Nigeria in 1min: Economic, Business and Financial Headlines – 260318


Monday, March 26, 2018 7:00 AM / Proshare News 

What To Expect From The Markets This Week- 260318 - Economic agents and policy makers are more accustomed to the consumer price index (CPI) as a gauge of price changes in the economy, ahead of the implicit price GDP deflator (IPGD). Source Proshare Read More 

States Generate N931.23bn as IGR in 2017 – NBS
- The National Bureau of Statistics Publishes Internally Generated Revenue at State level for 2017 Fiscal Year.  The full year 2017 state IGR figure hits N931.23bn compared to N831.19bn recorded in year 2016. This indicates a growth of 12.03% year on year. Source Proshare Read More 

Speech By Bill Gates At The National Economic Council (Special Session)
- At some point during every visit, though, some brave person eventually asks me—very politely—“Why are you actually here?” It’s an understandable question. Most American technology guys don’t wander around Nigeria learning about its health system. But I think I have a good answer. Source Proshare Read More 

Oil Rebounds Despite Trade War Fears
- Oil prices rebounded on Friday having fallen the day before due to growing tensions between the Trump administration and China regarding tariffs and the increasing likelihood of a trade war. Source Proshare Read More 

Is Guyana Prepared For An Oil Boom?
- Guyana's story shares many similarities with the story of the ugly duckling. One of the poorest countries in South America, it has historically been entirely dependent on oil imports. Source Proshare Read More 

700 pipeline breaches disrupt petroleum supply – NNPC
- The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has lamented the incessant vandalism of the Aba-Enugu products’ pipeline, which has suffered about 700 breaches. Source Punch Read More 

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Cole shares economic road map at Africa CEO Forum
- Sahara Group Co-Founder and Executive Director, Tonye Cole, will draw global attention to the need for diversification and collaboration in the quest for sustaining Nigeria’s economic growth at the Africa CEO Forum which commences on today (Monday) in Abidjan, Cote d’Ivoire. Source Punch Read More 

African free trade agreement: Matters arising
- The African Continental Free Trade Area agreement was endorsed on Wednesday, March  21, 2018, by 44 African countries in Kigali, Rwanda. Nine other African Union member-countries, including Nigeria and South Africa, have delayed their assent to the treaty. Source Punch Read More 

Finance ministry, EFCC harmonising data on recovered funds – Adeosun
- The Minister of Finance, Mrs. Kemi Adeosun, on Sunday said that the letter that she wrote to the Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, was to improve control over recovered funds. Source Punch Read More 

PIGB: Oil marketers, MAN, others oppose single regulator
- Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria and Depot and Petroleum Products Marketers Association of Nigeria and the Organised Private Sector have disagreed with the proposed single regulator for the nation’s oil and gas industry. Source Punch Read More 

Nigeria missing out on $861.5mn French pledge to solar alliance
- Nigeria is yet to ratify the alliance framework of International Solar Alliance (ISA), as developing countries who have signed and ratified the alliance framework stand to benefit from French pledges of $861.5 million. Source Businessday Read More 

Nigeria govt recovers N144 billion through Whistle-blower policy – Official
- The federal government said it recovered more than N143.89 billion from corrupt officials through the implementation of the Whistle Blower policy. Source Premiumtimes Read More

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Global Shadow Banking Sees Heightened Regulatory Scrutiny - Continued increases in shadow-banking regulation should be a net positive for system-wide stability and liquidity if maintained over the medium term, says Fitch Ratings. Overall shadow-banking asset levels have remained manageable. Source Proshare Read More    

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Dubai Financial Market Welcomes The Listing Of Egypt’s NAEEM Holding For Investment - Dubai Financial Market (DFM) today announced the listing of NAEEM Holding for Investment, one of the leading investment companies in the Middle East and North Africa, in a first step of its kind from an Egyptian company. Source Proshare Read More 

