Nigeria in 1min: Economic, Business and Financial Headlines – 011217


December 1, 2017 7:30 AM / Proshare News 


States Generate N149.45bn as IGR in Q3 2017 - NBS - The National Bureau of Statistics Publishes Internally Generated Revenue at State level for Q3 2017.  Source Proshare Read More 

Manufacturing PMI Stands at 55.9% in November 2017 from 55.0% in October 2017- The November 2017 PMI was conducted by the Statistics Department of the Central Bank of Nigeria during the period November 13 - 17, 2017. Souce Proshare Read More 

Nigeria's dollar reserves at $34.53 bln as of Nov. 24 -cenbank data - Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday. Source Reuters Read More 

Revised import, export guidelines take effect January 1, 2018 - FG - The Minister of Finance, Mrs Kemi Adeosun has announced that the revised import and export guidelines would take effect from January 1, 2018. Source Daily Trust Read More 

PenCom, PTAD to spend N1.39bn on capital projects in 2018 - The National Pension Commission (PenCom) and the Pension Transitional Arrangement Directorate (PTAD) will spend a total of N1.39 billion out of the N4.25bn proposed for capital projects in the 2018 budget currently before the National Assembly. Source Daily Trust Read More 

Senate postpones MTEF passage over OPEC meeting - The Senate yesterday postponed the passage of the 2018-2020 Medium Term Expenditure Framework (MTEE) to next Tuesday over the meeting  of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria. Source Daily Trust Read More 

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Ayade presents N1.3tn record breaking budget for 2018 - GOVERNOR of Cross River State, Ben Ayade, yesterday, made history as the first governor to propose a trillion naira budget in the country when he laid a budget estimate of N1.306 trillion before the state house of assembly for the 2018 fiscal year. Source Vanguard Read More 

A Welcome Surge in Capital Imports- The NBS recently released its latest report on Nigerian Capital Importation, which covers Q3 2017. Source Proshare Read More 

Rice Importation Drops By 95% – Ogbeh - The minister of Agriculture and Rural Development, Chief Audu Ogbeh, yesterday disclosed that rice importation into the country has dropped by 95 per cent in the last two years due to consistency in the federal government’s  efforts at drastically reducing importation of the food product into the country. Source Leadership Read More 

FG inaugurates insurance road map for farmers - The Federal Government has inaugurated a road map to guide farmers in insuring their crops. Source Punch Read More 

Osun, Chinese firm collaborate on gold mining, chocolate factory - The Osun State Government has signed an agreement worth N216bn with a Chinese firm, Jiangsu Wuxi Taihu Cocoa Food Company Limited, for the establishment of an industrial park in the state. Source Punch Read More 

EU Bank Extends €100m Credit to Afreximbank - The African Export-Import Bank (Afreximbank) and the European Investment Bank (EIB) on Thursday entered into a line of credit agreement amounting to €100 million.The credit line was granted by EIB to Afreximbank on the sidelines of the African Union-European Union summit in Abidjan. Source Thisday Read More 


SEC Announces December 31, 2017 as Termination of Dividend Warrant Issuance- The Securities and Exchange Commission (SEC) hereby announces midnight December 31, 2017 as the deadline for FREE e-Dividend Registration as well as termination of Dividend Warrant Issuance Source Proshare Read More 

Inflation drops by 15% in 11 months, says Emefiele - The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said inflation rate declined by about 15 per cent over the past 11 months as fiscal and monetary reforms continue to impact positively on the Nigerian economy. Source THE NATION Read More 

‘NDIC Has Paid N105bn to Depositors of Failed Banks’ - The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim on Thursday in Kano disclosed that the corporation had so far paid N105 billion to 442, 615 depositors of closed deposit money banks (DMBs) at the end of September 2017. Source Thisday Read More 

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Market Extends Two-Day Gaining Streak as NSEASI Inches Up by 0.62%- Equities market closed today on a positive note, as NSEASI appreciated by +0.62% to close at 37,944.60 basis points as against +0.55% appreciation recorded previously. Source Proshare Read More 

Corporate Earnings for the Week Ending 301117 – UPDCREIT declares N1.32 billion PAT in Q3'17 Result- During the week ending November 30, 2017, four quoted firms declared their results.  Source Proshare Read More 

Introducing NASD OTC "BLUE" Securities- NASD OTC Securities Exchange recently commenced a classification of admitted securites by level of disclosure, corporate governance and financial responsibility. Source Proshare Read More 

Nigerian NNPC Seeks Up To $5B Cash-for-Oil Deals With Traders- The Nigerian National Petroleum Corporation (NNPC) is aiming to strike up to US$5 billion worth of cash-for-crude prepayment deals with some of the biggest global oil traders  Source Proshare Read More 

Goldman Says Oil Market's Too Jittery When There's No Need to Be - Don’t worry about long-term oil supply, according to Goldman Sachs Group Inc. Source Bloomberg Read More 

OPEC and Russia Extend Output Cuts, Boosting Oil Alliance -  OPEC and its allies outside the group agreed to maintain oil production cuts until the end of 2018, extending their campaign to wrest back control of the global market from America’s shale industry. Source Bloomberg Read More 

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KPMG Volcano Trumped By Hurricane Trump [And Africa Storm]- The retired partners of KPMG who are still awaiting their gratuity and pension have for many years been a reference point at the United Nations General Assembly. Source Proshare Read More 

