Nigeria in 1min: Economic, Business & Financial Headlines – 280717



July 28, 2017 7:00 AM / Proshare News 

Finally, a Steep Rise in the FAAC Payout - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government picked up strongly in July (from June revenues) from N462bn to N652bn (US$2.13bn).  Source Proshare Read More 

Domestic Commodity Prices Remain Static In Spite of MPC Hold Decision - A 41% spike in government shared revenue to N652bn in July will add to the liquidity surplus in the banking system. The good news is that it will also help reduce the salary backlog and outstanding obligations of government. Source Proshare Read More 

Kano Dry Port to commence operation Jan 2018 - The Chairman of Dala Inland Dry Port Nigeria Limited Kano, Alhaji Ahmed Rabi’u, has said that commercial activities are expected to commence in earnest at port by January next year. Source Daily Trust Read More 

Tin-Can Customs rakes in N130bn revenue in six months - The Tin Can Island Command of the Nigeria Customs Service has generated N130 billion as revenue between January and June 2017. Source Daily Trust Read More 

FG proposes N8trn budget for 2018 - Federal Government has proposed a record N7.939 trillion spending for 2018, making it the third straight record budget of the Buhari administration. Source BUSINESSDAY Read More

Senate approves $1.8bn borrowing plan for FG, $750m for states - The Senate on Thursday approved  $1.806 billion Federal Government 2016-2018 External Borrowing (Rolling) Plan for the Lagos – Kano railway modernization project and the reconstruction and rehabilitation of the North East. Source BUSINESSDAY Read More 

Senate tells RMAFC to review revenue sharing formula - The Senate has asked the Revenue Mobilisation Allocation and Fiscal Commission to review the current revenue sharing formula. Source Punch Read More 

Nigeria's new $1.5 bln fertiliser plant boosts agriculture sector - Nigeria's acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa's largest economy to boost its agriculture industry. Source Reuters Read More

Nigeria, UN sign 5-year Sustainable Development Partnership Framework - Nigeria on Thursday signed a five-year Sustainable Development Partnership Framework (UNSDPF) (2018-2022) with the United Nations- a successor programme to the current United Nations Development Assistance Framework III (UNDAF III) (2014-2017) in Nigeria. Source BUSINESSDAY Read More

Osun commits N5.1bn to salaries, leave bonuses, pensions - Osun state government on Thursday announced that it has committed a sum of N5,131,680,567.59 for the payment of salary arrears, leave bonuses and pensions to serving workers and pensioners in the state and local government service. Source BUSINESSDAY Read More


CAC agrees to pay workers N1bn salary differentials, pension - The management of the Corporate Affairs Commission has agreed to commence the payment of differentials in the salaries of the executive and non-executive members of staff of the commission amounting to N1,002,967,400.15. Source Punch Read More 

‘Hotel investment forum contributed $16.8m to African economies’ - The total contribution of the Africa Hotel Investment Forum (AHIF) to economies on the continent, since inception, has hit $16.8 million. It is estimated that AHIF has been responsible for deals worth over $4 billion cumulatively. Source THE NATION Read More 

FG to Build Hub at MMIA after Certification - The federal government, through the Nigerian Civil Aviation Authority (NCAA) plans to certify the Murtala Muhammed International Airport, Lagos after the validation of its safety standard by the International Civil Aviation Organisation (ICAO). Source Thisday Read More 


NDIC gets judgment against defunct Lead Merchant Bank - The Nigeria Deposit Insurance Corporation says it has secured a landmark judgment to the tune of N556,493,034.16 in favour of depositors of Lead Merchant Bank Limited (in-liquidation). Source Punch Read More 


NSEASI Inches Up Further by +1.37% as Market Sustains Positive Stance - Equities market closed today on a positive note, as NSE ASI appreciated by +1.37% to close at 36,740.77 basis points as against +3.40% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +38.59%. Source Proshare Read More  

FBNH Declares N29.5bn PAT in Q2 2017 Results,(SP:N5.97k) - FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its unaudited results for the six months ended 30 June 2017. Source Proshare Read More

ACCESS Board Approves Audited 2017 Half Year Results - This is to notify the Nigerian Stock Exchange and the investing public that the Board of Directors of Access Bank Plc met on Wednesday, July 26, 2017 and considered and approved the Group's 2017 Half Year Results and Reports and the payment of an interim dividend subject to the approval of the Central Bank of Nigeria. Source Proshare Read More

CADBURY Reports Q2 2017 Results; Records Pre- and Post-tax Losses of Over N850m - Cadbury Nigeria (Cadbury) reported Q2 2017 results yesterday. Similar to previous quarters, the company delivered decent topline growth of 20.6% y/y to N8.2bn. Source Proshare Read More  

Seplat Recorded a Loss Before Tax of -US$9.9m in Q2 2017 - This morning, Seplat Petroleum Development Company (Seplat) reported Q2 2017 results. While sales of US$84.5m were up 21% y/y, Seplat posted a loss before tax of –US$9.9m and loss after tax of –US$10.2m. As expected, Seplat’s losses are receding following the resumption of the TransForcados System (TFS) in June. Source Proshare Read More  

