Nigeria in 1min: Economic, Business and Financial Headlines – 211217


December 21, 2017 7:50 AM / Proshare News 


Nigeria is a Fringe Player in Global Rice Production - The Nigerian Gas Master Plan moved a step closer to realization with the $2.8bn pipeline contract award by the Federal Executive Council. Source Proshare Read More 

Foreign Trade Review Q3 2017 - Trade Balance Surge on Rising Exports - Nigeria’s trade value rose for the sixth consecutive quarter to N5.92 trillion. This represents a 3.94% QoQ and 23.86% YoY growth. Source Proshare Read More 

FEC approves N378bn contracts - President Muhammadu Buhari yesterday presided a six-hour extraordinary meeting of the Federal Executive Council, which approved  projects worth N378 billion. Source Daily Trust Read More 

Nigeria imports raw materials, others worth N47tr in 5 years - Between 2010 and 2015, Nigeria spent about N47 trillion importing raw materials and products that the country has comparative advantage over other countries, a research has found. Source Daily Trust Read More 

Bauchi signs $1 billion investments MoU with China - Bauchi state government has signed a $1 billion memorandum of strategic cooperation on investment potentials with Chinese investors. Source Daily Trust Read More 

Oyo, Osun customs generates N16b revenue in 2017 - The Customs Area Controller, Oyo/Osun area, Elisha Chikan, on Tuesday disclosed that his command generated over N16.18 billion between January and November 2017. Source Guardian Read More 

Nigeria attains 85% rice production, 8m jobs – Ngige - Chris Ngige, Minister of Labour and Employment has expressed delight over the 85 percent rice production attained through the economic diversification policy of the present administration. Source BUSINESSDAY Read More 

Lagos-Ibadan road: FG considers increasing scope of work to N300bn - Members of the Federal Executive Council, on Wednesday, embarked on a marathon meeting that saw them approving contracts totalling about N960bn. Source Punch Read More 

Review oil Production Sharing Contracts with due diligence – RMAFC - The Revenue Mobilisation, Allocation and Fiscal Commission has asked the Federal Government to handle the proposed review of its Production Sharing Contract agreements with multinational oil companies with due diligence. Source Punch Read More 

FG Finally Releases N739bn Capital Vote to MDAs - Ostensibly responding to the National Assembly’s complaint over the low implementation of the capital component of the 2017 Appropriation Act, the Ministry of Finance Wednesday finally released N739 billion to the ministries, departments and agencies (MDAs) of the federal government. Source Thisday Read More 

Bauchi Signs $1bn Investments Deal with China - Bauchi State Government has signed a $1 billion memorandum of strategic cooperation on investment potential relating to agriculture, solid minerals and tourism as well as another MoU on the establishment of 100MW solar power project with Chinese investors. Source Thisday Read More 

Osun Adopts Modulated Salary Structure to Clear Arrears, Says Commissioner - Osun State government has said it adopted a modulated salary structure to systematically clear the backlog of unpaid salaries and ensure that the government continues to pay salaries as and when due. Source Thisday Read More 

Senate C’ttee: Police Got Only N3bn of Its N20bn Capital Budget This Year - A paltry sum of N3 billion of the N20 billion capital appropriation for the Nigeria Police Force has so far been released in its 2017 budget. Source Thisday Read More 

NSIA plans massive investment in infrastructure - The Nigeria Sovereign Investment Authority on Wednesday said it was planning to invest massively in the Nigerian Infrastructure Debt Fund being managed by Chapel Hill Denham Nigeria. Source Punch Read More 

Dickson wants 13% derivation payment on $1b ECA deduction - Governor Seriake Dickson of Bayelsa State has demanded that the 13 per cent derivation component of the one billion dollar be deducted from the Excess Crude Account (ECA) and sent to the various oil producing states to prevent subjecting them from making double contributions to the security funds. Source Guardian Read More 

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NDIC sets deadline for New Heights MfB’s depositors to file claims - The Nigerian Deposit Insurance Corporation, NDIC, has set January 31, 2018 deadline for payment of insured deposits to the depositors of New Heights Microfinance Bank, MfB. Source Vanguard Read More 

Cautious Approach to Credit Extension - The impact of Nigeria’s economic downturn was severely felt in 2016. Although the outlook for the economy is now relatively stable post-recession, a cautiously optimistic approach has been adopted by banks on lending to avoid a surge in non-performing loans. Source Proshare Read More 


NSEASI Inches Up by 0.40% as Market Halts Two-Day Downtrend - Equities market closed today on a positive note, as NSEASI appreciated by +0.40% to close at 37,933.86 basis points as against -0.46% depreciation recorded previously.  Source Proshare Read More 

