Nigeria in 1min: Economic, Business and Financial Headlines – 280318


March 28, 2018 7:30 AM / Proshare News 


National Assembly shifts budget passage to May 31 - The National Assembly has shifted the passage of the 2018 national budget till May. By implication the 2017 budget circle would end on May 31. Source THE NATION Read More 

FAAC deadlock: Adeosun reconvenes meeting today - he Minister of Finance, Kemi Adeosun, yesterday intervened to resolve a deadlock at the Federal Accounts Allocation Committee (FAAC) meeting following the rejection of a lean N74 billion revenue presented for sharing among the three tiers of government by the Nigerian National Petroleum Corporation (NNPC). Source THE SUN Read More 

FG unveils transaction advisers for national carrier, others Thursday - The Federal Government will on Thursday unveil transaction advisers, who were recently appointed for the establishment of a national carrier and the concession of the country’s four major international airports. Source Punch Read More 

NIPOST shuts five courier firms, revokes 17 licences - The Courier Regulatory Department of the Nigeria Postal Service, on Tuesday, clamped down on four courier companies for allegedly operating illegally. Source Punch Read More 

Multiple levies, licences threaten N750bn lubricant sector investment - Lubricant Producers Association of Nigeria (LUPAN)’s investment of over N750 billion is being threatened by multiple government agencies demanding different levels or licensing of single product – based oil, the group has said. Source Guardian Read More 

‘Benue Has Lost N8bn Worth of Rice to Herdsmen Attacks in 2018’ - The Benue state Commissioner for Agriculture, James Anbua has stated that the state has lost over N8billion to herdsmen attack this year. Source Thisday Read More 

Local Tomato Farmers Lose over N10bn to Importation - Disturbed by the significant losses incurred annually, Tomato Growers Association of Nigeria (TOGAN), has lamented the lack of implementation of the policy on tomato approved by the federal government. Source Thisday Read More

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CBN Exposure Draft - Licensing of Private Asset Management Company - Developments in the Nigerian banking industry have necessitated the need for the licensing of Private Asset Management Companies (PAMCs) to play complementary roles in the management of non-performing assets of the industry. Source Proshare Read More 


Nigerian Stock Market Extends Two-Day Losing Streak as NSEASI Dips Further by -0.51% - Equities market closed today on a negative note, as NSEASI depreciated by -0.51% to close at 41,243.24 basis points as against -0.04% depreciation recorded previously. Source Proshare Read More 

CBOE Recommends That The SEC Allows Bitcoin Exchange-Traded-Funds - The exchange operator of CBOE Global Markets wrote a letter to the US Securities and Exchange Commission (SEC), recommending they not interfere in the development of a Bitcoin exchange-traded-fund (ETF) because they are similar to other commodity-based ETFs, March 23. Source Proshare Read More 

Access Bank Plc - 2018 ROE Guidance a Stretch - Access Bank’s (Access) 2018 ROE guidance of 20% implies that the bank would have to deliver PAT growth of c.13% y/y to c.N110bn. Source Proshare Read More 

JapaulOIL Records 38% YTD Return In 2018 - JAPAULOIL share price ended 2009 with a negative return of -69.13% and recorded 23.89% growth in share price in 2010. However, between 2011 and 2012, the share price was on a downward with significant drop in prices recorded. Source Proshare Read More

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Milost Ends $1 Billion Deal With Nigerian Bank After Threats - Milost Global Inc. ended talks to provide $1 billion to Nigeria’s Unity Bank Plc, saying it received threats that it will be run out of the country if the deal continues. Source Bloomberg Read More 

Aso Savings Denies Milost Global’s $250m Investment Deal - Aso Savings and Loans Plc has denied refuted media reports that an American private equity firm, Milost Global incorporated had concluded plan to invest $250 million into the institution. Source Thisday Read More 

UBA subsidiary gets UK wholesale banking licence - United Bank for Africa (UBA PLC), has announced yesterday that its London subsidiary has obtained regulatory permission to carry out Wholesale Banking activities in the UK. Source Daily Trust Read More 

RESORTSAL Share Price Remains Flat For Eight (8) Years - RESORTSAL share price currently traded at 0.50k, a value the company has traded for 8 years to date with 0.00% returns. Source Proshare Read More 

African Prudential Shareholders Approve N800 Million Dividend - Shareholders of Africa Prudential Plc on Tuesday approved the N800million dividend recommended by the board of directors for the year ended December 31, 2017. Source Thisday Read More 

FMDQ lists first micro-finance bank bonds - FMDQ OTC Securities Exchange Plc has admitted Lapo Micro-finance Bank Plc N3.15 billion bonds for trading on its platform. Source Vanguard Read More 

Nigerian oil firms to acquire Petrobras assets - Two global oil traders, Vitol and Glencore, are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2bn, several sources familiar with the matter have said. Source Punch Read More 

W’Bank: Nigeria Needs to Supply Electricity to 800,000 New Households Yearly - The World Bank has said that Nigeria would need to connect between 500,000 to 800,000 new households to electricity sources every year between now and 2030 to be able to achieve her targets of universal access to electricity for its citizens. Source Thisday Read More 

Egbin Power Station Targets 5,000MW in Five Years - The Chairman of Egbin Power Plc, Mr. Kola Adesina has restated the commitment of the board of the company to expand the plant’s generating capacity from 1,320 megawatts to 5, 000MW in the next five years. Source Thisday Read More 

