Nigeria in 1min: Economic, Business and Financial Headlines – 110118


January 11, 2018 7:40 AM / Proshare News 


Lessons From Malaysia: The Art of Trade-off - India and China dominated the economic headline given their individual strong macro performance coupled  in 2017. Shockingly, other economic narratives in the Asia region was left untold or not told enough. Source Proshare Read More 

FAAC Disburses N609.96bn in December 2017 – NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N609.96bn to the three tiers of government in December 2017 from the revenue generated in November 2017. Source Proshare Read More 

N2.63trn Flows into Federation Account from Non-oil Revenue in 12 Months - In the 12 months through to September 2017, gross flows into the federation account amounted to N3.51trn from oil revenue and N2.63trn from non-oil revenue. Source Proshare Read More 

FEC approves N5.4bn for Enugu-Otukpo road repairs - The Federal Executive Council yesterday approved N5.44 billion for the rehabilitation of the Enugu-Otukpo road. Source Daily Trust Read More 

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Gombe Revenue Board Gets Full Autonomy With New Members. - Following the reforms embarked by the Gombe State Board of Internal Revenue Service, (GSBIRS) and the passage into law of the Gombe Revenue and Tax administration bill by the Gombe state house of Assembly Source Leadership Read More 

Lagos Port Has Capacity To Create 10,000 Jobs – LCCI - The Lagos Chamber of Commerce & Industry (LCCI) has said that the Lagos seaports have the capacity of creating 10,000 jobs in the  year 2018. The director – general of the LCCI, Muda Yusuf said this was based on the findings of LCCI Maritime Port Reform research. Source Leadership Read More 

Weather disasters cost $306b in 2017, says NOAA - Weather and climate-related disasters cost the United States (US) a record of $306 billion in 2017, the third-warmest year on record, the US National Oceanic and Atmospheric Administration (NOAA) has said. Source THE NATION Read More 

Tincan Port generated N287bn in 2017 - Out of the N310.3 billion revenue target for 2017, Tincan Island Port generated about N287.63 billion or 92.71 per cent of the figure.According to a document made available to Daily Sun, the port command made spectacular seizures following  the repositioning of the command. Source THE SUN Read More 

African carriers posted 17 % increase in freight demands - IATA - African carriers posted the largest year-on-year increase in demand of all regions in November, with freight volumes rising 17.5 per cent, the International Air Transport Association (IATA) said yesterday. Source Daily Trust Read More 

Procurement for Ibom Deep Seaport begins this month - The procurement process for the Ibom Deep Seaport project is scheduled to commence this month, a statement from the promoters has indicated. Source Punch Read More 

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CBN Directs Microfinance Banks, Others To Suspend Accounts Without BVN - The Central Bank of Nigeria (CBN) has directed Other Financial Institutions (OFIs) to place all accounts without Biometric Verification Number (BVN) on a ‘post no debit’ status. Source Leadership Read More 


Affelka Revises Scheme Consideration on Proposed Acquisition of 7UP Bottling Company Plc to N125 - Seven-Up Bottling Company Plc ("SBC" or "7-UP") hereby notifies The Nigerian Stock Exchange that Affelka S.A. ("Affelka"), the majority shareholder of SBC - who is proposing to acquire all the outstanding and issued shares of SBC that are not currently owned by Affelka has today advised the Company that the Scheme Consideration has been revised upwards to N125 (One Hundred and Twenty-Five Naira) per share. Source Proshare Read More 

Equities Market Sustains 4-Day Uptrend as NSEASI Closes Above 41,000 Psychological Line - Equities market closed today on a positive note, as NSEASI appreciated by +3.60% to close at 41,816.11 basis points as against +2.38% appreciation recorded previously. Source Proshare Read More 

Bond yields record 67bps YTD decline on sustained offshore interests - The Bond market remained significantly bullish in today’s session, dropping by another 14bps, to mark a remarkable 67bps YTD decline in yields from 14.00% to 13.33%. Source Proshare Read More 

Flour Mills gets regulators’ nod for N40bn rights issue - Flour Mills of Nigeria (FMN) Plc has received clearance from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to proceed with series one of the rights issue programme. Source THE SUN Read More 

Licence renewal: BDCs seek extension of January deadline - The Association of Bureaux De Change Operators of Nigeria, the umbrella body of over 3,500 BDC operators licensed by the Central Bank of Nigeria in the country, has called on the regulator to extend the January 31 deadline set for the renewal of operating licence of its members to March 31, 2018. Source Punch Read More 

NNPC seeks 1.46 million MT of petrol for January-April - In a sign that the scarcity of petrol in Nigeria could be more widespread than first expected, the Nigerian National Petroleum Corporation has issued a spot tender seeking 1,480,000 metric tonnes of petrol from January to April, on top of the existing term volumes it imports. Source Punch Read More 

