Nigeria in 1min: Economic, Business and Financial Headlines – 110918


Tuesday, September 11, 2018 / 7:50 AM / Proshare News



Discourse on the ERGP and Nigeria’s Economic Growth - In a recent interview with Proshare WebTV on the state of the Nigerian economy, Dr.Biodun Adedipe a notable economist shared his perspective on the Economic Recovery and Growth Plan, and developments in key sectors of the economy. Source Proshare Read more 

MPC Members Moving Towards Tightening - The CBN last week released the personal statements arising from the last meeting of the monetary policy committee (MPC) in late July. Seven members voted for no change, two for a hike in the policy rate of 50bps and the tenth for an increase of 25bps. Source Proshare Read more 

NSE and Corporate Farmers Partners for a Training on Financing the Agricultural Value Chain - Financing Agricultural commodity value chain is concerned with the flow of funds to and within a value chain to meet the specific need of chain actors and players for finance in order to ensure food security, availability of input or produce and improved efficiency in the global Agribusiness sector. Source Proshare Read more 

Edo State’s IGR hits N2bn monthly - Edo’s Internally Generated Revenue (IGR) has hit an average of N2 billion monthly from N1.55bn in 2016, the Executive Chairman, Edo Internal Revenue Service (EIRS), Mr Igbinudu Inneh announced this to newsmen on Monday. Source Daily Trust Read more 

FAAC disburses N3.946trn in 6 months – NEITI - The Federation Accounts Allocation Committee (FAAC) has disbursed N3.946 trillion in the first half of 2018 to Federal, State and Local Governments, the Nigeria Extractive Industries Transparency Initiative (NEITI) quarterly report has revealed. Source Vanguard Read more

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NSEASI Hits 14-Month Low; Sheds -1.25% to Close Below 34,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -1.25% to close at 33,611.69 basis points as against -0.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.11%. Source Proshare Read more 

Insurance Sector Recapitalisation – LAWUNION, STDINSURE Share Prices Drop by 26.03% and 23.68% - Following the recent announcement on August 31, 2018 that the deadline of the recapitalisation of the insurance sector has been backdated to October 1, 2018 as against January 1, 2018, a review of the performance of the insurance stocks listed on the floor of the Nigerian Stock Exchange was done. Source Proshare Read more 

CBN Debits Diamond Bank’s Accounts for the Full Amount of the Fine Levied Against It - On August 30, 2018, we made an announcement to the Nigerian Stock Exchange (NSE) and the public in respect of a fine of N250,000,000.00 (Two Hundred and Fifty Million Naira Only), imposed on Diamond Bank Plc, by the Central Bank of Nigeria (CBN), following its investigation of foreign exchange remittances on behalf of MTN Communications Nigeria Limited. Source Proshare Read more 

CBN licenses 366 new BDC operators - The Central Bank of Nigeria issued new operational licences to 366 Bureau De Change operators between January 2018 and May 31, 2018, a new report by the apex bank indicated. Source Punch Read more 

Afrinvest Stock Recommendation for the Week - 100918 - Last week, the performance of the local bourse was bearish as the benchmark index declined 2.3% W-o-W to 34,037.91 points while YTD loss worsened to -11.0%. Source Proshare Read more 

Average T-Bills Yield Rose by 15bps to Close the Week at 12.36% - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 3.42% and 2.83% respectively Source Proshare Read more               

CBN Raises OMO Stop Rates, Succumbs to Investor Pressure PMA Holds this Wednesday - Last week, the Treasury Bills (“T-Bills”) market traded slightly bullish in the first few sessions as excess liquidity in the financial system buoyed demand on the shorter end of the curve further supressing rates, particularly the 27-Sep-18 maturity (-3.3% W-o-W). Source Proshare Read more 

BoI, CEXIM seal $500m pact for refineries, gas recovery - The Bank of Industry (BoI), and the Export-Import Bank of China (CEXIM), have signed a Memorandum of Understanding (MoU), to provide a credit line of up to $500 million towards the establishment of modular refineries, and Flare Gas Recovery Programmes in the country.Speaking at the signing ceremony in Beijing, the Managing Director/Chief Exevcutive, BoI, Olukayode Pitan, emphasized the job creation potential of this partnership. Source Guardian Read more 

Oil reserve crisis looms over delay of blocks - The delay in the award of new oil blocks and uncertainties over existing marginal oilfields are upsetting industry players, amid a warning that the country’s economic development could be jeopardised.Nigeria is projected to witness a shortage of crude oil, as new refineries may have to compete with the sale of the product at the international market where the country earns the bulk of its hard currency. Source Guardian Read more 

NERC confirms metering of 3.434 million customers - The Nigerian Electricity Regulatory Commission (NERC), has identified metering as a key challenge facing the power sector, as a little over 3.434 million (about 42 per cent) of the over 8.135 million registered electricity customers have been metered as at the end of the first quarter (Q1) 2018.This means that three in every five registered electricity consumers are unmetered. Source Guardian Read more 

TCN injecting $1.57bn to attain 20,000MW electricity grid from 2021 – MD - The Transmission Company of Nigeria (TCN) said it is injecting $1.57 billion into the power transmission infrastructure to raise the electricity grid to 20,000 megawatts (MW) from 2021. Source Daily Trust Read more

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Whistleblower Accuses AlphaBeta Of Tax Evasion, Money Laundering - A whistleblower, who is also the immediate past Managing Director/Chief Executive Officer of Alpha Beta consultants, Mr. Dapo Apara, has petitioned the Economic and Financial Crimes Commission (EFCC) over alleged N100 billion fraud, tax evasion and money laundering by the firm. Source Proshare Read more 

MTN Seeks Judicial Intervention, Sues The Attorney General and Central Bank Over $10.1b Demand - MTN (Nigeria) has filed a suit against the Central Bank of Nigeria (CBN) and the Attorney-General of the Federation (AGF) to seek a restraining order. Source Proshare Read more 

New Zimbabwe finance minister wants to clear World Bank arrears - Zimbabwe’s new finance minister said on Monday he would accelerate plans to pay arrears to the World Bank and the African Development Bank and would work on a three-year programme to cut government spending. Source Reuters Read more 

Oil firm as Iran sanctions loom, but U.S. seeks to prevent supply shortfall - Oil was steady on Tuesday, supported by looming U.S. sanctions against Iran’s petroleum industry. Source Reuters Read more 

Abu Dhabi Stock Exchange Aims to Start Futures Trading Next Year - Abu Dhabi’s stock exchange is joining a race to introduce derivatives as Gulf bourses including Kuwait and Saudi Arabia put strategies in place to lure more investors. Source Bloomberg Read more 

Trump plans for second summit with Kim  - US president welcomes North Korean leader’s letter calling for another meeting  Source FT Read more

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CBN: banks’ e-payment transactions hit N99.29tr - The  value  of  electronic  payment transactions has risen by 39.7 per cent to  N99.29 trillion in one year, the Annual Economic Report of the Central Bank of Nigeria (CBN)  has shown. Source THE NATION Read more 

Crypto Exchanges Embrace Controversial Practices to Win Market Share - With digital-currency trading volume having plunged, some of the biggest crypto exchanges are turning to unorthodox practices to boost activity and win market share. Source Bloomberg Read more

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