Nigeria in 1min: Economic, Business and Financial Headlines – 120218


February 12, 2018 7:30 AM / Proshare News 


What To Expect From The Markets This Week- 120218 - The recent economic report published stated that standing lending liquidity (SLF) at the end of the last quarter of 2017 stood at N11.733 billion facility.  The SLF in the period of review was made of N7, 266 billion direct SLF, while N4, 467 billion was converted to as overnight repo. Source Proshare Read More 

60 per cent of govt assets yet to be insured - About 60 per cent of Federal, state and local  governments’ asset are uninsured, The Nation has learnt. Source THE NATION Read More 

Airlines to save N11.6b yearly from removal of VAT, others - The planned review and removal of the mandatory Value Added Tax (VAT) on all air travel tickets issued in the aviation sector will save local airlines at least N11.55 billion in revenue yearly. Source Guardian Read More 

NEXIM provides N5bn lifeline to revitalise Multi-Trex Cocoa plant - Nigeria Export-Import (NEXIM) Bank has reiterated its resolve to work with major stakeholders towards meaningful development of the cocoa industry in the country with the resuscitation of the near moribund Multi-Trex Integrated Foods Limited in Ogun State. Source Daily Trust Read More 

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Terminal operators waive N1.5bn charges on TCN containers - Terminal operators in Nigeria have waived a whooping N1.5 billion on 500 containers carrying power equipment belonging to the Transmission Company of Nigeria (TCN), the Terminal Operators Association of Nigeria (STOAN) has said. Source Daily Trust Read More 

VAIDS’ N17bn revenue offers window view into tax leakages - Nigeria’s 6 percent tax-to-GDP ratio is among the lowest in the world, due to low tax compliance among high net-worth individuals and a large informal sector. The relative success of the Voluntary Asset and Income Declaration Scheme (VAIDS) bears witness to this. Source BUSINESSDAY Read More 

Generator makers set sight on Nigeria’s $9.2 billion off grid market - What is the best way to measure the momentum of renewables in Nigeria? Apparently, by the speed at which big generator makers in the country are considering branching into renewable energy to find a growth path for their businesses to build a sustainable enterprises. Source BUSINESSDAY Read More 

Lekki Deep Seaport: NPA paid only $23m out of $110m equity  share  - Acting Director General of the Infrastructure Concession regulatory Commission (I RC) has accused the Nigerian Ports Authority (NPA) of frustrating the development of the over $1.5 billion Lekki Deep Seaport project following its failure to pay $110.9 million equity share for  the project in full. Source Leadership Read More 

Elections won’t affect capital projects –Adeosun - Amid fears of possible disruption in government’s spend ahead of the 2019 general elections, the Federal Government at the weekend assured that its capital budget would be insulated from the vagaries of politics but strictly deployed to fund infrastructural projects across the country, with concerted efforts to complete ongoing ones. Source Leadership Read More 

Govt won’t divert capital budget into elections —Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government’s 2018 capital budget of N2.4tn will be strictly used for infrastructural projects across the country, particularly the completion of ongoing projects. Source Punch Read More 

National Assembly approved $300m Diaspora Bond —DMO -  The Debt Management Office said the National Assembly approved the Diaspora Bond, which was used to borrow $300m from Nigerians in the diaspora. Source Punch Read More 

UK asset forfeiture: Nigerian property owners seek VAIDS interventionFollowing the new United Kingdom’s regulation on ‘Unexplained Wealth Orders,’ Nigerians, who own property in the country have approached the Federal Ministry of Finance’s Voluntary Assets and Income Declaration Scheme for help. Source Punch Read More 

Agusto & Co: Nigeria’s Borrowing Binge, a Fiscal Time Bomb - Nigeria’s research and rating agency, Agusto & Co, has stressed the need for the federal government to address what it described as the “fiscal risks lurking in Nigeria’s deficit,” projected at over N3trillion in 2018 alone. Source Thisday Read More 

Operators Fault Aviation Minister on Alleged N516bn Debt - Airline operators have questioned the veracity of the N516 billion debts, which the Minister of State, Aviation, Senator Hadi Sirika alleged that Nigerian carriers owe aviation agencies and other companies in Nigeria. Source Thisday Read More 

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Stock Market Closes Negative In All Trading Days of The Week; Records -3.39% Loss WoW - Equities market closed today on a negative note, as NSEASI depreciated by -0.46% to close at 43, 127.92. basis points as against -0.49% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.77%. Source Proshare Read More 

NASD USI Up by 0.38% WoW - NASD closed its trading day on Friday 9, February, 2018 higher compared to last Friday. The Market Capitalization increased 0.38% this week, closing higher at ₦428.05 billion against ₦426.45 billion previously. The NASD USI also increased by 0.38%this week, closing at 632.52 points, as against 630.17 points last Friday. Source Proshare Read More 

