Nigeria in 1min: Economic, Business and Financial Headlines – 070319


Thursday March 07, 2019 / 7:00 AM / Proshare News



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Lagos State Government Defaults On Green Note Issue; Investors Fret Over Yields - Lagos State Government’s N4.85bln, 15.75% Series 1, Tranche B, environmental Note (“Green Note”) has run into trouble. The Fixed Income Note, a sub category of the larger N50bln Medium Term Note used to finance the Cleaner Lagos  project of the government is caught in a mesh of politics and bureaucracy. Source Proshare Read More 

2,532 Road Traffic Crashes Occurred in Q4 2018 – NBS - The Q4 2018 road transport data reflected that 2,532 road crashes occurred in Q4 2018. Speed violation is reported as the major cause of road crashes in Q4 and it accounted for 52% of the total road crashes reported. Source NBS Read More 

Nigeria Imports 1.3 Billion Litres Of  Fuel In Two Months - Nigeria, in January and February, imported a total of 986, 492 metric tonnes of petroleum products representing 1,387,410,984.2 litres of fuel, data from the Nigerian Ports Authority Shipping Position revealed. Source Punch Read More

Buhari Approves NNPC’s Operational Budget for 2019 - President Muhammadu Buhari has approved the 2019 operational budget of the Nigerian National Petroleum Corporation (NNPC), the Group Managing Director of e state oil company, Dr. Maikanti Baru, disclosed Wednesday. Source Thisday Read More


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CBN To Raise N1tn From Treasury Bills Q2 - The Central Bank of Nigeria plans to raise a total of N1.006tn from the debt market in the second quarter of 2019.This was disclosed by the bank in a data on the Nigerian treasury bills issue programme for second quarter 2019 on its website on Tuesday. Source Punch Read More


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GUARANTY Declares N184.64bn PAT in 2018 Audited Results; Proposes N2.45k Final Dividend - GT Bank’s 2018 PBT of N215.0bn came in well ahead of management’s guidance of N205.0bn and consensus 2018 PBT forecast of N213bn. Source NSE Read More

Large FX Inflow At IEFX Window Through FPIs In The Fixed Income Market - The past ten days have seen some very large inflows at the investors’ and exporters’ fx window (NAFEX). Source FBNQuest Research Read More 

Shareholders Endorse Access Bank’s Plan to Merge with Diamond - In an overwhelming vote of 98% of its shareholders Access Bank Plc’s Board of Directors received approval of its plan to merge with digital retail banking avatar and rival Diamond Bank Plc. Source Proshare Read More 

NESTLE Declares N43.01 bn PAT in 2018 Audited Results; Proposes N38.50k Final Dividend - Nestle’s 2018 PBT of N59.8bn is broadly in line with consensus 2018 PBT forecast of N60.6bn. As such, we expect to see very limited adjustments to consensus 2019E earnings forecasts. Source NSE with Additional Notes from FBNQuest Research Read More 

SEPLAT Declares N44.87 billion PAT in 2018 Audited Results; Proposes $0.05 Final Dividend - Seplat’s FY 2018 PBT of US$263m was broadly in line with consensus forecast, therefore we expect a neutral reaction by the market. Source NSE with Additional Notes from FBNQuest Research Read More 

Nigeria’s Equities Market Erases Previous Day Gain as NSEASI Dips By -0.16% - Equities market closed today on a negative note, as NSEASI depreciated by 0.16% to close at 32,121.74basis points as against 0.14% appreciation recorded previously. Source Proshare Read More

Import Substitution - CBN Bans FX Sale to Textile Importers - The Central Bank of Nigeria (CBN) recently placed a restriction on the sale of foreign exchange to importers of textiles and other clothing materials in the country. Source CSL Stockbrokers Read More

Bond Yields Tick Higher as Demand Interests Wane - Despite the lesser volumes traded, the market remained slightly bearish, with some profit taking mostly on the 2028s and 2034s. Yields were consequently higher by c.4bps on the day. Source Zedcrest Capital Read More

