Nigeria in 1min: Economic, Business & Financial Headlines - 171116


November 17, 2016 7:00 AM / Proshare News

Federation account: FG recovers N4.2bn from collecting banks - The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) yesterday said it had recovered N4.2 billion in remittances from collecting banks into the federation account. Source Vanguard Read More 

FG Begins Release of N100bn for Constituency Projects - The presidency may have finally caved in to the demands by members of the National Assembly for the release of N100 billion meant for constituency projects before they consider and approve any request from the executive arm of government. Source Thisday Read More 

FEC Approves Bilateral Agreement on Taxation with Singapore - As part of moves to boost trade between Nigeria and Singapore, the Federal Executive Council (FEC) has approved a bilateral agreement for the avoidance of double taxation and the prevention of evasion of taxes on income and capital benefits between the two countries. Source Thisday Read More 

FG: Revocation of PHCN Sale, Adverse to Investment - The federal government has said calls for cancellation of the privatisation of successor companies created from the unbundling of defunct Power Holding Company of Nigeria (PHCN) were unhealthy to Nigeria’s efforts to woo more investors into the country. Source Thisday Read More 

FEC to receive Draft Oil Policy next week - The Ministry of Petroleum Resources, yesterday, stated that the Draft National Oil Policy would be presented to the Federal Executive Council, FEC, next week, while the final document would be ready in a few days. Source Vanguard Read More 

Cash crunch: NEC to end JV funding regime today - The National Economic Council (NEC) will meet today to consider approving a policy that will end the payment of cash calls, Daily Trust learnt last night. Source Daily Trust Read More 

Aviation fuel scarcity worsens, may ground airlines - Nigeria may experience serious disruption to flight operations due to the acute scarcity of aviation fuel, some operators warned yesterday Source Daily Trust Read More 

Dollar scarcity remains top challenge for Nigeria's corporate sector - Moody's report - While subdued US dollar supply in the context of prolonged lower oil prices remains a key challenge for corporates in Nigeria, especially those companies constrained by foreign exchange restrictions on certain imports, growth prospects over the next three years are attractive, Moody's Investors Service said in a report on Wednesday. Source Daily Trust Read More 

‘FG’s monetary policies killing capital market’ - The current monetary policies of the Federal Government are militating against the growth of the capital market, according to an economist and the Director-General, Lagos Chambers of Commerce and Industry, Mr. Muda Yusuf. Source Punch Read More 

AfDB Charges Nigeria On $5trn Fashion Industry Potential - Estimated to be potentially worth about $5 trillion globally on a yearly basis, Nigeria has been tasked on the need to tap maximally the benefits the fashion and creative industry has to offer. Source Leadership Read More 

‘Nigeria can earn $500m yearly from herbs’ - The Director-General, Nigeria Natural Medicine Development Agency (NABDA), Etatuvie Samuel, has said herbal medicine is capable of contributing no less than $500million to the nation’s yearly earning if properly harnessed, managed and funded. Source THE NATION Read More 

FMBN gets senate’s support to raise capital base to N500bn - Efforts by the Federal Mortgage Bank of Nigeria (FMBN) to raise its capital base from the current N5 billion to N500 billion on Wednesday received a boost from Senate. Source BUSINESSDAY Read More 

Workers groan under rising cost of living, stagnant wages - Nigerians, especially workers in the public sector are coming under severe pressure from rising cost of living as their wages remain stagnant. Source BUSINESSDAY Read More 


CBN Assures the Market that Heritage Bank is NOT in Distress - The attention of the Central Bank of Nigeria (CBN) has been drawn to false and malicious stories on the social media insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors. Source Proshare Read More 

US SEC Approves Plan To Create Consolidated Audit Trail For Tracking Markets - The Securities and Exchange Commission today voted to approve a national market system (NMS) plan to create a single, comprehensive database known as the consolidated audit trail (CAT) that will enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets. Source Proshare Read More 

SEC rolls out revitalisation plan for capital market - Munir Gwarzo, Director General of Securities and Exchange Commission (SEC) on Wednesday assured investors of the Exchange’s resolve to deepen the market through the implementation of the 10 year Master Plan which was adopted in 2014. Source BUSINESSDAY Read More 

