Nigeria in 1min: Economic, Business & Financial Headlines - 270317


March 27, 2017 7:10 AM / Proshare News  

What To Expect From The Markets This Week - 270317 - In the week ahead, the National Bureau of Statistics will make available such reports like the Labour Productivity report, Unemployment and Underemployments watch for the fourth quarter of 2016. Source Proshare Read More  

FG releases N1trn capital vote, highest in history - The Federal Government has so far released N1trillion capital votes for federal ministries, departments and agencies (MDAs) for the 2016 budget, Minister of Finance, Mrs. Kemi Adeosun has said. Source Daily Trust Read More 

External debt servicing gulps $1.62bn in five years - Amid attempts by the country to borrow more from external sources, Nigeria has in the past five years spent $1.62bn to service its external debts that include loans secured for what turned out to be white elephant projects, EVEREST AMAEFULE writes. Source Punch Read More 

FG saved 5m dollars from importation of rice, says Ogbeh - Following the ongoing agricultural revolution policy in Nigeria, the Minister of Agriculture Audu Ogbeh yesterday commissioned another Rice Miller called Walcot Rice Limited in Kebbi state. The commissioning, which took place in Arugungu local government, aims to boost agriculture production. Source Guardian Read More 

NCAA slams N9.5m fine on foreign carrier - The Nigerian Civil Aviation Authority (NCAA) has sanctioned Lyxor International, a non - scheduled general aviation operator. Source Daily Trust Read More 

Kaduna Airport Records 43,000 Passengers In First 11 Days Of Abuja Airport Closure - More than 43,000 passengers passed through the Kaduna Airport in itsfirst 11 days of operations as the alternative to the Abuja Airport, according to the latest data submitted to the Presidency by the Source Leadership Read More 

Investments In Lekki Free Trade Zone Hits N100 Billion - Indication has emerged that investments into the Lekki Free Trade Zone (LFTZ) an emerging business hub in the Lagos axis of the State has risen to over N100billion in the last 10 years. Source Leadership Read More 

Dangote, Others Plunked $6bn in Lekki Free Zone in 2016 - The largest manufacturing conglomerate in West Africa, Dangote Group, and other companies have invested $6 billion in Lekki Free Trade Zone (LFTZ) in the last one year. Source Thisday Read More 

Nigeria Tops India’s Africa Export with $9.949bn - Nigeria has continued to outpace other African countries in export to India with $9.949 billion in exports last year. Source Thisday Read More 

‘Nigeria imports 70m generators’ - No fewer than 70 million generators have been imported into the country, the Chief Executive Officer, Consistent Energy Limited, Mr Segun Adaju, has said. Source THE NATION Read More 

‘Industrial capacity utilisation dips to less than 40%’ - The Chief Executive Officer, Anabel Group, Nicholas Okoye has said the capacity utilisation for industries in the private and public sectors in the country has dropped to less than 40 percent. Source THE NATION Read More 

Operational hurdles jerk up Nigeria risk in 2017 - Businesses already plagued with high political and security risks in Nigeria have one more thing to worry about in operational risks, according to Control Risks, a global business risk consultancy. Source BUSINESSDAY Read More 

World Bank approves $200m loan for local farmers - The World Bank said on Friday it has approved a $200 million loan to Nigeria to support the government’s effort to boost small and mid-scale farmers. Source BUSINESSDAY Read More 

African, global airlines record 7.4% RPK growth in 2016 - Last year, African airlines experienced their strongest year of passenger growth since 2012, the International Air Transport Association (IATA) has reported. Source BUSINESSDAY Read More 


Corporate Earnings for the Week Ending 240317 – STANBIC Declares N28.5bn PAT in 2016 - During the week ending March 24th 2017, four quoted firms declared their results. Source Proshare Read More  

AMCON hands over Keystone Bank to new investors - The new investors, Sigma Golf-Riverbank consortium have taken control of Keystone Bank and are set to reposition the bank on a growth path with immediate effect. Source Daily Trust Read More

Banks lose N1trn current account deposits in February - TOTAL current account deposits of banks fell by N1 trillion in February, implying banks generated fewer deposits during the month due to the biting effect of the economic recession. Source Vanguard
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Despite recession companies’ revenue up 15.8% to N4.4 trn - Despite the unfavourable operating environ-ment and the economic headwinds experienced in 2016, the first batch of audited financial results of companies quoted on the Nigerian Stock Exchange, NSE, Source Vanguard Read More 

Oando Gas & Power plans to raise $1b for projects - Oando Gas and Power Limited, a subsidiary of Oando plans to raise $1billion to implement some short to long term projects it has lined up Source THE NATION Read More 

Quoted firms get five-day deadline on annual reports - Quoted companies that have not submitted their yearly reports and financial statements must do so to the Nigerian Stock Exchange (NSE) in the next five days to avoid poor corporate governance tag and sanctions that may range from N100,000 to about N100 million. Source THE NATION Read More 

