Nigeria in 1min: Economic, Business and Financial Headlines – 290118


January 29, 2018 7:10 AM / Proshare News 


What To Expect From The Markets This Week- 290118 - According to the recently published FMDQ over the counter bulletin, the turnover in fixed instrument for the month of December stood at N4.89 trillion; thus reflecting a 38.9% decrease in the total turnover in fixed instrument compared to the previous month. Source Proshare Read More 

Travellers Spend N50bn On Foreign Flights In Nigeria - Despite the economic recession that caused a serious setback to the Nigerian economy in 2017, flight tickets worth $1.4 billion (N50 billion) were purchased by travelers who moved out of the country with foreign airlines in the year 2017. Source Leadership Read More 

FG Orders Insurance Companies To Get Fresh Microinsurance Licence Within 18 Months - The Federal Government has issued 18 months ultimatum to 17 insurance companies selling microinsurance products to acquire fresh microinsurance licence or suspend the selling of these products, LEADERSHIP can now reveal. Source Leadership Read More 

FG spent N1.54tn to service debts in nine months - The Federal Government spent a total of N1.54tn to service the country’s debt obligations to local and foreign debtors between January and September last year, a report obtained from the Budget Office has indicated. Source Punch Read More 

Nigeria, 22 African nations begin new air treaty - The country’s aviation industry is expected to grow rapidly in the coming years following the signing of a liberal air transport treaty by Nigeria and 22 other African countries, MAUREEN IHUA-MADUENYI writes Source Punch Read More 

Car owners to pay N200 at Lekki toll plaza - The Lekki Concession Company has released details of the new tolls to be paid by motorists using the Lekki-Epe Expressway and Ikoyi Link Bridge in Lagos. Source Punch Read More 

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NSE Amended Par Value and Pricing Methodology Rules Become Effective On Monday, 29 Jan 2018 - The Nigerian Stock Exchange (“NSE” or “The Exchange”), hereby restates that the amendments to Pricing Methodology and Par Value Rules, which can be found in Rules 15.29 and 15.30 respectively of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules) (“the Rules”), which have been approved by the Securities and Exchange Commission (SEC) shall become effective on Monday, 29 January 2018. Source Proshare Read More 


Stock Market Inches Up by 0.56% to Halt Downtrend; Records -2.93% Loss WoW - Equities market closed today on a positive note, as NSEASI appreciated by+0.56% to close at 43,773.76. basis points as against -0.99% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +14.46%. Source Proshare Read More 

NASD USI Down by -1.00% WoW - NASD closed its trading day on Friday 26, January, 2018 higher compared to last Friday. The Market Capitalization decreased 1% this week, closing lower at ₦412.43 billion against ₦415.33 billion previously. The NASD USI also decreased by 1% this week, closing at 609.44 points, as against 613.73 points last Friday Source Proshare Read More 

Corporate Earnings for the Week Ending 260118 – CHELLARAM Declares N2.48bn PAT in Q3'18 Results - During the week ending January 26, 2018, four quoted firms declared their results. Source Proshare Read More 

Banks’ Deposit With CBN Drop To N160.7bn - Banks deposit with the Central Bank of Nigeria (CBN) dropped last week by 45 per cent to N160.77 billion as against N296.41 billion that was deposited with the apex bank the previous week as they borrowed N112.45 billion to cover their financial shortfalls, data on the CBN website have shown. Source Leadership Read More 

Forex Market Sees $2.36bn Inflow As Naira Expected To Firm - A total of $2.356 billion dollars flowed into the Nigerian foreign exchange market last week through the Investors’ and Exporters’ window as well as the two interventions of the Central Bank of Nigeria (CBN) as the value of the naira is expected to inch upward this week. Source Leadership Read More 

NAICOM fines insurance firms N1.4b for infractions - The regulatory body of the insurance sector, the National Insurance Commission (NAICOM), has fined some insurance firms over $4 million (N1.46 billion) as penalties for various infractions. Source THE NATION Read More 

Insurance sector records N235bn premium in nine months - The Nigerian Insurance sector recorded N235bn gross written premium from January to September of the 2017 financial year, according to the National Insurance Commission. Source Punch Read More 

NNPC’s losses rise by 1,556% in one month - The group financial and operations losses of the Nigerian National Petroleum Corporation increased by 1,556.1 per cent from October to November 2017, the latest figures released by the oil firm revealed. Source Punch Read More 

Forex market intervention: ‘CBN spends $15.9b’ - The Central Bank of Nigeria (CBN) has spent $15.9 billion in nine months in its weekly intervention in the foreign exchange (forex) market, Managing Director, Afrinvest Securities, Ayodeji Ebo,  has said. Source THE NATION Read More 

