Nigeria in 1min: Economic, Business & Financial Headlines - 050617


June 05, 2017 7:00 AM / Proshare News   

What To Expect From The Markets This Week - 050617 - The apex bank has technically put the bullet in a piece meal manner through the Naira’s throat by the introduction of the import and export window. At the same time with active intervention in the foreign exchange market, the bank has narrowed down the gap between the de-jure rate and de-facto rate. Source Proshare Read More 

Mining and Tourism in Nigeria: The Case for the Preservation of Shere Hills (2) - When we embarked on this feature story, little did we know of its symbolism and significance to the citizens of Jos state, but to all involved in the conservation, tourism and mining industry across the country. Source Proshare Read More

Port Harcourt Refinery Concession Cancellation - Beyond The Spin - Recently, the Nigerian Senate put a halt to the planned “concession” of the Port Harcourt Refinery over a lack of “transparency”. This was after some build up had taken place such as talks between capital market operators on the local bourse over what they termed direct assurances from sources within a listed entity.  Source Proshare Read More 

Global economy to post solid growth,risks remain – World Bank - The global economy is set to post solid growth this year, amid improving world trade and better performance by large emerging markets, but key risks could still threaten the outlook, the World Bank said Sunday. Source Punch Read More 

NLPC PFA’s earnings rise by 6.1% - The NLPC Pension Fund Administrator Limited’s gross earnings rose by 6.1 per cent from N2.29bn in 2015 to N2.43bn in 2016. Source Punch Read More 

$400m needed to save Ajaokuta Steel Company – Onobere - The Ajaokuta Steel Company Ltd. built at a cost $4.6bn may eventually collapse unless the country quickly confronts foreign and local interests working against its completion. Source Punch Read More 

Privatised enterprises’ll be listed on stock Exchange –BPE - Privatised public enterprises are to be listed on the Nigerian Stock Exchange, the Director-General, Bureau of Public Enterprises, Mr. Alex Okoh, has said. Source Punch Read More 

Railway projects: As China reviews terms, FG now to pay N300bn extra - Following the review of the contract terms on the proposed standard gauge railway projects by the China EXIM Bank, the Federal Government will now spend not less than N300billion extra to settle land compensation, insurance, tax and survey. Source Daily Trust Read More

NSITF partners BPP on ease of doing business - The Managing Director of Nigeria Social Insurance Trust Fund (NSITF), Barrister Adebayo Somefun has pledged to create an automated business process in the Fund to support Government’s agenda on ease of doing business. Source Daily Trust Read More 


Stanbic IBTC renews its NGN100 billion Multicurrency Commercial Paper Programme with FMDQ - Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC and a member of the Standard Bank Group, has received approval from the FMDQ OTC PLC for the renewal of its shelf registration of N100 Billion Multicurrency Commercial Paper (CP) Programme. Source Proshare Read More 

Market Sustains Uptrend in the Week as NSEASI Records +7.94% Gain WoW  - Equities market closed today on a positive note, as NSE ASI appreciated by +3.49% to close at 31,371.63 basis points, as against +2.77% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +16.73%. Source Proshare Read More

Ahead of New Week, CBN Set To Meet Needs of Forex Market - In spite of the naira’s strong showing in the foreign exchange market last week, which saw the currency gain substantial ground against the United States dollar, selling at N363/$1 compared to the previous rate of N378/$1, sources at the Central Bank of Nigeria (CBN), at the weekend, disclosed plans by the apex bank to inject more funds into the market this week. Source Proshare Read More 

Wapic Insurance to raise N10bn regulatory capital - Shareholders at Wapic Insurance’s 58th Annual General Meeting held in Lagos unanimously approved the company’s plan to raise additional N10bn for the anticipated increase in capital requirement in the insurance industry. Source Daily Trust Read More 

CBN Foreign Market Intervention Hits N7.13bn In 22weeks - The intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market in 22 weeks has risen to N7.13 billion. The apex banking regulating body last week sold $482.60 million at the interbank window in a bid to bridge the gap between the parallel market and official rates. Source Leadership Read More

DMO Opens Sale Of FG’s Savings Bond For June - The Debt Management Office will today open the FGN Savings Bond auction for the month of June 2017, selling both two and three year papers to retail investors, according to its provisional bond issuance calendar. Source Leadership Read More 

Zenith Bank Eurobond 300% over-subscribed - Zenith Bank Plc has issued a five-year senior unsecured benchmark bond (144A/REGS) of $500 Million on the Irish Stock Exchange, which has broken new ground with an oversubscription of more than 300%. Source BUSINESSDAY Read More 

Creditor banks reject 5% equity offer from Etisalat - The group of 13 banks being owed by Etisalat Nigeria has roundly rejected an offer of five per cent equity in the telecommunications firm in lieu of the more than one $1billion trade credit extended in 2013, according to BusinessDay investigatioins. Source BUSINESSDAY Read More 

