Nigeria in 1min: Economic, Business and Financial Headlines – 261018


Friday October 26, 2018 / 7:00 AM / Proshare News


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The World Bank, Red Flags And the Looting of Nigeria’s Oil Revenues - The Seven Energy Web - Here’s a questionif you were entrusted with $355 million of money that didn’t belong to you, would you invest it in a company whose flagship contract involved operating a scheme that was allegedly looting billions of dollars from the state’s oil revenues? Would it make a difference to your decision if the allegations had been made by the country’s head banker, Governor of its Central Bank? Source: Proshare Read More


Unravelling The Ecobank Q3 2018 Results; Applying NAFEX, Different Outcomes - ETI released its Q3, 2018 results yesterday and declared $314 million (PBT) or N75.72bn (PAT). The share price at the close of business yesterday was N16.00k(dropping from the start of day figure of N16.85k (YTD – 5.88%); up 48% year-on-year on constant currency basis per their official press release. Interestingly, there has been a muted reaction to the figures from the market. This is perhaps a given, the market does not like the results on the back of realities which would indicate that the only reason for a good result is the application of IFRS 9 day one adjustment. Source: Proshare Read More


Ex-Afren CEO And COO Convicted Of Fraud And Money Laundering In Over $300m Oil Deal - The bosses of Afren schemed with their Nigerian partner Oriental Energy to receive millions in secret payoffs while their company went bust. They were convicted in a UK court today. Sentencing has been scheduled at Southwark Crown Court for Monday 29 October at 10.00am. Today, Osman Shahenshah and Shahid Ullah were found guilty of fraud and money laundering offences from which they personally received more than $17m and laundered $45m by deceiving the Afren Board into agreeing a $300m business deal. Source: Proshare Read More


Crisis Brews Over N8bn Unpaid Advertising Debt - They said the non- payment of the debts comes against the backdrop of promises made last year by all relevant stakeholders to address the challenge of advertising debt in brand management and management of brand business in Nigeria. The ad agencies pointed out that they are facing acute liquidity crisis largely due to the large sum being owed by the client companies (advertisers). Source Proshare Read More


Diamond Bank Plc Announces The Resignation of Board Chairman and Three Non-Executive Directors - The bank wishes to notify the Nigerian Stock Exchange (NSE) and the public that the following Non-Executive Directors have resigned from the Board of Diamond Bank Plc with immediate effect. Source Proshare Read More


Removal of VAT To Make Domestic Air Fares More Affordable — Buhari - The recent decision by the Federal Government to remove Value Added Tax (VAT) from domestic air transportation is to make air travel more affordable to citizens and to create job opportunities in the nation’s aviation sector. Source Vanguard Read More 


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Sugar Prices Decline by 0.36% as Sugar Consumption in India Drops - Nigeria’s Consumer Confidence Index (a measure of consumer optimism about their present economic circumstances) declined by 9% in Q3’18. This is an indication of dwindling purchasing power and economic despair. This is likely to make the current minimum wage negotiation more acrimonious. Source Proshare Read More


FG, States, LGs Record N43bn Shortfall in Allocation - The Federation Account Allocation Committee on Thursday night distributed N698.71bn to the three tiers of government as September allocation. Source Punch Read More


Union: Sub-Standard Textiles Control 90% of Market - The National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN) has said cheap and sub-standard textiles control about 90 percent of the market. Source Nation Read More

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Reps Panel Asks SEC To Take Over Capital Oil - A sub-committee of the House of Representatives on Capital Market and Institutions on Thursday asked the Securities and Exchange Commission to take over Capital Oil Plc for allegedly defrauding shareholders of more than N5bn. Source Punch Read More


CSCS To Begin Cross-Border Data Exchange in Africa - The Central Securities Clearing System Nigeria Plc has completed an innovative pilot scheme that will allow cross-border data exchange in Africa. Source Punch Read More


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FBNH Declares N44.89bn PAT in Q3 2018 Results,(SP:N9.40k). Source Proshare Read More


NSEASI Inches Up by 0.44% As Market Sentiment Turns Positive; Thanks to Big CAPs - Equities market closed today on a positive note, as NSEASI appreciated by +0.44% to close at 32,545.06 basis points as against -2.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.90%. Source Proshare Read More


Summary of October 2018 FGN Bond Auction Results - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 13.53% FGN MAR 2025 (Reopening 7-Year Bond) & 13.98% FGN FEB 2028 (Re-opening 10-Year Bond). Source Proshare Read More 

JBERGER Declares N3.4bn PAT in Q3 2018 Result,(SP:N21.55k). Source Proshare Read More

JAIZBANK Declares N204.71m PAT in Q3 2018 Results,(SP:N0.55k). Source Proshare Read More

TOTAL declares N7.67bn PAT in Q3 2018 results,(SP:N198.00k). Source Proshare Read More

NB declares N14.79 bn PAT in Q3 2018 result; Proposes N1.20 per share Interim Dividend(SP:N92.50k). Source Proshare Read More

FIDELITYBK Declares N17.86 billion PAT  in Q3'18 Results (SP:N2.00k)- Source Proshare Read More


Analyst Expectations Ahead of GUINNESS Q1 2019 Results For The Period Ended 30 Sep 2018 - Analysts are of the view that the new financial year commenced by the brewing company might be a challenging one considering the introduction of the new excise duties announced by the government. There is also the impact and level of competition in the industry which result in a drop in volumes; for which the market is keen on seeing how players fare. Source Proshare Read More

GUINNESS Declares N835.66m PAT in Q1 2019 Results (SP:N80.60k). Source Proshare Read More

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#TEFforum2018:$20m Seed Capital Released Since 2015 for 4,000 African Entrepreneurs - A total amount of $20m has been released for 4,000 African entrepreneurs since the inception of the Tony Elumelu Entrepreneurship Programme(TEEP). Source Proshare Read More

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