Nigeria in 1min: Economic, Business and Financial Headlines – 051217


November 5, 2017 7:10 AM / Proshare News 


Budget 2018: Nigeria Targets Consolidation but Revenues May Fall Short- Nigeria's 2018 budget aims to narrow the government deficit, but revenues are still highly dependent on oil, and non-oil revenues are likely to fall short of the budget projections, Fitch Ratings says. Source Proshare Read More 

Moody’s raises fresh concern over FG’s credit profile - Moody’s Investors’ Services, a global credit rating agency, has said that Nigeria’s credit profile at B2 Stable is constrained by the country’s continued exposure to shocks, weak institutions and elevated deficits. Source Vanguard Read More 

NEITI: Nigeria Earned Zero Revenue from Solid Minerals in Q3 2017 - Nigeria earned no revenue into her Federation Account from its solid minerals sector in the first nine months of 2017, a quarterly review of revenues that went into the account by the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed. Source Thisday Read More 

FG releases N5bn to local miners - The Minister of Mines and Industry, Mr. Kayode Fayemi, made this disclosure at Garin Auwal in Fakai Local Government Area of Kebbi State, while addressing local miners. Source Vanguard Read More 

PMI Reading No 56: Nine Months Above Water- Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, eased in November to 60.1 from 64.8. Source Proshare Read More 

Nigeria PMI - Economic Expansion Strengthens In November- The CBN released Nigeria’s Purchasing Managers’ Index (PMI) for the month of November with both manufacturing (55.0 to 55.9), and non-manufacturing (55.3 to 57.6) sectors expanding at a quicker pace. Source Proshare Read More 

World Growth to Remain Strong in 2018; Reality Checks Await Beyond- Global growth momentum remains strong and is likely to be sustained by an increasingly positive outlook for investment, says Fitch Ratings in its latest Global Economic Outlook (GEO). Source Proshare Read More 

19 investors indicate interest in Aero Contractors - Aero Contractors, Nigeria’s oldest carrier, is to have an enlarged shareholding structure with the expected coming of core investors, it was learnt. Source Daily Trust Read More 

Billionaires make money in Nigeria, evade tax but pay abroad –Adeosun, finance minister - The Minister of Finance, Mrs Kemi Adeosun, has once again read the riot act to tax evaders in the country. According to her, the Federal Government would come hard on the tax dodgers from next April when the grace period for voluntarily assets and income declaration would have been over. Source THE SUN Read More 

Customs surpasses 2017 revenue target by N10bn - The Nigeria Customs Service (NCS), yesterday, disclosed that it has surpassed its 2017 revenue target of N1.2 trillion by N10 billion as at December 1. Source THE SUN Read More 

European Investment Bank grants €100m credit line to Afreximbank - European Investment Bank (EIB), has granted the African Export-Import Bank (Afreximbank), a line of credit agreement amounting to €100 million. The agreement took place last week in Abidjan, Côte d’Ivoire, on the sidelines of the African Union-European Union Summit. Source Guardian Read More 

Ogun rues N5bn monthly loss from haulage-based revenue, harmonises taxes - Despite a large number of trucks belonging to major manufacturing, agricultural and mining companies, including Lafarge, Olam, Nestle, Dangote, Nigerian Breweries, Sona Group, Unilever, among others, that ply main roads in Ogun state every minute, cases of revenue loss abound and government is said to be losing about N5 billion monthly. Source BUSINESSDAY Read More 

$29m Debt: Maritime Workers Vow to Shut Down Saipem Operations - The Maritime Workers Union of Nigeria (MWUN) has vowed to shut down Saipem’s operations in Nigeria over the company’s alleged indebtedness put at more than $29 million (about N10.6 billion) for various services at the port. Source Thisday Read More 

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Report of the SEC Technical Committee on Oando Plc 2017 - The Commissions received two petitions alleging gross corporate governance misconduct and mismanagement of Oando Plc.The details of the two petitions against Oando Plc are presented below: Source Proshare Read More 


Market Opens The Week Positive as NSEASI Inches Up by 0.08%- Equities market closed today on a positive note, as NSEASI appreciated by +0.08% to close at 37,974.58 basis points as against +0.62% appreciation recorded previously. Source Proshare Read More 

