Nigeria in 1min: Economic, Business and Financial Headlines – 190318


March 19, 2018 7:10 AM / Proshare News 


What To Expect From The Markets This Week- 190318 - Recent information from the Debt Management Office, showed an uptick in total government borrowings from N17.189 trillion at the end of November 2017 to N18.376 trillion at the end of 2017; reflecting a 6.5% and 26% increase when compared to the previous month and year. Source Proshare Read More 

FG Spends N1.47trn Servicing Domestic Debt - With federal government’s domestic debt pegged at N12.589 trillion as at December 2017, the Debt Management Office (DMO) has said that a total of N1.476 trillion was spent in servicing the domestic obligations of the country between January and December last year. Source Leadership Read More 

PenCom fines PFAs for suboptimal investment returns - A number of Pension Fund Administrators (PFAs) have been slammed with fines by the National Pension Commission or PENCOM for suboptimal investment returns in their fixed income portfolios in 2017 after an audit by the regulator, BusinessDay has learnt. Source BUSINESSDAY Read More 

Power purchase agreements not cancelled - Adeosun - The Minister of Finance, Mrs. Kemi Adeosun has said the reported cancellation of the Power Purchase Agreements (PPAs) signed by the Federal Government with project developers in the power sector is false. Source Daily Trust Read More 

EFCC, NNPC, INEC, others risk zero budget over non-submission of audited accounts - The Economic and Financial Crimes Commission (EFCC), Nigeria National Petroleum Corporation (NNPC), Financial Reporting Council, (FRC) and Independent National Electoral Commission (INEC), are some of the critical agencies that could be risking zero budget for 2018 for failing to submit their audited accounts to relevant authorities as required by law. Source BUSINESSDAY Read More 

Labour plans nationwide strike over N30bn NSITF fraud - Irked by the alleged looting of funds at the Nigerian Social Insurance Trust Fund, some members of the organised labour want the Federal Government to bring the perpetrators to book to prevent a nationwide strike Source Punch Read More 

FMBN: NHF Loans Have Lowest Interest at 6%    - Managing Director, Federal Motgage Bank of Nigeria (FMBN), Ahmed Dangiwa has disclosed that the bank’s National Housing Fund– the individual mortgage loans granted at 6 per cent interest is the lowest and most affordable in the country. Source Thisday Read More 

30% of Nigerian Bound Cargoes Diverted to Other W’African Countries - Nigeria has continued to lose enormous revenue as 30 per cent of the 65 per cent of cargoes destined for Nigeria are diverted to other West Africa countries due to the failure by successive governments in Nigeria to put in place appropriate policies to reverse the trend. Source Thisday Read More 

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CBN Fixes April 3 and 4 for MPC Meeting - Following the concession made by the Senate to screen and confirm the nominees of President Muhammadu Buhari to fill the posts of deputy governors of the Central Bank of Nigeria (CBN) and the four members-designate of the Monetary Policy Committee (MPC), the CBN has said it will hold its first meeting of the MPC this year on April 3 and 4. Source Thisday Read More 


NSEASI Closes Below 42,000bpts as Sell Pressure Persists; Records -2.85% Loss WoW - Equities market closed today on a negative note, as NSEASI depreciated by -0.59% to close at  41,935.90 basis points as against -1.53% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.66%. Source Proshare Read More 

NASD USI Loses 0.29% ;Volume of Shares traded increase 300% wow - The NASD OTC Market ends the week in red, as the NASD USI decreased by  0.29%, closing at 661.30 points (as against 663.22 points last Friday). Consequently, total market capitalisation shed 0.29% this week, closing lower at N447.52 billion compared to N448.82 billion last Friday. Source Proshare Read More 

Bond Yields Taper as CBN holds off on OMO - The Bond market closed the week on a relatively calm note with very little in the way of flows, except for slight buys on the 2034s, consequently reversing some of the selloff witnessed on the bond in the previous session. Source Proshare Read More 

Corporate Earnings for the Week Ending 160318 – ZENITH Declares N177.93 bn PAT in Q4 2017 Results – Source Proshare Read More 

