Nigeria in 1min: Economic, Business and Financial Headlines – 091118


Friday November, 2018 / 7:00 AM / Proshare News


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Personal Statements By The MPC Members at The 120 MPC Meeting of Sep 24-25, 2018 - The September 2018 meeting of the Monetary Policy Committee (MPC) held against the backdrop of increased uncertainty in the global economic and financial environment. In Europe, Brexit is proving much harder to negotiate than envisaged, while the trade tension between the U.S. and China continues to degenerate, apparently progressing towards a trade war. Source Proshare Read More 

Nigeria Servicing Debt With More Than 50% Revenue – IMF - The International Monetary Fund on Thursday painted the precarious situation of the nation’s economy in particular and Sub-Saharan Africa’s, in general, going by how much the country and the region spend on debt servicing.According to the Breton Woods financial institution, Nigeria spends more than 50 per cent of its revenues on servicing debts, a situation that does not give room for other necessary expenses. Source Punch Read More 

Eighteen States, FCT Attracted $73.08bn Investments In Three Months - The Minister of Budget and National Planning, Senator Udoma Udoma, has said that 18 states and the Federal Capital Territory attracted proposed investment worth of $73.08bn for 65 projects between January and March 2018.He stated this while speaking on efforts by the Federal Government to make Nigeria an attractive place for businesses to thrive, during the ‘42nd annual conference of the Institute of Chartered Secretaries and Administrators of Nigeria’, in Lagos on Thursday. Source Punch Read More 

FG Plan Roadshow Ahead of $2.8bn Eurobond Sale - The Senate had last month approved the issuance of $2.786 billion from the International Capital Market to partly finance the 2018 budget. This was sequel to the presentation at plenary of the report on the implementation of the new external capital raising of $2.786 billion from the International Capital Market approved in the 2018 Act by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Shehu Sani. Source Thisday Read More 

Nigeria To Grow By 1.9% Due To Fewer Disruptions In Oil Production-IMF - The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production.Mr Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’ on Thursday in Abuja. Source TheSun Read More


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Exposure Draft On The Regulation For the Operation of Indirect Participants in the Payments System - The Central Bank of Nigeria (CBN) in furtherance of its mandate for the development of electronic payment system in Nigeria, hereby issues the exposure draft for the operation of Indirect Participants in the Payments System for your review and comments. Source Proshare Read More 

Terms Of Reference For The Competition On The ECOWAS Single Currency Name And Logo - The Economic Community of West African States (ECOWAS), established in 1975, seeks to promote the integration of the region. Given the role of the single currency in the acceleration of economic integration, the idea of creating an ECOWAS single currency was put forward in Conakry in 1983 (Decision A/DEC/6 /5/83) and the ECOWAS Monetary Cooperation Programme (EMCP) was adopted on 9 July 1987 (A/DEC.2/7/87). Source Proshare Read More


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Gross Official Reserves Decline By US$2.31bn in October 2018 to US$42bn - Gross official reserves declined by US$2.31bn in October to US$42.00bn. This fourth monthly decline in succession can be explained by changes in the sentiment of foreign portfolio investors (FPIs) in the wake of the headwinds driven by US monetary policy. Previously a consistent buyer, the CBN has therefore become a source of fx at the investors’ and exporters’ window (NAFEX). For the last eight weeks for which the data is available (through to 22 to 26 October), it has been the largest source of such inflows. Source Proshare Read More 

BPE Announces Public Offer of 406,074,000 SAHCO’s Shares From Nov 12- The Bureau of Public Enterprises (BPE) has disclosed that the public offer of 406,074,000 ordinary shares of Skyway Aviation Handling Company (SAHCO) Plc opens on November 12, 2018 through December 19, 2018. Source Proshare Read More 

NSEASI Erases Previous Day Loss; Inches Up by 0.37% - Equities market closed today on a positive note, as NSEASI appreciated by +0.37% to close at 32,228.50 basis points as against -0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.73%. Source Proshare Read More 

FGN Bond Yields Trade Flat, As FG Signals Readiness to Raise Eurobonds with Planned Roadshow - The Bond Market remained largely order driven in today’s session, with some picks on the 24s and 26s, while sentiments remained weak on the longer tenured bonds, except for the 2037s which witnessed some buying interests during the session. Source Proshare Read More


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The Changes Ahead – The IAPM, CIIA And The Future Of Investment Advisory - IAPM is currently a 32-year old movement birthed by the collective efforts of very prominent Nigerians including the likes of the late Deacon Gamaliel Onosode, Chief Olasubomi Balogun, Chief Ajibola Ogunsola, late Mr. F.N. Akpe, Chief ‘Femi Adetunji, Prince Leke Fadina, and a host of other dignitaries then leading the Nigerian finance and investment industry. Source Proshare Read More 

Lafarge Africa Plc Notifies of Changes On Its Board - The Board and Management of the Company appreciate her support and contributions towards the achievement of the business goals and objectives. We wish her the very best in her future endeavours. Source Proshare Read More 

ICAN  Objects To 3 Bills For A Chartered Institute of Forensic and Investigative Auditors of Nigeria -We reproduce herewith a message to members of the Institute of Chartered Accountants of Nigeria  (ICAN), by its President on the subject of three bills before the national assembly and the implications, concerns and position of the institute thereof. Source Proshare Read More 

NNPC Slides into Loss after Six Months of Profit - The August 2018 edition of the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) released Thursday indicated that after about six months of recording back-to-back profit on its operations, the corporation slid back to loss-making with about N3.90 billion incurred as operational deficit for the period. Source Thisday Read More 

MTN Sues Fed Govt For N3b - MTN Nigeria Communication Ltd has filed a fresh suit at the Federal High Court in Lagos to challenge the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Federal Government.It is demanding N3billion general and exemplary damages and legal costs from the defendant.Justice Chukwujekwu Aneke yesterday adjourned the suit until December 3 for hearing after counsel confirmed that motions have been filed and served on parties.MTN, in the suit filed on September 10, is challenging the legality of the Attorney-General of the Federation’s assessment of its import duties, withholding tax and value added tax amounting to N242 billion and $1.3 billion. Source TheNation Read More 

ICAN Objects To 3 Bills For A Chartered Institute of Forensic and Investigative Auditors of Nigeria - We reproduce herewith a message to members of the Institute of Chartered Accountants of Nigeria  (ICAN), by its President on the subject of three bills before the national assembly and the implications, concerns and position of the institute thereof. Source Proshare Read More

Companies To Inspire Africa Report Launch Set For 16 Jan, 2019 – London Stock Exchange - The London Stock Exchange (LSE) Group will host the launch of “Companies to Inspire Africa” on 16 January 2019, which will include an invite only Market Opening ceremony. Source Proshare Read More

2018 CFA Society Nigeria Investment Conference:10 Takeaways - The Chartered Financial Analysts Society of  Nigeria today hosted it's 2018 Nigeria Investment conference, which focused on the theme "Let's Measure Up" in Lagos. It brought together investment professionals, financial experts, policy makers, regulators, bankers, industry leaders, scholars and technocrats. Source Proshare Read More

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Machine Learning in Finance – Present and Future Applications - Machine learning has had fruitful applications in finance well before the advent of mobile banking apps, proficient chat bots, or search engines. Given high volume, accurate historical records, and quantitative nature of the finance world, few industries are better suited for artificial intelligence. There are more uses cases of machine learning in finance than ever before, a trend perpetuated by more accessible computing power and more accessible machine learning tools (such as Google’s Tensorflow). Source Proshare Read More

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