Nigeria in 1min: Economic, Business and Financial Headlines – 271017


October 27, 2017 7:10 AM / Proshare News 


Rivers Now the State of States - We attended yesterday the London launch by BudgIT of the 2017 edition of its State of States report. Source Proshare Read More 

Saraki: NASS Working to Increase Private Sector Participation in Economy - President of the Senate, Dr. Abubakar Bukola Saraki, on Thursday, stated that one of the primary objectives of the 8th National Assembly is to increase private sector participation in all spheres of the economy in order to make the country viable.  Source Proshare Read More 

FEC approves tax relief for road construction scheme - The Federal Executive Council yesterday approved a tax relief scheme to attract private sector involvement in the provision of federal road infrastructure across the country. Source Daily Trust Read More 

FEC approves 2018 budget proposal - The Federal Executive Council today approved the 2018  budget proposal. Source Daily Trust Read More 

Africa loses $50bn annually to illicit financial flows – AU official - The Deputy Chairperson of the African Union Commission, Amb Thomas Quartey,  has said African countries are  losing an average of 50 billion dollars annually through Illicit Financial Flows (IFFs). Source Daily Trust Read More 

Customs seizes 3,665 vehicles worth N13bn duty - The Comptroller General of Customs (CGC), Col. Hameed Ali (rtd) yesterday said 3,665 vehicles have been seized between 2015 and 2017 with Duty Paid Value (DPV) of N13.164 billion. Source Daily Trust Read More 

Proposed MKO Abiola int’l airport in Osun to gulp N69billion - Official - The proposed M. K. O Abiola International Airport in Ido-Osun, Osun, will cost N69 billion under a concession arrangement with an indigenous company,  AWOL International, an official has said. Source Daily Trust Read More 

Adeosun: banks still holding TSA money - Finance Minister, Mrs Kemi Adeosun has accused some Deposit Money Banks (DMBs)  of sitting on funds which they ought to have remitted to the Treasury Single Account (TSA). Source THE NATION Read More 

FG stops compliance certification fees for PPP contracts - The Federal Government on Thursday announced the stoppage of payment for compliance certificate for Public-Private Partnership agreements. Source Punch Read More 

Taxation preferable to borrowing, says FIRS chair - The Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said taxation is preferable to borrowing for the Nigerian economy in order to reduce the debt servicing obligations of the government. Source Punch Read More 

Nigeria, Ghana Sign MoU on Maritime Operations - In line with its vision to enhance regional cooperation to develop capacity, the Nigerian Maritime Administration and Safety Agency, NIMASA, has signed a Memorandum of Understanding (MoU) with the Ghanaian Maritime Authority (GMA). Source Punch Read More 

SON Shuts Four Steel Factories, Reads Riot Act to Steel Producers - The Standards Organisation of Nigeria (SON) has shut four steel companies across the country for non-compliance with requirements of the Nigeria Industrial standards (NIS 117) and global best practices. Source Punch Read More 

NANTA Moves to Ban Illegal Travel Agents from Accessing GDS - The National Association of Nigeria Travel Agents (NANTA) has started moves to make government disenfranchise illicit travel agency operators who are not registered with the association and also not to be recognised by the International Air Travel Association (IATA) by ensuring they do not have access to Global Distribution System (GDS). Source Punch Read More 

‘Nigeria can save $650m annually on steel importation’ - A local steel maker, African Industries Group, has stated that Nigeria can save over $650m annually if all the steel companies produce at 100 per cent capacity. Source Punch Read More 

Nigeria saves N216b from local rice production - Nigeria has saved over $600 million (about N216billion) from stoppage of rice importation through its domestic mass production  under the Anchor Borrowers’ Programme (ABP), the Bank of Agriculture (BoA), has said. Source THE NATION Read More 

World Bank earmarks $520 million for Nigeria rural roads - The World Bank has earmarked $520 million for both construction and rehabilitation of rural roads across selected states in the country. Source BUSINESSDAY Read More 

Rising finance, construction costs hit high end Real Estate - Though Nigeria is said to have exited its 13-month economic recession following a 0.55 percent growth in GDP after five consecutive quarters of negative growth, the impact of that recession is still much pronounced in the various segments of the Real Estate market. Source BUSINESSDAY Read More 

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Equities Market Erases Previous Gain as NSEASI Dips by -0.29% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.29% to close at 36,517.48 basis points as against +0.25% appreciation recorded previously. Source Proshare Read More 

Med-View Airline Plc Commences Flights to Abidjan, Conakry and Dakar - Med-View Airline Plc., wish to notify the general public, Stakeholders, Investors and Regulatory bodies that the inaugural flight to the above destinations will commence  tomorrow  Friday, 27th October,  2017 with departure time of 7:30 am.  Source Proshare Read More 

FBNH Declares N45.84bn Profit in Q3''17 Results,(SP:N6.15k) - “FBNHoldings has again demonstrated its resilience in revenue generation with a 5.2% y-o-y growth in gross earnings to N439.2 billion following a y-o-y increase of 25.2% in net interest income to N254.3 billion.  Source Proshare Read More 