Bank bond yields slide as debt traders confirm equity rally - As Nigerian bank stocks race to new highs, the yields on their dollar-denominated bonds are also falling, in a signal that foreign investors are lapping up lenders’ debt just as fast as their equities.  Source BUSINESSDAY Read More 

Nigerian Bourse Loses over N550 Billion in One Week as Profit Taking Intensifies - Bamidele Famoofo reports that the activities of speculative investors in the equities segment of the Nigerian Stock Exchange have led to loss of over half a trillion naira in market capitalisation in the last one week Source Thisday Read More 

Kaduna Refinery Shut over Lack of Crude - The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil. Source Thisday Read More 

Crude Oil Projected to Trade within $60-$70/bbl Range in 2018 -A monthly report of the International Energy Agency, called the Oil Market Report, has said crude oil would trade within the range of $60 to $70 per barrel this year. Source Thisday Read More 

Nigerian Breweries lists 67.8m scrip shares - Nigerian Breweries has listed 67.8 million ordinary shares of 50 kobo each, increasing its outstanding issued shares from 7.929 billion ordinary shares to 7.997 billion ordinary shares. The additional shares further strengthened Nigerian Breweries’ position as the third most capitalised company at the Nigerian Stock market. Source THE NATION Read More 

Power Generation On The Rise Again, Hits 4350MW - Power generation in the country has begun witnessing rise again, hitting a peak of 4, 351.70MW Friday after the recent drop blamed on damage to gas pipelines and cables by the Transmission Company of Nigeria (TCN). Source Leadership Read More 

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FG Probes 200 Whistle Blowing Tips on Tax Officials, Payers - The federal government yesterday disclosed that it had begun investigations into over 200 whistleblowing tips on tax officials and taxpayers which involve under-declaration of taxes as well as demand by taxpayers and receipt of gratifications by tax officials. Source Thisday Read More 

Zimbabwe sees economic growth of up to 6 pct in 2018-state newspaper - Zimbabwe’s economy could grow by up to 6 percent this year, more than an initial forecast of 4.5 percent, due to the reforms being pursued by President Emmerson Mnangagwa’s government, the finance minister told a state-owned newspaper. Source Reuters Read More 

Gas Flaring Law Error Cost Nigeria Billions of Dollars - Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigeria’s Finance Minister Kemi Adeosun said. Source Bloomberg Read More 

Singapore Overtakes China as Largest Asian Investor in U.S. Property - Singapore ousted China to become the biggest Asian investor in U.S. commercial property last year. Source Bloomberg Read More 

Egypt to halt imports of LNG by end of FY 2017/18 - minister of petroleum - Egypt plans to stop importing liquefied natural gas (LNG) by the end of the 2017/18 fiscal year ending in June as it speeds up production at recently discovered gas fields, Petroleum Minister Tarek El Molla said on Saturday. Source Reuters Read More 

Aramco IPO Stalled by Indecision Over Where to List - Two years after Crown Prince Mohammed bin Salman announced his intention to turn Saudi Arabia’s state-owned oil producer into the world’s largest public company, the kingdom and its advisers remain stuck on the crucial question of where to list the shares Source WSJ Read More 

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#FintechConf18: Stakeholders call for robust Fintech ecosystems in Nigeria and Africa - Stakeholders at the 2nd National Fintech Conference in Nigeria, agreed that robust Fintech ecosystems were critical for Nigeria and Africa. Source Proshare Read More 

Japan to punish hacked cryptocurrency exchange Coincheck on Monday - Japan’s financial regulator plans to slap an administrative punishment on cyrptocurrency exchange operator Coincheck Inc on Monday, the top government spokesman said, after the firm lost 58 billion yen ($534 million) worth of NEM coins to hackers. Source Reuters Read More 

Massive Cryptocurrency Heist Spurs Call for More Regulation - At 2:57 a.m. on Friday morning in Tokyo, someone hacked into the digital wallet of Japanese cryptocurrency exchange Coincheck Inc. and pulled off one of the biggest heists in history. Source Bloomberg Read More 

Central Bank in Africa's Top Bitcoin Market Warns of ‘Gamble’ - The central-bank governor of Nigeria, where bitcoin trading grew the most in Africa last year, said investing in the cryptocurrency is a “gamble” and hinted it may have to be regulated. Source Bloomberg Read More 

Bank Bans ‘Not Surprising’ Given Bitcoin Risks, Sweden Says - As Nordea Bank AB’s Bitcoin ban for staff has unions questioning the legality of the move, Sweden’s minister in charge of financial legislation says it’s understandable that the industry is resorting to such measures. Source Bloomberg Read More 

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