Foreign Portfolio Participation in Equity Trading in 2017 - Foreign investors’ participation in equity trading or foreign portfolio investment in the stocks of companies listed on the floor of the Nigerian Stock Exchange is one of the key trading activities the Exchange gathers from major custodians and market operators monthly.  Source Proshare Read More 

What Next for Nigeria’s Stock Market as 2017 comes to a Close? - What should investors look out for in the next major earnings reporting season in 2018, especially with improved company and market fundamentals as reflected in the numbers emanating from quoted companies and reactions to such from market forces in form of price performance and traded volume that had shown increased activities and demand for stocks, when compared to the situation in the three previous years of down market.  Source Proshare Read More 

DMO lists $300m diaspora bonds, $3bn Eurobonds on NSE - The Debt Management Office (DMO) will be listing the $300 million Diaspora Bond and $3 billion Eurobonds on the Nigerian Stock Exchange and Financial Market Dealers Quotation Over-the-Counter (FMDQ OTC) Securities Exchange respectively. Source Daily Trust Read More 

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NNPC plans 4,600MW power plants for Abuja, Kaduna, Kano - The Nigerian National Petroleum Corporation on Wednesday announced that it would build power generating plants with combined capacity for 4,600 megawatts in Abuja, Kaduna and Kano states. Source Punch Read More 

NNPC can’t sustain 100% fuel importation, says LCCI - As the scarcity of Premium Motor Spirit (petrol) continues to rock many parts of the, the Lagos Chamber of Commerce and Industry has said the Nigerian National Petroleum Corporation cannot continue to be the sole importer of the product into the country. Source Punch Read More 

NNPC filling stations run out of stock, sell fuel above pump price - The current fuel scarcity experienced in major parts of the country took a worse turn yesterday, with most Nigerian National Petroleum Corporation (NNPC) filling stations running out of stock. Source THE SUN Read More 

Oil sector fiscal terms unattractive to investors – NNRC - The existing fiscal terms in the Nigeria’s oil and gas sector are not strong enough to attract investors into the country, a report by the Nigerian Natural Resource Charter has revealed. Source Punch Read More 

‘Power generation firms now getting 80% monthly payment’ - Power generation companies are now getting about 80 per cent of the payments required by them to function properly, as against the previous situation where they get less than 30 per cent of their monthly invoices. Source Punch Read More 

Eni, Shell to Face Trial in Italy in $1 Billion Bribery Case  - Eni SpA, Royal Dutch Shell Plc and senior executives will face trial over a $1.1 billion bribery scandal in Nigeria, an Italian judge ruled on Wednesday. Source Bloomberg Read More 

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Dangote Cement Plc Responds to BUA Allegations - Dangote Cement Plc. (DANGCEM, "DCP"), Africa's largest cement producer, has been made aware of several misleading media publications one of which was captioned "A Cry for Help: Wanton Abuse of Power by a Serving Minister Geared at Sabotaging Operations of BUA Cement"; wherein BUA International Limited ("BUA") alleged an abuse of power by the Federal Ministry of Mines and Steel Development ("Ministry") for the benefit of DCP, and made other unwarranted and unfounded claims.  Source Proshare Read More 

Dispute: BUA welcomes Dangote’s decision on judicial process - BUA International Limited has welcomed the decision of the Dangote Group to await the completion of the judicial process in the ongoing dispute by both parties over limestone mining sites. Source Punch Read More 

Innoson Boss, Chukwuma, Rejects His Release by EFCC - More than 24 hours after the Economic and Financial Crimes Commission (EFCC) stormed the residence of the chief executive officer and founder of Innoson Vehicles Manufacturing (IVM) Group, Mr. Innocent Chukwuma, and arrested him over a commercial dispute between him and his bank – Guaranty Trust Bank Plc (GTBank) – the commission Wednesday released him on bail. Source Thisday Read More 

Reps probe alleged $5bn diversion by CBN - The House of Representatives alleged on Wednesday that over $5bn had been diverted by the Central Bank of Nigeria from the Federation Account. Source Punch Read More

EFCC grants autonomy to NFIU - Acting chairman of the Economic and financial Crimes Commission (EFCC), Mr. Ibrahim Magu, yesterday, disclosed that the agency has given full autonomy to Nigeria Financial Intelligence Unit ( NFIU). Source THE SUN Read More 

Workers at South Africa's Shoprite to hold one-day strike on Friday -  Workers at South Africa’s Shoprite will go on a one-day strike on Dec. 22 to protest a change in working hours, their union said on Wednesday Source Reuters Read More 

