Nigeria in 1min: Economic, Business and Financial Headlines – 140918


Friday, September 14, 2018 / 7:00 AM / Proshare News



Domestic debts of 36 states, FCT hit N3.5trn in H1’18 - The Debt Management Office (DMO), yesterday, said the domestic debt stock of the country’s 36 states and the Federal Capital Territory (FCT) stood at N3.5 trillion as at the first half of 2018 (H1’18). Source Vanguard Read More 

FIRS provides Clarification on recent Tax Developments at a Stakeholder Meeting - Federal Inland Revenue Service (FIRS) convened a stakeholders meeting on 6 September 2018, with key participants from different sectors of the economy in attendance. The Executive Chairman of FIRS was present to enlighten stakeholders, as well as answer questions and address comments from the audience. Source Proshare Read More 

Federal Inland Revenue Service Releases Country by Country Notification Form - Federal Inland Revenue Service (FIRS) has released, via a public notice, a standard notification form to be used by multinational entities (MNEs) in providing Country-by-Country (CbC) notifications. Source Proshare Read More 

FIRS, states to share data on taxpayers - The Federal Inland Revenue Service (FIRS) and State Boards of Internal Revenue (SBIRs) have agreed to share information on how to increase tax revenue receipts. Source Daily Trust Read More 

FG, Japan Sign MoU on Infrastructure Investment - The federal government and its Japanese counterpart have signed a Memorandum of Understanding (MoU) to promote quality infrastructure investment between both countries. Source Thisday Read More 

Customs rakes in N31.8 billion at Tin Can Port  - The Nigeria Customs Service (NCS), TinCan Island Port, Apapa Command, said it generated about N31.8 billion in August, against N28.6 billion earned in the corresponding period of 2017, a difference of N3.2 million. Source Guardian Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas – August 2018 - Average price paid by consumers for premium motor spirit (petrol) increased by 1.7 year-on-year and 0.1% month-on-month to N146.90 in August 2018 from N146.80 in July 2018. Source Proshare Read More 

Fed Govt remits N103b outstanding contribution of MDA employees - The Federal Government has paid N103.02 billion outstanding pension contribution of its employees from treasury funded Ministries, Departments and Agencies (MDAs) from April to June 2018 to their Pension Fund Administrators (PFAs). Source THE NATION Read More 

National Collateral Registry registers 32,645 assets worth N688b - The Central Bank of Nigeria (CBN) has disclosed that over N688.35 billion has been recorded as the value of moveable assets registered on the National Collateral Registry  platform since inception. Source THE NATION Read More 

Nigeria Loses $2bn Yearly Due to Poor Healthcare - The federal government has stated that Nigeria loses $2 billion yearly as a result of poor healthcare and expressed concern over incessant industrial crises in the health sector, saying “incessant strikes in public sector are counterproductive.” Source Thisday Read More

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Nigeria’s Equities Market Maintains Negative Sentiment as NSEASI Sheds -0.84% - Equities market closed today on a negative note, as NSEASI depreciated by -0.84% to close at 32,292.79 basis points as against -3.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.27%. Source Proshare Read More 

FO Share Price Drops by -16.67% in Four Days - Coincidence or News Led? - Following the revelation earlier in the week of the possibility that the leadership of the Peoples Democratic Party (PDP) in Lagos State may offer the party’s 2019 governorship ticket to the chairman of Forte Oil Plc Femi Otedola, FO’s share price has dropped significantly by -16.67% in four trading days. Source Proshare Read More 

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Emefiele Emerges WAMZ Chairman - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been elected as chairman of the West Africa Monetary Zone (WAMZ) at the ongoing sub-regional meeting being hosted by Nigeria. Source Proshare Read More 

Olukunle Obadina to Retire as MD of Greif Nigeria Plc Effective Oct 31 2018 - The Board of Director of Greif Nigeria Plc. wishes to announce the retirement of the Managing Director, Mr. Olukunle A. Obadina with effect from 31st October 2018. Source Proshare Read More 

BoE Monetary Policy Committee Holds Interest Rates and Hints Of Rise If Recovery Continues - The Bank of England has left interest rates unchanged and warned of the mounting risks to the British economy from a no-deal Brexit as firms put investments on hold. Source Proshare Read More 

Moody's sees little chance of South Africa downgrade - Moody’s said on Thursday there was little chance it would strip South Africa of its investment grade credit rating this year - giving some respite to President Cyril Ramaphosa after the economy moved into recession. Source Reuters Read More 

Turkey Central Bank Raises Benchmark Rate to 24%; Lira Rallies - In a remarkable display of choreography, Turkish President Recep Tayyip Erdogan banned the use of dollars in most contracts, railed against high borrowing costs and then stood back as his central bank announced the biggest rate hike of his rule. Source Bloomberg Read More 

IEA Warns of Higher Oil Prices as Iran, Venezuela Losses Deepen - The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela. Source Bloomberg Read More 

Oil prices claw back on supply concerns though but demand worries drag - Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand. Source Reuters Read More 

BP, others shun Nigeria’s crude oil over prices - Nigerian crude oil differentials were largely unchanged yesterday, after a series of offers from Shell for October-loading cargoes drew no buyers, and even BP, which has been an active bidder this week, showed unwillingness to pay higher prices. Source Guardian Read More 

Global Oil Supply Hit a Record High in August as OPEC Ramps Up Production - OPEC oil production surged last month, more than making up for a decline in Iranian supply due to U.S. economic sanctions, the International Energy Agency said Thursday. Source WSJ Read More 

ECB Lowers Growth Forecasts as It Confirms Plan to End Easy Money - The European Central Bank on Thursday lowered its forecasts for Europe’s economic growth this year and next, but said it would press ahead with a carefully telegraphed plan to phase out easy money. Source WSJ Read More

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Fintech Association of Nigeria Kicks-off Fintech Learning Series with SEC - In pursuit of the Association’s cardinal objective of education and advocacy that would influence the formulation of appropriate regulatory frameworks that support and encourage innovation towards job creation and entrepreneurial growth, the Fintech Association of Nigeria kicks-off its flagship programme – Fintech Learning Series with the Regulators Source Proshare Read More 

PoS recorded 826,712 transactions in one day - Individuals and organisations making transactions with the Point of Sale have continued to rise, despite the occurrence of failed transactions, a new survey has shown. Source Punch Read More

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AfDB approves $15m equity fund for SMEs - The Board of Directors of the African Development Bank has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high growth middle market companies in Anglophone West Africa including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia. Source THE NATION Read More



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