38 Firms Raked in N54.1bn from Oil and Gas Insurance Businesses in 2016 - Thirty eight underwriting firms generated N54.130 billion as gross premium from oil and gas insurance businesses in 2016; but expended only a paltry N4.642 billion as claims to companies. Source Thisday Read More 

NERC orders Discos to engage independent meter providers - The Nigerian Electricity Regulatory Commission on Tuesday ordered the 11 power distribution companies to engage the services of the recently approved independent Meter Asset Providers in order to effectively bridge the over 4.74 million metering gap in the country. Source Punch Read More 

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Land use charge: Lawyers storm out of Lagos assembly in anger - The public hearing on land use charge amendment in Lagos state which held on Tuesday was greeted with mixed reactions by stakeholders in the public and private sector. Source THE CABLE Read More 

Stakeholders tasks LSHA on a people-oriented Land Use Charge 2018 Amendment - Stakeholders, a cross-section of professional bodies and several individuals have tasked the Lagos State House of Assembly to ensure a people-oriented Land Use Charge Law 2018 Amendment. Source Proshare Read More 

Nigeria, ECOWAS and the Morocco Question - I was in Morocco recently, about 20 years after I last visited Timbuktu, Marrakech, Casablanca, Rabat and Laayoune. I was quite impressed to see how Morocco with its colour-coded cities remains very much an organized, efficient and a comparatively competitive country. Source Proshare Read More 

A Brave Step Towards African Integration - Last week brought the signing of the pact establishing the African Continental Free Trade Area (AfCFTA) in Kigali at an extraordinary summit of the African Union (AU). Source Proshare Read More 

Roles Of Consumer Protection And Small Business Access To Credit In Financial Inclusion - Good evening. Thank you to John Bryant and Operation HOPE for inviting me today to open the HOPE Global Forums. I commend our hosts for bringing together such an impressive group of speakers and attendees, diverse in their perspectives, yet all of whom share the vital goal of advancing economic opportunity and inclusion. Source Proshare Read More 

National Assembly Seeks To Review The AMCON Act; Winding Up - The Chairman of House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri announced yesterday that the House of Representatives has begun the process of amending the Act establishing the Asset Management Corporation of Nigeria (AMCON), eight years after it started operation. Source Proshare Read More 

The World's Biggest Investors Have Lost $436 Billion In 2018 - Wall Street is shocked, but it shouldn't be: Tariffs targeting China should have been a given, and now the market's tanking on trade war fears as if it just crept up on everyone, but Trump's been very clear on this. Source Proshare Read More 

Euronext Completes The Acquisition Of The Irish Stock Exchange - Today, Euronext announces the completion of the acquisition of 100% of the shares and voting rights of The Irish Stock Exchange plc[1], after receiving regulatory approvals. Source Proshare Read More 

S&P: South Africa needs stronger growth to escape "junk" - Credit rating agency S&P said on Tuesday it was not anywhere near to upgrading South Africa from “junk” status but that stronger per capita economic growth and faster debt stabilisation could lift ratings in future. Source Reuters Read More 

Traders back local firms to buy Petrobras' Nigerian oilfield stakes - Global oil traders Vitol and Glencore are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2 billion, several sources familiar with the matter said. Source Reuters Read More 

Softbank to Build World’s Biggest Solar Park in Saudi Arabia - Saudi Arabia has signed a memorandum of understanding with SoftBank Group Corp. for a $200 billion solar power project in the kingdom, calling it the single largest of its kind in the world. Source Bloomberg Read More 

Saudi Struggles to Respond as Rising Libor Pressures Peg - Saudi Arabia is struggling with rising U.S. rates as it tries to strike a balance between boosting growth and averting capital flight that would put pressure on the riyal’s currency peg. Source Bloomberg Read More 

Canada's Golden Leaf Wants to Carpet the U.S. With Pot Retail Stores - Golden Leaf Holdings Ltd. is taking the first step to becoming the Starbucks or McDonald’s of weed, even though marijuana remains illegal across much of the U.S. Source Bloomberg Read More 

Two giant engineering projects will alter the European landscape - WHEN the Berlin Wall fell, Europe began repairing its sundered east-west transport networks. A revived Paris-Moscow train heralded the new era. Berlin’s cathedral-like main station, opened in 2006, became the continent’s new hub. Source THE ECONOMIST Read More 

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CBN partners banks, MMOs to roll out 500,000 shared agent network - Ten Mobile Money Operators (MMOs) and super agents will, any moment from now, start deploying financial services agents’ outlets across the country as the Central Bank of Nigeria (CBN) collaborates with banks and other stakeholders to deepen Financial Inclusion in Nigeria. Source THE SUN Read More 

Amazon may spend $1 billion to adapt hit Chinese sci-fi novels - Amazon's bid to create worldwide blockbuster shows may extend well beyond very familiar Western stories like Lord of the Rings. Source Engadget Read More 


Wema Bank Secures $35m from International Lenders to Fund SMEs - Wema Bank Plc. has signed a Line of Credit Agreement with the African Development Bank (AfDB) to grow financial support to small and medium scale businesses in Nigeria. Source Proshare Read More 

Jaiz Bank, IDB sign $20m SMEs financing deal - Jaiz Bank Plc and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), yesterday signed a $20 million line of agreement to finance Small and Medium Sized Enterprises (SMEs) in the country. Source THE NATION Read More


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