Nigeria in 1min: Economic, Business and Financial Headlines – 270418


Friday, April 27, 2018 / 7:10 AM / Proshare News 


Fitch Upgrades First Bank of Nigeria's Subordinated Notes to 'CCC Plus' - Fitch Ratings has upgraded First Bank of Nigeria's (FBN) subordinated notes to 'CCC+'/'RR5' from 'CCC'/'RR5' and removed them from Rating Watch Positive (RWP). Source Proshare Read More 

Poor Nations v. Rich Nations: Why The Difference? - This article argues that the difference between poor countries and rich countries has to do with governance rather than resources, emphasizing the importance of public administration in explaining economic success and failure. Source Proshare Read More 

FAAC’s April disbursements dip by N20b - The three tiers of government yesterday lost N20 billion at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja. Source THE NATION Read More 

World Bank Group’s shareholders okay $13b for subsidiaries - A fresh hope of more development financing for middle and lower income countries, including Nigeria, has been raised, as the World Bank Group’s shareholders overwhelmingly approved a new Paid-in Capital of $13 billion for its subsidiaries- International Bank for Reconstruction and Development (IBRD) and International Finance Corporation (IFC). Source Guardian Read More 

NCC remits N49.7 billion to government in first quarter - The Nigerian Communications Commission (NCC) has remitted N49.79 billion to the  Federal Government Consolidated Revenue Fund (CRF) within the first four months of the year. Source Guardian Read More 

Govt revenue down by N77bn, ECA shrinks to $1.83bn - After two days of disagreement between the 36 states’ commissioners for finance and the Nigerian National Petroleum Corporation over alleged revenue underpayment, the Federation Account Allocation Committee finally distributed the sum of N626.82bn to the three tiers of government on Thursday. Source Punch Read More 

Auto industry, others declined by 44% in 2017 — MAN - The automotive industry, pulp and paper publishing industry and others declined by over 44 per cent in 2017, the Manufacturers Association of Nigeria said. Source Punch Read More 

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Excess Crude Account shrinks by $0.5bn - The National Economic Council was on Thursday told about the depletion of the balance in the Excess Crude Account (ECA). Source Daily Trust Read More 

35 states get N1.3trillion budget loans - Thirty five states have collected N1.3 trillion and another N1.11 billion as budget support loans between 2016 and 2018. Source Daily Trust Read More

NIPOST generates N20.62bn in one year  - The Nigerian Postal Service generated a total of N7.04bn from its core operations in 2017, data available to our correspondent have shown. Source Punch Read More 

Labour seeks N66,500 minimum wage - The organised labour on Thursday in Lagos asked for a new minimum wage of N66,500 for all workers in the country. Source Punch Read More 

‘Lagos State government attracted $43b investment proposals in three years’ - The Special Adviser to Lagos State Governor on Overseas Affairs and Investment, Professor Ademola Abass, yesterday, disclosed that investment proposals approximately worth $43billion had been attracted to the state in the three years of Governor Akinwunmi Ambode. Source Guardian Read More 

FG okays N10.7bn for 10 rice mills - THE Federal Government yesterday approved the establishment of ten rice mills in the six geopolitical zones at the cost of N10.7 billion. Source Vanguard Read More 

Senate Requests President Buhari to Address Joint Session of the NASS Over Security Matter - The Nigerian Senate has, today, requested the President of the Federal Republic of Nigeria, President Muhammadu Buhari, to address the joint session of the Senate and House of Representatives on the matter of security. Source Proshare Read More

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CBN Issues Anti-Money Laundering and Combating the Financing of Terrorism Regulations, 2018 - Pursuant to the requirements of the Financial Action Task Force (FATF) Recommendation 35 on effective, proportionate and dissuasive sanctions and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2007 Mutual Evaluation recommendation that “Nigeria’s sanctions regime should be reviewed and made to be proportionate and dissuasive. Source Proshare Read More 

CBN limits USSD transactions to N100, 000 per day - EFFECTIVE from June this year bank customers will not be able to use Unstructured Supplementary Service Data (USSD) channel to conduct transactions more than N100, 000 per day. Source Vanguard Read More 

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NSEASI Dips by -0.12% Amid Negative Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 40,777.67. basis points as against -0.11% depreciation recorded previously. Source Proshare Read More 

Summary of April 2018 FGN Bond Auction - Auction Result for the 12.75% FGN APR 2023 (New Issue 5-year Bond), 13.50% FGN MAR 2025 (Reopening 7-Year Bond) & 13.98% FGN FEB 2028 (Re-opening 10-Year Bond). Source Proshare Read More 

Whither The Substantial Remittances? - We see from the CBN’s Quarterly Statistical Bulletin for Q4 2017 that net current transfers amounted to US$5.85bn, their highest since Q4 2013. Source Proshare Read More 

FBN Holdings PLC: Weaker Q4 Drives FY’17 Earnings Miss; BUY with TP Of N15:88 - FBNH released its long-awaited FY’17 results, posting mixed performance across major earnings lines. Particularly, Gross Earnings rose 2% y/y to ₦595 billion - ahead of our ₦581 billion estimate. Source Proshare Read More 

