Nigeria in 1min: Economic, Business " Financial Headlines – 241017


October 24, 2017 7:00 AM / Proshare News 

Matters Arising On The Forfeiture Order on Accounts without BVN - The Biometric Verification number (BVN) was conceived by the Central bank of Nigeria in order to improve the process of “knowing your customer” (KYC). Source Proshare Read More 

FG Directive on BVN Account: Rule of Law must be applied-Prof Konyinsola Ajayi (SAN) -
Following the recent ruling by Justice Nnamdi Dimgba of the Federal High Court, granting the request by the Attorney General of the Federation for a temporary forfeiture of bank accounts not linked to BVNs, experts have reacted to the decision. Source Proshare Read More 

Money Supply in Nigeria Drops Further-
The growth rate in money supply (narrow money and broad money) as at August 2017 dropped below the target that the Central Bank of Nigeria (CBN) sets for the year 2017.  Source Proshare Read More 

Buhari Directs That Maina Be Disengaged From Service; Pursuant To Pressure on Anti-Corruption Policy-
President Muhammadu Buhari has directed the immediate disengagement from service of Mr Abdullahi Abdulrasheed Maina, former chairman of the Presidential Task Force on Pension Reforms. Source Proshare Read More 

Oyo-Ita submits report on Maina’s reinstatement
- Winifred Oyo-Ita, head of civil service of the federation, has submitted the report on the recall of former chairman of the Presidential Task Force on Pension Reforms, Abdullahi Abdulrasheed Maina. Source The Cable Read More

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Key takeaways from Buhari’s four-day engagement in Turkey
- The team from Nigeria also brought home lessons from Turkey, which included  using their Build-Operate-Transfer model for the funding of infrastructure requirements. Source Punch Read More 

Senate indicts Okonjo-Iweala, says her memo caused N1.7tn revenue loss
- The Senate Ad Hoc Committee on Alleged Misuse, Under-Remittance and Other Fraudulent Activities has said revenue agencies short-changed the Federal Government to the tune of N1.7tn as unremitted revenue generated between 2012 and 2016. Source Punch Read More 

Senate: NNPC Reported Deficit of N3.1tn between 2012 and 2016 -
Despite generating N15.5 trillion between 2012 and 2016, the Nigerian National Petroleum Corporation (NNPC) recorded a deficit of N3.1 trillion, with its expenditure put at N18.6 trillion in the period under review. Source Thisday Read More 

FG Considers Review of NNPC Appointments
- The decision to consider a review of the appointments is predicated on the alleged breach of due process in the appointments and contract awards to the tune of $25 billion raised by the Minister of State for Petroleum, Dr. Ibe Kachikwu against the NNPC boss in his letter to President Muhammadu Buhari on August 30. Source Thisday Read More 

Telecoms: Reps uncover N5bn tax evasion, set to lay interim report
- The Adhoc Committee inaugurated by the leadership of the House of Representatives to investigate the operational activities of telecommunication equipment and service companies/vendors in Nigeria has uncovered over N5 billion unpaid taxes. Source Businessday Read More 

Southern governors agree on one Nigeria, true federalism
- Southern Nigeria Governors’ Forum (SNGF), Monday night, rose from their summit, in Lagos, resolving to go on with one Nigeria and to continue the push for true federalism. Source Businessday Read More 

Buhari heading to Niger Republic – less than 48 hours after Turkish trip
- President Muhammadu Buhari will on Tuesday depart for Niamey, Republic of Niger, to participate in a meeting on common currency for the West African sub-region. Source The Cable Read More   

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Bayelsa signs MoU with Rehoboth to construct 60,000bpd refinery
- The Bayelsa State Government has signed a Memorandum of Understanding, MoU, with Rehoboth refinery for the construction of 60,000 barrels per day modular refinery. Oil Pipe The plant is targeted at increasing the nation’s refining capacity to grow its economy and local refining. Source Vanguard Read More 

PowerGas partners Delta State on gas to power project
- PowerGas, an indigenous gas provider said it has come up with a sustainable solution to the power problem facing industries and other estates with its gas-to-power infrastructure for industries and manufacturers. Source Vanguard Read More 

CBN Unveils Framework For BVN, Watch-List Operations- Central Bank of Nigeria (CBN) has released a regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system Source Proshare Read More 

Oando Shares Now Available for Trading, No Price Movement During Technical Suspension- Dealing Members are referred to our market bulletins of Wednesday, 18 October 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday Source Proshare Read More 

Dangote Cement Plc - On Track for Strong FY Close; Quarterly Decline Worrying-
DANGCEM reported a 37% y/y rise in 9M’17 revenue to 604 billion, slightly lower than our 607 billion estimate. Source Proshare Read More 

FOREX: CBN Consolidates Market Stability With $195m -
The Central Bank of Nigeria (CBN) on Monday, October 23, 2017, injected the sum of $195million into the inter-bank Foreign Exchange Market.  Source Proshare Read More 

