Nigeria in 1min: Economic, Business & Financial Headlines - 270217


February 27, 2017 7:40 AM / Proshare News  


Issues and Clarifications on the 2017 Budget Proposal - I am pleased to welcome you to this Media briefing on the 2017 Budget proposal. This media briefing is further proof of our determination to open up the FGN budget process to public scrutiny and "participation. This has been further necessitated by the spate of comments and opinions expressed on the 2017 Budget proposal via various platforms including print, electronic and social media. Source Proshare Read More 


CAC Reduces Number of Forms Needed For Company Incorporation to One - The Corporate Affairs Commission (CAC) has consolidated the forms required to incorporate a business in Nigeria, reducing the number from seven to one, according to the Special Adviser to the commission’s Registrar General, Alhaji Garba Abubakar. Source Proshare Read More 

International creditors to sue FG as AMCON scales down Arik operations by 70% - ASSET Management Corporation of Nigeria, AMCON, has scaled down flight operations of Arik Air to less than 30 percent. This is just as international creditors to the airline are set to sue Federal Government over the take-over of the airline. Source Vanguard Read More 

FX scarcity: 40% of domestic aircraft on ground - The volume of aircraft on ground (AOCs) has increased in recent times due to difficulty being faced by airlines in accessing foreign exchange, Daily Trust checks have shown. Source Daily Trust Read More 

Local Airlines Reduced From 150 To 9 In 17 Years – NCAA - The Nigerian Civil Aviation Authority (NCAA) has disclosed that the nation’s aviation industry witnessed a reduction of airlines from 150 in the year 2000 to about nine functional ones in 2017. Source Leadership Read More 

Nigeria Eases Entry Visa for Foreigners - With an eye on making it easier for foreigners to do business in the country, Nigeria has eased its visa processes for persons who wish to visit Nigeria for business and tourism by removing some of the bureaucratic bottlenecks. Source Thisday Read More 

SON Seizes N5bn Sub-standard Tyres in Lagos - Two Chinese nationals, Taolung Shen and Xu Jing Yau, are now telling the police in Lagos all they know about the over N5billion sub-standard tyre stuffing business which they have been running in the country. Source Thisday Read More  

Kaduna State Government Commences Implementation of New Pension Scheme - The Kaduna State Government is to commence  the implementation of the new  pension scheme on Tuesday by paying pension benefits to its retirees scheme. Source Thisday Read More

FAAN Unveils Customer Service Telephony System - The Managing Director, Federal Airports Authority of Nigeria (FAAN) has introdeced customer service telephony system to give customers the opportunity to reach out to the agency. Source Thisday Read More 

W/Bank offers Nigeria $500m for out-of-school children - Senior Education Specialist of World Bank, Dr Olatunde Adekola says the bank has offered to give Nigeria a $500 million loan under its 'Better Education For All (BEDA) Project. Source Daily Trust Read More 

Shareholders get N30bn stranded dividend - The Securities and Exchange Commission has said that over N30bn has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. Source Punch Read More 

Creditors to sue FG over Arik’s debts - Indications emerged on Sunday that Arik Air’s international financiers and other creditors had concluded plans to sue the Federal Government over the airline’s indebtedness. Source Punch Read More  

Corporate Earnings for the Week 240217 – 2 out of 3 Companies Record PAT Decline  -  During the week ending February 24th 2017, three quoted firms declared results. Source Proshare Read More 


CBN to mop up N310bn through treasury bills - THE Central Bank of Nigeria (CBN) will this week mop up N310 billion through sales of treasury bills. Meanwhile, Demand for Nigeria’s Eurobond on the London Stock Exchange (LSE) persisted last week translating to price appreciation across tenors. Source Vanguard Read More 

Naira Breaks 3-year Jinx, Gains 12% In 4 Days - The value of the naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market  in over three years last week as the Central Bank of Nigeria (CBN) sold a total of $372.4 million to ease the pressure on the local currency. Source Leadership Read More 

Fed Govt to sell N5,000 savings bond to public - The Federal Government has concluded arrangements to launch its first-ever savings bonds into the domestic bond market next month, providing the retail  investing public opportunity to invest in sovereign bond issue for as low as N5,000. Source THE NATION Read More 