Banks chicken out as mining sector loans decline by 61% in Q1 - Nigeria’s mining and quarrying sector, which has the ability to engage hordes of the nation’s unemployed and diversify the economy away from over-reliance on crude oil revenue, received a beating in Q1 2017 as aggregate sectoral loans and advances fell by 61 percent, compared with loans granted to the sector in Q4 2016. Source BUSINESSDAY Read More 

NIPCO Gets SEC’s Approval to Buy-out Mobil Shareholders - Following the successful acquisition of 60 per cent equity stake of Mobil Oil Nigeria Plc by Nipco Investment Limited (NIL) from ExxonMobil Oil Corporation, the company has applied to regulators to acquire additional shares from minority shareholders. Source Thisday Read More

NPDC loses N260bn as production capacity falls by 70% - The oil production subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, has been recording steady monthly losses arising from its inability to sell substantial volume of crude oil it is producing. Source Punch Read More 

Nigeria to load 197,000 bpd of Forcados oil in June, first programme since 2016 shows - Nigeria will export 197,000 barrels per day (bpd) of Forcados crude oil in June, according to a loading schedule seen by Reuters, the first issued since 2016. Source Reuters Read More

Afreximbank seals $1.2b dual currency deals - The African Export-Import Bank (Afreximbank) has concluded a record $1.16 billion dual-tenor and dual-currency syndicated term loan facility, structured as $632.9 million and 499.6 million euros. Source Guardian Read More 

China’s Debt Crackdown Is Driving Borrowers Into Riskier Territory - Beijing’s game of Whac-A-Mole against financial risks is sending some borrowers into darker corners Source WSJ Read More 

Egypt's foreign reserves rise to $31.126 bln at end-May - Egypt's foreign reserves jumped to $31.126 billion at the end of May from $28.641 billion at the end of April, boosted by last month's Eurobond sale, the central bank said on Sunday. Source Reuters Read More 

Egypt aims to cut fuel imports to 10 pct of consumption by 2019 - Egypt is looking to ramp up petroleum production over the next two years, aiming to reduce fuel imports to about 10 percent of total consumption from 30 percent currently, media quoted Oil Minister Tarek El Molla as saying. Source Reuters Read More 

Barclays sells Zimbabwe bank to Malawi's First Merchant - Barclays announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank on Friday as the British lender continues its exit from Africa. Source Reuters Read More 

IMF warns U.S. fiscal uncertainty, China's credit growth pose risk to Asia - A lack of clarity about the size of an expected U.S. fiscal stimulus and China's rapid domestic credit growth are among risks that cloud Asia's economic outlook, a senior International Monetary Fund official said on Monday. Source Reuters Read More 

OPEC Deal Extension Isn't Enough to Rope in Bullish Oil Traders - Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50 a barrel amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators fled bearish positions for a second week. Source Bloomberg Read More 

Oil Bears Can't Count on Libya as Expat Exodus Hinders Recovery - Crude output in the politically fragmented country has more than doubled in the past year to exceed 800,000 barrels a day, according to the state-run National Oil Corp., as fighting and labor unrest at ports and fields have subsided. But with foreign staff of international companies staying away, analysts from Energy Aspects Ltd. to Wood Mackenzie Ltd. Source Bloomberg Read More 

U.K. FCA Raids at Lowest Since 2008 Crisis Despite More Probes - The number of dawn raids carried out by the U.K. Financial Conduct Authority last year was the fewest since the 2008 financial crisis, according to data from a London law firm, despite the agency increasing its case load. Source Bloomberg Read More 

Aramco Raises Crude Pricing to U.S. and Asia on Increased Demand - Saudi Arabia, the world’s largest oil exporter, raised pricing for July sales of all crude grades to Asia, the U.S. and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut. Source Bloomberg Read More 

Bonds Rise With Gold, Asia Stocks Slip on Economy: Markets Wrap - Yields on Australian government bonds joined Treasuries at a seven-month low, while gold extended gains that came Friday in the wake of a weaker-than-expected U.S. employment report. The pound slipped after a terror attack in London. Source Bloomberg Read More 


Foxconn says Apple, Amazon to join its bid for Toshiba chip business: Nikkei - Apple Inc (AAPL.O) and Inc (AMZN.O) will join Foxconn's (2317.TW) bid for Toshiba Corp's (6502.T) semiconductor business, the Nikkei business daily quoted Foxconn Chairman Terry Gou as saying on Monday. Source Reuters Read More 

LSETF, UNDP Sign $4m Partnership Agreement - As part of efforts to reduce the rate of unemployment in Lagos state, the United Nations Development Programme (UNDP) and the Lagos State Employment Trust Fund (LSETF) have signed a $4million partnership agreement to equip up to 10,000 Lagosians with relevant skills for employment. Source Thisday Read More 






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