Nigeria in 1min: Economic, Business " Financial Headlines – 201017


September 20, 2017 7:00 AM / Proshare News 

Nigeria’s debt service to revenue racing towards 70% - Nigeria’s debt service to revenue has gone from 29 percent in 2014 to 62 percent as at June 2017 and there is still some way to go before year end, if the government sees through plans to raise a $5.5 billion Eurobond this year. Source Businessday Read More 

Senate cuts Power Dams Charge to 10%
- THE Senate, yesterday, reduced from 30 per cent to 10, charge imposed on the total revenue generated from the operations of any company or authority, operating hydro-electric dams in any member state. Source Vanguard Read More 

Senate to probe Buhari’s approvals for bailout, Paris Club Funds
- The Senate resolved on Thursday to debate a motion asking it to investigate the legality or otherwise of President Muhammadu Buhari’s approvals for bailout and Paris Club Funds released to states so far. Source Businessday Read More 

Dogara: Restructuring Not Achievable without Constitution Amendment
- The Speaker of the House of Representatives, Hon. Yakubu Dogara, thursday said most of the issues being canvassed by advocates of restructuring could not be actualised except the constitution is amended. Source Thisday Read More 

NEC Constitutes Committee of Six Govs to Drive Industrialisation
- The National Economic Council (NEC) Thursday set up a sub-committee of the Nigeria Industrial Policy and Competitiveness Advisory Council to assist the advisory body in fast-tracking industrialisation. Source Thisday Read More 

Buhari Strikes Fresh Deal with Turkish President on Counter-terrorism -
Presidents Muhammadu Buhari and Recep Tayyip Erdogan thursday in Ankara, Turkey agreed to strengthen cooperation between the security agencies of both Nigeria and Turkey on counter-terrorism. Source Thisday Read More 

FG mobilises three Agric varsities to capture UK’s £30bn produce imports
- Having secured the British government’s directive to capture the £30 billion United Kingdom’s food and produce imports on yearly basis, the Nigeria Government has moved to unbundle and unlock various economic opportunities inherent in the agricultural sector of Nigerian economy. Source Businessday Read More  

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DMO $5.5bn loan consistent with debt management strategy – DMO
- The Debt Management Office, DMO, has said that the proposed $5.5 billion loan comprised $2.5 billion new borrowing and USD3 billion for refinancing, noting that the latter is purely a portfolio restructuring activity that would not result in any increase in the public debt. Source Vanguard Read More 

Shell Lifts Force Majeure on Bonny Light Exports
- Barely two days after Aiteo Eastern Exploration and Production Company announced the completion of repairs of the Nembe Creek Trunkline (NCTL), Shell Petroleum Development Company (SPDC) Thursday lifted force majeure on exports of Bonny Light crude. Source Thisday Read More 

Investment Flows In Need Of a Major Lift
- On Monday we commented on the current account in the balance of payments (BoP) for Q2 2017. Source Proshare Read More 

Lagos State Has 7,396 Prison Inmates Population in 2016 - NBS
- The Prison Statistics from the National Bureau of Statistics reflected the Prison Population by Total Detainees, Prison Capacity and Number of Un-sentenced Detainees. Source Proshare Read More Source Proshare Read More 

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Building Institutions key to the advancement of Nations - Dr Obiageli Ezekwesili
- Former Minister of the Federal Republic of Nigeria, Dr Obiageli Ezekwesili has asserted that building institutions was key to the advancement and development of any nation in the globe. Source Proshare Read More 

SEC Appoints Deloitte to Lead Forensic Audit of Oando as Firm’s Shares are Suspended on JSE - In furtherance of its resolve to carry out a forensic audit of Oando Plc, the Securities and Exchange Commission (SEC) has revealed that it has appointed audit firm, Akintola Williams Deloitte, to lead the team of experts to undertake the audit of Oando. Source Thisday Read More 

NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc -
Further to the market development news reported: Trading on the Shares of Oando Plc Suspended; Reasons Unknown ; the regulator and bourse have both issued a release just now on the decision taken to suspend trading on Oando Plc shares. Source Proshare Read More 

GTB Plc - Market Leading Earnings, PAT Beats Estimate- GUARANTY continues to post strong earnings performance with PAT coming in ahead of our estimates – beating already impressive earnings run rate. Source Proshare Read More 

GTBank Plc - EPS Rose 7.25% YoY in 9M-17, Despite 59.21% Decline in NIR
- This afternoon, Guaranty Trust Bank Plc (GUARANTY) published Q3-2017 result wherein gross earnings declined.  Source Proshare Read More 

Oando Gives Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares
- The Company (“the Company” or “Oando”) has received communication from the Nigerian Stock Exchange (NSE) that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.  Source Proshare Read More 

JSE Follows NSE, Suspends Trading in the Shares of Oando Plc -
In a notice issued to investors on Thursday, the Johannesburg Stock Exchange (JSE) suspended trading of Oando Plc shares. Source Proshare Read More 

Finally, a Positive Story to Share
- Over to the FGN to clear up the mess: The monetary policy committee has not shifted its stance for more than 12 months Source Proshare Read More 