Obaseki, China SINOPEC sign 5,500bpd Edo modular refinery deal - The Governor of Edo State, Mr. Governor Godwin Obaseki, on Wednesday in China, expanded the portfolio of foreign investments in the state following the signing of a Memorandum of Understanding (MoU) with a Chinese consortium for a 5,500 barrel per day modular refinery in Edo State. Source Vanguard Read More 

FG okays independent power supply to Abuja airport - The Federal Executive Council on Wednesday approved the contract for the provision of independent power supply (at N61 per kilowatt/hour) to the Nnamdi Azikwe International Airport, Abuja. Source Punch Read More 

DisCos record N196.23bn losses as operating costs soar - An examination of the financial statements of some of Nigeria’s electricity distribution companies (DisCos) indicate that they are veering dangerously close to full blown bankruptcy with reported losses of over N196.23 billion to end the 2016 financial year. Source BUSINESSDAY Read More 

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79 Resignations Announced by Quoted Companies in 2017 - In 2017, about seventy-nine (79) resignations were recorded in the market. Source Proshare Read More 

113 Appointments Made by Quoted Companies in 2017 - In 2017, quoted companies announced about one hundred and thirteen (113) appointments in the market. Source Proshare Read More 

Why it is time to change the way we measure the wealth of nations - In the good old days before Brexit and the global financial crisis, politics was all so simple. The western liberal democracies had reached the “End of History”. So far as old conundrums such as ideology and identity were concerned, nobody really cared much any more. Source FT Read More 

China's Richest Woman Adds $6 Billion to Fortune in Seven Days - China’s richest woman Yang Huiyan added $6.1 billion to her wealth in just seven days of market trading, trailing only Inc.’s Jeff Bezos in growing her fortune this year. Source Bloomberg Read More

Chinese Workers Abandon Silicon Valley for Riches Back Home - A few years ago, Wang Yi was living the American dream. He had graduated from Princeton, landed a job at Google and bought a spacious condo in Silicon Valley. Source Bloomberg Read More 

Crude Oil Prices Are Up 49%, and It’s Not All Thanks to OPEC - OPEC may get the credit for the longest winter decline in U.S. crude stockpiles in a decade, but other factors are also at play, including strong refining margins, frigid weather and robust foreign demand. Source Bloomberg Read More 

Chinese Caution on U.S. Debt Clouds Financing for Trump’s Tax Cut - China could make it harder for U.S. Treasury Secretary Steven Mnuchin to finance budget deficits brought on by President Donald Trump’s tax cuts. Source Bloomberg Read More 

Gold inches down on higher U.S. Treasury yields - Gold prices edged down on Wednesday as a surge in U.S. treasury yields and an ongoing rally in equities dented the precious metal’s safe-haven appeal. Source Reuters Read More 

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Ethereum adoption in Nigeria hits 47% as bitcoin selloff continues - Increasing Bitcoin selloff has seen the adoption of Ethereum, or ETH, surge to 47 percent on the first week of January, for the first time since Nigerian exchanges began to make it available. Source BUSINESSDAY Read More 

World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour - The world’s biggest cryptocurrency exchange keeps getting bigger. Source Bloomberg Read More

Goldman Says Cryptocurrencies May Succeed as Form of Real Money - Bitcoin may seem like a solution in search of a problem in the U.S., where transaction costs are already low and the dollar stable. But in developing countries, digital currencies could succeed as a real form of money, Goldman Sachs Group Inc. says. Source Bloomberg Read More 

South Korea justice ministry prepares to ban cryptocurrency trading, exchanges raided - South Korea’s justice minister said on Thursday the government is preparing a bill to ban cryptocurrency trading, throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion. Source Reuters Read More 

U.S. Senate panel to discuss bitcoin with markets regulators - source - The U.S. Senate’s financial services panel will hold a hearing next month with the country’s top markets regulators to discuss bitcoin amid rising concerns over the risks cryptocurrencies pose to the financial system, a person with direct knowledge of the matter told Reuters. Source Reuters Read More 

Chinese bitcoin mining giant sets up Swiss subsidiary - Chinese bitcoin mining giant Bitmain Technologies is expanding to Switzerland in a move that will be key to widening its reach, the group told a Swiss newspaper. Source Reuters Read More 


Niger budgets N1bn for SME credit scheme - The Niger State Government has set aside N1 billion to enable indigenes of the state benefit from the Small and Medium Entrepreneurship (SME) Credit Scheme of the Central Bank of Nigeria (CBN) in 2018. Source Vanguard Read More 

Afreximbank raises $260m for SMEs via Islamic finance - The African Export-Import Bank (Afreximbank) has raised around $260m via three sharia-compliant facilities to support the Small and Medium-scale Enterprises in the region, as African markets gradually open to Islamic finance. Source THE SUN Read More 


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