Nigeria in 1min: Economic, Business and Financial Headlines – 090118


January 9, 2018 7:10 AM / Proshare News 


An Easing of BoP Pressures in Q3 2017 - On Wednesday we commented on the current account in the balance of payments (BoP) for Q3 2017. Today it is the turn of the financial account, and the investment flows in particular. Source Proshare Read More 

Business Profit and Consumer Income to Increase in 2018 – FSDH - FSDH Research expects business profit and consumer income to grow higher in 2018 than in the last three years. Our analysis of the recent data from the Central Bank of Nigeria (CBN) on the business and consumer expectations confirms this position. Source Proshare Read More 

Global Rating Outlooks Most Positive Since Crisis - The prospect of rating upgrades outnumbering downgrades this year and next is higher than at any time since the financial crisis, Fitch Ratings says in its latest global Credit Outlook report. Source Proshare Read More 

FG nets N3tr from TSA - The Federal Government says it has generated over N3 trillion since the commencement of Treasury Single Account (TSA) policy. Source THE SUN Read More 

‘Solid minerals contributed N3.5bn to Federation Account in 2017’ - The solid minerals sector contributed N3.5bn to the Federation Account between January and November 2017, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Source Punch Read More 

Apapa Port Declared 160% Increase in Agric Exports in 2017 - The federal government said the Tin Can Island at Apapa Port in Lagos declared  160 per cent increase in agricultural exports last year. Source Thisday Read More 

Agriculture Created Over 6m Jobs In 2 Years – Ogbeh - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said yesterday that agriculture sector created six million jobs in the last two years. Source Leadership Read More 

Obaseki Signs MoU With China Harbour For Devt Of Gelegele Seaport - Memorandum of Understanding (MoU) with China Harbour Engineering Company Limited (CHEC), for the development of the Gelegele Seaport and other transport infrastructure in the state. Source Leadership Read More 

16,387 Nigerians Deported in 2017, Says Immigration CG - The Comptroller General of the Nigerian Immigration Service, Muhammed Babandede, on Tuesday disclosed that a total of 16,387 Nigerians were deported to the country from Libya, Saudi Arabia, Italy and from other countries across the globe in 2017. Source Thisday Read More 

BDCs Seek Forex Rate Convergence - The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for an emergency meeting of its members to discuss critical issues in the foreign exchange (forex) market. Source Thisday Read More 

Proshare Nigeria Pvt. Ltd.


CBN to Sanction Erring Banks for Infractions of Payments System Rules and Regulations - Further to our Circular referenced BP5IDIR/GENICIR/02/007, dated 29th July 2015, on the above subject, please be informed that operators in the National Payments System shall be sanctioned with a penalty of N10,000.00 per day for as long as the infractions below subsis. Source Proshare Read More 


NSEASI Inches Up by 2.38% to Open the Week Positive; Closes Above 39,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +2.38% to close at 39,849.65 basis points as against +0.64% appreciation recorded previously. Source Proshare Read More 

Slight profit taking as bond yields hit key support levels - The Bond market traded on a relatively quiet note, with slight sell at the close of market offsetting some initial buy interests on the long end of the curve. Average bond yields consequently inched up by 3bps to 13.57%. Source Proshare Read More 

Stanbic, Meristem and CSL Top Broker’s Performance Report by Value in 2017 - Stanbic IBTC Stockbrokers Limited led the top 10 stockbrokers on the Nigerian bourse for the year ended December 29, 2017. Source Proshare Read More 

Legacy Pension Managers reorganises Board, Appoints Ladi Balogun as Chairman - The appointments of Mr. Balogun and James Ilori to the Board of Legacy Pension Managers (“Legacy Pensions”) come in the wake of the acquisition by FCMB Group of 60 percent of the company, raising its interest to 88%. Source Proshare Read More 

GTI Top-5 Weekly Stock Picks - 080118 - The Nigerian equity market set off the New Year on a laudable note as most indicators across board closed in the green during the period under review. Source Proshare Read More 

Zenith Bank Plc Announces Closure Period of Trading of Own Shares by Insiders - In line with post-'listing requirements of the Nigerian Stock Exchange for quoted companies, Zenith Bank Plc hereby informs you of the scheduled commencement of the closed period for trading in the bank's shares on January 8, 2018, in respect of the Audited Accounts and Financial Statements for the financial year ended December 31, 2017. Source Proshare Read More 

FGN Savings Bond Offer for January 2018 Opens Today - The Federal Government of Nigeria Savings Bond offer for January opens today the 8th of January 2018 and will remain open for five days till the 12th of January 2018.  Source Proshare Read More 

Proshare Nigeria Pvt. Ltd.