INTBREW Proposed Merger with Intafact Beverages Pabod Breweries
- The shareholders of international Breweries Plc., Intafact Beverages Limited and Pabod Breweries Limited (the “Merging Entities“) have approved resolutions authorizing the merger of the three companies. Source Proshare Read More 

Zenith Bank Reports Q3 2017 Results Records Weaker Than Expected Funding Income
- Zenith Bank’s Q3 2017 results which have just been published show low single digit y/y declines in both PBT and PAT. Source Proshare Read More

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Dangote Cement Q3’17 Results - Negative Surprises in Gross Margin and OPEX
- This morning the NSE published Dangote Cement’s (DangCem) Q3 2017 results which showed that PBT grew strongly by 171% y/y to N64.6bn. Source Proshare Read More 

Mr Onne Van de Weijde Steps Down as CEO of Dangote Cement Plc
- The Board of Dangote Cement Plc. (DCP), hereby announce changes in the leadership of the company. Source Proshare Read More

Dangote Cement’s N272bn debt is short term, considering Eurobond issue –CFO
- Dangote Cement Plc is considering a Eurobond or a local debt issue giving the fact that N272.3 billion of its debt is on short term facility and will make a decision towards the end of the year on which fund raising it will embark upon, its chief financial officer, Brian Egan, said yesterday. Source Vanguard Read More 

NSEASI Records 0.01Percent Marginal Gain as Market Halts Downtrend
- Equities market closed today on a positive note, as NSE ASI appreciated by +0.01% to close at 36,645.65 basis points as against -0.08% depreciation recorded previously. Source Proshare Read More 

UAC of Nigeria Plc Proposed Rights Issue
- UAC of Nigeria Plc (“UACN” or the “Company”) has through its Stockbrokers; Stanbic IBTC Stockbrokers Limited and Afrinvest Securities Limited submitted an application to The Nigerian Stock Exchange (“The Exchange”) for approval and listing of a Rights Issue of 960,432,193 Ordinary Shares of 50 Kobo each at N16.00 per share on the basis of 1 new ordinary share for every 2 ordinary shares held. Source Proshare Read More  

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Xi Jinping has more clout than Donald Trump. The world should be wary - American presidents have a habit of describing their Chinese counterparts in terms of awe. A fawning Richard Nixon said to Mao Zedong that the chairman’s writings had “changed the world”. Source The Economist Read More

Lenders pick Barclays to find new investors for 9mobile –sources
- Nigerian lenders have picked Barclays to try to find new investors for debt-laden 9mobile, two banking sources said on Thursday. Source Businessday Read More 

Multinationals fail anti-bribery, corruption checks – Report
- A global law firm providing business-oriented legal advice and service, Hogan Lovells, has said more than half (54 per cent) of multinationals say their pre- and post-merger and acquisition due diligence is not thorough enough, amid anti-bribery and corruption risks. Source Punch Read More 

Violence ‘hindering growth of insurance sector’ - Experts in the insurance and risk sector in Africa say risks and violence hinder the growth of the market at both micro and macro levels. They said this at the Commercial Risk Africa’s annual West African conference which held at the Four Points by Sheraton Hotel, Victoria Island, Lagos, on Thursday. Source The Cable Read More  

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Automakers to Feel Impact from Disruptive Trends -  Fitch Ratings expects that automakers will feel the impact on cash flows, budgets and business profiles from the significant increase in resources needed to invest in radically new technology and changes in personal mobility. Source Proshare Read More 

JPMorgan Acquires WePay, a Payments Service Used By FreshBooks and GoFundMe
- JPMorgan Chase said on Tuesday it would acquire online payment provider WePay as the bank looks to integrate payments into software used by small businesses. Source Fortune Read More 

Twitter bans ‘Hateful Display Names’ and shares Safety road map
- Twitter has committed to a specific timeline for rolling out changes to its Safety features, and announced new policies, including a ban on hateful display names, and improvements for second-hand “witness reporting” of abuse. Source TechCrunch Read More 

Data is the name of the game, as Intel Capital puts $60M in 15 startups, $566M in 2017 overall
- Intel Capital, the investment arm of the processor giant, is today announcing its latest tranche of investments, a total of nearly $60 million going in to 15 startups that are working on solving different problems in the bigger area of big data (with a full rundown below). Source TechCrunch Read More 

Google’s AVA data set raises the bar for identifying human actions in videos
- Today Google announced a new labeled data set of human actions taking place in videos. That may sound obscure, but it’s a big deal for anyone working to solve problems in computer vision. Source TechCrunch Read More 

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PayPal tops profit estimates, lifts target on mobile payments growth -
Sharp growth in mobile payments led PayPal Holdings Inc (PYPL.O) to report a better-than-expected third-quarter profit on Thursday and lift its guidance for earnings through the rest of the year. Source Reuters Read More 

ICA President Advocates Quick Payment Policy for MSMEs - The President of the Institute for Credit Administration (ICA) of Nigeria, Dr. Adetunji Oyebanji, has called for a deliberate policy thrust to ensure quick payment of confirmed invoices from micro, small and medium enterprises (MSMEs). Source Thisday Read More 

SMEDAN trains MSMEs officers
- The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is training its Medium, Small and Micro Enterprises (MSME) officers for the implementation of its One Local Government One Product (OLOP) Programme. Source The Nation Read More

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