2018-2022 Transformational Strategy: Access Bank targets 30ml customers - One of Nigeria’s leading Banking groups, Access Bank has set a target of 30ml customers in the next 5 years of its transformational strategy, which is focused on attaining the position of the market leader in Nigerian banking sector. Source Proshare Read More 

Access Bank Launches New Five-Year Strategy – to Become Africa’s Gateway to the World- Access Bank, the full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa, the UK, Asia and the Middle East, today announces its new five-year strategySource Proshare Read More 

Equity Assurance Plc Appoints EDC Registrars Limited as the Company’s Registrars- This is to notify our valued Shareholders and General Public of the appointment of EDC Registrars Limited of 154, Ikorodu Road, Onipanu, Lagos as the new Registrars to Equity Assurance Plc. Source Proshare Read More 

Med-View Airline Plc Begins Scheduled Flights to Dubai- Med-View Airline Plc., in her quest to improve and expand flight operations to International routes shall commence scheduled flights to Dubai on Thursday 7th of December, 2017 having informed the Exchange of this operation. Source Proshare Read More 

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Afrinvest Stock Recommendation for the Week - 041217- The All Share Index (ASI) appreciated 1.5% W-o-W last week to close at a 3-month high of 37,944.60 points with the index gaining 3.4% in November M-o-M while YTD returns advanced to 41.2%. Source Proshare Read More 

FG Savings Bond Offer for December 2017 Opens-The Federal Government of Nigeria Savings Bond offer for December opens today the 4th of December 2017 and will remain open for five days till the 8th of December 2017. Source Proshare Read More 

Nigeria central bank weakens naira to 307/US$ for first time - Nigeria’s central bank on Monday weakened the naira marginally, selling dollars at 307 naira each for the first time on the official interbank market, in what traders say could signal a gradual move to merge its multiple exchange rates. Source Reuters Read More 

CBN spends over N3trn in 8 years bailing out banks - In about eight years of its effort to sanitise the nation’s banking industry, the Central Bank of Nigeria (CBN) has committed over N3 trillion to bail out distressed banks in the country just as the sinking fund established to absorb cost of banking crises in the country has welled up to N931 billion from inception, Daily Sun investigation has shown. Source THE SUN Read More 

Stanbic IBTC Retains AAA National Fitch Ratings - Stanbic IBTC Bank PLC and its holding company, Stanbic IBTC Holdings PLC, have retained their AAA national ratings by Fitch Ratings, the global leader in credit ratings, reaffirming their strong fundamentals and stability, especially the ability to meet their financial commitments as they fall due. Source Thisday Read More 

To Stem Growing Fuel Queues, Kachikwu Orders Release of Products in Storage - Worried about the implications of fuel queues at this time of the year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday ordered the Nigerian National Petroleum Corporation (NNPC) to release all products on storage to cover for the current shortfalls that might have precipitated the resurgence of fuel queues. Source Thisday Read More 

Kachikwu: Nigeria Can Maximise OPEC Exemption with Low Production Cost - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria could make the most of her exemption from oil production cap agreed by member countries of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries, by working hard to reduce the cost of producing a barrel of oil from her fields. Source Thisday Read More 

NNPC’s Exit of JV Cash Calls to End Project Deferments by IOCs, Says PETAN - The Petroleum Technology Association of Nigeria (PETAN) has stated that the exit of joint venture cash calls by the Nigerian National Petroleum Corporation (NNPC) will end the era of project deferments and cancellations by the international oil companies (IOC), which were caused by paucity of funding. Source Thisday Read More 

OPEC Extension Sends Oil Prices Soaring; The Oil Market Look Out For The Week- As expected, OPEC agreed to extend its production cut deal through to the end of 2018. Source Proshare Read More 

NNPC assures of stable supply, as fuel queues returns - The Independent Petroleum Marketers Association of Nigeria, IPMAN, appears to have carried out its threat of embarking on strike, as Fuel queues returned yesterday, in major petrol stations in Abuja, Nasarawa state and environs. Source Vanguard Read More 

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Zambia to start refinancing Eurobonds in 2019 - govt official - Zambia will begin refinancing Eurobonds worth $2.8 billion in 2019, ministry of finance permanent secretary Mukuli Chikuba said on Monday. Source Reuters Read More 

Heineken to open $100 mln brewery in Mozambique in 2019 - Heineken will open a $100 million brewery in Mozambique, its first production facility in the southern African nation, the brewer said on Monday. Source Reuters Read More 