ASEA and CISI Unite to Promote Professionalism and a Common Certification Standard in Capital Market - The African Securities Exchanges Association (ASEA) and the Chartered Institute for Securities & Investment (CISI) have signed a Memorandum of Understanding (MoU) to provide an effective framework to develop a common certification programme across the 26 ASEA Member Exchanges*. Source Proshare Read More 

The China Futures Association Signs MoU with Intnl’ Commodities & Derivatives Assn - The International Commodities and Derivatives Association, (‘ICDA’), represented by Daniel Day-Robinson, Chairman, has signed a Memorandum of Understanding with the China Futures Association (‘CFA’), represented by Mr Mingwei Wang, Chairman of CFA. Source Proshare Read More 

Investors YTD loss hits N1.02trillion as sell-offs depress stocks - The equities market closed today on a negative note, as NSE ASI depreciated by 0.79% to close at 25,653.14basis points, compared with the 0.50% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.44%. Source Proshare Read More 

Lafarge Africa Plc - Restructuring to calm earnings volatility - WAPCO has declined 50% ytd, much steeper than the Industrial Goods sector (-24%) and the broader market (NSE ASI: -9%). The sell pressure started after the release of H1’16 earnings with a negative PAT exacerbated by N28 billion FX loss. Source Proshare Read More 

Summary of Auction Results for November 2016 - Successful bids for the 14.50% FGN JUL 2021, 12.50% FGN JAN 2026 and 12.40% FGN MAR 2036 were allotted at the Marginal Rates of 15.4888%, 15.9800% and 15.9499%, respectively. Source Proshare Read More 

Why Are Interest Rates Low? – Bank of England - In a speech at the University of Manchester on Wednesday, Bank of England Deputy Governor for Financial Stability, Sir Jon Cunliffe, discusses the factors that have influenced the level of interest rates over the recent past. Source Proshare Read More 

AshakaCem to Delist from NSE over Free Float Deficiency
- The Board of Directors of Ashaka Cement Plc has opted for a voluntarily delisting of the company from the Nigerian Stock Exchange (NSE). Source Thisday
Read More 

FMDQ Suspends Publication of Interbank FX Closing Spot Rate - Considering the liquidity challenges and prevalent disequilibrium currently facing the Nigerian Foreign Exchange (FX) market, the FMDQ OTC Securities Exchange wednesday announced the suspension of the FMDQ Spot FX Closing Rate with immediate effect. Source Thisday Read More 

More trouble for travellers as BDCs hoard dollars - Bureau De Change (BDCs) operators at the Murtala Mohammed International Airport (MMIA) are hoarding dollars, frustrating travellers who need it for their journey out of the country, BusinessDay findings on November 16 show. Source BUSINESSDAY Read More 

Banks restructure 70% of oil loans - Nigerian lenders who are heavily exposed to the troubled oil and gas sector are breathing easier as a majority of the loans extended to mostly indigenous oil firms have been restructured. Source BUSINESSDAY Read More 

FG to introduce new penalty for gas flaring - The Federal Government is considering the introduction of a new penalty for brown field sites, especially joint venture and service contracts, which contribute 88 per cent of the total associated gas flared in the country. Source Punch Read More 

Brazil, US, Canada slash Nigeria’s oil imports - Major buyers of the Nigerian crude oil in the North and South America have slashed their imports from the country, the latest report from the Nigerian National Petroleum Corporation has shown. Source Punch Read More 

Vandalism: Oil firms to install electronic monitoring devices - foreign and indigenous firms operating in the Nigerian oil and gas industry will have to install electronic surveillance gadgets on their facilities in a bid to curb the vandalism of oil installations across the country. Source Punch Read More 

Draft Oil Policy Aims To Remedy Thorny Issues In Oil & Gas Sector – Kachikwu - The Ministry of Petroleum Resources, Dr. Ibe Kachikwu yesterday disclosed that the Draft National Oil Policy is aimed at addressing the thorny issues surrounding fiscals aspects of the nation’s oil and gas industry. Source Leadership Read More 

Over N200b debt threatening our, say GenCos - Power generation companies (GENCOs) have said the over N200 billion debt owed them by customers may affect their operations if the government does not intervene fast. Source THE NATION Read More 