DMO’s April bond auction records 292% over-subscription - The April bond auction of the Debt Management Office (DMO) has been over-subscribed by 292 per cent. Source Guardian Read More 

Dangote Foundation rebrands, gets $1.25 billion endowment - Following the endowment to the tune of $1.25 billion by the founder/President of Dangote Group, Alhaji Aliko Dangote, the Dangote Foundation has unveiled a new name and logo, and it is now called Aliko Dangote Foundation. Source Guardian Read More 

Dangote Cement Export to Improve Intra-ECOWAS Trade from 9% - Dangote Cement Plc’s plan to export 3mnt per annum of clinker, 17 per cent of its Nigerian production from the fourth quarter of this year could see intra-Economic Community of West African States (ECOWAS) trade improve from the current 9 per cent, sub-Saharan Africa Economist, Renaissance Capital, vonne Mhango has said. Source Thisday Read More 

Senate Asks NNPC to Stop Further Payment of Oil Subsidies - The Nigerian senate has, today, asked the Nigerian National Petroleum Cooperation (NNPC) to stop further payment of oil subsidies without appropriations and asked the NNPC to make a formal request to the National Assembly for 2018 budget through the President. Source Proshare Read More 

Nigeria's state oil firm illegally paid $707 mln in fuel subsidies in 2017, Senate probe finds - Nigeria’s state oil company illegally paid 216 billion naira ($707.4 million) in fuel subsidies in 2017, according to a Senate probe, the findings of which were released on Thursday. Source Reuters Read More 

NNPC invested N100bn in real estate to reduce deficits –Latford - The decision of the Nigerian National Petroleum Corporation (NNPC), to invest a whooping sum of N100 billions in real estate will go a long way in reducing housing deficits in the country. Source THE SUN Read More 

Two modular refineries for inauguration in December - The Federal Government has said that two of the 38 modular refineries granted licences to operate in the Niger Delta region will be completed and ready for inauguration by December this year. Source Punch Read More 

Oil prices edge lower, but concerns persist about Iran supplies - Oil prices edged lower on Friday, but Brent largely held its gains from the previous session amid concerns that Iran may face renewed sanctions, choking off supply. Source Reuters Read More 

Oil prices to average $65 a barrel in 2018 on strong demand – World Bank - Oil prices are forecast to average $65 a barrel over 2018, up from an average of $53 a barrel in 2017, on strong demand from consumers and restraint by oil producers, while metals prices are expected to rise 9 percent this year, also on a pickup in demand and supply constraints, the World Bank said on Tuesday. Source Daily Trust Read More 

AEDC raises revenue to N5.9bn as losses to 40% - The Abuja Electricity Distribution Company (AEDC) says it improved its revenue collection to N5.9 billion in March 2018 while its Aggregate Technical, Commercial and Collection (ATC&C) losses dropped to less than 40 per cent. Source Daily Trust Read More

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Asia's Top Stock Market of 2018 Set to Be World's Worst in April - Asia’s top stock market this year is about to become the world’s worst performer this month. Source Bloomberg Read More 

Iraq Awards Some Oil and Gas Blocks as Exxon and Total Drop Out - Iraq awarded contracts for just over half of the energy deposits offered in an auction that failed to attract bids from most of the big oil companies that initially expressed interest. Source Bloomberg Read More 

Cannabis Drinks-Maker Dixie Eyes IPO This Year - Dixie Brands Inc., a U.S. maker of marijuana beverages, is considering an initial public offering toward the end of this year or early next year as it seeks capital for expansion and acquisitions. Source Bloomberg Read More 

Jeff Bezos Boosts Fortune by $12 Billion in a Day on Amazon Surge - Jeff Bezos, the world’s richest person, got a lot richer Thursday. Source Bloomberg Read More 

Europe's Big Debt Drama Enters Finale as Clock Ticks for Greece - Europe may be about to let Greece out of the financial doghouse, yet the wrangling is set to escalate over the terms and conditions. Source Bloomberg Read More 

South African fuel prices to increase in May - The retail price of petrol in South Africa will rise by 3.4 percent from May 2, while the price of wholesale diesel will rise by 4.6 percent, the energy department said on Thursday. Source Reuters Read More 

China's industrial profits up 11.6% in Q1 - Profits of China's major industrial firms grew at a slower pace of 11.6 percent in the first quarter of 2018, data showed Friday. Source China Daily Read More 

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Study On Retail Investment Products Confirms A Dire Need For Simple Investment Products - Yesterday the European Commission released the results of its study on the current features and functioning of the European market for retail investment products Source Proshare Read More 

Highlevel Pro provides Amazing Property Deals - For those high net worth Nigerians, who want to acquire choice properties in the mainland area of Lagos covering Ikeja and Yaba, Highlevel Pro has interesting property offers. Source Proshare Read More 

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BoI gave industrialists N112bn loans in 2017 – Report - A total loan of N112.5bn was provided by the Bank of Industry to finance the industrial sector of the economy in the 2017 financial period. Source Punch Read More 


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