Nigeria in 1min: Economic, Business and Financial Headlines – 141217


December 14, 2017 7:10 AM / Proshare News 


Movement by the FGN on Export Incentives- The FGN has allocated N70bn for the export expansion grant (EEG) in the 2018 budget, according to local media reports. An allocation of N20bn this year has not been utilized because, the same source suggests, the paperwork required was excessive. Source Proshare Read More 

Towards The Finishing Line, Still Time To Deliver- The economy has returned to the growth path, although not in per head terms and largely due to the recovery in oil output.   Source Proshare Read More 

Foreign investors eye Nigeria but fear FX scarcity – IMF - Many investors want to come to Nigeria but how to retrieve their investments is still their main concern, an IMF official has said. Source Daily Trust Read More 

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Consumer abuse complaints rise by 30% in 8 months - CPC - The Consumer Protection Council (CPC) has revealed that consumer abuse complaints received from Nigerians rose by 30 per cent in the last eight months. Source Daily Trust Read More 

Roadmap: ‘Mining sector contributes N3bn to economy’ - The Chairman of the Mining Implementation and Strategy Team (MIST), Professor Gbenga Okunlola, has said that the mining sector has raised the nation’s revenue profile from N600 million to N3 billion since the approval of the mining roadmap 18 months ago. Source Daily Trust Read More 

FG approves review of deep offshore oil production contracts - Federal Executive Council has approved review of the 1993 Petroleum Deep Offshore Act dealing with production sharing contract (PSC) as Nigeria is said to have lost about US$21 billion due to non- review of the Act in the past 27 years. Source BUSINESSDAY Read More 

Okorocha presents N190bn budget for 2018 - Imo state Governor, Rochas Okorocha, Wednesday, presented it 2018 budget, at the State House of Assembly to the tune of N190, 921, 464, 290. Source Vanguard Read More 

Kwara Revenue Agency Generates N18.2bn in 11 Months - Kwara State Internal Revenue Service (KWIRS) has said, it realised a sum of N18.2 billion between January and November this year as against the N17.2 billion generated in 2016. Source Thisday Read More 

Palm oil imports surge as local production stagnates - Nigeria has seen imports of Crude Palm Oil (CPO) rising rapidly as domestic production remains stagnant for the past five years despite growing demand. Source BUSINESSDAY Read More 

German, UK, Turkish firms jostle for Lagos, Abuja airports - Turkey’s biggest airport operator, TAV Havalimanlari Holding AS, is planning to bid for concession contracts for four airports in Nigeria, according to two people with knowledge of the matter. Source Punch Read More 

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Suspension: SEC urges court to dismiss Oando’s application - The Securities and Exchange Commission (SEC) yesterday urged the Federal High Court, Lagos, to dismiss a motion filed by Oando Plc, seeking preservative orders challenging the technical suspension imposed on its shares. Source THE SUN Read More 


Movers and Shakers in 2017 - DANGCEM, GUARANTY Record Growth in MKT CAP as FO, MOBIL Lead Otherwise- Movement in the market capitalization of NSE quoted firms gives understanding as to how the Nigerian bourse has performed during its daily trading activities so far in the year. Source Proshare Read More 

NSEASI Dips by -1.00% as Market Resumes Downtrend- Equities market closed today on a negative note, as NSEASI depreciated by -1.00% to close at 38,534.64 basis points as against +0.03% appreciation recorded previously Source Proshare Read More 

47 Financial Services Sector Stocks Are Penny Stocks in 2017-Currently, there are 118 stocks that are classified as penny stocks as at 12th December, 2017. Source Proshare Read More 

UBN, DIAMONDBNK, FBNH Record Positive WTD Gain- A review of the banking stocks Week to Date (WTD) performance reveals that three (3) banks recorded positive returns with the period under review.  Source Proshare Read More 

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Extremely Bullish bond Auction to take yields to Sub-13% Levels - The bond market opened today on a strong note with significant buys on the 2027 and 2037 bonds pushing yields on the bonds as low as 13.53% (114.25) and 13.46% (119.00) respectively. Source Proshare Read More 

Govt to issue N10.69b Green Bond - The Debt Management Office (DMO) has announced plans to issue N10.69 billion Sovereign Green Bond. Source THE NATION Read More 