Fidson Healthcare Plc New plant is Delivering Enormous Value - In this report, we provide an update on Fidson Healthcare Plc following the opening of its  World Health Organisation (WHO) certified manufacturing plant last year and the organic expansion into a new product category both of which are set to deliver sustainable earnings growth for the company. Source Proshare Read More 

ZENITHBANK Board Approves Audited 2017 Half Year Results and Payment of an Interim Dividend - The Board of Directors of Zenith Bank Plc at its meeting of Wednesday, July 26, 2017 and considered and approved the 2017 Half Year Results of the Group and Reports and the payment of an interim dividend subject to the approval of the Central Bank of Nigeria. Source Proshare Read More  

eTranzact PLC holds 13th AGM, pays shareholders 10kobo dividend - Nigeria’s premier e-payment solutions firm eTranzact PLC today held its 13th Annual General Meeting at the Civic Centre, Lagos where it paid shareholders 10kobo dividend, for the 2016 financial year. Source Proshare Read More 

NEXIM Bank signs pact with Indonesia - The Indonesia Eximbank has signed a pact with the Nigerian Export-Import Bank (NEXIM Bank) to enhance cooperation and forge stronger relationships in promoting regional and global trade and investment between the two countries. Source Daily Trust Read More 

Forget planned revamping of P-H Refinery, Senate tells FG, Agip - THE Senate, yesterday, asked the Ministry of Petroleum Resources, the Nigerian Agip Oil Company, NAOC, a subsidiary of ENI, to as a matter of urgency, discontinue revamping or planned concessioning  of the Port Harcourt Refinery to the tune of  $15 billion. Source Vanguard Read More


Senate halts planned concession of Port Harcourt Refinery - The Senate on Thursday resolved that the planned concession of Port Harcourt Refinery should be halted to allow for a transparent process. Source BUSINESSDAY Read More 

B’Haram attack: NNPC suspends oil search in Chad Basin - The Nigerian National Petroleum Corporation has suspended exploration for crude oil in the Lake Chad Basin, situated in parts of Borno State, following attacks on its workers and some military personnel by the terrorist group, Boko Haram. Source Punch Read More 

Oil Companies Trim Drilling Budgets in Sign of Rising Caution - Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. Source Bloomberg Read More 

Shell CEO to Switch over to Electric Car in September - The Chief Executive Officer of Royal Dutch Shell Plc, Mr. Ben Van Beurden, has said his next car will not run on oil or gas as he is set to switch from a diesel car to electric car in September 2017. Source Thisday Read More 

Bank Charges: Role, Responsibilities and Right - On April 21, 2017, the Central Bank of Nigeria (CBN) issued its Guide to charges by Banks and Other Financial Institutions in Nigeria”. Source Proshare Read More  

GDP per head declines sharply in United Arab Emirates - Slow growth and influx of foreign workers sends Gulf state tumbling down league tables Source FT Read More 

Japanese Inflation Stalls Even as Job Market Tightens - Japan’s key price gauge was unchanged in June, helped by rising power costs. The tight labor market may also start to help inflation, which remains far from the central bank’s 2 percent target. Source Bloomberg Read More 

Amazon Reminds Investors That Dominating E-Commerce Has a Price - Inc. reminded investors that luring shoppers away from stores and dominating the cloud-computing industry isn’t cheap. Source Bloomberg Read More 

Wisconsin and Foxconn Sign $3 Billion Assistance Agreement - Wisconsin Governor Scott Walker and Foxconn Technology Group Chairman Terry Gou signed a memorandum of understanding late Thursday that calls for up to $3 billion in government assistance and the sale of at least 1,000 acres of land. Source Bloomberg Read More 

Jeff Bezos Briefly Tops Bill Gates as the World's Richest Person - A surge in Inc. shares Thursday morning in advance of the online retailer’s earnings report briefly propelled founder Jeff Bezos past Bill Gates as the world’s richest person. Source Bloomberg Read More 

After 159 years, 'Harrods of South Africa' shuts up shop - Department store Stuttafords, the 159-year-old "Harrods of South Africa", is closing down, victim of a global shift to online retail and a domestic economic slump that has put brands such as Ted Baker and Gap beyond its customers' reach. Source Reuters Read More 

Halliburton to pay $29.2 mln to settle U.S. charges tied to Angola - Oil giant Halliburton Co will pay $29.2 million to settle civil charges it violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while doing business in Angola, U.S. regulators said Thursday. Source Reuters Read More 

Bank of Ghana's rate cut set to boost lending: Moody's - Ghana's central bank's 150 basis point rate cut this week will boost lending by local banks and signals that the economy is gradually improving, Moody's Investors Service said on Thursday. Source Reuters Read More 

Okonjo-Iweala Named Director At UK Bank - Nigeria’s former minister of finance, Dr Ngozi Okonjo-Iweala, has been named an independent non-executive director at Standard Chartered PLC. Source Leadership Read More 


Google CEO Visits Nigeria, Announces $3m Investment Plan - The Chief Executive Officer of Google, Mr. Sundar Pichal, who visited Nigeria for the first time yesterday, announced fresh plan of the technology company to invest as much as $3 million free equity seed funding for technology startups in Africa before the end of this quarter. Source Thisday Read More 






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