Unilever Nigeria Plc. - Q3’17 PAT; Strong, Amidst Surprise Increase in Finance Costs-
Unilever Nigeria Plc’s (UNILEVER) Q3-17 result, released this afternoon, shows revenue and net profit grew by 36.6% y/y and 142.7% y/y respectively. Source Proshare Read More 

Seplat Q3 2017 Results: Net Finance Costs Up 10% YoY To $20m-
This morning, Seplat Petroleum Development Company (Seplat) reported Q3 2017 results which, to a large extent, Source Proshare Read More  

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FCMB Group Announces Plan to Acquire Additional Stake in Legacy Pension Managers Limited-
FCMB Group Plc (Bloomberg: FCMB) hereby notifies the Nigerian Stock Exchange (“NSE”) that FCMB Group Plc (“FCMB”) Source Proshare Read More 

Lafarge Africa Plc. - Q3’17; A Whooping Loss After Tax-
LAFARGE released Q3-17 result late on Friday, showing revenue growth of 28.2% y/y, and a loss after tax of N18.8 billion which almost erased the N19.73 billion profit reported as at H1. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 231017-
Sentiment in the local bourse was bearish last week as the All Share Index (ASI) slid 0.7% W-o-W while the YTD gain moderated to 36.1%.  Source Proshare Read More 

Fidelity Bank Q2’17 Result - PBT and PAT Grew by 63% YoY and 255% YoY Respectively-
This afternoon, Fidelity Bank (Fidelity) published its Q3 2017 results which showed marked y/y growth on all key headline items. Source Proshare Read More 

Stock Market Opens The Week Negative as NSEASI Records -0.48% Loss-
Equities market closed today on a negative note, as NSE ASI depreciated by -0.48% to close at 36,411.73 basis points as against -0.16% depreciation recorded previously. Source Proshare Read More 

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Cordros Weekly Stock Recommendation- 231017-
The shares of CADBURY closed flat last week at N10.50. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

FCMB gets recognition in retail banking
- The FCMB Group has got new recognition in the banking space as the group steps up efforts to boost its services. Source Punch Read More  

What Happened To Ibrahim Lamorde’s Arrest Warrant?- Ibrahim Lamorde, the immediate past Chairman of the Economic and Financial Crimes Commission declared wanted by the Senate last year, is back in the country and frolicking too. Source Proshare Read More 

Substandard goods: Envoy wants Chinese industries in Nigeria
- Nigeria’s Ambassador to China, Baba Ahmad Jidda, has said that there is a need for Chinese industrialists to establish manufacturing plants in the country in order to produce quality products at rates that will not be too exorbitant for Nigerians to buy. Source Punch Read More 

Secret corporate ownership a global problem, says Osinbajo
- Secret corporate ownership is a global problem and bane of growth in resource-rich countries like Nigeria, Vice President Yemi Osinbajo has said. Source TheNation Read More 

Tourism Development Bill - An Appraisal- The economic potential that the Tourism Industry holds, both internally and externally Source Proshare Read More 

World Bank, PharmAccess support Kwara State Health Insurance Scheme
- World Bank Group and PharmAccess Foundation, PAF, are partnering with the Kwara State government on a functional State-wide Health Insurance. Source Vanguard Read More 

NMA: Why FG Can’t Stop Doctors from Private Practice
- The Nigerian Medical Association (NMA) Monday reacted to the new policy of the federal government banning medical doctors in public health institutions from engaging in private practices during working hours, describing such action as illegal. Source Thisday Read More 

Nigeria Can Bridge Housing Deficit By 2030 – Obasanjo
- Worried by the escalating housing shortfall in the country, former president Olusegun Obasanjo has disclosed that it will take Nigeria almost 2030 to bridge the housing deficit with the construction of 500 million housing units per annum. Source Leadership Read More 

Wolf Of Wall Street Brands ICOs ''Biggest Scam Ever''; Others Old Guards Of Finance Are Running Scar - Jordan Belfort has branded Initial Coin Offerings (ICOs) the 'biggest scam ever'. Cryptocurrency expert and founder of London firm CommerceBlock disagrees and says the old guard of banking and finance are running scared.  Source Proshare Read More 

Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains
- Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings firsthand. So he decided to create a better digital currency. Source Bloomberg Read More 

Cisco unveils networking solutions
- Cisco Systems Nigeria has unveiled intent-based networking solutions as part of its vision to create an intuitive system that anticipates actions, stops security threats, continues to evolve and learn. Source Punch Read More  

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Facebook research automatically creates an avatar from a photo
- Creating avatars. Who’s got time for it?! Computers, that’s who. You’ll never have to waste another second selecting your hair style, skin tone or facial hair length if this research from Facebook finds its way into product form. Source Techcrunch Read More 

UNIDO empowers Nigerian entrepreneurs with financial skills - The Investment and Technology Promotion Office of the United Nations Industrial Development Organisation said it had trained some Nigerian entrepreneurs in the non-oil sector. Source Punch Read More 

Elumelu outlines roles of MFBs, SMEs in economic growth
- The Chairman, Heirs Holding, Mr. Tony Elumelu, says microfinance banks and small businesses are crucial to economic growth. Source Punch Read More 

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