Nigeria in 1min: Economic, Business and Financial Headlines – 230318


Friday, March 23, 2018 7:10 AM / Proshare News 

Continental Free Trade Zone: An Epic Tale of Developing Cold Feet - On Wednesday, March 21st 2018 economic integration in Africa took a leg up as leaders of the continent established a continental free trade zone. In specific, 44 countries signed up for the continental free trade zone. Many economists within and outside the region considered it a watershed moment in the economic annals of the continent.  The region seeks to leverage on its $2.5 trillion economy. Source Proshare Read More 

The National Trust Deficit
- Whether at a wedding ceremony, a funeral or a birthday party, on the street, in the motor park, train station, inside or outside the Church or mosque, at Seminars, conferences, at the bar or on a dinning table, it is impossible for two or more Nigerians to have a normal conversation without veering into the mood of desolation that has gripped the nation. Source Proshare Read More 

Cocoa Prices Down Slightly by 0.04% to $2,557 per MT
- The U.S Fed increased its benchmark rate by 25bps to 1.75%p.a., as widely expected, with a promise of two more hikes this year. Source Proshare Read More 

States to get refund on roads
- STATES are to get the cash they spent on federal roads, it was learnt yesterday. President Muhammadu Buhari dropped the hint during his visit to Zamfara State after Governor AbdulAziz Yari’s request for the refund of the N56 billion being owed the state on federal road projects it executed. Source THE NATION Read More 

Oil revenue down to $24.7b
- There was steep decline in oil revenue between 2011 and 2015, Nigerian Extractive Transparency Initiative (NEITI) Executive Secretary Waziri Adio said yesterday. Nigeria, he said, earned about $68.4billion from oil in 2011, and a paltry $24.7billion in 2015. Source THE NATION Read More 

NPA deploys $30m equipment in Onne Port
- The Nigerian Ports Authority ( NPA) has concluded plans to deploy equipment worth over $30 million to Onne port, Rivers State, it was learnt yesterday. The measure, it was gathered, is being taken by the NPA Managing Director, Ms Hadiza Bala Usman, to boost efficiency, security and make the port attractive for business. Source THE NATION Read More 

Akwa Ibom gov commissions finance company today
- Akwa Ibom State Governor, Udom Emmanuel will today commission the new headquarters of Akwa Savings and Loans Limited in Uyo, the state capital. Source The Guardian Read More 

Bill To Prevent Commercialisation Of Ajaokuta Steel Company Passes Second Reading
- The House of Representatives on Thursday passed for the second reading, a bill for an Act to amend the Public Enterprise (Privatisation and Commercialisation) Act to review the list of enterprises to be privatized. Source Leadership Read More 

Cambridge Analytica was offered politicians' hacked emails, say witnesses
- The data analytics firm that worked on the Donald Trump election campaign was offered material from Israeli hackers who had accessed the private emails of two politicians who are now heads of state, witnesses have told the Guardian. Source The Guardian UK Read More  

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Seplat Plc Announces Completion of the Offering of $350 Million 9.25% Senior Notes Due 2023 - Seplat today announced that it has completed its offering of $350 million in aggregate principal amount of 9.25% senior notes due 2023 (the ”Notes”). Source Proshare Read More 

NSE Proposes Rules for Price Stabilization of Securities; Calls For Comments
- The Exchange is proposing to add the Rules for Price Stabilization of Securities to the Rulebook of The Exchange (”Rulebook”) (Issuers’ Rules). Source Proshare Read More 

Nigerian Stock Market Halts Downtrend as NSEASI Inches Up by 0.33%
- Equities market closed today on a positive note, as NSEASI appreciated by +0.33% to close at 41,633.79 basis points as against -0.46% depreciation recorded previously. Source Proshare Read More 

Access Bank Plc FY 2017 - No Room to Swing a Cat
- Access Bank Plc (Access) released its audited FY 17 result yesterday with earnings running a tad behind our estimates on account of higher impairment and FX revaluation losses. Precisely, EPS declined by 13% YoY to N2.14 (2017E: N2.53). Source Proshare Read More 

U.S Fed hikes rates, sees three increases in 2018
- United States Federal Reserve officials, meeting for the first time under Chairman Jerome Powell, yesterday raised the benchmark lending rate a quarter-point and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continued to project a total of three increases this year. Source Businessday Read More 

Facebook’s data breach apology drags down shares of Twitter, Snap
- Mark Zuckerberg’s apology and admission that his company, Facebook Inc., made mistakes in the handling of data belonging to 50 million of its users and which were subjects of a data breach, has sent stocks of other social media companies tumbling more than one percent on Thursday. Source Businessday Read More 

Stocks tumble, bonds and yen gain as trade war fears drive rush to safety
- The rumblings of a global trade war sent shivers through stock and currency markets on Friday after U.S. President Donald Trump announced long-promised tariffs on Chinese goods and China retaliated with a pledge to fight to the end any such war. Source Reuters Read More 

Trade fears loom as Samsung Electronics shareholders approve stock split
- Samsung Electronics Co Ltd shareholders approved a stock split on Friday making it easier for retail shareholders to hold shares in the tech giant, at an annual meeting also dogged by concerns about global trade tensions. Source Reuters Read More 

MTN Raises Target for Ghana IPO to $787 Million
- MTN Group Ltd.’s Ghanaian unit lifted its target for an upcoming initial public offering by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter. Source Bloomberg Read More 

Funding rates crash by c.14pct as inflows from OMO and PMA Repayments bolster System Liquidity -
The Bond market turned bearish in today's session, as market players took profits on some positions held prior to the auction. Source Proshare Read More

