Nigeria in 1min: Economic, Business and Financial Headlines – 251017


October 25, 2017 7:10 AM / Proshare News 


GDP by Income and Expenditure Approach – Basic Price GDP Declined by 1.73% Real Term in Q4’16- The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final uses and export. Source Proshare Read More 

FG, states, LGs share N558bn for Sept - The Federation Account Allocation Committee (FAAC) yesterday shared N558 billion to the three tiers of government being revenue for the month of September 2017. Source Daily Trsut Read More 

The Hard Slog of Boosting Non-Oil Exports- Data in the CBN’s Quarterly Statistical Bulletin for Q2 2017 on monthly merchandise exports fob show totals for the 12 months to June of US$30.1bn for oil, Source Proshare Read More 

Delta generates N127.1bn revenue in nine months - Delta State government says it generated N127.1 billion revenue between January and September 2017 fiscal year. Source BUSINESSDAY Read More 

FG plans N871 bn injection into power sector next year - The Federal Government is planning to inject N871 billion into the power sector next year according to its 2018 to 2020 medium term expenditure framework and fiscal strategy paper, but analysts are sceptical that it will resolve the challenges faced by the power sector without tariff review. Source BUSINESSDAY Read More 

FRC to Reintroduce Suspended National Code of Corporate Governance - The Financial Reporting Council of Nigeria (FRC) has opened up on plans to reintroduce its proposed harmonised National Code of Corporate Governance (NCCG) that was suspended by the federal government early this year due to controversies surrounding the policy. Source Thisday Read More 

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We need $36bn to connect all states by rail – Amaechi - The Minister of Transportation, Rotimi Amaechi, on Tuesday said that the $36bn being sought by the Federal Government for rail lines construction across the country would be used to connect virtually all state capitals in Nigeria by rail. Source Punch Read More 

States rule out borrowing to fund revenue gaps - State governments on Tuesday ruled out resorting to borrowing to fund gaps resulting from dwindling revenues accruing to the Federation Account, which are shared by the three tiers of government. Source Punch Read More 

Kwara approves N1.45bn for construction of two roads - The Kwara State Governor, Alhaji Abdulfatah Ahmed, has said the State Executive Council has approved the construction of 12 kilometre Osi-Obbo-Ajegunle/Ekiti Road for N1.02bn. Source Punch Read More 

UN to starts implementation of $4bn SDGs framework - The United Nations (UN) on Tuesday said, it has concluded arrangements to starts implementation of over $4 billion Sustainable Development Partnership Framework (UNSDPF-2018-2022) in 2018. Source BUSINESSDAY Read More 

FG Raises N6.7b Through Monthly Savings Bond In 7 Months - The federal government in pursuit of its objective of financial inclusion by attracting retail investors into the bond market, has generated a total of N6.69 billion through the monthly issuance of the Federal Government of Nigeria Savings Bond (FGNSB) since in March this year. Source Leadership Read More 

4 firms stake N120.5m for Nigerian Mining Corporation subsidiaries - Four firms have staked N120, 547,000 to purchase the assets of the subsidiary companies of Nigerian Mining Corporation (NMC). Source THE SUN Read More

BVN: Presidential aide wants more time for Nigerians in diaspora - The Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, has said more time should be given to Nigerians in the diaspora to obtain the bank verification number. Source Punch Read More 

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CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number- Further to our circular referenced BSPD/DIRGEN/CIR/04/009, dated 25th September 2017, requesting all Deposit Money Banks (DMBs) Source Proshare Read More 


Oando Secures Court Injunction, restraining SEC, NSE - Following the directive by the Securities and Exchange Commission of Nigeria, that the Nigeria Stock Exchange should effect a full/technical suspension on the trading of the shares of Oando; the company has obtained an ex-parte order from the Federal High Court. Source Proshare Read More 

Equities Market Retracts as NSEASI Inches Up by 0.33%- Equities market closed today on a positive note, as NSE ASI appreciated by +0.33% to close at 36,531.62 basis points as against -0.48% depreciation recorded previously. Source Proshare Read More 

Dangote Cement Plc - Don’t Lose Much Sleep Over 2018- Over the last 10 months, Dangote Cement Plc. (DANGCEM) has steadily raised prices to support revenue at the expense of marked volume weakness with analysts, almost unanimously Source Proshare Read More 

Dangote Cement Plc. - Retaining Neutral Rating- 6% cut to our EPS forecast and price target Source Proshare Read More 

Ashaka shareholders endorse share swap deal with Lafarge Africa - At the instance of court-ordered meeting, shareholders of Ashaka cement that missed initial opportunity for Ashaka cement share swap with Lafarge Africa PLC shares  have unanimously voted in favour of swap deal. Source BUSINESSDAY Read More 

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$5.5b Eurobond: Govt eyes December deadline- The Federal Government will, through the Debt Management Office (DMO), raise $5.5 billion from Eurobonds sales latest by December Source THE NATION Read More 

Naira Scarcity Hits Interbank Market as Overnight Lending Rises to 120% - There was naira scarcity on the interbank market Tuesday, leading the overnight tenor of the Nigerian Interbank Offered Rate (NIBOR) to close at 120.08 per cent. Source Thisday Read More 

FG shifts refineries’ repair to 2018 - The plan by the Federal Government to announce private companies it has chosen to repair, revamp and maintain the country’s three refineries has been shifted to 2018. Source Daily Trust Read More 

Nigeria oil minister says prices encouraging, opec not ruling out more cuts - Nigeria is targeting oil production of 1.8 million barrels per day by early next year but that will be the ceiling to comply with OPEC targets its oil minister said in Tuesday. Source Reuters Read More 

