Nigeria in 1min: Economic, Business and Financial Headlines – 040518


Thursday, May 04, 2018 / 7:10 AM / Proshare News



The Silent Drug Epidemic: A Gathering Storm  - In recent times, there has been an astronomical increase in drug abuse in the nation; more striking is that this prevailing epidemic is rooted in cheap drugs. It has thus become critical to raise awareness regarding the growing abuse of drugs spilling through the entire breath of the nation. Source Proshare Read More 

National Assembly to Set Aside 1% of CRF For Primary Healthcare- Saraki - President of the Senate, Dr. Abubakar Bukola Saraki, on Thursday, said the National Assembly will ensure that one per cent (1%) of the Consolidated Revenue Fund (CRF) is set aside in the 2018 Budget to boost the provision of Basic Primary Healthcare services across the country. Source Proshare Read More 

Nigeria’s pension assets rise to N7.779tr - Nigeria’s net pension assets value of the contributory pension fund has hit N7.779 trillion as at February 28, 2018. Source THE NATION Read More 

Pencom begins multi-fund structure for pension assets July 1 - The National Pension Commission on Thursday said the implementation of the multi-fund investment structure for all active contributors under the Contributory Pension Scheme would commence on July 1 this year. Source Punch Read More 

CBN Signs Currency Swap Agreement With the People’s Bank of China - The Central Bank of Nigeria (CBN) wishes to announce the execution of a bilateral currency swap agreement with the Peoples Bank of China (PBoC). The Governor of the CBN.   Source Proshare Read More 

$1.2bn Worth of Textile Materials Smuggled into Nigeria Annually - Despite the depreciation of the value of the naira and the anti-smuggling operation by the Nigeria Custom Service (NCS), checks by THISDAY have revealed an influx of imported ready-to-wear garments taking the value of smuggled apparel to a whopping $1.2 billion annually. Source Thisday Read More 

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SEC Restates Commitment to Fairness and Transparency in Capital Market Transactions - The Securities and Exchange Commission (SEC) has restated its determination to ensure that every shareholder is fairly, equitably and similarly treated and given sufficient information regarding transactions in the capital market. Source Proshare Read More 

NDIC Concludes Arrangement to Pay First Liquidation Dividend To Creditors of Five Closed Banks - Nigeria Deposit Insurance Corporation in its capacity as the Liquidator of the closed Commercial Trust Bank, Icon Merchant Bank, Merchant Bank For Africa, Ivory Merchant Bank and Financial Merchant Bank (In-liquidation) is pleased to announce that it has concluded arrangement to pay Creditors of the closed banks. Source Proshare Read More 

NAICOM’s Bancassurance Referral Operational Guidelines 2017 - Application for Issuance of "No Objection" by NAICOM to Insurance Companies shall be accompanied with the following Source Proshare Read More 

Federal Reserve Issues FOMC Statement - Information received since the Federal Open Market Committee met in March indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Source Proshare Read More 

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Stock Market Pares Gain as NSEASI Dips by -0.48 to Resume Downtrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.48% to close at 41,107.81. basis points as against +0.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.49%. Source Proshare Read More 

Nigerian Companies That Grew Their Dividend by More Than 100% in 2017 - Fixed income investors must be feeling unease as yields continue to plunge and may be thinking of where else to run to for improved investment income. One area to look at is the Equities market and one variable that could help in that search is dividend yield. Source Proshare Read More 

4 Best-Performing Equity Mutual Funds in Q1 2018 - Nigeria’s equity market witnessed some calmness and subdued volatility in the first quarter of the year. Quantitative Financial Analytics Realized Volatility index (NSErealVol) stood at 12.98, as at March 29th, down from 15.68 recorded by the end of the previous year. Source Proshare Read More 

CBN Sells N600bn T-bills to Mop up Excess Inflows from Maturing Bills - The bond market opened on a relatively quiet note, but turned slightly bearish following release of the OMO auction results which showed a significant sale of c.N600bn at a 5bps higher rate. Source Proshare Read More 

NASCON Allied Industries’Shareholders Endorse N3.9bn Dividend Payout - Shareholders of NASCON Allied Industries, a subsidiary of Dangote Industries Limited, yesterday approved the N3.97 billion dividend recommended for the year ended December 2017. The dividend, which translates to 150 kobo per share, was approved at the annual general meeting (AGM) of the company in Lagos. Source Thisday Read More 