Diamond Bank Shareholders Approve Merger with Access Bank - Diamond Bank Plc (“Diamond Bank”) today announced the approval of its shareholders for the merger with Access Bank Plc (“Access Bank”). 99.98% of shareholders of the Bank voted in favour of the resolution contained in the Scheme of Merger.  Source Diamond Bank Read More 


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PEBEC Commences Fourth 60-Day National Action Plan (NAP 4.0) on Ease of Doing Business - In line with the commitment to deliver reforms aimed at improving the enabling environment for doing business in Nigeria through systemic interventions, the Presidential Enabling Business Environment Council (PEBEC) has commenced the fourth 60-day National Action Plan (NAP 4.0) on Ease of Doing Business (EoDB). Source PEBEC Press Release Read More 

Dangote Cement Targets $600m Annual Exports to African Countries … Fetes Distributors - President of Dangote Industries Limited, Aliko Dangote, has restated his Group’s commitment to Nigeria’s economic development through continuous innovation, value creation and investments. Source Dangote Read More 

Firstbank Marches on, Brings the World To A Standstill - Nigeria’s Premier financial institution and iconic banking Brand, First Bank of Nigeria Limited had the world stand still on Friday, 1 March 2019, as it held its symbolic flag hoisting ceremony across Nigeria and other countries where it does business. Source First Bank Read More 

Buhari Second Term: LCCI Sets Business and Economic Policy Agenda - The Lagos Chamber of Commerce and Industry yesterday at a press briefing with business correspondents in the country, set out its business and economic policy agenda for the second term tenure of President Muhammadu Buhari’s administration. Source Proshare Read More

Return On Investment In Innovations Drops By 27% In Five Years - According to Accenture’s research, almost one-third (29 per cent) of those surveyed expect to increase their investments in innovation by more than 50 per cent over the next five years. Source Guardian Read More 

Witness in Shell-Eni Nigeria Trial Withdraws Graft Accusations - A retired Swiss oil executive who previously said he had knowledge of illicit dealings over a Nigerian oil block involving Royal Dutch Shell Plc and Eni SpA reversed his statements at a trial in Milan Wednesday. Source Bloomberg Read More

Our IPPs Are Close To Completion, Says MAN - With most production firms lamenting the high cost of production due to inadequate power supply, poor infrastructural facilities, the Manufacturers Association of Nigeria (MAN), has assured its members that electricity shortage will soon be addressed, as most of its Independent Power Projects (IPPs) in the states are close to completion. Source Guardian Read More

Federal Reserve Scraps 'Qualitative' Test For U.S. Banks In 2019 Stress Tests - The U.S. Federal Reserve said on Wednesday it would no longer flunk banks based on operational or risk management lapses during its annual health check of the country’s domestic banks.  Source Reuters Read More

Aiteo Faults NOSDRA Over Nembe Oil Well Fire - Aiteo Eastern Exploration and Production Company, AEEPCo, yesterday faulted claims by the National Oil Spill Detection and Response Agency, NOSDRA, that it is trying to frustrate investigation into the fire incident in one of its facilities in Nembe, Bayelsa State. Source Vanguard Read More

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The New Frontier For AI—In China; At Least In Pig Farming - The government's hope is that with facial and vocal recognition, along with other AI-powered technology, farmers will be able to identify and quarantine sick pigs before the disease can spread. Currently, tech giants Alibaba and JD are among the players providing this technology. Source Angellist Read More 

Zuckerberg Says Facebook's Future Is Going Big On Private Chats - Facebook Inc Chief Executive Mark Zuckerberg said on Wednesday the company would encrypt conversations on more of its messaging services and make them compatible, the latest sign that the world’s biggest social network sees its future in intimate online chats. Source Reuters Read More

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NIRSAL MFB Will Provide Loans To Msmes At 5% –Emefiele - The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, on Wednesday said that the newly-established NIRSAL Microfinance Bank would provide loans to small businesses at a single digit interest rate of five per cent. He disclosed this during an inspection of the bank’s facilities located in Gwagwalada, Abuja. Source Punch Read More


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