Funding, tariff threaten solar power purchase agreement - The fate of the 14 Power Purchase Agreements (PPAs) – commercial terms for power contracts – solar energy developers signed with government-owned Nigerian Bulk Electricity Trader (NBET) on July 20 this year, hangs in the balance as the non-availability of the $2.5bn required to build the solar plants is stalling the take-off of the project Source BUSINESSDAY Read More 

We can only navigate 30% of Nigeria’s waterways – NIWA - The National Inland Waterways Authority has said that it has only succeeded in exercising the powers vested on it by the Act establishing it on Nigeria’s about 3,000 kilometres of navigable waterways from Nigeria/Niger and Nigeria/Cameroon borders to the Atlantic Ocean. Source Punch Read More 


Monetary Authority Of Singapore and Financial Institutions Experimenting With Blockchain Technology - The Monetary Authority of Singapore (MAS) today announced that it is partnering R3, a Blockchain technology company, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using Blockchain technology. Source Proshare Read More 

Sweden’s Central Bank Considers Issuing A Digital Currency - Sweden's central bank is now considering the possibility of issuing its own digital currency, though the exact technology it will use is yet to be determined. Source Proshare Read More 

2nd Global 5G Event “Enabling the 5G EcoSphere” - Leading global 5G associations from the world’s regions joined together to offer the second of a series of Global 5G Events in Rome, Italy, on November 9 and 10, 2016. Source Proshare Read More

Nigeria ranks No 1 in internet usage in Africa - With 63 million internet users in Nigeria, the country has been ranked number one in Africa and eight in the world in terms of internet usage. Source BUSINESSDAY Read More 

Trump Presidency: What Next for AGOA, Power Africa & YALI? - On Tuesday November 8, 2016 the United States of America elected Mr. Donald J. Trump of the Republican Party as the 45th President of the United States of America in waiting; stunning political pundits, economists and indeed the mainstream media. Source Proshare Read More 

Raymond Chetti Joins Brickstone as Urban Planning & Retail Advisor - Brickstone announced on Monday, November 14, 2016 that Raymond Chetti has joined the firm in an Advisory Leadership role for its’ Urban Planning, Development, and Retail Planning sectors where he will aid in delivering advisory, design and planning services. Source Proshare Read More

Irregular South Africa government expenditure up 80 pct to $3 billion: Auditor General - Irregular expenditure by South African government departments swelled 80 percent to 43.4 billion rand ($3 billion) in the 2015-16 financial year, Auditor-General Kimi Makwetu said on Wednesday. Source Reuters Read More 

Angola's public debt to exceed 70 percent of GDP by year-end: IMF - Angola's public debt is expected to exceed 70 percent of GDP by the end of this year, although government efforts to control spending have partially offset the impact of lower oil prices, the International Monetary Fund said on Wednesday. Source Reuters Read More 

Burundi inflation eases to 6.0 pct in October - Burundi's inflation eased to 6.0 percent year-on-year in October from 7.0 percent a month before as food costs rose at a slower pace in local markets, official data showed on Wednesday. Source Reuters Read More 

Philippines Posts Strongest Economic Growth in Asia at 7.1% - The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more. Stocks gained. Source Bloomberg Read More 

Singapore Exports Post Biggest Drop in Seven Months in October - Singapore’s non-oil domestic exports posted the largest decline in seven months in October, driven by a slump in pharmaceutical exports. Source Bloomberg Read More 

Trump Adviser Seeks Quick, Separate Bill on Business Taxes - An economist who helped write Donald Trump’s tax proposals floated a plan for Congress to tackle business taxes -- including a rate cut on companies’ overseas earnings -- quickly next year, while postponing consideration of individual income taxes. Source Bloomberg Read More 

Dollar Slips Before Yellen as Bonds Gain; Asian Shares Fluctuate - The dollar weakened versus most peers, Treasuries edged higher and Asian stocks fluctuated ahead of American inflation data and testimony from Federal Reserve Chair Janet Yellen that will help shape U.S. interest-rate expectations. Source Bloomberg Read More 


#NESH2016: How Nigerian businesses can navigate recession





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