Heirs Holdings Investee Companies Shine at Pearl Awards…Sweep Up Six Awards- At the 2017 Pearl Nigeria Awards, United Capital Plc and Transcorp Hotels Plc won six awards in various categories. Source Proshare Read More 

Tribute to the Chief [but not the last] Imam- On Monday 2nd October 2017, in the early hours, without any warning Lagos was suddenly under siege from rain, thunder and lightning Source Proshare Read More 

UnityKapital Assurance Plc Appoints Mr. Olanrewaju Awolola as Chief Finance Officer- This is to notify the Nigerian Stock Exchange, esteemed shareholders, stakeholders and the general public on the appointment of Mr. Olanrewaju Rotimi Awolola as substantive Chief Finance Officer of UnityKapital Assurance Plc Source Proshare Read More 

Affelka S.A. Set to Increase Stake in Seven-Up Bottling Company Plc- Seven-Up Bottling Company PLC (“SBC” or “7-UP’) hereby notifies The Nigerian Stock Exchange that the Board of 7-UP has received an offer from Affelka S.A. (“Affelka”), to acquire all the outstanding and issued shares of SBC that are not currently owned by AffelkaSource Proshare Read More 

Tanzania suffers national power outage after technical fault-supply company - Tanzania was hit by a country-wide blackout early on Thursday due to a technical glitch in its national power grid, the country’s state-run electricity monopoly said. Source Reuters Read More 

Kenya's inflation falls to its lowest in more than 4 years - Kenya’s inflation fell in November to its lowest in four years and seven months, driven by a slower rise in food and non-alcoholic drink prices, the statistics office said on Thursday. Source Reuters Read More 

Kenya set to build coast-to-centre highway to boost Africa trade - Kenya on Wednesday signed a $620 million agreement to build a 530 km (329 mile) highway from its east coast to the centre of the country, part of a campaign to boost its role as a regional trade hub. Source Reuters Read More 

Asian shares pare gains as vote on US tax bill delayed - Asian shares and the dollar pared their modest gains on Friday, with risk appetites supported by advances on Wall Street but capped by concern as investors awaited the U.S. Senate’s vote on U.S. tax reform legislation. Source Reuters Read More 

Exclusive: Nissan sues India over outstanding dues; seeks over $770 million - Japanese automaker Nissan Motor (7201.T) has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives, according to a person familiar with the matter and documents reviewed by Reuters. Source Reuters Read More 

Big U.S. banks in last-ditch push on regulatory relief bill - Wall Street banks and big regional lenders are scrambling to secure changes to a U.S. Senate bill easing rules on smaller banks ahead of a key lawmaker meeting next week, several bank lobbyists told Reuters. Source Reuters Read More 

Korea's Inflation Slips to 1-Year Low While GDP Strengthens - South Korea’s inflation unexpectedly slowed to a one-year low as the government lowered city gas charges and vegetable prices stabilized on higher farm output. Source Bloomberg Read More 

Tencent Drops Suddenly as Shares Set for Worst Week in 21 Months - Tencent Holdings Ltd. slumped Friday, putting it in line for its worst week in almost two years, as investors took profit in global technology shares and before the stock’s weighting gets reduced in Hong Kong’s benchmark index. Source Bloomberg Read More 

Forget Bitcoin, These Four Stocks Are Up More Than 1,000% in 2017 - Bitcoin is all the rage, but there are also a handful of stocks that have equaled the digital currency’s gravity-defying surge this year. Source Bloomberg Read More 

JPMorgan Stares Into a $1 Trillion Bond Abyss and Is Bullish - Bond markets will be staring into a $1.1 trillion hole in demand left behind by their biggest patrons, central banks, as the latter pare stimulus next year. Source Bloomberg Read More 

Angola Plans to Open Up Telecoms Industry to Foreign Bidders - Angola plans to sell a minority stake in a state-owned telecommunications provider and hold an auction for a fourth industry operator as new President Joao Lourenco shakes up the business environment and reduces the influence of his predecessor’s family. Source Bloomberg Read More 

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Trump, Fox News and Friends of XKPMG- The benefit of hindsight which translates as 20:20 vision compels us to recognise and acknowledge that President Donald Trump’s foes predate his election as the President of the most powerful nation on earth. Source Proshare Read More 

XKPMG Tipping Point (The Tide Is Rising and Turning)- In the White House, the code name for President Donald Trump is “Ever Ready”(in the old days a leading dry cell battery was named “Ever Ready”)   Source Proshare Read More 

Emirates Group announces half-year performance for 2017-18-  Group: Revenue up 6% to AED 49.4 billion (US$ 13.5 billion), and profit of AED 2.3 billion (US$ 631 million), up 77% Source Proshare Read More 


Konga.Com becomes a Prepay only Platform- has announced its decision to become a prepay only platform. Source Proshare Read More 

Bitcoin pauses below record peak; gained 55 percent in November - Bitcoin hovered around $9,600 in volatile trade on Friday, after tumbling about 15 percent from an all-time high hit this week as some money managers warned ominously of a bubble and further falls in the stratospheric cryptocurrency. Source Reuters Read More 

ntel, 9mobile get NCC’s approval to commence national roaming test - Ntel, Nigeria’s most advanced 4G/LTE broadband operator has announced a national roaming field trial with 9mobile. Source THE SUN Read More 

China’ll provide $550m for Nigeria’s communications satellites – NigComSat - The Chinese Export and Import Bank has accepted to provide the $550m required for the construction of two new communications satellite for Nigeria, the Nigeria Communications Satellite Limited has said. Source Punch Read More 

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