Nigeria in 1min: Economic, Business & Financial Headlines – 310517


May 31, 2017 6:10 PM / Proshare News 

Agriculture - Gender Divide in Focus - At the AfDB annual meetings in Ahmedabad last week, we attended a session on “Women in agriculture”. Based on official data, about 80% of economically active women in Africa cite agriculture as their primary activity. Source Proshare Read More 

Senate Passes Key Anti-Corruption Bill - The Senate has approved and passed the Bill on Mutual Assistance in Criminal Matters between Nigeria and other Foreign States.  Source Proshare Read More 

Some Prices Are Increasing When Headline Inflation is Declining - Headline inflation dipped 0.02% to 17.24%, however, consumers say they do not feel any relief yet. Some are even asking for a 311% increase in the minimum wage to N56,000. All of this is because retail prices have been sticky downwards. Source Proshare Read More  

Benue assembly passes N176.6bn 2017 budget - The Benue State House of Assembly yesterday passed the budget of N176.6bn for the 2017 fiscal year. Source Daily Trust Read More 

Dangote pays N700m tax to Benue – Ortom - The Governor of Benue State Samuel Ortom has said that the Dangote Cement Plc, Gboko Plant, has paid a staggering N7000million tax to the Government of Benue State. Source Daily Trust Read More 

Global cargo fleet’s OPEX hits $100billion mark - Global ship operating expenses (OPEX) for the world’s cargo fleet have breached $100 billion mark for the first time in history. Source Guardian Read More 

Bauchi Seals $27.5bn Deal To Boost Power Supply - Bauchi State government is set to sign a partnership agreement worth $27.5 billion investment in solid minerals to explore selected minerals and establish a Pithead power plant project that will contribute 3,500 megawatts of electricity to the national grid in partnership with a Chinese consortium of investors. Source Leadership Read More 

Dwindling Cargoes, Policy Threaten FG’s Revenue At Seaports - Dwindling of importation of cargoes into the country would impact negatively on the federal government’s revenue generation at the seaports due to the government policy on importation, high exchange rate and poor port access roads. Source Leadership Read More 

Pharmaceuticals raise investment to N500bn as industry responds to policy shifts -   Nigerian drug makers have raised their investments in the country to N500 billion, as against N300 billion it was nearly a decade ago. The industry is also responding positively to government’s 2016 Fiscal Policy and the Executive Orders, say stakeholders. Source BUSINESSDAY Read More 

Nigeria in egg glut but spends US$1 billion importing egg powder - Nigeria’s inability to process eggs into egg powder, despite suffering an egg glut, is costing the country a minimum of a $1billion every year. Source BUSINESSDAY Read More 

Osinbajo signs two new laws to ease access to credit for MSMEs - Acting President Yemi Osinbajo, on Tuesday assented to two bills from  the National Assembly that will ultimately facilitate access to more affordable credit for Nigerians. Source BUSINESSDAY Read More 

Osinbajo Inaugurates Industrial Policy and Competitiveness Advisory Council - Acting President Yemi Osinbajo Tuesday inaugurated the Nigeria Industrial Policy and Competitiveness Advisory Council, which will spearhead the industrial agenda that will boost the contribution of manufacturing to the country’s Gross Domestic Product (GDP) by 250 per cent over a five-year period. Source Thisday Read More 

Banks lost N2.19bn to fraudsters in 2016 – CBN - The Central Bank of Nigeria on Tuesday said that Deposit Money Banks in the country lost a total of N2.19bn to fraudsters in the 2016 fiscal period. Source Punch Read More 

Nigerian Stock Market Opens The Week Positive; Records +0.74% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.74% to close at 29,281.04 basis points, as against +2.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.95%. Source Proshare Read More

GTI 5 Weekly Stock Picks - 300517 - The Nigerian equity market on Friday ended the week experiencing massive trading activity. The ASI gained 2.10% and further extended bull-run to four days in a row causing the market cap to surpass the 10 trillion mark. Similarly, market breadth closed positive recording 33 gainers against 20 losers. Source Proshare Read More

Stanbic IBTC Money market fund suffers highest weekly outflow since 2009 - IBTC money market fund— Nigeria’s largest fund by assets, with N102.2 billion in assets as at May 5th, 2017 saw N9.7 billion in outflows over the week ending May 12th -the largest weekly outflow in the fund since 2009. Source Proshare Read More  

CBN Lifts Naira With $482.6m; Retail SMIS Receives $286m as Wholesale Segment Gets $100m - In the first trading day after the Democracy Day celebrations, the Central Bank of Nigeria (CBN) on Tuesday, May 30, 2017, intervened in the inter-bank market to the tune of $482.6 million, underlining its determination to guard the international value of the naira. Source Proshare Read More 

Anticipated Rise in Rates - PMA Expected Stop Rates and Secondary Market Indicative Rates - Last week, average T-bills rates declined on all trading sessions and trended southwards to settle at 18.9% on Friday, down 0.4% W-o-W as investors showed more interest in short term maturities. Source Proshare Read More

Senate halts P/Harcourt refinery concession - The Senate yesterday passed a resolution stopping concession of the Port Harcourt Refinery to Agip and Oando by the Ministry of Petroleum Resources, pending conclusion of  investigation by its ad-hoc committee. Source Daily Trust Read More