Access Bank Plc Records Slightly Weak Revenues in Q3 2017 Results - Access Bank’s Q3 2017 results which have just been published show that PBT of N20.9bn was down -17% y/y due to growth in operating expenses and, to a lesser extent, loan loss provisions outpacing revenues. Source Proshare Read More 

Blackstone-backed Black Rhino, Dangote Industries advance on $1.1bn plant - Black Rhino, a portfolio company of Blackstone Energy Partners and Dangote Industries, has signed a Power Purchase Agreement (PPA) with the Nigerian Bulk Electricity Trader (NBET) for the Qua Iboe Power Plant (QIPP), a 540 megawatts gas-fired power plant, which will be located in Akwa Ibom State. Source BUSINESSDAY Read More 

Nigeria sells 5 and 10-year bonds at flat rate of 15 percent - DMO - Nigeria has sold a five and 10-year debt at a flat rate of 15 percent at an auction on Wednesday to curtail borrowing costs as inflation declines, traders said on Thursday. Source Daily Trust Read More 

26 firms signify interest in revamping Nigeria’s refineries - About 26 firms have indicated interest to participate in the revamping of Nigeria’s four refineries, which will require investment of about $2billion (N720billion) according to the Minister of States for Petroleum Resources, Dr. Ibe kachikwu. Source Guardian Read More 

NNPC commences crude oil exploration in Nasarawa state - Oil search in the nation’s inland basins received a fresh impetus following the commencement of exploration activities in the Benue Trough by the Nigerian National Petroleum Corporation (NNPC). Source Vanguard Read More 

FG signs pact to build $1b power plant in Akwa Ibom - The Federal Government, represented by the Nigeria Bulk Electricity Trader (NBET), has signed a Power Purchase Agreement (PPA) with Qua lboe Power Plant Limited (QIPP) to build a 540MW gas-fired power facility worth $1.1billion in Akwa Ibom State. Source Guardian Read More 

Mobil takes over Qua Iboe power plant - Mobil Producing Nigeria, operator of NNPC, MPN Joint Venture, on Thursday said it had reached commercial terms with Qua Iboe Power Plant Limited for the transfer of ownership of the Qua Iboe power project. Source Punch Read More 

Kano emir’s firm, Dangote, NNPC to build $1.1bn power plant - Dangote Group, Black Rhino Group in collaboration with Nigerian National Petroleum Corporation (NNPC) have formalised agreement to construct  the Qua Iboe Power Plant (QIPP), in Akwa Ibom State, at the cost of $1.1 billion. Source Daily Trust Read More 

Qua Iboe Power takes ownership of 540MW power project - Mobil Producing Nigeria Limited (MPNL), operator of the Nigerian National Petroleum Corporation (NNPC)/MPN joint venture, said it has reached commercial terms with Qua Iboe Power Plant Limited (QIPPL) for the transfer of ownership of the Qua Iboe power project and the supply of gas from the NNPC/MPN joint venture offshore facilities to the power plant. Source Daily Trust Read More 

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Political path to trump S.Africa's near-term economic woes - S&P - The direction of South African politics will probably trump near-term macro-economic performance, particularly for the country’s still-investment grade local currency credit rating, S&P Global said on Thursday. Source Reuters Read More 

Angola’s central bank in IMF agreement to prevent money laundering -  Angola’s Central Bank said on Thursday that it has signed agreements with the International Monetary Fund to be provided with technical assistance to strengthen its banking supervision, the prevention of money laundering and the illegal financing of militant groups. Source Reuters Read More 

Ghana extends debut energy bond sale due to strong interest- arrangers - Bids for an inaugural 6 billion cedi ($1.36 bln) energy bond being issued by Ghana will close on Friday, a day later than scheduled, due to high investor interest, transaction arrangers said on Thursday. Source Reuters Read More 

China Says Sovereign Dollar Bond Demand 11 Times Deal Size - China saw strong appetite Thursday for its first sale of sovereign dollar bonds since 2004, with demand for the sovereign notes climbing to 11 times the offering size and pricing coming in under initial guidance. Source Bloomberg Read More 

Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts - The U.S. economy added fewer employees than expected in August, the jobless rate rose and wages climbed less than forecast, in a break from otherwise solid progress in the labor market. Source Bloomberg Read More 

China Industrial Profits Surge Most Since 2011 - Chinese industrial profits jumped the most since 2011, underscoring resilience in the economy as authorities intensify their efforts to cut excess capacity and reduce pollution. Source Bloomberg Read More 

Don't Expect a Big Commodity Shakeup Next Year, World Bank Says - If you’re trading commodities next year: look for small upticks in oil and crops. But overall, raw-material prices may get stuck in a bit of a lull. Source Bloomberg Read More 

Debt Rising Sends South Africa's Rand Tumbling, Stocks to Record  - The rand and South African bonds extended declines as foreign investors dumped the country’s notes in the wake of government forecasts for higher public debt and wider budget deficits in the next three years. Source Bloomberg Read More 

