Nigeria in 1min: Economic, Business and Financial Headlines – 200218


February 20, 2018 7:20 AM / Proshare News 


Label tax evasion,malpractices by MNCs as foreign corrupt practices, Adeosun tells OEDC, World Bank - Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, has called for the designation of tax malpractices by Multinational Corporations in Nigeria and other developing countries as ‘foreign corrupt practices’.  Source Proshare Read More 

Revenue from VAT rises by 19% to N968bn in 2017 - Federally collected revenue from Value Added Tax (VAT) rose to N968 billion in 2017, up by N156.7 billion or 19 percent from N811 billion recorded in 2016. Source Vanguard Read More 

TSA monthly savings hit N24.7bn - The strict implementation of the Treasury Single Account (TSA) by the President Muhammadu Buhari-led All Progressives Congress (APC) has increased the earnings of the Federal Government to a whopping N24.7 billion monthly. Source THE SUN Read More 

Mining grew by 2.24% in 2017 – Fayemi - The country’s mining sector grew by 2.24 per cent in 2017, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Source Punch Read More 

Gov. Ugwuanyi assents 2018 budget of N103.5bn - Gov. Ifeanyi Ugwuanyi of Enugu State on Monday signed the 2018 budget of N103.5 billion into law. Source Punch Read More 

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Unpaid debt: AMCON takes over Osigwe Foods - Justice Saliu Saidu of the Federal High Court, Lagos Division, has granted an injunction against Osigwe Foods and Agro Industrial Company Limited, owned by Chief Anselm Kayode Mohammed, on the application of Asset Management Corporation of Nigeria. Source Punch Read More 

Asset replacement cost pushes insurance industry loss ratio to 80% - High cost of asset replacement, fuelled by dollar scarcity during the 2017 financial year has shut up insurance sector loss ratio from 35 percent to 80 percent. This will undermine profitability of insurance companies in 2017, when last quarter and full year results of companies performance begins to roll in Source BUSINESSDAY Read More 


SEC Targets Increased Financial Inclusion by 2020 - The Securities and Exchange Commission (SEC) has said that it aims to achieve increased financial inclusion of Nigerians by the year 2020. Source Proshare Read More 

DMB That Does Not Meet the Minimum Capital Adequacy Ratio Shall Not Be Allowed to Pay Dividend - CBN - Please recall that the Central Bank of Nigeria issued a Circular dated October 8, 2014 referenced BSD/DIR/GEN/LAB/07/033 on the above subject. Kindly note an addition/amendment for the Circular as in item 4.0(4). All other provisions remain unchanged.  Source Proshare Read More 

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Nigerian Stock Market Opens The Week Negative as NSEASI Dips by -1.53% -Equities market closed today on a negative note, as NSEASI depreciated by -1.53% to close at 41,988.18 basis points as against +0.08% appreciation recorded previously. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week -190218 - The Afrinvest Weekly sentiment indicator weakened to 0.3 points from 1.0 points recorded the previous week due to weaker trading activity measured by volume which offset improvement in market breadth to 0.6x from 0.3x the prior week. Source Proshare Read More 

Inter-Bank FX Rate hits Ytd High of N306.00 Per $ Amid CBN’s wholesale interventions - The bond market was scantily traded in today’s session, with slight sell witnessed on some long tenured bonds. Source Proshare Read More 

CBN Sells $210m To Boost Supply - The Central Bank of Nigeria (CBN) yesterday sold $210million, to meet customers’ requests in various segments of the foreign exchange market. Source Leadership Read More 

Fuel Depots In Western Zones Empty – IPMAN - The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the country could experience another period of petrol scarcity in Lagos and other south western states as depots in the western zones do not have products currently. Source Leadership Read More 

Oil Price Stabilises As Brent Crude Gains At $65.30 Per Barrel - Oil price yesterday extended gains to hit highest level in nearly two weeks as Asian shares joined a global recovery in equity markets. Source Leadership Read More 

Nigeria’s oil production falls to 1.819mbpd in January - Nigeria’s crude oil production decreased by 8,100 barrels per day (bpd) from 1.828 mbpd it recorded in December, to 1.819mbpd in January. Source Guardian Read More 

