Nigeria in 1min: Economic, Business and Financial Headlines – 150818


Wednesday, August 15, 2018 / 7:10 AM / Proshare News


FAAC Disburses N821.86bn in July 2018 – NBS- The Federation Account Allocation Committee (FAAC) disbursed the sum of N821.86bn to the three tiers of government in July 2018 from the revenue generated in June 2018. Source Proshare Read more 

Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018- Average price paid by consumers for automotive gas oil (diesel) decreased by -0.32% month-on-month and increased by 3.39% year-on-year to N204.32 in July 2018 from to N204.97 in June 2018. Source Proshare Read more 

Nigeria borrows N410bn for capital projects in 2018 Budget – DMO - The federal government sourced about N410 billion funding from the domestic financial market to finance the 2018 capital budget, the Debt Management Office (DMO) said on Tuesday. Source Premium Times Read more 

DMO: Nigeria’s debt rises to N22.4tr in six months - The Director-General, Debt Management Office (DMO), Patience Oniha, yesterday in Abuja, said Nigeria’s debt stock rose to N22.4trillion at the end of June this year, marking a three per cent increase from the N21.68 trillion recorded at end of December last year. Source THE NATION Read more 

FG targets $88bn revenue, others through digital economy - The Federal Government has a target of generating $88bn and creating three million jobs through the nation’s digital economy within a period of 10 years. Source Punch Read more 

FG receives N813bn from Total, Chevron, CNOOC in one year - THE Federal Government received $2.68 billion, about N817.4 billion, from Total, Chevron and China National Offshore Oil Company, CNOOC, in 2017, according to documents obtained from the Canadian government. Source Vanguard Read more 

FMBN invests N197bn on 26,000 housing units, others - The Federal Mortgage Bank of Nigeria (FMBN) says it has invested over N197 billion to deliver over 26,000 housing units in the country since its creation. Source Daily Trust Read more 

Apapa gridlock : Daily car sales drop by 92% – Berger motor dealers - The United Berger Auto Dealers Association  has said that the number of vehicles sold daily has dropped by 92 percent from the level three years. Source Vanguard Read more 

Lagos Ranked World’s Third Worst City to Live in - Lagos State has been ranked the third worst city for humans to live in the world. according to the latest 2018 Global Liveability Index released by The Economist Intelligence Unit and World Bank. Source Thisday Read more

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Nigeria’s Equities Market Dips Further by -0.31% as Negative Sentiment Persists– Equities market closed today on a negative note, as NSEASI depreciated by -0.31% to close at 35,288.23 basis points as against -0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.73%.  Source Proshare Read more 

Guaranty Trust Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways - Guaranty Trust Bank Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read more 

MTN Nigeria – Interim Financials For H1 2018- MTN Nigeria performed ahead of expectations, with double-digit growth in voice revenue driving accelerated service revenue growth and the further widening of the EBITDA margin. Source Proshare Read more 

Forex: Wholesale Market, Others Get $210m CBN Boost - The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018. Source Proshare Read more 

22 fuel-laden vessels berth Apapa ports this week - No fewer than 22 vessels laden with petroleum products are expected to berth at Lagos ports this week to boost fuel supply. Source Guardian Read more 

NNPC To Establish 2 Additional Refineries In Warri, Port Harcourt - The Nigerian National Petroleum Corporation (NNPC) says it has plans to establish 100,000-barrels-per-day brownfield refineries in Port-Harcourt and Warri to boost local refining of crude oil in the country. Source Leadership Read more 

CSO Claims 95 S’East LGAs Pay N28bn Annually on Estimated Power Bills - A civil society organisation (CSO) – the Association for Public Policy Analysis – has alleged that about 95 local government areas in the five south eastern states of Anambra; Enugu; Ebonyi; Abia; and Imo expend up to N28 billion annually on estimated bills for electricity supplied to them by their distribution network. Source Thisday Read more

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Announcing The Launch of The Newly Redesigned Proshare Markets; Replaces #TheAnalyst- It Is Here – Proshare is happy to launch our newly redesigned website, Proshare Markets. We have redesigned it with you in mind, streamlining ecosystem, live feeds, data arrangement and interrogation, menus, simplifying navigation and linkages, building a responsive layout for all related platforms and providing more resources and information on our products and services. Source Proshare Read more 

Dauragate As A Metaphor For Governance In Nigeria- The week that just passed will for long be remembered as perhaps the most momentous week in the history of the Muhammadu Buhari administration since 2015. Source Proshare Read more 

INEC registers 23 more political parties - The Independent National Electoral Commission (INEC) has approved the registration of 23 new political parties, ahead of the 2019 general election. Source Daily Trust Read more 

S.Africa’s Ramaphosa proposes new sovereign wealth fund: party officials - South African President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Source Reuters Read more 

CEOs of U.K.’s Biggest Companies See Pay Leap by 23% - The chief executives of the U.K.’s largest companies saw their compensation jump by 23 percent on average between 2016 and 2017, according to a new study that highlights the widening income gap with rank-and-file workers in the country. Source Bloomberg Read more 

Erdogan to Boycott iPhones as Turkey’s Feud With U.S. Escalates - President Recep Tayyip Erdogan vowed to boycott iPhones in a demonstration of defiance as the U.S. held firm to its demand that Turkey release an evangelical pastor and Turkish executives called for action to bolster the lira. Source Bloomberg Read more 

Turkish business calls on Erdogan to heal US rift - Corporates highlight worry over lira’s fall as president urges boycott of Apple iPhones Source FT Read more 

Oil slips as strong dollar pressures, equities gains support - Oil prices edged lower on Tuesday, weighed down by a strengthening U.S. dollar as investors remained concerned about the financial crisis in Turkey. Source Reuters Read more

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4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced For Oct 25, 2018 - Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum. Source Proshare Read more

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SEC and FintechNGR Advances Partnership, Set up Committee on Fintech Roadmap in Capital Market - Further to the partnership that exists between the Securities and Exchange Commission and the Fintech Association of Nigeria, the Capital Market Committee at its 2nd CMC meeting 2018 held on Thursday, 9th August at the Federal Palace Hotel adopts the prayer from the Fintech Association for the CMC to set up a Committee to draw a Fintech Adoption roadmap for the Capital Market. Source Proshare Read more 

Banks say no issue with indemnity over 9mobile transaction - The consortium of Nigerian banks running 9mobile have refuted claims of issues with indemnity which is supposedly halting the finalization of the deal Source BUSINESSDAY Read more 

Hackers break into bank’s database, siphon millions of naira from customers’ accounts - THERE was pandemonium yesterday at two branches of a commercial bank in Umuahia, the Abia State capital when many customers besieged the bank over withdrawals running into millions of naira made from their accounts at midnight. Source Vanguard Read more 

Jamaica Stock Exchange to Introduce Crypto and Tokens Trading via Canadian Fintech Firm - The Jamaica Stock Exchange (JSE) has selected Canadian fintech company Blockstation to facilitate the trading of digital currencies and tokens on the JSE, according to an August 14 press release. Source Cointelegraph Read more 

Cryptocurrency Market Plumbs New Depths in 2018 - A broad investor retreat has pushed the market for digital currencies down 70% from its January high, reflecting user frustration over their modest inroads into commerce and a general shakeout in speculative investments. Source WSJ Read more

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