Nigeria in 1min: Economic, Business & Financial Headlines - 280217


February 28, 2017 6:30 AM / Proshare News 

#SWGovinnovations2017: Awoyemi charges S’West States to develop core-competencies - Notable Nigerian financial analyst and CEO Proshare Nigeria Limited, Mr Olufemi Awoyemi has charged the South West States, to develop and leverage on their core-competencies even as they collaborate and cooperate, to boost socio-economic growth in the region. Source Proshare Read More 

Fitch Affirms Nigeria's Lagos State at 'B+'; Outlook Negative - Fitch Ratings has affirmed Lagos State's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Negative Outlook and Short-Term Foreign Currency IDR at 'B'. Source Proshare Read More 

Cros Agro Allied Ltd To Invest $65m In Nigeria's Potato Sub-sector - Cros Agro Allied Ltd, a Nigerian agribusiness company, has announced a commitment to invest $65 million in the country’s potato sector. Source Proshare Read More 

FG Targets 4,000 Metric Tonnes as It Starts Production of Fertilizer - The Presidential Fertilizer Initiative of the Muhammadu Buhari administration has started yielding results, with the production of more than 4,000 metric tonnes of locally-blended fertilizer in the first week of operation. Source Thisday Read More 

Arik Air owes IATA $78m as ex-management sues AMCON - Fresh revelations emerged on Monday that the distressed Arik Air recently taken over by the Assets Management Corporation of Nigeria (AMCON), is owing the International Air Transport Association (IATA) $78 million. Source Daily Trust Read More 

FIRS Seals Kabo Airlines, Others Over N200m Tax Liabilities - The Federal Inland Revenue Services (FIRS), on Monday, sealed the offices of Kabo Airlines, Monaco Ventures Limited and Paki International Motors, all in Kano, over tax liabilities Source Leadership Read More 

‘Fed Govt owes pensioners N183b’ - The Nigeria Labour Congress (NLC) has warned that unless urgent steps are taken, the Contributory Pension Scheme (CSP) designed to ease the suffering of pensioners in the country may collapse, saying the government was indebted to pensioners under the scheme to over N183 billion. Source THE NATION Read More 

Fed Govt requires N10b to remove ship wrecks in Lagos - THE Federal Government requires an estimated N10 billion to remove the over 30 abandoned vessels on the Lagos shoreline, it has been learnt. Source THE NATION Read More 

Nigeria’s Innoson inks $1bn tech deal with Chinese firms - Innoson Group, a Nigerian automobile company, says its joining forces with three Chinese firms to invest $1 billion in local production of TV Set-Top boxes in Nigeria. Source Technology Times Read More 

Market Opens The Week on a Positive Note; Records +0.49% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by 0.49% to close at 25,373.42 basis points, as against 0.62% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.59%. Source Proshare Read More

Dollar Set To Crash Further as CBN Releases Additional $180m to Banks - The Central Bank of Nigeria today, made available additional funds to the tune of USD$80 million for PTA, Fees, and Medicals; and another USD$100 million for the wholesale forwards market. Source Proshare Read More

UAC of Nigeria Plc: Have the bears overdone it? - Recently, the share price of UAC of Nigeria Plc (UACN) succumbed to bearish sentiments, hitting an eight-year low of N12.02 on the 23rd of February 2017. Source Proshare Read More 

ZENITHBANK Declares N129.6bn PAT in 2016 Audited Results; Proposes N1.77k Final Dividend,(SP:N14.73) - The Group reported gross revenues of N507.9 billion representing an increase of 17.4% over the same period in 2015. Furthermore, the results for the year  shows an increase of 10.4% and 45.9% (Y-o-Y) in interest income and non-interest income respectively. Source Proshare Read More 

Projects To Be Financed Via Proposed FG N20bn Green Bonds - The Federal Government through the Ministries of Environment, Finance and the Debt Management Office, recently  organized a summit on “Green Bonds: Investing in Nigeria’s Sustainable Development”, preparatory to the planned N20bl Green Bond to be floated on the Nigeria stock exchange, by the end of the first quarter of 2017. Source Proshare Read More 