Seplat Plc Announces Closed Period on Share Dealings - Pursuant to Clause 17.2 of the Amendments to the Listings Rules (the "Rules") of the Nigerian Stock Exchange (the "Exchange"), SEPLAT Petroleum Development Company Plc ("SEPLAT) hereby notifies the Exchange of its closed period for the entire Company, for trading in the Company's shares which commenced from 31st December 2017 to end on the day after the release of its Full Year 2017 Audited Financial Results for the period ended 31st December 2017 on the Exchange. Source Proshare Read More 

Qfac Pick of the week – United Bank for AFRICA PLC - Though UBA plc price fell from N11.24 to N11 during the last trading day, this week’s Qfac pick is United Bank for Africa, (UBA) Plc and our analysis is pointing to a buy signal. Source Proshare Read More 

Union Bank mobilises N49.7bn from Rights Issue - Union Bank of Nigeria Plc, has announced that the Bank successfully raised N49.7 billion through a Rights Issue which closed on October 30, 2017 with subscriptions recorded at 120%. Source Daily Trust Read More 

Nigeria’s External Reserves Hit $40.4 Billion as CBN Injects $210m into Interbank Market - As projected by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November, the nation’s External Reserves have hit a new level of $40.4 Billion. Source Proshare Read More 

BDC Operators Meet Over Forex Rates, Banks’ Excessive Charges - About 3,500 Bureaux De Change Operators (BDC) are to convene in Lagos to address foreign exchange convergence rate on the Central Bank of Nigeria (CBN) BDCs window s well as battl commercial banks excessive charges and other critical issues. Also to be discussed is the rising bank charges associated with BDCs’ transactions. Source Leadership Read More 

Trading on CBN Investors &Exporters FX window hits $26bn - The Central Bank of Nigeria’s Investors and Exporters foreign exchange window recorded approximately $26bn transactions in 2017, the FMDQ OTC Securities Exchange data revealed on Monday. Source Punch Read More 

Nigeria among 10 cheapest places to buy petrol – Report - With a pump price of N145 ($0.40) per litre, Nigeria has been ranked as the eighth cheapest place in the world to buy petrol. Source Punch Read More 

Nigeria’s Bonny light rises towards $70 per barrel - THE price of Bonny Light, Nigeria’s premium crude oil grade has risen to $68.03 from  $67 per barrel, $23 in excess of the $45 per barrel benchmark price of the 2018 budget. Source Vanguard Read More 

Nigeria earns N398b from cooking gas export, says NBS - Nigeria earned N397 billion from the export of Liquefied Natural Gas, (LNG) and Liquefied Petroleum Gas (LPG), also known as cooking gas, in the third quarter of 2017, data obtained from the National Bureau of Statistics, NBS, has revealed. Source THE NATION Read More 

Government’s failure boosts illegal refineries’ operations in Niger Delta - Illegal refining of crude oil in the Niger Delta region may continue longer than anticipated due to the failure of the Federal Government to unveil solutions it earlier promised to stop the menace. Source Guardian Read More 

Power Generation Still at 3,600MW Despite Repair of Escravos-Lagos Pipeline - Despite the claim by the Nigerian National Petroleum Corporation (NNPC) that it has repaired the Escravos-Lagos Pipeline System (ELPS) and resumed gas supply to power stations in the South-west, the country’s electricity generation was still around 3,600MW Monday Source Thisday Read More 

Proshare Nigeria Pvt. Ltd.


Back to School: FirstBank Rolls out Bouquet of Educational Solutions for Schools - It is the beginning of another school term and as students return to school after the long holidays, First Bank of Nigeria Limited is in its usual style supporting schools with their educational requirements to enhance preparations for the school year. Source Proshare Read More 

Tunisian annual inflation rises to 6.4 pct in December - Tunisia’s annual inflation rate rose to 6.4 percent in December, it’s highest rate since July 2014, from 6.3 percent in November, official data showed on Monday. Source Reuters Read More 

Angola to hold forex auction Tuesday as it ends dollar peg: sources - Angola will hold a foreign exchange auction on Tuesday, the first since the central bank announced it would shift from a currency peg to a trading band, two banking sources said on Monday. Source Reuters Read More 