16 banks fund $220m with N72b at Forex forwards - With N72 billion, 16 banks funded $220 million Central Bank of Nigeria (CBN) allocations under the Forex Forwards policy meant to stabilise the naira, it was learnt yesterday. Source THE NATION Read More 

Banks’ stocks account for N1.5trn investment - DESPITE sustained negative impacts of economy headwind on the banking industry, banking sector index has led performance in the Nigerian Stock Exchange, NSE ,  accounting for N1.484 trillion or 9.3 per cent of total investment value on the NSE from Year to Date, YtD. Source Vanguard Read More 

South Africa’s Liberty to buy 75% stake in UNIC insurance - Indications have emerged that South Africa’s Liberty Holdings will acquire a 75 per cent stake in a Nigerian long-term insurer, UNIC Insurance Plc, for 160 million Rands (about $12 million). Source THE NATION Read More 

Fed Govt underpays GenCos by over N30b monthly - The Federal Government underpays power generation companies (GenCos) by over 70 per cent (about N30billion) for their services, thereby compounding their financial woes, The Nation has learnt. Source THE NATION Read More 


Railway stations across India to go solar - According to plans laid out in India’s latest union budget, almost every railway station in the country will soon be powered by solar Source CA Read More


World Bank pledges $60 mln to help fill Gambia's empty coffers - The World Bank's Vice President for Africa, Makhtar Diop, said on Saturday he had agreed to give Gambia $60 million in budget support after government allegations that former ruler Yahya Jammeh took tens of millions of dollars in public money, leaving it heavily indebted. Source Reuters Read More 

Egypt to receive $1 bln World Bank loan in March -central bank chief- Egypt will receive the second $1 billion tranche of a $3 billion World Bank loan in March, Central Bank Governor Tarek Amer said on Friday. Source Reuters Read More 

Zambia hopes for IMF programme before end-June - finance minister - Zambia expects to agree a deal with the International Monetary Fund in the first half of this year, Finance Minister Felix Mutati said on Friday. Source Reuters Read More

Economic Slump Squeezes Nigerians Fearing The Pain Isn't Over - It’s 4 p.m in Nigeria’s capital and Ahmed Chiji has been running from car to car near the National Mosque selling mobile-phone airtime vouchers. His total for the day: 500 naira ($1.59). Source Bloomberg Read More 

LSE Says Deutsche Boerse Deal Unlikely After Year-Long Try - London Stock Exchange Group Plc said its $13 billion tie-up with Deutsche Boerse AG is unlikely to proceed after a new regulatory hurdle signaled a potential end to the companies’ efforts to create a champion European exchange. Source Bloomberg Read More

India Seeks to Transfer $4.4 Billion HPCL Stake to ONGC, ET Says - India’s central government will transfer its stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil explorer as part of its plans to create an integrated oil company, The Economic Times newspaper reported, citing people it didn’t identify. Source Bloomberg Read More

China Said to Mull Curbs on Private Bonds Sold by Property Firms - One of China’s bond regulators is considering curbing property developers’ private note sales, people familiar with the matter said. Source Bloomberg Read More

Saudi Arabia Sees Growing Foreign Interest as New Market Opens - Saudi Arabia is counting on rules that will extend the settlement cycle on stock trades to attract more foreign investors, Capital Market Authority Vice Chairman Mohammed El-Kuwaiz said. Source Bloomberg Read More

Deutsche Bank Cuts 2016 Bonus Pool by Almost 80%, FAS Reports - Deutsche Bank AG cut its bonus pool for 2016 by almost 80 percent, Frankfurter Allgemeine Sonntagszeitung reported, a figure unmatched in the bank’s recent history as it tries to counteract the impact of low interest rates and legal expenses. Source Bloomberg Read More

Beneficiaries get CBN, Heritage Bank’s N3b youth fund - The disbursements for the N3 billion Youth Innovative Entrepreneurship Development Programme (YIEDP) by the Central Bank of Nigeria (CBN), in conjunction with Heritage Bank Plc, have been ongoing for successful young entrepreneurs. Source Guardian Read More 




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