Nigeria in 1min: Economic, Business and Financial Headlines – 270618


Monday, June 27, 2018 / 7:00 AM / Proshare News



Nigeria H2 Outlook - In the Shadow of the Polls- The Nigerian economy did not fare as well as expected in the first half of 2018 (Q1’18 GDP growth: 2.0% y/y vs. Vetiva and Consensus forecasts of 3.4% y/y and 2.6% y/y, respectively). Source Proshare Read more 

Banks must get Adeosun’s approval before lending to states – DMO - To reduce their exposure to huge indebtedness, the state governments can no longer borrow from the banks or the bond market without the express approval of the Minister of Finance acting on the advice of the Debt Management Office, investigation has shown. Source Punch Read more 

Access Bank PLC Ratings Affirmed At 'B and B' And 'ngBBB and ngA-2'; Outlook Stable- On June 25, 2018, S&P Global Ratings affirmed its long- and short-term issuer credit ratings on Nigeria-based Access Bank PLC at 'B/B'. The outlook is stable. Source Proshare Read more 

First Bank of Nigeria Ltd. 'B- and B' And 'ngBB and ngB' Ratings Affirmed; Outlook Stable - S&P Global Ratings today affirmed its 'B-/B' long- and short-term issuer credit ratings on Nigeria-based First Bank of Nigeria Ltd. and its non-operating holding company (NOHC), FBN Holdings PLC (FBNH). The outlook on both entities is stable.  Source Proshare Read more 

Ten Years After Lamidi Adedibu- It has been ten years since the self-styled “strong man of Ibadan politics”, Chief Lamidi Ariyibi Akanji Adedibu, died. He died on June 11, 2008. I do not recall seeing many tributes or advertisements in the newspapers or other media commemorating his life and legacy. Source Proshare Read more 

Corn Futures Decline By 1.09% to $145 per Tonnes - Oil prices have recovered since the initial slump following OPEC’s decision to increase production by 1mbpd. Oil futures gained 0.96% to trade at $75.45pb on June 26th, on trade war threats and lower Canadian output. Source Proshare Read more 

Nigeria’s fertilizer consumption rose by 63% in 2017 — Report - The International Fertilizer Development Centre has predicted an exponential increase in fertilizer consumption by Nigerian farmers as a result of the remarkable improvements in the local blending of the input under the Presidential Fertilizer Initiative of the Federal Government. Source Punch Read more

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NSEASI Dips Marginally by -0.01% to Resume Downtrend Amid Negative Market Breadth- Equities market closed today on a negaive note, as NSEASI depreciated by -0.01% to close at 37,988.54  basis points as against +0.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.67%. Source Proshare Read more 

NSE ETF Market Capitalisation Declined by 2.57% to N7.43bn in May 2018- The NSE ETF market capitalization declined by 2.57% from 7.63 Billion in April to 7.43 Billion in May 2018 whilst maintaining a positive Year-To-Date (YTD) increase of 11.12%. Source Proshare Read more 

Bond Yields Tick Higher Ahead of Auction Tomorrow - The bond market traded remained bearish, with yields ticking slightly higher by c.2bps on average. This was following continued selloffs on the medium to long end of the curve ahead of the auction tomorrow. Source Proshare Read more 

CBN Injects Another $210m into Forex Market- The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the inter-bank foreign exchange market. Source Proshare Read more 

‘Nigeria’s return to JP Morgan index imminent’ - The Nigerian mutual fund industry is growing rapidly and this is evidenced by the growth in the amount of money (assets under management) managed by fund managers within the industry. Source THE NATION Read more 

TCN Raises N540bn To Expand, Stabilise National Grid In 2yrs - The managing director/ chief executive officer of the Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed has disclosed that the company has raised $1.57 billion (N540billion) in the past two years. Source Leadership Read more 

Afam VI plant ready to deliver 624MW electricity – Shell - Shell Petroleum Development Company of Nigeria Limited (SPDC) said its Afam VI power plant in Rivers State is ready to deliver 624MW electricity into the Nigerian national grid barring any regulator’s restrictions. Source Daily Trust Read more 