Turkey Holds Rates, Vows ‘Decisively’ Tight Policy on Inflation - Turkey’s central bank kept its main interest rates unchanged as expected on Thursday, and said it will maintain a tight monetary policy “decisively” until the outlook for consumer inflation improves. Source Bloomberg Read More 

Iraq Overtakes Saudi Arabia in Supplying U.S. With Oil - Iraq surpassed Saudi Arabia as a crude supplier to the U.S. in September, and it’s poised to repeat that this month. Source Bloomberg Read More 

Saudi Arabia Mulls More Fiscal Expansion in 2018 to Spur Economy - Saudi Arabia is considering a more expansionary budget than planned for 2018, Finance Minister Mohammed Al-Jadaan said, as authorities seek to support an economy struggling under the weight of austerity cutbacks. Source Bloomberg Read More 

Saudi Crown Prince Backs Extending OPEC Cuts Into 2018 - Saudi Arabian Crown Prince Mohammed bin Salman backed the extension of OPEC production cuts beyond March 2018, making it all but certain the cartel and its allies will roll over the curbs at a meeting next month. Source Bloomberg Read More 

Nissan Has Conducted Unauthorized Vehicle Checks Since 1979 - Nissan Motor Co. had been conducting its current inspection process for vehicles sold in Japan -- deemed faulty by the government last month -- since at least 1979, according to a person familiar with the situation. Source Bloomberg Read More 

ECB Sees Option for Ending QE With Short Taper in 2018 - European Central Bank policy makers implicitly assume their newly-extended bond-buying program will be tapered to a halt by the end of next year so long as the inflation outlook improves, according to officials with knowledge of the discussions. Source Bloomberg Read More 

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Islamic Finance Standardisation Will Be Slow - The lack of standardisation in Islamic finance is a significant constraint on the industry's growth and we expect progress to be slow given the scale of the challenge, Fitch Ratings says.  Source Proshare Read More 

17th NECCI PR Roundtable explores “New Frontiers of Investor Relations” for Nigeria - Leading platform for discussing ways in which the public relations and reputation management space, can explore new frontiers for Nigeria’s development the NECCI PR Roundtable hosted its 17th annual edition in Lagos, focusing on the theme “The New Frontiers of Investor Relations: Access and Opportunities”. Source Proshare Read More 


FG to introduce solar-powered tricycles this year - The Federal Government on Thursday announced that it would introduce solar-powered tricycles, popularly known as Keke, in order to gradually phase out petrol engine tricycles currently being used as means of transportation across the country. Source Punch Read More 

NigComSat, Belarus sign satellite backup deal - The Nigerian Communications Satellite Limited has announced the signing of a strategic backup agreement with the operators of Belintersat-1, a communication satellite of the People’s Republic of Belarus. Source Punch Read More 

MTN subscribers drop, data revenue grows - MTN Group President and CEO Rob Shuter has hailed “key growth drivers of data and digital services” in the third quarter [Q3], despite a decrease in overall subscribers due to declines in Nigeria and Uganda. Source Daily Trust Read More 

Nigeria to save N40bn by harmonising diverse biometric databases - The House of Representatives on Thursday urged Federal Government to expedite action on the harmonization of various biometric databases of all public and private agencies without further delay. Source BUSINESSDAY Read More 

Over 9.7m Nigerians visit our site daily – Facebook - Facebook, leading social media platform disclosed yesterday in Lagos that over 9.7 million Nigerians visit its site on daily basis. Source THE SUN Read More 

FG recovers $85m Malabu loot from UK – Malami - The Federal Government has recovered $85m from the controversial Malabu Oils fund from the United Kingdom (UK), the Minister of Justice and Attorney General of the Federation (AGF) Abubakar Malami said yesterday in Abuja. Source Daily Trust Read More 

Bitcoin Is Leaving Other Digital Coins in the Dust - Uncertainty surrounding another possible split in bitcoin is weighing on the value of the hundreds of other digital tokens that have been issued this year as the price of the biggest cryptocurrency soars. Source Bloomberg Read More 

Saudi Arabia Invests $1 Billion in Virgin Group's Space Ventures - Saudi Arabia’s sovereign wealth fund plans to invest about $1 billion in Virgin Group’s space companies, giving the ventures a welcome jolt of capital as the kingdom seeks to reduce its dependence on oil. Source Bloomberg Read More 

Saudi Arabia bestows citizenship on a robot named Sophia - Saudi Arabia just made a non-human woman a citizen, making it the first country to grant a robot the right to citizenship, at least as far as we know. Source TECHCRUNCH Read More 

Amazon shares pass $1,000 after posting strong financials - Amazon shared third-quarter earnings after the bell on Thursday, smashing expectations. Shares quickly ticked up 7 percent in initial after-hours trading, to above the $1,000 per share milestone.Source TECHCRUNCH Read More 

Microsoft easily beats the Street as its cloud run rate passes $20B a year early - Microsoft today announced its quarterly earnings for its first financial quarter of 2018 (yes, I know it’s early, but that’s how Microsoft’s financial quarters work). Wall Street’s crack team of financial analysts expected the company to report revenue of about $23.56 billion and earnings per share of $0.72. Source TECHCRUNCH Read More 

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