‘NNPC now sole importer of petrol’ - The Nigerian National Petroleum Corporation (NNPC) has moved from importing around 90 per cent of the petroleum products consumed in the country to being the sole importer since January this year. Source Daily Trust Read More 

Kachikwu: Nigeria’s Oil Industry Can’t Afford Further Lethargy - Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in this interview with select journalists, including Chineme Okafor, at the 2017 Offshore Technology Conference in Houston, Texas, responded to questions on recent developments in Nigeria’s oil and gas industry. m products consumed in the country to being the sole importer since January this year. Source Thisday Read More 

Indonesia Issues New Regulation Regarding PLCs' Shareholding Reporting Obligations - The Financial Services Authority (OJK), Indonesia recently amended public companies' obligation to report on their shareholding by way of OJK Regulation 11/POJK.04/2017 regarding Reporting on Public Company Ownership or on Every Change in Share Ownership. Source Proshare Read More 

1MDB-Related Transactions - Financial Penalties Imposed On Credit Suisse & UOB by MAS - The Monetary Authority of Singapore (MAS) announced today that it has completed its two-year review of banks involved in 1MDB-related transactions known to-date. Source Proshare Read More 

Nielsen Africa Prospects Indicator Report - Edition 3 - 2016 was a year of upheaval and change the world over, with equivalent sways experienced across Sub-Saharan Africa. This resulted in ongoing shifts in country prospects across a range of dimensions. Source Proshare Read More  

Social Benefit Exceeds Financial Loss - AMCON is the graveyard of the financially insolvent. Bank assets of customers who could not be salvaged were sold to it at steep discounts. Source Proshare Read More  

Botswana power utility invites bids to build 100 MW solar plant - Botswana's state-owned power utility has invited bids to build a 100 megawatt (MW) solar power plant to boost energy security in the diamond-rich southern African country. Source Reuters Read More 

Congo Republic inaugurates $109 million hydroelectric dam - Congo Republic inaugurated a $109 million hydroelectric dam constructed by China Gezhouba Group Co Ltd on Monday, in a boost to the oil-producing country's agriculture and forestry sectors, the government said. Source Reuters Read More 

Small businesses were struggling to gain funding, so this town started its own bank  - You smell Warrington before you see it -- thanks to the huge Unilever NV plant that cranks out scented laundry detergent by the ton. And if you blink, you may not even see it at all. Source Bloomberg Read More

South Africa's Mr Price suffers first annual profit drop in 16 years -  South Africa's Mr Price Group Ltd posted a 12 percent drop in full-year earnings, the first annual profit decline since 2001, as consumers struggle in a sluggish economy. Source Reuters Read More 

Japan's Industrial Production Hits Highest Level Since 2008 - Japan’s industrial output rebounded in April, hitting the highest level since 2008, as overseas demand continued to support the nation’s economic recovery. Source Bloomberg Read More 

Once Costly Deep-Sea Oil Turns Cheap, to OPEC's Dismay - Reports of deep-sea drilling’s demise in a world of sub-$100 oil may have been greatly exaggerated, much to OPEC’s dismay. Source Bloomberg Read More 

U.K. Consumer Squeeze Yet to 'Hit Home' as Confidence Rises - British consumers have yet to feel the full impact of rising living costs, according to GfK. Source Bloomberg Read More 

China Factory Gauge Holds Up as Global Economic Outlook Improves - China’s official manufacturing gauge held up in May, buoyed by an improving global outlook. Source Bloomberg Read More 


The Improbable Success of Improbable - Meet Rob Whitehead: A gamer from Liverpool who sold virtual weapons on second life to fund his Cambridge University degree. Rob met fellow student Herman Narula while working on his dissertation there in 2012, and they got talking about creating their own virtual games. Source Proshare Read More  

Telecom operators say operational cost risen by 85% - Nigeria’s Tier II telecom operators have said their networks operational expenditure (OPEX) has skyrocketed in the last 15 months by over 85 per cent, saying this is threatening to cripple the industry. Source Daily Trust Read More 

Wannacry attackers targeting financial institutions, CBN says - As the world faces rising cases of cyber-attacks, the Central Bank of Nigeria (CBN) has raised concerns on the effective implementation of Nigeria ‘s Cybercrime(Prohibition and Prevention) Act 2015 to serve as deterrent to potential criminals. Source Daily Trust Read More 

23 Banks Got N28.7bn Inflows from Dubious MMM Transactions - No fewer than 23 Nigerian banks received inflows amounting to N28.7 billion executed in 460,000 transactions through the Mavrodi Mondial Moneybox (MMM) Ponzi scheme within six months, the 2016 annual report of the Nigeria Electronic Fraud Forum (NeFF) has revealed. Source Thisday Read More 

EFCC Partners Auditors to Tackle Bank Fraud - The Economic and Financial Crimes Commission (EFCC) and the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) have agreed to strengthen collaborations in the fight against bank fraud. Source Thisday Read More 

MTN, MultiChoice to conclude acquisition talks in June - Top management employees at the MTN Group head office in Johannesburg, South Africa, have hinted that the company will take a stand by the end of June on its plans to acquire MultiChoice Africa. Source Punch Read More 





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