FG to announce refinery investors next month – Kachikwu - The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, yesterday, said the Federal Government will announce the private investors in the refineries in the coming March. Source Daily Trust Read More 

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Delta to build 30,000bpd modular refineries - The Delta State Government on Monday announced that it would commence the construction of three modular refineries with total crude refining capacity of 30,000 barrels per day before the end of this year. Source Punch Read More 

Agip Moves to Take over Oyo Oilfield in OML 120 - Following the order of a Federal High Court sitting in Lagos, which enforced and recognised a final award rendered at the London Court of International Arbitration (LCIA) on February 14, 2017 in favour of Nigerian Agip Exploration Limited (NAE) in respect of the Oyo oilfield in Oil Mining lease (OML) 120, the Nigerian subsidiary of the Italian firm has moved to take over the field, THISDAY has learnt. Source Thisday Read More 

FG Requires N73bn Investment to Offtake 2,000MW Stranded Power - The federal government has stated that N73.1 billion would be required to install a number of 33/11/0.415 kilovolts (kV) electricity distribution facilities in the 11 distribution networks to enable them take up the 2,000 megawatts of power that are currently stranded with the generation companies. Source Thisday Read More 

Sagamu IPP, Chinese Firm Sign $550m EPC Contract for 400MW Plant - Sagamu Independent Power Plant Limited (SIPP), a wholly owned Nigerian company, and private developer in power and infrastructure, has signed an Engineering, Procurement and Construction (EPC) contract with China Energy Engineering Corporation Limited (Energy China) for the construction of 400 megawatts Sagamu IPP to be located in Sagamu Local Government Area of Ogun State. Source Thisday Read More 

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IMF Programmes in Africa and the Implications for Creditworthiness - The increased involvement of the IMF in Africa over the last two years has alleviated short-term liquidity pressures and contributed to the design and implementation of adjustment policies to address macroeconomic imbalances. Source Proshare Read More 

#NigeriaPetroleumSummit: Buhari, Barkindo, Kachikwu harp on collaboration in Africa’s Oil Industry - President Muhammadu Buhari, the Secretary-General of the Oil Producing Exporting Countries(OPEC) Dr Mohammed Barkindo and Minister of State, Petroleum Resources Dr Emmanuel Ibe Kachikwu all harped on the need for deeper collaboration, in the African Oil and Gas Industry. Source Proshare Read More 

UBA contactless cards hit three million mark - United Bank for Africa (UBA) Plc, has demonstrated its superiority in the  e-banking space with the issuance of over three million Near Field Communication (NFC) technology enabled  contactless cards to its teeming customers. Source THE NATION Read More 

Deutsche Bank to Cut at Least 250 Banker Jobs - Deutsche Bank AG has started cutting at least 250 jobs globally at its corporate and investment bank as Germany’s largest lender seeks to keep a lid on expenses amid a sustained slide in the securities unit, according to people with direct knowledge of the matter. Source Bloomberg Read More 

Israel to Export Natural Gas to Egypt in $15 Billion Deal - The lead partners in Israel’s largest gas fields said they signed a $15 billion export deal with Egypt, adding an economic dimension to what until now has been a security-focused relationship between former regional rivals. Source Bloomberg Read More 

U.S. Oil Exports Go Up a Gear as Supertanker Sets Sail for China - The flood of U.S. oil exports stepped up a gear on Monday after the first fully laden supertanker sailed from an American port, alleviating a bottleneck that’s limited overseas shipments. Source Bloomberg Read More 

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'Black Panther' Has Fifth Largest Opening of All Time with More Than $192 Million - Critics have long thought that movies headlined by predominantly Black casts couldn't top box office charts. They felt the appeal would only be for a niche audience, and thus they often didn't get the kind of backing needed to help it take off. Source INC Read More 


Chinese Entrepreneur Starts $100 Million Hedge Fund With His Own Money - Qian Yongqiang, who made his fortune in Chinese education and tech startups, is starting a $100 million hedge fund with his own money. Source Bloomberg Read More 


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