Nigeria in 1min: Economic, Business and Financial Headlines – 170418


Monday, April 17, 2018 / 7:10 AM / Proshare News 


Lending to real sector non-existent despite release of N400bn by FG — Oniha, DMO boss - Director General of the Debt Management Office, DMO, Ms. Patience Oniha, has said that Nigerian banks are still refusing to lend money to the real sector despite that the federal government’s release of about N400 billion into the economy last December to redeem some government securities. Source Vanguard Read More 

FG probes alleged contract inflation, asset diversion in 28 MDAs - The Federal Government is currently investigating 28 of its Ministries, Departments and Agencies over allegations of contract inflation and conversion of government assets to personal use. Source Punch Read More 

AfDB to fund private health care in Lagos with $20m - The African Development Bank says its board has approved the support of private health care system in Lagos, Nigeria with a loan of $20m. Source Punch Read More 

Budget 2018 faces further delay as Reps miss deadline for presentation - Two weeks into the fourth month in the year, there are indications that the much awaited 2018 budget will face further delays. BusinessDay learnt on Monday night that the deadline issued by the Speaker of the House of Representatives, Yakubu Dogara for the laying of the 2018 budget report is no longer realistic. Source BUSINESSDAY Read More 

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Section 5 Of The Constitution And The Mohammed Bello Adoke Case - His Lordship Justice Binta Nyako at the Federal High Court sitting in the Federal Capital Territory last Friday, gave an instructive, landmark judgment in the matter between Mohammed Bello Adoke and the Attorney General of the Federation on the extent of Presidential powers. Source Proshare Read More 

Nigeria Can Generate N5trn From Mining, Solid Mineral Exportation – NEPC - Nigeria is capable of generating N5 trillion from mining and solid mineral exportation, Nigerian Export Promotion Council (NEPC) has disclosed. Source Leadership Read More 

Again, health workers begin indefinite strike  - The momentary peace enjoyed in the country’s healthcare sector may be ruptured today, as the Joint Health Sector Unions (JOHESU) has directed members in all federal health institutions across the country to commence indefinite strike. Source Leadership Read More 


SEC Holds First 2018 CMC Meeting on April 19 - The Securities and Exchange Commission (SEC) is set to host the First Capital Market Committee (CMC) meeting for 2018. The meeting is scheduled to hold in Lagos from Thursday April 19 to Friday April 20, 2018 at the Federal Palace Hotel, Victoria Island, Lagos. Source Proshare Read More 


NSEASI Dips by -0.97% to Open The Week Negative as Market Breadth Closes Positive - Equities market closed today on a negative note, as NSEASI depreciated by -0.97% to close at 40,533.37 basis points as against +0.29% appreciation recorded previously. Source Proshare Read More 

NSE Migrates Access Bank, Lafarge, Seplat and UBA to Premium Board - The Nigerian Stock Exchange (NSE) is pleased to announce it has migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board. Source Proshare Read More 

NASD launches Enterprise Portal, to transform Nigeria’s Investment Environment - The NASD OTC Securities exchange as part of its vision of becoming the choice hub for capital formation in West Africa, today launched its enterprise portal in Lagos. Source Proshare Read More 

FX Change off the Domestic Agenda - The CBN’s unorthodox foreign exchange policies have exceeded almost all expectations, including we are convinced its own, and can be said in several ways to have attained its objectives.  Source Proshare Read More 

Unilever Nigeria Q4 2017 Results Review - Rating Downgrade Due To Cuts to Our Forecasts - Unilever’s Q4 2017 results came in behind our forecasts. Consequently, we have cut our EPS estimates over the 2018-19E period by 15% on average. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 160418 - Performance of the domestic bourse was mixed as the benchmark index closed positive on 3 of 5 trading sessions. The NSE All Share Index (ASI) rose 0.2% W-o-W to settle at 40, 928.70 points while YTD return strengthened to 7.0%.Source Proshare Read More 

Presco Reports Q4 2017 Results - Shares Have Gained 5.1% YTD, Slightly Underperforming the NSEASI - However, PBT declined by -86% y/y to N3.0bn. Despite a 2,038bp y/y gross margin expansion to 81.8% and the strong sales growth, these were not strong enough to offset a 133% y/y rise in opex, a 29% y/y increase in net finance charges and an -85% y/y reduction in biological asset revaluation gains to N3.1bn. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 160418 - The shares of CADBURY was flat at N14.50. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

Credit to private sector rises by N633bn in February - Credit to private sector  rose by N633  billion to N22.6 trillion  in February, surpassing credit to the government which rose by N161 billion  to N4.29 trillion during the month. Source Vanguard Read More 

Oil prices rise amid risk of supply disruptions - Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East. Source Reuters Read More 

Nigeria Targets $14bn Annual In-country Spending In Oil & Gas Sector - The executive secretary of the Nigerian Content Development and Monitoring Board, NCDMB,  Simbi Wabote, yesterday disclosed that out of the $20 billion spent annually by the International Oil Companies (IOCs) to engage foreign contractors, $14 billion would now be retained in-country in the next 10 years. Source Leadership Read More 

Nigeria’s Brent crude crosses $72 mark, production hits 1.81mbpd - Nigeria’s Bonny Light crude oil price touched it’s highest since 2014 at the weekend, supported by Organisation of the Petroleum Exporting Countries (OPEC) led production cuts, and likelihood of the United States taking military action in Syria increases. Source Guardian Read More 

Oil, gas to retain hold on energy mix for more decades – Barkindo - Despite the speed of the annual growth rate for renewables in recent times, oil and gas will hold more than half of the energy demand in a few more decades to come, Secretary General of OPEC, Mohammed Sanusi Barkindo, has said. Source Thisday Read More 

Power grid collapses twice in five days - After ensuring system stability for more than two months, the country’s power grid collapsed twice in the past five days. Source Punch Read More 

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309,713kg of Drug Seized in 2017 - NBS - Drug Seizure and Arrest Statistics 2017 reflected that 309,713kg of drugs were seized in 2017. A total of 191,353kg of Cannabis was seized in 2017 . Source Proshare Read More 

Bank Credit Increases in Q1 2018 - The Credit Condition Survey Report (CCSR) of the Central Bank of Nigeria (CBN) showed that there was an increase in availability of secured credit to households and corporates in Q1 2018. Source Proshare Read More 

Egypt aims to raise tobacco tax revenues by $402 mln in 2018-19 budget - Egypt aims to raise its revenues from taxes imposed on tobacco by 7.072 billion Egyptian pounds ($402 million) in the 2018-19 draft budget, a government document said. Source Reuters Read More 

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NCC approves spectrum trading, transfer of licence to boost broadband penetration - The board of the Nigerian Communications Commission (NCC) has approved a new flexible regulation for trading spectrum and transfer of license rights and obligation between operators in order to increase broadband infrastructure roll-out and deepen penetration levels. Source BUSINESSDAY Read More 

9mobile: We’ll sell to competent, financially stable bidder –NCC - The Nigerian Communications Commission (NCC) has said that the licence, operations and spectrum in possession of 9mobile can only be transferred to a preferred bidder, Teleology Holding only after the conclusion of its technical capability. Source Leadership Read More 

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Standard Chartered and CDC to launch supply chain finance programme to boost Africa and South Asia SME - CDC Group (“CDC”), the UK’s development finance institution, and Standard Chartered Bank (“Standard Chartered”) have today announced the signing of a memorandum of understanding for a supply chain finance programme that will increase financing for SME suppliers in Africa and South Asia, thereby boosting economic growth and trade opportunities. Source Proshare Read More 


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