Nigeria in 1min: Economic, Business and Financial Headlines – 210218


February 21, 2018 7:10 AM / Proshare News 


18.36bn Litres of PMS Distributed State-wide in 2017 – NBS - The petroleum products importation statistics for 2017 reflected that 17.31 bln litres of premium motor spirits (PMS), 4.28 bln litres of automotive gas oil (AGO), 340.33 mln litres of household kerosene (HHK), 592.73 mln litres of aviation turbine kerosene (ATK) and 15.61 mln litres of low pour fuel oil (LPFO) were imported into the country in 2017. Source Proshare Read More 

FAAC disbursements hit N6.41tr in 2017 - The three tiers of government shared a total of N6.418 trillion in 2017 from the Federation Account Allocation Committee (FAAC). Source THE SUN Read More 

Over 52 government privatized assets not performing – BPE - Alex Okoh, Director General of the Bureau of Public Enterprises (BPE) has said that the agency has so far privatized 142 government assets, out of which over 52 of them are not performing. Okoh blamed the poor performances of the enterprises to the operating business environment in the country which according to him has seen many private or privatised public enterprises either close down or relocate to neighbouring countries. Source BusinessDay Read More 

Nigeria, SSA countries’ debts rise by 550% to $200bn - The total borrowing from the international debt markets by Nigeria and other countries in the sub-Saharan African countries has jumped to over $200bn, from $30bn in 2007, data from the Bank for International Settlements have shown Source Punch Read More 

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BoE Global Liquidity Management (GLM) Workshop Minutes - January 2018 - The Bank of England ‘the Bank’ has established a progamme to renew its Real Time Gross Settlement (RTGS) service. In January 2018, as part of this programme, the Bank invited members of the payments community to participate in a workshop on Global Liquidity Management (GLM). Source Proshare Read More 

The New CBN Regulation on Dividend on Bank Shares – Likely Impact - The CBN recently released the criteria that will guide the dividend policy to be adopted by Deposit Money Banks and Discount Houses. According to the CBN, this is an attempt to prevent banks from paying out huge cash dividends despite having huge non performing loan exposure and weak risk ratings. Source Proshare Read More 

CBN Includes Additional Provision For Dividend Pay-Outs For Nigerian Banks - A local newspaper reported today that CBN released a circular barring banks with significant NPL ratios from paying dividends. Source Proshare Read More 

CBN extends N200bn commercial agric fund to Non-Interest banks - The Central Bank of Nigeria (CBN) yesterday said that Non-Interest Financial Institutions (NIFIs) can now participate in the N200 billion Commercial Agricultural Credit Scheme (CACS). Source Vanguard Read More 

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NSEASI Inches Up by 0.38% as Market Resumes Uptrend - Equities market closed today on a positive note, as NSEASI appreciated by +0.38% to close at  42,148.40 basis points as against -1.53% depreciation recorded previously. Source Proshare Read More 

T-bill Yields Decline as CBN Maintains Hold on OMO - The bond market remained scantily traded in today’s session. We however witnessed slight buys on the short end of the curve (2019s - 2022s) towards the close of market, as market players took positions in anticipation of a lower clearing rate on the 2021 bond at tomorrow’s auction. Source Proshare Read More 

HoldCo Banks’ Investors Not Affected by Dividend Pay-out Policy - Investors in banks that operate under a holding company (holdco) structure can still expect dividends from the holdcos irrespective of the amendments to the dividend pay-out policy by the Central Bank of Nigeria (CBN), a report by CSL Stockbrokers Limited has stated. Source Thisday Read More 

US-based P.E firm Milost said eyeing Unity Bank - Milost Global, a New York based private equity firm is in Nigeria to close the acquisition of tier-two lender Unity bank plc, two sources familiar with the matter confirmed to BusinessDay. Source BusinessDay Read More 

Return to the Eurobond Market in Good Time - The FGN has returned to the Eurobond market for the second time since February 2017 and attracted what the DMO terms a “peak order book” of more than US$11.5bn. In another successful issue, it has priced its offering of US$2.5bn, divided equally between 12- and 20-year debt instruments, at rates of 7.143% and 7.696% respectively. Source Proshare Read More 

$1.3b facilities idle as delay stalls upstream sector projects - If a new upstream project is not approved after the completion of the Egina Floating Production Storage Offloading (FPSO) vessel, ship repair and fabrication yards worth over $1.3 billion may remain idle, with about 20,000 workers risking job loss. Source Guardian Read More 

Niger State Applies For 2 Oil Blocks, Targets Own Refinery - In a bid to harness the full benefits of becoming an oil producing state, Niger State government has applied for two oil blocks. Source Leadership Read More 

A New Agenda for the NNPC’s Refineries - Against the background of periodic challenges with the supply and distribution of petroleum products, the board of the Nigerian National Petroleum Corporation (NNPC) approved the list of firms to be selected for the rehabilitation, operation and maintenance of its refineries at Kaduna, Warri and Port Harcourt last month. Source Proshare Read More 

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FG must pay subsidy arrears to end fuel scarcity – MOMAN - The Major Oil Marketers Association of Nigeria has demanded the payment of arrears of subsidy claims owed its members by the Federal Government between 2013 and 2015. Source Punch Read More 

‘Petrol queues, power failure’ll persist without adequate pricing’ - The Federal Government on Tuesday declared that it was important for the country to address issues surrounding the pricing of petroleum products and gas if Nigeria must overcome the challenges in the supply of petrol, power and gas. Source Punch Read More 