FG Approves N16bn for NDDC Hqtrs, Says East-West Road Designed to Fail - Despite insistence that the country is cash strapped, the federal government yesterday approved N16 billion for the construction of the headquarter of the Niger Delta Development Commission (NDDC) in the South-south region. Source Thisday Read More 

FEC approves $2.7bn for Abuja-Kaduna-Kano gas pipeline - The Federal Executive Council on Wednesday approved the award of contract of over $2.7 billion to three consortiums that will complete the Abuja-Kaduna-Kano gas pipeline. Source Daily Trust Read More 

FG loses N7.6trn to faulty oil sector agreements - The Federal Government has lost $21 billion (about N7.6trn) to faulty agreements with international oil companies from 1993 to 2017. Source Daily Trust Read More 

OPEC reviews 2018 oil demand forecast upwards - The world oil demand is expected to grow by 1.51 million barrel per day (mb/d) above the 1.26mb/d earlier forecasted for year 2018, the Organisation of Petroleum Exporting Countries (OPEC) has said. Source Daily Trust Read More 

Nigeria parleys 37 countries on economic cooperation, bilateral ties - Nigeria has joined 37 other countries to sign a joint declaration on Economic Cooperation with the European Free Trade Association (EFTA) in Buenos Aires, Argentina, on the sidelines of the World Trade Organisation (WTO) 11th Ministerial Conference. Source Guardian Read More 

NNPC: Five Ships with 250m Litres of Petrol Expected This Week - To bridge the noticeable shortage in the volume of petrol available for supply and distribution across Nigeria, and which has seen vehicular queues come up again at petrol service stations across the country, the Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it is expecting up to five ships filled with 50 million litres each of petrol in the country within the next three days. Source Thisday Read More 

EEDC: Over 200 Transformers Vandalised in Anambra in 10 Months - Over 200 transformers belonging to the Enugu Electricity Distribution Company (EEDC) were vandalised by hoodlums between January and November in Anambra State, an official of company has said. Source Thisday Read More 

NBET disburses N14bn to power producers from foreign buyers - The Nigerian Bulk Electricity Trading Plc has received and commenced the disbursement of a total of $46.64m (N14.3bn at N307 to one dollar) international customers’ payment to power generation companies across the country. Source Thisday Read More 

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Dangote Cement Plc Appoints Mr Viswanathan Shankar as a Non-Executive Director- Dangote Cement Plc. (DANGCEM-NL), Africa’s largest cement producer, announces the appointment of Viswanathan Shankar as a Non-Executive Director. Source Proshare Read More 

Lafarge Africa Plc Appoints Mrs Adewunmi Alode as Company Secretary - Lafarge Africa Plc. (“LAP") hereby formally notifies the Exchange of the appointment of Mrs. Adewunmi Alode as Company Secretary with effect from Tuesday, 12th December 2017. Source Proshare Read More 

UBA’s REDTV Marks its Second Anniversary - RedTv, a dynamic online lifestyle channel, supported by United Bank for Africa (UBA) Plc, marked its second year with the REDTVRave, a funfilled outdoor event to celebrate its growing fan-base.  Source Proshare Read More 

Reps order Intels to remit multi-million dollar dues owe NPA within 24hrs - THE House of Representatives yesterday ordered management of Intels to remit the multi-million dollar revenue accrued from pilotage service contract into the Treasury Single Account, TSA, within 24 hours. Source Vanguard Read More 

Senate summons DMO, GE over $27.9m power project spending - The joint Senate Committee on Public Accounts and Power, Steel and Metallurgy, on Wednesday criticised the Federal Ministry of Power, Works and Housing over the terms of agreement with General Electric for the construction of the Afam 3 Fast Power Project. Source Punch Read More 

Reps to arrest 10 oil firms’ CEOs over $250m unremitted fund - The House of Representatives Committee on Oil and Gas, yesterday threatened to issue warrant of arrest on the Managing Directors of Aiteo Energy, Neconde Energy, Frontier Energy and seven other indigenous oil companies if they failed to appear before it today to account for $250million unremitted funds meant for the Federal Government coffers. Source THE SUN Read More 

South Africa's CPI slows to 4.6 percent year/year in November - South Africa’s headline consumer inflation slowed to 4.6 percent year-on-year in November from 4.8 percent in October, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

