The Minister of Science and Technology, Dr. Ogbonnaya Onu has expressed worry that Nigeria spent over $6 billion on emoluments annually, out of which $3 billion leaves the shores of the country through capital flight, thus putting additional pressure on the Naira. Source Thisday Read More


Corporate Earnings for the Week Ending 230617 – CONOIL Declares N2.84 bln PAT in 2016 Audited Result - Source Proshare Read More

Stock Market Extends Two-day Losing Streak as NSEASI Records -4.99% Loss WoW - Equities market closed today on a negative note, as NSE ASI depreciated by -2.45% to close at 32,122.14 basis points, as against -1.64% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +19.53%. Source Proshare Read More  

CBN Forex Supply Hits $7.136bn in Four Months - Since the Central Bank of Nigeria commenced its aggressive interventions in the interbank and bureau de change segment of the foreign exchange market, the Bank, as of Friday last week, had pumped a total of $7.136 billion into the market. Source Thisday Read More  

Forex: CBN Boosts Supply with $240m to Retail SMIS - In the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the Federal Government to commemorate the Eid-el-Fitr, the Central Bank of Nigeria (CBN) on Friday, June 23, 2017, allocated the total sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals. Source Proshare Read More

Interbank rate drops on N152.6b T-Bills, forex refund - The interbank rate eased to around eight per cent at the weekend from 15 per cent after the Central Bank (CBN) repaid 152.6 billion naira ($500.57 million) in matured debt and paid refunds to banks for their forex cash provisions. Source THE NATION Read More

Banks spend N159 billion on staff in three months - Spending on staff by Nigeria’s largest banks in the first three months of 2017 hit N158.9 billion, up 10.83 percent when compared to the same period of last year. Source BUSINESSDAY Read More

Rising Nigeria oil output double-edged sword for economy - There were hi fives by Nigerian government officials recently when a previously sabotaged oil pipeline came back on stream with the prospect of adding some 250,000 barrels per day of shut in production back into oil global markets. Source BUSINESSDAY Read More 

FG loses N131.8bn as oil production drops again - the total volume of crude oil produced in Nigeria has been reducing since January this year, leading to a cumulative loss of about N131.8bn, an analysis of various reports from the Nigerian National Petroleum Corporation has shown. Source Punch Read More 

OPEC deal: Concern mounts over Nigeria’s exemption - With Nigeria’s oil output recovering to its highest level in more than a year, industry analysts have raised concern over the country’s exemption from the production cut deal reached by the Organisation of Petroleum Exporting Countries and other producers. Source Punch Read More 

Demand for ‘Service Fee’ on N701bn Loan for Gencos Rocks NBET - The Nigerian Bulk Electricity Trading Plc (NBET) is currently enmeshed in a controversy that could rock its operations and that of Nigeria’s electricity market, investigations by THISDAY have revealed. Source Thisday Read More 

Mozambique Debt Probe Sees $500 Million in Unexplained Loans - Mozambican state companies have failed to account for about a quarter of the proceeds of $2 billion in loans being investigated, according to a report by Kroll LLC that creditors said was needed for debt restructuring talks to start. Source Bloomberg Read More 

Africa's Biggest Company to Start Funding Roadshow in U.S. and U.K. - Naspers Ltd. will approach investors in the U.S. and the U.K. next week about a bond issue as Africa’s biggest company by market value continues its acquisition-hungry quest to expand its internet businesses. Source Bloomberg Read More 

South Africa Treasury Working to Fix Country’s Economic ‘Mess’ - South Africa’s new National Treasury Director General, Dondo Mogajane, said the institution is focused on carrying out reforms that will get the economy out of a recession and improve its credit ratings. Source Bloomberg Read More 

U.K. Turns to Emerging Markets for Trade as Brexit Talks Begin - Britain is turning to the world’s poorest countries to shore up trade as Brexit puts existing deals on an uncertain footing. Source Bloomberg Read More 

Nestle Targeted by Activist Third Point With $3.5 Billion Stake - Nestle SA is being targeted by activist investor Dan Loeb’s hedge fund Third Point, which has built a stake of more than $3.5 billion in the the world’s biggest food company. Source Bloomberg Read More 

Lowest Core Inflation Since 1999 Tests Canada Rate-Hike Talk - The Bank of Canada’s efforts to set the stage for a rate increase were set back Friday after data showed inflation pressures continuing to ease. Source Bloomberg Read More 

Italy Commits $19 Billion for Veneto Banks in Largest State Deal - Italy will commit as much as 17 billion euros ($19 billion) to clean up two failed banks in one of its wealthiest regions in the nation’s biggest rescue on record. Source Bloomberg Read More 

Egypt's strategic rice reserves at three-month level - MENA - Egypt's strategic rice reserves are currently at levels for at least three-months, the head of the rice division of the Federation of Egyptian Industries told MENA state news agency on Saturday. Source Reuters Read More 

Proshare to release The Nigerian Online Trading Report 2017 - In 2016, Proshare commenced the release of “The Nigerian Online Trading Report” – a survey and research backed report providing an holistic ranking of online trading platforms in the Nigerian Financial Market based on the following criteria: Technology, Accessibility, Service, Fees & Benefits. Source Proshare Read More

Netcore Solutions hosts forum on Maximizing Marketing Moments, harps on “Accretion Marketing”  - Nigerian brands have been advised to lay more emphasis and focus on “Accretion Marketing” in their customer engagement and service delivery. Source Proshare Read More 

Abu Dhabi's Mubadala fund pulls out of Etisalat Nigeria -  Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to renegotiate a $1.2 billion loan taken out four years ago with 13 Nigerian banks, the central bank said on Friday. Source Reuters Read More 

$1.2b Etisalat debt: Banks consider legal action against core investor - The 13 banks that raised $1.2billion loan for mobile operator Etisalat Nigeria may press criminal charges against directors of Mubadala Development Company of the United Arab Emirates (UAE). Source THE NATION Read More

Ebonyi, BoI agree to sign MoU on N2bn matching fund for agric, solid mineral development -Governor David Umahi of Ebonyi State, and Olukayode Pitan, managing director of Bank of Industry (BoI), have agreed to sign a memorandum of understanding (MoU) on N2 billion matching fund to support productive venture in agriculture and solid mineral in the state. Source BUSINESSDAY Read More 





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