NY AG. Announce Record $42m Settlement With Bank Of America Merrill Lynch Over Fraudulent “Masking”
- Attorney General Eric Schneiderman announced today that Bank of America Merrill Lynch (“BofAML”) will pay a record $42 million penalty to the State of New York to settle an investigation into fraudulent practices in connection with BofAML’s electronic trading services. Source Proshare Read More 

Funding rates Spike as CBN Mops up Excess System Liquidity
- The bond market remained bearish in today’s session with slight sell especially on the 2027s taking yields higher by c.6bps for the second consecutive trading session. Source Proshare Read More 

Another Decent Outcome for the DMO
- At this week’s monthly auction of FGN bonds, the DMO offered N80bn, attracted a total bid of N143bn and raised N64bn (US$210m) from sales. It has therefore raised N254bn in Q1, compared with N430bn in the same quarter period of last year. Source Proshare Read More 

NASD USI Gains 0.23% WoW
- In continuing our efforts to deepen the reach and impact of the capital market in the “real”economy, NASD sponsored an Investment Readiness Series organised by the Entrepreneurship Development Centre (EDC). Source Proshare Read More  

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UBA Plc Reports Q4 2017 Results – Non-Interest Income Up by 42% QoQ
- UBA’s Q4 2017 results which were published this afternoon surprised positively. While PBT beat our forecast by 64%, the surprise in PAT was greater at 108%. Source Proshare Read More 

NSEASI Erases Previous Day Gain to Resume Downtrend; Records -1.11% Loss WoW
- Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at  41,472.10 basis points as against +0.33% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.44%. Source Proshare Read More 

Lafarge Africa Plc - Capital Raise Mitigates FX Risk But Dilutes Valuation
- Lafarge Africa announced that it has successfully concluded its 131.65 billion Rights Issue with a 100% subscription rate. We recall that the funds from the Rights Issue had been earmarked for debt conversion as well as working capital and expansion capital funding. Source Proshare Read More 

Caverton Offshore Support Group Plc Approves FY’17 Financial Statements - This is to notify The Nigerian Stock Exchange, our esteemed Shareholders and the general public that at the meeting of the Board of Directors of Caverton Offshore Support Group Plc held on the 22nd of March 2018, the Financial Statements for the year ended 31 December, 2017 was approved. Source Proshare Read More 

Okomu invests $50m to raise CPO production to 80,000MT
- Okomu Oil Palm Company Plc is investing $50 million to raise crude palm oil (CPO) production to 80,000 metric tons (MT)) per annum in the next five years from the current 40,000 MT. Source Businessday Read More 

NSIA Grants $5m Loans To Babangona Outgrower Farming Scheme
- The Nigeria Sovereign Investment Authority (NSIA) has granted $5 million agric loans to Babangona Outgrower Farming Scheme, as part of its commitment towards the growth and development of agricultural sector of the economy. Source Leadership Read More  

Senate Confirms Five CBN Nominees, Rejects Dr. Asheikh Maidugu - The Senate has confirmed the appointment of Mrs. Aisha Ahmad and Mr. Edward Adamu as substantive deputy governors of the Central Bank of Nigeria (CBN), along with three members of the Monetary Policy Committee (MPC). Source Proshare Read More 

Time To Focus On How States Are Governed
- There are lots to be read into the recent report by the Fiscal Responsibility Commission on the debt profile of various state governments in 2016. Source Proshare Read More 

Debt recovery: NASS to give more powers to AMCON
- The Chairman of the House of Representatives Committee on Banking and Currency, Jones Onyereri, says the House is currently working at amending the Act establishing the Asset Management Corporation of Nigeria. Source Punch Read More 

Milost sued in New York for fraud, violating US securities exchange law
- There’s a tiny detail that Milost has deliberately concealed from the unassuming Nigerian public. Milost Global Inc, a purported US-based private equity firm, is facing six different charges in the United States after being sued for fraud by one Alexander MacGregor, according to a document filed at the New York Southern District Court. Source Businessday Read More 