South Africa's net foreign reserves rise to $42.9 bln in December - South Africa’s net foreign reserves rose to $42.927 billion in December from $42.689 billion in November, the Reserve Bank said on Monday. Source Reuters Read More 

Libyan oil revenues up sharply in 2017, budget deficit halved - cenbank - Libya earned $14 billion in oil revenues in 2017, nearly three times more than in the previous year, allowing it to halve its budget deficit, the central bank said, amid a partial recovery in oil output despite continued political and economic turmoil. Source Reuters Read More 

China’s Richest Woman Made $2 Billion in Just Four Days - A share surge at Country Garden Holdings Co., China’s largest developer by sales, has sent Vice Chairman Yang Huiyan’s wealth up by $2.1 billion -- and that’s just in the first four trading days of the year. Source Bloomberg Read More 

Goldman, Citi Are in the Lead for Top Roles in Aramco IPO - Saudi Arabian Oil Co. is set to appoint banks including Goldman Sachs Group Inc. and Citigroup Inc. to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world’s largest share sale. Source Bloomberg Read More 

Lebanon Hires McKinsey to Help Revamp the Economy - Lebanon is hiring management consulting firm McKinsey & Co. to help restructure an economy that’s overly reliant on remittances and banking, and grappling with high unemployment, Economy and Trade Minister Raed Khoury said. Source Bloomberg Read More 

Jeff Bezos Is Now Worth More Than Bill Gates Ever Was - Jeff Bezos’s net worth reached $105.1 billion Monday on the Bloomberg Billionaires Index as Inc. shares added to a 12-month surge that’s lifted the online shopping giant’s market value by almost 57 percent. Source Bloomberg Read More 

Israel Sets 2019 Budget at 479b Shekels, Raises Deficit Targets - Israel’s Finance Ministry proposed a 479 billion-shekel ($139 billion) spending plan for 2019 that would pay off some of the government’s debt and widen the state deficit. Source Bloomberg Read More 

WB optimistic about Rwanda’s economic growth forecast - Rwanda’s economic recovery in the second half of 2017 is expected to bring growth to 5.2 per cent and further accelerate in 2018 with investment activity picking up. Joining CNBC Africa for more is Aghassi Mkrtchyan, WB Senior Country Economist. Source CBNC Read More 

Asian shares edge up, yen jumps as BOJ trims bond buying - Asian shares edged higher on Tuesday, approaching record highs, while the yen stole the currency spotlight and jumped after the Bank of Japan’s slight reduction to its bond purchases reminded investors that it will eventually normalize policy. Source Reuters Read More 

U.S. oil prices hit highest since 2015, but doubts loom over rally - U.S. oil prices hit their highest since 2015 again on Tuesday as speculators bet on further price rises amid OPEC-led production cuts and a dip in American drilling activity, though some warned the rally could run out of steam. Source Reuters Read More 

Proshare Nigeria Pvt. Ltd.


WorldRemit raises $40m, eyes 5m customers - Digital money transfer service, WorldRemit, has raised $40 million to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets. Half of these customers will be in Africa. Source THE NATION Read More 

Cryptocurrencies Are Selling Off - Bitcoin slumped, dragging down smaller rivals such as ether and litecoin, as concerns that regulators will tighten their grip on the market weigh on the the world’s largest cryptocurrency. Source Bloomberg Read More 

MTN launches first 5G technology in Africa - MTN says it has achieved download speeds of more than 20 gigabits per second in its first trial of fifth-generation (5G) technology. Source Daily Trust Read More 

Crypto Stock That Surged 900% in 2017 Is Hit With SEC Halt - A Hong Kong-based company whose stock benefited from cryptocurrency fever to jump more than 900 percent last year had trading in its shares suspended by U.S. regulators over concerns that investors are being misled about the company’s business. Source Reuters Read More 

Cryptocurrency may be getting quietly channelled to North Korea university - report - A cybersecurity company said it has found software that appears to install code for mining cryptocurrency and sends any mined coins to a server at a North Korean university, the latest sign that North Korea may be searching for new ways to infuse its economy with cash. Source Bloomberg Read More 

Fund managers say bitcoin ETF proposals withdrawn due to SEC concern - Two U.S. companies shelved proposals to launch bitcoin exchange-traded funds, citing ongoing concerns by the Securities and Exchange Commission (SEC), filings showed on Monday. Source Reuters Read More 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

Related News