Scarcity: We’ve imported $5.8bn worth of petrol, says NNPC - The Nigerian National Petroleum Corporation on Tuesday said it had imported 9.8 million metric tonnes of Premium Motor Spirit, popularly known as petrol, worth $5.8bn to combat the fuel crisis that resurfaced late last year. Source Punch Read More 

Pipeline sabotage plunged Nigeria into recession – Shell - Over 90 per cent of the oil spillage in the Niger Delta region is due to sabotage of pipelines and other facilities in the oil and gas industry, the Chairman of Shell Companies in Nigeria, Osagie Okunbor, has said. Source Punch Read More 

Electric Vehicle Growth Could See Oil Demand Peak By 2030 - Electric Vehicle (EV) adoption is an increasing threat to oil demand, which could plausibly peak before 2030, Fitch Ratings says in a new report. Source Proshare Read More 

Forex, others delay privatisation of $5.7bn NIPP GenCos - The fluctuating foreign exchange rate, gas, transmission and distribution constraints are key challenges delaying privatisation of the 10 Generation Companies (GenCos) built by the Niger Delta Power Holding Company (NDPHC), its former Managing Director, James Olotu has said. Source Daily Trust Read More 

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$21.4 Million Compensation Paid To Customers By Australia''s Five Largest Financial Services Inst. - Australia's five largest banking and financial services institutions have now paid a further $21.4 million in compensation to customers who suffered loss or detriment as a result of non-compliant conduct by financial advisers. Source Proshare Read More 

IMF says it stopped Kenya's access to $1.5 bln standby credit - The International Monetary Fund stopped Kenya’s access to a $1.5 billion standby credit facility last June after failing to agree with the government on a reduction of the fiscal deficit, the fund said on Tuesday. Source Reuters Read More 

Congo seeks relief talks with oil traders over $2 bln debt - Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said. Source Reuters Read More 

Oil dips as U.S. dollar firms, oil production is expected to rise - Oil prices fell on Wednesday, weighed down by the rebound of the U.S. dollar further away from three-year lows hit last week. Source Reuters Read More 

Qatar Injected $43 Billion to Help Banks After Boycott, S&P Says - Qatar pumped about $43 billion into banks last year after a Saudi Arabia-led boycott caused a drop in deposits, S&P Global Ratings said. Source Bloomberg Read More 

KFCs Shut Around Britain After Chicken Shortage - Yum! Brands Inc.’s KFC warned that a supply-chain breakdown that has shut more than half of its 900 U.K. outlets would persist for the rest of the week, continuing to deprive fans of their fried-chicken fix. Source Bloomberg Read More 

Rwanda to Issue Mining Licenses to Boost Investment by a Fifth  - Rwanda will issue 50 new licenses to mine metals including gold, tin and tantalum this year that may help boost investment in the East African nation by a fifth, the Rwanda Development Board said. Source Bloomberg Read More 

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PENCOM Issues Public Notices on Administration of Life Insurance Policy - The National Pension Commission (PenCom), on Wednesday, 14 February 2018, issued two-pronged notices to both employers and employees on the administration of life insurance policy. Source Proshare Read More 

PENCOM Issues Public Notices on Administration of Life Insurance Policy - The National Pension Commission (PenCom), on Wednesday, 14 February 2018, issued two-pronged notices to both employers and employees on the administration of life insurance policy. The public notices are meant to serve as a reminder to the earlier issued guidelines for life insurance policy by PenCom. Source Proshare Read More 

APT RSA Pension Fund Outperforms its Peers Again - Nigerian pension funds earned an annualized 16.37% average return for the period ended December 31, 2017 compared to11.56% the prior year, a new data analysis from Quantitative Financial Analytics has shown.  Source Proshare Read More 

PFAs invest N5.2tn of pension fund in FG securities - Out of the total N7.52tn total pension assets as of December 31, 2017, about N5.29tn, representing 70 per cent of the entire fund, was invested in Federal Government securities by Pension Fund Administrators. Source Punch Read More 


UK's FCA and US Commodity Futures Trading Commission Sign Pact To Collaborate On FinTech Innovation - The Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have today signed an arrangement that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology (FinTech) initiatives – LabCFTC(link is external)and FCA Innovate. Source Proshare Read More 

ETHIX-Net Delivers A New Generation Of Online Banking - International Turnkey Systems Group (ITS), the market leading provider for comprehensive Islamic financial solutions suite, has announced the successful installation of its pioneering ETHIX-Net internet banking modules for Kuwait Finance House, Bahrain (KFHB), further enhancing the Bank’s ETHIX Islamic finance platform. Source Proshare Read More 

Bitcoin nearly doubles in value from year's low hit in early February - Bitcoin hit a three-week high on Tuesday and has surged nearly 100 percent from its lowest level this year, as its recovery continued after South Korea’s financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges. Source Reuters Read More 

Crypto-mining malware nets hacker group $3.4 million worth of Monero coins - Israeli security firm Check Point uncovered a large-scale cryptocurrency mining operation which installed malware on servers running Jenkins, an automation software designed for web development. Source Digital Trends Read More 

Tesla’s cloud was used by hackers to mine cryptocurrency - Tesla’s cloud account was hacked and used to mine cryptocurrency, according to a security research firm. Hackers gained access to the electric car company’s Amazon cloud account, where they were able to view “sensitive data” such as vehicle telemetry. Source The Verge Read More 


DBN unveils N610m lifeline for small businesses - The Development Bank of Nigeria (DBN) has unveiled a nationwide strategic plan for on-lending facility to millions of Medium, Small and Micro Enterprises (MSMEs) across the country. Source Guardian Read More 


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