IMF urges Tanzania to reform and spend to stem economic slowdown - The International Monetary Fund (IMF) called on Tanzania to speed up reforms and spend more to prevent a slowdown in one of the world’s fastest growing economies. Source Reuters Read More 

Congo central bank expects 4.4 pct GDP growth in 2018 - Congo’s central bank said on Wednesday it expects GDP growth to hit 4.4 percent in 2018, up from 3.2 percent this year, and for inflation next year to fall to about 28 percent from roughly 50 percent this year, as commodity prices and mining output rise. Source Reuters Read More 

Afreximbank pledges up to $1.5 billion to post-Mugabe Zimbabwe -  The African Export and Import Bank has pledged up to $1.5 billion in new loans and financial guarantees to Zimbabwe in a major boost for new President Emmerson Mnangagwa’s government, the bank’s president and chairman said on Tuesday. Source Reuters Read More 

U.K. Housing Market Stagnates as London Price Drop Continues - The U.K. housing market is stuck in a rut. Source Bloomberg Read More 

Saudi’s $19 Billion Stimulus Will Prioritize Housing and Small Business - Saudi Arabia will on Thursday unveil a 72 billion-riyal ($19.2 billion) program to bolster private-sector growth in 2018, with money to support housing construction as well as fee waivers for small businesses, Commerce and Investment Minister Majid Al-Qasabi said. Source Bloomberg Read More 

Fed raises interest rates, keeps 2018 policy outlook unchanged - The Federal Reserve raised interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in U.S. economic growth from the Trump administration’s proposed tax cuts. Source Reuters Read More 

PBOC Raises Market Borrowing Costs in Surprise Move After Fed - China’s central bank unexpectedly raised borrowing costs following the Federal Reserve’s decision to tighten monetary policy. Source Bloomberg Read More 

China's Home Sales Reverse Declines for Biggest Gain in 5 Months - China’s new home sales rebounded in November, climbing the most in five months. Source Bloomberg Read More 

Yellen Pans Bitcoin Boom, Shows Scant Worry Over Surging Stocks - Federal Reserve Chair Janet Yellen weighed in on two headline-making financial market stories, sending a caution to investors over bitcoin while shrugging her shoulders at the value of U.S. equities. Source Bloomberg Read More 

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Data Science community in Nigeria, to host Big Data expert Prof Raj Krishnan in Lagos- The Data Science and Artificial Intelligence community in Nigeria, will tomorrow Thursday December 14th, 2017 in Lagos Source Proshare Read More 

Banking Sector Records 213.69m Volume of Transactions in Q3 2017 - NBS- A total volume of 213,693,964 transactions valued at N19.33trn were recorded in Q3 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source Proshare Read More 

Bitcoin Points Way to ‘Massive Change’ for Commodity Businesses - Blockchain is upending the world’s financial markets with the rise of bitcoin, and now the digital-ledger system is poised to do the same next year for raw materials like food and energy. Source Bloomberg Read More 

Bitcoin Trading Thrives Wherever Regulators Crack Down Most - Bitcoin trading expanded faster this year in emerging markets than developed ones -- and quickest of all in places where authorities tried to crack down. Somewhere, Satoshi Nakamoto is smiling. Source Bloomberg Read More 

Disney deal set to value Fox at more than $75 billion - Walt Disney Co’s (DIS.N) deal to buy film, television and international businesses from Rupert Murdoch’s Twenty-First Century Fox Inc (FOXA.O) will value the latter at over $40 per share, or $75 billion, a person familiar with the matter said. Source Reuters Read More 

T-Mobile to launch TV service in 2018, buy Layer3 TV - T-Mobile US Inc said on Wednesday that it would launch a new streaming television service next year after buying startup Layer3 TV for an undisclosed amount. Source Reuters Read More 

Apple Pays Finisar $390 Million to Try and Lock Down Its Supply of Precious iPhone X Sensors - Tech giant Apple brought the iPhone X to market this year, but not without significant production stumbles that resulted in predictions of supply shortages for retailers and consumers. Source GIZMODO Read More 

Microsoft announces new AI-powered search features for Bing - Today, Microsoft announced a series of artificial intelligence-driven features for its Bing search engine to make it more conversational and nuanced. Source THE VERGE Read More 

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