Transcop gets shareholders’ approval to raise N40bn - Shareholders of Transcorp Hotels Plc have given approval to the management of the firm to raise the sum of N40bn for the upgrade the Transcorp Hilton Abuja. Source Punch Read More 

Morison Industries gets N502.2m new equity funds - Morison Industries Plc has successfully raised N502.2 million in new equity funds to reposition its operations. Source Daily Trust Read More 

Nigerian banks lose 2m customers in 2 years – Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion,Nigerian banks lost over 2 million customers between 2016 and 2017. Source Vanguard Read More 

NNPC seeking funding options for refineries’ overhaul – Baru - The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has said that the oil firm is currently searching for the best funding options to adopt for the overhaul of the nation’s refineries. Source Punch Read More 

World Bank begins preparation for Nigeria’s $500m power distribution project - The World Bank has commenced preparations for the $500m Nigerian Electricity Distribution Improvement Project. Source Punch Read More 

Discos get N44.85bn electricity invoices, remit N2.7bn - Power distribution companies received a total invoice of N44.85bn for the quantum of electricity they received in January this year but the firms remitted only N2.7bn. Source Punch Read More 

Govt eyes $40b investment from three fields, others - The Federal Government is expecting investments worth $40 billion in the upstream segment of the oil and gas industry in the next five years Source THE NATION Read More 

Energia reopens talks on 10,000 bpd refinery - Nigeria’s refining capacity may soon be increased by 10,000 barrels per day (bpd) as Energia Limited has reopened talks with investors over its planned refinery project. Source THE SUN Read More 

Shell Debunks Amnesty’s Allegations on Spills Management in Niger Delta - Shell Petroleum Development Company of Nigeria (SPDC) has denied allegations of environmental mismanagement in the Niger Delta levelled against it by Amnesty International, reiterating its commitment to swift response to oil spill incidents as much as access and security conditions permit teams to mobilise and deploy to spill sites to investigate, clean up and remediate such areas. Source Thisday Read More 

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Oil prices fall as increased U.S. drilling points to higher output - Oil prices fell on Monday as increased drilling in the United States pointed to more output, raising concerns about a return of oversupply. Source Reuters Read More 

Egypt's Debt Loses the Edge That Attracted $20 Billion - Egypt, prime territory for risk-hungry debt traders for the past 15 months, could be upstaged by other emerging markets as it begins to cut rates to spur the economy. Source Bloomberg Read More 

Exxon Mobil Partnering With Pakistan for Third LNG Terminal - Exxon Mobil Corp. is working with a group of Pakistan’s large businesses on a proposal to build and supply the country’s third import terminal for liquefied natural gas, according to the nation’s minister for maritime affairs. Source Bloomberg Read More 


Lagos Govt Closes Olusosun Dumpsite, over Environmental concerns - As part of its commitment in ensuring a safe environment for all Lagosians, the State Governor Mr Akinwunmi Ambode has approved the closure of the Olusosun Dumpsite, near the Ojota area. Source Proshare Read More 

Reducing land use charge by 50% makes no meaning, OPS tells LASG - The Organised Private Sector (OPS) yesterday told the Lagos State Government that the reduction of the land use charge by 50 per cent would not ameliorate the over 500 per cent increase in the new rate. Source Guardian Read More 

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Total PoS transactions rose to N1.41tn in 2017 – NIBSS - The Nigeria Inter-Bank Settlement System has disclosed that Points of Sale transactions increased by 54.3 per cent to N1.41tn in 2017 as more retail merchants embraced PoS as a means of transactions. Source Punch Read More 

Russia bond sales allow payment in alternative currencies  -Unusual terms in the prospectus for Russia’s $4bn issue of eurobonds, which closed on Friday, have left analysts wondering whether financial markets really are Source FT Read More 

Apple Is Secretly Developing Its Own Screens for the First Time - Apple Inc. is designing and producing its own device displays for the first time, using a secret manufacturing facility near its California headquarters to make small numbers of the screens for testing purposes, according to people familiar with the situation. Source Bloomberg Read More 

Alibaba Will Invest Another $2 Billion in Online Mall Lazada - Alibaba Group Holding Ltd. will invest another $2 billion in Lazada Group SA and install one of its most senior executives to run the business as it doubles its bet on Southeast Asia. Source Bloomberg Read More 

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