London Stock Exchange Group and Deutsche Boerse Merger Now In Doubt - The planned megamerger between Deutsche Börse and London Stock Exchange to create Europe’s largest exchange is at risk after the LSE said it wouldn’t sell its majority-owned fixed-income trading platform in Italy to appease antitrust concerns. Source Proshare Read More

Forex: CBN’s lending to banks rises to N1.6tr - BANKS’ borrowing from Central Bank of Nigeria (CBN) rose sharply to N1.6 trillion last week, triggered by demand for funds to participate in the special foreign exchange auctions conducted by the apex bank. Source Vanguard Read More

FG approves $20bn gas project for Niger Delta - The Federal Government has endorsed plan to build a $20 billion gas revolution industrial park in Odigigben, Delta State. Source Daily Trust Read More 

OPEC records 94% compliance on output cut – Barkindo - The Organization of the Petroleum Exporting Countries (OPEC) has achieved a record 94 per cent compliance in the first month of an agreed production cut deal, its Secretary-General Mohammad Barkindo said yesterday in Abuja. Source Daily Trust Read More 

$395bn oil, gas deals recorded in 2016 -Report - The value of global oil and gas transactions increased in 2016 to $395 billion from $340 billion in 2015, a report by EY has shown. Source Daily Trust Read More 

Pipeline repairs cost Nigeria N112bn in 2016 – NNPC - Over N112 billion revenue from domestic crude oil sales that should have gone to the Federation Account was spent by the Nigerian National Petroleum Corporation (NNPC) to fix vandalised pipelines last year. Source Daily Trust Read More 

OPEC loses $1trn to oil price fluctuation- Barkindo - The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammed Barkindo, on Monday disclosed that the organisation lost $1 trillion to dwindling oil prices. Source Daily Trust Read More 

NNPC lists steps to achieve 40 bbl reserve by 2020 - THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Source Vanguard Read More 

OPEC: Global Spending on Oil Production Fell by $300bn in Two Years - The Organisation of Petroleum Exporting Countries has said that between 2015 and 2016, the global oil and gas industry witnessed a sharp contraction in its overall investment in exploration and production, mainly on account of the market imbalance witnessed within these periods. Source Thisday Read More 

GenCos warn of imminent blackout over N601b debt - Investors in the generation companies (GenCos) have warned of an imminent blackout nationwide if the N601 billion debts owed them by consumers through the off-taker, the Nigerian Bulk Electricity Trading Plc (NBET) – a Federal Government’s owned public liability company. Source THE NATION Read More 

Electricity grid hits 4,500mw - The national electricity grid last weekend rose to 4,500megawatts (mw) after the threshold of 4,000mw was attained two weeks ago, the Daily Trust reports Source Daily Trust Read More 


Former CBN Director Raises Questions on Abandoned CBN Branch Project  - Chief Samuel Bandele Falegan, a former Director of the Central Bank Of Nigeria and former Managing Director of the Federal Mortgage Bank, on Friday, February 17, 2017 became one of the latest whistle blowers on financial transactions in Nigeria’s public institutions when he  raised eight pointed issues with regards to a yet-to-be-disclosed central bank branch project. Source Proshare Read More 

You've Registered Your Trademark, What Now? Tips on Maintaining Trademark Protection - The process of obtaining trademark registration is only the beginning. To ensure continued validity and protection, a trademark owner must use the registered mark in the Philippines and comply with other regulatory filings. Source Proshare Read More 

Dangote Foundation expends N7.2bn in rehabilitation of oldest general hospital - Dangote Foundation is expending over N7.2 billion in Northern Nigeria oldest General Hospital in Kano. Source BUSINESSDAY Read More  