Ethiopia signs $4 billion deal to build 1,000 MW-geothermal power plants - Ethiopia has signed an agreement to build two geothermal power plants at a combined cost of $4 billion, to be run by the country’s first privately-owned utility. Source Reuters Read More 

Angola sovereign fund reports $40.5 mln profit in Q3 - Angola’s sovereign wealth fund made a profit of $40.5 million in the third quarter, it said on Wednesday, attributing it to a good performance in its bonds and securities investments. Source Reuters Read More 

Ghana Nov producer price inflation falls to 7.1 pct - Ghana’s producer price inflation fell to 7.1 percent year-on-year in November from 8.2 percent a month before, the statistics office said on Wednesday. Source Reuters Read More 

Banks Are Worried Tech Systems Could Crash After Introduction of New EU Rules - Computers crashing, investors frozen out of markets and a heightened risk of fat finger mistakes. That’s the worst-case scenario when the biggest change to European rules for the investment industry in a decade finally come into effect next month. Source Bloomberg Read More 

U.K. Consumer Confidence Hits a Four-Year Low - U.K. consumer confidence slipped to a four-year low in December and risks weakening further in 2018, according to a report Thursday. Source Bloomberg Read More 

South Africa ANC Decides That Central Bank Must Be State-Owned - South Africa’s ruling party has ratified a proposal for the state rather than private shareholders to own the central bank. Source Bloomberg Read More 

Saudi Arabia to Freeze More Bank Accounts in Crackdown - Saudi Arabia’s crackdown on alleged corruption showed no signs of letting up, with more people being questioned and banks freezing more accounts, according to people familiar with the situation. Source Bloomberg Read More 

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Benin Republic Withdraws Globacom’s Operating Licence - Benin Republic’s telecommunications regulator has withdrawn the operating licence of Nigerian mobile telecoms company, Globacom’s local unit in a dispute over new terms, according to a document seen by Reuters. Source Thisday Read More

 China, Nigeria lead world Bitcoin transactions in 2017 - China and Nigeria lead the world’s peer-to-peer (P2P) bitcoin transactions in the year 2017 outpacing major European countries, the United Kingdom and the United States of America, according to data from Source BUSINESSDAY Read More 

NIMC approves regulations for mandatory National Identification Number - The National Identity Management Commission (NIMC) has endorsed five regulations to support the mandatory use of the National Identification Number (NIM). Source Guardian Read More 

Digital TV will generate N100bn for Nollywood – Lai Mohammed - Minister of Information and Culture, Alhaji Lai Mohammed says that Digital Television will generate N100bn annually for Nollywood through FreeTV distribution network. Source Vanuard Read More 

E*Trade to Let Clients Trade Cboe Bitcoin Futures Contracts - E*Trade Financial Corp. said it will allow customers to trade bitcoin futures from Cboe Global Markets Inc., joining competitors in offering the contracts after monitoring their debut earlier this month. Source Bloomberg Read More 

Bitcoin to Be Included in Code Behind World's Highest Tax Burden - No one pays more tax, as a percentage of GDP, than the Danes. So in the country with the world’s highest tax burden, officials are eager to ensure they don’t miss out on potential revenue as bitcoin goes mainstream. Source Bloomberg Read More 

A Cryptocurrency Founder Sold All His Coins After 7,500% Rally - Charlie Lee, creator of the world’s fifth-biggest cryptocurrency, cashed in during a 75-fold rally this year. Source Bloomberg Read More 

Coinbase Looks at Insider Trading After Offering Bitcoin Cash - Coinbase Inc., one of the most popular U.S. cryptocurrency exchanges, is investigating allegations of insider trading on its platform in the hours before the company announced it would enable purchases of the bitcoin spinoff known as bitcoin cash. Source Bloomberg Read More 

BoE's Carney sees problems with central-bank issued cryptocurrencies - Bank of England Governor Mark Carney sees “fundamental problems” with the idea of a digital currency issued by a central bank that could be used by the general public. Source Reuters Read More

Indian authorities weighing how to regulate cryptocurrencies: SEBI chief - India’s capital market regulator is talking with the government and central bank about how to regulate cryptocurrencies, its chairman said on Wednesday. Source Reuters Read More 

China ride-sharing firm Didi raises $4 billion for global push - Chinese ride-hailing service Didi Chuxing Technology Co has raised $4 billion in a new funding round, the firm said on Thursday, boosting its war chest as it looks to expand overseas and intensify a challenge to Uber Technologies Inc. Source Reuters Read More 

U.S. regulator plays down bitcoin fears, backs fintech charter - A U.S. banking regulator said on Wednesday that bitcoin does not currently pose a threat to the country’s banking system and that there is “space” for innovative financial technology firms to operate in the traditional lending business. Source Reuters Read More 

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