7-Up seeks regulatory approval to delist shares from Exchange - Seven-Up Bottling Company (7-Up) Plc has filed an application with the Nigerian Stock Exchange (NSE), seeking to delist its shares from the Exchange and end its 32 years as a publicly quoted company. Source THE NATION Read More 

Fitch Affirms Sterling Bank Plc at ''B-''; Outlook Stable - Fitch Ratings has affirmed Nigeria-based Sterling Bank Plc's Long-Term Issuer Default Rating (IDR) at 'B-' and National Long-Term Rating at 'BBB-(nga)'. The Outlook is Stable. Source Proshare Read More 

Forex: CBN Intervenes in Retail SMIS With $325.64m - The Central Bank of Nigeria (CBN) has again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million. Source Proshare Read More 

Dollars pour into Nigeria as net inflow turns positive for first time since 2012 - More dollars poured into Nigeria than exited through the Central bank in 2017 for the first time since 2012, according to data compiled by BusinessDay and sourced from a report on the apex bank’s website that put net inflows at $12 billion. Source BUSINESSDAY Read More 

Britain to add Nigeria's naira to list of accepted trade currencies - Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. Source Reuters Read More 

NAICOM targets 15 other insurance companies for IBAI- National Insurance Commission, NAICOM, said it is targeting 15 more companies for the Index-Base Agriculture Insurance, IBAI. Source Vanguard Read More 

Oil prices rise 1 percent as stocks markets steady - Oil prices rose by 1 percent on Monday, recovering at least some of last week’s steep losses as Asian stock markets found their footing after days of chaotic trading. Source Reuters Read More 

NNPC, Kogi to sign biofuel production MoU Tuesday - The Nigerian National Petroleum Corporation and the Kogi State Government will on Tuesday sign a Memorandum of Understanding for the production of ethanol, an organic biofuel that can be used to power automobiles. Source Punch Read More 

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Insider trading has been rife on Wall Street, academics conclude - One study suggests insiders profited even from the global financial crisis; another that the whole share-trading system is rigged Source Economist Read More 

Ghana explores Asian markets for sixth Eurobond sale: government sources - - Ghanaian officials will meet investors in Asia next week to explore new markets for a $1 billion Eurobond sale this year, government sources said on Friday. Source Reuters Read More 

Dubai Holding Unit Is Said to Seek $572 Million for Refinancing - Dubai Holding’s Emirates International Telecommunications LLC unit is in talks with banks to raise about 2.1 billion dirhams ($572 million) to refinance an existing loan, according to two people familiar with the matter. Source Bloomberg Read More 

Beyond Bitcoin: The Next Stage in Blockchain’s Evolution - News of the Bitcoin market’s latest run-up or sell-off boosts awareness — but also confusion — about Blockchain, the public ledger of transactions that forms the foundation of the cryptocurrency. But even the most passionate digital currency advocate will be thinking differently about Blockchain in the near future. Source Bloomberg Read More 

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Gibraltar To Introduce ‘World’s First’ ICO Regulations - Gibraltar’s government and Gibraltar Financial Services Commission (GFSC) have announced that in the coming weeks they will develop a draft law that will regulate Initial Coin Offerings (ICOs) in the British overseas territory, Reuters reported Feb. 9. Source cointelegraph Read More 

2 startups are joining forces — and together they could pose a threat to Bloomberg - Symphony, a messaging service that has gained some traction among Wall Street firms, has been integrated into OpenFin, an operating system built for financial-services, the two companies announced Thursday. Source BI Read More 

JPMorgan Publishes The "Bitcoin Bible" - Five months after Jamie Dimon's infamous outburst, in which the JPM CEO called Bitcoin a fraud, and threatened any JPMorgan trader caught trading cryptocurrencies with immediate termination "for being stupid", which was followed by JPM's head quant alleging bitcoin was a pyramid scheme, the largest US bank has released what can only be called the "Bitcoin Bible": 71 pages of excruciating detail on everything from the technology of cryptocurrencies, to their applications and challenges. Source zerohedge Read More 

BitGrail cryptocurrency exchange loses $170 million in Nano tokens - The Wall Street Journal has reported that Italian cryptocurrency exchange BitGrail has lost about 17 million Nano tokens. In total, the stolen tokens were worth $170 million. Source Digital Trends Read More 

Government websites fall prey to cryptocurrency mining hijack - It's not just private companies' websites falling victim to cryptocurrency mining hijacks. Security consultant Scott Helme and the Register have discovered that intruders compromised over 4,200 sites with Coinhive's notorious Monero miner, many of them government websites from around the world. Source Engadget Read More 

Adult content domains are home to half the sites using cryptomining malware - A new study reveals that cryptocurrency miners are turning to porn sites to exploit users’ computing power when they’re online. Source Digital Trends Read More 

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