Nigeria in 1min: Economic, Business and Financial Headlines – 241018


Wednesday October 24, 2018 / 7:00 AM / Proshare News


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State of State’s GDP: Much Ado About The Maiden State GDP Report?-The National Bureau of Statistics (NBS) recently published its first-ever States’ GDP data. The maiden report profiled the Nominal GDP of 11 of the 36 States of the federation between 2013 and 2017. Source Proshare Read More 

Global Market for Pulp is $168bn of Which Nigeria Controls Less Than 0.5%-The global market for pulp is $168bn of which Nigeria controls less than 0.5%. Paper, which is the end product of pulp, is a threatened item due to technology disruption, paperless office etc. Source Proshare Read More  

Reps Approve Buhari’s $2.7bn Loan Request, $82.54m To Refinance Eurobond - The House gave the approval at its sitting in Abuja on Tuesday, which was presided over by the Speaker, Mr Yakubu Dogara. Source Punch Read More  

Senate Passes A New Version of Electoral Act 2010 (Amendment) Bill - The Senate today passed a new version of the Electoral Act 2010 (Amendment) Bill 2018 at the plenary session at the Red chambers in Abuja. Source Proshare Read More  

AfDB, ATI launch $500m Credit Insurance Scheme - The African Development Bank (AfDB) and African Trade Insurance Agency (ATI) announce the successful completion of a $500 million credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations in Africa. Source Nation Read More 



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CBN Reviews Minimum Capital Requirement For Microfinance Banks In Nigeria-Given the role of microfinance banks in economic growth and development, the Central Bank of Nigeria (CBN) introduced the Microfinance Policy, Regulatory and Supervisory Framework on December 15, 2005 (revised in 2011).Source Proshare Read More 

CBN Introduces Additional Template to The Redesigned CRMS-The CBN Circulars on the redesigned CRMS — Notice Of Commencement Of Compliance Status Checks (Ref No: FPR/D1R/GEN/CIR/07/002; dated June 6 2018), and Notice Of Regulatory Breach - Discrepancy Between FiNA (Total Value Of Loans And Advances) And Crms (Total Value Of Outstanding Balances) As AT 30th June 2018 (Ref No: FPR/D/R/GEN/CRM/05/230; dated August 20 2018) refer. Source Proshare Read More 


Investments on Pension Funds Yield 16.42% in 2017 – Data - Investments with accumulated funds in active Retirement Savings Accounts (RSAs) yielded an average of 16.42 per cent in 2017. Source DailyTrust Read More


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Key Highlights of Dangote Cement Plc Q3 2018 Conference Calls-DANGCEM published 9M 2018 results yesterday. The group has grown EBITDA by 15% and PAT by 3% in nine months. Source Proshare Read More


ROYALEX Appoints Olawale Banmore as Acting GMD; Announces The Exit of Alhaji Auwalu Muktari-Royal Exchange Plc advised of the exit of its Group Managing Director, Alhaji Auwalu Muktari with effect from October 19, 2018. Source Proshare Read More


Flour Mills of Nigeria Plc Extends Offer and Repriced The 184-Day CP Series 3-The offer will be extended till tomorrow, October 24, while funding will occur till Thursday, October 25.  Source Proshare Read More


NSEASI Closes Above 33,000bpts as Market Sustains Positive Stance-Equities market closed today on a positive note, as NSEASI appreciated by +0.69% to close at 33,191.45 basis points as against +0.37% appreciation recorded previously. Source Proshare Read More


Market Players Anticipate Slightly Higher Rates at N115bn FGN Bond Auction Tomorrow - The DMO will offer 115bn of the 5-yr (35bn), 7-yr (35bn) and 10-yr (45bn) bonds at an auction tomorrow. We expect demand at the auction to be moderate, and not as aggressive as that seen at the previous auction. We consequently expect rates to clear slightly above their previous auction levels across the tenors on offer. Source Proshare Read More


STERLNBANK Declares N8.21bn PAT in Q3 2018 Results,(SP:N1.50k) - Source Proshare Read More 


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#NES24: Executive and Legislature must Work Together For Nigeria’s Progress-Saraki-Senate President Dr.Bukola Saraki believes Nigeria’s progress lies in a cordial relationship and understanding between the executive and legislature. Source Proshare Read More


Aviation Experts Decry Continued Closure of Warri Airport - The airport was closed on September 3, when NAMA withdrew its navigational services over alleged debt owed it by the management of the airport. Source Punch Read More


Four Diamond Bank Directors Quit Ahead of New Investment - Ahead of fresh investment coming into Diamond Bank Plc, four of its directors have resigned paving way for the new investors to nominate their representatives to serve on the bank’s board. Source Thisday Read More


$8.1bn Refund: MTN Took Govt for Granted, Says Minister - Big businesses operating in Nigeria take the Federal Government and stipulated regulations for granted, the Minister of Finance, Zainab Ahmed, has said. Source Punch Read More


Nigerians Spend N2.45tn Yearly to Import Vehicles – Osinbajo - Vice-President Yemi Osinbajo on Tuesday said Nigerians were spending about $8bn (N2.45tn at the official exchange rate of N306.55 to $1) on a yearly basis on the importation of vehicles into the country. Source Punch Read More


Elumelu: Entrepreneurs Must Imbibe Corporate Governance - The Co-founder of the Tony Elumelu Foundation, Dr. Awele Elumelu, in this interview speaks about the forthcoming 2018 entrepreneurship forum of the Foundation. Obinna Chima provides the excerpts: Source Punch Read More


FG Opens North Central Region For Fibre Investors - The Federal Government through the Nigerian Communications Commission (NCC) has opened up the North Central region of the country for fibre investors through the Infrastructure Companies (InfraCo) model. Source Guardian Read More


$18b: MTN Seeks Fair Deal - Telecoms firm MTN is holding talks with Nigerian officials to find a “mutually acceptable solution” to the dispute over the alleged transfer of $8.1 billion, the firm said yesterday in a statement from Johannesburg. Source Nation Read More


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Tips to Get an Auto Loan with Bad Credit or No Credit-If you have less-than-perfect credit or no credit, you might be asking yourself how you’ll get approved for your auto loan. Source Proshare Read More


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