Uganda's GDP to grow 5.5 pct, boosted by oil, rate cuts -budget paper - Uganda's economy will grow 5.5 percent in the year to June 2018, edging up from estimates for the current fiscal year thanks to lower borrowing costs and higher oil sector investments, a budget paper seen by Reuters on Monday showed. Source Reuters Read More 

Botswana cenbank sees economic growth above 4 pct in next two years - Botswana's central bank expects the economy to expand by more than 4 percent annually in the next two years following growth below 1 percent in 2016, it said on Monday. Source Reuters Read More 

Sasol sees first Mozambique oil production in 2-3 years - Petrochemicals group Sasol has found oil in wells off Mozambique and aims to bring the fossil fuel to production for the first time in the southern African nation, one of its joint chief executives said on Monday. Source Reuters Read More 

Tunisia to accelerate reforms as IMF freezes loan: minister - Tunisia is likely to sell stakes in three state-owned banks this year and cut up to 10,000 public sector jobs as part of reforms demanded by the International Monetary Fund (IMF), which has postponed the payment of the second tranche of a loan, the finance minister said. Source Reuters Read More 

Saudi Arabia Is Seeking Ways to Boost 4% Foreign Stock Ownership - Saudi Arabia is seeking ways to boost foreign investment in its bourse, almost two years after easing access to the one of the world’s most restricted exchanges. Source Bloomberg Read More 

Investors See Oil Break Out of Narrow Range With Record Bets - Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally. Source Bloomberg Read More 

Lukoil's Middle East Head Sees Oil at $55-$65 a Barrel on Cuts - Oil will stabilize around $55 to $65 a barrel as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping prices from rising much more, the Middle East head of Lukoil PJSC said. Source Bloomberg Read More 

Black-Market Attack Is Just a Stopgap in Nigeria Without Float - The rally, sparked by increased sales of foreign-exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. Source Bloomberg Read More 

Barclays Africa Plans Kenya Gold ETF Listing Early This Year - Barclays Africa Group Ltd. is preparing to list its NewGold ETF on the Nairobi Securities Exchange after receiving regulatory approval to begin trading the securities. Source Bloomberg Read More 

U.S. Shale Surge Threatens OPEC Strategy - OPEC’s Nov. 30 output agreement to cut production by 1.2 million barrels a day may have put a floor under the oil price, but has also awakened U.S. shale. Source Bloomberg Read More 

China Opens Foreign-Exchange Market to Overseas Bond Investors - China is giving overseas investors access to its foreign-exchange derivatives market to allow hedging of bond positions, in the latest bid to attract inflows. Source Bloomberg Read More 

Be Nice to the U.K. in Brexit Talks, $85 Billion Investor Pleads - Europe’s fifth-largest manager of pension assets is urging European Union governments not to punish the U.K when it negotiates its way out of the bloc. Source Bloomberg Read More 

ADB Says Emerging Asia Infrastructure Needs $26 Trillion by 2030 - Emerging economies across the region will need to invest as much as $26 trillion on building everything from transport networks to clean water through 2030 to maintain growth, eradicate poverty and offset climate change. Source Bloomberg Read More

Cross-border E-commerce Considered a Growth Rocket for Sub Saharan Africa Retailers - DHL Express, the world’s leading international express services provider, has published research highlighting the significant growth opportunity for retailers and manufacturers with an international online product offering Source Proshare Read More 

GSMA: Mobile ecosystem revenues hit $3.2tr - The Global System for Mobile Communication Association (GSMA) said the mobile ecosystem generated 4.2 per cent of global gross domestic product (GDP) in 2015, a contribution of more than $3.1 trillion of added economic value. Source THE NATION Read More 

Nigerian Internet Exchange (IXPN) goes live at MainOne's MDXi Lekki Data Center  - MainData Nigeria (MDXi) and the Internet Exchange Point of Nigeria (IXPN) have announced a partnership aimed at expanding the peering of Internet Transit traffic within Nigeria. Source Proshare Read More 



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