FBN, Stanbic, StanChart, Zenith Appointed Settlement Banks for Naira/RMB Currency Swap - First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc have been appointed the settlement banks for the $2.5 billion bilateral currency swap agreed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC) which was announced Thursday. Source Thisday Read More 

We’ll take another look at power tariffs –NERC - The Nigerian Electricity Regulatory Commission on Thursday stated that it would take another look at tariff computation in order to address the various concerns surrounding the issue. Source Punch Read More 

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Dangote Industries Ltd Announced New Appointments; Olakunle Alake Now GMD - Vanguard News is reporting that Africa’s foremost indigenous conglomerate, Dangote Industries Limited (DIL) today announced new appointments, with Olakunle Alake, the erstwhile Chief Operating Officer (COO) now the Group Managing Director and Cherie Blair, wife of former British prime minister as a non-executive director of Dangote Cement Plc Global. Source Proshare Read More 

What Every Borrower Should Know - Consumer credit enables you to maintain and potentially enjoy a more comfortable lifestyle. Source Proshare Read More 

Emirates Announces Attractive Offers To Dubai #Summer2018 - Under the special offer, Economy Class from Abuja to Dubai costs USD670 and USD822 from Lagos. For the Business class ticket, departing from Abuja costs USD2,939 and USD3,286 from Lagos Source Proshare Read More 

World Bank grants Kenya $1 bln loan for infrastructure projects - The World Bank said on Thursday it had given Kenya a $1 billion concessional loan for energy, transport and water infrastructure projects in poorer regions in its north and northeast. Source Reuters Read More 

Barclays Africa fires KPMG as auditor - Barclays Africa Group, South Africa’s second-biggest lender by market value, dropped KPMG as its joint auditor on Thursday, joining a host of local clients breaking ties with a company caught up in scandals. Source Reuters Read More 

Rwanda plans to boost spending by 15.5 pct in 2018/19 - Rwanda plans to increase government spending by 15.5 percent in the 2018/19 fiscal year to 2.44 trillion Rwandan francs ($2.81 billion), its finance minister said on Monday. Source Reuters Read More 

U.S. jobs growth expected to regain momentum in April - U.S. job growth likely accelerated in April after a weather-related slowdown in the previous month, with the unemployment rate expected to drop to near a 17-1/2-year low of 4.0 percent. Source Reuters Read More 

Afreximbank hinges success of AfCFTA on private participation - The success of the African Continental Free Trade Area (AfCFTA) will rest significantly on the ability of the continent’s private sector to generate or create the goods that will enter the trade, Dr. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has said. Source Guardain Read More

Oil prices hold steady as U.S. decision on Iran sanctions looms - Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new U.S. sanctions against Iran. Source Reuters Read More 

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Ecobank Unveils Unified Digital Payment Solution - A multi-featured digital payment solution, Ecobank Pay, is now available from Ecobank Nigeria, the bank has disclosed. Source Thisday Read More 

Goldman to Add Crypto Contracts Without Trading Bitcoins - Don’t call Goldman Sachs Group Inc.’s long-awaited Bitcoin-trading business a full-fledged desk, and don’t expect it to buy and sell Bitcoins, at least at first. Source Bloomberg Read More 

Global Cloud Adoption in Healthcare Rose 34% in 2017, Says Dell Technologies - Cloud adoption in healthcare delivery and digital enterprise business transformation is increasing by the day according to recent research report released by Dell Technologies at the just concluded Dell Technologies World 2018 in Las Vegas, US. Source Thisday Read More 

MTN grows data revenue by 73% - MTN Nigeria Communications Limited has announced a year-on-year increase of 73.2 per cent in revenue from data services for the first quarter of this year. Source Punch Read More 

Twitter urges all users to change passwords after glitch - Twitter Inc urged its more than 330 million users to change their passwords after a glitch caused some to be stored in readable text on its internal computer system rather than disguised by a process known as “hashing”. Source Reuters Read More 

YouTube gets 1.8 billion logged-in viewers monthly - On stage today at Radio City Music Hall, YouTube CEO Susan Wojcicki made a surprising revelation: the service gets 1.8 billion logged-in viewers every month. And that doesn't include people who aren't logged in -- which means the actual number of people watching YouTube is definitely much higher. Source engadget Read More

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