Naira gains 12.36 % in one week - The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week, the News Agency of Nigeria (NAN) reports. Source THE NATION Read More 

Oil Swap Under-deliveries: Ontario Offers to Settle NNPC with Oghara Tank Farm - Ontario Oil and Gas Limited, which is one of the three oil marketing firms reportedly owing the Nigerian National Petroleum Corporation (NNPC) financial refunds for under-delivery of products in the defunct crude for product swap regime has offered to repay the corporation what it owes it with its petroleum products tank farm in Oghara, Delta State. Source Thisday Read More 

Shell Loses Bid to Stop House Summons  - A Federal High Court sitting in Abuja presided over  by Justice Binta Murtala-Nyako has dismissed an action filed by Shell Nigeria Exploration and Production Company Limited (SNEPCO) seeking to stop the House of Representatives and its Speaker from conducting an investigative hearing in respect of a petition written against Shell by a non-governmental organisation alleging a breach of the provisions of Nigerian Oil and Gas Industry Content Development Act in the award of contract for the provision of Marine Patrol Vessels in Rivers State. Source Thisday Read More 

Lack of cost-reflective tarrif likely to upset power sector funding - … NERC insists there are no imminent plans for tariff increase. Recent funding interventions, including the N701billion guarantee to gas suppliers and moves to pay N59.3bn of verified debts owed by government ministries and departments to electricity distribution companies Source BUSINESSDAY Read More 

NBET, Discos’ N26.4bn debt hampers power generation from Olorunsogo, Genco cries out - … as minister pledges intervention Monsuru Afinni, managing director, Pacific Energy Company Limited, a power generation company (Genco) that manages and controls Olorunsogo Power Station located in Ogun State, has cried out to the Federal Government to fix some challenges that hamper power generation and distribution across the country. Source BUSINESSDAY Read More 


Advancing the Role and Effectiveness of Audit Committees - The Securities and Exchange Commission (“SEC” or “Commission”), as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees.Source Proshare Read More  

These Economies Are Seen Improving Dramatically This Year - Expect more good news than bad when it comes to global growth this year, led by recoveries in several of Latin America’s largest economies, a pickup in the U.S., and continued robustness from China and India Source Bloomberg Read More 

European Banks Book $27 Billion Profit in Tax Havens, Oxfam Says - Europe’s largest banks routed 25 billion euros ($27 billion) through tax havens in 2015, about a quarter of their profit, amid an international crackdown on corporate tax avoidance, according to a report by Oxfam International. Source Bloomberg Read More 

Oil Speculators Can't Dump Rally Bets Fast Enough Amid Glut - Hedge funds haven’t been so skeptical on rising West Texas Intermediate crude prices since Nov. 29, the day before the cartel agreed to cut output, according to U.S. Commodity Futures Trading Commission data. Source Bloomberg Read More

Libya's Biggest Port Loading First Oil Tanker Since Clashes - Libya’s biggest oil terminal is loading its first tanker since fighting between armed groups earlier this month halted shipments from two ports in the country with Africa’s largest crude reserves. Source Bloomberg Read More

Goldman Sachs in Talks for Saudi Arabian Equities License - Goldman Sachs Group Inc. is in preliminary talks for an equities license in Saudi Arabia as the U.S. lender seeks to take advantage of the country’s economic reforms, according to people familiar with the matter. Source Bloomberg Read More

OPEC Be Warned: Russia Prepares for Oil at $40 - As the Organization of Petroleum Exporting Countries and its allies prepare to meet for a review of their production cuts this weekend, the central bank of the world’s biggest energy exporter is hunkering down for years of oil near $40 a barrel. Source Bloomberg Read More

Shell Sells Gabon Oil Assets to Carlyle for $587 Million - Royal Dutch Shell Plc has agreed to sell its onshore oil assets in Gabon to a unit of Carlyle Group LP for $587 million, taking it closer to its $30 billion divestment target. Source Bloomberg Read More

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps - Ivory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower. Source Bloomberg Read More

GOLDMAN SACHS: Another oil glut is coming in 2018 - Oil prices are heading down again on swelling U.S. crude oil inventories, with Brent dropping below $50 per barrel for the first time this year. Source Business Insider Read More

BP makes third gas discovery in Egypt's North Damietta Concession - BP has made a gas discovery in the North Damietta Offshore Concession in Egypt's East Nile Delta, its third in the block, it said on Sunday. Source Reuters Read More

Egypt attracts $3.1 bln foreign investment in domestic debt since flotation - deputy finmin - Egypt attracted $3.1 billion of foreign investment in domestic debt instruments since the flotation of the pound in November up until mid-March, Deputy Finance Minister Ahmed Kojak told Reuters on Sunday. Source Reuters Read More 






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