U.K. Retail Sales Rise on Food as Black Friday Falls Short - U.K. retail sales rebounded last month, fueled by higher food spending as Black Friday sales failed to tempt enough British shoppers to open their wallets for other things. Source Bloomberg Read More 

China's Tough-Love Steps to Rein in Debt Find Favor, S&P Says - When China’s central bank governor Zhou Xiaochuan renewed warnings last month about the threat of high leverage, he said that some state firms face severe debt risks and that the problem of "zombie companies" is being solved slowly. Source Bloomberg Read More 

Australia Holds Key Interest Rate Steady for 15th Straight Meeting - Australia’s central bank kept its benchmark interest rate unchanged and signaled no plans to move in the near term even as developed economies shift toward withdrawing stimulus. Source Bloomberg Read More 

Tencent Slump Erases $55 Billion as Analysts See Only Gains - Tencent Holdings Ltd. may be selling off, but analysts are the most bullish on record. Source Bloomberg Read More 

EU Considers Including 11 Countries on Tax Blacklist - Up to eleven countries could end up on a European Union blacklist of tax havens and potentially face sanctions for failing to bring their tax standards in line with the bloc, according to the latest draft of proposals. Source Bloomberg Read More 

Jack Ma Says China Open to Western Companies That Follow Rules - Alibaba Group Holding Ltd.’s Jack Ma said that China is open to Western companies, provided they follow the country’s rules. Source Bloomberg Read More 

World’s Biggest Starbucks to Open in Shanghai - Starbucks Corp. sees China surpassing the U.S. as its largest market within a decade as it counts on the country’s affluent consumers to offset stagnant growth in the rest of the world. Source Bloomberg Read More 

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FirstBank Achieves PCI DSS Version 3.2 Recertification- First Bank of Nigeria Limited, Nigeria’s most valuable bank brand, has successfully recertified to the Payment Card Industry Data Security Standard (PCI DSS) version 3.2, having been one of the first top-tier banks in Nigeria to obtain the PCI DSS certification in 2014. Source Proshare Read More 

The SEC's Cyber Unit Launches Its First Fraud Case, Targeting PlexCoin's ICO - The Securities and Exchange Commission launched a new cyber fraud unit earlier this year amid the internet’s ongoing Bitcoin boom, seemingly telegraphing its intent to crack down on a cryptocurrency market rife with hacking, fraud, and scams. Source GIZMODO Read More 

Apple agrees to pay Ireland $15.4 billion in back taxes to appease EU - Apple today reached an agreement with the European Union to begin depositing the €13 billion ($15.4 billion) in back taxes it was ordered to pay Ireland last year, following the landmark decision to crackdown on tax shelter policies and profit offshoring, according to The Wall Street Journal. Source THE VERGE Read More 

An electric cargo ship is delivering coal in China - An all-electric cargo ship is now in use in China and it boasts an impressive 2.4 MWh energy storage capacity, Electrek reports. Source Engadget Read More 

Asian shares muted as tech blues offset U.S. tax cut optimism - Asian shares were subdued on Tuesday as investors’ rotation out of technology shares took a toll on some of the region’s tech heavyweights although hopes of a major tax cut in the United States underpinned risk sentiment. Source Reuters Read More 

Mastercard to repurchase up to $4 billion of its shares - Payment processor Mastercard Inc (MA.N) said on Monday it would buy back up to $4 billion of its class A shares. Source Reuters Read More 

Bitcoin dips below $11,000 after setting another record high - Bitcoin dipped back under $11,000 (8,169.93 pounds)on Monday, coming off a record high just shy of $11,800 it hit on Sunday after a surge from less than $1,000 at the start of the year. Source Reuters Read More 

Google's Hinton says AI poses new challenges to regulators - Expansion of artificial intelligence in financial services, healthcare, transportation and other fields poses new challenges to governments charged with regulating those industries, according to an executive with Google who is a pioneer in the field of machine learning. Source Reuters Read More 

GM puts an e-commerce marketplace in the dashboard - General Motors Co (GM.N) on Tuesday said it will equip newer cars with in-dash e-commerce technology, betting it can profit as drivers order food, find fuel or reserve hotel rooms by tapping icons on the dashboard screen, instead of using smartphones while driving. Source Reuters Read More 


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