ECOWAS, Israeli firm sign $1bn energy pact - The West African Power Pool (WAPP) has signed a deal with an Israeli firm, Gigawatt Global, to build $1 billion of renewable energy projects in the ECOWAS sub-region. Source Daily Trust Read more 

NPA set to begin dredging of Warri Port - The agency gave this indication on Tuesday when the Managing Director, NPA, Hadiza Usman, paid a courtesy call on the Olu of Warri, Ogiamen Ikenwoli II, in Warri, Delta State. Source Punch Read more

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CFA Society, IOD partner to launch Business Network on Ethics and Integrity in Nigeria - The Chartered Financial Analysts Society in partnership with the Institute of Directors today launched the Business Network on Ethics & Integrity in Nigeria. Source Proshare Read more 

134,663 Crime Cases Were Reported in 2017 - NBS - Crime Statistics on reported offences reflected that a total of 134,663 cases were reported in 2017. Offence against property has the highest number of cases reported with 68,579 of such cases reported. Offence against persons recorded 53,641 cases reported while offence against lawful authority recorded the least with 12,443 cases recorded respectively. Source Proshare Read more 

Sales Tax versus VAT: Supremacy - Case Law Review - The controversy over States’ Inland Revenue Services and the Federal Inland Revenue Service (“FIRS”) imposing Consumption Tax on the same goods and services, and at the same tax rate, contemporaneously, has remained a matter of much concern and litigation. Source Proshare Read more

Finding A CFA Centre For Lessons and Preparations In Nigeria- Further to enquiries received about possible centres/venues for study towards the CFA exams, we publish below a disclaimer based list of centres known to us to offer such services for information purposes only. Source Proshare Read more 

Old Mutual returns to African roots with Johannesburg listing - Old Mutual Plc returned to its South African roots on Tuesday when it listed its $11 billion (8.31 billion pounds) African financial services business in Johannesburg, a move which largely completes a major overhaul of the company. Source Reuters Read more 

Saudi Arabia Is Planning Record Crude Oil Production in July - Saudi Arabia is planning to pump a record amount of crude in July, embarking on one of its biggest-ever export surges to cool down oil prices, according to people briefed on the country’s output policy. Source Bloomberg Read more 

Trade War Hits Stocks as $8 Trillion in Bear Market: Inside EM - Stocks in developing nations slumped as heightened concern that a trade war will sap global economic growth put equity gauges worth $8 trillion in a bear market. Currencies also retreated and are heading toward their worst month since November 2016. Source Bloomberg Read more 

Afreximbank signs $1bn programme to promote South Africa-Africa trade - The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) has signed a memorandum of understanding for a $1billion financing programme to promote and expand trade and investments between South Africa and the rest of Africa. Source BUSINESSDAY Read more 

China Sends Yuan to Six-Month Low Against Dollar - China’s central bank guided the yuan to a six-month low against the U.S. dollar on Wednesday, sending the Chinese currency tumbling once trading began minutes later. Source WSJ Read more 

Oil surges as U.S. pushes allies to halt imports of Iranian crude - Crude futures jumped over 2 percent on Tuesday and U.S. oil topped $70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies. Source Reuters Read more

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Vodafone to list Ghana unit on local stock market after debt restructuring - Vodafone’s Ghana business plans to list on the local stock market after restructuring its loans, the head of the local unit told Reuters on Tuesday. Source Reuters Read more 

Crypto Collapse Spreads With Hundreds of Coins Plunging in Value - The meltdown in Bitcoin is weighing on more than the biggest cryptocurrency. Source Bloomberg Read more

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Getting the Finance to Start a Business in Nigeria - Starting a business can be a real challenge these days, as you have so much to consider and organize. At the same time, there are many elements that are far easier than they used to be because there are more opportunities and options available. Source Proshare Read more



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