French business delegation to visit Nigeria on trade mission
- With the incessant clash between farmers and herdsmen going into a threatening dimension due to open grazing on farmlands, the need to find permanent solution has become imperative. Source Businessday Read More 

NIPC says fresh $5.4bn investments coming to Ogun as focus shifts to solid minerals
- Executive secretary of Nigeria Investment Promotion Commission (NIPC), Yewande Sadiku, has disclosed that some new foreign investors have shown interest to inject $5.4 billion in various sectors of Ogun state economy in the next few years, saying the investments are part of new foreign direct investments recently tracked by the Commission. Source Businessday Read More 

CBN’s Joseph Nnanna becomes NEXIM chairman
- Kemi Adeosun, Minister of Finance, has inaugurated the Board of Directors of the Nigerian Export-Import Bank (NEXIM) with Joseph Nnanna, Deputy Governor, Economic Policy of the Central Bank of Nigeria (CBN) as the new chairman. Source Businessday Read More 

China renews pledges to open economy, protect IP rights
- China pledged on Sunday to press ahead with market opening and reforms while reiterating that it will treat domestic and foreign firms equally and protect intellectual property rights. Source Reuters Read More    

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US SEC Stops Ponzi-Schemer Targeting Retail Investors And Obtains Preliminary Injunction
- The US Securities and Exchange Commission on Friday, announced charges and a preliminary injunction and asset freeze against Niket Shah, a New Jersey resident who stole more than $250,000 in a Ponzi scheme in which his friends and coworkers invested. Source Proshare Read More 

Uber Pulls Out of Southeast Asia, Selling Operation to Rival Grab
– Uber Technologies Inc. has agreed to sell its Southeast Asian operations to Grab, withdrawing from yet another fast-growing region to end a war of attrition with a fierce local rival. Source Bloomberg Read More 

NHIS: Healthcare Int’l seeks coverage for more Nigerians - Healthcare International Nigeria Limited has stressed the need for more Nigerians to be covered by the National Health Insurance Scheme. Source Punch Read More 

LASG evolves template for building filling stations
- The Lagos State Commissioner for Physical Planning and Urban Development, Rotimi Ogunleye, says the state government is working on a new template for building filling stations, which will soon be released to the public. Source Punch Read More

NAICOM Reads Riot Act As Insurers’ Management Expenses Hit N264bn
- The National insurance Commission (NAICOM) has expressed its displeasure over the huge expenses of insurance companies as the 58 insurers in the industry spent a whopping N264 billion on management in six years. Source Leadership Read More 

JPMorgan Considers Making Blockchain Platform Quorum An Independent Entity - JPMorgan Chase is considering making Quorum, its Blockchain and smart contracts platform, into its own company, Bloomberg reported on Friday, March 23. Source Proshare Read More 

The UK-Australia FinTech Bridge Agreement Announced By The UK Chancellor of the Exchequer
- Australia has signed an agreement with the United Kingdom that will benefit its fintech companies looking for improved access to global markets. Source Proshare Read More 

Banks, tech firms combat N2.19bn e-fraud with cyber-insurance
- Banks and financial technology firms are beginning to see the need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in the country. Source Punch Read More 

Access Bank, PaySend drive African FinTech penetration
- Card-to-card payments disrupter and financial technology firm, PaySend, says it will continue to bring a new generation of money transfers to the African market through its new partnership with Access Bank Nigeria Plc. Source Punch Read More 

US Commercial Service collaborates with McAfee against cybercrime in Nigeria
- McAfee Incorporated, an American computer security software company in Nigeria has announced the launch of its Enhanced Unified Defense Architecture designed to empower organisations to handle digital assets. Source Businessday Read More 

Detail to host its 7th Business Series on Navigating the Evolving Real Estate Marketplace - On Wednesday 4th April 2018, Detail Commercial Solicitors will host the 7th DETAIL Business Series on the topic: “Navigating the Evolving Real Estate Marketplace: Dealing with Market Disruptors.” Source Proshare Read More 

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