Nigeria in 1min: Economic, Business and Financial Headlines – 120318


March 12, 2018 7:20 AM / Proshare News 


What To Expect From The Markets This Week- 120318 - Recently, the International Monetary Fund (IMF) published its report findings on the Nigerian economy, thus making the popular article IV for 2018 available to the public. In this particular edition, there was less focus on quantitative variable like monetary aggregates whereas the fund focused more on the depressed human index and how best to revamp same. Source Proshare Read More 

Transcript of IMF Press Briefing - MR. RICE: Good morning everyone and welcome to this press briefing on behalf of the International Monetary Fund. I am Gerry Rice with the Communication Department and our briefing this morning is on the record but will be embargoed until 10:30 a.m. and that's Washington time. Source Proshare Read More 

AfDB mulls plans for Africa’s $170 billion infrastructure fund - The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa’s $170 billion infrastructure investment gap. Source Guardian Read More 

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Nigeria’s external reserves hit $46bn - Nigeria’s External Reserves are steadily heading towards the $50 billion mark, berthing at $46 billion as at the close of business on Friday, March 9, 2018. Source Vanguard Read More 

S’East Govs Set to Construct 450km Ring Road in Five States - Worried by the deplorable state of roads in the South-east Zone,  governors of the zone rose from a closed door meeting last night in Enugu with a resolve to Source Thisday Read More 

Fowler: FG is Targeting 20% Tax to GDP Ratio - What follows the deadline is that we shall follow the laws that deal with tax administration and for those that are not complaint, we shall investigate them and if need be we prosecute them. Source Thisday Read More 

FG raises excise duty on alcoholic drinks, tobacco - The federal government has raised excise duty on alcoholic beverages and tobacco, with effect from June 4, 2018. Source Vanguard Read More 

Poor assets valuation affecting disposal, says AMCON  - To enable it to dispose of several billions of naira worth of assets that are tied down in its book due to inappropriate valuation, strange market forces among other vices, the management of Asset Management Corporation of Nigeria (AMCON) has called for the creation of ‘AMCON Market,’. Source Guardian Read More 

PFAs don’t operate as savings, loans schemes – Mairami - Mr. Umar Sanda Mairami is the Managing Director and Chief Executive officer (CEO) of Premium Pension Limited. In this interview with Daily Trust, he says Pension Fund Administrators (PFAs) do not operate as a savings and loans scheme and that this explains why the Micro-Pension Scheme must be properly fine-tuned before implementation. Source Daily Trust Read More 

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Fed Govt earns N658.6b from oil, non-oil receipts, says CBN - About N658.56 billion was recieved by the Federal Government from oil  and  non-oil sectors, the Central Bank of Nigeria (CBN) Economic report released has said. Source THE NATION Read More 

CBN stress test reveals weak capital signs in banks - A Central Bank of Nigeria stress test has shown that only large banks will stay above the regulator’s capital adequacy ratio threshold if the non-performing loans levels of the Deposit Money Banks should rise by 50 per cent. Source Punch Read More 

NDIC to probe banks as fraud cases rise, loss hits N2.37b - The cases of fraud are rising in the nation’s banking industry, prompting a resolve by the Nigeria Deposit Insurance Corporation (NDIC) to investigate affected banks. Source Guardian Read More 


Equities Market Extends Gaining Streak by 0.18% as NSEASI Inches Up by 0.68% WoW  - Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at  43,167.87 basis points as against +0.33% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.88%. Source Proshare Read More 

NASD USI Sheds -1.67% WoW - The NASD OTC Market ends the week in red, as the NASD USI decreased by 1.67%, closing at 663.22 points (as against 674.45 points last Friday). Consequently, total market capitalisation shed 1.67% this week, closing lower at ₦448.82 billion compared to₦456.42 billion last Friday. Source Proshare Read More 

Corporate Earnings for the Week Ending 090318 – NESTLE Declares N33.72 billion PAT in Q4 2017 Result - During the week ending March 09, 2018, four quoted firms declared their results. Source Proshare Read More 

CBN Injects $335.43m into Retail SMIS - The Central Bank of Nigeria (CBN), in its resolve to guarantee liquidity in the market, injected the sum of $355.43m into the Retail Secondary Market Intervention Sales (SMIS) on Friday, March 9, 2018. Source Proshare Read More 

CBN Liquidity Mop Up to Persist as N262bn Hits Interbank Market - As part of its liquidity management system, the Central Bank of Nigeria (CBN) is expected to mop up excess liquidity from the banking sector as open market operations (OMO) bill worth N261.9 billion hit the system this week. Source Thisday Read More 