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NSACC Chamber explores Manufacturing as Springboard for Nigeria’s Growth - Stakeholders at the March, 2018 breakfast meeting of the Nigeria-South Africa Chamber explored “Manufacturing as Springbroad for Nigeria’s Growth” in Lagos. Source Proshare Read More 

At The Launch of AfCFTA, Afreximbank Pledges $25 billion over Five Years for Intra-African Trade
- The African Export-Import Bank (Afreximbank) will disburse about $25 billion dollars in support of intra-African trade during the five years ending in 2021 under an Intra-African Trade Strategy it launched in 2016 in anticipation of the African Continental Free Trade Area (AfCFTA), Dr. Benedict Oramah, President of the Bank, announced today in Kigali. Source Proshare Read More 

Senate Confirms Aisha Ahmad and Edward Lametek Adamu as Deputy Governors of CBN
- The Nigerian Senate has today confirmed the nomination of Aisha Ahmad and Edward Lametek Adamu as Deputy Governors of the Central Bank of Nigeria (CBN). Source Proshare Read More 

Court Grants Injunction Restraining Lagos State From Enforcing New Consumption Tax Law
- Justice Rilwan Aikawa of the Federal High Court sitting in Lagos has granted an order of injunction restraining the Lagos State Government from enforcing the new Hotel Occupancy and Restaurant Consumption Law 2017 in the state. Source Proshare Read More 

Tony Elumelu Foundation Selects 1,000 Entrepreneurs for 2018 Programme
- More than 150,000 Africans from 114 countries worldwide applied to join the 4th cycle of The Tony Elumelu Foundation’s (TEF) 10-year, $100 million TEF Entrepreneurship Programme. Today, the Foundation announced the African entrepreneurs with the most innovative, high-potential business ideas. Source Proshare Read More 

Fidson Healthcare Plc Appoints Mr Olusegun S Adebanji as Director
- Fidson Healthcare Plc hereby gives notice that at the Board meeting of the company held on 15th of January 2018, Mr. Olusegun S. Adebanji was appointed a director of the company. Source Proshare Read More 

Teleology Unveils 10-point Agenda for 9mobile
- Barely 24 hours after meeting thursday’s deadline set by the financial adviser handling the sale of 9mobile for the payment of the $50 million non-refundable cash deposit for the Nigeria’s fourth largest telecoms operator, Teleology Holdings, the preferred bidder for the deal, has reeled out its 10-point agenda for 9mobile. Source Thisday Read More

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Governors, Dangote, foundation partner on polio eradication - Six governors in the north met in Sokoto State on Wednesday to sign a Memorandum of Understanding (MoU) with the Bill and Melinda Gates Foundation, Dangote Foundation and USAID to extend the routine polio immunization programme. Source THE NATION Read More

Bill Gates Foundation Invests $1bn in Nigeria’s Healthcare System
- The Bill and Melinda Gates Foundation has so far invested over $1 billion in Nigeria’s health care system. The Co-Chair of the Foundation, Bill Gates made the disclosure in Abuja wednesday when he led a delegation to a meeting with the Minister of Finance, Mrs. Kemi Adeosun. Source Thisday Read More 

Kogi Govt Increases Bursary By 300%
- The Kogi State Governor, Alh. Yahaya Bello, has directed the state’s Accountant-General to ensure the payment of N98,000,000 to cover all categories of Kogi students across the country who registered for the 2017/2018 scholarship scheme through a special portal launched by the State Government. Source Leadership Read More

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Programmatic Digital Advertising Built for Advertisers, Publishers and Viewers - Dating back to Advertising Week 2016 and 2017, there has been a virtual hail storm for digital advertising, a narrative that started with Facebook’s video metrics troubles, then focused on YouTube’s brand safety issues and was kept on point by Procter & Gamble marketing chief Marc Pritchard calling for fixes to occur on his timeline. Source Proshare Read More 

Pick-up in Internet Subscriptions
- The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 100.2 million in January, representing y/y growth of 9.8%. Source Proshare Read More 

Paystack partners Truecaller to boost verification process
- Nigerian fintech startup Paystack has partnered with Truecaller to ensure seamless and secure online payments for African merchants using Truecaller’s Software Development Kit (SDK). Source TechPoint Read More 

Dropbox IPO priced higher than expected on strong demand
- Dropbox Inc’s (DBX.O) initial public offering, the largest tech stock debut in more than a year, was priced at $21 per share, the company announced on Thursday, higher than expected. Source Reuters Read More 

JPMorgan Considers Spinning Out Quorum Blockchain Unit
- JPMorgan Chase & Co. is in the early stages of weighing whether to spin out its Quorum blockchain project into a separate company, according to a person with knowledge of the deliberations. Source Bloomberg Read More

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NACC Equips Entrepreneurs with Innovative Solutions – The Nigerian-American Chamber of Commerce in collaboration with Fosad Consulting, LLC. has recently organised a workshop on ‘Strategic Innovation for Entrepreneurs’ as part of its effort to foster the growth and development of entrepreneurship in the country. Source Thisday Read More 

Nigerian startup, LifeBank joins Marck Accelerator in Germany, will get €50k support
- LifeBank — a startup tackling the shortage of medical supplies in Nigeria — is one of the 10 startups shortlisted for the 6th round of the Merck Accelerator programme in Germany. LifeBank, which recently raised $200,000 in seed funding towards nationwide expansion, is the only African startup that made the cut. Source TechPoint Read More  

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