Nigeria's NNPC says oil access is "not limitless" for fuel swaps -  Nigerian energy company NNPC is relying heavily on swapping its crude for products such as gasoline as its refineries struggle to run, but an official at the state firm said its access to oil is limited. Source Reuters Read More 

Nigeria's new 650,000 bpd Dangote refinery seen online end 2019 - A new 650,000 barrels per day refinery being built by Africa’s richest man in Nigeria is expected to come onstream by the end of 2019, Nigeria’s Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu said on Tuesday. Source Reuters Read More 

Production cut: OPEC records highest conformity from members, non-members - OPEC and participating Non-OPEC producing countries have achieved a record high conformity level with the voluntary production adjustments, reaching 120 percent as at September, 2017 the Joint Ministerial Monitoring Committee (JMMC) has stated. Source Daily Trust Read More 

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What Happened to the Clarifications on BVN in this Circular?- You will recall the CBN issued a circular stipulating that any bank customer without the BVN would be deemed to have inadequate KYC, effective November 1, 2015. Source Proshare Read More 

Conoil Plc Announces Board and Management Changes- The Management of Conoil Plc would like to notify its esteemed shareholders, stakeholders and the general public Source Proshare Read More 

Japaul Oil and Maritime Services Plc Appoints Mr. Akinloye Daniel Oladapo as Ag. Managing Director- Following the resignation of Mr. Kayode Tolulope Oluwasegun-Ojo, the Group Managing Director, effective September 5, 2017, Source Proshare Read More 

Reps c’ttee invites Emefiele, Yadam, Oke over NIA’s $43m - The House of Representatives Committee on Public Safety, National Security and Intelligence, yesterday, invited the Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele; suspended Director-General of Nigerian Intelligence Agency, NIA, Ayo Oke, and acting Director-General of the agency, Arab Yadam, over the $43,449,947, £27,800 and N23,218,000 recovered by the Economic and Financial Crimes Commission, EFCC, in an Ikoyi residence, in Lagos. Source Vanguard Read More 

Coca-Cola to invest up to $90 mln in Kenya to broaden product range - Coca-Cola Co plans to invest up to $90 million in Kenya over the three years through 2018 to increase its product range in the region’s biggest economy, the soft drinks maker said on Tuesday. Source Reuters Read More 

Kenya signs agreement for crude oil pipeline study -  Kenya said on Tuesday it had signed an agreement with a consortium of three firms for a feasibility study on a proposed pipeline to transport crude oil from the country’s oilfields to a seaport on the Indian ocean coast. Source Reuters Read More 

Unilever Nigeria Plc Appoints Mr Chika Nwobi as Non-Executive Director- We hereby give the Nigerian Stock Exchange and the investing public notice of the appointment of a new non-executive Director, Mr. Chika Nwobi. Source Proshare Read More 

China Unveils New Leaders With No Clear Xi Successor in Sight - The new members are Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji, Han Zheng, according to Xinhua. Xi Jinping, Li Keqiang are re-named. Source Bloomberg Read More 

India $32 Billion Bank Injection Welcomed by Moody’s, Fitch - India’s plan to inject an unprecedented 2.11 trillion rupees ($32 billion) into state-controlled banks will bolster their risk buffers and support the financial system, two major credit-rating companies said. Source Bloomberg Read More 

Bawag Sells 1.9 Billion Euros of Shares in Austria's Biggest IPO - Bawag Group AG, Austria’s fourth-biggest bank, sold 1.9 billion euros ($2.3 billion) of shares in the biggest initial public offering ever on the Vienna stock exchange. Source Bloomberg Read More 

Tanzania Bans Daily Newspaper for Three Months for Inaccurate Story - Tanzania’s government temporarily banned a daily newspaper for publishing an inaccurate story, the third media outlet in the East African country to be proscribed since mid-September. Source Bloomberg Read More 

Saudi Arabia Just Announced Plans to Build a Mega City That Will Cost $500 Billion - Saudi Crown Prince Mohammed bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom in a time of dwindling resources. Source Bloomberg Read More 

Singapore Won't Regulate Cryptocurrencies, Central Bank Chief Says - Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country’s central bank said. Source Bloomberg Read More 

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Senate Passed a Motion on the Need for Intervention in the Etisalat NG $1.2bn Debt Crisis - Today, the Senate passed a Motion on the need for intervention in the recent Etisalat Nigeria $1.2 billion debt crisis.. Source Proshare Read More 

NIGCOMSAT to Deploy NigComSat-1R to Boost Broadband Penetration - In a bid to increase broadband penetration in Nigeria, NIGCOMSAT plans to deploy its NigComSat-1R through the facilities of the Nigerian Postal Service (NIPOST) to boost broadband penetration, the agency’s head of media, Mr. Stephen Kwande stated recently in Abuja. Source Thisday Read More 

FDI in Nigeria’s digital sector hits $1bn — KPMG - KPMG has disclosed that Foreign Direct Investment, FDI, into the Nigeria digital space over the last year is almost $1 billion. Source Vanguard Read More 

Apple buys New Zealand-based wireless charging company PowerbyProxi - Apple has acquired a little-known wireless charging company called PowerbyProxi for an undisclosed sum, according to a report from New Zealand-based news site The company, founded in 2007 by entrepreneur Fady Mishriki as a spin-out venture from the University of Auckland, specializes in small, Qi standard-compliant modules that allow wireless power transfer to larger devices like robots, drones, and medical equipment. Source The Verge Read More 

A new ransomware attack called Bad Rabbit looks related to NotPetya - On Tuesday, reports surfaced that a new kind of malware was spreading around Europe. The apparent ransomware which researchers are calling Bad Rabbit bubbled up in Russia and Ukraine and appears to also be affecting Turkey and Germany, though spread isn’t fully known at this time. Source TECH CRUNCH Read More 


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