Nigeria losing revenue to IOCs over delayed PSC review - International oil companies, which entered into Production Sharing Contracts with the Federal Government more than two decades ago, are still enjoying the generous terms they got as talks of re-negotiation over the past few years have yet to materialise Source Punch Read More 

NNPC Report: PPMC Recorded N102 Billion Loss in 2017 - An analysis of the December 2017 edition of the monthly operations and financial reports of the Nigerian National Petroleum Corporation (NNPC) has revealed that Products and Pipelines Marketing Company (PPMC) exceeded the projected loss in its year-to-date (YTD) operations by about 240.1 per cent. Source Thisday Read More 

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Using Credit Bureaus, Telcos, Discos and Others Can Enhance Ease of Doing Business  - Moved by the need to significantly move Nigeria up in the world Doing Business rankings, the Credit Bureau Association of Nigeria (CBAN) has called on telecommunications companies, utility providers and other Non-Financial Institutions that provide services on credit to fully tap into the benefits of using the credit bureaus as enshrined in the recently signed Credit Reporting Act. Source Proshare Read More 

FG inaugurates NAICOM board - The Federal Government has inaugurated the governing board of the National Insurance Commission with Chief Emmanuel Nwosu as its chairman. Source Punch Read More 

All You Need To Know About Credit Bureaus in Nigeria  - A formal recognition of Credit Bureaus started in Nigeria in 2008 when the Central Bank of Nigeria (CBN) issued guidelines officially on their licensing and operations. Source Proshare Read More 

Oil edges up on reduced U.S. drilling activity, booming job market -  Oil markets edged up on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand. Source Reuters Read More 

Chinese banks sixth-largest global creditor group: BIS - Chinese banks have significantly stepped up their lending activities in recent years to rank now as the sixth-largest international creditor group, the Bank for International Settlements (BIS) said on Sunday. Source Reuters Read More 

South African central bank takes control of VBS Mutual Bank - South African small lender VBS Mutual Bank has been placed under curatorship because of liquidity issues, Reserve Bank Governor Lesetja Kganyago told a televised news conference on Sunday. Source Reuters Read More 

OPEC Divided on the Right Price for Oil - OPEC is breaking down into two camps after more than a year of unity. On one side is Saudi Arabia, which wants oil prices at $70 a barrel or higher, and on the other is Iran, which wants them around $60. Source WSJ Read More 

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Institute of Estate Surveyors and Valuers Raises Concerns On LASG Land Use Charge - Since the Lagos State House of Assembly passed the Land Use Charge bill on the 29th January 2018 and the Governor of Lagos State, Akinwunmi Ambode signed the bill into law on the 8th February, 2018, the law has received varied opinions from the populace. Source Proshare Read More 


#Election2019: Funmilayo Adesanya-Davies’s Profile - Born (October, 1962) in Ira, Kwara State Professor Olufunmilayo Adesanya-Davies is an Educationist, Linguist, Poet and Communications expert. Source Proshare Read More 

#Election2019: Ahmed Makarfi’s Profile - Born (August 8, 1956) in Makarfi Local Government of Kaduna State,Senator Ahmed Makarfi is a seasoned Nigerian politician of North-Western extract, and former National Caretaker Chairman of the People’s Democratic Party. Source Proshare Read More 

#Election2019:Prof Remi Sonaiya’s Profile - Born (March 2, 1955) in Ibadan, Oyo State Prof  Oluremi Comfort Sonaiya is a Nigerian Politician, Educationist, Writer and a Professor of French Language. Source Proshare Read More 

Senate: N13.5m Running Costs Included in Publicised N’Assembly Budget - Following fresh criticisms which have trailed the revelation that every senator receives about N13.5 million on a monthly basis, as running costs, the Senate has said there is nothing new about the disclosure as the figures have already been made public in the budget of the National Assembly. Source Thisday Read More 

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Nigerians Cut Down Investment On Bitcoin - With more calls for regulations by governments on cryptocurrencies across the globe rising and the value of Bitcoin still hovering around $7,500, Nigerians are cutting back on their investment in the digital currency. Source Leadership Read More 

Sierra Leone Just Held the World’s First Blockchain-Powered Election - For the first time, blockchain was used to oversee a national election — verifying the recent results of Sierra Leone's contentious presidential race. Source Futurism Read More 

Black Panther has crossed the $1 billion mark worldwide - Marvel’s Black Panther is continuing its winning streak at the box office. This weekend, it crossed the $1 billion mark in its worldwide box-office totals, after beating out the four-day totals of Disney’s last big movie, Star Wars: The Last Jedi. Source VERGE Read More 


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